The Northern Miner October 2023 Issue 19

Industry puzzles over historic gap between mining valuations and commodity prices

PRECIOUS METALS SUMMIT | Gold expected to play key role in financial ‘reset’

BY HENRY LAZENBY

The mining sector, a longstanding pillar of the global economy and even more important now with rising attention to critical metals and secure supply in Western nations, is facing emerging challenges on multiple fronts — including access to finance. This means that despite the hype surrounding the industry, it has not translated into tangible investments or capital inflows, the Precious Metals Summit heard in September.

During the first day of the industry conference (Sept. 12-15) in Beaver Creek, Colo., industry

logical innovations, and substantial capital investments to bridge the existing disconnect and allow the sector to fulfill its important role.

One of the perplexing trends experts pointed out is a surprising regression in industry valuations.

“A lot of the companies we own today, in terms of valuations, are back to levels prior to discovery holes,” said Otavio ‘Tavi’ Costa, a partner and portfolio manager at Crescat Capital. This necessitates a reassessment of their investment strategies and a stronger focus on innovation, Costa said.

Diving deeper into the economics of the mining sector, another panelist at the summit, Haytham

Ana Cabral is The Northern Miner’s Person of the Year for 2022

AWARDS | Sigma Lithium CEO brings tech mindset to mining

WPM; NYSE: WPM), highlighted the glaring disparity between mining company valuations and commodity prices. “This is probably the worst disconnect I’ve seen in over 20 years,” Hodaly noted.

Analysis by San Francisco-based Merk Investments, manager of the ASA Gold and Precious Metals (NYSE: ASA) fund, showed gold equities have been underperforming bullion for more than a decade and in April were near the all-time lows of 2015. Toronto-based Sprott in July listed company share dilution, misallocation of funds, jurisdictional risk, low margins and longer permitting times as reasons for the discrepancy.

BY ALISHA HIYATE

igma Lithium

’s

S(TSXV: SGML; NASDAQ:

SGML) advance from IPO in 2018 to first production at its Grota do Cirilo mine in Brazil this year has been impressive — as reflected in the tripling of its share price since January 2022, as well as takeover rumours earlier this year (involving Tesla, no less).

The now $5.3-billion market cap company expects to churn out 130,000 tonnes spodumene concentrate this year for a hungry lithium market, and near-term expansion plans to triple production. But to get here, it’s had to consistently deliver on its promises, not an easy thing to do in a nascent and volatile market.

That’s why Sigma Lithium CEO and co-founder Ana Cabral is The Northern Miner’s Mining Person of the Year for 2022.

Cabral, a Brazilian with a background in banking, including as a managing director and head of Latin American Capital Markets at Goldman Sachs, has been central to Sigma’s success, shepherding the company to its newfound status as one of the biggest hard rock producers in the Americas.

When the US$130-million initial mine in Minas Gerais state reaches full production this year, an annualized 270,000 tonnes spodumene concentrate at 5.5% lithium oxide (Li), it will be the largest hard rock spodumene producer outside of Australia. And, if it goes ahead with planned phase 2 and 3 expansions — an announcement was expected at press time in late September — Grota do Cirilo

would become a top five producer as soon as 2025, scaling up to 104,000 tonnes lithium carbonate equivalent (LCE) annually over a 13-year mine life from 37,000 tonnes LCE this year.

‘Obsession with discipline’

Influenced by her time in banking, Cabral has sought to run Sigma

Ana Cabral, CEO and cofounder of Sigma Lithium. SIGMA LITHIUM

n Copper, aluminum to rise

Global copper and aluminum supply deficits may cause prices to soar within a few years while steel may drop, according to a new report on metals.

A 5.4-million-ton (4.9-million-tonne) copper supply shortfall by 2027 may push prices up by 20% to US$9,800 per ton from around US$8,200 per ton this year, Bloomberg New Energy Finance, a unit of the newswire company, says in its Industrial Metals Outlook 2H 2023: Heading into the storm.

Global annual demand for copper is forecast to rise by 2.6% from last year’s levels to 29.8 million tonnes by 2027 as the green energy transition to more electricity in transport and industry bites into supplies, the report published in September shows. Copper supplies are expected to increase by 10% over the period to 24.4 million tons.

Likewise, it projects a 30.7-million-ton aluminum shortfall despite a 10% production increase over the same period. That could see prices hit US$3,000 per ton in 2027 from US$2,200 per ton this year – a 36% hike, according to the report. It projected that pressure on energy costs and emissions could boost aluminum recycling efforts to feed 82% of supply by 2028.

In 2027, aluminum demand is projected to hit 108.2 million tonnes, as lightweight aluminum replaces heavier steel in vehicles and in electricity grid infrastructure.

By Northern Miner Staff

n Kodal unfazed by Mali law

Kodal Minerals said in September it is moving its Bougouni lithium project in Mali into the next development phase as it won’t be affected by new

legislation that entitles the state to a greater share of its resources.

Mali’s interim President Assimi Goita signed a new law in late August that doubles the stake the government can acquire to 20% within the first two years of commercial production. It also sets aside an additional 5% stake for local investors, taking state and private Malian interests in new projects to 35%.

Authorities had said the updated law wouldn’t apply to current gold operations, including Barrick Gold’s Loulo-Gounkoto and B2Gold’s Fekola assets. But until now, it was unclear what would happen to mines and projects in other mining sectors.

Kodal Minerals said Mali’s National Directorate of Geology and Mines has confirmed its licence to mine at Bougouni. The Phase 1 DMS development plan provides a fast-track pathway to lithium concentrate production at an expected construction timeline of around 12 months, Kodal said.

Phase 2 will see the construction and commissioning of the down-stream flotation plant.

By Mining.com Staff

n First Quantum founder dies

First Quantum Minerals has announced its chairman and co-founder Philip Pascall has died at age 75. The company says Pascall passed peacefully at his home in Perth, Western Australia, on Sept. 19.

Pascall began his career in 1973, holding various general management positions in South Africa before moving to Australia. He became the project manager of the Argyle diamond project in Western Australia, and then executive chairman and partowner of Nedpac Engineering between 1982-1990.

After selling his shares in Nedpac, he spent a few years as consultant in the mining industry, includ-

CREDIT: JAMES HODGINS/ PENDA PRODUCTIONS

Dundee’s novel processing techs address cyanide and arsenic risks

BY NORTHERN MINER STAFF

Two innovative metallurgical processes designed to alleviate environmental risks are beginning to attract the attention of mining companies eager to improve their ESG credentials. Dundee Sustainable Technologies’ CLEVR process is a cleaner, efficient and cost-effective alternative to cyanide for the extraction of gold, while its GLASSLOCK process removes and stabilizes arsenic associated with precious and base metal deposits.

A Canadian-based subsidiary of Dundee Corporation, DST has offices, a technical center, and an industrial demonstration facility in Thetford Mines, Que., 105 km south of Quebec City where its industrial size circuits can process up to 15 tonnes of concentrate per day.

The company began working on its CLEVR gold extraction process in 2008. A series of successful development programs then led to the construction and operation of its industrial demonstration facility in 2015 and, in 2020 it sold its first licence for CLEVR to a major gold company.

DST has also successfully demonstrated its GLASSLOCK arsenic stabilization process at an operating copper smelter in Namibia and is now finalizing the detailed engineering for a GLASSLOCK circuit to stabilize legacy arsenic trioxide at an operating gold mine in Ghana.

“Cyanide has been widely used to extract gold for decades and it works well,” said DST president and CEO Jean-Philippe Mai. “However, there’s growing opposition to the use of cyanide. Some jurisdictions have banned or restricted its use, so the industry is in need of an alternative process.

“Our objective,” he added, “is to provide an innovative, alternative process that not only does away with the use of cyanide but also improves gold extraction, shortens contact time and reduces infrastructure footprint.”

The CLEVR process, said Mai, is an ideal solution for developing gold projects in jurisdictions that are sensitive to the use of cyanide and for projects faced with complex ore bodies where cyanide is inefficient due to the presence of accessory base metals or the refractory nature of the ore.

Instead of cyanide, the process uses sodium hypochlorite with a catalytic amount of sodium hypobromite in acidic conditions at ambient temperature and pressure.

“The process allows us to rapidly put the gold into solution as a gold chloride compound,” explained Mai. “The gold is deposited into silica and recovered as a gold doré, then the depleted brine is fully recycled using an electrolysis cell, which allows us to operate in a fully closed loop.”

Typically, the process requires one or two hours of contact time, compared with 36 to 48 hours with the use of cyanide. “That’s a huge benefit in terms of process efficiency,” said Mai.

“CLEVR also provides additional chemical grinding of the ore’s host matrix which translates into higher gold yields than cyanide on most tested samples.”

The process also operates in a closed loop with the recovery and recycling of all reagents, so there’s no liquid effluent. Additionally, the tailings that are generated are sulphide depleted and non-

acid generating because if there’s significant sulphide content in the ore, such as in flotation concentrates, it would first go through an oxidation pre-treatment step. Any residual sulphide would be oxidized to sulphate as the CLEVR process operates in an oxidizing environment.

“This allows us to have inert and barren solid tailings for disposal, so there’s no need for a tailings pond,” Mai said. “The generation of barren solid tailings can benefit the mine site layout and footprint because when you have inert solid tails, you have options. You can co-mingle it with waste rock or stack it with reduced containment measures.”

The CLEVR process isn’t the only alternative to cyanide, Mai acknowledges. “However, it’s really advanced in terms of maturity. We’ve been developing it for close to 15 years. We’ve gone through numerous piloting stages. We’ve gone through industrial demonstration campaigns. We have industrial size facilities and operation data to support its efficiency and capacity, so as an alternative, CLEVR is definitely one of the few mature alternatives which can be considered by developers and miners for their recovery circuits.”

The process has received ISO 14034:2016 certification through the Canadian Environmental

Technology Verification Program, providing independent certification of its performance as a cyanidefree gold extraction process.

Under the program, 170 tonnes of gold bearing refractory pyrite concentrate were processed at DST’s demonstration plant with all solid residues meeting or exceeding environmental performance norms. The CLEVR circuit delivered gold recoveries which were up to 10 percentage points higher on average than cyanide yields on the same samples.

Cyanide isn’t the only toxic material that’s a cause of concern in the mining industry, so following its work on the CLEVR process, DST turned its attention to arsenic removal and stabilization.

“We weren’t satisfied with what the industry was doing in terms of long-term arsenic sequestration. That motivated us to develop the GLASSLOCK process,” said Mai.

“There’s a growing association of arsenic minerals with precious and base metal ores. Because more clean oxide metal deposits are depleting, there’s an increase in the arsenic sulphide content and the number of complex metal deposits being developed.”

The disposal of arsenic depends on its concentrations, but if it’s going through a flotation circuit, it ends up being smelted and recovered as arsenic trioxide,

calcium arsenate or ferric arsenate, all of which are either highly hazardous or semi-stable products in terms of long-term stability.

“The issue with arsenic is that it volatilizes at low temperatures, so it has been difficult historically to use a pyrometallurgical approach to process or stabilize it,” explained Mai. “So, with GLASSLOCK, we produce an intermediate compound that’s stable at the melting temperature of glass. That allows us to incorporate high amounts of arsenic within a vitrified silica mixture. We produce a glass product that is 15 to 20% arsenic. The glass is a single-phase amorphous structure that is very stable over time.”

The process complies with standard environmental leaching protocols (EPA & EN) and can work with a variety of arsenic feed sources, including arsenic trioxide, ferric arsenate, calcium arsenate, sodium arsenate, or arsenic in solution.

“It offers a permanent sequestration solution for arsenic, removing and reducing the need for long-term hazardous waste disposal facilities and site liabilities. It’s also very cost efficient in terms of the dollar per tonne of arsenic stabilized,” said Mai. “If you’re producing arsenic, we can bolt on a GLASSLOCK circuit to an existing plant.”

The disposal of the glass product is project specific, but it can be used as an aggregate in cement or concrete. It could also be used as an aggregate for a mine’s backfill paste plant.

A Clean Mineral Processing Technology Survey conducted earlier this year by the Northern Miner Group demonstrated some of the challenges and opportunities associated with the introduction of new metallurgical processes. For example, 76% of respondents said they spend either no time or less than they should assessing new process technologies. However, on the plus side, 98% said they would be interested in further investigating a metallurgical process that could eliminate the use of toxic chemicals and 85% said they would either consider the GLASSLOCK process or be interested in learning more about it. Mai advises mining companies to consider their processing options at resource development and PEA stages when the increased gold extraction, the generation of dry stack tailings, smaller footprint and the proper handling of arsenic offered by the CLEVR and GLASSLOCK processes can be reflected in the overall mine plan and project cost. “If they’re already at the feasibility stage, so much effort and money has already been invested in a particular design that it’s very difficult to go back and start making changes.

“We want to be viewed as a means for miners to improve operational efficiency and their ESG credentials,” concluded Mai. “We’ve done the heavy lifting. We’ve invested more than $40 million in the development of CLEVR and GLASSLOCK. We’ve demonstrated them at industrial scale. Now it’s up to mining companies and their technical groups to work with us in assessing the impact of our processes on their operations and on the environment.”

The preceding Joint Venture Article is PROMOTED CONTENT sponsored by Dundee Sustainable Technologies

with The Northern Miner. Visit: www.dundeetechnologies.com for more information.

and produced in co-operation

Jean-Philippe Mai, president and CEO, Dundee Sustainable Technologies. DUNDEE SUSTAINABLE TECHNOLOGIES

Members of the Dundee Sustainable Technologies team responsible for the development of the CLEVR and GLASSLOCK processes. DUNDEE SUSTAINABLE TECHNOLOGIES

Above: The Dundee Sustainable Technologies industrial demonstration plant in Thetford Mines, Que., has a nominal capacity of 15 tonnes of gold concentrate per day. Left: The GLASSLOCK amorphous glass product sample pictured here contains 18% arsenic. DUNDEE SUSTAINABLE TECHNOLOGIES

GLOBAL MINING

Presenting a refreshed version of TNM Classic

Welcome to our first issue as a monthly publication.

We have several new sections and features that I’d like to draw your attention to.

THE VIEW FROM ENGLAND: COLUMN | Last word on a misguided industry

BY DR CHRIS HINDE Special to The Northern Miner

PRESIDENT THE NORTHERN MINER GROUP: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com

EDITOR-IN-CHIEF: Alisha Hiyate, BA (Poli Sci, Hist) ahiyate@northernminer.com

WESTERN EDITOR: Henry Lazenby hlazenby@northernminer.com

SENIOR STAFF WRITER: Colin McClelland cmcclelland@northernminer.com

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ADDRESS: Toronto Head Office 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com SUBSCRIPTION

First, our new mining, markets and metals section is the pride and joy of the redesigned Northern Miner In a massive upgrade from our long-running stock tables, we’ve pulled together information from several excellent data sources, including two new ones. The Northern Miner Group’s own Costmine Intelligence (of which Mining Intelligence is a part) provides data for our capital raisings and TNM Drill Down pages highlighting the top assay results for the past month for gold, copper and lithium. MineralFunds.com, meanwhile, provides data for our gold funds and ETF assets pages. We’ve also aimed to package this information in visually appealing ways that we hope you’ll find insightful and useful. And where simple tables are the best way to convey the data, you’ll find that the text is larger and easier to read. We’ve also added more complete commodity pricing and warrants information, and a new Mining Events page to keep you up to date on what’s happening around the world.

BY ALISHA HIYATE

’Gwnewch y pethau bychain mewn bywyd’ is an ancient and historically important phrase but not one that is widely recognized. ‘Do the little things in life’ was the message of guidance to the Welsh from their patron saint, David, some 1,500 years ago, and it remains a well-known maxim in the country.

denied speaking slots at conferences and advertising space in our magazines, and access to finance and professional services should be made extremely difficult. We need to win back the trust of the public, and we are not going to do that while we fail to police our own industry. Even the largest companies should be named and shamed, and their directors barred (and we can all think of recent examples).

Special thanks to all the people who worked tirelessly to bring this section to life: Adam Berezuk, James Alafriz, Nicholas LePan, and our art director Barb Burrows!

Outside of this data-rich section, which is the centrepiece of the paper, we’ve introduced several new editorial sections that allow for more creativity and flexibility in how we keep you updated on our industry. These include:

> In Brief: News briefs for quick updates, plus a featured infographic of the month and photo of the month. We invite you to submit your entries for Photo of the Month. They can be current or historical — as long as there’s a story behind the image, it’s mining-related, and it’s high-resolution for print.

> In Depth: The traditional features we’re known for that dissect trends and issues, such as our coverage of Argentina’s election this month and what it could mean for the nation’s copper and lithium riches (page 8).

> People: You’ll find profiles, interviews and awards news in this section.

> Done Deals: Recent financings, mergers, and other agreements of note.

> Project Updates: Covers significant recent movement on key projects — whether permitting, resource updates, or new economic studies.

> Technology & Innovation: We report on developments that could improve discovery rates, recovery rates, or otherwise make mining better (more efficient)

> Executive Q&A: A fun new spotlight on our industry’s personalities, where we get to know what makes the sector’s leaders tick, what they do in their off time, their pet peeves, and more.

As always, you’ll find our themed sections, as outlined in our online media kit at https://mediakit.northernminer.com.

We’re eager to hear your feedback about our new direction. Please email me at ahiyate@northernminer.com with compliments, critiques, or ideas for what you’d like to see in future issues.

Mining Person of the Year

Also in this issue, we’ve announced our Mining Person of the Year for 2022 — Sigma Lithium CEO Ana Cabral. We are a bit late this year with our announcement, which has been timed to coincide with our first monthly issue, and our first two-day Canadian Mining Symposium in London, U.K. on Oct. 12-13.

Cabral isn’t like many of our past Mining People of the Year, an award TNM first started presenting in 1977. She’s not a geologist or mining engineer, but rather has a banking background in natural resources and in the health sector. She’s also Brazilian — a first for this award. (Incidentally, she’s the fourth woman to earn the accolade — the third since it was renamed in 2005 from Mining “Man” of the Year previously.) But we’ve been impressed by the Sigma story, and Cabral’s drive to build a different kind of company, one that scores high on environmental factors, which are obviously increasingly important to end users in the EV space and their customers. Cabral’s also excelled in bringing the right team together, and in keeping the company on track from IPO in 2018 to plant commissioning in late 2022 and first production this year.

Languishing gold stocks, uranium on the rise

And at press time in late September, following the two major gold focused September events — the Precious Metals Summit in Beaver Creek Colo. (see page 1), and the Denver Gold Forum a week later, the ongoing disconnect between gold prices and gold equity valuations has been on everyone’s minds. In the junior segment of the market, which is our bread and butter, this has seen investors selling companies that deliver good news and depressing any potential share price rallies.

A Sept. 21 report on junior exploration by Haywood Securities summed up the issue nicely: “With gold prices exceeding US$2,000 per oz. three times since March 2021, we still expect gold to move higher over time, although it becomes more difficult to attract new investors into the mining space with T-Bills returning >4% with no risk. New discoveries are few and far between in the mining space, and the explorers still have a role to play in delivering new discoveries for the industry.”

The excitement right now is in uranium, which has risen to over US$65 per lb. U3O8 in September from under US$50 at the beginning of the year, and from 2016 lows of around US$18 per lb. Analysts are predicting this runup has legs — with New York-based natural resources investing firm Goehring & Rozencwajg predicting prices could triple or quadruple over the next few years, which could see them matching or exceeding their 2007 all-time highs of US$140 per pound.

“For the first time in history, uranium has slipped into a persistent and widening deficit. We believe the results will be dramatic,” company analysts wrote in a Sept. 14 report. TNM

The phrase comes to mind as we recently celebrated the 900th anniversary of David’s canonization by Pope Callixtus II (1065-1124), who decreed in 1123 that two pilgrimages to St. David’s tomb in Pembrokeshire was the equivalent of one to Rome, with three trips to this corner of west Wales counting as one to Jerusalem.

David (Dewidd in Welsh) was born between 462 and 512, and is believed to have been the grandson of King Ceredig ap Cunedda (420-453). Renowned as a preacher, David founded 12 monasteries, including Glastonbury and Mynyw. His teaching was centred upon the latter monastery (called Minevia in Latin), which is now St. David’s cathedral in what is the U.K.’s smallest city.

Second, we should acknowledge that there is a fundamental difference in the added-value characteristics of precious metal (and gem) mining and the extraction of ‘useful’ metals and minerals. Unlike the major metals and energy minerals, the majority of gold mining activity has proven unable to anchor socioeconomic development and social sustainability.

More than half of the mining industry’s total exploration effort (and financing) is devoted to the search for a metal that the world doesn’t need (we are only adding 2% per year to the existing gold stockpile of some 190,000 tonnes).

It is obviously going to be difficult, but let’s at least try to focus on what is required for the energy transition and global economic growth.

Third (and not unrelated to the above), let’s also recognize that mining ‘smaller for longer’ has societal benefits over size. We need to change the paradigm to give more advantage to long-life operations so that stakeholders have a chance to develop secondary industries. Changing fiscal structures to facilitate communities (not individuals) gain equity in local mining operations will also help cement socioeconomic relationships.

David prescribed that his monks had to plough the land by hand, drink only water and eat only bread (albeit flavoured with salt and herbs). No personal possessions were allowed in his monasteries, and the evenings were spent reading, writing and praying. He died on Mar. 1, 589, which has been celebrated as the National Day of Wales since the 12th century.

St. David’s strictures are rather ignored nowadays (not least amongst passionate Welsh rugby supporters) but his ‘do the little things’ maxim continues to be widely observed amongst a kind and caring nation.

Unfortunately, I don’t think St. David’s message works properly at the corporate level, where doing ‘big things’ should be the guiding principle. It will be unpopular, but I believe that a fundamental reset is required for the mining industry. This should stem from recognizing three things.

First, our institutions and organizations have failed us. They are too weak, and need to go on the offensive, and with teeth. Our trade bodies and professional associations need to identify and weed out those companies and individuals that transgress the agreed standards. In addition to throwing them out, they must be

Correction

The ever-better implementation of rising safety and ESG (environmental, social and governance) standards is a given. In addition, we need to be thinking of mining’s utility (i.e. what metals and minerals does society actually need from us) and our relationship with local stakeholders (incorporating a ‘social’ element into a project’s net present value calculations would be a start).

I feel able to pontificate on these contentious issues because after three years as a regular columnist for Northern Miner, and 35 years since writing my first column (in 1988 as the editor of Mining Journal), I am laying down my quill.

Soberingly, I’ve reached 70, which, according to the Bible (Psalm 90:10), is the usual ‘length of our days’ (the King James ‘Authorized’ version of 1611 referred to this as a lifespan of ‘three-score and ten’). However, I intend to target the Hindu celebration of living to see 1,000 moons. To save your calculations, that is two months shy of 81 (marked in India by the Sahasra Purna Chandrodayam ceremony). Just 134 full moons to go; wish me luck!

Dr. Chris Hinde is a mining engineer and the director of Pick and Pen Ltd., a U.K.-based consulting firm. He previously worked for S&P Global Market Intelligence’s Metals and Mining division. This is his last column for The Northern Miner.

An incorrect photo caption appeared on page 12 of our July 24, 2023 issue with the story “Volt eyes lithium big-league with breakthrough extraction technology.” The caption should have read: Exterior view of water treatment plant operations constructed by Volt’s equipment manufacturer.

More than half of the mining industry’s total exploration effort (and financing) is devoted to the search for a metal that the world doesn’t need.

INFOGRAPHIC OF THE MONTH

Mine Build Tracker: QUEBEC LITHIUM

Charting the province’s most advanced projects

Mine Build Tracker — Quebec Lithium Charting the province's most advanced projects

Project - Company

Whabouchi – Livent/Nemaska Lithium

Rose – Critical Elements Lithium

North American LithiumSayona/Piedmont Lithium

James Bay - Allkem

Authier – Sayona/Piedmont Lithium

Source: Company Filings

ing a period with Rio Tinto’s Hamersley Iron, and with various projects in Zimbabwe and Zambia. In 1996, Pascall co-founded First Quantum, serving as chairman since its inception and CEO until 2022.

Under his leadership, the company grew from a 10,000tonne tailings re-processor with the Bwana Mkubwa project in Zambia to one of the world’s largest copper producers with operations spanning five continents and employing more than 20,000 people globally.

By Mining.com Staff

n ICMM emissions guidelines

Mining’s top industry group with BHP and Rio Tinto among its members has published a framework for companies to determine their emissions, including how to unravel pollution by suppliers and customers.

The guidelines issued in early September by the London-based International Council on Mining and Metals (ICMM) aim to improve transparency and collaboration with third parties to reduce emissions in the Scope 3 category.

Council members are vowing to report by the end of the year on their Scope 3 emissions, which are those produced in other parts of the value chain that aren’t under company control, can account for between 75% and 95% of a mining company’s overall emissions.

The effort is based on the most widely used standard for accounting and reporting corporate greenhouse gas (GHG) emissions globally, the council said. Its membership of the

world’s top miners, equipment manufacturers and associations account for a third of the global metals market.

The council in 2021 imposed a deadline in on its members to achieve net zero Scope 1 and 2 GHG emissions by 2050.

By Mining.com Staff

n Vale under scrutiny

Brazil’s comptroller general (CGU) has alleged in a report that Vale corrupted the “integrity” of the federal inspection system in the Brumadinho case.

The collapse of the dam at Vale’s Corrego do Feijao in mine in Brumadinho in 2019 left 270 dead and ravaged nearby forests, rivers and communities.

The report, signed on Mar. 18, was used by CGU in August to fine the mining company R$86.3 million (US$17.7 million). Four years after the disaster, the criminal case remains pending in the Minas Gerais court.

The CGU says that Vale reportedly falsified documents to “altering or preventing” government supervision in the case.

“Corrupting the integrity, logic and robustness of a federal inspection system, as the illicit acts of the legal entity Vale S.A did,” stated the CGU, as reported by Metropoles.

“Corruption is not just the practice of bribery and kickbacks, on the contrary, it is much broader. Lato sensu [in a broad sense], includes any fraudulent way or ethical deviation to achieve something in an illegal or immoral way, ” said the agency.

“It is clear that Vale’s attitudes, in omitting and failing to insert information in a real way in the documents presented to the ANM (National Mining Agency), are characterized as

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Canada’s lithium epicentre

Quebec hosts almost half the country’s 409 active lithium projects and most of its advanced projects, including Sayona Mining and Piedmont Lithium’s North American Lithium operation, which began production in March. Using information from data provider Mining Intelligence and from company documents, The Northern Miner built an infographic comparing the progress of five top lithium projects in La Belle Province. Allkem, owner of the James Bay project, hasn’t yet committed to a timeline for production. In February, the company said it would wait until construction permits are secured before announcing a timeline.

fraud,” the report reads.

Vale said it disagrees with the decision and will present a request for reconsideration.

By Mining.com Staff

n Taliban banks on metals

Afghanistan’s Taliban has signed seven mining contracts that would bring roughly US$6.5 billion in investments to the ruling government, the Associated Press reported on Aug. 31. This figure, AP says, represents the biggest round of deals made by the Taliban since they toppled the government of former president Ashraf Ghani and the United States withdrew its military forces in 2021.

According to AP, the contracts are with local companies, many of which have foreign partners in countries including China, Iran, and Turkey. The contracts include mining and processing of iron ore, lead, zinc, gold and copper in Herat, Ghor, Logar and Takhar provinces.

A separate report by Voice of America showed that a televised signing ceremony took place the same day, featuring Taliban’s minister of mines and petroleum Shahabuddin Dilawar and certain Chinese investors.

In an official statement, Dilawar said that the agreement with a Chinese company for gold extraction in Takhar would bring the Taliban government a 65% share of the earnings over five years.

By Mining.com Staff

n Abandoned Minto for sale

The idled Minto mine in central Yukon, which began operations in 2007 and produced about 500 million lb. of copper since, is officially up for sale.

PricewaterhouseCoopers, acting as the court-appointed receiver of mine owner Minto Metals Corp., confirmed on its website in late August that it’s soliciting offers for the entire property or parts of it. The initial bidding period will end on Oct. 6, 2023, the auditing firm said.

The sales process was launched about four months after the May 2023 suspension of the copper-gold-silver mine, which had been operated by the now-delisted Minto Metals. The subsidiary of U.K.-based Pembridge Resources bought the project from Capstone Mining in 2019.

Prior to the suspension, the territorial government had warned that the mine’s tailings storage pits were running out of room, thus increasing the risk of untreated water spilling into the nearby Minto Creek, and from there into the Yukon River.

Mining.com Staff

By

INFOGRAPHIC BY BLAIR MCBRIDE AND NICHOLAS LEPAN

Sandvik’s Remote Monitoring Service predicts and prevents failures

BY NORTHERN MINER STAFF

For more than a year, remote monitoring specialists at Sandvik Mining & Rock Solutions have been identifying the efficiencies of loaders and trucks operating underground at privately held Magris Performance Materials’ Niobec mine in Quebec.

The mine is one of only three producers of niobium in the world and is the first mining operation in Canada to adopt Sandvik’s Remote Monitoring Service (RMS). The service oversees the safety and performance of the mine’s equipment, identifies competence development opportunities for operators, and enables more streamlined maintenance processes. In May, Magris renewed its RMS contract for another year.

“We started because we didn’t have people here in-house to do all the evaluation of the equipment and look at the telemetry data in near real-time,” says PierreLuc Lajoie, Niobec’s underground operation and maintenance director. “The Remote Monitoring specialists from Sandvik are constantly evaluating the data from the machines and letting us know immediately if they see any abnormalities. Sometimes problems arise related to mechanical issues, but most often they are related to bad habits or mistakes by the operators.”

By regularly monitoring the data, Sandvik’s remote monitoring specialists identify instances of machines exceeding control and temperature limits, low scores for transmission and engine health, and poor operator techniques. Alerts on speeding, brake violations, and freewheeling in neutral not only improve operator safety and efficiency but also increase the equipment’s lifespan.

The feedback is instantly relayed to Niobec, and in regularly scheduled weekly meetings, Sandvik visualizes issues that must be addressed by Niobec’s mechanics, or pinpoints areas like improper gear selection (excessive gear-hunting or pendulum shifting), which can damage power train components. RMS can pinpoint incorrect gear selection when driving uphill and downhill by using algorithms tailored to the specific mine site.

One of the keys to success, according to Lajoie, is proper change management. This was done by engaging Niobec’s operators early in the process to gain their buy-in. The operators, who regularly attend the RMS review meetings, help everyone understand how the equipment is being used, and, along with Sandvik, the best way to address various alarms.

“We used to do about 900 wrong gear shifts on our ramps over the course of a week, which would have made a big difference on how many hours the equipment’s transmission would have lasted,” Lajoie explains. “When Sandvik identified the issue, we figured out that a new operator was causing the problem by not knowing how to shift properly. With the help of the Remote Monitoring Service, we now have a view on how our people operate the machines so we can fix things that they probably didn’t catch when they were trained.”

The smart alarms sent to Niobec can also identify problems

like braking violations—where the operator is driving with their foot on the throttle and brake at the same time, which is going to result in additional wear and tear on the equipment. “Why would an operator do that?” asks Brad Atkins, Sandvik’s digital services manager. “Well, they have their muckers on, and they might be accidentally pushing on the brakes without even realizing it.”

Kevin Montambeault, an RMS specialist working with Niobec, cites one example where the company was able to fix a mechanical issue early to prevent failure. “Our alarm let us know that the turbo on one of their loaders was losing power,” he says.

“We were also able to tell them specifically how much pressure had been lost. They sent the loader to the shop and had the maintenance done.”

At one of the mine sites Sandvik works with, an operator had been driving with a high coolant temperature alarm. “Maybe they missed the alarm,” says Atkins. “In that case, there were six alerts about it over one weekend and then the equipment overheated and stopped working. From a change management perspective, RMS is a bit of an eye from the sky. We are an assisted service— paying attention and monitoring your equipment both from a maintenance and a productivity perspective.”

The key, says Atkins, is getting the mine’s equipment connected to Sandvik’s fleet telematics solution. Once that is done, the equipment collects all the signals, alarms and data and relays it to Sandvik’s RMS specialists. In addition to the local RMS specialists in Canada — and across other countries where Sandvik operates — the Remote Monitoring Service consists of a team of data scientists who

analyze data, and based on global feedback, create new algorithms to help identify declining health and misuse of equipment. Sandvik also has its OEM network of service technicians and design engineers from factories who collaborate with the company’s local specialists and customers. Currently Sandvik has over 70 mines using the Remote Monitoring Service globally.

“Think of it like a black box on an airplane that is constantly recording data and then the data is sent to Sandvik over the Internet,” Atkins says. “We pretty much haven’t met a piece of equipment or remote site we have been unable to connect, allowing us to analyze the data for reliability and productivity improvements.”

RMS also doesn’t require big investments in resources and IT infrastructure.

Sandvik’s leadership in technology, along with access to its enormous global pool of reference data, analytical skills, and in-depth OEM knowledge,

makes the service unique, Atkins says. The monitoring and status data acquired from underground mining equipment is translated into actionable recommendations, which increase efficiencies and help avert equipment failure.

It is also beneficial for the environment, Sandvik says, noting that the data gives insights into fuel consumption and excessive idling times that can reduce underground emissions. In addition, optimized component life can reduce operating costs.

Atkins notes that Sandvik is also learning from the data obtained with RMS to improve equipment design and engineering. “The competitive advantage of RMS is smart alarms, artificial intelligence, machine learning — that’s what these smart alarms are,” he says. “We take related signals, follow, and analyze them over time, and it tells us a story. It allows us to prevent equipment failures.”

“A lot of companies try to do it on their own, they hire people, but

they don’t have time to look at the data,” Atkins says. “Sandvik data scientists continuously monitor and analyze the data points acquired from the production equipment. They identify root causes for abnormalities and develop predictive solutions to increase the mean time between failures in a customer’s fleet.

The advantage is the intrinsic knowledge and experience the original equipment manufacturer (OEM) can have of its equipment.”

Barrick Gold (TSX: ABX; NYSE: GOLD) was an early adopter in a technology development partnership with Sandvik and has been using the service for the last five years at its LouloGounkoto underground mine in Mali. In March, the miner expanded the RMS to its entire global underground fleet of more than 200 connected Sandvik trucks, loaders, and drills. The rollout so far has included Barrick sites in Canada, Central and Western Africa and the United States.

“Barrick’s commitment to using RMS is a landmark in the widespread use of telemetry data to improve performance in the mining industry,” says Esa Mattila, Sandvik’s Global Digital Services Portfolio Manager.

“The ability to prevent failure and downtime, give real time recommendations during shifts to help operators improve performance and make maintenance practices more streamlined and effective will deliver unrealized value to our mining customers.”

The preceding Joint Venture Article is PROMOTED CONTENT sponsored by Sandvik Mining & Rock Solutions and produced in co-operation with The Northern Miner. Visit www. rocktechnology.sandvik for more information.

Remote Monitoring Service is an assisted service in which Sandvik monitors and analyzes telemetry data acquired from the mine vehicle fleet and identifies root causes for abnormalities. SANDVIK MINING AND ROCK SOLUTIONS

Remote Monitoring Service can help achieve larger tonnage output with less emissions while increasing the life of the equipment and its components. SANDVIK MINING AND ROCK SOLUTIONS

depth

Will October election in near-bankrupt Argentina unlock its huge mineral potential?

SOUTH AMERICA | Libertarian populist candidate continues to poll well amid cost-of-living crisis

BY TOM AZZOPARDI Special to The Northern Miner

Food, energy and now minerals.

In a world where competition for raw materials is only increasing, Argentina is blessed with an abundance of natural resources. But the country’s nationalist politics and macroeconomic troubles have so far prevented it from realizing its potential, especially in copper — despite its prospective geology along the Andes Mountains.

There is no doubt that the resources exist. Decades of mineral exploration have identified perhaps the largest collection of undeveloped copper projects, from First Quantum Minerals’ (TSX: FM) Taca Taca, Glencore’s (LSE: GLEN) Pachon and Aldebaran Resources’ (TSXV: ALDE) Altar. Not surprising given it shares the same geology as neighbouring Chile — the world’s top producer of the metal.

But so far only one major mine has made it into production — Glencore’s Bajo de la Alumbrera, where operations are now winding down.

Others are approaching construction decisions. Lundin Mining (TSX: LUN) has already begun early works at its Josemaria project while it seeks a partner. McEwen Mining (TSX: MUX; NYSE: MUX) could list its Los Azules project in a new company to raise funds for development.

But major investments have been delayed as mining companies wait for the tangle of capital controls, import bans and export taxes imposed by successive governments to be lifted.

“Politicians here have always talked about the mineral resources, but not about the tools needed to develop them,” notes Miguel Martin, an industry consultant.

Mining can work in Argentina. Investment is booming in the northwest provinces of Catamarca, Jujuy and Salta as companies from around the world race to extract lithium from the region’s high-altitude salt-flats.

While development in Bolivia and Chile — which have larger resources — has been hindered by policies designed to increase state participation, Argentina’s more laissez-faire

approach should see production rise tenfold to almost 300,000 tonnes per year of lithium carbonate equivalent by the end of the decade.

In June, Lithium Americas’ (TSX: LAC; NYSE: LAC) 44.8%owned US$1-billion CaucharíOlaroz project (a joint venture with China’s Ganfeng Lithium and JEMSE) became Argentina’s third lithium facility to enter production. Eramet’s US$735-million Centenario project (24,000 tonnes lithium carbonate per year) is set to enter production by mid-2024, while in August, Australia’s Galan Lithium (ASX: GLN) started building its Hombre Muerto West project (5,400 tonnes lithium carbonate equivalent per year) expected to begin producing lithium chloride concentrate by mid-2025.

According to analysts at commodities research and consultancy firm CRU, Argentina is on track to become the world’s third largest lithium player by 2027, rising from its current No. 4 spot. With 38 projects under development, and 18 that could begin production in the next four years, production of lithium carbonate equivalent (LCE) could jump from the current 34,000 tonnes a year to 260,000 tonnes annually by 2027, CRU consultant Marcelo Bolton told a lithium forum held in Chile in September.

But what works for relatively small-scale brine operations does

not necessarily work for large-scale copper projects, says Martin. While lithium prices have retreated from record highs in late 2022, they’re still at profitable levels. And with investment costs of less than US$1 billion, lithium projects can live with tight capital controls, multiple exchange rates and tariff barriers that make Argentina one of the world’s most closed economies — all while retaining fat margins.

For copper projects with price tags of US$5 billion plus, mining companies need authorities to adopt a radically different approach to macroeconomic policy.

Upcoming election

Such change could be coming soon.

Cut off from international markets after defaulting on its IMF loans and loath to cut spending, Argentina’s government is financing itself by printing money at an unprecedented rate.

With annual inflation running at more than 100%, the peso plummeting against the U.S. dollar and international reserves exhausted, something’s got to give.

“The Central Bank today has negative net international reserves of US$10 billion, something we thought was impossible,” former Economy Minister Nicolas Dujovne said in a recent seminar. At this rate of spending, inflation could reach 200% by the end of the

year, a level that risks triggering hyperinflation.

That makes this year’s presidential elections on Oct. 22 potentially the most important in a generation. They are also the most uncertain, with voters getting ready to choose between the governing left-wing coalition, the traditional centre-right opposition and a new right-wing movement which hardly existed a year ago.

The official primaries on Aug. 13 made clear how wide open the presidential elections are. In a shock result, libertarian populist Javier Milei attracted more than 7.1 million votes or 30% of the total — more than were cast for either of the two main coalitions. His beyondthe-pale prescription includes not just cutting regulation and slashing the bloated public sector, but scrapping the Central Bank and dollarizing the economy.

His success reflects the desperation of Argentineans, especially the young, not just with the country’s current predicament but also a palpable feeling of decline. More than 40% of Argentineans now live below the poverty line while fewer young people are going to university than either Chile or Peru.

A month out from the first round Milei continued to poll ahead of his two rivals. As a result, whoever wins later this year will have to propose significant changes

FILO

to help the economy recover. There are reasons to be hopeful.

A drought which has blighted agriculture is ending, boosting grain exports from next year. Production from the giant Vaca Muerta shale field is rising rapidly, reducing Argentina’s reliance on costly LNG imports and turning it into a major oil exporter by the end of the decade.

Mining investment

Attracting mining investment is also likely to play a key role.

“The good thing is that all the candidates now see mining as an opportunity. That was not the case in the past,” says Ignacio Celorrio, president, Latin America at Lithium Americas.

As expectations grow that investment conditions will improve, mining companies have begun to move their chips.

Last year, BHP (NYSE: BHP; LSE: BHP; ASX: BHP) agreed to finance $100 million worth of exploration at Filo Corp.’s (TSX: FIL) Filo del Sol, while SibanyeStillwater (JSE: SSW) and South32 (LSE: S32; ASX: S32) have acquired more than a quarter of the shares in Aldebaran Resources, which owns the Altar project containing 1.2 billion measured and indicated tonnes at 0.43% copper and 0.09 gram gold per tonne.

Meanwhile, Glencore has become the sole owner of the Mara project (formerly known as Agua Rica) in Catamarca province after buying out stakes owned by Pan American Silver’s (TSX: PAAS; NYSE: PAAS) and Newmont (TSX: NGT; NYSE: NEM). Lying adjacent to the Alumbrera mine, Mara could be developed relatively quickly.

The question will be how quickly the necessary changes can be made and if they will be sustainable.

“This could be a unique opportunity if the candidates can keep their word,” Martin says. TNM

Tom Azzopardi is a freelance journalist based in Santiago. With a report from Cecilia Jamasmie.

Above: Filo Mining’s Filo del Sol project on the Chile-Argentina border.

MINING

Left: Galan Lithium’s Hombre Muerto project in Argentina. GALAN LITHIUM

Presidential candidate Javier Milei. VOX ESPAÑA CREATIVE COMMONS

Ex-Yamana CEO Marrone leads Allied Gold in Africa in search of investor ‘torque’

PRECIOUS METALS | Newly listed gold miner targets higher grades, quicker turnarounds

BY COLIN MCCLELLAND

PPeter Marrone, who led Yamana Gold to a US$4.8 billion sale this year from being a small producer two decades ago, is seeking faster returns in conflict-plagued Mali and Ethiopia as well as Ivory Coast, which has its own democratic challenges.

The CEO and four colleagues from Yamana now lead Allied Gold (TSX: AAUC) and its three producing mines after a reverse takeover this year. It operated as a private company for a decade. The new management plans to invest around US$950 million to more than double output to 800,000 oz. per year by 2029.The company started trading on the Toronto Stock Exchange on Sept. 11.

Allied says it’s attracted to Africa because of higher grades that can be mined with less expensive open-pit operations vs. underground mining, the relatively unexplored geology when compared with Canada or Australia, and permit times that can take a project from inception to production in four years. That’s half the time of the developed world but with the same environmental standards, Marrone said in a phone interview in mid-September in Toronto.

“I take the security and geopolitical side into account in the sense that it’s a factor that goes into the returns but not the exclusive factor to be looking at,” he said. “Emerging markets have a lot of the juice that investors are looking for, that’s where the torque is.”

Toronto-based Allied, which raised US$267 million this year, including US$40 million from management, operates Sadiola in Mali, and Bonikro and Agbaou in Ivory Coast. Total annual output is 375,000 ounces. The company has already passed a billion-dollar valuation, with its shares trading at $5 each at press time.

The CEO wants to cut all-in sustaining costs (AISC) by as much as US$200 an oz. to around US$1,100 an ounce. He’s targeting a doubling or tripling of last year’s US$160 million in earnings before interest, tax, depreciation and amortization when the company was still private.

Veteran team

Carey MacRury, a mining analyst with Canaccord Genuity, rates the company a buy and says the experienced management team can make formerly overlooked assets highly profitable.

“Geopolitical risk in West Africa is likely a concern for many investors,” MacRury wrote in a note on Sept. 15. “However, West Africa is the fastest-growing gold-producing region globally, is relatively underexplored and has higher grade potential than more established mining jurisdictions such as Canada or Australia.”

The company intends to spend US$500 million in two phases to expand its main development project, Kurmuk in Ethiopia. It’s located 500 km west of the capital, Addis Ababa, near the border with Sudan. Allied plans annual output at 240,000 oz. over a 15-year mine

life. First gold is planned for second-quarter 2026 at an AISC of less than US$950 per ounce.

Marrone is optimistic about Ethiopia even as a new conflict, with the Amhara ethnic group, is threatening to replace the previous civil war. That fighting with Tigrayans in the north killed about half a million people before a peace deal last November.

“Here’s a government that is publicly saying one of the five pillars for growth in our country is mining. And why? Because every part of the developed world has looked at extractive industries so why wouldn’t they?” Marrone said. “Among the Amharans and Tigrayans and others there’s strong support across the country for the development of the economy with those five pillars including mining.”

Sadiola in Mali

In Mali, Allied is spending US$61.6 million to increase Sadiola’s annual output by 25,000 oz. to 200,000 oz. by 2028. St. Louis-based analyst Stifel Investments estimates a second phase would cost US$378 million to build although Allied hasn’t released its own estimateyet. It would double production starting in 2029 before easing to 300,000 oz. a year after 2033 during the mine’s 19-year life, the miner says.

Near Sadiola, it’s spending US$12 million over this year and next to develop the newly acquired Diba project that will feed into the Sadiola plant. It plans to issue a reserve estimate for Diba by June 30 next year.

Mali, under military control and United Nations sanctions after two coups in 2020-21, is nonetheless the continent’s fourth-largest producer with Barrick Gold (TSX: ABX; NYSE: GOLD), B2Gold (TSX:BTO; NYSE: BTG) and

Resolute Mining (ASX: RSG; LSE: RSG) among the operators there. The junta has kicked out troops from colonial ruler France as well as the UN, and brought in Russian mercenary group Wagner in its battle against jihadist insurgents

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Left: Allied Gold’s Sadiola mine in Mali. ALLIED GOLD

Right: The Kurmuk project in western Ethiopia. ALLIED GOLD

Allied Gold CEO Peter Marrone. ALLIED GOLD

in depth continued on P10 >

CABRAL from 1 ling its spodumene concentrate

with the collaborative spirit — and generous employee stock option plans — of a tech company.

The ownership mentality that comes along with that has been key to the company’s quick progress, she says. It’s also helped the team maintain an unrelenting focus on execution that has allowed Sigma to navigate some choppy waters.

For instance, after Sigma went public in 2018, a downdraft in lithium prices pulled them down to lows of around US$5,000 per tonne in 2020. (At press time prices were hovering below US$27,000 after soaring above US$70,000 per tonne last year.)

Sigma succeeded over that period — which Cabral calls “the worst bear market in lithium,” by simply doing what it said it would do.

“We brought this obsession with discipline, which we saw sometimes lacked in the sector,” she said. “We didn’t have the luxury that Australian and Canadian companies do, we were a Brazilian company and so we never thought of the capital markets being open as a given. The given was there won’t be open capital markets — so we need to rely on our own private ability to fund this, and on achieving the next milestone to actually go back for more funding.”

Those milestones included starting up a pilot plant and filing an initial resource in 2018; tripling the resource, delivering a feasibility study for first phase production and getting environmental permits in 2019; and raising US$10 million in equity and announcing a US$60 million debt offering in 2020.

That set the stage for a listing on the NASDAQ in 2021, two more equity offerings of $178.7 million (the second upsized three times), and at the end of the year, the start of construction. The company completed a US$100-million financing in 2022 and completed a phase 2/3 production expansion study that pegged capex at US$155 million to boost production to 104,200 tonnes LCE annually.

The company shipped its first concentrate in July this year.

Cabral has also embedded ESG as a core part of Sigma’s identity. Far from green hushing — where companies avoid drawing attention to their sustainability initiatives and accomplishments for fear of blowback — Sigma puts its green credentials up front, label-

“green lithium” for achieving net zero carbon, 100% recycling of water and no tailings pond (the company produces dry stack tailings with a portion sold as a 1.3% lithium oxide byproduct). It also opted for processing via dense media separation (DMS) alone, avoiding the increased capex, complexity and use of sulphuric acid that would have come with a flotation plant, while still achieving recoveries of over 60%.

2012 purchase

Cabral, a math whiz from a young age whose father was a metallurgical engineer in Brazil’s navy and whose mother was a microbiologist with Johnston & Johnston, studied economics before earning her MBA from Columbia Business School and a masters in finance degree from London Business School.

Her experience with the natural resources sector began when as an associate in New York she volunteered to work on the privatization of Vale (NYSE: VALE) in the 1990s — at the time a Brazil state-owned company. She later also worked on Vale’s acquisition of Inco in 2006, in addition to an estimated 150 other transactions.

Sigma’s story began just over a decade ago, when Cabral purchased a majority interest in the asset that’s now known as Grota do Cirilo from the Brazilian family that held it in 2012.

It was actually Sigma’s former co-CEO and co-founder, Calvyn Gardner that originally flagged the project, and Cabral who purchased a majority interest with her own funds from a Brazilian family that held it in 2012.

Until earlier this year, Cabral (formerly Cabral-Gardner) shared co-CEO duties with Gardner, a former Anglo American executive and cofounder of mining-focused private equity firm Hardac Investments. Formerly a couple, the two split in 2020, but kept running the company together.

“He was there on site doing technical work and early development and then I was running just about everything else — from institutional relations to finance to law to environmental, social, the whole lot — and keeping a close eye on timetables and schedule.”

In return for running the exploration program from 2012 to 2016, Gardner earned a minority stake in the original Sigma as a See CABRAL / 44

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indepth [CONTINUED FROM P9]

Mexico or some parts of Brazil.”

Ivory Coast has one of Africa’s stronger economies with 6.7% gross domestic product growth last year, according to the World Bank. Still, it’s had two civil wars since 2002 and President Alassane Ouattara has remained in power since 2011 by amending the constitution.

and northern secessionists.

“They are looking at ensuring that their country does not become a jihadist focal point,” Marrone said. “That’s not different from what a lot of other places in the world are trying to do. There is a less developed geopolitics, less developed democratic process. But interestingly, even that military government in Mali has indicated that it’s looking to re-establish civilian rule as early as next year.”

Coup surge

The unrest in Mali marked the start of a series of recent coups in the Sahel region, with Burkina Faso, Chad, Guinea, Sudan, and the latest, Niger, in July.

Even so, Iamgold (TSX: IMG;

COMMODITIES from 1 enced more than 100% inflation a year, gold has gone up tenfold in the last three years in peso terms,” he noted.

McEwen, founder of McEwen Mining (TSX: MUX; NYSE: MUX), shared his concerns about royalty and streaming firms, which he perceives as having taken advantage of mining companies, eroding their profit margins and stunting growth opportunities. He likened their influence to sirens drawing sailors to their doom on the rocks, insinuating a cautionary tale for those in the mining industry.

“There are a lot of mining companies that have made Faustian bargains, and the devils have been that smiling royalty or streaming company with the dollars in hand, and you can see the damage they’ve done to our market.”

Critical metals shine

Despite concerns from some observers about the mining industry’s apparent inconsistency in providing value to generalist investors, it is currently experiencing growth, especially in the uranium and battery materials sectors.

As discussions veered towards the global energy transition, panelists underlined the mounting demands for power grid expansions on a global scale, coupled with the unprecedented rally expected in the demand for copper.

Industry expert John Feneck, president of Feneck Consulting, asserted, “Copper is set up for one of the biggest rallies in history.” He encouraged investors to keenly observe the ‘CPER’ and ‘COPX’ indexes for insights concerning the red metal.

Despite copper’s vital role in the energy transition, its price has been down recently, which the speakers interpret as a buying opportunity. They also anticipate a growing interest in investments in physical copper holdings, similar to the uranium, gold, and silver sectors.

Adding to this, Michael Konnert,

NYSE: IAG), Kinross Gold (TSX: K, NYSE: KGC) and Endeavour Mining (TSX: EDV; LSE: EDV) are some of the 44 Canadian miners that held $15.6 billion in assets in West Africa in 2021, according to Natural Resources Canada. However, Endeavour sold its Burkina Faso mines in June.

Marrone, who experienced some difficult places with Yamana such as Nicaragua, led by authoritarian President Daniel Ortega since 2007, says Allied follows conventional security arrangements and consultants similar to how Barrick and Endeavour operate.

“It’s very conventional and very, very normal for us. There is security, but I would venture to say that it’s not different from some parts of

Allied is combining its Bonikro and Agbaou mines there into one complex with 190,000 oz. of annual production. Across the operations including Sadiola, the company is applying other efficiency measures such as digitization, fuel conservation and better contractor management. The company is also reducing financial risk by redeploying some equipment to lower capital costs.

Marrone turned from steadfastness amid African insecurity to similarly assessing the uncertainty of financial markets. Prices for gold equities and bullion are near record divergence even though economies are wavering amid high government debt and inflation while strong job reports knock recession forecasts. Perhaps predictably, he said gold stocks must surge soon.

“The gold price will do well, but the gold equities will outperform the metal because they’re going to be playing a lot of catch up. That will take into account how they performed relatively poorly to the metal over the course of the last several years.” TNM

co-founder and managing partner of Inventa Capital, held a bullish outlook on nickel, predicting a growth path that could possibly parallel the surge witnessed in the lithium market over the previous decade.

Near-term challenges to nickel supply include an upcoming election next year in Indonesia, a significant global producer. He believes more nickel juniors could see significant investment from larger companies in the sector following on Glencore’s (LSE: GLEN) recent purchase of equity positions in Stillwater Critical Metals (TSXV: PGE; US-OTC: PGEZF) and Palladium One Mining (TSXV: PDM; US-OTC: NKORF).

Konnert is also bullish on silver, pointing to the critical role the metal plays in the energy transition, especially its use in solar panels and electric vehicles, and highlighted the growing deficit in silver supply. In recent times, the price of silver has experienced significant fluctuations due to decreasing supply. “Mining in prominent areas like South America is becoming more challenging and costly as mines deepen,” he says. “Even a minor disruption can significantly increase the prices of such commodities. We are nearing a point where we might witness a sharp increase in prices, again, similar to trends observed in the lithium market.” TNM

From left: John Feneck, president of Feneck Consulting, Michael Konnert, co-founder and managing partner of Inventa Capital, and David Talbot, Red Cloud director of research, at the Precious Metals Summit in Beaver Creek, Colo. HENRY LAZENBY

Rob McEwen and Frank Giustra speak with Northern Miner Group president Anthony Vaccaro at the Precious Metals Summit in Colorado. HENRY LAZENBY

Allied Gold’s Bonikro and Agbaou projects that comprise the Côte d’Ivoire Complex in the namesake country. ALLIED GOLD

donedeals

B2Gold grabs AngloGold’s stake in Colombian project

M&A | Transaction comes after JV partners failed to find a buyer for Gramalote

NexGen raises US$110M for Rook I uranium project

FINANCING | $1.3B project is advancing through permitting

BY CANADIAN MINING JOURNAL STAFF

GNexGen Energy (TSX: NXE; NYSE: NXE; ASX: NXG) has closed a US$110 million unsecured convertible debenture financing to support development of its Rook I uranium project in northwestern Saskatchewan. The financing, with Queen’s Road Capital Investment and Washington H Soul Pattinson and Co., closed on Sept. 22. The company has $330 million in cash reserves.

In late August, when the agreement was announced, Leigh Curyer said the financing from two “highly respected investors,” including long standing investor QRC, positioned NexGen to deliver on its stated objectives in the development of Rook I project.

BY CECILIA JAMASMIE

B2Gold (TSX: BTO; NYSE: BTO) will

become the sole owner of the Gramalote gold project in Colombia after acquiring the 50% stake held by South Africa’s AngloGold Ashanti (NYSE: AU; ASX: AGG), its partner in the venture, for US$60 million.

The gold project, located 124 km northeast of Medellin, was put on hold in August last year, as preliminary results from an optimized feasibility study suggested that Gramalote did not meet the JV’s investment thresholds for mine development.

A few months later, the partners decided that selling Gramalote was the best option for both companies, but failed to find a third party to take over the project.

B2Gold said the consolidation of Gramalote under one owner would make it possible to analyze lower capital intensity, higher-return development opportunities for the project. It noted that so far, Gramalote was seen as a larger scale project to provide meaningful production growth to both companies.

The Vancouver-based gold producer will now asses smaller-scale development options to identify cost savings. It will also start a new study in the fourth quarter, with the goal of completing an initial assessment by the end of the second quarter of 2024.

The acquisition of Gramalote will add 2.1 million gold oz. of indicated mineral resources and 740,000 gold oz. of inferred mineral resources to B2Gold’s resource base. For AngloGold, the sale will help increase its focus on operating assets and projects it

intends to develop, the company said in a separate statement.

“AngloGold Ashanti remains a committed, long-term investor in Colombia with our exciting Quebradona copper and gold project and we look forward to playing a key role in developing a modern, responsible mining sector in the country,” CEO Alberto Calderon said.

B2Gold also said it was on track for first production at its Goose gold mine in Nunavut in early 2025. It acquired Sabina Gold & Silver for the asset this year. The mine is expected to produce 223,000 oz. of gold per year over a 15-year mine life. B2Gold pegged capital costs for the development at $800 million.

Gramalote details

AngloGold will receive the US$60 million from B2Gold in stages, with US$20 million due on closing of the transaction and the remainder in tranches, depending on the achievement of certain milestones. If commercial production does not begin within five years of the transaction closing date, no payment will be made, B2Gold said.

Gramalote was B2Gold’s first project when it started out as an exploration company. In 2015, it received the first environmental licence awarded in Colombia in 35 years.

The permit gave it three years to work through social aspects related to the open pit project, including relocating artisanal miners and some nearby residents.

During that time, Gramalote became the centre of a mining rights dispute with Canada’s Zonte Metals (TSXV: ZON), which remains active. TNM

First Quantum earns majority stake in La Granja

JV | Feasibility study under way for Peru project

BY CECILIA JAMASMIE

Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) and First Quantum Minerals (TSX: FM) have formed a joint venture to advance the La Granja copper project in Peru to development, a deal that was originally announced in March. The new partners describe the project as one of the world’s largest undeveloped deposits of the metal.

After paying US$105 million to Rio Tinto, First Quantum now owns a 55% stake in the project and has become its operator. The Canadian miner will also invest up to US$546 million into La Granja, part of which will be used for a feasibility study over the next few years. The remaining funding balance will go to construction.

La Granja is a complex undertaking as it is located at an altitude of between 2,000 and 2,800 metres in the northern province of Cajamarca. It hosts 130 million indicated tonnes grading 0.85% copper and 4.2 billion inferred tonnes at 0.5% copper. It also shows expansion potential.

Rio Tinto acquired La Granja from Peru’s government in 2006. TNM

Curyer added that it was “an incredibly exciting time” for the company, which recently entered the public review stage in the provincial environmental permitting process.

Rook I is a proposed new uranium mine and mill development and the largest development-stage uranium project in Canada. It’s located in the uranium-rich dis-

trict of the southwest Athabasca Basin near Patterson Lake.

NexGen recently completed a provincial environmental assessment technical review and submitted a final provincial environmental impact statement to the Saskatchewan Ministry of Environment. Parallel to the provincial process, NexGen is also making its way through the federal environmental review process, after completing responses to federal technical and public review comments received on the draft environmental impact statement for Rook I.

Permitted pre-construction site work is already well advanced. The project is expected to cost $1.3 billion to build.

The debentures will be convertible at the holder’s option into approximately 22 million common shares of NexGen, with the actual number of common shares dependent on the exchange rate at the time of conversion.

In addition, Washington H Soul Pattinson has agreed to purchase 8.7 million outstanding common shares of NexGen from Queen’s Road to partially fund Queen’s Road’s purchase. TNM

Trident acquires royalty on advanced Utah lithium project

BATTERY METALS | $10M purchase secures

2.5% NSR royalty

BY CECILIA JAMASMIE

Trident Royalties (LSE: TRR) has inked a deal to acquire an existing lithium royalty from Atherton Resources covering Anson Resources’ (ASX: ASN) flagship Paradox lithium project in Utah.

The U.K.-based miner and royalty company will pay US$10 million in three tranches for the 2.5% net smelter return royalty, including US$1.5 million in cash upon closing the deal.

Net smelter return is the net revenue the mine owner obtains from the sales, with transportation and refining costs deducted.

The royalty covers all projects owned by Anson within the Paradox Basin, which includes an advanced-stage lithium brine project, and it is tied to Anson’s ownership of the underlying projects.

Once Anson begins commercial production at the projects, Trident will pay up to US$3.5 million as the first tranche payment. In addition, 50% of the payment can also be made via an issuance of its shares.

Trident will be entitled to 2% of net sales proceeds if Anson sells property within the Paradox Basin, and the royalty would no longer apply to the sold asset.

At spot prices of about US$35,000 per tonne of lithium carbonate equivalent (LCE), Trident estimates the royalty would bring nearly US$11 million a year for the first decade, the company said.

“The Paradox project reinforces our strong position in battery materials, and introduces exposure to direct lithium extraction, which could play a significant role in future lithium supply,” chief executive Adam Davidson said in the statement.

Based on the feasibility study, phase one of operations at Paradox will produce 13,074 tonnes lithium LCE per year for the first 10 years. A 2022 feasibility study estimated recoveries of over 90% using direct lithium extraction (DLE) technology developed by Sunresin that’s already in use at seven other projects.

The project has an indicated resource estimate of 346,109 tonnes of LCE (4.4 million cubic litres at 123 parts lithium per million) plus an inferred resource of 691,800 tonnes LCE. Phase two is expected to increase lithium production capacity substantially.

Trident shares hit a one-year low in late August after the Mexican government cancelled Ganfeng’s Sonora lithium project concessions, on which Trident has an agreement to acquire a 1.5% royalty.

Mexico nationalized its lithium industry in April 2022 and, in February this year, it set up a dedicated mining zone, Li-MX1, in Sonora. This region contains nearly all of Mexico’s lithium resources, valued at 12 trillion Mexican pesos (about $696 billion at today’s exchange rates).

Ganfeng’s Sonora project hosts a total resource of 8.8 million tonnes of lithium carbonate equivalent – almost all of Mexico’s known lithium mineralization.

Shares in Trident are currently down almost 12% year to date, leaving the company with a market capitalization of £127.3 million (US$156.5 million). TNM

Anson Resources’ flagship Paradox lithium project in Utah. ANSON RESOURCES

The Gramalote gold project in Colombia. ANGLOGOLD ASHANTI

The Canadian Mining Hall of Fame announces five new inductees

AWARDS | Bell, Lawrence, Roscoe & Postle and Sprott to be honoured in January 2024

The Canadian Mining Hall of Fame will welcome five new members at a gala dinner and induction ceremony on Jan. 11, 2024 at the Metro Toronto Convention Centre. The Northern Miner is a co-founding member organization of the Canadian Mining Hall of Fame, along with the Canadian Institute of Mining, Metallurgy and Petroleum, The Mining Association of Canada and The Prospectors and Developers Association of Canada. Tables and tickets are available for purchase at www.mininghalloffame.ca until Dec. 20, 2023.

David Ross Bell (b. 1943)

David R. Bell is renowned in the mining industry for his pivotal role in discovering and developing the world-class Hemlo gold mining site in northern Ontario.

Hemlo is in a region that had been explored with limited success since 1869. Bell’s drive for discovery led him to convince Corona Resources to keep drilling, despite initially finding a lower-grade deposit. His keen mapping skills revealed promising zones. A pivotal moment occurred when Hole 76 uncovered the main zone at Hemlo, forever changing the region’s mining landscape and cementing Bell’s name in mining history.

Following Bell’s discovery, headframes rose over the Teck Corona (David Bell Mine), Noranda (Golden Giant Mine), and Lac Minerals (Williams Mine). Hemlo went on to yield about 22.4 million oz. of gold, with an additional 3.3 million oz. measured and indicated as of 2021, and it is still producing in 2023.

The Hemlo discovery’s significance reverberated across northern Ontario, creating jobs, and stimulating local economies over three decades. The ripple effect extended beyond Hemlo, igniting staking rushes and exploration activities in neighbouring areas.

Born and raised in Kirkland Lake, Ont., Bell’s journey into the geology world began early. In high school he worked alongside prospectors, sparking his passion for geology that led him to a mining job at Falconbridge Nickel in Sudbury. His talent and dedication caught the eye of industry leaders, and he was sent to Timmins to open an exploration office.

Bell’s thirst for knowledge and determination to excel led him back to school at the age of 27. He completed a rigorous four-year geology program in just three years. He then went to Dome Mine, where he assumed the role of project geologist at the Detour Lake project.

In 1980, Bell founded David Bell Geological Services. In 1981, he landed his first contracting job, a path that led him to Hemlo for Corona Resources. (Corona later optioned the property to Teck). Shortly after, Bell joined Goliath Resources where he made significant contributions before the company was optioned to Noranda.

Bell’s impact extended beyond his geological prowess. His testimony in the Lac Minerals versus

International Corona Resources trial over the Williams claims revolutionized how mining companies operated, leading to the implementation of confidentiality agreements for property visitors.

His work with Micham Resources went beyond Canada, showcasing his global reach and geological acumen, from Switzerland to China and pioneering gold exploration in Cuba.

Throughout his career, Bell was a member of several industry organizations such as the Prospectors & Developers Association of Canada (PDAC) and the Candian Insitutute Mining, Metallurgy and Petroleum as well as the Toronto Geological Society. He served as a director for various prominent companies, including FrancoNevada, Euro Nevada, Chariot Resources, Micham, CaribGold and FTM Resources.

Recognized as Prospector of the Year in 1982 by the PDAC, Bell’s uncanny ability to identify promising mineral deposits earned him a reputation as someone with a ‘nose for ore.’ His insight into the geological potential of properties was a driving force behind many successful ventures in the mining industry.

Bell’s legacy is deeply rooted in his ability to envision what lies beneath the Earth’s surface and his unwavering determination to bring that vision to reality.

Ross D. Lawrence (b. 1933)

Ross D. Lawrence is credited with elevating Canadian geological expertise and the growth of the Canadian mining industry on a global scale. In a career spanning decades, Lawrence achieved international recognition for his knowledge in mineral property valuation, mineral policy development, economic analysis of mining projects, and project management.

A founding partner of Watts, Griffis, and McOuat Limited (WGM) in 1962, Lawrence played a pivotal role in the company’s success and global recognition. Alongside his partners Murray Watts, Tom Griffis and Jack McOuat, he led the charge into international waters, working in more than 100 countries. WGM established satellite offices in Australia, England, Alaska, Saudi Arabia, Yemen, Iran, and Indonesia, strengthening the presence of the Canadian brand on the international mining stage.

Lawrence was instrumental in setting up teams of geologists and mining experts, enabling WGM to flourish into a globally renowned consulting firm. He was also actively involved in policy development, advising governments in such countries as Afghanistan, Saudi Arabia and Yemen.

WGM’s legacy includes the dis-

covery or acquisition/development of many significant mines including Red Dog, Mary River, Raglan, Asbestos Hill, Green’s Creek, Pogo, Voisey’s Bay, Fort Knox, and Al Masane. Lawrence was a key member of the WGM team engaged on these projects.

One of Lawrence’s notable technical contributions was the development of a technique for diamond drilling 12-inch diameter core for bulk sampling, a pioneering method displayed in WGM’s lobby today.

He also led WGM’s transition into mineral valuation in 1980, an area of practice that would become integral to the firm’s portfolio.

Lawrence was a key member of the Canadian Institute of Mining, Metallurgy and Petroleum’s committee responsible for establishing standards governing mineral valuation. He was also an early member of the International Institute of Minerals Appraisers, underscoring his commitment to industry excellence and professionalism.

Lawrence served for many years as president of the Canadian Association of Mining Equipment and Services for Export and was chairman of the Northern Centre

See HALL OF FAME / 14

Since 1989, the Canadian Mining Hall of Fame has recognized 203 exemplary leaders. The 36th Annual CMHF dinner and induction ceremony will be held at the Metro Toronto Convention Centre on Jan. 11, 2024. Nominations for 2025 open Spring 2024.

HALL OF FAME from 12

for Advanced Technology in Sudbury.

Born in Toronto, Lawrence’s journey in the mining industry began with a bachelor of applied science in geological engineering in 1956 and a master of commerce in mining finance in 1959, both earned at the University of Toronto. He embarked on his career at WGM in 1962, a company he helped shape and elevate over many decades.

His expertise extended to economic analysis and cash flow models for feasibility studies, serving clients worldwide. Noteworthy projects ranged from exploration for ilmenite in Madagascar to evaluating exploration and geoscientific programs in Saudi Arabia and geological mapping in Iran.

While working globally, Lawrence never forgot home. He played a significant role in redefining the

Professional Engineers Ontario guideline for professional engineers providing reports on mineral properties, benefitting geologists and evaluators.

In 1986, Lawrence and his fellow class executives initiated a fundraising campaign to establish the Class of 5T6 Engineering Award of Merit, benefiting outstanding engineering students at the University of Toronto. His contributions also extended to supporting Mining Matters, an organization devoted to educating students and others about the impact of the mining industry on Canada’s well-being.

Ross D. Lawrence is a trailblazer in the industry, a ‘behindthe-scenes’ figure whose tenacity and dedication have paved the way for others’ success. His work has raised the international profile of Canadian mining expertise and promoted the Canadian brand around the globe.

Eric Sprott (b. 1944)

To say Eric Sprott has left a legendary mark on the world of mining investment would be an understatement. With a career spanning five decades, Sprott played an instrumental role in shaping the industry’s landscape and driving the growth of countless mining companies. Sprott stands as a true champion of the mining sector.

Sprott’s influence within the investment community is undeniable. He founded Sprott Securities, now Cormark Securities Inc., and later established Sprott Asset Management LP in 2001.

Sprott’s career in investing began in the 1960s. He quickly established himself as a driving force, leading a team of financiers and research analysts who played a pivotal role in elevating junior mining companies onto the global stage. His efforts, combined with astute investments, brought these companies to the attention of institutional and retail investors, contributing to the mining boom of the early 2000s.

of the monthly column, “Markets at a Glance,” his guidance enabled Sprott’s clients to amass significant wealth.

Following retirement from the company, Sprott transitioned to a family office investor. He obtained a stake in Kirkland Lake Gold and became its chairman. He oversaw its merger with Crocodile Gold, a move that led to the success of Fosterville gold mine. In 2022 he invested $125.9 million in New Found Gold, an early stage exploration company in Newfoundland and Labrador.

Sprott’s philanthropic endeavours have created an indelible legacy. The Sprott Foundation, established in 1988, is committed to addressing urgent human needs, including hunger and homelessness. His endowments to institutions such as Carleton University, the Ottawa Hospital Foundation, and the Daily Bread Food Bank have left a lasting impact on society.

William E. Roscoe and John T. Postle have collectively dedicated over eight decades to shaping and revolutionizing the world of mining consulting and standards development. With their exceptional expertise, pragmatic approaches, and relentless commitment, they have left a permanent mark on the industry.

Their dedication to establishing trustworthy regulatory frameworks has created international standards, enhanced investor confidence and facilitated financing efforts for numerous mining companies.

Roscoe, born in Hancock, Mich. and raised in Ontario, began his journey in the mining industry with a B.Sc. (Eng.) in geological sciences from Queen’s University in 1966. He went on to earn a master’s and Ph.D. in geological sciences from McGill University in 1969 and 1973, respectively. His extensive educational background laid the foundation for a remarkable career.

Roscoe started as an exploration geologist at Cominco in 1966 and later served as a senior geologist at St. Joseph Explorations from 1976 to 1981.

Postle, a professional mining engineer, born in Kirkland Lake, Ont., started his career with a B.Sc. in mining engineering from the University of British Columbia (1965) and a master’s degree in earth sciences from Stanford University (1968).

Postle worked for major mining companies Cominco and Falconbridge, gaining invaluable experience in open-pit and underground operations.

Roscoe and Postle met when they worked together at Cominco’s Wedge Mine in New Brunswick in 1967. Both spent time in senior positions at the mining consulting firm of David S. Robertson and Associates before venturing into consulting on their own.

In 1985, they co-founded Roscoe Postle Associates Inc. (RPA), a consultancy that would become a titan in the mining industry. Under their leadership, RPA flourished, growing into a nationally and internationally recognized geological and mining consulting firm with offices in Toronto, Vancouver, RouynNoranda, Quebec City, Denver and London, U.K. Their commitment to professional and ethical standards made them the go-to firm for resource/reserve estimates and audits, technical due diligence, and mining valuations.

Throughout his career, Roscoe’s influence extended far beyond RPA. His contributions to the industry include co-leading the development of the CIM Valuation Standards and Guidelines for Mineral Properties (CIMVAL), and publishing papers on valuation methodology. Bill’s involvement with the International Minerals Valuation Committee (IMVAL) and the International Valuation Standards Council fur-

ther solidified his global impact.

One of Postle’s remarkable contributions was his role in developing the CIM Mineral Reserve/ Resources definition standards, which became part of the globally recognized Canadian National Instrument 43-101. His involvement extended to the international stage through CRIRSCO, where he helped define international reserve/ resource standards.

Throughout their careers, Roscoe and Postle have been recognized for their outstanding contributions. Both were awarded fellowships, named distinguished lecturers and received the Robert Elver Mineral Economics Award, all from CIM. In 2022, Roscoe received the Vale Medal for his meritorious contribution to mining. Postle was awarded the Queen Elizabeth II Diamond Jubilee Medal for his service to the mining industry, and they jointly received a PDAC Special Achievement award for their contributions.

Their work at RPA, now part of SLR Consulting Ltd., has set the gold standard in geological and mining engineering consulting, mineral valuations, and resource/ reserve work.

Roscoe and Postle are not just pioneers; they are pillars of the mining community. Their profound impact on consulting, standards development, and the broader mining industry will continue to shape its future for years to come.

Born in Ottawa, Sprott graduated with a bachelor of commerce from Carleton University (where he would later receive an honorary doctorate) and designation from the Institute of Chartered Accountants. He was awarded the Fellow Chartered Accountant designation in 2011 and was elected Fellow of the Chartered Professional Accountants of Ontario (FCPA, FCA), a designation reserved for those who demonstrate outstanding career achievements and service to the community and profession. Sprott began his career as a research analyst at Merrill Lynch.

His ability to uncover the true value of mineral resources and facilitate their journey to successful production became legendary. Sprott’s investments were not just monetary; they were a mark of endorsement, with a “Sprott cheque” becoming synonymous with success in the sector. By 2010, his influence extended to nearly 300 companies, including positions in mining, development, and exploration firms. He was also involved in numerous mergers and takeovers.

Through Sprott’s establishment

Sprott’s support for Canadian athletes is equally inspiring. His generous contribution of $1.4 million to CanFund is a result of his promise to donate $100,000 for every gold medal won at the 2010 Vancouver Olympics, for a total of 14.

Perhaps most impfactful is Sprott’s $50-million donation in support of the Department of Surgery at the University Health Network (UHN), one of the largest donations in UHN history. Eric Sprott personally and the Sprott Foundation, have donated more than $337 million to various charities.

He has received many awards and accolades over the years. In 2012, he received the Queen Elizabeth II Diamond Jubilee Medal; in 2013, he was named a Member of the Order of Canada and in 2019, he was inducted into the Investment Industry Hall of Fame.

Sprott is considered a lifeline for junior mining companies, transforming them into significant industry players. His commitment, integrity, and unyielding support for even the most ambitious projects define his legacy.

William E. Roscoe (b. 1944) and John T. Postle (b. 1941)

The important contributions of next year’s five inductees range from exploration skill to consulting talent, and from mineral standards development to mining financing.

tickets are

until Dec. 20, 2023.

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projectupdates

EPA issues final permit for Taseko’s Florence

ARIZONA | Florence project to produce 85M lb of copper annually over 22 years

BY CECILIA JAMASMIE

Shares

in Taseko Mines

(TSX: TKO; NYSE:

TGB;

LSE: TKO) soared as much as 20% on Sept. 14 to their highest level since May after the company said the receipt of a U.S. Environmental Protection Agency (EPA) permit moves its Florence copper project in Arizona closer to commercial production.

The Underground Injection Control Permit — the last hurdle before production — makes Florence, located about halfway between Phoenix and Tucson, one of very few construction-ready, fully permitted copper projects in North America, the company said.

“With approvals in place from the Arizona Department of Environmental Quality and now the EPA, we can commence construction of the Florence Copper commercial production facility,” president and CEO Stuart McDonald said in a statement.

“This achievement is a major stride forward and a result of Taseko’s long-term approach to project development, environmental protection, and community engagement,” the Taseko boss noted.

With procurement well advanced, the Vancouver-based miner said the next steps will be mobilization of contractors for the

FPX Nickel sees profitable US$2.2B capex Baptiste nickel project in BC

BATTERY METALS | PFS outlines 59,100-tonne annual output over 29 years

wellfield and plant construction.

“We continue to advance discussions with potential lenders and royalty providers for the remainder of the project financing package and expect to have additional commitments in place before construction spending ramps up,” McDonald said.

The in-situ recovery (ISR) project has faced backlash from locals over its potential environmental impact, but the company has continuously addressed concerns, which led it to obtain a draft permit for Florence in August last year.

According to Taseko, Florence has one of the least capital-intensive copper production facilities in the world, and when fully ramped up, will produce 85 million lb. of copper (about 38,000 tonnes) annually over a 22-year mine life for the U.S. domestic market.

The company said it expects the project to have the lowest energy and greenhouse gas intensity of any copper producer in North America. Florence is also expected to reduce the United States’ reliance on foreign producers for supplies of a metal considered to be critical for the transition to a low-carbon economy.

Taseko shares traded at $1.79 at press time, for a market cap of $518.2 million. TNM

BY COLIN MCCLELLAND

FPX Nickel (TSXV: FPX; USOTC: FPOCF) says its Baptiste nickel project in central British Columbia would cost at least US$2.2 billion to build and still be a high-margin supplier of battery metals or nickel concentrate.

Baptiste, FPX’s main asset, has an after-tax net present value (NPV) of US$2 billion ($2.7 billion) at an 8% discount rate and an internal rate of return (IRR) of 18.6% using nickel price of US$8.75 per lb., according to a prefeasibility study released on Sept. 6. Annual free cash flow would be US$578 million.

The study’s base case suggests annual output of 59,100 tonnes of 60% nickel concentrate over 29 years, while an option to build a US$448 million refinery offsite in a city would produce battery-grade nickel sulphate, cobalt precipitate, and copper concentrate. Base case construction would start in early 2028 with first nickel by late 2030.

Improved resource modelling, mine planning, process recovery and site design increased the aftertax NPV contained in a preliminary economic assessment (PEA) released in 2020, the company said. That study had forecast US$1.7 billion at an 8% discount rate with an IRR of 18.3% and four-year payback period.

“Despite the inflationary pres-

Giga’s Turnagain may depend on batteries boosting nickel price

BC | Commodity price has fallen though some forecasts see gains ahead

BY COLIN MCCLELLAND

Giga Metals (TSXV: GIGA; US-OTC: HNCKF) has issued a prefeasibility study for its Turnagain nickel project in northern British Columbia showing it will need stronger metal prices to increase profitability.

Turnagain, a joint venture with Mitsubishi Corp. holding 15%, has a net present value (NPV) of US$574 million at a 7% discount rate and an internal rate of return (IRR) of 11.4% using a long-term nickel price of US$9.75 per lb., Giga said on Sept. 22. Nickel has fallen from US$14.15 per lb. in January to US$8.60 per lb. in late September.

The 30-year open-pit mine would cost US$1.9 billion to build and annually produce 35,244 tonnes of 18% nickel concentrate and 2,064 tonnes of 1.1% cobalt concentrate with operating costs of US$3.85 per lb. of nickel concentrate.

“The study allows the company to advance discussions with potential strategic investors,” Giga CEO Mark Jarvis said in the release. “The Turnagain project has a

low-risk flow sheet that will consistently and predictably deliver a high-grade, high-quality concentrate similar to concentrates successfully treated by nickel processing companies for decades.”

Giga expects demand for nickel concentrate to grow for mixed hydroxide precipitate used in electric vehicle batteries as the green energy transition gathers pace.

However, the study mapped a scenario with nickel at $8.29 per lb. and the project generating an aftertax NPV of $21 million with a 7% discount rate and an IRR of 7.2%.

Nickel’s decline

The price of nickel has fallen this year because China’s economic stimulus has disappointed the market, S&P Global Market Intelligence said in a report in July. It forecasts that the price on the London Metals Exchange will decline from US$22,214 per tonne (US$10.08 per lb.) this year to US$20,000 per tonne (US$9.07) in 2025 before rising to US$22,000 per tonne ($9.98 per lb.) in 2027.

Giga’s study also showed nickel at US$11.22 per lb. would see Turnagain generate an after-tax NPV

of US$1.1 billion and an IRR of 14.9%.

In the study, Benchmark Minerals Intelligence forecasts a longterm nickel price of US$21,500 a tonne (US$9.75 per lb.) while the 20-year inflation-adjusted average price would be $26,700 per tonne (US$12.11).

Nickel demand will rise to 7.6 million tonnes a year by 2040 from 4.6 million tonnes now, and 3.3 million tonnes or nearly half will be for batteries, Benchmark said. The demand growth requires about 120 new nickel projects producing 38,000 tonnes annually by 2040 before accounting for declines in existing operations, it said.

“We see a nickel project like Turnagain with low carbon intensity in a stable jurisdiction has a key role to play in the future of the nickel industry, in particular for the battery industry,” Kota Ikenishi, general manager of Mitsubishi’s Battery Minerals Office, said in the release. Turnagain, located near Dease Lake, B.C., would sequester carbon dioxide and transform tailings management into a permanent carbon mineralization facility. TNM

sures observed in the mining industry in recent years, the study has yielded after-tax NPV and IRR superior to those observed in the 2020 [PEA], reflecting greater engineering maturity and incorporating the several optimizations,” FPX president and CEO Martin Turenne said in a news release. “The study firmly establishes Baptiste as a key strategic asset in the development of Canada’s critical minerals.”

The study envisions that the project, 90 km northwest of Fort St. James, would have a mill throughput rate of 108,000 tonnes per day in phase one followed by a US$763 million expansion to 162,000 tonnes per day in the 10th year. The second phase would be funded from free cash flow after the initial aftertax payback period of 3.7 years. The plant will use a semi-autogenous mill followed by the usage of magnetic separation, froth flotation and a flotation tailings leach circuit.

If FPX decided to build the offsite refinery as part of the project, the whole concept would have a construction cost of US$2.6 billion and an after-tax NPV of US$2.2 billion with an IRR of 17.7% and a 3.9-year payback period.

The battery-grade refinery would annually produce 40,000 tonnes of nickel sulphate, 700 tonnes of cobalt in mixed hydroxide precipitate and 300 tonnes of copper in concentrate.

Low emitter

Access to Baptiste, part of FPX’s 245-sq.-km Decar nickel district in the Mount Sidney Williams ultramafic-ophiolite complex, will be by roads upgraded and expanded from the existing forest service network, FPX said. BC Hydro will supply power, giving the project a carbon intensity of 2.4 tonnes of CO2 per tonne of nickel produced. That would put Baptiste in the lowest tenth of global nickel production emitters.

Operating costs are estimated at US$8.15 per tonne milled over the mine’s life, according to the study. Phase one operating costs of US$7.88 per tonne milled are mainly because of a lower strip ratio of 0.41 then compared with 0.56 overall.

Including a 1% net smelter return royalty and capital to sustain, expand and close the mine, all-in sustaining capital is estimated at US$4.17 per lb. of nickel pro-

duced, FPX said. Total capital costs including construction, operation, expansion and closure would be US$4.4 billion.

First Nations

Davis Tube Recoverable (DTR) nickel recovery is estimated at 88.7%. Baptiste has 1.5 million proven and probable tonnes grading 0.13% DTR nickel or 0.21% total nickel for 1.9 million tonnes of contained DTR nickel or 3.1 million tonnes of total nickel, according to the study.

The project is located on the traditional territories of the Tl’azt’en and Binche Whut’en First Nations. FPX signed a memorandum of understanding with the Tl’azt’en Nation in 2012 and an exploration and development memorandum of agreement with the Binche Keyoh Bu Society in 2022.

The company has been working with and meeting local communities to understand key valued species and habitats in order to avoid and minimize impacts, it said.

Supply partnership

In late September, FPX signed a strategic partnership with Japan Organization for Metals and Energy Security (JOGMEC) and Prime Planet Energy & Solutions. Prime Planet, established in April 2020, is a joint venture between Toyota and Panasonic for the production of automotive prismatic batteries.

The non-binding agreement lays the groundwork for FPX and Prime Planet to collaborate on vertically integrated production of nickel sulphate and cathode active materials for the Prime supply chain.

FPX, Prime Planet and JOGMEC will also share technical information and expertise and explore potential strategic arrangements and business structures, they said in a statement.

“This MOU demonstrates the strategic nature of the Baptiste project and its potential to produce an ideal nickel feedstock for the battery supply chain,” FPX’s president and CEO Martin Turenne said in a release.

FPX Nickel shares traded at 51¢ at press time in Toronto, valuing the company at $117.7 million. Its shares traded in a 52-week window of 31¢ and 61¢.

TNM

FPX Nickel’s Baptiste project in central British Columbia. FPX NICKEL

GLOBAL SILVER/PGMs

The great platinum deficit: Council forecasts record demand in 2023

PLATINUM | A surge in demand amid stagnant supply sets up bullish investment case

BY HENRY LAZENBY

The World Platinum Investment Council (WPIC) forecasts a record 1-million-oz. platinum deficit for 2023, both in absolute ounces and as a percentage of annual demand, amid a surge in automotive and industrial demand and stagnant supply.

In its Platinum Quarterly report released in early September, the WPIC highlighted a booming demand for the metal, slated to rocket by 27% this year, hitting 8.2 million ounces. This overshadows a barely changing supply forecast, stagnating at 7.2 million oz., just 31,000 oz. above last year’s figures.

“These statistics spotlight a market under intense pressure, with potential ramifications for investors and industries dependent on this precious metal,” WPIC research director Ed Sterck told The Northern Miner in an interview after the report was published.

The recovering automotive sector is driving the demand upswing, with Sterck’s data projecting a 13% (or 381,000 oz.) increase in 2023. Ramped-up vehicle production rates underpin this surge, with forecasts indicating 6% and 7% growth for light-duty and heavy-duty vehicle production, respectively.

Sterck highlighted the ongoing substitution of platinum for palladium in gasoline vehicles — an adjustment dictated mainly by the

existing price differential between the two materials. On the industrial front, significant capacity additions in the chemical and glass sectors are influencing the demand surge.

The Chinese government has been implementing stricter emission standards from July 1, further bolstering platinum demand as industries integrate more platinum group metal (PGM) coated particulate filter systems. This trend is set to elevate the global platinum automotive demand to an anticipated 3.3 million oz., up 13% from last year.

Simultaneously, the industrial sector is smashing records, with predictions setting the demand at 2.7 million oz., a notable 14% yearon-year increase. This rise mainly stems from substantial capacity expansions in the glass and chemical sectors, seeing growth rates of

Annual platinum supply/demand balance (koz)

50% (251,000 oz.) and 12% (82,000 oz.), respectively. In contrast, the electrical and petroleum segments anticipate a dip in demand, slated to fall by 8% (9,000 oz.) and 11% (22,000 oz.), respectively.

Investment circles are also embracing the platinum trend, with predictions setting the net investment demand at 386,000 oz. for 2023. Platinum ETF holdings have seen a significant surge, growing by 155,000 oz. in the June quarter, marking the biggest quarterly increase since the third quarter of 2020.

Stagnant supply

However, the supply side is failing to mirror this burgeoning demand, notes Sterck.

Refined mine production of platinum has plummeted by 4%

or 65,000 oz. over last year, settling at 1.5 million oz. in the second quarter. South Africa, which contributes 75% of global supply, saw a 9% dip in output year-onyear, a decrease linked to ongoing maintenance activities and relentless power disruptions due to the state-owned power utility’s ongoing load curtailments.

Sterck says recycling avenues, too, are on a downturn, reporting a 12% reduction in global recycling in the second quarter.

The analyst says these trends underscore the dwindling availability of above-ground stocks to cushion a growing deficit. By the end of this year, the stocks may cover only five months of annual demand. “A significant portion of these reserves, held in China, are not readily exportable to meet global demands,

potentially heightening concerns over metal availability,” Sterck says. As the market tightens, the intertwined narratives of soaring demand and constricted supply are positioned to offer both short and longterm value incentives for investors. Moreover, platinum’s pivotal role in facilitating a green hydrogen economy, albeit nascent in 2023, is set to burgeon in the medium term, carving a promising pathway for investors seeking a stake in global decarbonization efforts.

The WPIC is funded by South African platinum miners Anglo American Platinum (JSE: AMS), Northam Platinum (JSE: NPH), Sedibelo Platinum Mines, Impala Platinum Holdings (JSE: IMP), Royal Bafokeng Platinum (JSE: RBP) and Tharisa (LSE: THS; JSE: THA). TNM

New Pacific’s Carangas in Bolivia holds

200M oz silver,

BY COLIN MCCLELLAND

New Pacific Metals (TSX: NUAG; NYSE-AM: NEWP) says its first resource estimate for the Carangas silver-gold project in Bolivia makes it notable worldwide.

The report released on Sept. 5, divides Carangas into three zones holding a total of 214.9 million indicated tonnes containing 205.3 million oz. silver, 1.6 million oz. gold, 1.4 billion lb. lead, 2.7 million lb. zinc and 112.6 million lb. copper, or collectively 559.8 million oz. silver equivalent.

The total inferred resource is 45 million tonnes containing 47.7 million oz. silver, 217,700 oz. gold, 297.9 million lb. lead, 533.7 million lb. zinc, and 16.8 million lb. copper, or collectively 109.8 million oz. silver equivalent.

There is also gold-dominant mineralization below the resource area comparable in size and grade that may be assessed for underground mining, Vancouver-based New Pacific said in a release. And it said electromagnetic surveys this

plus

gold and base metals

SILVER | First resource estimate follows a top assay result in February

year found anomalies over 29 sq. km of the Carangas site, which is about 400 km south of La Paz.

“These anomalies may host mineralization similar to what has been drilled thus far, underscoring the potential for mineral resource growth through additional drilling campaigns,” the company said. “Carangas is a globally significant silver-gold polymetallic discovery.”

Mineralization at Carangas formed with heat in a volcanic caldera system to produce an upper zone rich in silver, a middle zone dominated by zinc and lead, and a lower zone with a higher concentration of gold.

The upper silver zone has 119.2 million indicated tonnes grading 44.7 grams silver per tonne, 0.1 gram gold, 0.3% lead. 0.7% zinc and 0.01% copper for 171.2 million oz. silver, 216,400 oz. gold, 916.5 million lb. lead, 1.7 billion lb. zinc and 34.5 million lb. copper.

The middle zinc zone holds 43.4 million indicated tonnes grading

10.8 grams silver, 0.1 gram gold, 0.4% lead, 0.8% zinc and 0.01% copper for 15 million oz. silver,

77,400 oz. gold, 343.6 million lb. lead, 739.4 million lb. zinc and 13.7 million lb. copper. The lower gold zone has 52.3

million indicated tonnes grading 11.4 grams silver, 0.8 gram gold, 0.2% lead, 0.2% zinc and 0.06% copper for 19.1 million tonnes sil-

ver, 1.3 million oz. gold, 184.7 million lb. lead, 184.7 million lb. zinc and 64.4 million lb. Copper.

Open pit scenario

Mineralization starts at or near surface, allowing for open-pit mining with an average stripping ratio of about 1.8 tonnes waste rock per 1 tonne of resource, New Pacific said. Metallurgical test work indicates recoveries of up to 90% for silver and 98% for gold based on a combination of flotation and cyanide leaching, it said.

Drill results released on Feb. 21 at Carangas had that week’s highest grade x width globally, according to assays compiled by Mining Intelligence and published in The Northern Miner. Drill hole DCAr0096 cut 523.9 metres grading 1.2 grams gold from 333.5 metres depth for a grade x width of 650.

New Pacific has drilled more than 80,000 metres in 189 holes since 2021. The assay results indicate a thick zone of gold mineralization occurs beneath a shallow

Platinum demand is expected to rise by 27% this year, analysts say.

ADOBESTOCK/MAKSYM YEMELYANOV

Examining core at New Pacific Metals’ Carangas silver-gold project in Bolivia, where the firm has drilled over 80,000 metres since 2021. NEW PACIFIC METALS

Fortuna discovers new vein at San Jose in Mexico after labour dispute raises costs

SILVER | Marks easternmost mineralization at site and potential for deposit growth

BY COLIN MCCLELLAND

Fortuna Silver Mines (TSX: FVI; NYSE: FSM) says it has discovered a new vein at its San Jose mine in Mexico that indicates a different type of mineralization for the site that endured a labour strike this year.

Drill hole SJOM-1387 cut 1,299 silver equivalent grams per tonne over 9.9 metres from a depth of 301 metres, the Vancouver-based company said in a release on Sept. 5. Drill hole SJOM-1391 returned 621 grams silver equivalent over 5 metres from 337 metres down hole.

The new vein, named Yessi, has a geochemical signature indicating a potentially different phase of mineralization containing a higher gold to silver ratio and low levels of base metals compared with others at the mine, Fortuna said.

The mine, which shut in April during a two-week blockade for higher wages, last year produced 5.8 million oz. of silver and 34,124 oz. of gold.

“Drilling by the mine geology team recognized a new blind zone of alteration and brecciation,” Paul Weedon, senior vice-president of exploration, said in the release.

“Extension drilling intersected

the Yessi vein approximately 200 metres further east of the Victoria mineralized zone, highlighting the potential size and strength of San Jose’s mineralized system.”

The company is continuing to drill along strike to the north and south to further define the extent of Yessi’s mineralization, Weedon

said. The vein marks the easternmost limit of mineralization intersected at San Jose to date and doesn’t show at the surface.

Fortuna, which operates four other mines in Argentina, Burkina Faso, Cote d’Ivoire and Peru, reopened San Jose on May 10 after a 15-day blockade that was illegal

JOINT VENTURE ARTICLE

and impacted revenue, the company said in August. A new labour deal with the union added US$2.8 million in second-quarter expenses while stand-by charges also raised costs, Fortuna said.

Income was also hit by the closure of the underground mine at Yaramoko in Burkina Faso for

27 days in April because the tunnel near the portal failed, Fortuna said. The company paid a US$1 million penalty to local authorities. Stand-by charges at San Jose and Yaramoko amounted to US$3.5 million.

Adjusted net income for the three months to June 30 rose to US$2.9 million compared with US$2.1 million in the same period last year because of lower taxes.

The increase compensated for a reduction in operating income of US$5.4 million compared with the year-ago quarter mainly because of lower output at San Jose and the Lindero mine in Argentina due to production phases there.

On the brighter side, in September, Fortuna completed its acquisition of Aussie junior Chesser Resources and its preliminary economic assessment stage Diamba Sud gold project in Senegal.

It also poured first gold at its Séguéla mine in Côte d’Ivoire in May, and in August identified highgrade mineralization at least 130 metres west of the current resource envelope at Yaramoko’s Zone 55, while drilling at the Baborigame project in Mexico intersected mineralized zones in several veins. TNM

Discovery Silver’s Cordero project is in the big league

BY NORTHERN MINER STAFF

Discovery Silver (TSX: DSV; US-OTC: DSVSF) owns the largest undeveloped primary silver deposit globally by reserves and has attracted a tier one management team led by Tony Makuch, the former CEO of Kirkland Lake Gold. With reserves of 265 million oz. silver, Discovery’s 100%-owned Cordero deposit in Mexico’s Chihuahua state surpasses Bear Creek Mining’s (TSXV: BCM; US-OTC: BCEKF) Corani deposit in southern Peru (225 million oz. silver) and Polymetal International’s Prognoz silver deposit in Russia (142 million oz. silver).

“There are very few of these large undeveloped silver assets and we’re at the top of the list,” says president and CEO Makuch. “To put its scale in context, Cordero is the equivalent of a gold mine that produces more than 400,000 ounce gold per annum with all-in sustaining costs of approximately US$1,000 per ounce over a mine life of close to 20 years.”

A prefeasibility study released in January outlined an open-pit mine life of 18 years producing an average of 33 million silverequivalent oz. a year at all-in sustaining costs of US$12.80 per silver-equivalent oz. in years one through 12 and US$13.62 per silverequivalent oz. over the life of mine.

Initial development capex of US$455 million could be paid back in just over four years, and the study put Cordero’s after-tax net present value (5% discount rate) at US$1.2 billion and its internal rate of return at 28%.

The company submitted its Environmental Impact Assessment for Cordero at the end of August and plans to update the resource and complete a feasibility study in the first quarter of next year.

In the meantime, Makuch, who during his tenure at Kirkland Lake steered that company’s market cap from $1 billion to $10 billion and its share price up by over 500%; and chief operating officer Tony Esplin, who has run some of the largest mines at Newmont (TSX: NGT; NYSE: NEM), have been recruiting a team known for building and operating mines.

In August the company made appointments to its board and permitting and technical teams.

Barry Olsen, who has developed and managed multi-billiondollar mining projects including Penasquito, Mexico’s largest mine, joined the board as an independent director; and Jonathan Gill, an engineer with more than 50 years of global mining experience, joined

as an advisor.

Gill held senior management roles for Inco in Canada and for PT Inco in Indonesia. Michael Neumann also joined as an advisor. Neumann has more than 40 years of experience and has worked on projects in Mexico for Fresnillo PLC (LSE: FRES), Industrias Penoles, First Majestic Silver (TSX: FR; NYSE: AG) Torex Gold (TSX: TXG), Goldcorp and Barrick Gold (TSX: ABX; NYSE: GOLD)

On the management side, Gord Leavoy was appointed vicepresident, mineral operations. Leavoy has over 40 years of experience in mineral processing and has built and operated process plants for companies including Kirkland Lake, Falconbridge, Kinross Gold (TSX: K; NYSE: KCG), Placer Dome, Goldcorp, Lake Shore Gold and Agnico Eagle Mines (TSX: AEM; NYSE: AEM). Jose Jabalera, who has had senior positions within both the Mexican federal government and the Chihuahua

state government, joined as director of corporate affairs for Mexico.

Makuch, who was on the Discovery board before joining the management team as an interim CEO in April 2022 and then fulltime in January, saw Cordero’s enormous potential.

“I’m very excited by the opportunity in front of us to transform Discovery into the next major silver producer,” Makuch says. “Cordero is a Tier 1 silver asset and we are now putting in place an industry leading team that has the skillset and track record to successfully build and operate Cordero.”

The company has completed two detailed rounds of metallurgical tests so far and is nearing completion of a third, reporting recoveries of 85-95% for silver, lead and zinc.

“Metallurgically Cordero performs extremely well,” Makuch says. “Processing consists of conventional flotation at a very coarse grain size, which means lower operating costs.” The process design consists of crushing, grinding and flotation that will produce lead and zinc concentrates.

Makuch also points to the advantages of Cordero’s location, just 35 km north of the mining town of Parral, which was built around a silver discovery in the 1600s and is home to a mining university and abundant skilled labour. Chihuahua is the second-largest silver producing state in the country and the project is just off a main highway, with a power line running

along one side of the project. “It’s the equivalent of being 40 km down the road from a town like Sudbury in Ontario,” Makuch says.

Proven and probable reserves at Cordero are 302 million tonnes grading 27 grams silver per tonne. Measured and indicated resources (inclusive of reserves) total 716 million tonnes grading 20 grams silver per tonne, 0.06 gram gold, 0.29% lead, and 0.54% zinc (49 grams silver-equivalent per tonne) for 467 million oz. silver, 1.3 million oz. gold, 4.5 billion lb. lead and 8.5 billion lb. zinc (1.1 billion oz. silverequivalent).

Inferred resources add 145 million tonnes grading 14 grams silver, 0.02 gram gold, 0.23% lead and 0.38% zinc (35 grams silverequivalent) for 67 million oz. silver, 122,000 oz. gold, 726 million lb. lead and 1.2 billion lb. zinc (167 million oz. silver-equivalent).

“Demand for silver from the solar and auto sectors has tripled to about 150 million oz. over the last decade,” Makuch says.

“There’s a shortage of large silver development assets in the pipeline so future mine supply is expected to be constrained at a time when demand is growing significantly. This should create a favourable backdrop for silver prices that coincides with our advancement of Cordero toward development and operations.”

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

Fortuna Silver Mines’ San Jose project in the Taviche mining district in Oaxaca, Mexico. FORTUNA SILVER MINES

Discovery Silver’s Cordero office in Mexico. DISCOVERY SILVER

First Majestic gets into the minting business

PROCESSING | New facility in Nevada to allow more direct sales, cut production costs

BY CECILIA JAMASMIE

First Majestic Silver (TSX: FR; NYSE: AG) has opened a 100%-owned and operated minting facility in Nevada called “First Mint.”

“The decision to open our own mint was made to ensure our bullion store has adequate supplies in order to fulfill customers demand,” president and CEO Keith Neumeyer said in a news release on Sept. 14.

The Canadian miner noted that the facility will expand upon its existing bullion sales through vertically integrating the production of investment-grade fine silver.

The opening of its own minting unit, First Majestic said, will allow the company to sell a much larger portion of its silver production directly to shareholders and customers, reducing production costs and expediting delivery time.

“Last year, we sold over 440,000 ounces of silver bullion, generating over $11 million in reve-

nue,” Neumeyer said. “However, sales could have been substantially higher had we not been constrained by limited supply from our minting partners.”

Innovative processing

The Vancouver-based company said First Mint will operate “some of the most innovative” processing equipment in the precious metals industry. These include an environmentally friendly flameless tunnel, which uses significantly less electricity and releases fewer emissions when compared to traditional minting processes.

The company, which has three producing mines in Mexico, expects the new mint to begin production of silver bullion products in the fourth quarter of 2023.

In a research note issued on Sept. 14 before the mint announcement, BMO Capital Markets silver analyst Kevin O’Halloran gave it a market perform rating and a $8.25 target price.

Hecla eyes early 2024 Lucky Friday restart after underground fire

IDAHO | Next year’s guidance unaffected by fire, miner says

BY HENRY LAZENBY

The U.S.’s biggest silver producer Hecla Mining (NYSE: HL) expects to restart its idled Idaho-based Lucky Friday mine operations early in the New Year after a fire and a groundfall closed the #2 shaft on Aug. 21.

In a Sept. 18 update, Hecla said normal ventilation has been re-established. According to the company, a fire caused a groundfall in an unused station under repair and a critical secondary egress. The incident occurred about 150 metres from the bottom of the active portion of the shaft.

Hecla says crews are now working to develop a new secondary way out to bypass the damaged section of the shaft. This measure involves extending an existing ramp by about 488 metres and installing an 88-metrelong manway raise, suspending production for the rest of 2023.

On the financial front, Hecla assured investors that damage and production loss costs are mitigated by the company’s property insurance. After accounting for a deductible, this policy covers up to US$50 million for underground incidents, covering property damage and business interruptions.

For 2024, the company maintains its guidance of between 17.5 million and 18.5 million oz. silver.

Commenting on Hecla’s approach and prospects, Kevin O’Halloran, a mining analyst at BMO Capital Markets, stated, “Hecla anticipates no material impact on the company’s 2024 silver guidance... We expect a swift return to typical production levels at Lucky Friday once they resume production.”

Nonetheless, in his note to clients, O’Halloran adopts a con-

“The company trades at 2.2x our NAV estimate, making it the highest valued amongst silver peers on a P/NAV basis,” he said. Though operations at its Jerritt

Canyon mine in Nevada were suspended in March, O’Halloran said he expects more growth in the company in 2026 when the mine returns to production.

First Majestic has a market cap of around $2.1 billion. The stock traded at $6.89 at press time, within a 52-week window of $6.90 and $13.04. TNM

servative approach, retaining the existing assumptions of US$5 million in repair costs and no compensation for lost production, pending further details on the insurance compensation.

For the June quarter, Hecla recorded Lucky Friday’s silver output at 1.3 million oz. as the highest since the first quarter of 2000. The company said in its Aug. 8 results report that it expected that with the mine’s new service hoist now operational, the mine was closer to achieving 425,000 ore tons in yearly throughput by year-end.

Hecla previously guided for 2023 Lucky Friday output of 45–50 million oz. silver.

Lucky Friday hosts 7.4 million tons grading 7.8 grams silver for 58.13 million oz. of metal in the measured and indicated resource categories.

At US$4.05 per share at press time, Hecla shares have traded between US$3.41 and US$7 in the last 12 months. It has a market capitalization of US$2.5 billion. TNM

First Majestic Silver’s Santa Elena mine and mill in Sonora state, Mexico. FIRST MAJESTIC SILVER

Hecla Mining’s Lucky Friday silver mine in northern Idaho. HECLA MINING

SILVER AND PGMS SNAPSHOT: Eight firms seeking the green energy metals

BY NORTHERN MINER STAFF

Rising demand for critical minerals for electric vehicles, stricter emission standards for gasolinedriven engines; and a global shift toward greener energy including silverintensive solar panels are driving exploration for platinum group metals (PGMs) and silver for industrial use. Here are eight companies to keep an eye on.

n AbraSilver Resource

AbraSilver Resource (TSXV: ABRA; US-OTC: ABBRF) is advancing its flagship Diablillos silver-gold project in Argentina’s Salta province, and a portfolio of copper-gold projects in San Juan province.

The Oculto deposit at Diablillos has measured and indicated resources of 51.3 million tonnes grading 66 grams silver per tonne and 0.79 gram gold per tonne for contained metal of 109.4 million oz. silver and 1.3 million oz. gold.

Notable drill intercepts at Diablillos include 127 metres of 506 grams silver and 1.99 grams gold from 122 metres in hole DDH-22045; 26 metres of 2,358 grams silver and 0.36 gram gold from 132 metres in DDH 22-015; 103 metres of 389 grams silver and 1.7 grams gold from 141 metres in DDH 20027; and 155 metres of 186 grams silver and 1.48 grams gold from 71 metres in DDH 20-037.

A year ago, AbraSilver discovered a new area of near-surface high-grade silver in the JAC zone, about 500 metres southwest of the main Oculto resource. The discovery hole intercepted 87 metres grading 346 grams silver and 0.15 gram gold from 89 metres in drillhole DDH- 22-019. The hole included a 22-metre interval of 1,015 grams silver and 0.27 gram gold. At the end of August, the company released final assay results from third phase drilling at the JAC zone including 148 grams silver over 64 metres in DDH-23-070 from 41 metres.

The high-sulphidation epithermal deposit, about 160 km southwest of the city of Salta, sits at an elevation of between 4,100 and 4,650 metres above sea level in the Argentine Puna region — the southern extension of the Altiplano of southern Peru, Bolivia and northern Chile.

The company is planning to complete an updated resource on Diablillos including an initial resource for the JAC zone, along with a prefeasibility study, before the end of the year.

AbraSilver has a market capitalization of $168 million.

n Aya Gold & Silver

Pure-play silver producer Aya Gold & Silver (TSX: AYA; USOTC: AYASF) is the 100% owner and operator of the Zgounder un-

derground silver mine in Morocco, about 260 km east of Agadir. Last year the mine produced 1.9 million oz. silver, and the company’s production guidance for 2023 is 1.7-1.9 million ounces.

Zgounder, which Aya describes as the second most important mine in the country after the Imiter mine, has proven and probable reserves of 8.6 million tonnes grading 257 grams silver per tonne for 70.9 million oz. contained silver.

After a devastating earthquake rocked Morocco on Sept. 8, Aya reported a 24-hour suspension of operations at Zgounder to confirm the mine’s structural integrity, facilities and infrastructure. The company is providing disaster relief and medical support to surrounding communities.

A feasibility study for an expansion of the operation to 2,700 tonne s per day forecast strong economics and a quadrupling of production to 6.8 million oz. silver. At the end of June, the expansion work was 45% complete. Current design capacity is 700 tonnes per day.

In addition to Zgounder, Aya is exploring at its Imiter bis project, 5 km south of the Imiter mine and about 150 km from Ouarzazate. Initial field work has identified a potential 4 km at-surface polymetallic structure.

In western Morocco, the company is exploring the Boumadine historic mine and polymetallic deposit, about 240 km from Ouarzazate. The company plans to complete a resource estimate for Boumadine in the first quarter of

2024. The historic operation produced about 261,485 tonnes at 200 grams silver, 3.5 grams gold, 3.8% zinc and 1.5% lead between 1989 and 1992.

In June, Aya Gold & Silver acquired the Tirzzit project, about 25 km from the Zgounder mine. The project includes an historic copper mine with historic drill intercepts of up to 3.5% copper.

The company also owns the Tijirit gold project in Mauritania.

Aya has a market cap of $900.5 million.

n Bravo Mining Bravo Mining (TSXV: BRVO; USOTC: BRVMF) is advancing its 100%-owned Luanga PGM-goldnickel project in the Carajas mining district of Brazil’s Para state

The palladium-dominant deposit, about 40 km east-northeast of Parauapebas, the mining capital of Para, was named a “strategic minerals project” by the Brazilian government in June 2022.

A historic resource outlined 142 million tonnes grading 1.24 grams palladium plus platinum and gold and 0.11% nickel at a cut-off grade of 0.5 gram PGM and gold. Rhodium was not included in the historic resource.

The company describes Luanga as an 8.1-km-long mineralized envelope and has completed an initial infill drill program (25,500 metres). It’s now in the midst of a second phase program (21,500 metres). As of mid-August, Bravo had drilled 40,787 metres including eight twin holes and eight metallurgical holes.

Earlier this month the company reported thick, high-grade PGM plus gold and nickel mineralization at depths of up to 330 metres below surface. Highlights included 54.2 metres of 3.33 grams PGM plus gold and 0.22% nickel from 281 metres, including 32.5 metres grading 4.99 grams PGM plus gold and 0.3% nickel from 300 metres in drillhole DDH23LU175.

The company has completed a HeliTEM (airborne electromagnetics) survey over the entire 78.1-sq.-km project and is conducting ground magnetic and micro-gravity surveys covering prospective stratigraphy. All three surveys will help define additional targets.

Bravo says it is on track to complete its first resource estimate before the end of the year.

The company’s board and management own about 66% of Bravo’s outstanding common shares. Other shareholders include Tembo Capital (9.9%); Blackrock (9.3%); Franklin Templeton (4.3%), RCF Opportunities Fund (2.6%) and the Sprott Group (1.2%).

Bravo Mining has a market cap of $415.1 million.

AbraSilver’s flagship Diablillos silver-gold project in Argentina’s Salta province. ABRASILVER RESOURCE

A drill rig at Stillwater Critical Minerals’ brownfields Stillwater West platinum group element (PGE), nickel, copper, cobalt and gold project located in southern Montana. STILLWATER CRITICAL MINERALS

n Discovery Silver

Discovery Silver (TSX: DSV; USOTC: DSVSF) owns 100% of the Cordero project, one of the world’s largest undeveloped silver resources, about 35 km north of the mining town of Parral in Mexico’s Chihuahua state.

The company submitted its environmental impact assessment for Cordero at the end of August. A prefeasibility study in January outlined an 18-year mine life with a production average of 33 million silver-equivalent oz. per year at all-in sustaining costs of US$12.80 per silver-equivalent oz. in years one through 12 and US$13.62 per silver-equivalent oz. over the life of mine.

The study forecast initial development capex of US$455 million. The after-tax net present value at a 5% discount rate is estimated at US$1.2 billion, and its internal rate of return at 28%. Payback would be achieved in 4.2 years. The estimates were based on US$22 per oz. silver, US$1,600 per oz. gold, US$1 per lb. lead and US$1.20 per lb. zinc.

The open-pit project has measured and indicated resources of

716 million tonnes grading 20 grams silver per tonne, 0.06 gram gold, 0.29% lead, and 0.54% zinc (49 grams silver-equivalent per tonne) for 467 million oz. silver, 1.3 million oz. gold, 4.5 billion lb. lead and 8.5 billion lb. zinc (1.1 billion oz. silver-equivalent).

Inferred resources add 145 million tonnes grading 14 grams silver, 0.02 gram gold, 0.23% lead and 0.38% zinc (35 grams silver-equivalent).

The company will update the resource and deliver a feasibility study in the first half of 2024. Recent results from its feasibility drill program included 52 metres grading 51 grams silver, 0.19 gram gold, 0.6% lead and 0.9% zinc (105 grams silver-equivalent) starting from 102 metres, including 37 metres averaging 79 grams silver, 0.09 gram gold, 1.1% lead and 1.5% zinc (171 grams silver-equivalent) in C22-722.

Discovery Silver has a market cap of $304.2 million.

n Eloro Resources

Eloro Resources (TSX: ELO; USOTC: ELRRF) is focused on Iska Iska, a silver-tin-lead-zinc project

in southwestern Bolivia’s Potosi district.

The company has an option to acquire 100% of the 9-sq.-km property, which hosts a polymetallic porphyry-epithermal complex about 4,000 metres above sea level in the southwestern part of the Eastern Cordillera.

On Aug. 30, Eloro published its first inferred resource based on 139 diamond drill holes (96,386 metres).

The resource outlined contained metal of 298 million oz. silver, 4.1 million tonnes zinc, 1.7 million tonnes lead and 130,000 tonnes tin for a total of 1.2 billion silver-equivalent ounces. Due to the polymetallic nature of the deposit, the resources were reported using net smelter return (NSR) cut-off values.

The total inferred resource — 97% of which is open-pittable — is 670 million tonnes at a net smelter royalty (NSR) of US$19.62. The deposit remains open in all directions.

Top drill intercepts from Iska Iska include 441 metres of 9.45 grams silver per tonne, 0.07% tin, 1.53% zinc and 0.88% lead (150.5 grams silver-equivalent per tonne) in drillhole DSB-30; 325.5 metres of

69.8 grams silver, 0.12% tin, 1.21% zinc and 0.49% lead (202.4 grams silver-equivalent) in hole DHK-27; and 349 metres of 44.8 grams silver, 0.14% tin,1.05% zinc and 0.76% lead (188.64 grams silver-equivalent) in hole DSBU-10.

Preliminary results from metallurgical testing indicate Iska Iska is amenable to ore sorting, with removal of at least 40% of the waste in the polymetallic domain and up to 80% in the tin domain, which would increase concentrator feed grades and reduce future operating costs, Eloro says.

Eloro has a market cap of $149.9 million.

n Metallic Minerals

Metallic Minerals (TSX: MMG; US-OTC: MMNGF) is focused on silver and gold in the Keno Hill and Klondike districts of the Yukon in Canada, and copper, silver, gold and other critical minerals in the La Plata mining district of southwestern Colorado in the United States.

In May, Newcrest Mining (TSX: NCM; ASX: NCM) took a strategic 9.5% equity position in the company with the option to increase ownership to 15.5% through the exercise of warrants. The investment will support exploration at La Plata with a priority on expansion drilling.

Metallic updated La Plata’s in-

ferred resource estimate in July. Its Allard deposit contains 147.3 million tonnes grading 0.37% copper and 3.72 grams silver per tonne (0.41% copper-equivalent) for 1.2 billion lb. copper and 17.6 million oz. silver (1.3 million lb. copper-equivalent). The resource used a copper-equivalent cut-off grade of 0.25%. Allard remains open to expansion laterally and at depth.

Future estimates will add gold, platinum and palladium to the resource with additional drilling, the company says.

At the Keno Silver-lead-zincgold project, which is directly adjacent to Hecla Mining’s (NYSE: HL) Keno Hill operations, the company plans to complete an inaugural resource estimate before the end of this year. The project consists of the West, Central and East Keno target areas.

Results from drill programs at Keno include 1.6 metres grading 1,049.5 grams silver, 4.21% lead and 9.45% zinc (1,536 grams silver-equivalent) starting from 142 metres in drillhole FOR22-04 in West Keno, and 144.5 metres grading 14.6 grams silver, 0.01 gram gold, 0.04% lead and 0.52% zinc (41.4 grams silver-equivalent)

Left: Aya Gold and Silver’s producing Zgounder silver mine in Morocco. Right: A haul truck carries ore at Zgounder. AYA GOLD & SILVER

The exploration camp at Bravo Mining’s Luanga PGM-gold-nickel project in Para state, Brazil. BRAVO MINING

A drill rig at Metallic Minerals’ Keno project in Yukon. METALLIC MINERALS

Inspecting core at Metallic Minerals’ Keno silver-lead-zinc-gold project. METALLIC MINERALS

See GLOBAL SILVER/PGMs SNAPSHOT / 22

starting from 15 metres in drillhole FOX22-03 at New East Keno.

The company also holds alluvial gold claims in the Yukon and says it is building a production royalty business by partnering with mining operators.

Metallic has a market cap of $65 million.

n Power Nickel

Power Nickel’s (TSXV: PNPN; USOTC: PNPNF) flagship asset is the Nisk nickel-copper-PGE project near Nemaska, Que.

The company, formerly called Chilean Metals, signed an option agreement in February 2021 to acquire up to 80% of the Nisk project from Critical Elements Lithium (TSXV: CRE; US-OTC: CRECF).

On Sept. 6, the first step-out hole testing the Nisk main deposit 300 metres to the south and east of previous drilling intersected about 25 metres of massive and semi-massive sulphides at a downhole depth of 457 metres.

Drilling over the last two years has returned intercepts such as 10.3 metres of 1.4% nickel, 0.88% copper, 0.09% cobalt, 2.52 grams palladium per tonne and 0.56 grams platinum from 396 metres in drillhole PN-22-012 and 3.5 metres of 1.23% nickel, 0.73% copper, 0.07% cobalt, 3.17 grams palladium and 0.36 gram platinum from 508 metres in PN-22-014.

In August, Power Nickel signed

an agreement with CVMR Corp., a privately held metal refining technology provider and one of the world’s leaders in nickel powder, wire and anode production. CVMR will coordinate production of advanced bench scale, piloting and

engineering studies to determine Nisk’s feasibility. Nisk has an historic resource estimate from 2009 that outlined 1.3 million measured tonnes grading 1.09% nickel, 0.56% copper, 0.07% cobalt, 1.11 grams palladium per

Adriatic Metals to begin silver production in Bosnia in November

BALKANS | Vares project revives decades-old dormant mine

BY CECILIA JAMASMIE

Adriatic Metals (LSE: ADT1; ASX: ADT) said on Sept. 18 that it’s ready to kick off production at its Vares silver project in central Bosnia in November, which will make the asset Europe’s first new mine in over a decade.

Speaking to Reuters, chief executive Paul Cronin said the project consists of bringing back to life a former silver mine that sat abandoned through the years of civil strife that hit the region from the early 1990s.

Once in operations, Cronin notes, Vares will grow Bosnia’s GDP by 2%.”Mining in Bosnia has a big future because you’ve got a huge potential for exploration that would lead to new mines,” he said.

Adriatic Metals says it has spent US$40 million ($53.6 million) on exploration so far and has been approved another US$30 million to continue with it as the proposed mine was awarded the status of “project of special importance” by the government of Bosnia-Herzegovina. Vares currently has a resource

tonne and 0.2 gram platinum. Indicated resources stood at 783,000 tonnes grading 1% nickel 0.53% copper, 0.06% cobalt, 0.91 gram palladium and 0.29 gram platinum. Inferred resources total 1.1 million tonnes of 0.81% nickel, 0.32% cop-

per, 0.06% cobalt, 1.06 grams palladium and 0.5 gram platinum.

In addition to Nisk, Power Nickel has a 3% net smelter return royalty on any future production from the Copaquire copper-molybdenum deposit sold to a subsidiary of Teck Resources (TSX: TECK.A/TECK.B; NYSE: TECK). Copaquire borders Teck’s Quebrada Blanca copper mine.

In British Columbia, Power Nickel owns 100% of the Golden Ivan project containing silver, copper, gold, lead and zinc mineralization, and owns five properties in northern Chile’s iron-oxide-copper-gold belt.

Power Nickel has a market cap of $32.4 million.

n Stillwater Critical Minerals

Stillwater Critical Minerals (TSXV: PGE; US-OTC: PGEZF) is advancing its 100%-owned Stillwater West platinum group element (PGE), nickel, copper, cobalt and gold project in Montana.

In June, Glencore Canada, a wholly owned subsidiary of Glencore (LSE: GLEN), took a 9.9% strategic equity stake in the junior’s outstanding common shares on a non-diluted basis. If all of its warrants are exercised, its stake rises to 15.87%. Glencore also has the right to participate in future financing to maintain its share of the company.

An updated inferred resource in January outlined 1.1 billion lb. nickel, 499 million lb. copper, 91 million lb. cobalt, 2.1 million oz. palladium,1.3 million oz. platinum, 395,000 oz. gold and 115,000 oz. rhodium.

At a 0.2% nickel-equivalent cutoff grade, the resource now stands at 255 million tonnes grading 0.19% nickel, 0.09% copper, 0.02% cobalt, 0.15 gram platinum per tonne, 0.25 gram palladium, 0.05 gram gold and 0.016 gram rhodium.

The mineralization is contained within five Platreef-style nickel and copper sulphide deposits at Stillwater. The resource remains open for expansion along trend and at depth. Stillwater says there are untested anomalies and earlier stage targets extending across much of the 32-km-long property.

Glencore’s investment is funding 5,000 metres of diamond drilling this year, which will focus on expanding the resource. Fieldwork surface programs including geophysical and geological prospecting and mapping surveys are also planned as part of the 2023 campaign.

Stillwater has a market cap of $33.6 million. TNM

of 21 million tonnes of polymetallic ore that includes copper, silver, zinc, lead and gold, Cronin said.

The company has secured offtake agreements for 82% of Vares’ production for the first two years with Trafigura, Glencore (LSE: GLEN), Boliden and Transamine.

Adriatic Metals also helped a local rail company to restore a railroad line, idled for 25 years, so that the ore can be shipped via Sarajevo to the Croatian port of Ploce and further on to smelters in Belgium, Norway, Sweden, Spain and Italy. TNM

silver horizon measuring approximately 1,000 metres long, 800 metres wide and up to 200 metres thick, it said.

Also in Bolivia, the company is advancing the Silver Sand project about km 560 km southeast of La Paz. The project has an aftertax net present value of US$726 million at a 5% discount rate with an internal return rate of 39%, according to a preliminary economic assessment issued in February.

The study envisions total silver production of 171 million oz. over a 14-year mine life. The largest expense would be US$186 million for a mill.

“As a jurisdiction, Bolivia remains largely unexplored with modest exploration over the past 20 years,” BMO Capital Markets wrote in a note in March after a presentation by New Pacific CEO Andrew Williams to a conference run by the bank.

“However, the geology remains promising with the continuation of mineralized trends extending from Chile, Peru and Argentina. Approximately 30% of the national economy is reliant on the mining industry.”

Shares in New Pacific Metals were up 3% year to date at $3.11 apiece in Toronto at press time, valuing the company at $490 million. They’ve traded in a 52-week range of $2.48 to $4.14. TNM

GLOBAL SILVER/PGMs SNAPSHOT from 21

Discovery Silver’s team at the company’s Cordero project in Chihuahua state, Mexico. DISCOVERY SILVER

Eloro Resources’ Iska Iska silver-tin-lead-zinc project in the Potosi district of southwestern Bolivia. ELORO RESOURCES

CARANGAS from 17

Equities

TOP GOLD FUNDS BY DOMICILE

JULY 31, 2023 | SUM OF ASSETS IN $ USD

Equities

Equities

Equities

CREDIT: JAMES ALAFRIZ

CREDIT: JAMES ALAFRIZ

August 16 –September 15, 2023

CAPITAL RASINGS | 12-MONTH ROLLING AVERAGE

CREDIT: NICHOLAS LEPAN/JAMES ALAFRIZ

drillresults

TNM DRILL DOWN: TOP ASSAYS OF THE MONTH

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

August 15 –September 15, 2023

warrants&shorts

42 New Highs

Artemis Gold*

Basin Uranium

Brascan Res

Brascan Res*

Bunker Hill

Canada One

Canadian North

CONSOL Energy*

Corsa Coal

Corsa Coal *

Denison Mines

Denison Mines*

EnCore Energy

EnCore Energy*

Energy Fuels

Energy Fuels*

Esgold

Full Metal Mnl

Goldstar Mnls

Grid Battery

Grid Battery*

Hochschild Mg*

IsoEnergy Ltd

King Global

King Global*

Meryllion Res*

Montero Mg&Ex

Natural Res*

Nevada Canyon*

Nexgen Energy*

Nicola Mg Inc

Nthn Dynasty

Nthn Dynasty*

Olivut Res*

Paladin Energy*

Palamina Corp

Palamina Corp*

Pegasus Res

Portofino Res

Portofino Res*

Radius Gold

Sienna Res

Sienna Res*

Sitka Gold

Sitka Gold*

Stuve Gold

Surge Battery

Surge Battery*

Tres-Or Res

Vanstar Mng Rs

Vanstar Mng Rs*

Westgold Res*

Winshear Gold*

54 New Lows American Pac Ameriwest Lith

Ameriwest Lith*

Arianne Phosph

Arizona Metals

Arizona Metals*

Augusta Gold

Bluejay Mining*

Century Lith

Century Lith*

Coeur Mng*

Defiance Silvr*

Electra Batt

Eloro Res

Eloro Res*

Endeavr Silver

Falcon Gold*

First Majestic

First Majestic*

First Mg Fin *

Frontier Lith

Getchell Gold

Gold Resource* Gold Royalty*

Gratomic

Hannan Metals*

Heritage Mg

Jaguar Mng

Jaguar Mng*

Jervois Mining*

Largo Res

Largo Res*

Marathon Gold

Marathon Gold*

Moneta Gold

Nexco Res

NextSource Mat

Nine Mile

Nouveau Monde

Nouveau Monde*

Platinum Gp Mt

Prismo Metals

Rock Tech Lith

Sage Potash

Silver Mount*

Snow Lake Res*

Sorrento Res

Syrah Res*

Targa Explor*

Texas Mineral* U.S. Gold* US Critical

Vertical Expl*

Vista Gold*

September 18 – September 22

Stocks fall while gold holds steady

Federal Reserve, Bank of Canada pause interest rate hikes but leave door open for more if inflation resurges

By Colin McClelland

For the week of Sept. 18-22, stock markets in Canada and the United States fell. Central banks in both countries kept interest rates unchanged — at 5.25% to 5.5% in the U.S. and at 5% in Canada — but didn’t rule out more increases. Markets interpreted the moves as keeping interest rates at higher levels for longer than expected. Gold was essentially unchanged.

The S&P/TSX Composite Index fell 765.13 points or 3.9% to close at 19,779.97. The Dow Jones Industrial Average fell 654.4 points or 1.9% to 33,963.84 and the S&P 500 declined 130.26 points or 2.9% to 4,320.06. Gold lost US35¢ an oz. to close at US$1,927.35 per ounce.

Brazil-focused Verde Agritech dropped

18.4% to $2.31 on the TSX as increased Chinese urea exports and slumping global fertilizer demand are expected impact sales.

In New York, Lithium Americas fell 15.2% to US$17.84. It’s constructing the Thacker Pass project in Nevada with US$650 million in funding from General Motors. Nouveau Monde Graphite slid 12% to US$2.49 even as it said on Sept. 21 that discussions were advancing for an offtake agreement with Japan’s Panasonic.

On the TSXV, Sigma Lithium shed $4.29 to $46.73. CEO and co-founder Ana Cabral was named The Northern Miner’s Mining Person of the Year for growing the company.

miningevents

n October

October 2-5

Mine Closure 2023 — Reno

VENUE: Nugget Casino Resort

MORE INFORMATION: acgmineclosure.com/2023/

October 3-5

The 7th Senegal International Mining Conference and Exhibition — Dakar

VENUE: Abdou Diouf International Conference Centre

MORE INFORMATION: simsenegal.com/

October 3-6

LIAMforum — Online

VENUE: Virtual but hosted by Brock University in St. Catharines, Ont., Canada.

MORE INFORMATION: liamforum.com

October 4-5

2023 Joburg Indaba

VENUE: The Inanda Club, Johannesburg, South Africa.

MORE INFORMATION: joburgindaba.com

October 9

LME (London Metal Exchange) Week

VENUE: Queen Elizabeth II Centre

MORE INFORMATION: www.lme.com/en/events/ lme-week

October 12-13

CANADIAN MINING SYMPOSIUM

Mining and Investment Conference London

VENUE: ETC Venues

MORE INFORMATION: events.northernminer.com/ canadian-mining-symposium/

October 17-18

121 Mining Investment — Sydney

VENUE: Fullerton Hotel Sydney

MORE INFORMATION: www.weare121. com/121mininginvestment-sydney/

October 23-24

121 Mining Investment — New York

VENUE: ETC Venues Madison

MORE INFORMATION: www.weare121. com/121mininginvestment-new-york/

October 23-25

2023 Coal Association of Canada Conference — Vancouver

VENUE: Sheraton Vancouver Wall Centre

MORE INFORMATION: coal.ca/event/2023-coalassociation-of-canada-conference/

October 29-31

Exploration, Mining and Petroleum New Brunswick Conference 2023

VENUE: Delta Hotel Fredericton

MORE INFORMATION: www2.gnb.ca/content/gnb/ en/departments/erd/energy/content/conference/ Conf_home.html

October 30 – November 2

Xplor 2023 — Montreal

VENUE: Le Westin Montreal

MORE INFORMATION: xplor.aemq.org/en/

October 31 – November 2

Mines and Money @ IMARC — Sydney

VENUE: Sydney International Convention and Exhibition Centre

MORE INFORMATION: minesandmoney.com/ imarc/

n November

November 1-2

ZIMEC 2023 — Zambia

VENUE: Garden Court Hotel, Kitwe

MORE INFORMATION: zimeczambia.com

November 2-3

Mining Investment North America — Toronto

VENUE: Hilton Hotel Downtown Toronto

MORE INFORMATION: www. mininginvestmentnorthamerica.com

November 6-7

2023 Central Canada Mineral Exploration Convention — Winnipeg

VENUE: Victoria Inn Hotel

MORE INFORMATION: ccme-convention.ca/ convention22/

November 13-15

2023 Precious Metals Summit — Zurich

VENUE: Park Hyatt Zurich

MORE INFORMATION: www.precioussummit.com/ event/2023-precious-metals-summit-zurich/

November 13-15

Mali Mining and Petroleum Conference — Bamako, Mali

VENUE: Centre International de Conference de Bamako

MORE INFORMATION: jmpmali.com

November 19-21

Capital Projects Symposium — Vancouver

VENUE: Westin Bayshore

MORE INFORMATION: capitalprojects2023.cim.org

November 20-21

121 Mining Investment — London

VENUE: ETC Venues

MORE INFORMATION: www.weare121. com/121mininginvestment-london/

November 20-23

Quebec Mines+Energie 2023 — Quebec City

VENUE: Quebec City Convention Center

MORE INFORMATION: mrnf.gouv.qc.ca/en/quebecmines/

November 24-25

November 28-30

Mines and Money @ Resourcing Tomorrow — London

VENUE: Business Design Centre

MORE INFORMATION: minesandmoney.com/ london/

n December

December 3-8

American Exploration and Mining Association

Annual Meeting

VENUE: Nugget Casino Resort in Sparks, Nev.

MORE INFORMATION: www.miningamerica.org/ annualmeeting/

December 11-12

Asia-Pacific Deep Sea Mining Summit 2023 — Singapore

VENUE: Marina Bay Sands

MORE INFORMATION: www.asia.deepsea-miningsummit.com/

December 11-12

Direct Lithium Extraction 2023 Exhibition and Conference — Los Angeles

VENUE: Marriot Redondo Beach

MORE INFORMATION: www.direct-lithiumextraction-show.com/

December 18-19

International Conference on Geotechnical and Geological Engineering — Istanbul, Turkey

VENUE: Virtual

MORE INFORMATION: waset.org/conferences-indecember-2023-in-istanbul

2024

n Januar y

January 21-22

Vancouver Resource Investment Conference — Vancouver

VENUE: Vancouver Convention Centre West Building

MORE INFORMATION: cambridgehouse.com/ vancouver-resource-investment-conference

January 22-25

AME Roundup — Vancouver

VENUE: Vancouver Convention Centre East

MORE INFORMATION: roundup.amebc.ca

n March

March 3-6

PDAC - Toronto

Stay competitive by comparing your wages, benefits, and bonuses to those of other mining companies

U.S. MINE SALARIES, WAGES AND BENEFITS REPORT

Osisko’s Windfall will ‘outlive all of us,’ says CEO Burzynski

in Gold Fields

BY HENRY LAZENBY

Osisko Mining’s (TSX: OSK) chairman and CEO, John Burzynski, expects the resource for the company’s flagship Windfall project in Quebec to double to a staggering range of 15-20 million oz. gold at double-digit grades as it progresses towards a construction decision.

“As we excavate deeper, reaching depths of 660 metres and beyond, we discover parts of the deposit boasting an average of 1 to 2 ounce per tonne,” Burzynski told The Northern Miner during the in Beaver Creek, Colo., on Sept. 13.

“Even a slight increase in the head grade could potentially amplify our annual production by 50,000 to 100,000 oz. per year, unlocking substantial upside.”

Drawing parallels with other prominent greenstone gold camps in the Abitibi belt, the Windfall Lake project promises a rich gold bounty. “Our belt mirrors the geology of the historic Val-d’Or and Timmins camps, which yielded over 100 million ounces each in the last century,” Burzynski said.

The company recently signed South Africa’s Gold Fields (NYSE: GFI; JSE: GFI) on as a 50-50 partner at Windfall. The deal brings in cash for both exploration and development of the mine, which will cost

$788.6 million to build, according to a feasibility study released late last year.

Gold Fields paid $600 million for half of the project, about 700 km northwest of Montreal. The funds are payable in two equal tranches, one immediately and one after the province approves construction.

The Gold Fields partnership strongly backs the project’s financial framework.

“Gold Fields enters as a 50% joint venture partner, infusing the

project with a total of $1.2 billion investment that includes both cash and capex payments,” Burzynski explains. “This strategy shields us from potentially soaring interest rates, placing us in a comfortable position with a cash reserve equivalent nearing $1 billion and a market cap grazing the $1-billion threshold.”

Other parts of the deal include Gold Fields paying $75 million yearly in regional exploration costs and $34 million this year as reimbursement for pre-construction spending already made. All expenses are to be split equally.

The feasibility study envisions yearly production of 306,000 oz. gold over a 10-year mine life.

The project, which would pay for itself in two years, has a $1.2-billion after-tax net present value at a 5% discount rate and an unlevered 34% after-tax internal rate of return, assuming a gold price of US$1,600 per ounce. The all-in-sustaining cost (AISC) is estimated at US$758 per ounce.

Windfall Lake has probable reserves of 12.2 million tonnes grading 8.06 grams gold per tonne for 3.2 million oz. of metal.

Replicating success

Burzynski was a co-founder with Sean Roosen and Robert Wares of the original Osisko Mining, which developed the Canadian Malartic mine — Canada’s largest open pit project. He said that he fully expects Windfall to match or even surpass the scale of Canadian Malartic in terms of annual production and cash flow.

Now owned by Agnico Eagle Mines (TSX: AEM; NYSE: AEM), the success and scale of Canadian Malartic stands as a testament to the expertise and capability of the Osisko Mining team.

Agnico, which consolidated ownership in Canadian Malartic by buying Yamana Gold’s Canadian assets in April, has forecasted total attributable output from the mine this year of 585,000 oz. gold at an AISC of US$873 per ounce.

Predicting a hefty surge in Osisko’s valuation, the CEO empha-

sized the prospects ahead once the project starts production.

“We anticipate our share of production to fluctuate between 150,000 and 200,000 oz. annually within the next two to three years. This production volume potentially elevates our company value to a range of $2 to $4 billion, driving a strong return of around 200% to 300% for our existing shareholders compared with today,” the Quebec-born mine entrepreneur said.

Burzynski says Osisko plans to start construction within about two years, should the permit be completed on time, allowing the company to continue driving the ramp down towards 800 metres.

“It’s in the budget to probably bring it down at least to the 720level to get into those higher-grade areas.”

In addition to the ramp work planned by the joint venture, there are currently nine rigs working underground. Infill drilling on the Lynx, discovered in 2016, will better delineate the resource as the project moves toward mining.

Surveying the company’s share structure reveals about 350 million outstanding shares, with BlackRock commanding a dominant 16%. Following closely, Osisko Gold Royalties (TSX: OR) holds a significant 13% stake. “BlackRock, along with Franklin Fidelity, represents significant investments, collectively fostering a sturdy financial base that propels our current billion-dollar market cap,” Burzynski added.

Despite the Windfall project’s massive size, Osisko’s shares were down more than 10% over the past 12 months at press time at $2.70 apiece.

Long life mine

As the company works to drive the ramp down past 660 metres, it’s approaching very high-grade zones of Lynx — part of what makes Windfall an exceptional project. “By high grade, I mean whole sections of the deposit that average 12 ounces per tonne. It doesn’t take many of those tonnes to bring your head grade up a couple of grams,” Burzynski said.

“It’ll be a long-life mine — it’ll outlive all of us,” he said, predicting Windfall could be mined for 30 or 40 years.

“As the deposit opens up, I expect you’ll see opportunities to take that production rate from roughly 300,000 oz. to 400,000, even 500,000 oz. per year.” TNM

The camp at Osisko Mining and Gold Fields’ Windfall joint venture project. OSISKO MINING

Osisko Mining CEO John Burzynski. OSISKO MINING Underground at the Windfall gold project. OSISKO MINING

Critical Elements gets 20-year mining lease for Rose lithium project

BATTERY METALS | Revised feasibility study pegs post-tax NPV at US$2.2B

BY HENRY LAZENBY

Critical Elements Lithium (TSXV: CRE; US-OTC: CRECF) released on Aug. 29 a revised feasibility study for the Rose lithium-tantalum project in Quebec, outlining a 17-year project with strong economics.

In an interview with The Northern Miner, CEO Jean-Sébastien Lavallée said the updated study outlines a low-risk mining approach and responsible production for the e-mobility battery market and the glass and ceramics industries.

Since making the Rose discovery in 2009, Critical Elements has been quietly working away on the project, navigating several cyclical market downturns before the time was right to update the feasibility study for the current market.

The study pegged Rose’s after-tax net present value (8% discount) at US$2.2 billion, with an internal rate of return of 65.7%. Upfront capital costs are estimated at US$611.2 million, an increase of 32% from the US$463.6 million forecast in a 2022 feasibility.

Shortly after releasing the updated study, Critical Elements announced the receipt of a 20-year mining lease, granted by the Québec Minister of Natural Resources and Forests.

“Today’s news represents one of the final steps towards the development of the Rose Lithium-Tantalum project,” Lavallée said in a release on Sept. 18. “As of today, we can say that the regulatory process is for the most part behind us.”

The receipt of the lease follows other permitting milestones since 2019, including the Pikhuutaau impact and benefits agreement with the Cree Nation of Eastmain, the Grand Council of the Crees (Eeyou Istchee) and the Cree Nation Government; and a favourable decision from the federal Minister of the Environment and Climate Change in 2021.

Project details

Rose holds probable reserves of 26.3 million tonnes grading 0.87% lithium oxide and 138 parts per million tantalum oxide for 193,800 tonnes of lithium concentrate and 2,300 tonnes of tantalum in concentrate.

Once in production, it will produce on average 157,706 tonnes of chemical grade 5.56% spodumene concentrate, 46,059 tonnes of technical grade 6.16% spodumene concentrate, and 580 tonnes of tantalum concentrate.

The average operating costs are expected to range between US$81.30 per tonne milled and US$587 per tonne of concentrate for all combined concentrate output. The project has an expected gross margin of 78.8%.

Situated on the traditional lands of the Cree Nation of Eastmain, 40 km north of the Cree village of Nemaska, the Rose property spans 246 sq. km within the northeastern end of the Archean Lake Superior Province of the Canadian Shield.

North-oriented stacked lenses characterize the orebody, with mineralization including lithiumcesium-tantalum-type pegmatite. Critical Elements plans to build an open-pit operation, with pit dimensions of around 1,620 metres long, 900 metres wide, and 220 metres deep.

Infrastructure improvements will

include a broad 30.9-metre in-pit haulage ramp for double-lane traffic. The beneficiation process will include crushing, grinding, magnetic separation, flotation, and a continuously operating spodumene plant with a 90% availability rate.

It also plans to reroute a 4.2-km section of Hydro-Quebec’s 315kV electrical transport line (L3176) currently running over the planned open pit.

Red Cloud Securities mining analyst David Talbot said in a note that the study shows an incremental improvement to project economics despite higher trimmed annual production rates and slightly higher prices.

“Higher costs reflect market conditions and while initial capex increased more than 30%, opex is in line with previous estimates,” he wrote. “We note that the Rose lithium project’s low iron content makes its technical grade production ideal for the glass and ceramics industry, while overall purity allows chemical grade for use in lithium-ion batteries. We believe this study and its improved economics will go a long way in helping obtain project financing, potential offtakes and/or a strategic partner.”

Cantor Fitzgerald mining analyst Matt O’Keefe also viewed the updated study in a positive light. “Overall, the refreshed study confirms the Rose project as robust and puts Critical Elements in a better position to attract a development partner and/or project financing,” he said in a note.

Managing the risk Lavallée said the entire exercise comes down to risk management.

For this reason, he said the company had avoided committing to any early offtake agreements before all the project authorizations were in place, making it only one of three development-ready hard rock spodumene projects in North America that have yet to confirm an offtaker.

“The company’s long-term strategy of avoiding offtake arrangements leaves the Rose project’s planned production unencumbered in a tight market for spodumene concentrate, both for chemical conversion for the burgeoning EV battery market and for the higher-margin glass and ceramics industry,” Lavallée said. He noted that signing an early offtake becomes an

execution risk in addition to potentially locking shareholders out of participating in positive market price movements.

“We believe that having the environmental authorization in place and advancing further in

the engineering significantly lowers the risk. So, we can negotiate with everyone we want right now,” Lavallée said.

The key project risks include permitting, ongoing successful results, and finalizing a funding package.

Lavallée says a financing package could be comprised of about 45% equity and 55% debt, and the company is progressing through negotiations.

“Demand for lithium is growing. We’re generally looking for a strategic partnership with industry players. That means we can negotiate with a broad range of groups, and an offtake can be attached with an equity investment. In that case, we’ll happily sign that offtake agreement,” Lavallée said.

He added that Critical Elements has started a process early this year to assess financing interest for Rose.

“Several parties have shown strong non-binding interest, which matches the project’s initial capital estimates from its 2022 study.”

However, while the company will continue to pursue those discussions, Lavallée noted the process has no set timeline or guaranteed outcome.

Should the company successfully secure finance for the buildout, initial preparation work could start by the end of the year, with the first production slated for late 2025.

Discovery potential

The company in June launched a 12-week surface exploration program aimed at probing priority pegmatite areas. Activities will include prospecting, mapping, and trenching. Geosciences firm ALS GoldSpot Discoveries will oversee this 2023 program, working alongside the company’s teams. After completion, the findings will guide a drilling program to find new spodumene-rich pegmatite formations.

“We own 1,000 square kilometres in the area where we already have other discoveries. The potential is there. We’ve seen several lithium discoveries announced in the James Bay Lowlands over the last year, which bolsters our narrative,” Lavallée said.

Another key de-risking event was the onboarding of experienced mine builder Yves Perron in August last year.

“He will lead an experienced technical team as the vice president of engineering, construction, and operations, as Critical Elements aims to establish the Rose project as a mining operations and sustainability benchmark,” Lavallée said.

Critical Elements shares traded at $1.86 apiece in Toronto near press time, in a 12-month range of $1.32 and $3.03. It has a market capitalization of $405 million. TNM

“Now that the battery plants are built, the electric vehicles are on the road and lithium demand is increasing yearly, the time is right to move the project forward.”

– JEAN-SÉBASTIEN LAVALLÉE, CRITICAL ELEMENTS LITHIUM CEO

Critical Elements Lithium’s Rose project. CRITICAL ELEMENTS LITHIUM

A pegmatite sample from Critical Elements’ Rose project. CRITICAL ELEMENTS LITHIUM

O3’s Vizquerra powers Marban Alliance gold project toward feasibility

PRECIOUS METALS | Ambitious timeline sees production start in 2026

BY HENRY LAZENBY

O3 Mining (TSXV: OIII; USOTC: OIIIF) president and CEO Jose Vizquerra has a simple goal. “My purpose, personally, is to be the first Peruvian to build a mine in Canada, and that differentiates me as a CEO from my peers,” he told The Northern Miner in an interview.

Since its reverse takeover in July 2019 of Chantrell Ventures to become O3 Mining, the company has moved its flagship Marban Alliance gold project in the Val-d’Or region of western Quebec higher up the value curve as the centrepiece of Vizquerra’s ambition.

The Marban project saw a preliminary economic assessment completed by Osisko Mining (TSX: OSK) a year earlier, followed by a prefeasibility study in September last year, and a planned production start by 2026.

But for Vizquerra, this ambitious journey doesn’t merely come from a boardroom strategy or a desire to chart O3’s golden path on Canadian soil.

Hailing from Peru, a nation with a rich mining tradition, Vizquerra has helped shape the fortunes of several prominent mining companies. Before taking the helm at O3,

Vizquerra acted as the executive vice-president of Osisko Mining. Earlier in his career, he acquired ground-level experience as a production and exploration geologist at the Red Lake gold mine in Ontario.

While the company has achieved several milestones at Marban Alliance, Vizquerra points out O3 is looking to improve on previous economic assessments. Whereas O3 can’t control gold prices, it can control the recoveries in its pro-

posed flow sheet and via growing the quality and volume of the existing Marban resource, said Vizquerra.

“Initially, we started with 1.7 million oz. gold. Today, we have 2.9 million oz. in total. We have proven that we can increase the amount of resources,” he said during a recent industry conference.

Value in the ground

Early in September last year, O3 completed a prefeasibility on Mar-

ban Alliance that demonstrated its potential to be a significant gold producer.

The study outlined strong financial prospects, with a post-tax net present value of $463 million and an internal rate of return of 23.2%, assuming a stable gold price of US$1,700 per oz. and a USD to CAD exchange rate of 77¢.

The project’s estimated output was pegged somewhat higher at 161,000 oz. gold annually, supported by improvements in mining and milling efficiencies.

The project requires an initial investment of $435 million, covering mine pre-production and infrastructure, promising a return of 1.1 dollars per dollar invested. The study predicts an all-in sustaining cost of US$882 per oz., allowing for a 3.5-year post-tax payback and generating $760 million of free cash flow over a 10-year mine life.

Vizquerra said the study’s results were encouraging, emphasizing the project’s profitability in a time of rising costs, and noted the potential for the economics to improve in the upcoming feasibility study.

Marban hosts combined open pit and underground resources of 67.7 million tonnes grading 1.09 grams gold per tonne for 2.4 million oz. indicated, and 3.2 million inferred

tonnes grading 2.21 grams gold for 223,000 oz. of contained metal.

Drilling underway

This year, about 30,000 metres of drilling will underpin the feasibility study along with optimization studies underway.

O3 announced initial results from a 1,806-metre drill program in the adjoining Upper Camflo area on Aug. 24. This program focused on the up-dip extension of a gold-bearing structure previously identified during Barrick Gold’s (TSX: ABX; NYSE: GOLD) historical exploration drilling at the former Camflo mine. Barrick closed the mine in 1992.

O3 made a near-surface discovery at Camflo, including an intercept in hole O3MA-23-503, revealing a grade of 1.6 grams gold per tonne over a section of 1.5 metres.

O3 in July also announced promising results from its 2023 winter drilling campaign at the Marban Alliance project’s Hygrade Fold area. The results include 33.3 grams gold per tonne over 3.4 metres at 138 metres depth, revealing highgrade zones still open.

O3 shares traded at $1.53 apiece in Toronto before press time, having touched $1.13 and $1.79 in its 52-week range. It has a market capitalization of $114.2 million. TNM

O3 Mining CEO Jose Vizquerra inspects drill core. O3 MINING

QUEBEC SNAPSHOT:

Eight companies exploring for gold and battery metals

BY COLIN MCCLELLAND AND HENRY LAZENBY

Canada’s largest province by land mass hosts mineralrich deposits in undeveloped remote areas as well as projects connected to the southern road network. Here’s a glimpse of eight companies advancing gold, lithium and battery metal projects.

n Benz Mining

Benz Mining (TSXV: BZ; ASX: BNZ) is focused on its Eastmain gold project along the Upper Eastmain greenstone belt about 800 km north of Montreal. Eastmain sits on the site of a 1969 discovery developed into a mine by MSV Resources that was only active during 1995. It produced 40,000 oz. then closed due to low metal prices and poor access via an ice road.

Benz agreed in 2019 with what is now Fury Gold Mines (TSX: FURY) to acquire all of the project for $5 million in staggered payments and $3.5 million in exploration spending over four years which ends in October.

The site, now linked to allweather road Route 167, holds 1.3 million indicated tonnes grading 9 grams gold per tonne for 384,000 oz. contained metal, according to a resource update released in May. It has 3.8 million inferred tonnes at 5.1 grams for 621,000 oz. gold.

In July, Benz declared new discoveries on the Suzanna and Michel prospects that extend mineralized zones up to 10 km along strike from the former Eastmain mine.

Drill hole EM22-272 at Michel cut 4.9 metres at 7.5 grams gold and 1.9% copper from 76.7 metres depth. Hole EM22-260 at Suzanna returned 3.4 metres at 9.3 grams gold from 264.1 metres down hole.

Benz began a similar earn-in agreement with Fury in 2020 for the Ruby Hill lithium project, 50 km east of Eastman, for $1.9 million plus $795,000 in cash or shares.

The company has a 4,000-metre fall drill program planned for the site, which boasts two pegmatite outcrops announced in August along a 25-km-long trend the company is exploring. It’s analyzing grab samples of the M-2 outcrop, 2 km west of the Mikisiw pegmatite that has shown grades of up to 5% lithium oxide.

Benz Mining has a market capitalization of $64.6 million.

n Comet Lithium

Comet Lithium (TSXV: CLIC) began exploring its Liberty property about midway between James Bay and Labrador in August.

The company, formerly known as X-Terra Resources, is betting on Liberty’s location between Loyal Lithium’s (ASX: LLI) Trieste project and Winsome Resources’ (ASX: WR1) Adina pegmatite

trend. Loyal said in August it discovered five spodumene-bearing pegmatite dykes in high metamorphic rocks derived from sediments that define a new lithium mineralization trend about 10 km from the Liberty property line. It shows valuable pegmatites can be found outside of the known Adina trend, Comet said.

Comet is focused on prospecting and sampling of frost heave rocks, glacial boulders and rock surfaces to see if there is an extension of the Adina trend onto Liberty.

The team covered 536 km in August or more than 90% of the ground, where it identified and sampled pegmatite veins in outcrop as well as in large sub-crop glacial boulders and erratic blocks. All 205 rock samples collected at Liberty were bound for laboratory analysis.

The exploration program’s second phase is a soil survey in September to help identify drill targets.

“We are very encouraged by our early findings along strike with Winsome’s Adina pegmatite known trend,” Sylvain Champagne, Comet Lithium’s interim CEO and president, said in a release. “The company is also evaluating with service providers the possibility to begin a gravity survey on the Liberty property.”

Comet Lithium has a market capitalization of $7.1 million.

n Eureka Lithium

Eureka Lithium (CSE: ERKA; USOTC: SCMCF), with the technical advice of veteran prospector Shawn Ryan, has begun exploring this year on three projects across 1,400 sq. km in the province’s Nunavik region. Drilling was to start in August and September.

“We’re following the science here and it’s extremely compelling,” Ryan said in a company presentation. “Nunavik is virgin territory, never previously explored

specifically for lithium, and this massive area comprising the top third of Quebec could prove to be the haystack of mineralized lithium systems in all of Canada.”

The 229-sq.-km Raglan South project features a 20-km-long, 15-km-wide lithium geochemical anomaly based on historical lake sediment samples. It is flanked by a Bouger gravity low, which may indicate an intrusive system at depth, Eureka says.

Just 15 km to the north, KoBold Metals, funded in part by billionaires Bill Gates, Jeff Bezos and Richard Branson, is drilling for battery metals on its 929-sq.-km property.

Raglan South lies 80 km southwest of Glencore’s (LSE: GLEN) Raglan nickel mine near Quebec’s north-

ern tip.

Eureka is analyzing 61 rock samples from the 443-sq.-km Raglan West project, about 120 km northwest of Raglan South. Sampling focused on 24 pegmatites, with many of those in mafic rocks ranging from metabasalts to metadiorites, the company said.

About 350 km south of Raglan South, the 736-sq.-km New Leaf project holds several blocks, including the Zig Zag property. Zig Zag was originally staked over an anomalous northwest trending structure associated with high lake bottom sediment values, Eureka said. It’s analyzing 83 rock samples from New Leaf.

Eureka Lithium has a market capitalization of $35.9 million.

Gold and Critical Mineral Exploration Quebec

Active exploration for Lithium, Gold and Nickel/ Copper/PGE

n FE Battery Metals

FE Battery Metals (CSE: FE; USOTC: FEMFF) is continuing drilling and sampling across its Augustus lithium project near the Val-d’Or mining hub and in the same geology as Sayona Mining’s (ASX: SYA) North American Lithium mine.

In August, FE Battery reported a channel sample of 14.7 metres grading 1.15% lithium oxide (Li2O) from outcrop 26. It also returned 181 parts per million (ppm) beryllium, 41.7 ppm cesium, 75.8 ppm niobium, 1,413 ppm rubidium and 49.3 ppm tantalum. One grab sam-

See QUEBEC SNAPSHOT / 22

Troilus Gold is advancing its Troilus gold-copper-silver project in north-central Quebec. TROILUS GOLD

ple from Augustus returned 1.9% Li2O.

Closer to Sayona’s mine, outcrop 900 cut 10 metres at 0.5% Li2O with 139.3 ppm beryllium, 74.41 ppm cesium, 57.02 ppm niobium, 1,932 ppm rubidium, and 37.6 ppm tantalum. FE Battery says it plans to drill the area this year after finishing drilling work at the main Augustus prospect.

FE Battery has completed 68 diamond drill holes for more than 15,000 metres on the 270-sq.-km property.

Earlier in August, it reported that 11 of 26 samples collected from Augustus East pegmatites near Sayona’s mine showed more than 1% Li2O and two were more than 2% Li2O with a maximum of 2.6% Li2O. The sampling was aimed at locating new lithium pegmatites and extending the Beluga prospect.

In northwestern Ontario, FE Battery holds the 9.6-sq.-km Falcon Lake lithium property about 325 km north-northeast of Thunder Bay; the 24.8-sq.-km North Spirit lithium property about 175 km north of Red Lake; and 180 sq. km of claims in the Georgia Lake area 180 km northeast of Thunder Bay.

FE Battery was spun out of First Energy Metals in October when the parent company consolidated shares in a 3.8:1 ratio. Past incarnations involved Agave Silver, which had interests in Ontario, British Columbia and Mexico, and Mexico-focused Cream Minerals. Gurminder Sangha became CEO in 2018.

FE Battery Metals has a market capitalization of $22 million.

n Fury Gold

Fury Gold Mines (TSX: FURY; NYSE-AM: FURY) restarted drilling activities at its flagship Eau Claire project in the James Bay region of Quebec in July following a wildfire-driven evacuation in June.

The company’s planned 15,00020,000-metre drill campaign will expand known mineralized zones and advance early-stage exploration targets.

Fury’s goals include expanding the high-grade Eau Claire resource, following up on its Percival prospect, and advancing early-stage exploration targets along the Cannard Deformation Zone.

At the Western Hinge target area, Fury’s updated geological interpretation of the controls on mineralization within the Eau Claire resource focused on the fold geometry at the Hinge target in 2022. That resulted in an overall increase of about 25% to the mineralized footprint.

The 2023 exploration program at Hinge also seeks to expand the mineralized footprint further to the west and up-dip and to decrease the drill spacing to 70-80 metres.

Meanwhile, the Percival prospect is 14 km east of the Eau Claire deposit and lies along the Cannard Deformation Zone.

The Percival gold mineralization is currently defined by a 500-metre by 100-metre footprint with highgrade gold extending to 300 metres below the surface.

The 2023 Percival program explores the western and down dip extensions of identified high-grade gold mineralization within a steeply west plunging fold hinge.

The Cannard Deformation Zone is significant in controlling the distribution of known gold occur-

rences over its more than 100-km mapped extent.

The 2023 program aims to advance several known gold and multi-element geochemical anomalies to the drill-ready stage through systematic, disciplined exploration.

Bryan Atkinson, SVP Exploration of Fury, noted that the company has better understood the controls on gold mineralization across the Eau Claire project area through the initial 50,000-metre drill campaign.

The 240-sq.-km Eau Claire project is about 150 km east of James Bay and 800 km north of Montreal. It is 57 km from Newmont’s (TSX: NGT; NYSE: NEM) Éléonore mine and 10 km from the Eastmain hydroelectric power reservoir.

According to a preliminary economic assessment (PEA) completed in 2018, Eau Claire holds a measured resource of 574,000 tonnes grading 6.6 grams gold per tonne for 123,000 oz. from the open-pit portion. The underground operation’s measured resource was 332,000 tonnes grading 6.56 grams gold for 70,000 oz. contained metal.

Fury Gold has a market capitalization of $74.2 million.

n MAX Power Mining

In late August, MAX Power Mining (CSE: MAXX; US-OTC: MAXXF) resumed a high-resolution heliborne radiometric and magnetic survey covering the Corvette Lake North and Corvette Lake South properties in James Bay following wildfire disruptions.

MAX Power started the survey in late June, and work was paused shortly after that due to forest fire restrictions in the region. Its lithium properties in Quebec are close

to Patriot Battery Metals’ (TSXV: PMET; ASX: PMT) Corvette deposit.

At the end of June, MAX had outlined several radiometric anomalies at and around the newly identified Shoreline Zone from preliminary airborne survey data covering about two-thirds of Corvette Lake North.

The company sent a team to Corvette Lake North Survey to investigate the anomalies. According to CEO Rav Mlait, Corvette Lake North and South have become increasingly interesting to the geological team in recent months based on reviews of historical data and preliminary interpretations from the early part of the airborne survey.

This summer, the region has seen significant exploration activity in the area, including the entrance of Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) on claims next to MAX Power, and investment by Albemarle (NYSE: ALB) into Patriot Battery Metals.

MAX has also partnered with the

University of California Lawrence Berkeley National Laboratory, specifically renowned research scientists Dr. Brett Helms and Dr. Michael Whitaker, to develop stateof-the-art direct lithium extraction technologies for brine resources.

MAX Power Mining has a market capitalization of $28.5 million.

n Orford Mining

A day after completing its 2023 field activities on Aug. 29, Orford Mining (TSXV: ORM) announced it has discovered two new quartz vein gold systems, Gerfaut East and Central Intrusive, and a new copper showing at Esperance on its Qiqavik gold property.

Orford has completed drilling on the new quartz vein gold systems and channel sampling on the copper showing and at press time was awaiting assay results.

Located in the Nunavik region, the 100%-owned Qiqavik property hosts high-grade gold occurrences at surface across its more than 40 km

FOCUSSED ON IDENTIFYING, EXPLORING AND ADVANCING EARLY-STAGE LITHIUM PEGMATITE PROJECTS IN CANADA.

CSE: FE OCTQB: FEMFF WKN: A3D08G

QUEBEC SNAPSHOT from 35

Eureka Lithium is exploring for the battery metal in Nunavik. EUREKA LITHIUM

Above: Drill core from FE Battery Metals’ Augustus project. Right: An outcrop on FE Battery Metals concessions. FE BATTERY METALS

breadth in multiple project areas.

The 2023 work focused on drilling, geophysics, and prospecting on the belt’s Gerfaut East, Central, Annick and Eric project areas.

The company completed 34 rotary air blast holes for 2,435 metres of drilling and 32 line-km of ground-induced polarization surveys.

Orford is awaiting results from 88% of the 2,620 samples from drilling and the 233 surface samples collected.

According to CEO David Christie, Nunavik hosts “some of the best geology for mineral deposits in the world and is vastly underexplored.”

Orford also recently completed a first-pass exploration program on its wholly owned Nunavik lithium properties, which entailed prospecting and ground truthing a 529-sq.-km prospective land package. The exploration included prospective lithium-cesium-tantalum dykes identified from remote sensing data.

Since July, Orford has added 21 sq. km of new lithium claims or an increase of 4% in area.

Orford Mining has a market capitalization of $21 million.

n Troilus Gold

Troilus Gold (TSX: TLG; USOTC: CHXMF) recently completed its summer drill program at the X22 Zone of its Troilus project in north-central Quebec.

X22 is a mineralized orebody identified in late 2022 that starts at the Z87 open pit and extends to the southwest into the Gap Zone, which has been rapidly defined and expanded a high-grade northeast-southwest deformation corridor.

Drilling to date has demonstrated a continuously mineralized system between the high-grade trends of this zone.

The occurrence of exceptionally high grades at X22 is also of note, as the zone accounts for less than 7% of total drilling executed at Troilus, but from which 60% of assay results have grades greater than 100 grams gold equivalent per tonne.

A Sept. 7 news release marked the release of the final set of drill holes from the X22 definition drill program and the data cut-off to be included in an upcoming resource estimate.

Critically, all the results lie outside the PEA pit shells and will be

included in the expected resource update in the coming weeks.

The site holds 177.3 million indicated tonnes grading 0.9 gram gold

equivalent per tonne (0.8 gram gold, 0.1% copper, 1.8 grams silver) for 5 million oz. gold equivalent (or 4.3 million oz. gold, 322.6 million lb.

million lb. silver), according to a 2020 resource estimate.

Troilus Gold has a market capitalization of $82.9 million. TNM

Left: Benz Mining’s Eastmain camp in Quebec. Right: Benz is advancing the Eastmain gold project and the Ruby Hill lithium project in Quebec. BENZ MINING

copper and 6.7

MAX Power Mining is exploring for lithium in Nunavik’s Raglan district.

Orford Mining’s camp in Nunavik, where it’s exploring for gold and lithium. ORFORD MINING

PRAIRIES specialfocus

BHP’s Thomas leads world’s largest potash project with targets on emissions, hiring

NEW MINES | Multinational moves up start date of its first potash mine to 2026

BY COLIN MCCLELLAND

Simon Thomas, head of BHP’s (NYSE: BHP; LSE: BHP; ASX: BHP) Jansen potash project in Saskatchewan with a stage-one cost of US$5.7 billion ($7.6 billion), has returned to agriculture after top positions in the company’s Western Australia iron ore unit for two decades. He grew up on a farm north of Melbourne.

“This role is probably one of the better roles in the organization, it’s highly exciting with a fantastic outlook,” Thomas said on a call this month from Saskatoon, where he’s been based for three years.

“We are developing something that is a new commodity for the company, a future-facing commodity and there’s a lot of things that we’re doing to look forward, which is always a good place to be.”

BHP, the world’s largest miner by market value, is exploring for copper in Labrador, the Arctic and British Columbia, but Jansen is currently the company’s sole mining project in Canada. It’s accelerating the project to start in late 2026, nine months earlier than planned, as the fertilizer market loses supplies from the top global producers Russia and Belarus, as well as Ukraine. When Jansen’s four phases are complete, it would be able to produce 17 million tonnes a year as the world’s largest underground potash mine.

Melbourne-based BHP is pushing ahead on a few fronts with the project 140 km east of Saskatoon, such as electrification to cut emissions and costs, and strong representation of women and First Nations among its workforce.

Emissions target

About 80% of underground mining vehicles are to be electric initially, ramping up eventually to the entire sub-surface fleet, Thomas said. It’s part of a company-wide plan to reduce green-house gas output by at least 30% of 2020 levels by 2030 and achieve net zero emissions by 2050. Jansen is also considering carbon neutral electricity to supply the operation through commercial and government partnerships.

“With complete electrification of our underground equipment, that work environment will be very different from an air quality perspective,” Thomas said. “And then that also improves the efficiency of things like our ventilation and our side air supply and things like that.”

While the project does have a

target on CO2 emissions, it is based on third-party data, which BHP said it couldn’t disclose.

Even so, the project has had a long gestation over nearly two decades, and may have received less attention during BHP’s failed takeover in 2010 of Nutrien (TSX: NTR; NYSE: NTR), the world’s largest potash producer. Potash prices have fallen to about US$350 per tonne last month from more than US$800 a tonne in October.

The market conditions prompted Nutrien in July to indefinitely postpone its plans to expand annual production to 18 million tonnes. It produced 13 million tonnes last year. BHP must also contend with the challenges of operating in Canada’s north, such as long winters although the site is well connected to infrastructure.

The company has worked with

equipment providers to improve productivity and automation via artificial intelligence in areas such as sensors and ground stabilization on machines boring into the ore, extracting and conveying it to storage, Thomas said. Jansen also plans to use ground-penetrating radar to guide the machines through the orebody.

With studies on the site going back to at least 2008, BHP has had time to fine-tune its design with consultant Hatch into what it calls mature engineering. It’s been key in weathering post-COVID-19 inflation, says Thomas, a civil and structural engineer.

“If you’re progressing your engineering (very well), your execution teams are given the best opportunity to deliver and that’s something

we’re seeing here,” he said. “It gives you optionality.”

More than half women

Jansen is pushing up the ranks among progressive employers in the province, with women as 57% of the project’s staff including administration and communications (though not construction contractors), compared with 47.4% of the country-wide workforce last year, according to the World Bank.

The project is targeting more than 20% of its workforce from Indigenous communities. It has awarded $260 million in contracts to local Indigenous suppliers this year, adding up to a total of $470 million since the company approved stage one of the project two years ago.

The project plans to employ about 3,500 workers to help build the site before its planned start in 2026. In Saskatchewan, health care employs by far the most workers at about 59,000 people while utility SaskTel has 3,100 employees in second, according to Immigroup, an immigration consultant.

The company is partnering with trainers and schools such as Carleton Trail College and Women Building Futures for pre-apprenticeship programs that are focused on women and First Nations people. These are meant to expose people to the industry who may not have considered mining and to help build transferrable skill sets when they’re not from the industry, Thomas said.

Crews sank two shafts before stage one construction began this year. Building should transition to above ground with the ore mill in

the new year plus storage building and offices, Thomas said. Meantime, workers are digging out laterally from the shafts for future mining areas, zones for underground conveyor systems, storage and maintenance bays, he said.

The project’s first stage aims to produce 4.4 million tonnes a year of the fertilizer ingredient. Global annual potash consumption was about 45 million tonnes in 2021, according to the U.S. Geological Survey. Worldwide production was 72 million tonnes that year, according to the government of Canada.

BHP is forecasting 2.5%-3% annual compound growth in global potash demand because of population increases, intensifying agriculture and crop productivity demands as well as changing diets.

BHP’s future in Canada is tied to agriculture as was Thomas’s past. His siblings took over the family farms Down Under that still produce rice, wheat, oats, barley, soybeans, lamb and beef. He says Canada is similar to Australia among its people, the British connection and even the weather in its own way.

“There’s a lot of alignment in the way we live, the type of environment that we live in, whether it be harsh heat in Australia versus harsh cold in Canada,” he said. “But we’re both probably exploratory type cultures, you know, we get out make the most of the environment we’re in.”

BHP shares traded at US$58.11 apiece in before press time in New York, valuing the company at US$147 billion. Its shares traded in a 52-week range of US$46.92 and US$71.52. TNM

“WITH COMPLETE ELECTRIFICATION OF OUR UNDERGROUND EQUIPMENT, THAT WORK ENVIRONMENT WILL BE VERY DIFFERENT FROM AN AIR QUALITY PERSPECTIVE.”

Simon Thomas, Jansen chief, BHP

BHP’s Jansen potash project in Saskatchewan employs a diverse workforce. More than half of its employees are women. BHP

BHP crews have sunk two shafts and are proceeding with the potash mill by early next year. BHP

Manitoba declares itself Canada’s ‘critical metals Costco’

EXPLORATION | Critical minerals strategy announced ahead of October election

BY HENRY LAZENBY

In announcing her Progressive Conservative Party’s new Critical Minerals Strategy in late July, Manitoba Premier Heather Stefanson declared the Prairie province open for mining business.

“Manitoba is like the Costco of critical minerals — if you need it, we have it,” said the premier in a July 25 webcast press conference.

In comparison to other Canadian provinces and global mining hubs, Manitoba was slower to unveil a vital minerals strategy. Quebec was among the first and initiated this step back in 2020, with Ontario following suit in 2022, and Saskatchewan earlier this year.

However, the province is in the midst of an exploration boom for lithium and other minerals. Almost 50 companies are busy seeking critical minerals in the province, comprising over 70% of all exploration companies in the region.

But Stefanson, who faces an election on Oct. 3, wants to draw further attention to the abundant reserves of critical minerals in Manitoba, and her government’s plans to fast-track the development of new mines, broaden industries, and enhance Indigenous participation, and grow the province into a critical minerals hub.

Manitoba’s strategy builds on six critical pillars that aim to create a supportive business atmosphere, encourage innovation and develop streamlined processes to draw investment and foster growth.

These pillars include enhancing global awareness of Manitoba’s competitive advantages, spurring Indigenous engagement in the mineral sector, and improving regulatory processes, with $5 million earmarked to enhance systems and establish a dedicated permitting office. The office is expected to offer smoother departmental coordination and support for all mineral permit and licensing requirements.

The government has also pledged to revive Manitoba’s geoscience capacity and back the development of a critical minerals ecosystem, including manufacturing.

The strategy incorporates a legal framework that encourages environmental stewardship within Manitoba’s mining sector. The province’s central location in North America presents unique benefits including tri-modal links to the U.S. and Mex-

ico, the Atlantic Trade Corridor, the Asia-Pacific Trade Corridor, and the Port of Churchill on Hudson Bay, facilitating smooth connectivity and trade prospects.

Manitoba also has an advantage in its reliable and hydroelectric-powered grid, boasting one of North America’s lowest electricity rates. With a deep history in mining, particularly for copper and diamonds, it also has experienced workers and educational institutions needed for new projects and facilities to succeed — especially given the growing fears of talent and skills shortages.

Looking forward, the government anticipates unveiling the Manitoba Minerals Action Plan in 2024, focusing on specific, timebound actions to implement the strategy, at a time of sustained growth and prosperity for the province, according to the premier.

Flurry of summer activity

The announcement came as Manitoba experienced one of its busiest summers for mineral exploration in decades, marking what Manitoba’s Economic Development, Investment, and Trade Minister Jeff Wharton referred to at the July press conference as a “transformative period” for its mining sector.

In Manitoba’s eastern region, Grid Metals (TSXV: GRDM; US-OTC: MSMGF) in July released an initial resource estimate for

Donner Lake, outlining 6.8 million inferred tonnes grading 1.39% lithium oxide (Li2O). The resource consists of 2.1 million tonnes grading 1.42% Li2O of open pit resources (cut-off grade of 0.3% Li2O) and 4.7 million tonnes grading 1.37% Li2O of below-pit underground resources (cut-off grade of 0.5% Li2O) from the Main Dyke and Northwest Dyke.

Grid recently signed a lease agreement with 1911 Gold to use the existing True North mill, which was operated until late 2022 as a gold processing facility.

The shift from gold to lithium processing in the mill is expected to fast-track Grid’s resources to the market, potentially making Manitoba the home to Canada’s third lithium mine. The country’s two producing lithium projects are the Tanco mine, operated by China’s Sinomine in northern Manitoba; and the North American Lithium (NAL) project, operated in a 75-25 partnership between Sayona Min-

ing (ASX: SYA; US-OTC: SYAXF) and  Piedmont Lithium (NASDAQ: PLL; ASX: PLL), in Quebec.

Moving west of Donner Lake, a collaborative effort between locally owned Potash and Agri Development Corp. of Manitoba (PADCOM) and the Gambler First Nation culminated in the inception of Manitoba’s newest and first-ever potash mine in June. This venture has pledged to set a benchmark as the greenest, lowest carbon potash mine in Canada, heralding a new era of sustainable mining practices.

The mine in Harrowby will start by producing 50,000 to 100,000 tonnes of potash yearly, later increasing to 250,000 tonnes. Thanks to extra leases, PADCOM anticipates making a yearly profit of $5 billion with a production increase to one million tonnes.

Further north, Callinex Mines (TSXV: CNX; US-OTC: CLLXF) in July unveiled a resource covering the main discovery at the Rainbow deposit, which contains 3.4 mil-

lion indicated tonnes at 3.59% copper-equivalent for 238.3 million lb. copper, 56.9 million lb. zinc, 37,600 oz. gold, 692,800 oz. silver and 2.3 million lb. lead. Inferred resources add 1.3 million tonnes at 2.95% copper-equivalent for 72.1 million lb. copper, 19.5 million lb. zinc, 11,100 oz. gold, 222,200 oz. silver and 800,000 lb. lead.

The Rainbow deposit remains open for expansion in addition to the nearby Pine Bay deposit, which contains an inferred resource of 1 million tonnes at 2.62% copper for 58.1 million lb. copper.

Future forward

Looking ahead, the province is buzzing with anticipation for increased investment and activity. Notable collaborations include Hudbay Minerals’ (TSX: HBM; NYSE: HBM) partnership with the Japanese group Marubeni to explore opportunities in Flin Flon and Vale’s (NYSE: VALE) hefty investment of $150 million to extend mining activities in the Thompson area for a decade.

In another encouraging development, Canadian Premium Sand (TSXV: CPS) is coordinating with Hollow Water First Nation to establish a silica sand operation. This operation is set to fuel a $900-million solar glass manufacturing facility in Selkirk, offering high-grade silica as a vital resource.

At Lynn Lake, Alamos Gold (TSX: AGI; NYSE; AGI) and Marcel Colomb First Nation inked a ground-breaking revenue-sharing agreement in June. An early August feasibility study on Lynn Lake showed a big increase in reserves, also capital cost estimates also rose considerably to US$632 million compared with a 2017 estimate of US$338 million.

If the mine is built, it could produce a total of 2.2 million oz. gold over a 17-year mine life. TNM

Alamos Gold’s Lynn Lake project. ALAMOS GOLD

Callinex Mines’ Rainbow deposit in Manitoba. CALLINEX MINES

Manitoba Premier Heather Stefanson launched the province’s Critical Minerals Strategy in late July.

MANITOBA GOVERNMENT

Grid Metals’ Donner Lake lithium project in eastern Manitoba. GRID METALS

LithiumBank inks direct extraction tech deal for Prairies brine projects

PROCESSING | Collaboration opens up use of ion-exchange tech in Alberta, Saskatchewan

BY HENRY LAZENBY

LithiumBank Resources (TSXV: LBNK; US-OTC:

LBNKF) announced on Sept. 11 an intellectual property licensing agreement for direct lithium extraction (DLE) technology owned by G2L Greenview Resources.

Effective from Sept. 8, the agreement with G2L’s parent, Go2Lithium, gives LithiumBank a full licence to use a group of continuous ion-exchange technologies in Alberta and Saskatchewan. Go2Lithium was formed earlier this year as a 50/50 joint venture between Computational Geosciences Inc. — a subsidiary of Robert Friedland-chaired Ivanhoe Electric (NYSE: IE) and Clean TeQ Water (ASX: CNQ).

This collaboration promises to enhance the efficiency of the DLE circuit at LithiumBank’s Boardwalk project in west-central Alberta, notably by slashing operational costs. Both companies expect the technology to improve lithium recovery rates and concentrate quality substantially.

G2L will ship a high-capacity pilot plant to Alberta by October to accelerate the project. With a daily processing capacity of 8,00010,000 litres, this plant ranks as one of the largest DLE pilot plants in North America.

As a part of the agreement, LithiumBank will issue up to 14 million common shares to G2L upon meeting specific milestones

Summit Nanotech eyes US$150M to scale up lithium extraction method

BATTERY METALS | DenaLi DLE tech could cut lithium production time dramatically

to strengthen the partnership that aims to transform lithium extraction in Canada.

The company says the agreement marks a significant stride in the lithium extraction sector, demonstrating the potent synergy between industry leaders as they employ innovative technologies to refine processes and enhance the economic viability of lithium brine projects in the region.

LithiumBank shares got a major leg up in May when it released its preliminary economic assessment for Boardwalk, outlining an aftertax net present value of US$1.7 billion at an 8% discount rate with an internal rate of return of 17.8%.

It would produce 31,350 tonnes per year of battery-grade lithium hydroxide over 20 years, the largest proposed output in North America, the company said at the time.

Other DLE players in Canada are also making strides towards lithium production, including first mover E3 Lithium (TSXV: ETL) in Alberta.

LithiumBank shares have gained 42% over the past 12 months and traded at $1.29 apiece in Toronto at press time. It has a market capitalization of $54.6 million and its shares traded in a 52-week range of 62¢ and $1.72. TNM

BY CECILIA JAMASMIE

Calgary-based Summit Nanotech plans to raise US$150 million to take its own direct lithium extraction (DLE) technology to commercial scale as the startup gears to open a testing facility in Santiago, Chile, before year-end.

“We’re already engaging investors and we’re building the data room,” CEO Amanda Hall told Bloomberg in early September on the sidelines of an industry event in Chile.

Her expectation is that the second round of funding will reflect a valuation of US$400 million to US$600 million.

The private firm is one of several currently racing to commercialize technology to extract lithium directly from brines. These methods would offer an alternative to hard rock and giant water-inten-

sive evaporation ponds that currently supply the battery metal to the world.

The new set of DLE technologies could cut costs and time, and minimize the environmental impact of extracting the battery metal, particularly in South America, which holds about half of the world’s reserves.

DLE could also enable new sources of lithium in North America, such as extracting it from the saline water generated by oil drilling.

Summit Nanotech, which already counts BHP (NYSE: BHP; LSE: BHP; ASX: BHP) as an investor, says it was planning to kick off activities at a new testing facility in early September and expects to have a demonstration plant in the field by mid-2024. The goal, Hall explained, is to reach commercial scale by the end of 2025.

The company’s DLE technology, dubbed denaLi DLE, allows miners

to recover significant amounts of water otherwise wasted with traditional methods.

The small amount of water used is re-purposed and recycled back to the beginning of the process for pre-treatment and filtration, the company says.

It would also help shorten lithium production times from 18 months to just one day, according to Summit Nanotech.

In August, Summit signed an agreement with Power Metals (ASX: PNN) to use its denaLi technology at the Salar de Incahuasi project in Argentina.

Billions of dollars are pouring into the development of DLE technology, which has been compared to what shale did for the oil market. However, some experts warn these techniques are relatively unproven at scale and perfecting them may take several years. TNM

E3 Lithium opens Alberta’s first DLE pilot plant

LITHIUM | Junior enjoys ‘first mover advantage’ in petro brine extraction

BY CECILIA JAMASMIE

In late August, E3 Lithium (TSXV: ETL) started operations at its Direct Lithium Extraction (DLE) plant in Alberta, the province’s first facility focused on testing the alternative method for drawing out lithium from brine projects.

The news came almost one month after E3 said it had started commissioning the plant, located in south-central Alberta.

Considered by analysts at Goldman Sachs as a potential “game changing” technology, DLE could help companies nearly double lithium production from evaporation ponds, and has been compared to what shale did for the oil market.

E3’s operations will focus on testing pre-determined parameters thought to offer the most efficient results for lithium extraction from brines.

Each system will then run over a longer period to confirm performance and produce larger volumes of lithium concentrate for

refining into marketable products, such as lithium hydroxide, the Calgary-based company said.

“This is a foundational moment for E3 Lithium, as demonstrating DLE at pilot scale will enable us to move forward in developing this lithium asset in Alberta towards

commercialization,” president and CEO Chris Doornbos said in a statement.

E3 shares jumped 8.7% to a two-year high of $3.78 apiece after the announcement, and hit a new 52-week high of $5.72 on Sept. 13.

Instead of concentrating lith-

ium by evaporating brine in large pools, DLE pulls the brine directly into a processing plant where it undergoes a series of chemical processes to separate lithium before it is injected back underground.

The process produces a lithium concentrate in a matter of hours, instead of the 18-month average it currently takes evaporation ponds, and without the need to transport concentrates to a separate facility.

E3’s plant is working with brine from the company’s own Clearwater project, which is expected to generate 20,000 tonnes of lithium hydroxide a year over a 20-year life, according to a 2020 preliminary economic assessment (PEA).

Its after-tax net present value (at 8% discount) is pegged at about $820 million, with an internal rate of return of 27%.

E3 currently holds 16 million tonnes of lithium carbonate equivalent (LCE) in the measured and indicated categories, and 900,000 inferred tonnes of LCE, hosted in the Leduc Aquifer.

Clearwater forms part of this resource area, which has an average lithium concentration of 74 mg per litre.

In a research note on Aug. 30, Red Cloud Securities mining analysts Alina Islam and David Talbot said that E3, as one of the first publicly listed companies in the country to establish proof of concept on petro brines, has a “first mover advantage” and is a leader among Western Canadian peers.

They said E3 is on their list of top lithium brine developers, and other companies they “believe could also be winners” include Lake Resources (ASX: LKE), which is expected to release a feasibility study by the end of the year, and Grounded Lithium (TSXV: GRD; US-OTC: GRDAF) which in July published a PEA with strong economics.

Lithium production from DLE is forecast to grow from about 54,000 tonnes today to 647,500 tonnes by 2032, according to Benchmark Mineral Intelligence. TNM

Summit Nanotech signed an agreement with Power Metals in August to use its direct lithium extraction technology at the Salar de Incahuasi project in Argentina. SUMMIT NANOTECH

E3 Lithium’s field pilot plant site in south-central Alberta. E3 LITHIUM

LithiumBank shares got a major leg up in May when it released a PEA for Boardwalk.

First Nations Drilling JV preps to train Indigenous drillers in northern Ontario

INDIGENOUS | New venture works on traditional territory of Lac Seul First Nation

Blast it! How rock hardness inflates mining costs

DATA | Costmine analyzes links between rock strength, mining expenses

BY BLAIR MCBRIDE

Engagement with Indigenous peoples in the resource sector can mean many different things, and for veteran driller Leslie Quedent, it means an exploration partnership.

Quedent, a member of the Lac Seul First Nation, brought his drilling company into a joint venture with G4 Drilling on Aug. 1 to form First Nations Drilling JV. His namesake company had already been operating for several years in his nation’s traditional territory near Sioux Lookout, about 400 km northwest of Thunder Bay, Ont.

“I was looking for somebody to help me start my own business to train my fellow natives because I know how it is,” Quedent said.

“When you first come off the reserve you don’t want to get training with fellows you don’t know.”

The Anishnaabe driller, who has more than 40 years of experience with surface and underground exploration in northern Ontario and Manitoba, learned last year about the work of G4 Drilling at Green Technology Metals’ (ASX: GT1) Root lithium project, about 150 km north of Dryden in Ontario’s northwest. From there, he took the partnership idea to G4, a Val-d’Or, Que.-based drilling services company that also manufactures its own drills.

The JV operates with Quedent holding a 51% interest and G4 the remaining 49%. Its geographical focus is the traditional lands of Lac Seul First Nation. They cover about 200 sq. km from Red Lake in the west to Pickle Lake in the east and south towards Dryden.

In August, the JV began using two of G4’s drills at the Root proj-

ect, drilling at a rate of 6,000 to 8,000 metres per month. Quedent has been working as the foreman for the drill crews.

“The goal of the agreement is to provide Mr. Quedent with capital to be able to buy up equipment that the JV will own [such as] drill rigs and auxiliary equipment and be able to operate as a separate entity,” said Dino Lombardi, vice-president of G4 and co-owner of the JV.

With initial drilling under its belt, the JV’s next focus will be providing internships in diamond drilling in October for students from Northern College in Sioux Lookout.

“We’re setting up an apprenticeship in the area to develop a local workforce on the rigs,” Lombardi said. Students will study drilling at Sioux Lookout and conduct the practical part of the course at the Root Lake site.

“I got people who really want to know when I can start teaching them,” Quedent said. “I tell them, maybe you won’t learn quick, but you keep trying. Things take time sometimes.”

Neither of the JV owners ventured to talk about specific future plans, but Lombardi said they have their eyes on gold projects in the Red Lake area and potential lithium exploration around Sioux Lookout.

In the meantime, they’re glad to be drilling out a space for young Indigenous people in the sector.

“We’ve always been aware that’s an important side of the industry,” Lombardi said. “I think it’s a really important opportunity, especially in the context of labour shortages. Clearly there’s a need for a workforce that’s available, if not we’ll lose another industry. It’s better to be at the forefront of that.”

BY COLIN MCCLELLAND

Rock hardness, or the compressive strength of ore that has to be blasted, chipped or otherwise dug out of the earth, is an often-overlooked cost to mining. Research by Costmine Intelligence, part of The Northern Miner Group, shows how hardness increases expenses.

Operating costs at a hypothetical open-pit heap-leach gold mine rose from US$28.64 per tonne of ore in the weakest rock mining scenario to US$33.59 a tonne in the strongest, according to Costmine data. Total capital costs over a 14-year mine life likewise increased from US$259.2 million to US$284.6 million.

Companies typically invest in analyzing and designing projects according to their ore grade, deposit depth, mineralogy, labour and energy costs, as well as environmental regulations, Costmine mining engineer and cost estimator Ali Vossoughian says. But they might end up neglecting rock strength.

“The influence of compressive strength on mining costs has often been underestimated,”

Vossoughian said. “The ability of a rock or orebody to resist compression or breakage is an essential geological property that directly influences the choice of mining methods, equipment selection, fragmentation and overall operational planning.”

Five models

Compressive strength is measured in kilopascals, where 1 kPa is the pressure exerted by a 10-gram mass resting on a 1-sq.-cm area. For example, the earth’s air pressure at sea level is 101.3 kPa or 1 atmosphere.

Costmine created a set of five identical mine models with different compressive strengths ranging from 80,000 kPa to 240,000 kPa with a 40,000 kPa increment. Graphs of the scenario costs on this page are condensed to show only the strongest and weakest compression models.

Each model assumes a mine life of 14 years composed of a twoyear pre-production period with 3.5 million tonnes of stripping and four three-year phases, each averaging 40,000 ore tonnes per day. The total mineable resources are estimated at 168 million tonnes,

and the mine operates on a schedule of two 12-hour shifts a day for 350 days a year.

Obviously, the harder the rock, the more drilling and explosives are needed to put in those holes. Miners also will require more labour, cap, primers and detonation cord.

Careful budgeting

Drill bits will wear out more quickly the higher the rock’s compressive strength, and may require more rigs to achieve the same results. Denser rock may require more hauling trucks, and equipment needs fuel. It all may heighten demand for drillers, drivers and mechanics.

Costmine considered operating costs to include supplies, hourly labour, equipment operation, salaried labour and miscellaneous expenses.

Capital costs cover expenditures such as equipment, pre-production development, facilities, working capital, engineering/management and contingency, which is 10% of the sub-total.

The rising trends in operating and capital costs highlight the need for careful budgeting and resource allocation, Costmine says. TNM

A crew with First Nations Drilling JV works at Green Technology Metals’ Root project in northern Ontario. FIRST

Blast hole drilling at an open pit copper mine Chile. ADOBESTOCK/JOSE LUIS STEPHENS

Dino Lombardi, left, vice president of G4 Drilling and Leslie Quedent at the launch of their First Nations Drilling JV, on Sept. 1. FIRST NATIONS DRILLING JV

technology&innovation

Robots enhance discovery with automated drill core scanning

ARTIFICIAL INTELLIGENCE | Gates-funded firm GeologicAI offers ‘precision information’

BY COLIN MCCLELLAND

GeologicAI, a Canadian tech company with Agnico Eagle Mines (TSX: AEM; NYSE: AEM) as a client and the backing of the Bill Gates-funded Breakthrough Energy Ventures, is part of a rising trend of services using artificial intelligence (AI) to boost discoveries.

The Calgary-based company scans core samples under five types of sensors and uses AI to crunch and correlate the data right on site. So far, it’s operating in Canada, the United States, Australia, Bolivia and Finland. All the equipment is contained in a trailer towed by truck or lifted by helicopter to a mining project. GeologicAI provides operators and has about 18 trailers.

“Precision information matters,” CEO and co-founder Grant Sanden said in emailed comments. “We have the capability of taking geologic data from ‘I have something,’ to ‘I have exactly this.’”

AI burst into wider awareness with last year’s release of ChatGPT and involves machines learning from experience. The mining industry wants to improve on the traditional visual core inspections that can benefit from more data and analysis. Two-thirds of mining companies are already using AI, according to The Oregon Group, an investment research publisher.

Much of the industry’s AI helps manage vehicle fleets and production facilities where it has improved milling efficiencies by 10-20%, supply ordering by as much as 50% and cut greenhouse gas output by 15-30%, the researcher said. But AI has also figured in some prominent discoveries.

New Found Gold (TSXV: NFG; NYSE-AM: NFGC) used AI technology from GoldSpot Discoveries, now part of Brisbane-based ALS, in the 2019 drill hole that started the central Newfoundland gold surge.

Hole NFGC-19-01 returned 19 metres grading 92.9 grams gold per tonne and 6 metres of 285.2 grams gold from 96 metres downhole at the Queensway project just west of Gander.

Oil and gas start Sanden and fellow University of Calgary engineering student

Yannai Segal formed their company as Enersoft a decade ago to serve the oil and gas industry. They pivoted into mining in 2021 and changed the name to GeologicAI. Breakthrough Energy Ventures, a Seattle-based venture capital company founded by Microsoft’s Gates, invested US$20 million into GeologicAI in June.

The company’s trailers run five key sensors on drill core: hyperspectral, X-Ray diffraction (XRF), red-green-blue photography (RGB), light detection and ranging (LiDAR) and magnetic susceptibility.

They help detect minerals, compositions and ratios that may not be visible to the naked eye by stitching together the different sensor data.

Samples are placed on a table controlled by a robot that moves them through the sensors. It takes about 15-20 minutes for one scan and the trailer handles 300 to 500 metres of core a day. They can run 24/7. The company also offers core logging services, able to log 300

metres in a 24-hour period.

Steve Gray, exploration manager at Agnico Eagle’s Detour Lake mine in northern Ontario, says Canada’s largest gold producer is using GeologicAI equipment to probe the underground potential next to the site’s open pit.

“Core scanning can help fill information gaps related to geological constraints, geometry and mineral continuity,” Gray said in a company video posted in July. “By collecting more qualitative and consistent interpretation of rock properties combined with improved insights from high-resolution data, core scanning assisted by AI will help to optimize regional targeting.”

Other clients include Torontobased Eloro Resources (TSXV: ELO; US-OTC: ELRRF) with its Iska Iska silver-tin project in southern Bolivia, and Fireweed Metals (TSXV: FWZ; US-OTC: FWEDF), which has the world’s largest highgrade tungsten project, Mactung, and the Macmillan Pass lead-zinc-

silver project in the Yukon. Competitors

GeologicAI faces a rising number of competitors in the space, including Minalyze, developed in Sweden and bought in September by Salt Lake City-based Veracio. There are also KORE GeoSystems and StratumAI of Toronto and the TrueScan unit of Salt Lake Citybased Boart Longyear.

“They may just have RGB imagery that they’re pulling stuff off of or just straight up XRF and RGB or hyperspectral and RGB,” Jessica Andrew, head of business development at GeologicAI, said in a phone interview. “But where we come in and we’re different is we take all five of those sensors and we do it all.”

The Quebec-based Global Mining Guidelines Group has an industry working group on AI to spread understanding of the tool to optimize processes while also noting its risks.

“The transition to an AI-enabled mine will look different for every organization,” the group says on its website. “An inadequate, poorly prepared, or inefficient implementation can result in revenue loss, accidental system failures, resistance to change, potential hazards and labour risks.”

The technology may help companies cope with worker shortages in the industry after executives such as Rob McEwen noted this year there are fewer geology students in universities than in 1970. The new technology usually converts skeptics used to seasoned geologists with magnifying loops in hand, Andrew said.

“We’ve had several examples of people going ‘I don’t need that,’” Andrew said. “Once we convince them to just take a look, they immediately switch over and realize the value of this tool, that it’s actually making the job a lot easier and more efficient.” TNM

BHP plans rollout of Full SAL leaching at Escondida

COPPER | BHP-designed technology to cut leach cycle time, improve recoveries

BY CECILIA JAMASMIE

BHP (NYSE: BHP; LSE: BH-

P;ASX: BHP) has launched a series of studies to carry out over the next 18 months at its operations in Chile, as the company seeks to offset impacts from the decline of concentrator feed grade expected from 2027.

The miner will begin with the implementation of its own leach technology, known as Full SaL (SaL standing for Simple Approach to Leaching), which is already paying off at the Spence operation in Chile.

Production of copper cathodes through the Full SaL technology at Escondida is expected to reach about 410,000 tonnes over a 10year period once implemented, thanks to improved recoveries and

shorter leach cycle times.

BHP estimates the cost of implementing Full SaL will reach almost US$300 million, and for first production to start during fiscal 2025, according to a presentation posted on its website.

The world’s largest miner is also evaluating a new concentrator for Escondida to replace the one at the Los Colorados plant.

BHP added it would explore alternatives for potentially extending the productive life of the Cerro Colorado mine, which is on track to cease operations this year upon expiration of its environmental licence.

The Australian mining giant expects costs associated with the studies announced as part of its operating costs to increase to around US$140 million per year

in both fiscal 2024 and 2025, from US$60 million in 2023.

Operating costs tied to Cerro Colorado’s closure are estimated at around US$70 million and US$45 million for the December 2023 and June 2024 half years, respectively.

The mine could reopen as early as 2030 thanks to the use of leaching technologies and desalinated water, subject to environmental approvals.

New solutions to old problems

Copper output in Chile, the world’s top producer, has been falling in recent years as miners face water restrictions due to a prolonged drought as well as a string of operational setbacks and project delays as they battle falling grades at the country’s aging mines.

The world’s biggest copper company, Chile’s Codelco, has not escaped the trend. Earlier this year, it said it expected production to fall as much as 7% in 2023 after already tumbling last year.

Cash costs at mines in Chile jumped 29% in the first three months of the year compared with the same period of 2022, according to a report released this week by government agency Cochilco.

BHP has five leaching technologies under study or execution, with trials aiming to unlock both resource and latent capacity. These include its own BioLeach technology that uses acid and bacterial leaching and which is already in use at Escondida, as well as Full SaL and BHP Leach.

The other two are third party

technologies: Jetti Resources’ catalytic leaching, in which BHP is an investor via BHP Ventures; and the Rio Tinto-owned (NYSE: RIO; LSE: RIO; ASX: RIO) Nuton, an elevated temperature bioleaching process.

BHP told local paper La Tercera it currently has more than 30 projects underway at Escondida, which include operational continuity and growth options.

Among them, the company is considering taking mining at Escondida underground, replacing diesel with solar energy and other decarbonization initiatives.

While majority-owned and operated by BHP, Rio Tinto and Japan-based JECO Corp. also hold stakes in Escondida, the world’s largest copper mine. TNM

Calgary-based GeologicAI is among a growing field of core sample scanning companies utilizing artificial intelligence in their geological data analysis work. GEOLOGICAI

“We have the capability of taking geologic data from ‘I have something’ to ‘I have exactly this.’”

GRANT SANDEN, CEO, GEOLOGICAI

Ivanhoe Electric study details new source of ‘green’

copper

in US

ARIZONA | Santa Cruz project could produce 5.9M tonnes annually over 20 year life

BY JACKSON CHEN

Ivanhoe Electric (TSX: IE) has released the results of an initial assessment analyzing the potential for an underground copper mine at its Santa Cruz project located west of Casa Grande, Ariz., powered predominantly by renewable energy.

The assessment envisions a 5.9-million-tonne-per-year copper mining operation with an estimated 20-year life. Life-of-mine (LOM) copper production is calculated at 1.6 million tonnes with average grade of 1.58% total copper (1 million tonnes will be in the form of 99% pure copper cathode, the rest being copper contained in a 48% copper concentrate).

The study focuses exclusively on the high-grade exotic, oxide and enriched domains of the Santa Cruz and East Ridge deposits, with combined resources of 2.7 million indicated tonnes grading 1.42% total copper and 27.3 million inferred tonnes grading 1.39% total copper.

However, there is potential for resource upgrades from the oxide domains of the Texaco deposit (900,000 tonnes indicated grading 1.05% total copper and 35 million tonnes inferred grading 1.06% total copper), and from the large primary sulphide domains at Santa Cruz (76.2 million tonnes indicated grading 0.8% total copper and 8 million tonnes inferred grading 0.92% total copper).

Copper recoveries of 95.4% are expected to be achieved through a combination of solvent extraction and electrowinning (SX/EW) and conventional froth flotation, as outlined in the study.

On the project economics side, the study projects Santa Cruz to have an after-tax net present value of US$1.3 billion with an after-tax internal rate of return of 23%, using an 8% discount rate and a LOM copper price of US$3.80 per pound.

The study also estimates initial project capital costs of US$1.2 billion and LOM sustaining cap-

Hudbay’s ‘enhanced’ Copper World prefeasibility gets mixed reviews

ARIZONA | Initial capex reduced to US$1.3B from US$1.9B in PEA

ital costs of US$980 million. A three-year construction period is contemplated to develop the underground workings and build the surface processing facilities.

Ivanhoe noted the project is designed to minimize environmental impact and minimize surface land disruption. As a result of the small surface footprint required for mining activities, the project area is only expected to cover about one-third of the total land package, it says.

As a primarily “green” copper mine operation, the assessment’s base case assumes 70% of the project’s total electric power requirements will be generated by onsite renewable infrastructure, enabling copper production with low carbon dioxide equivalent emissions (0.49 tonnes per tonne of copper produced for Scope 1 and 2 emissions). In comparison, the global mining industry average is 3.9 tonnes of CO2 equivalent, Ivanhoe said.

Robert Friedland, executive chairman of Ivanhoe, said the completion of the assessment for the Santa Cruz copper project is an “important achievement” for the company as it works to advance a new source of responsibly produced “green” copper in the United States.

“Our goal is to develop a modern copper mine that produces copper with among the lowest levels of carbon dioxide output in the industry; a product we think has the potential to attract a premium price in the future,” Friedland said in the Sept. 6 news release.

“We believe the Santa Cruz copper project will become an industry-leading example of responsibly produced copper in the United States, and a source of high-quality jobs in Arizona during development and throughout its anticipated long mine life,” CEO Taylor Melvin added.

Shares of Ivanhoe Electric traded at $18.04 apiece in Toronto at press time, giving the company a market cap of $1.8 billion. TNM

BY HENRY LAZENBY

(TSX: HBM;

Hudbay Minerals’

NYSE: HBM) updated prefeasibility study for the first phase of its Copper World project in Arizona has improved its economics and extended the mine life compared with a June 2022 preliminary economic assessment. The study, released Sept. 8 outlined a project with lower up-front capex, a streamlined flowsheet, flexible modular construction optionality, and higher early-year grades.

However, Jackie Przybylowski, a mining analyst at BMO Capital Markets points out that offsetting these positives are higher unit operating cost estimates and “a restrained stance on the revised permitting timeline,” now anticipated by mid-2024.

Despite these reservations, Przybylowski retained a buoyant oneyear target for Hudbay at $10 per share, and maintained an ‘outperform’ rating for the stock.

The study pegs the project’s after-tax net present value (8%) at US$1.1 billion, with an internal rate of return of 19%, assuming a copper price of US$3.75 per pound.

In a press release, CEO Peter Kukielski highlighted the substantial slash in initial capital costs to about

US$1.3 billion from the previously estimated US$1.9 billion. This financial recalibration was made possible by postponing the construction of a concentrate leach facility to year four in the new plan. The delay reduces expenses and could open doors to future government incentives for critical minerals processing.

“Copper World is an attractive copper growth project for Hudbay and our stakeholders… We will continue to be prudent with our financing plans for Copper World as we remain focused on meeting all of the prerequisites for project sanctioning as laid out in our 3-P plan,” Kukielski said.

In putting together a finance package for Copper World, the company has introduced a three-prerequisites plan (3-P), including specific leverage targets that it would need to achieve before making an investment decision in the project, receiving all state-level permits required for phase I, and completing a definitive feasibility study with an internal rate of return of greater than 15%, all while identifying and negotiating a viable financing strategy.

The project is expected to produce about 92,000 tonnes of copper annually for its first 10 years, with cash costs of US$1.53 per lb. and ongoing costs of US$1.95 per

pound. Under the revised plan, a variable cut-off grade strategy has been adopted to boost mill head grades in the initial decade.

Moreover, Hudbay aspires to champion the green energy shift in the U.S., positioning the project as the third-largest domestic copper cathode producer. The study markedly reduces Copper World’s carbon footprint compared with the PEA by eliminating overseas shipping, smelting and refining activities that would be associated with producing a copper concentrate.

Hudbay has updated resources for the project, increasing measured and indicated resources (including reserves) to 1.2 billion tonnes at 0.42% copper for 5 million lb. of in-situ copper metal, representing a 4% increase over the 2022 estimate.

The company also plans a phase 2 expansion onto federal land to enhance the project economics and extend the mine life beyond 20 years. The company’s larger neighbouring Rosemont project, has been challenged on environmental grounds, with a water permit granted in 2019 revoked earlier this year by the U.S. Army Corps of Engineers.

Hudbay shares traded at $6.32 at press time, within a 12-month range of $5 and $8.47. It has a market capitalization of $2.2 billion. TNM

Montage drilling boosts high-return Ivory Coast gold project

BY COLIN MCCLELLAND

Montage Gold’s (TSXV: MAU; US-OTC: MAUTF) updated resource estimate for its Koné project in Ivory Coast increases the tonnage, grade and potential output by adding a new deposit.

The project, estimated in a feasibility study last year to generate a 35% internal rate of return, hosts 237 million indicated tonnes grading 0.63 gram gold per tonne for 4.8 million oz. Contained metal, the Toronto-based company said on Thursday. It has 22 million inferred

RESOURCE UPDATE | Feasibility update due out before end of the year

tonnes grading 0.5 gram gold for 320,000 oz. gold.

That compares with 225 million indicated tonnes grading 0.59 gram gold for 4.3 million oz. gold in a February 2022 feasibility study that had the same inferred amounts.

The difference is the addition of the Gbongogo Main deposit of 12 million indicated tonnes grading 1.45 grams gold for 560,000 oz., Montage said.

“We are very pleased with the successful conversion of Gbongogo Main resources from inferred to indicated and the 10% increase in grade and that has the potential to

translate well into the updated feasibility study,” CEO Mike Clark said in a release. “We are confident that we can add further high-grade ounces.”

Montage says it plans to update the feasibility study with a new resource and file an environmental and social impact assessment by year’s end before a development decision in early 2024. It’s continuing to drill this year.

The open-pit project would cost US$544 million to build and have all-in sustaining costs of US$933 per payable oz., according to the 2022 study.

Koné has an after-tax net present value of US$746 million at a 5% discount rate based on a US$1,600 per oz. gold price, the study showed. The mine would produce 3.1 million oz. of gold over a 14.8-year mine life with annual output of 257,000 oz. in first nine years.

The junior has set up a corporate office in Toronto and hired HCF International Advisors to help raise money starting this year. Montage says it will engage with commercial banks in Africa and elsewhere, private debt and equity funds as well as streaming and royalty companies. It plans to announce project

financing next year.

The company has hired Mike Robinson to manage Montage in Ivory Coast. Robinson is the former Mauritania manager for Red Back Mining, now part of Kinross Gold (TSX: K, NYSE: KGC), who oversaw development and expansion of its Tasiast gold project.

Montage shares traded at 58¢ apiece in Toronto at press time, valuing the company at $107.3 million. Its shares traded in a 52-week window of 46¢ and 80¢. TNM

Hudbay Minerals’ Copper World project in southern Arizona. HUDBAY MINERALS

projectupdates [CONTINUED FROM P43]

Lifezone reports strong results at Kabanga nickel project ahead of feasibility

BY BLAIR MCBRIDE

Recently listed Lifezone Metals (NYSE: LZM), which is 17% held by mega-miner

BHP (NYSE: BHP; LSE: BHP; ASX: BHP), has reported high-grade results from its infill drilling at its Kabanga nickel project in northwest Tanzania.

Hole KL22-10 in the Tembo zone cut 41 metres grading 2.07% nickel, 0.39% copper, and 0.16% cobalt, including 16.4 metres at 2.77% nickel, 0.45% copper, and 0.23% cobalt, Lifezone said on Aug. 31.

Another highlight, Hole KL2212 cut 39.6 metres at 2.04% nickel, 0.37% copper, and 0.13% cobalt, including 19.9 metres at 2.83% nickel, 0.44% copper, and 0.19% cobalt.

A third notable intersection — hole KL21-01 — cut 29.7 metres at 1.94% nickel, 0.29% copper, and 0.16% cobalt, including 17 metres at 2.42% nickel, 0.38% copper, and 0.21% cobalt.

TANZANIA | BHP-backed company began trading on NYSE in July

The drill results came almost two months after Lifezone began trading on the NYSE, following the business combination between Lifezone Holdings and special purpose acquisition company GoGreen Investments.

The deal brought in $86.6 million, including about $70.2 million from private investment and the receipt of roughly $16.4 million of cash from GoGreen’s trust account, net of redemptions.

Those proceeds are in addition to $90 million BHP invested last year into privately-held Kabanga Nickel, owner of the Kabanga project and another $10 million into Kabanga subsidiary Lifezone Ltd.

Drill program

The infill and extensional program was part of more than 35 km of drilling across 82 holes, conducted between 2021 and July at Kabanga’s Tembo, North and Safari zones, in support of an upcoming resource

ATEX delivers resource update for Valeriano in Chile

COPPER | Shares jump more than 15%

BY CECILIA JAMASMIE

Shares in ATEX Resources

(TSXV: ATX) rose by 15.7% on Sept. 12 after it issued an updated resource estimate for the Valeriano project located in Chile’s Atacama region.

The inferred resource now stands at 1.4 billion tonnes at a copper-equivalent grade of 0.67% (0.5% copper, 0.2 gram gold per tonne, 0.96 gram silver and 63.8 grams molybdenum), based on a cut-off grade above 0.4% copper.

The resource includes a higher-grade core within Early Porphyry (EP) totalling 200 million tonnes at 0.84% copper equivalent (0.62% copper, 0.29 gram gold, 1.25 grams silver and 55.7 grams molybdenum at a 0.5% cut-off), which Atex said further emphasizes the potential viability of the Valeriano deposit. The high-grade core remains open in multiple directions.

All holes of ATEX’s phase two and three drilling of the porphyry system at Valeriano intersected significant copper-gold mineralization.

The results greatly expanded the dimensions of known mineralization while also extending known high-grade porphyry mineralization in the Central Trend and discovering new high-grade porphyry mineralization within the Western Trend, ATEX said.

It added the increased size of the Valeriano resource represents a “globally significant discovery within an emerging porphyry district.”

The large copper-gold porphyry deposit at Valeriano is also over-

lain by a near-surface oxidized epithermal gold deposit, which ATEX targeted in its first phase of drilling in 2021 but is not part of the resource estimate.

According to the company, Valeriano, and the adjacent El Encierro project, which hosts a 522-million-tonne inferred resource (grading 0.65% copper, 0.22 gram gold per tonne and 74 ppm molybdenum at a 0.5% cutoff) are linked within a large alteration zone that extends along the projects for more than 10 km along strike. El Encierro is a joint venture between Antofagasta (LSE: ANTO) and Barrick Gold

(TSX: ABX; NYSE: GOLD).

“We are especially excited by the higher-grade core of Early Porphyry within the Central and newly discovered Western Trends as this has the potential to drive faster payback within a potential underground mining scenario,” Raymond Jannas, CEO of ATEX, said.

ATEX has the option to earn a 100% interest in Valeriano. To date, it has earned a 49% stake through aggregate cash payments of nearly US$4.3 million to the project owner and spending at least US$10 million on exploration.

Under the option agreement, ATEX can earn a 100% interest by paying a further US$8 million and by spending another US$5 million on exploration by September 2025.

ATEX shares traded at 74¢ apiece at press time in Toronto, giving the company a market capitalization of $128.6 million. Its shares traded in a 52-week window of 41¢ and $1.74. TNM

estimate and feasibility study.

“Even after years of exploration and [more than] 620 km of drilling to date, the Kabanga orebody continues to showcase its quality differential with world-class nickel grades,” said Lifezone CEO Chris Showalter. “The most recent infill drilling at the Tembo zone ensures we can progress towards an updated mineral resource estimate, which is crucial for the definitive feasibility study and ultimately support the mine plan.”

Adjacent to Tembo at the North zone, infill drilling has continued

since late June, with 6,626 metres across three holes completed and seven underway as of Aug. 18.

Highlights from the North zone include hole KN22-03, which cut 52 metres grading 2.37% nickel, 0.25% copper, and 0.14% cobalt, including 39.8 metres at 3.03% nickel, 0.32% copper, and 0.18% cobalt.

Hole KN22-01A intersected 27.7 metres at 2.56% nickel, 0.32% copper, and 0.22% cobalt.

Drilling in the North zone was expected to finish by mid-September, when a new program was to focus on an untested zone between

Tembo North and Safari. Drilling in the two zones shows the shallow mineralization trend is open along strike, Lifezone said.

Exploration at Kabanga stretches back to the late 1970s. Following a 10-year moratorium from the Tanzanian government on foreign company exploration, Sutton Resources explored the site under joint ventures from 1988 to 1999. Barrick Gold (TSX: ABX; NYSE: GOLD) took over exploration after it purchased Sutton and conducted more drilling and through JVs with Glencore (LSE: GLEN). Various studies, including a prefeasibility were completed between 2005 and 2008.

Kabanga acquired the project in 2019.

The Kabanga project is owned 84% by Kabanga Nickel Ltd. and 16% by the Tanzanian government. Lifezone Metals holds 83% of Kabanga Nickel Ltd. and BHP holds 17%. A February 2023 technical report shows Kabanga hosts measured and indicated grading 2.6% nickel, 0.35% copper and 0.2% cobalt. Inferred resources total 14.6 million tonnes grading 2.57% nickel, 0.34% copper and 0.18% cobalt. Lifezone shares traded at US$11.53 before press time in New York, valuing the company at US$915.7 million. TNM

free carry interest.

But by 2016, Sigma was running out of money, and in the wake of the Mariana tailings dam collapse in late 2015, prospects for financing were scarce. In 2017, Sao Paulo-based A10 Investimentos, a private equity firm Cabral co-founded in 2013, invested to keep the company going. A10 remains the controlling shareholder of Sigma, holding 43.6% of the company.

Whereas most private equity firms in mining provide cash, advice and other resources to mining companies, A10 got involved as investor-operators. (A10 cofounder Marcelo Paiva is the company’s co-chair with Cabral.)

The Sigma concessions had a long, 30-year history of producing tin, tantalum and lithium. However, 10 years ago, the deposits were thought to be small scale.

“We took a huge amount of risk. So much risk that when we went to the geological service in the country, nothing was mapped out,” Cabral said. “We were told there’s no lithium in Brazil. Don’t bother. The lithium is in Bolivia, Chile, Argentina.”

Since 2017, Sigma’s drilled over 120,000 metres, proving that assessment wrong. Its first phase operations have a measured and indicated resource of 17.4 million tonnes grading 1.55% Li2O for 667,000 tonnes LCE. Global resources, including Phase 2 and 3, are pegged at 85.6 million tonnes averaging 1.43% Li2O, with an initial phase 4 resource estimate due out in September. The deposit is now one of the largest hard rock deposits in the Americas.

The initial phase of the mine has a relatively short mine life of eight years. However, even on its own, it’s expected to be quite profitable.

According to an updated feasibility-level economic analysis published this year, it has an after-tax net present value (NPV) of US$5.6 billion (using a discount rate of 8%), with an internal rate of return of 1,282%. Including the phase 2 and 3 expansions, the project has a 13-year mine life and an NPV of US$15 billion.

Sigma expects to recognize revenue and report positive operating profits in the third quarter.

Legal action

Along with Sigma’s success, however, has come some setbacks. In August, the company filed a lawsuit in New York district court against Cabral’s former co-CEO and husband, Calvyn Gardner, as well as his daughter-in-law.

The suit alleges confidential documents were accessed from a data room with the intent of scuppering M&A talks with potential buyers, Reuters reported. Sigma’s seeking the return of the documents and unspecified damages.

Cabral says she can’t comment

on the legal action.

However, the lawsuit apparently hasn’t deterred Sigma’s suitors. In September, Sigma publicly addressed the takeover talk, which began earlier this year with rumours that Tesla was pursuing the company.

In a statement in September, the company said it had been approached by companies in the energy, battery, auto and lithium refining sectors with different types of strategic proposals and that it continues to engage with them, although no deal is assured.

Cabral said Sigma is “humbled and pleased” by the strong strategic interest in the businesses, and just a few days later Sigma announced a new sales agreement with Glencore.

Even so, Cabral describes the ride to get the company to this point as “brutal.”

“Sigma is a company whose time has finally come,” she said. “We have the product for the ages, but we’ve been at it for 10 years and it was really, really hard — blood, sweat and tears.” TNM

CABRAL from 10

Sigma Lithium’s Grota do Cirilo project in Minas Gerais state, Brazil. SIGMA LITHIUM

Examining cores at the Kabanga nickel project in Tanzania. LIFEZONE METALS

Mining some tales with…Ross Bhappu Q& A

QUESTIONS BY COLIN MCCLELLAND

Every month, The Northern Miner gets to know a different executive in the mining industry by asking them about everything — except mining.

Q What was your first job?

A W hile I was in college, my future brother-in-law and I started a business to buy and sell Porsches. We found a big discrepancy in prices between the Washington DC area and Arizona and California (where we were each going to school). So we pulled our money together and bought our first one and made a little money. We ended up doing that a few dozen times and had a blast driving great cars and paying our way through college. It certainly gave me an entrepreneurial spirit that has carried me through my career with RCF.

Q If you weren’t in mining, where would you be?

A I would be involved in aviation. I am a private pilot and have always loved everything aviation related. I thought a career in mining was safer from a job security perspective but I still love the aviation industry.

Q What is the most used app on your phone?

A Two apps are about equal in use — Mail and Messages. I tend to use messaging to communicate with my family and friends and I regularly check my emails on my phone when I am not at my desk. I am not a big social media person, but I do use LinkedIn.

Q What’s your favourite reading?

A I have a stack of books on my nightstand that drives my wife nuts. For fiction, I like the C.J. Box series of books about Joe Pickett, a Wyoming Game Warden who solves crimes in the Wyoming wilderness. For non-fiction, I like reading leadership, aviation and golf improvement books.

ROSS BHAPPU PARTNER, HEAD OF PRIVATE EQUITY MATURE FUNDS, RESOURCE CAPITAL FUNDS

DENVER, COLO.

Q What do you drive?

A I have always been a “gearhead” and tend to change cars frequently. However, my go-to and consistent car is my Ford F-150 pickup truck. Some of the new electric cars are very appealing and I am sure I will own one in the future.

Q Favourite band?

A I have always been a big Bruce Springsteen fan. I really enjoy his concerts and music. I have seen him over 15 times and have introduced him to my kids who listen to him as well. If you turn on my car radio, you will either hear Bruce or Chris Stapleton.

Q Marvel or Woody Allen?

A Marvel for sure!! My son-inlaw got me started with the Marvel movies and I have enjoyed them all. I can’t believe that Iron Man is gone!!

Q Window or aisle seat?

A I love to look outside but hate feeling claustrophobic. So, my favourite is a bulkhead window

seat but if I can’t get that, then it is an aisle seat.

Q Favourite sports team?

A Definitely the Denver Broncos!! They are my home team, and I am sure my blood runs orange!!

Q What’s your kryptonite?

A My kryptonite is negativity, both personally and professionally. Over the plus-25 years that RCF has been in existence, we have always had a “let’s figure it out” attitude that has helped us grow and be successful.

Q What are you really into these days?

A I am constantly thinking about an impending demand increase for metals and how the void will be filled.

The massive move to electrification of everything around us is going to create a mining sector boom the likes of which we that we have not seen before. I am into figuring out how best to have an impact in solving the looming supply deficit.

Q What are you avoiding?

A Politics! I am not sure when we became so polarized and divisive, but we need better leadership and unity, particularly at a time with so many exciting transitions happening in our society — the energy transition, advances in AI, space exploration, medical

advances. My hope is that we can focus on the future, together.

Q What’s your biggest fear?

A My biggest fear is that the U.S. ignores the fact that we blessed with amazing natural resources that can be extracted safely and responsibly. We need to access these resources not only for energy independence, but also to ensure we have the necessary resources to support the energy transition and build our own supply chain resiliency. The Inflation Reduction Act and other infrastructure programs are good starts, but we also need regulatory reform to help advance mine development in a timely manner. I also fear that too many people have the wrong view on the role mining plays in our everyday lives and the energy transition. It’s imperative that we improve this image. If you are truly concerned about the environment, then responsible mining must play a critical role.

Q Who is your mentor, guide or guru?

A My father was my mentor, guide and guru. He was a highly regarded metallurgist and business owner. Unfortunately, he passed away about three years ago but before that, we would speak daily and compare notes on just about everything.

Q What have you learned along the way?

A I have learned so many varied things along the way but most importantly I have learned to enjoy family and friends and take time to enjoy life. It seems like time goes by so very fast and I preach to my twin daughters, who are now parents themselves, to enjoy every minute of time with their children because the next thing you know they will be parents themselves!

Q What’s your next task?

A My next task is to help Resource Capital Funds continue to grow and flourish. We are in a very exciting time in the mining sector, and it is imperative to make sure investors understand that the energy transition does not occur without metals and minerals! So, my task is to help get that message out!! TNM

“I have a stack of books on my nightstand that drives my wife nuts. For fiction, I like the C.J. Box series of books about Joe Pickett, a Wyoming Game Warden who solves crimes in the Wyoming wilderness.”

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CANADIAN MINING SYMPOSIUM

Unlocking the Future: London to Host The Northern Miner’s Premier Mining and Metals Symposium of the Year

Save the date. One of the mining and metals world’s big events is on the horizon. TNM’s Canadian Mining Symposium is back, taking center stage in London, UK, on October 12th & 13th, 2023.

We’re assembling the industry’s top minds once more, making this the standout event in this year’s mining calendar. is will not only be a gathering of heavyweights of the mining world, but also the up-and-comers, creating a unique platform that will foster the insights to help inform your investment decisions for the next decade.

Here’s a sneak peek at the topics that leaders such as Robert Friedland, Frank Giustra, Ana Cabral-Gardner, David Garofalo, Don Lindsay, Catherine McLeodSeltzer, John McCluskey, John McConnell, Sean Roosen and Randy Smallwood, to name just a few, will be o ering their thoughts on:

Shaping Tomorrow: As the world races forward we tackle the million-dollar question: How do we steer mining toward a clean and prosperous future? Visionary talks will dig into tech, sustainability, and strategies to propel the industry forward.

Powering the Transition: We’ll zero in on mining’s role in the global energy shi . Industry leaders will dissect sustainable practices, renewable energy integration, and responsible mining, all key to greening the world’s future.

Gold’s Might: Amid global uncertainties, gold stands as a symbol of stability and value. Our Symposium hosts frank discussions about gold’s role in the global economy and how it navigates today’s tumultuous waters.

Cultivating Talent: Attracting the brightest young minds is vital for the industry’s future. e Symposium provides a stage for strategies on recruiting, mentoring, and nurturing the next generation of leaders.

Join us in London for a two-day intellectual voyage, where industry luminaries, thought leaders, and innovators will come together to share their wisdom, explore emerging trends, and chart the mining and metals industry’s course. Be part of history. Mark your calendars. If you’re a savvy investor, reserve your spot. Keep an ear out for updates on keynote speakers, panel discussions, and networking opportunities.

Best Regards

THE FUTURE OF NORTH AMERICAN LITHIUM

E3 Lithium is unlocking a new source of North American lithium for a sustainable energy future. With Canada’s largest high con dence lithium resource, advanced technology proven at pilot scale, a best-in class team and strong global partners, E3 Lithium is at the forefront of developing a new hub for the intercontinental critical mineral supply chain.

Anthony Vaccaro President, The Northern Miner Group

TSX.V: ETL

FSE: OW3

OTCQX: EEMMF

FEATURED SPEAKERS

Catherine Mcleod-Seltzer

Independent Chair, Kinross Gold

Ms. McLeod-Seltzer was rst appointed as Director in October 2005 and was appointed as the Independent Chair in January 2019.

Ms. McLeod-Seltzer has been the Non-Executive Chair and a director of Bear Creek Mining since 2003 and was the NonExecutive/Independent Chair and a director of Paci c Rim Mining Corp until November 2013. She had been an o cer and director of Paci c Rim Mining Corp. since 1997. From 1994 to 1996, she was the President, Chief Executive O cer and a director of Arequipa Resources Ltd., a publicly traded company which she co-founded in 1992. From 1985 to 1993, she was employed by Yorkton Securities Inc. as an institutional trader and broker, and also as Operations Manager in Santiago, Chile (1991-92). She has a Bachelor’s degree in Business Administration from Trinity Western University.

Ana Cabral Managing Partner and Co-Founder, Sigma Lithium

Ana Cabral-Gardner is a Managing Partner and co-founder of A10 Investimentos, the controlling shareholder of Sigma Lithium (Nasdaq: SGML), one of the largest hard rock lithium companies in the world. Ana has been at the helm of Sigma Lithium as co-CEO and co-Chairperson since its IPO in 2018 leading it to become the global pioneer in environmental and social sustainability within the battery supply chain.

Ana has over 25 years of experience as a senior banker at global investment banks in New York, London and Sao Paulo and over 15 years of experience as an investor.

Prior to co-founding A10, Ana was Head of Latin American Capital Markets at Goldman Sachs in New York. She holds a masters from London Business School and and an MBA from Columbia Business School. She currently serves at the Global Advisory Board of Columbia University.

Dundee Sustainable Technologies Inc. (DST) is engaged in the development and commercialization of environment-friendly technologies for the treatment of materials in the mining industry. rough the development of patented, proprietary processes, DST extracts precious and base metals from mineralized material, concentrates and tailings, while stabilizing contaminants such as arsenic, which could not otherwise be extracted or stabilized with conventional processes because of metallurgical issues or environmental considerations.

DST’s core technologies are the CLEVR Process™ (gold extraction) and the GlassLock Process™ (arsenic stabilization).

FEATURED SPEAKERS

Robert Friedland

Founder and Executive Co-Chair, Ivanhoe Mines

For more than 25 years, Robert M. Friedland has been recognized by leaders of the international nancial sector as an entrepreneurial explorer, technology innovator and company builder. He has played key leadership roles in several worldscale mineral discoveries and mine development projects including the Voisey’s Bay nickel discovery in Canada and the Oyu Tolgoi copper-gold discoveries in Mongolia.

Today, Robert is Executive Co-Chairman of Ivanhoe Mines, focused on advancing its three principal projects: the KamoaKakula Copper Mining Complex and the historic Kipushi zinccopper-germanium-silver mine in the DRC, and the Platreef palladium-platinum-nickel-coppergold discovery in South Africa. He is the Chairman and co-founder of I-Pulse, a private company that is commercializing proprietary, pulsed-power technologies aiming to achieve disruptive outcomes across numerous industries, as well as the Executive Chairman of Ivanhoe Electric that develops mines from mineral deposits principally located in the USA to support American supply chain independence. Ivanhoe Electric’s two main projects are the Santa Cruz copper project in Arizona and the Tintic copper-gold project in Utah.

Mr. Friedland was the Director, Chairman and President of Ivanhoe Pictures, Inc. from May 2013 to December 2021, and a Director since December 2016, and Chairman, since June 2018, of VRB Energy. As one of the most recognized mining personalities and achievers in the world, Mr. Friedland is dedicated to serving on numerous boards in the natural resources sector. ese positions include serving as a Co- Chairman and Director of Sunrise Energy Metals Limited (formerly Clean TeQ Holdings Limited) since September 2016, a Director of I-Pulse since April 2008, and a Director of Kietta SAS since November 2009. From June 2020 to June 2021, Mr. Friedland served as Chairman of Gold X Mining Corp., which was acquired by Gran Colombia in June 2021, at which time Mr. Friedland le the board of directors.

Mr. Friedland founded Ivanhoe Capital Acquisition Corp., a NYSE-listed special purpose acquisition corporation that completed its merger with SES AI Corporation (“SES”), a lithium-metal battery developer, in February 2022. He continues to serve as a director of SES.

Robert was inducted into the Canadian Mining Hall of Fame in 2016, cited as “a dynamic, transformative force in the Canadian and international mining industries. Mr. Friedland graduated with a degree in political science from Reed College and currently resides in Singapore.

David Garofalo

Chief Executive O cer, President, Chairman and Director, Gold Royalty

David Garofalo is Chairman & CEO of Gold Royalty Corp., Co-Chair of Gold Mining Inc. and serves on the Board of Aris Mining. David was President & CEO and Director of Goldcorp (2016-2019), President & CEO and Director of Hudbay from 2010, Senior Vice President and CFO and Director of Agnico-Eagle from 1998 and Treasurer of Inmet Mining from 1990.

David was recognized as e Northern Miner’s Mining Person of the Year for 2012. He was also awarded as Canada’s CFO of the Year by Financial Executives International Canada (2009) and Top Gun CFO by Brendan Wood International (2009 and 2010) and was recognized by IR Magazine with awards for Best Investor Relations by a CFO (2009 and 2010) and Best Investor Relations by a CEO (2011).

David earned designations as a Canadian Fellow of the Chartered Public Accountants and a Certi ed Director of the Canadian Institute of Corporate Directors. He currently serves on the Boards of Directors of the Vancouver Symphony Orchestra (Vice Chair) and Greater Vancouver Board of Trade. He and his wife Christie live in Vancouver and have eight children.

FEATURED SPEAKERS

Frank Giustra

Strategic Advisor, Aris Mining

Frank Giustra is a Canadian entrepreneur and philanthropist who has made signi cant contributions in various industries. As President and CEO of the Fiore Group, he manages a diverse portfolio of assets and investments in natural resources, entertainment, and lifestyle companies. Giustra is known for his ability to build natural resource companies by accessing capital and engaging in creative deal-making.

One of his more recent projects is West Red Lake Gold (TSX.V: WRLG), a company focused on gold exploration and development in the Red Lake Gold District of Northwestern Ontario, Canada. He also served as the Chairman of Leagold Mining from 2016 to 2019, which was successfully merged to Equinox Gold (TSX: EQX), forming a signi cant goldproducing company operating in the Americas. Additionally, Giustra was the Chairman of Endeavour Financial from 2001 to 2007, where he acquired, grew, and divested numerous resource companies. Notably, he was founder Endeavour Mining, Wheaton River Minerals Ltd. (which later became Goldcorp), and Wheaton Precious Metals.

Earlier in his career, Giustra held executive positions at Yorkton Securities from 1980-1996. As CEO and Chairman, he played a key role in growing Yorkton Securities into a leading natural resource investment bank. He started his career Merrill Lynch. Giustra’s entrepreneurial success extends beyond the natural resource sector. In 1997, he founded Lionsgate Entertainment, which has become one of the world’s largest independent lm companies.

Beyond his business endeavors, Giustra is recognized for his philanthropic activities. He established e Giustra Foundation, a Canadian charity that supports initiatives focused on women and children, education, refugee resettlement. e foundation is a founding partner in the Global Refugee Sponsorship Initiative. Outside of Canada, his Giustra International Foundation seeds and supports organizations leading the way in con ict resolution and foreign policy.

In 2007, Giustra launched Acceso, a social business builder that addresses global poverty through entrepreneurial solutions, particularly in agribusinesses in Colombia, El Salvador, and Haiti.

In 2020, Giustra was appointed Co-Chair of the International Crisis Group, an independent, non-partisan organization that provides analysis and advice to policymakers on preventing and resolving deadly con icts.

Due to his contributions and achievements, Frank Giustra has received several honors and awards, including the Order of Canada, the Order of British Columbia, and other distinguished accolades.

FEATURED SPEAKERS

Don Lindsay

Former CEO, Teck Resources Ltd.

Don Lindsay retired last year as President and CEO of Teck Resources, a position he had held since 2005. He is currently Chair of the Board of Manulife Financial Corporation, as well as Chair of the Invictus Games Vancouver-Whistler 2025. He will complete his “gardening leave” from Teck Resources on December 1 and will rejoin the mining industry therea er. Don’s rst employment in mining was working underground in a uranium mine in northern Saskatchewan in the summer and later started full time work as a shi foreman at the Iron Ore Company of Canada in Labrador City. He was most excited when he was named General Foreman - Blasting. When the industry took a downturn in 1983 he went back to school and earned his MBA from Harvard Business School. Before joining Teck, Don was President of CIBC World Markets, leading the bank’s investment and corporate banking division as well as the Asia Paci c region. In 1988 he founded CIBC’s Global Mining Group and built it into a leading nancing and advisory team for the mining industry with representatives in Toronto, Vancouver, London, Chicago, Sydney, Perth and Kalgoorlie. From 2007 to 2011, Don was Chair of the International Zinc Association when it developed and launched the Zinc Saves Kids campaign. He has been Chair of the International Council on Mining and Metals (ICMM), the Governors Forum on Mining and Metals at the World Economic Forum and the Business Council of Canada. Under his leadership, Teck launched its Zinc & Health program, which to date has reached more than 140 million people worldwide, including 60 million children. He also took an active role in advocating for community public safety through creating the Teck Copper & Health program, which promoted the use of antimicrobial copper to reduce the spread of infection and hospital acquired infections in healthcare and other public spaces. Under this program, Teck developed partnerships across Canada’s healthcare, transportation, education and cultural sectors to pilot the use of these cutting-edge technologies to drive research and build awareness of copper’s lifesaving properties. Don has received a number of accolades and awards, the most recent of which is the Copper Club’s Ankh Award (2023).

CSE: LIFT

FRA: WS0

OTC: LIFFF

Yellowknife Pegmatites –

www.li-ft.com

We Are Drilling To Find Out How Much Lithium?

Hard Rock Lithium Deposits In Canada

The Yellowknife Lithium Project is one of the largest exploration drill programs currently underway for lithium across the planet, which we believe is justified by the impressive outcropping exposures of spodumene-bearing pegmatites in our portfolio. Our current 45,000 metre drill program is well underway, with nearly 20,000 metres drilled to date. By the end of drilling the Company expects to have

sufficient sampling density for estimating an inferred resource. Li-FT is clearing the path for rapid development of these pegmatites to meet the ever-increasing global market demand for lithium in spodumene concentrates.

FEATURED SPEAKERS

John A. McCluskey President, Chief Executive O cer & Director, Alamos Gold

John McCluskey has been the President and Chief Executive O cer of Alamos Gold Inc. since he co-founded the Company in 2003. As a Canadian-based gold producer with nearly 2,000 employees, Alamos has a long-term track record of creating value for stakeholders with three operating mines – two in Canada and one in Mexico – as well as development stage projects. In addition to its solid nancial performance and low-cost production growth, Alamos has maintained a company-wide commitment to social responsibility and environmental stewardship under Mr. McCluskey’s leadership. Mr. McCluskey is the recipient of the 2023 Viola R. MacMillan Award, given by the Prospectors & Developers Association of Canada for showing leadership and a willingness to take risks in the acquisition and development of the Island Gold mine in Northern Ontario. In 2018, he received the Murray Pezim Award for Perseverance and Success in Financing Mineral Exploration by the British Columbia Association for Mineral Exploration, in recognition of his role in the acquisition, nancing, and encouragement of successive discoveries at Mulatos. In 2012, he was named Ontario’s Ernst & Young Entrepreneur of e Year. He was formerly a Director of the World Gold Council and is currently an Alternative Director.

John McConnell Director, President & CEO

John McConnell’s +40 years of mining experience is mostly in Canada’s northern territories. John has been President & CEO of Victoria Gold since 2010 and has led the exploration, development, and nancing of the Eagle Gold Mine in Canada’s Yukon Territory. Eagle has been in production since 2019 and at full production will produce +200,000 ounces per year of gold.

Previously, he was President & CEO of Western Keltic Mines until it was acquired by Sherwood Copper; VP, NWT Projects for De Beers Canada primarily responsible for permitting and development of the Snap Lake Diamond Mine; Breakwater Resources Ltd in operations at the Nanisivik Zinc & Lead Mine on Ba n Island; and Strathcona Mineral Services Ltd.

Mr. McConnell is the 2021 Winner of AME BC’s prestigious EA Scholtz Award for Excellence in Mine Development for his role in building the Eagle Gold mine. A graduate of the Colorado School of Mines, with a B.Sc. in Mining Engineering Mr. McConnell is also a Director of Lahontan Gold Corp.

PIONEERING THE WORLDS HIGHEST GRADE LITHIUM

• Lithium Chile has one of the largest land portfolios in the junior mining sector with properties on 13 salars, totaling over 130,000 hectares.

• Active exploration projects in both Chile and Argentina.

• A 3,323,000 tonne LCE Resource from the Salar de Arizaro in Argentina.

• PEA highlights a Pre-tax NPV of US$1.8 billion from the Arizaro Project, with a Pre-Tax IRR of 29.3%.

• Significant cash position of over $35M CAD @ March 31, 2023.

TSX-V: LITH OTCQB: LTMCF

FEATURED SPEAKERS

Sean Roosen Chair of the Board of Directors, Osisko Gold Royalties

Mr. Sean Roosen is the Chair of the Board of Directors of the Corporation. Mr. Roosen was a founding member of Osisko Mining Corporation (2003) and of EurAsia Holding AG, a European venture capital fund. Mr. Roosen has over 30 years of progressive experience in the mining industry. As founder, President, Chief Executive O cer and Director of Osisko Mining Corporation, he was responsible for developing the strategic plan for the discovery, nancing and development of the Canadian Malartic Mine. He also led the e orts for the maximization of shareholders’ value in the sale of Osisko Mining Corporation, which resulted in the creation of Osisko. Mr. Roosen is an active participant in the resource sector and in the formation of new companies to explore for mineral deposits both in Canada and internationally. In 2017, Mr. Roosen received an award from Mines and Money Americas for best Chief Executive O cer in North America and was, in addition, named in the “Top 20 Most In uential Individuals in Global Mining”. In prior years, he has been recognized by several organizations for his entrepreneurial successes and his leadership in innovative sustainability practices. Mr. Roosen is a graduate of the Haileybury School of Mines.

Randy Smallwood President & Chief Executive O cer, Wheaton Precious Metals

Randy Smallwood holds a geological engineering degree from the University of British Columbia and is one of the founding members of Wheaton Precious Metals. In 2007, he joined Wheaton full time as EVP of Corporate Development, primarily focusing on growing the company through the evaluation and acquisition of streaming opportunities. In January 2010, he was appointed President, and in April 2011, he was appointed Wheaton’s CEO. Mr. Smallwood originally started as an exploration geologist with Wheaton River Minerals Ltd., and in 2001, was promoted to Director of Project Development, a role he held through the 2005 merger with Goldcorp (which has since merged with Newmont). Mr. Smallwood was an instrumental part of the team that built Wheaton River/Goldcorp into one of the largest and, more importantly, most pro table gold companies in the world. He is now focused on continuing to add to the impressive growth pro le of Wheaton and leading the World Gold Council as its current chair.

• Wholly owned Nickel Shäw Project located in Canada’s Yukon Territory, with excellent infrastructure and route to market access.

ADVANCING ROOK I: The Largest, Lowest-cost Development-stage Uranium Project

Elite Environmental Performance

Hosted

Impact Rook I has the potential to supply up to 29 million pounds of uranium annually, enough to power up to 46 million US homes.

NexGen Energy is a Canadian mining company driven by a shared belief that uranium will play a pivotal role in delivering a clean energy future for our planet.

See how we’re making progress at NexGenEnergy.ca

• Considered one of the world’s largest undeveloped nickelcopper sulphide and platinum-group metals deposits. M&I resource containing approximately:

• 2.5 billion pounds of nickel

• 1.3 billion pounds of copper

• 137 million pounds of cobalt

• 7.0 million ounces of PGMs and gold

• Large 146 sq-km land package with multiple exploration targets along a highly prospective 18-km trend.

• Management with proven experience in the nickel markets, project development and operations with solid long-term backing from large institutional shareholders.

TSX: NCP OTC: NCPCF

Unrivaled Asset

Located in the southwestern area of the Athabasca Basin in the premier mining jurisdiction of Saskatchewan, the deposit boasts uranium grades over 1700x the global average.

in crystalline-granite rock, the Project will be a conventional underground mine with minimal surface disturbance and a first-of-itskind tailings management solution.

PANELISTS

Courtney Adler Risk Leader, Ernst & Young LLP

Courtney is a leader in the Consulting practice of EY. She currently leads the Enterprise Risk Practice and is the Consulting Risk Leader for Energy and Resources. She has 21 years of experience with EY and rimarily serves the rms largest mining and natural resources clients. e majority of Courtney’s experience has been serving some of EY’s largest and most complex accounts and focusing on assisting clients with solving their largest issues. She has extensive experience in transformation programme leadership, regulatory compliance design and implementation, risk management, governance, compliance automation and technology, operational and nancial process assessment, control design and implementation, information security, Information Technology (IT) controls, third party and supplier risk management, compliance assessments, nance and risk transformations, and both internal and external audits. She has worked in several EY Global o ces including London, Atlanta, NYC, and Santiago, Chile.

Courtney is a successful integrator and team leader and knows how to e ectively drive the use of Global resources. She has served as the Client Executive on a signi cant number of large public national, multi-national, and global companies.

Courtney is a leader in people and inclusiveness initiatives and has a passion for developing under represented talent. She is pleased to be moderating the panel for Driving the Green Energy Transition and Unlocking Opportunities for the Next Generation.

Jonathan Cordero

Head of Corporate Development – Eurasian Resources Group (ERG)

Jonathan D. Cordero has more than 10 years senior level experience in General Management, Strategy and M&A, Operational Improvements & Turnaround, Valuation & Business Modeling as well as Due Diligence. As Head of Corporate Development at Eurasian Resources Group, He is responsible for Global Ventures Development, Strategy and M&A for its international business.

Prior to joining ERG, Mr Cordero worked for Bryanston Resources in Zug, Switzerland, a specialised advisory and investment rm in the commodities space. He has also served as a board member at various companies, including TSX listed Africo Resources. Mr Cordero holds a Master of Science degree in Management from HHL- Leipzig Graduate School of Management.

PANELISTS

Kevin PCJ D’Souza

Chief Sustainability O cer, Resource Capital Funds

Kevin is a recognized professional and thought leader, with over 30 years of direct experience in over y countries, in ESG-related issues in the mining sector. He is currently the Chief Sustainability O cer with Resource Capital Funds where he leads the full integration of ESG throughout the company’s investment processes. Kevin has a proven and successful track record focused on creating ESG value through informed strategic planning, governance, and tactical operational implementation for numerous top, mid-tier, and junior mining companies. He has worked directly for or consulted to, numerous mining companies including many of the industry’s majors such as Barrick Gold, AngloGold Ashanti, Gold Fields, Rio Tinto, BHP Billiton, Kinross, and De Beers and was recently the VP of Security, Sustainability & Environment for Centerra Gold. Kevin has also worked extensively on mining-related developmental programs with International Funding Institutions (IFIs) supporting emerging market Governments on mining policy reform and investment programs (including the World Bank, IFC, EBRD, ILO, USAID and the UK’s DFID).

Graham Dallas

Head Business Development, EMEA at Toronto Stock Exchange and TSX Venture Exchange

Graham Dallas covers the Europe, Middle East & Africa region for Toronto Stock Exchange and TSX Venture Exchange, where he’s responsible for both listings and investor business development. Graham has extensive experience in the debt and equity capital markets of Asia, Europe and North America with a particular emphasis on both the challenges and opportunities presented by cross-border listing. He joined TSX in 2013 and has previously worked for both the London Stock Exchange and Nasdaq.

Martino De Ciccio

Deputy CFO and Head of Investor Relations, Endeavor Mining

Martino De Ciccio has over 15 years’ experience in corporate nance, strategy, and capital markets, with a strong track record of value creation. He joined Endeavour Mining in 2015 as Vice President, Strategy and Investor relations and was promoted to Deputy CFO and Head of Investor Relations in January 2023. He played a pivotal role in Endeavour’s transformation from a $250 million market cap to a FTSE100, $8 billion-plus market cap company and one of the largest gold producers in the world, garnering over 25 investor relations achievement nominations, including repeatedly winning best across all sectors. Prior to joining Endeavour, Martino played a key role in growing La Mancha Resources from a $20 million market cap which culminated into a $500 million take-private o er. As Strategy and Business Development Manager, he then helped lead the private company’s transformation from an emerging gold producer into one of the largest gold investment funds with cornerstone holdings in Evolution Mining and Endeavour, which was recognised with an Emerging Leader Award. Martino earned a B.Com in Finance from McGill University and is a CFA charterholder.

Jocelyn Douhéret

Director, Mining Policies, Ministry of Natural Resources and Forests

Jocelyn Douhéret joined the Ministry of Natural Resources and Forests as Director of the Mining Policies O ce in February 2023. Previously, he worked more than 6 years as Director of the Marketing O ce at Société du Plan Nord. Mr Douhéret also held di erent positions during 10 years in the mining sector as General Manager of an environmental services company, then as Director and Vice President of Business Development for a company o ering services and equipment.

From 1998 to 2006, he worked for Québec companies on industrial development projects in Eastern Europe, Latin America as well as Canada, particularly in the elds of natural resources, energy, and environment. Mr. Douhéret began his career in 1996 as a scienti c attaché at the French Embassy in Slovakia. He is a graduate of ENESAD (Dijon, France, 1994) and holds a master’s degree in science from Université Laval (Québec, Canada,1996).

Antti Grönlund

Managing Director (Private Equity), Appian Capital

Antti is a Managing Director (Private Equity) at Appian Capital Advisory and is responsible for originating, evaluating, structuring, executing, and monitoring private equity investments at the rm as week as overseeing the Finance Team. Previously Antti headed the Energy & Resources team at Triton Partners, a private equity investor. He has also held private equity investment roles at First Reserve and Quadrangle Capital with focus on investing and developing industrial and infrastructure businesses. Antti started his career at JPMorgan working in London and New York across its investment banking division.Antti earned his MSc Degree from Helsinki School of Economics (‘HSE’) and a joint CEMS Management master’s degree from HSE/London School of Economics.

Battery Nickel Demand Is Forecasting Major Growth By 2030. Power Nickel (PNPN.V) Is In An Excellent Position To Capitalize.

• Automakers to double EV battery spend to $1.2 trillion by 2030 - Nickel Demand Expected To Explode.

• Power Nickel’s (PNPN.V) Nisk deposit has the lowest market cap per pound of NiEQ in ground - with Class 1 nickel.

• An “ultra mafic” deposit with comparables at Lynn Lake (22m tons) and Voisey’s Bay (50m tons), which sold for$4.5 billion.

• Located In Quebec - a top North American jurisdiction for mine development with financing incentives.

Investor Catalyst: Drill Results+ Assays Are Expected By The End Of November. Final Assays In Feb, 2023 - Followed By An Updated 43-101.

PowerBoost Batteries fuel demand for nickel over the next decade

NICKEL MINES TO MEETPROJECTED 2030 EV DEMAND. THAT’S GREAT NEWS FOR POWER

PANELISTS

communitiesandadvancingtoward economic reconciliation.

Dr. Chris Hinde Director, Pick & Pen Ltd.

Xwistenwillcollaborateonamore advancedagreement.Taliskeralso workscloselywiththeTi’q’et,Tsal’alh, N’quat’quaNationswhoaremembers ofthecompany’senvironmental monitoring board.

On his retirement from S&P Global Market Intelligence (formerly McGraw-Hill Financial) in September 2018, Chris formed the UK-based consultancy Pick and Pen Ltd, which specialises in reporting on trends and recent developments in the international mining industry, and on providing training seminars on the sector; ‘Inside Mining’.

bridging agreement that will lay a solid foundation for the way forward,” said Terry Harbort.

As a director at S&P Global, Chris was responsible for the New York-based group’s metals and mining reports, which centred upon the quarterly State of the Market publication.

Before S&P Global, Chris had worked for IntierraRMG (subsequently SNL Metals & Mining, which was acquired by McGraw-Hill Financial in 2015). Chris was previously Editorial Director of Aspermont UK, whose publications include the weekly Mining Journal and monthly Mining Magazine. He was instrumental in launching the Mines and Money series of conferences, and was recently again involved with these events as Chief Commentator for the organiser, Mining Beacon. Chris currently writes a regular column for Northern Miner.

communitiesandadvancingtoward economic reconciliation.

Stephen Mullowney CEO, TRX Gold

Taliskerhasasuccessfultrackrecordof developingmutuallybeneficial,longtermrelationshipswithFirstNations stakeholdersbasedonunderstanding, trust,andtransparency.AstheBralorne projectresidesonthetraditionalland oftheSt’át’imcNations,Taliskerhas acloseworkingrelationshipwiththe BridgeRiverIndianBand(“Xwisten”), aSt’át’imccommunity.Anexploration agreementiscurrentlyinplace,and astheprojectprogresses,Taliskerand

top ESG engagers in the province with decades of industry experience, working on both sides of the table.”

Xwistenwillcollaborateonamore advancedagreement.Taliskeralso workscloselywiththeTi’q’et,Tsal’alh, N’quat’quaNationswhoaremembers ofthecompany’senvironmental monitoring board.

OntheNovaandCyclonegreenfield projects,Taliskerrecentlysecureda memorandumofunderstanding(MOU) withtheBonaparteIndianBand,a memberbandoftheShuswapNation TribalCounciloftheSecwepemcpeople. Withamembershipofaround900people, theBandislocatedwestofCacheCreek onabout1,878hectaresofland.Onthe GoldenHornetproject,anMOUwas securedwiththePentictonIndianBand, whichhasapopulationofover1,000 peopleandtraditionallandspanning more than

Chris is a quali ed Mining Engineer (with a BSc and PhD from Cardi University in 1972-78) and has extensive mining experience. e latter includes underground work with Anglo American Corp in South Africa, consultancy with both SRK in Johannesburg and Golder Associates in the UK, and stockbroking with Schroder Securities in London. In addition to South Africa, his mining experience includes work in Botswana, Malaysia and Turkey.

communitiesandadvancingtoward economic reconciliation.

“We’re working on a bridging agreement that will lay a solid foundation for the way forward,” said Terry Harbort.

“The addition of Christy Smith to our Board is a major step up for our company, and we’re incredibly pleased to have her take on this senior directional role,” said Terry Harbort. “She’s one of the top ESG engagers in the province with decades of industry experience, working on both sides of the table.”

Taliskerhasasuccessfultrackrecordof developingmutuallybeneficial,longtermrelationshipswithFirstNations stakeholdersbasedonunderstanding, trust,andtransparency.AstheBralorne projectresidesonthetraditionalland oftheSt’át’imcNations,Taliskerhas acloseworkingrelationshipwiththe BridgeRiverIndianBand(“Xwisten”), aSt’át’imccommunity.Anexploration agreementiscurrentlyinplace,and astheprojectprogresses,Taliskerand

Taliskerhasasuccessfultrackrecordof developingmutuallybeneficial,longtermrelationshipswithFirstNations stakeholdersbasedonunderstanding, trust,andtransparency.AstheBralorne projectresidesonthetraditionalland oftheSt’át’imcNations,Taliskerhas acloseworkingrelationshipwiththe BridgeRiverIndianBand(“Xwisten”), aSt’át’imccommunity.Anexploration agreementiscurrentlyinplace,and astheprojectprogresses,Taliskerand

Xwistenwillcollaborateonamore advancedagreement.Taliskeralso workscloselywiththeTi’q’et,Tsal’alh, N’quat’quaNationswhoaremembers ofthecompany’senvironmental monitoring board.

Mr. Mullowney is a former Partner and Managing Director of PricewaterhouseCoopers LLP (PwC) and PWC Canada’s mining deal leader. Stephen has an extensive mining background, working with miners, Governments, and institutional investors across the world and supporting them in making key strategic business, nancing, and policy decisions. Mr. Mullowney is a CA, CPA, CFA and holds a BBA from Acadia University.

“We’re also collaborating with Xwisten on business development initiatives that can open opportunities in earthworks, transportation, and camp services. We’re excited about building these relationships as we prepare to enter into a longer-term IBA on the road to production.”

“We’re also collaborating with Xwisten on business development initiatives that can open opportunities in earthworks, transportation, and camp services. We’re excited about building these relationships as we prepare to enter into a longer-term IBA on the road to production.”

OntheNovaandCyclonegreenfield projects,Taliskerrecentlysecureda memorandumofunderstanding(MOU) withtheBonaparteIndianBand,a memberbandoftheShuswapNation TribalCounciloftheSecwepemcpeople. Withamembershipofaround900people, theBandislocatedwestofCacheCreek onabout1,878hectaresofland.Onthe GoldenHornetproject,anMOUwas securedwiththePentictonIndianBand, whichhasapopulationofover1,000 peopleandtraditionallandspanning more than 18,700 hectares.

Taliskerwillcontinuebuilding relationshipswithallFirstNations communitiessurroundingBralorne, theBridgeRiverValley,andSquamish LillooetRegionalDistrict.The companywillremaincommittedto engagingopenlyandtransparently, seekinginputthrougheachstageof theexplorationprocess,andacting onconcernswhencommunities bring them

“We’re working on a bridging agreement that will lay a solid foundation for the way forward,” said Terry Harbort.

“We’re also collaborating with Xwisten on business development initiatives that can open opportunities in earthworks, transportation, and camp services. We’re excited about building these relationships as we prepare to enter into a longer-term IBA on the road to production.”

ww

OntheNovaandCyclonegreenfield projects,Taliskerrecentlysecureda memorandumofunderstanding(MOU) withtheBonaparteIndianBand,a memberbandoftheShuswapNation TribalCounciloftheSecwepemcpeople. Withamembershipofaround900people, theBandislocatedwestofCacheCreek onabout1,878hectaresofland.Onthe GoldenHornetproject,anMOUwas securedwiththePentictonIndianBand, whichhasapopulationofover1,000 peopleandtraditionallandspanning more than 18,700 hectares.

Taliskerwillcontinuebuilding relationshipswithallFirstNations communitiessurroundingBralorne, theBridgeRiverValley,andSquamish LillooetRegionalDistrict.The companywillremaincommittedto engagingopenlyandtransparently, seekinginputthrougheachstageof theexplorationprocess,andacting onconcernswhencommunities bring them forward.

LearnmoreaboutTaliskerResources at: taliskerresources.com

Taliskerwillcontinuebuilding relationshipswithallFirstNations communitiessurroundingBralorne, theBridgeRiverValley,andSquamish LillooetRegionalDistrict.The companywillremaincommittedto engagingopenlyandtransparently, seekinginputthrougheachstageof theexplorationprocess,andacting onconcernswhencommunities bring them forward.

LearnmoreaboutTaliskerResources at: taliskerresources.com

“The addition of Christy Smith to our Board is a major step up for our company, and we’re incredibly pleased to have her take on this senior directional role,” said Terry Harbort. “She’s one of the top ESG engagers in the province with decades of industry experience, working on both sides of the table.”

“We’re working on a

TSX.V: TUD | Frankfurt: H56 | OTC: TDRRF

“The addition of Christy Smith to our Board is a major step up for our company, and we’re incredibly pleased to have her take on this senior directional role,” said Terry Harbort. “She’s one of the

Jean-Phillippe Mai President & CEO, Dundee

Mr. Mai holds a degree in Geology from the University of Quebec in Montréal and over 15 years’ experience in the mining and metal industry as an executive, senior project manager and geologist in coal, base metals and gold projects in Canada, Australia and South America. Mr. Mai has been with Dundee Sustainable Technologies since 2013, and with strong business oriented, geochemistry, gold metallurgy and processing skills, he has been a key player in the development and commercialization of the Corporation’s Proprietary Processes and current implementation projects.

Adrian Pocobelli

Podcast Host, The Northern Miner

Adrian Pocobelli is a broadcaster and artist based in Berlin, Germany. He was online editor of e Northern Miner website from 2012-2019 and since 2019 has been host of e Northern Miner Podcast. His interest in natural resources derives both from his love of nancial markets as well as his interest in the role they’ve played both politically and economically throughout history.

INVESTOR PRESENTATIONS

Spiros Cacos Vice President, Investor Relations, Century Lithium

Mr. Cacos has over 20 years of investor relations experience working with public mining companies, ranging from earlystage exploration and development to production. Most recently, Mr. Cacos served as Vice President, Investor Relations for First Mining Gold, a Canadian gold development company listed on the TSX and OTCQX, focused on the development and permitting of the Springpole Gold Project, one of the largest undeveloped gold projects in Canada. His prior roles include serving as Vice President, Investor Relations for Group Eleven Resources Corp., a mineral exploration company focused on advanced stage zinc exploration in Ireland, and as Director of Investor Relations for Great Panther Mining Limited (formerly Great Panther Silver Limited), a primary silver mining company listed on the TSX and the NYSE with two mining operations in Mexico. Mr. Cacos holds a Master’s degree in International Relations and Diplomacy, from the Schiller International University in Paris, France, and a Bachelor of Arts Degree from Simon Fraser University in British Columbia, Canada.

Normand Champigny Chief Executive O cer, Director, Quebec Precious Metals Corporation

Mr. Champigny is a geological engineer with extensive experience with both public and private companies, both domestically and internationally and is currently a director of Bonterra Resources. He has been involved in many facets of the mining industry, including engineering, project evaluation, and project management. Mr. Champigny is a member of the Ordre des Ingénieurs du Québec and Director of Mining Matters. Until recently, Mr. Champigny was an Executive Committee Member of the Prospectors & Developers Association of Canada. He was Chair of the Board of Directors of Minalliance, an organization raising awareness about the mining industry in Quebec and highlighting its positive contribution to Quebec’s social, economic, and environmental development. Mr. Champigny is a graduate from École Polytechnique in Montreal (B.A.Sc), University of British Columbia (M.A.Sc), and Paris School of Mines (Specialized Diploma in Geostatistics).

Igniting prosperity with Marban Alliance

INVESTOR PRESENTATIONS

Steve Cochrane President & CEO, Lithium Chile

Mr. Cochrane has 36 years of investment industry experience during which he has participated in raising in excess of $500,000,000 for a variety of “small cap” public companies in various businesses and industry sectors including mining. In addition to having been associated with numerous domestic transactions, Mr. Cochrane has also been involved with many international opportunities – primarily in China and most recently with a series of mining projects and concessions in Cambodia owned by a Canadian public company. Mr. Cochrane’s extensive capital market experience will be an invaluable asset as Lithium Chile continues with the roll-out and expansion of its lithium strategy.

Eduardo Covarrubias Chairman, Los Andes Copper Ltd.

Mr. Covarrubias has been overseeing the mining interests of Turnbrook Corporation prior to the recent consolidation of ownership of the Vizcachitas project.

Mr. Covarrubias was a banker with the Chase Manhattan Bank for almost a decade, covering the mining sector in Chile. He was based in New York and Santiago and his responsibilities included project nancing, structured nance and mergers and acquisitions transactions. He is a Chemical and Industrial Engineer from e Catholic University of Chile and holds a MSc in Management from the Massachusetts Institute of Technology (MIT).

Stuart Harshaw CEO & President, Nickel Creek Platinum Corp.

Stuart Harshaw is a seasoned mining executive with a successful international career with Vale SA and Inco Limited, prior to joining Nickel Creek Platinum. His last role with Vale, as Vice President of Ontario Operations for Vale, Mr. Harshaw was responsible for the Base Metal operations of Vale in Ontario, which includes six underground mines, mill, smelter, nickel re nery, cobalt re nery, precious metal re nery and Hydro Electric production facilities. Previously, he held various senior roles with Vale including the marketing and sales of a broad range of metal concentrates and nished metals worldwide. Prior to joining Nickel Creek Platinum, he has been consulting in the global mining business and is a member of the Board of Directors of several mining companies. Mr. Harshaw earned a BSc. in Metallurgical Engineering from Queen’s University and an MBA from Laurentian University.

Unlocking Tomorrow’s Energy

INVESTOR PRESENTATIONS

Erfan Kazemi President & CEO, Horizon Copper

Erfan Kazemi brings years of experience to Horizon Copper. Since 2011, Erfan has held the role of Chief Financial O cer at Sandstorm Gold Royalties where he has helped raise over a billion dollars in equity and debt nancing. He has also played a critical role in the success of Sandstorm’s royalty investments through his responsibilities on the corporate development front and the company’s investment committee. Erfan is a Chartered Professional Accountant (CA), a Chartered Financial Analyst charter holder, and a graduate of the University of British Columbia with a Bachelor of Science degree in Mathematics. In addition to his role with Horizon Copper and Sandstorm, Erfan also serves in the community. He is the former Vice-Chair of the Vancouver Public Library board of directors and former member of the Library’s Foundation board. He is also a former member of the University of British Columbia board of directors. Erfan is not without his share of accolades and has been recognized as one of Canada’s Top 40 under 40, named by the Globe and Mail as one of Canada’s 50 best executives, awarded Business in Vancouver’s CFO of the Year, the Institute of Chartered Accountants of British Columbia’s Early Achievement Award and Community Service Award, and the University of British Columbia Alumni Association’s Outstanding Student of the Year Award.

Ken Konkin President & CEO, Tudor Gold Corp.

Mr. Konkin has over 35 years of geological experience throughout the Americas and Russia. He worked for Silver Standard for 19 years and managed advanced exploration programs at Manantial Espejo (Argentina), San Luis and Berenguela (Peru) as well as Snow elds (Canada) in the Golden Triangle, BC. Mr. Konkin was appointed the Project Manager for Pretium Resources a er it purchased the Snow elds-Brucejack Project from Silver Standard in 2010. Subsequently, he was instrumental in the discovery of e Valley of Kings deposit at the Brucejack Lake Mine, an 8-million-ounce gold deposit currently in production. During his tenure with Pretium, the company received the Bill Dennis Award in 2013 for a Canadian discovery (presented by the Prospectors & Developers Association of Canada); Mr. Konkin was also the co-recipient of the prestigious H.H. ‘Spud’ Huestis Award for ‘excellence in prospecting and mineral exploration in B.C. and/or Yukon’ in 2017.

Critical metals essential

Geopolitical conflict and resource nationalism are fueling critical metals focus

Robust projects

Our projects have grade, scale, economics and upside potential

Upcoming bull market

Current crisis has highlighted fragility in critical metals market

Big names invested

Teck and Lundin have invested, others are watching

INVESTOR PRESENTATIONS

Monica Kras

Vice President, Corporate Development, NexGen

Monica Kras has over 10 years of Capital Markets experience. She has been involved in thousands of transactions across various sectors assisting in raisings of over $150 billion in aggregate value for publicly listed and private companies. Prior to NexGen, Monica served as Director of Institutional Equity Sales at Canaccord Genuity, where she headed up Canadian equity distribution into the United Kingdom and Europe. Monica began her career in nancial services as a sales associate with ScotiaMcLeod, before transitioning to Institutional Equity Sales at Beacon Securities, and eventually joining Canaccord in 2014. Monica holds a Bachelor of Arts from the University of Western Ontario specialising in Economics.

Terry Lynch CEO, Power Nickel Inc.

Mr. Lynch is currently CEO of Power Nickel Inc. a publicly held mining company with the advanced stage Nisk Nickel project south of James Bay Quebec. It also has projects in BC’s Golden Triangle and Chile. Mr. Lynch is also the Founder and Managing Director of Save Canadian Mining. Save Canadian Mining was launched in November2019 to unify Canada’s junior mining sector in requesting regulatory changes in Canada’s capital markets. e organization is supported by the TSX Venture Exchange, the Ontario Mining Association, the Ontario Prospectors Association, as well as mining industry leaders like Eric Sprott (Sprott Mining) Sean Roosen (Osisko Mining), Keith Neumeyer (First Majestic Silver Corp), and Rod McEwan (McEwan Mining Inc) and over 25 junior mining companies and over 3,000 members. Mr. Lynch graduated in 1981 from St. Francis Xavier University with a joint honours degree in Economics and BBA. Prior to becoming a director with International PBX Ventures in 2012, Mr. Lynch had been CEO of privately held Nevada-focused Relief Gold. He also had been a director and later CEO of TSX- listed Firstgold Corp. He assumed the CEO position a er the company had run into nancial di culty bringing its Relief Canyon mine into production. He arranged a sale of 51% of the company for a total capital injection of $26.5 million from Northwest Non-Ferrous Metals, one of China’s largest mining engineering and consulting groups. From 2005 to 2008 Mr. Lynch was a partner with Kingsmill Capital Partners, a nancial advisory rm specializing in advising public and private early stage growth companies. Prior to joining Kingsmill Capital he spent 15 years operating start-up companies in industrial products, oil and gas and media. Mr. Lynch was also the Cofounder of TSX and NASDAQ listed Cardiol erapeutics. A leader in producing Pharmaceutical CBD and developer of ground breaking therapies for heart disease.

REVENUE GROWTH DISCOVERY

Cu/Au/Fe Production and Processing assets in Chile creates a sustainable business providing opportunity to focus on exploration upside

Focusing on Near-Term Producers

Generates production revenue with lower capital and risk

A New Discovery With District Scale Potential

The Grasset Ni-Cu-Co-PGM Project is 100% owned by Archer and hosts a 5.5Mt @ 1.53% NiEq Indicated Resource.

Macroeconomic outlook supports higher global price trends

Strong Management and Technical Teams

Metals Group has a wellestablished record of generating shareholder value with a strong technical proficiency and incountry experienced teams

Situated along the Grasset Ultramafic Complex, the vast majority of the 23 km long corridor remains underexplored with several nickel sulphide discoveries that have seen little-to-no follow up.

 Grasset deposit is open at depth and along strike

 23 km long underexplored ultramafic corridor

 Top-tier jurisdiction with existing mine infrastructure

 Strong and seasoned team with a diverse skill set

 Market tailwinds as demand for battery metals surges

Revenue Generator ModelLeveraging the Copper Gold, and Iron Markets

INVESTOR PRESENTATIONS

Brandon MacDonald CEO, Fireweed Metals

Mr. Macdonald is a professional geologist with a diverse experience base including exploration geology worldwide and investment banking. In recent years he has focused his e orts in exploration and development as a principal of and consultant to various junior mining companies. In the past he was in the City of London where he worked in structuring nancings and risk management at Macquarie Bank. In 2007 Mr. Macdonald graduated with an MBA (with Distinction) from Oxford.  He completed his B.Sc. in Geology from UBC in 2000. Mr. Macdonald has a long history of mining exploration work in Yukon, including zinc projects, and originally hails from Ross River, near the Macmillan Pass Project site.

Francis MacDonald CEO, LiFT Power

Mr. MacDonald has many years of experience in the mining industry and is an exploration geologist. He co-founded Kenorland Minerals, a North America-focused company generating green eld exploration opportunities across di erent commodities. Prior to 2016, Mr. MacDonald worked with Newmont Mining doing green eld exploration in Nunavut, West Africa, and East Africa.

W. Alastair McIntyre Chief Executive O cer, Altiplano Metals

Alastair McIntyre is an accomplished metals and mining executive having held senior bank roles with leading resource banks in Toronto, New York, Sydney, and Hong Kong where he was responsible for generating and executing commodity nancing and price risk management structures with global metals producers and consumers. Mr. McIntyre has also held numerous capital market and technical advisory roles starting his career as a geologist. Alastair currently serves as CEO of Altiplano Metals focusing on production and processing of copper, gold and iron, and as a Director at Vox Royalty. Mr. McIntyre holds MAusIMM (CP-Man) and P.Geo (Limited) professional accreditations and has B.Sc. (Geology) and B.Comm. (Bus Admin and Economics) degrees from Dalhousie University.

NORTHISLE COPPER AND GOLD INC.

Northisle is developing its highly propsective North Island Copper Gold Project in BC, Canada. With a PEA showing a 19% after-tax IRR and more than 34,000 hectares of porphyry belt being actively explored, Northisle is positioned to be Canada’s Leading Critical Metals Company for the Future.

Learn more on our website at www.northisle.ca or contact us at info@northisle.ca

INVESTOR PRESENTATIONS

Tom Meyer President, CEO & Director, Archer Exploration Corp.

Mr. Meyer is a professional engineer with over 23 years in the mining industry, including 16 years in Canadian and international capital markets as a highly ranked and respected mining equity research and commodity analyst. e early part of Mr. Meyer’s technical training and experience was spent with Falconbridge Limited, Inco Limited, Hemlo Gold Mines and Minnovex Technologies. Mr. Meyer holds B.A.Sc. and M.A.Sc degrees from the University of Toronto and a Master of Business Administration (Finance) from McMaster University. He is a Chartered Financial Analyst and a Registered Professional Engineer in the Province of Ontario.

Anthony Moreau CEO & Director, American Eagle Gold.

Anthony Moreau is the CEO and Director of American Eagle Gold.  He is also a Director of QC Copper & Gold and Orecap Invest Corp, both TSXV listed companies.  He previously worked with IAMGOLD comprising di erent roles within the organization, most recently Business Development and Innovation.   He gained valuable experience working in a continuous improvement function at the Rosebel Gold Mine in Suriname.  Tony has spearheaded many industry initiatives, one of them being an international co-op peer benchmarking program owned and run by the participating mining companies.  He leads the Young Mining Professionals Toronto Chapter and is the Co-Chair of the YMP Scholarship Fund.  A graduate of the Queen’s School of Business, Anthony is a Chartered Financial Analyst.

Martin Pawlitschek

CEO, Director and Co-Founder, Sanu Gold Corp.

Mr. Pawlitschek, CEO, Director and Co-Founder of Sanu Gold Corp., is a seasoned mining professional with more than 25 years’ experience in the industry. He has extensive experience in the exploration and development of mining assets throughout Africa, Australia and South America and was instrumental in the exploration and delineation of the Sabodala Gold Mine (currently owned and operated by Endeavour Mining) in Senegal with Mineral Deposits Limited and subsequently Teranga Gold Corporation. In 2018, Mr. Pawlitschek co-founded Sanu Gold Corp. and in mid-2022 led the company through a successful IPO on the CSE. Prior to listing, he held a senior technical role with a private equity rm based in London. Mr. Pawlitschek is a graduate from the University of New South Wales (Masters Engineering) and the University of Technology, Sydney (B.Sc.,(Hons), Applied Geology) and is a Member of the Australian Institute of Geoscientists (AIG).

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• Will be Canada’s largest critical minerals mine

• Is projected to contribute $44.3B to Canada’s GDP over the life of the project

• Has strategic investments by Rio Tinto and Mitsubishi Materials that strengthen credibility and execution of the project

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INVESTOR PRESENTATIONS

Luquman Shaheen

President & CEO, Panoro Minerals Ltd.

Mr. Luquman Shaheen, President & Chief Executive

O cer of Panoro Minerals Ltd., is an accomplished Mining Industry professional with over 30 years of extensive global experience. Almost two decades of experience in senior management and board roles with publicly listed mining and exploration companies. A strategic thinking President and CEO with a career of demonstrated success in the capital markets, having negotiated over $600 million in nancings through private placements, prospectus o erings, joint ventures and precious metal streaming transactions.

Alexandra Woodyer Sherron

CEO & President, Empress Royalty

Alexandra has over 20 years of experience in the mining industry. Alexandra started at PricewaterhouseCoopers before joining Endeavour Financial, a global mining nance advisory rm. During her investment banking career in London, she was Director Structured Financing and involved in the successful completion of over US$1.5 billion in nancings for clients including Bema Gold (Kupol Mine), European Minerals (Varvarinskoye Mine), Nevsun Resources (Bisha Mine), Uranium One and Wheaton River Minerals.

Amandip Singh

Vice President, Corporate Development, West Red Lake

Mr. Amandip Singh is a geologist and mining professional with over 15 years of progressively senior experience in the mining industry, nance, and academia. Prior to joining West Red Lake Gold, Mr. Singh was the Vice President of Corporate Development for Magna Gold Corp, a Mexico based gold producer. Mr. Singh was part of the management team that saw the Saddle North Cu-Au porphyry project advance from discovery to eventual acquisition by Newmont Mining in a transaction valued at USD $311M. As a nance professional, Mr. Singh was a sell-side mining analyst at a boutique mining focused brokerage, his coverage ranged from developers all the way up to senior producers. He has also worked as an exploration geologist, most notably with Noront Resources (acquired by Wyloo Metals) and was part of the team responsible for completing the initial bankable feasibility study on the Eagles Nest Ni-Cu-PGE deposit in Northern Ontario. Mr. Singh holds a Bachelor of Science degree in Geology from the University of Toronto.

Stephen Steward

Chairman & CEO, Orecap Invest Corp.

Stephen is the CEO and Chairman of Orecap Invest Corp. He is also the Chairman of QC Copper & Gold, American Eagle Gold, Mistango River Resources, Metal Energy, and Baselode Energy Corp., and a director of Awale Resources. Stephen also founded the Ore Group, an organization focused on natural resource discovery and development.

Stephen is the founder of Young Mining Professionals Global Group and Chairman of the Young Mining Professionals Scholarship Fund, the largest mining-focused charitable organization and fund supporting mining engineering and geology education in Canada.

Stephen holds a Bachelor of Arts from the University of Western Ontario, a Master of Business Administration from the University of Toronto’s Rotman School of Management, and a Master of Science from the University of Florida.

BWCG

TSX.V: BWCG

TSX.V: BWCG OTC: BWCGF

INVESTOR PRESENTATIONS

James Sykes CEO, Metal Energy Corp.

James brings more than 15 years of mineral exploration and discovery experience to the team, most notably from prominent roles in high-grade uranium and rare earth element successes. Over the past decade, he has been directly and indirectly involved with the discovery of over 500 M lbs. of U3O8 in the Athabasca Basin, having helped generate billions of dollars in shareholder appreciation. James is also the CEO of Baselode Energy Corp., where they made a new uranium discovery with the company’s rst drill program.

Rob van Egmond VP Exploration, Dolly Varden Silver Corp.

Rob van Egmond is a professional geologist with over 25 years of experience in the international mining industry. His career encompasses a wide spectrum of experiences ranging from grass roots project generation to pre-feasibility level resource development and mine geology. He has worked with major mining companies (Cominco, BHP, Kennecott) and junior explorers (Orex Minerals, Platinum Group Metals, Candente, Northern Dynasty, Keewatin) gaining experience in a wide variety of commodities and deposit types spanning locations North and South America as well as Africa. Included in his experience are several years of exploration and pre-development work in the Iskut River/ Golden Triangle area with Cominco. Mr. van Egmond holds a Bachelor of Science in Geology from the University of British Columbia and is a registered professional geoscientist in good standing with Engineers and Geoscientists British Columbia (EGBC).

Jose Vizquerra President, CEO & Director, O3 Mining

Mr. Vizquerra is President and Chief Executive O cer, and a director of O3 Mining Inc. (“O3 Mining”). Prior to his appointment at O3 Mining, Mr. Vizquerra was Executive Vice President of Strategic Development for Osisko Mining Inc. (“Osisko”). Mr. Vizquerra joined Osisko from Oban Mining Corporation (“Oban”), where, as President and Chief Executive O cer, he played a leading role in the combination of Oban, Corona Gold Corporation, Eagle Hill Exploration Corporation, and Ryan Gold Corporation to form Osisko. rough ambitious drilling and prudent capital raising, Osisko has become the highly valued proponent of the world-class Windfall gold project. Before that, Mr. Vizquerra was Head of Business Development for Compañia de Minas Buenaventura. Previously, he was a production and exploration geologist at the Red Lake gold mine in Ontario. Mr. Vizquerra currently serves as a director of Osisko and Silver Mountain Resources, and as an advisor to the boards of Discovery Metals Corporation and Palamina Resources.

e Young Mining Professionals recognized Mr. Vizquerra as one of their Young Mining Professionals of the year with the 2019 Peter Munk Award. Mr. Vizquerra is an alumnus of the General Management Program at the Wharton School of Business. He holds an MSc in Mineral Exploration from Queens University and a B.Sc in Civil Engineering from UPC Universidad Peruana de Ciencias Aplicadas.

Mr. Vizquerra is a “quali ed person” for purposes of NI 43101.

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BUILDING

THOUGHT LEADERSHIP PANEL

FRIDAY, OCTOBER 13TH, 2023

11:05-11:50AM EST

Québec’s novel approach to project derisking

FRIDAY, OCTOBER 13TH, 2023

3:00-3:45PM EST

The Road Ahead: Unlocking the innovation gateway

Moderator

Adrian Pocobelli Podcast Host e Northern Miner

Panelist

Sean Roosen Chair of the Board of Directors Osisko Gold Royalties

Panelist

Jocelyn Douhéret Director, Mining Policies Ministry of Natural Resources and Forests

Panelist

Normand Champigny Chief Executive O cer, Director Quebec Precious Metals Corporation

Moderator

Chris Hinde Pick & Pen Ltd.

Panelist

Sean Roosen Chair of the Board of Directors Osisko Gold Royalties

Panelist

John McConnell Director, President & CEO

Panelist

Jean-Phillippe Mai President & CEO Dundee

Panelist

Stephen Mullowney CEO TRX Gold

COMPANY PROFILES

EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today. As part of EY, the Mining and Metals Centre of Excellence (CoE) o ers companies across North and South America access to cutting-edge services and innovation-led solutions to help meet the most pressing needs of mining and metals businesses today and in the future. As an innovation hub, the CoE focuses on creating value for the sector through collaboration of technical mining professionals, EY advisors and networks across the Americas. The CoE supports our clients’ ambitions by providing capabilities and solutions in key focus areas including technical knowledge, digital transformation, operations management, and decarbonization and ESG.

CHAMPION SPONSOR

VISIONARY SPONSORS INVESTMENT WORKSHOP

E3 Lithium is unlocking a new source of North American lithium for a sustainable energy future. With Canada’s largest high confidence lithium resource, advanced technology proven at pilot scale, a best-in class team and strong global partners, E3 Lithium is at the forefront of developing a new hub for the intercontinental critical mineral supply chain.

THOUGHT LEADERSHIP SPONSOR

The TMX Group is a large Toronto-based financial services company that operates the Toronto Stock Exchange (TSX), TSX Venture Exchange, Montreal Exchange, and TSX Alpha Exchange. The group operates exchanges for derivatives, equity, and fixed income trades through trading, clearing, depository, and settlement services.

Dundee Sustainable Technologies is a Canadian Company o ering proprietary metallurgical processes for the treatment of complex and refractory material from mining operations. DST’s processes are applied for the extraction of precious metals and for the removal and stabilization of contaminants, such as arsenic and antimony, from ores and concentrates. DST provides environmentally friendly, viable and e cient processes, capable of handling ores which may not be processed with conventional approaches due to metallurgical issues or environmental considerations.

The Company employs an experienced team of multi-disciplinary engineers, chemists, geologists, technicians, and operators. DST has industrial size demonstration plants at its technical facilities located in Thetford Mines, Canada and at a smelter in Africa. Processes are currently being commercialized and DST is working on implementation projects in Canada, Africa and South America. Further information can be found at https://dundeetechnologies.com/home.

Québec, nearly 220 000 active mining titles, 22 active mines, 36 mining projects, 3.93G $ in private mining investments and 9.47G $ in shipment value. Québec has significant mining potential that accounts for one-fifth of Canada’s mineral production. The province produces and develops 17 metals and 12 non-metallic commodities, making it the most diverse resource base in Canada. Québec is the 1st Canadian province to adopt a plan for critical and strategic minerals and contributes to supplying these minerals, since it produces nickel, niobium and graphite, and mining projects are underway for lithium, vanadium, rare earths and tantalum.

Québec is one of the most attractive mineral jurisdictions in the world with a stable business environment and favourable to investments. We assist companies at all stages in the development of their mining projects. Thanks to hydropower, roughly 99% of our energy is low-cost, stably-priced, clean and renewable and we have a vast infrastructure network including roads, railways, ports and airports. Québec is strategically located north-east of the United States with a year-long maritime access to Ontario and the american midwest through the St-Laurence Seaway. It is close to major population and industrial centres and has easy access to Europe and Asia thanks to its deep-water ports. Québec also works closely with associations representing the mining sector and with communities that host projects. These communities are natural project partners and work with the Government to develop the mining sector. The Government also promotes the mining sector by outlining the principles of sustainable development and best practices of social acceptability through initiatives such as the ECOLOGO certification.

PRESENTING SPONSORS

O3 Mining Inc. is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in Québec, Canada. O3 Mining benefits from the support and expertise of industry leaders as it grows towards being a gold producer with several multi-million ounce deposits in Québec. O3 Mining is well-capitalized and owns a 100% interest in all its properties (66,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSX.V: OIII) and on OTC Markets (OTCQX: OIIIF). The company is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders

Altiplano Minerals Ltd. is a rapidly expanding mineral exploration company focused on evaluating, acquiring and developing projects with significant potential for advancement from discovery through to production, in Canada and abroad. Management has a successful track record of investing in undervalued assets, adding value through technical and market expertise; and delivering returns to shareholders.

Archer Exploration is a Canadian Ni-Cu-Co-PGE focused exploration and development company with an extensive portfolio of assets in Quebec and Ontario, Canada. The Company’s flagship asset is the Grasset Project, located within the Abitibi Greenstone Belt, with an Indicated Resource of 5.5Mt @ 1.53% NiEq. In addition, the Company holds a strategically significant portfolio of 37 properties and over 300 km2 in the world-class mining district of Sudbury, Ontario.

Archer’s vision is to be a responsible nickel sulphide developer in stable pro-mining jurisdictions and is committed to socially responsible exploration and development, working safely, ethically, and with integrity.

COMPANY PROFILES

American Eagle is focused on exploring its NAK project in the Babine Copper-Gold Porphyry district of central British Columbia. The NAK Project is in the Babine copper-gold porphyry district of British Columbia, near past-producing mines and with excellent infrastructure. Previous drilling at NAK revealed a large near-surface copper-gold system measuring over 1.5 km x 1.5 km. Historical exploration was limited to shallow depths, averaging 170 m. In 2022, American Eagle’s 2022 drilling program explored deeper and discovered significant coppergold mineralization. The objective for 2023 is to expand the known mineralized footprint at NAK and identify high-grade sources of copper and gold. The property is accessible by road, can be drilled yearround, and is largely without the need for helicopter support. The promising initial results make NAK an ideal candidate for further exploration. Drilling resumed in June 2023, and the Company released assays for its first hole (NAK23-08) of the 2023 program on August 9, 2023. Highlights of the hole were 776 metres of 0.50% Copper Equivalent from surface.

PRESENTING SPONSORS

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project located in the Golden Triangle of British Columbia, Canada, 25kms by road to deep tide water.

The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

The Company’s common shares are listed and traded on the TSX.V under the symbol DV and on the OTCQX system under the symbol DOLLF.

Century Lithium (TSX.V: LCE) (OTCQX: CYDVF) is a Canadian based advanced stage lithium exploration company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA. Work completed by Century Lithium led to the discovery of a world-class resource of lithium-bearing claystone, adjacent to the Albemarle Silver Peak mine, North America’s only lithium brine operation. At present, the Company is actively processing material from its lithium-bearing claystone deposit at its lithium extraction facility in Amargosa Valley, Nevada, while moving toward the completion of a Feasibility Study and subsequent permitting. Century Lithium’s goal is to become a domestic producer of high-purity lithium carbonate for the growing electric vehicle and battery storage market.

Li-FT is a mineral exploration company engaged in the acquisition, exploration, and development of lithium pegmatite projects located in Canada. The Company’s flagship project is the Yellowknife Lithium Project located in Northwest Territories. The Yellowknife Lithium Project is comprised of mineral leases that cover the majority of the lithium pegmatites that make up the Yellowknife Pegmatite Province. Numerous spodumene-bearing pegmatites with strike lengths up to 1,800 meters and widths up to 37 meters outcrop within the Project are prominent enough to be easily visible from satellite imagery.

Horizon Copper’s mission is to further the global energy transition by helping to meet the global copper demand. An electrified tomorrow means investing in copper mining today. Bringing together industry leaders, Horizon is a growth company focused on copper mining projects that will help supply the world economies with the resources needed for a cleaner tomorrow.

Empress Royalty is a global royalty and streaming creation company providing investors with a diversified portfolio of gold and silver investments. Since publicly listing in December 2020, Empress Royalty has built a portfolio of precious metal investments and is actively investing in mining companies with development and production stage projects who require additional non-dilutive capital. Empress Royalty applies a financially disciplined approach to investing in these cost-e ective operations with strong experienced management teams and excellent upside potential. This business model capitalizes on the stable cash flow and long-term capital gains of streaming and royalty investments which allow Empress Royalty to generate revenue and create value for its shareholders.

Lithium Chile (TSX-V: LITH) has ownership in the largest high-grade lithium reserves in the world comprising of 110,000 hectares in Chile and 20,800 hectares in Argentina. The Phase Two Exploration & Development Program is currently underway in Arizaro, Argentina to expand the resource of 3.32 million tonnes (LCE) as reported in the 43-101. An after tax NPV of US $1.1 B was reported in the PEA with a 24% IRR. An Exploration Program in Chile on 3 key properties, with historical drill results showing high grade lithium, will begin in the second quarter of 2023. The Company has a significant cash position with an experienced team, enabling the Company to move forward one of the largest land portfolios in the junior mining sector.

Los Andes Copper is focused on developing its 100% owned tier one Vizcachitas copper-molybdenum porphyry project in Chile.

Vizcachitas is one of the largest advanced copper deposits in the Americas. Located 150km north of Santiago it is in an area with very good infrastructure and also benefits from a low altitude and year-round working conditions.

Los Andes Copper Ltd. is listed on the TSX-V under the ticker: LA.

Fireweed Metals Corp. is an expansion-stage critical metals exploration company. The Macmillan Pass project in mining-friendly Yukon hosts large, undeveloped zinc-lead-silver deposits, and is a clear standout in terms of scale, economics, and upside potential. The Mactung project, adjacent to Macpass, is one of the world’s largest and highest-grade tungsten deposits.

Fireweed operates under the highest safety and social standards, reflecting its core value of respect for the environment and those they work with.

TSX-V: FWZ | OTCQB: FWEDF | FSE: 20F

Metal Energy is dedicated to the development of its Canadian Lithium and Nickel projects. These two essential commodities play a pivotal role in the global shift towards electrification. The company’s SourceRock Lithium project, situated near Thunder Bay, Ontario, holds significant importance as it is the first Lithium brine project in the province. Furthermore, Metal Energy’s Manibridge project, a former Falconbridge mine in the Thomson Nickel Belt, Manitoba, is located in one of the most prominent nickel districts worldwide. Notably, Metal Energy has achieved a 100% success rate in intersecting Ni-Ci-Co sulphides across all drill holes at Manibridge.

PRESENTING SPONSORS

COMPANY PROFILES

NexGen Energy is a Canadian company focused on optimally developing the Rook I Project into the largest low cost producing uranium mine globally, incorporating the highest levels of environmental and social governance. The Company has a strong portfolio of highly prospective projects, including the Company’s 100% owned Rook I property that is host to the highgrade Arrow Deposit (discovered February 21, 2014), South Arrow (discovered July, 2017), Harpoon (discovered August, 2016), Bow (discovered March, 2015) and the Cannon area (discovered April, 2016).

NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol NXE and on the Australian Securities Exchange under the ticker symbol NXG, and is headquartered in Vancouver, British Columbia, with an operations o ce in Saskatoon, Saskatchewan.

Panoro is a Canadian mineral exploration company focused on exploring large-potential copper/gold projects in Peru where there is excellent geological potential and the right political and economic conditions. The Company holds a large portfolio of properties that includes 10 properties in the Andahuaylas-Yauri province in Southern Peru.Panoro holds a strong commitment to working with Peruvian individuals, communities and businesses. The Company has built a strong reputation in the Peruvian communities in which they operate and has signed a number of community agreements with the local Peruvian indigenous people. Panoro has a head o ce in Vancouver, BC, and a Peruvian o ce in Lima Peru.

Located within Guinea’s Siguiri Basin, a world class gold district that is host to several operating mines and major new discoveries, Sanu Gold is exploring three high quality gold exploration permits. The Company is targeting multi-million ounce gold deposits and has discovered high grade gold mineralization in the inaugural drill programs at both Bantabaye and Daina. Sanu is operated by a highly experienced team, with successful records of discovery, resource development and mine permitting in West Africa.

Nickel Creek Platinum Corp. is a Canadian mining exploration and development company focused on advancing its 100%-owned Nickel Shäw Project towards becoming Canada’s next world-class nickel sulphide mine. Located in the Yukon, our asset is host to over 2.5 billion pounds of nickel, 1.3 billion pounds of copper, 7.0 million ounces of platinum group metals (“PGM’s”) and 137 million pounds of cobalt in the measured and indicated categories –positioning us well for the rapidly growing demand for these urbanization commodities. The Nickel Shäw Project has exceptional access to infrastructure, located three hours west of Whitehorse via the paved Alaska Highway, which further o ers year-round access to deep sea shipping ports in southern Alaska.

Power Nickel is a Canadian junior exploration company focusing on high-potential nickel, copper, gold, and other battery metal prospects in Canada and Chile.

On February 1, 2021, Power Nickel (formerly called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. (CRE: TSXV)

The NISK property comprises a large land position (20 kilometers of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding its current high-grade nickel-copper PGE mineralization Ni 43- 101 resource with a series of drill programs designed to test the initial Nisk discovery zone and to explore the land package for adjacent potential Nickel deposits.

TRX Gold is rapidly advancing the Buckreef Gold Project. Anchored by a Mineral Resource published in May 2020, the project currently hosts an NI43-101 Measured and Indicated Mineral Resource of 35.88 MT at 1.77 g/t gold containing 2,036,280 oz of gold and an Inferred Mineral Resource of 17.8 MT at 1.11g/t gold for 635,540 oz of gold. The leadership team is focused on creating both near-term and long-term shareholder value by increasing gold production to generate positive cash flow. The positive cash flow will be utilized for exploratory drilling with the goal of increasing the current gold Resource base and advancing the Sulphide Ore Project which represents 90% of current gold Resources. TRX Gold’s actions are led by the highest ESG standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in Geita Region, Tanzania.

Orecap seeks Special Situation investments in the natural resource sector that o er shareholders diverse exposure to high returns in precious and critical metal assets and businesses. Orecap has significant equity positions in portfolio companies, such as American Eagle Gold (AE:TSXV | AMEGF:OTCQB), QC Copper and Gold (QCCU:TSXV | QCCUF:OTCQB), Mistango (MIS:CSE) and Awale Resources (ARIC:TSXV) in addition to owning a broad portfolio of land packages focussed on gold, copper and zinc. Agnico Eagle Mines Limited is a 9.9% shareholder and holds an option to acquire up to a 75% interest in Orecap’s Knight and McGarry projects in exchange for spending $60 million on the Projects.

Quebec Precious Metals Corporation is a Canadabased mineral exploration company. The Company is a gold explorer with a land position in the prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation’s Eleonore gold mine.

Tudor Gold Corp. is a precious and base metals exploration and development company with claims in British Columbia’s Golden Triangle (Canada), an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The company’s Treaty Creek Project (in which TUDOR GOLD has a 60% interest) borders Seabridge Gold Inc.’s KSM property to the southwest and borders Newmont Corporation’s Brucejack Mine property to the southeast and host the Goldstorm Deposit, a large gold-copper porphyry system, as well as several other mineralized zones. The Goldstorm Deposit is comprised of an NI 43-101 Indicated Mineral Resource of 23.37 Moz of AuEQ grading 1.13 g/t AuEQ (18.75 Moz gold grading 0.91 g/t, 2.18 Blbs copper grading 0.15 %, 112.4 Moz silver grading 5.45 g/t) and an Inferred Mineral Resource (as defined in NI 43-101) of 7.35 Moz of AuEQ grading 0.98 g/t AuEQ (5.54 Moz gold grading 0.74 g/t, 0.85 Blb copper grading 0.16 %, 45.08 Moz silver grading 5.99 g/t), with a pit constrained cut-o of 0.5 g/t AuEQ and an underground cut-o of 0.7 g/t AuEQ.

PRESENTING SPONSORS

Victoria Gold (“VGCX”) is Leading Yukon’s New Gold Rush. The Company’s core holding is the 100% owned Dublin Gulch property in central Yukon, approximately 375 kilometers north of the capital city of Whitehorse. Dublin Gulch is home to the Eagle Gold Mine - the largest gold mine in Yukon history. As at December 31, 2022, the Reserve is 2.6 million ounces of gold (124 m tonnes grading 0.65 g/t). The long-life Eagle Gold Mine has high likelihood for further mine life extension at depth and along strike. Exploration potential across the greater Dublin Gulch property is excellent and includes priority targets Raven and Lynx among others.

SILVER SPONSORS

Mundoro is a publicly listed royalty generator on the TSX-V (MUN) in Canada and the OTCQB (MUNMF) in the USA. Our portfolio of properties is focused primarily on base metals, predominately on copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA. Mundoro has active JVs with several major miners such as Vale, BHP, Kinross, and JOGMEC, and is generating between $C2-2.5 million in 2023 from partner payments. Additionally, Mundoro is set to drill up to 17,000 meters in 2023, and is on track to be cash-flow positive this year. Through generative alliances, Mundoro is actively growing its portfolio of base metal focused assets.

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 sq-Km highly prospective land package in the Red Lake Gold District of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 sq-Km including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.

Western Copper and Gold’s 100% owned Casino project is a large, advanced stage copper-gold porphyry with a Feasibility Study (June 2022) showing robust economics, long mine life and a resource of 21 million ounces of gold and 11 billion pounds of copper (M+I+I). Additionally, our partnerships with Rio Tinto and Mitsubishi strengthens execution of project. TSX:WRN NYSE American

NorthIsle Copper and Gold Inc. (“NorthIsle”) is a Vancouver based junior resource company committed to the development of the North Island Project on Northern Vancouver Island. The North Island Project is a 38,000 hectare block of mineral titles 100% owned by NorthIsle stretching northwest from the now closed Island Copper Mine of BHP Billiton, which is located 10 km south of Port Hardy.

BRONZE SPONSOR

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,560 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers’ milling operations. The project host both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

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Soma Gold Corp. (“Soma”), listed on the TSXV and OTCQB, owns 100% of the El Bagre mine located on a 29,000 Ha property in Antioquia, Colombia. Soma owns two Merrill Crowe mills on the property, a 450 TPD operating mill and a 275 TPD mill set to restart operations in Q3 of 2023. The two mills can be expanded to 1,400 TPD with all permits currently in place.  The Company produced 23,500 ounces of gold in 2022 and is on track to produce 35,500 ounces in 2023, 45,000 ounces in 2024, and beyond.

Soma and the Government of Colombia have formalized small miners working on the property to ensure that the mined gold is milled and processed by the Company.

Blackwolf Copper and Gold Ltd. (“Blackwolf” or the “Company”) is a mineral exploration and development company based in Vancouver, BC focused on base and precious metal projects located in Alaska and British Columbia.

Guided by our vision and through collaboration with local and indigenous communities, and stakeholders, Blackwolf builds shareholder value with our technical expertise in mineral exploration, engineering and permitting.

Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development, and eventual operation of polymetallic mining projects in high-grade districts, with its principal focus on its flagship Lomero Project in Spain. The Company signed a definitive option agreement with Europa Metals Ltd. in November 2022 pursuant to which Europa has granted Denarius Metals two options to acquire up to an 80% ownership interest in the Toral Zn-Pb-Ag Project, Leon Province, Northern Spain. The Company’s 100% owned Zancudo Project in Colombia provides an opportunity to develop near-term production and cash flow through local contract miners and longterm growth through exploration.

At WEALTH (WCPD Inc), as a leading exempt market dealer o ering e cient structured financing, we are in business of supporting Canadian resource and mineral exploration/development companies. With expertise and a proven track record, we are dedicated to arranging the subscription, donation and sale of flow-through share private placements through a network of national and international investors interested in entering the strategic Canadian mining sector at a discount. We provide flexibility to issuers by providing single raises ranging from $400k to $40M.

Our structured flow-through financings have resulted in over 600 private placements generating over $1 billion for the junior mining sector in Canada.

CANADIAN MINING

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PRESENTING SPONSORS

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