Mining Life & Exporation News - Fall 2024

Promoting interest, understanding and investment within the mining industry.

Fall Issue 2024 PM 40022702 Northern Ontario’s Mining Voice Since 1994

NORTHERN

MINING REPORT

SPECIAL FEATURE:

From Early Discoveries to Modern Marvel pages 100-128

Big or small, we do any project

200+ containers in inventory at all times

New or used • Rent or purchase • Delivery coast to coast

Containers for Agnico Eagle – Hope Bay project

Call us for a quote 705-648-7050 Check out our new website gilliscontainers.com

Robust.

Efficient.

Powerful.

HX45 mining truck and WX15 LHD

The perfect pair for your mining operations. komatsu.com/hardrock

Connect with us at CME in Timmins June 4 - 5, 2025 | Booth 14 and 14B

© 2024 Komatsu Ltd. or one of its subsidiaries. All rights reserved.

Celebrating Excellence in Northeastern Ontario Mining

2024 AWARDS

The Canadian Mining Expo and Mining Life & Exploration News are proud to announce the 2024 Award Winners!

Northeastern Innovator

GREENSTONE MINE Dan Barrie, Supply Chain

The Canadian Mining Expo and Superintendent Mining Life & Exploration News This award recognizes a mine or mining are proud announce the 2024 company thattohas made an extraordinary effort to apply technology or improve Northeastern Ontario Mining processes in innovative ways, above and Award Winners.

beyond mandatory requirements, to improve sustainability and health and safety.

Indigenous Business NIIWIN GENERAL PARTNERSHIP

Project Lead of the Year

This award honours excellence and focuses on the successes of Indigenous businesses and entrepreneurs serving the Mining Industry.

This award is given to a company or an individual that has led a project or mine site to a successful outcome.

WESDOME

Calvin Goerk, General Manager

Eric Albert, Mine Captain

Legacy Builder Rising Star

GALLEON GOLD

David Russell, President & CEO Honors a junior mining company poised to become a future leader and producer in the Abitibi Greenstone Belt.

TrailBlazer

MCEWEN MINING

Rory Greyvensteyn, Dir. of Operations

JTR & CUSTOM WORKS

Celebrates a company with lasting contributions to the mining industry and the community in which it operates, leaving a positive impact on Timmins and Northeastern Ontario.

This award recognizes women in the mining industry and underlines the contributions of inspiring other women to consider a career in the mining industry.

Joelle Charbonneau, Operations Manager

Bursary Sponsor

WILLIAM DAY CONSTRUCTION LIMITED Shawn Day

Four of the five 2024 Mining Bursery recipients receiving their bursaries.

YOUR TRUSTED PARTNER IN MINING LOGISTICS With 150+ offices worldwide and local representation in Northern Ontario, Fracht delivers the knowledge and solutions that provide value, ensuring your company’s access to global markets.

Doug Thajer | doug.thajer@fracht.com | www.frachtgroup.com

Publisher-Glenn Dredhart

M

ining for Canada is about building a strong nation. If you live in Northern Ontario, you can’t help but see the thriving mining industry that surrounds you. Let’s keep in mind that what leads the mining industry is still gold and golden opportunities such as the EV surge and lack of battery materials and rare earth elements required to meet that surge. We have seen and heard of many exciting projects that are being developed and have been developed in the past year.

Mining Life & Exploration News is doing their part to bring these projects to light. This issue features the producers and our future producers that make up our Ontario Mining Industry.

Ontario’s rich mineral resources make us global leaders in mining and exploration while at the same time contributing to the economic engine that supports local economies.

Ontario’s industry supports over 31,000 direct jobs and over 47,000 indirect jobs associated with mineral processing and mining supply and services.

Standing on the brink of a pivotal moment in northern Ontario’s mining history, was the opening of the Greenstone Mine which underscores a powerful transformation that we at Mining Life & Exploration News wholeheartedly recognize.

This isn’t merely a milestone; it’s a decisive step into a new era characterized by economic resilience, environmental accountability, and genuine partnership.

The Doug Ford government has reshaped Ontario’s mining landscape decisively, launching six mines, including Greenstone. Greenstone is irrefutable evidence of the Ford government’s commitment to revitalizing the sector, reflecting a newfound political will to support mining and its essential role in our economy.

The economic impact on northern communities, particularly First Nations, is substantial and undeniable. Greenstone prioritizes partnerships with Indigenous communities, with 17% to 19% of its workforce hailing from these groups— proving that this is not a token gesture but a serious investment in stability and real opportunity.

Equinox Gold has taken an assertive stance on environmental stewardship. They are not just extracting value; they are actively restoring the land and healing past scars left by earlier operators. As former Mayor Ray Beaulieu has noted, this commitment to “healing the land” represents a significant departure from the industry’s troubled past.

Furthermore, the collaboration between provincial and federal governments in advancing the Greenstone Project is commendable. This unity is essential for maximizing resources and driving job creation and economic growth in a landscape where such commitments are vital.

Equinox’s commitment to the community transcends mere financial contributions, exemplified by initiatives like their charity bicycle ride. For the residents of the region, Greenstone stands as a beacon of hope, representing a future anchored in opportunity for their families.

In our extensive coverage of the mining industry, we have witnessed projects rise and fall. However, Greenstone is different; it embodies the tangible results of collaboration and unwavering commitment. This mine is set to create a lasting legacy for northern Ontario, marking a significant turning point in the region’s mining saga.

See pages 100 to 128 for the Equinox Gold Greenstone Mine’s Grand Opening Special Feature.

Employing proven strategies that help contractors identify, compete for and win contracts.

LOCAL 1669 CARPENTERS UNION

www.carpenterslocal1669.ca

Representing Carpenters, Drywall Acoustic Applicators, Welders and Pile Drivers in Northwestern Ontario.

1306 Capital Way, Thunder Bay, ON P7B 0A3 Ph.: 807.344.0611 Toll Free: 1.888.344.0611 4

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

EDITORIAL INDEX

NORTHEASTERN ONTARIO Does a Record High Gold Price Benefit Ontario?..........................................................................................6 Agnico Eagle Forges Lasting Partnerships....................................................................................................8 Alamos Gold: Contrarian Strategy Yields Growth Amid Bullish Market......................................................12 Galleon Gold Advances West Cache Gold Project Towards Bulk Sampling...............................................14 Côté Gold: A Strong Start to Commercial Production..................................................................................16 McEwen Mining Expands Fox Complex with New Developments at Stock & Grey Fox............................18 GFG Resources: Pioneering the Next Gold Rush in Timmins.................................................................... 20 STLLR Gold: Shaping Canada’s Gold Mining Future with Bold Exploration...............................................22 Timmins assets contributed significantly to Pan American’s consolidated gold production...................... 26 Onyx Gold Enhances Munro-Croesus Project ........................................................................................... 28 Beyond Pyrite: Using Gold Fingerprinting to Enhance Exploration............................................................ 30 Mayfair Gold Corp. Advances Fenn-Gib Project......................................................................................... 34 Canada Nickel enroute to construction of Crawford Nickel Sulphide Project............................................. 36 Aston Minerals: Engaging First Nations & Building a North American Nickel Supply Chain.................... 40 Class 1 Nickel Advances Alexo North & Dundonald South with Significant Resource Upgrades............ 44 Metals Creek Resources Expands Copper Potential at Tillex Project with High-Grade Drill Results....... 46 Glencore Canada: A Look at Sudbury & Timmins Operations................................................................... 48 Magna Mining Advances Crean Hill Project with PEA, Expands Portfolio & Financing............................ 50 Vale’s Sudbury Operations: A Beacon of Growth & Transformation in Nickel Mining................................52 Record Resources Expands with Acquisition of Key Mineral..................................................................... 54 Red Metal Finalizes Acquisition of Hydrogen-Adjacent Claims in Timiskaming Graben........................... 56 Weekapaug Lithium Announces Name Change to Protium Clean Energy................................................. 58 Wesdome Gold Mines Reports Strong Q3 2024 Production & Financial Growth...................................... 60 Golden Future: Appetite for Gold is Good News for Northwestern Ontario!...............................................62 NORTHWESTERN ONTARIO Kinross Advancing the Great Bear Project.................................................................................................. 66 Ontario Mines Minister George Pirie: “The Time is Now”............................................................................70 Minister Greg Rickford: Making Reconciliation Real While Building Ontario’s North..................................72 West Red Lake Gold Mines Secures Funding for Restart of the Madsen Gold Mine.................................74 Barrick Gold Extends Contract at Hemlo Mine & Invests in Community Development.............................78 Evolution Mining’s Bold Transformation of the Red Lake Gold Mine: A Path to Renewed Excellence...... 80 Unlocking Golden Opportunities: First Mining Gold’s Vision for Ontario & Quebec..................................82 New Gold Reports Strong Third Quarter Results, Sets Stage for Year-End Success............................... 84 Goldshore Closes $13.9M Financing to Bolster Exploration at Moss Gold Project................................... 86 Ontario Prospectors Association (OPA) Plans Major Revitalization to Strengthen Mining Advocacy....... 88 Clean Air Metals: Thunder Bay North Critical Minerals Project.................................................................. 90 Frontier Lithium: Paving the Way for Ontario’s First Fully Integrated Lithium Operation.............................92 Green Technology Metals Pushes Forward with Integrated Lithium Development Strategy..................... 94 FORGING NEW RELATIONSHIPS WITH SUCCESS The Wabun Partnership Model: A Blueprint for First Nations & Mining Industry Collaboration................ 96 Forging New Paths in Indigenous Economic Development through Mining................................................97 Eagle’s Nest - Ring of Fire - A New Benchmark for Sustainable Mining.................................................... 98

PUBLICATIONS AGREEMENT NO: 40022702 Return Undeliverable to CIRCULATION DEPT.: P.O. Box 490, Schumacher, ON, P0N 1G0 Tel. (705) 264-2251 Fax: (705) 264-4401 Email: info@canadiantradex.com Publisher: Glenn Dredhart Editor: Kevin Vincent Marketing & Sales: John Goulet, Rhonda Larochelle, Larry Sutton Circulation: Audrey Guindon Front Cover Photo: supplied by Equinox Gold Greenstone Mine

www.canadiantradex.com

SPECIAL FEATURE:

From Early Discoveries to Modern Marvel pages 100-128

ADVERTISERS INDEX ACE Mechanic Services 65 After Market Parts 41 Agnico Eagle Mines Limited 09 Alamos Gold 13 Alsco Uniforms 55 AME Drill Supply & Services Inc. 79 AST Group 93 Barr Engineering & Environmental 107 Brandt Tractor Ltd. 11 CAB Products 25 Canada Nickel Company 37 Canadian Dewatering LP 79 Canadian Trade-Ex Back Cover Carpenters Union Local 1669 04 Certarus Ltd. 69 CIMA+ 115 Clean Air Metals Inc. 91 ControlChem Canada Ltd. 65 Custom Concrete Northern/ The Sarjeant Co. Ltd. 27 Cyr Drilling International 85 MINING LIFE & EXPLORATION NEWS

Dumas 37 Dumoulin Trucking 39 EllisDon Industrial 79 EPID@Work Research Institute Lakehead University 91 Equinox Gold – Greenstone Mine 101 Equipment North Inc. 71 Equipment World Inc. 107 Everguard Fire Safety 68 Expedition Helicopters 61 Exsics Exploration Ltd. 113 Fellfab Limited 117 Flux Mechanical Inc. 33 Fournier Industries 111 Fracht Canada Freight Inc. 03 Galleon Gold Corp.

15 GFG Resources Inc. 20 Gillis Custom Containers Front Inside Cover Hepburn Engineering Inc. 83 Hole Products 73

HydroTech Mining 75 Industrial Scientific Corporation 59 J.H. Fletcher & Co. 29 JTR Custom Works Inc. 53 Kinross Gold 67 Komatsu Canada 01 Magna Mining Inc. 51 Major Drilling Group International 87 McIntyre Coffee Shop 49 MP-Solutions 125 MSA Labs 57 MSN Consulting/Contracting Inc. 43 Multicrete Contracting Inc. 117 Newmont Porcupine 17 Nordmin Group of Companies 87 Norpro Security Ltd. 113 North Fringe Industrial Technologies 31 Northern College 21 NPLH Drilling 35 Orbit Garant Drilling Services 10 Paramount Power Systems 19

NORTHERN MINING REPORT 2024

Park Derochie Inc. 45 Pinewood Ford Limited 119 Port of Thunder Bay 81 Premier Canadian Mint 89 Provincial Council of the Metis Nation of Ontario, PCMNO 123 Rector Machine Works Ltd. 121 Redpath Canada Limited 23 REP Security/REP Giwaydin 127 Richwood 75 Robert Rubino & Sons Trucking 47 Rugged Geomatics 109 Sling-Choker Mfg. (Thunder Bay) 123 SMS Equipment 103 STLLR Gold Inc. 24 TCL Asset Group Inc. 117 The Bucket Shop Group Inside Back Cover Thunder Bay CEDC 63 Timmins Economic Development Corp 07 Weir ESCO 67

5

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

Does a Record High Gold Price Benefit Ontario?

By Kevin Vincent Photo Credit: Equinox Gold Greenstone Mine gold pour.

I

n mid-October, The Agenda with Steve Paikin aired an episode that posed a crucial question: does a record-high gold price truly benefit Ontario? With gold prices soaring past US$2,700 an ounce, the implications for Ontario’s vast mining sector, which produces nearly half of Canada’s gold, seem promising on the surface. But beneath the glitter of rising prices lies a more complicated reality. The show featured a diverse panel, including Kirkland Lake Mayor Stacy Wight, Agnico Eagle Mines Chair Sean Boyd, Indigenous leader Michael Fox, and Bruce Tatters of Red Cloud Securities. Together, they tackled the nuances of a booming industry in the face of rising challenges.

“It’s nice that we are here, it’s nice that it looks like it’s going to stay at a strong price,” said Sean Boyd, speaking to the elevated gold prices and their benefits. However, Boyd 6

quickly noted that mining remains a tough business, with a strained funding environment even as demand surges globally.

The show highlighted that while high gold prices often bring optimism, funding for new exploration and development projects is becoming increasingly difficult, a trend attributed to several complex factors, including the nature of global demand and the reluctance of Canadian pension funds to invest domestically.

One factor in Ontario’s favour is its gold-rich landscape, with major operations in Timmins, Kirkland Lake, and Red Lake. “We’ve always been a gold-based economy over the last century,” said Mayor Stacy Wight.

The Agnico Eagle-run Kirkland Lake mine employs nearly 1,000 people in a town of just 8,000 residents.

Yet, Wight is keenly aware that the town’s reliance on gold creates

vulnerabilities. With this in mind, diversification and infrastructure development are top priorities. “Without funding dollars for infrastructure, a community simply cannot expand,” she said, referring to ongoing partnerships between the local government, mining companies, and the province of Ontario.

In addition to the economic concerns, the show tackled the social and environmental responsibilities that mining operations now face.

Michael Fox, an advocate for Indigenous communities, emphasised the evolution of Indigenous involvement in the mining sector, noting that communities have shifted from mere employment to becoming active participants in ownership and decisionmaking. “Over time, there’s been an evolution of Indigenous participation to partnerships,” Fox explained.

A key issue discussed was the “duty to consult and accommodate,”

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

a legal requirement for companies operating on Indigenous lands. Boyd recounted Agnico Eagle’s efforts in Nunavut, emphasising how collaboration with local communities has become central to their business strategy. “If we conduct ourselves like visitors, then this will be a successful relationship in the long term,” Boyd said, underscoring the need for mining companies to respect and uplift the communities they impact. For Boyd, this approach isn’t just about compliance—it’s about building lasting relationships that benefit both the industry and the communities involved.

Despite these efforts, Tatters pointed out that Canada’s mining sector faces significant funding challenges.

While gold prices are at historic highs, Canadian pension funds invest only a tiny fraction of their portfolios in the country’s mining industry. Instead, large institutional investors from abroad, such as BlackRock and Fidelity, dominate the space. “Less than 3 percent of their assets are invested in Canada, most are abroad,” Tatters lamented, highlighting a structural issue in Canada’s financial landscape that hinders the domestic mining industry’s growth potential.

In the long term, Boyd, Wight, and Fox all stressed the need for strategic partnerships, particularly in social infrastructure. Boyd argued that the future of Ontario’s mining towns will depend on government investment in housing, education, and healthcare. These are critical to ensuring that young people stay in the North and that communities remain sustainable long after the mines close.

“We are more than miners,” Boyd said, emphasising that responsible mining is about nation-building and community development.

The episode concluded with a clear message: while record-high

MINING LIFE & EXPLORATION NEWS

gold prices offer tremendous opportunities, Ontario’s gold-mining sector is not without its challenges. From strained funding environments to the need for diversification and reconciliation with Indigenous communities, the path forward requires careful

planning, strong partnerships, and long-term investment in both economic and social infrastructure. The high price of gold, as discussed, is not just a windfall but a moment that Ontario must seize to secure a more resilient future.

World-Class Infrastructure Competitively priced industrial lands Green power and alternative energies Extensive fibre optic network

Mining-Driven Ecosystem Sophisticated supply and services cluster Specialized education and training Mining-ready workforce

NORTHERN MINING REPORT 2024

investintimmins.com tedc@timmins.ca 1-877-470-TEDC (8332)

7

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

AGNICO EAGLE Forges Lasting Partnerships

A

gnico Eagle Mines, the largest gold producer in Canada and the third largest in the world, has long been recognized for its commitment to operational excellence, community engagement, and sustainable development. With more than six decades of experience, Agnico Eagle contributes significantly to the economic and social well-being of the regions in which it operates.

Northern Ontario plays a crucial role in Agnico Eagle’s operations with well-established and new projects.

Agnico Eagle’s contributions to Ontario’s economy are substantial.

The company employs thousands across the province, providing stable, well-paying jobs in mining, engineering, and related industries.

Beyond direct employment, Agnico Eagle supports an extensive network of suppliers, service providers, and local businesses, creating a thriving ecosystem that fuels local economic growth and development. The company’s commitment to Northern Ontario extends beyond financial contributions, as it invests in community initiatives, ensuring that Agnico Eagle’s presence benefits local communities in a lasting and meaningful way.

8

At the heart of Agnico Eagle’s Ontario operations is the Detour Lake mine, the largest open pit mine in Canada. Detour Lake is poised for further expansion with the potential for underground mining.

It is believed there is substantial potential, that if realized, could position Detour Lake as a unique 1-million-ounce producer with combined parallel open pit and underground

operations. cementing its importance to both the company and Ontario’s economy.

Agnico Eagle’s portfolio in Northern Ontario also includes the Macassa Mine in Kirkland Lake, known for its high-grade gold production. Recent modernization efforts, including the completion of a new shaft, have improved operational efficiency and extended the mine’s life.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Building for Tomorrow, Delivering Today

Rooted in Canadian values, we deliver on our commitments, take care of our families, and actively work to reduce our environmental impact while driving performance across our operations. Agnico Eagle strives to build a sustainable future for our communities and stakeholders—that’s how #WeMakeMiningWork.

Learn more at

agnicoeagle.com

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

In addition to Detour Lake and Macassa, the Upper Beaver project could potentially begin production by 2030. Extensive exploration and development are underway to unlock its full potential.

Beyond operational success, Agnico Eagle has earned a reputation as a trusted partner for local communities, Indigenous groups, and governments throughout Ontario.

Agnico Eagle’s Reconciliation Action Plan highlights its commitment to building meaningful relationships with Indigenous communities and integrating their voices into its operations. This focus on respectful partnerships is central to the company’s philosophy and contributes to its role as a responsible corporate citizen.

10

Agnico Eagle Mines remains focused on community engagement, and responsible development. With a strong portfolio of projects, a commitment to sustainability, and

a proven track record of building lasting partnerships Agnico Eagle will continue to play a vital role in Northern Ontario.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

ROCK SOLID SUPPORT. Count on Brandt’s 24/7 expert support and Canada’s largest dealer network to keep your mining operation at peak performance. There’s always more work to be done. You know that better than anyone. And Brandt works tirelessly to keep you rolling every single day.

Superior Techs

More Locations

Ultimate Support

If you need service, Brandt has skilled factory-trained technicians who’ll get the job done right, fast.

Access Canada’s largest John Deere dealer network—56 dealerships all working to keep you productive.

Minimize downtime with support around the clock, all year long. Brandt is always a phone call away, 24/7/365.

brandt.ca 1-888-227-2638

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

ALAMOS GOLD: Contrarian Strategy Yields Growth Amid Bullish Market

By Kevin Vincent

J

ohn McCluskey, President and CEO of Alamos Gold, is confident that the gold market is poised for a sustained bull run. “The addition of Magino has enhanced our growth profile, increasing near-term production by over 20%. We have the potential to grow our company-wide production to approximately 900,000 ounces annually through expansions at Island Gold and Magino,” McCluskey said. His statement reflects a vision shaped by years of contrarian investment, which has positioned Alamos Gold to thrive in today’s favorable gold market environment.

The Toronto-based gold producer has expanded its operations in Canada and Mexico, generating approximately 600,000 ounces of annual production. With a bullish forecast on gold prices, McCluskey believes Alamos Gold will hit a million ounces annually by the late 2020s. This forecast comes on the heels of acquiring Argonaut Gold’s Magino Mine, a deal McCluskey sees as a game-changer.

Strategic Acquisition of Magino Mine The Magino acquisition, finalized in July 2024, exemplifies Alamos’ contrarian approach to growth. While other gold companies shied away from significant investments during market downturns, Alamos aggres12

sively acquired undervalued assets, including Magino. Situated adjacent to the company’s Island Gold project in Ontario, the Magino Mine adds 4 million ounces of gold reserves to Alamos’ portfolio. McCluskey describes it as “a tremendous opportunity” due to its proximity to Island Gold, where Alamos is already sinking a shaft and expanding production.

Magino’s existing infrastructure, including a 10,000-tonne-per-day mill, offers Alamos significant cost synergies. The ability to share mill capacity with Island Gold could save the company an estimated $500 million, a figure scrutinized and validated by industry analysts. “The synergies in that transaction for us, not anybody else, are roughly $500 million, and that’s a hard number,” McCluskey explained.

Moreover, Magino comes fully permitted with the potential to expand to 35,000 tonnes per day. The added capacity of the Magino mill and its fully permitted tailings infrastructure significantly bolsters Alamos’ longterm production and environmental management capabilities.

A Conservative Approach to Debt Despite its aggressive acquisitions, Alamos has maintained a conservative balance sheet throughout its 20-

year history. The company’s strategy has always been to minimize debt, even during expansion. In the case of Magino, Alamos acquired some of Argonaut’s debt, but the overall acquisition, valued at $550 million, remains highly affordable. McCluskey emphasized that the company’s cash flow generation easily covers its debt, noting that leveraging in this transaction was a calculated and manageable risk.

“Our cash flow generation puts that debt into perspective—relative to our market cap, it’s a relatively small amount of leverage,” he said.

Organic Growth & Expanding Reserves Alamos’ growth strategy is not limited to acquisitions. The company has consistently focused on organic growth, particularly through strategic investments in its existing operations.

The Island Gold project is a key example, with Alamos expanding its mill capacity and sinking a new shaft to accommodate growing reserves.

The company has increased Island Gold’s reserves from less than a million ounces at acquisition to over 6 million ounces today, with further expansion expected by the end of the year.

Alamos is also investing $60 million into exploration this year across

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

its portfolio, including the YoungDavidson and Lynn Lake projects.

The company continues to find new reserves at every major site, further underscoring its growth trajectory.

“When we started this acquisition trail back in 2015, we had less than 2 million ounces of reserves.

Today, we are approaching 13.5 million ounces,” McCluskey said. This growth, net of all depletion from active mining, sets Alamos apart from many of its peers, who struggle with declining reserves.

Bullish Market Outlook McCluskey remains optimistic about the long-term outlook for gold prices.

He believes that Alamos is well-positioned to capitalize on rising gold prices due to its disciplined approach to cost control and production growth. “We’ve kept our costs flat while the gold price has been rising, so we’re generating a lot more free cash flow,” McCluskey noted. This margin expansion has allowed Alamos to fully fund its growth initiatives internally, further strengthening the company’s balance sheet.

Alamos’ ability to navigate market downturns and its commitment to organic growth has resonated with investors. McCluskey revealed that deep-value funds, which had previously ignored the gold sector, are now taking interest in gold equities, with Alamos becoming a popular choice.

“We’re better valued than our peers because we’re executing better. Our success rate of finding reserves is higher, our margins are growing, and yet we are still trading at about one times our net asset value,” McCluskey said, pointing to significant upside potential in Alamos’ stock.

The Path Forward Looking ahead, Alamos Gold plans to continue its focus on disciplined growth, expanding production, and maintaining low costs through technological advancements and largerscale operations. The company’s MINING LIFE & EXPLORATION NEWS

expansion at Island Gold, along with the integration of Magino, positions it for significant production increases in the coming years. As McCluskey put it, “We are a freight train coming down the line at a very rapid clip.”

With its ambitious growth strategy, strong balance sheet, and increas-

ing reserves, Alamos Gold is set to outperform in a bullish gold market.

Investors seeking exposure to a wellmanaged, growth-oriented gold producer are taking notice, ensuring that Alamos Gold remains a major player in the gold sector for years to come.

We are hiring!

“Good mines and good people are the foundation of our growth.”

Island Gold District

Young Davidson Mine

SCAN QR FOR MORE INFO

Main Office 181 Bay Street, Suite 3910, Toronto, ON M5J 2T3, Canada Toll Free: 1-866-788-8801, Tel: 1-416-368-9932 info@alamosgold.com www.alamosgold.com

NORTHERN MINING REPORT 2024

13

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

GALLEON GOLD Advances West Cache Gold Project Towards Bulk Sampling

By Kevin Vincent

G

alleon Gold’s President and CEO, David Russell, presented an exciting update on the West Cache Gold Project at the Canadian Mining Expo in Timmins, highlighting the company’s steady progress towards building a full-scale mining operation. With the project located just minutes from downtown Timmins, Galleon Gold is positioning itself for rapid development in one of Canada’s most established gold mining regions.

“We’re on the far end of town,” Russell said with a smile, referring to the West Cache Gold Project’s proximity to Timmins. “In just ten minutes, you can go from grabbing a coffee at Tim Horton’s to standing on our property, where we’re ready to make big moves.”

A Rich History in Timmins Having previously led the development of the Black Fox mine near

On site at West Cache

Timmins in the early 2000s, Russell is no stranger to the area’s rich mining history. His experience, coupled with the impressive results from the West Cache Gold Project, positions Galleon Gold for long-term success.

The project has a robust drilling history, with over 550 core holes totaling 260,000 meters drilled, and the results have been nothing short of remarkable.

“I believe this is the best camp in the world; you could not ask for a better place to find gold and to find the people to help build a project.”

The West Cache Vision The West Cache Gold Project currently boasts a resource of 1.56 million ounces of gold. Pending permits, Galleon Gold is aiming to start bulk sampling and progressing towards pre-feasibility studies, with the goal of proving the project’s economic viability and moving it into produc-

Welcome to the Galleon Gold Core Shack

tion. The company’s strategic approach, informed by experience and strong technical expertise, is aimed at minimizing risk and maximizing the project’s potential.

“The Bulk Sample is about derisking the project. We’re taking the steps to show that we can mine the gold, understand the costs, and move towards full-scale production,” said Russell. “In two to three years, you should hear about this project advancing into production.”

Strategic Partnerships & Strong Backing Galleon Gold’s progress is supported by a solid management team and key investors, including prominent names such as Eric Sprott. The company maintains a tight share structure, with only 65 million shares outstanding, giving it a market capitalization of approximately $17 million. This solid financial foundation, coupled with the company’s successful exploration and development efforts, has set the stage for significant growth.

The project is also benefiting from its prime location within the legendary Timmins gold camp, which hosts world-class deposits like Bell Creek, Hollinger, and McIntyre. West Cache’s proximity to these sites underscores its geological potential.

Bulk Sampling to Prove Viability Galleon Gold is taking a methodical approach to development, with

14

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

bulk sampling as a crucial next step.

The company plans to extract 86,500 tons of ore from the West Cache site, targeting an average grade of 8 grams per ton for a total of 22,000 ounces of gold. While the goal of this phase is not to generate significant profits, the bulk sample will provide essential data on mining conditions, costs, and ore quality.

“We’re not doing this to make money right away; we’re doing it to get answers,” Russell explained.

“We need to know what it will take to mine this orebody effectively, and this bulk sample will give us the data we need to move towards feasibility studies.”

Pre-Feasibility & Environmental Focus With a preliminary economic assessment (PEA) already completed, Galleon Gold is focused on advancing to pre-feasibility. The PEA demonstrated strong project economics, including a projected production rate

of 85,000 ounces per year and cash costs under $1,000 per ounce. The next steps involve refining these estimates and continuing environmental work, which began three years ago in anticipation of the project’s development timeline.

“We knew it would take three years to get all the environmental documentation together,” Russell said, referencing his experience with the Black Fox mine. “We’re on track to have the closure plan approved within the next few weeks, allowing us to move forward with construction.”

Collaboration with First Nations Galleon Gold has prioritized building strong relationships with local First Nations communities, working with groups such as Flying Post and Mattagami. The company is committed to ensuring that its development aligns with the interests and values of these communities, fostering

long-term partnerships that benefit all stakeholders.

“We’ve had a great working relationships with the Aboriginal Communities so far,” Russell said. “We’re committed to being a good environmental steward in the Timmins camp.”

A Bright Future As Galleon Gold moves closer to mine development at West Cache, the company’s management team, led by Russell and supported by industry veterans, is poised to turn this promising project into a reality. With a clear plan, strong partnerships, and a wealth of experience, Galleon Gold is set to make a significant impact in Northern Ontario’s gold mining industry.

“We’ve just started,” Russell concluded. “But in the next 8 to 12 weeks, we’ll be rocking and rolling, and you’ll be hearing a lot more about Galleon Gold and the West Cache Gold Project.”

TSX.V:GGO

Advanced Exploration in the Timmins Camp MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

15

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

CÔTÉ GOLD: A Strong Start to Commercial Production

I

AMGOLD Corporation has made significant progress in several of its key projects, including the Côté Gold Mine. In late September 2024, IAMGOLD announced its intention to repurchase a 9.7% interest in the Côté Gold Mine from Sumitomo Metal Mining, bringing its stake in the project back to 70%. The repurchase, expected to close on November 30, 2024, reflects IAMGOLD’s confidence in Côté’s potential to become a cornerstone asset in its portfolio.

“We believe that Côté is just the start of what will be a mining district,” said Renaud Adams, President and CEO of IAMGOLD. “This repurchase solidifies our long-term commitment to the project and highlights its importance in our growth strategy.”

Côté Gold Operational & Exploration Successes IAMGOLD Corporation announced strong operational results for the third quarter of 2024, driven by the rampup of its flagship Côté Gold project.

Third-quarter production saw 68,000 gold ounces, with 41,000 ounces attributable to IAMGOLD produced.

The ramp-up of the processing plant remains on track, with the plant expected to reach 90% of its design throughput rate of 36,000 tonnes per day by year-end. Mining activity totaled 10.4 million tonnes, with a record daily throughput of 40,900 tonnes following optimizations completed during a scheduled shutdown in September.

16

Mining Operations: • Efficient Equipment: The mine’s fleet of state-of-the-art equipment, including CAT 6060 electric shovels and CAT 793 autonomous haul trucks, is optimizing mining operations, with three additional haul trucks slated for commissioning before year-end.

• Enhanced Drilling and Blasting: Significant improvements in drilling and blasting techniques have led to increased productivity and reduced costs.

Mill Performance: • The mill achieved a throughput of 1.6 million tonnes in the third quarter, a substantial increase from the previous quarter.

• Key optimizations, such as replacing chutes and screening equipment, have enhanced plant reliability and recovery rates.

EXPLORATION SUCCESS: Gosselin Zone: The Gosselin zone continues to deliver promising drill results, expanding the project’s resource base with notable intercepts which included: • 368.8 meters grading 0.96 g/t Au • 235.0 meters grading 2.70 g/t Au • 357.0 meters grading 1.10 g/t Au • 18.5 meters grading 12.33 g/t Au Côté Zone: Infill drilling programs are underway to enhance resource confidence within the depth extensions of the Côté deposit. During the

three months ended September 30, 2024, a drilling program was initiated and approximately 2,000 metres of diamond drilling were completed as part of an infill drilling program. Technical studies are progressing to advance metallurgical testing, conduct mining and infrastructure studies in order to review alternatives for potential inclusion of the Gosselin deposit into a future Côté Gold LOM plan.

Community & Environmental Commitment IAMGOLD is dedicated to responsible mining and community engagement. The company is actively involved in Indigenous initiatives.

In honour of the National Day for Truth and Reconciliation, IAMGOLD hosted a Courageous Conversation on October 3, 2024, in the Toronto office to learn and discuss the historical and current context of Indigenous relations within Canada, the business imperative for engaging Indigenous communities, and about opportunities for individuals to practice active allyship.

Outlook As Côté Gold continues its ramp-up and optimization, it is poised to become a significant contributor to IAMGOLD’s long-term growth and value creation. The company remains committed to sustainable mining practices, environmental stewardship, and strong community relations.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT

es, providing early production and cash flow for McEwen Mining. With a total of 1.9 million ounces of Measured and Indicated gold resources at an average grade of 4.20 g/t Au and 549,000 ounces of Inferred resources at 3.60 g/t Au across the Fox Complex, the company is wellpositioned for sustained growth.

NORTHEASTERN ONTARIO

McEwen Mining Expands Fox Complex with New Developments at Stock and Grey Fox

By Kevin Vincent

M

cEwen Mining Inc. is making significant strides in advancing its Fox Complex, with a key focus on the development of the Stock Property and new exploration at the Grey Fox deposit. The company’s strategic investments in exploration and development have positioned the Fox Complex, located in Ontario’s prolific Timmins gold mining region, as a major growth hub for McEwen Mining.

Production at the Fox Complex is set to get a significant boost with the development of the Stock Mine.

Pre-construction activities are already underway at the Stock portal, and production is expected to begin in the second half of 2025. The portal will provide access to the three gold zones at Stock—West, Main, and East—while also offering underground drill platforms to explore further depth extensions of these zones.

“The start of production at Stock will coincide with production decreasing at Froome. The growth of our gold resources and the prospect of a long mine life are clear results of our focused exploration efforts,” said Rob McEwen, Chairman and Chief Owner of McEwen Mining.

“We are excited about the progress 18

we’re making at Stock, and the lower costs and higher production potential it brings compared to Froome.”

Stock Ramp to Unlock Production Potential The Stock Property, which previously produced 137,000 ounces of gold between 1989 and 2005, is seeing renewed exploration success.

McEwen Mining has outlined three deposits—East, Main, and West— along a three-kilometer mineralized trend on the Destor-Porcupine Fault.

Pre-construction of the Stock Ramp has commenced, and underground development is scheduled to begin in the third quarter of 2024.

The Stock Ramp will connect the West and East Zones with the existing underground workings in the Main Zone, facilitating the extraction of mineralization. This will enable McEwen to mine at Stock with significantly lower transportation and haulage costs than at Froome, as the Stock Mine is shallower and located adjacent to the Stock Mill. Additionally, Stock material is expected to result in higher mill throughput due to its lower work index, further enhancing production efficiency.

Mining will begin in the East Zone, which has recently seen a 29% increase in estimated gold resourc-

Exploration Success at Grey Fox & Black Fox Target McEwen Mining’s Grey Fox deposit, part of the Fox Complex, is another key element in the company’s development pipeline. Recent assay results from the Grey Fox deposit have demonstrated high-grade mineralization at mineable widths, offering strong potential for near-term growth. Grey Fox is currently a +1 million-ounce deposit and is set to become the next major development project after Stock.

Geological interpretations have identified a promising new exploration target beneath and adjacent to Grey Fox that may extend 3 kilometers along trend towards the Black Fox Mine. This target area, identified in recent geophysical surveys, suggests the possibility of Black Foxstyle mineralization, which has the potential to significantly expand McEwen’s resource base.

“We are now in a much stronger position to follow up on previously identified geophysical targets, with a better understanding of the regional and local geology of the Fox Complex,” said McEwen. “Our goal is to identify Black Fox-style mineralization both near Grey Fox and along the trend towards Black Fox.” McEwen Mining’s Fox Complex, encompassing the Stock, Froome, Grey Fox, and Black Fox deposits, is shaping up to be a long-term production hub for the company. With production slated to begin at Stock in 2025 and exciting exploration potential at Grey Fox and along the Black Fox trend, the Fox Complex is set to play a pivotal role in McEwen Mining’s future growth.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

WORLD-CLASS POWER GENERATION PRODUCTS BACKED BY REGIONAL SUPPORT AND SERVICE No one energizes your mining operation like Paramount. We combine 40 years of expert support and service with exclusive access to the mtu product line, for reliable power solutions that are proven to work under the most extreme conditions.

Gas CHP

Diesel Genset

For assistance with your mining project, contact the Paramount Engineering Support Team at: 905-564-8444 support@paramountpower.com

Battery Energy Storage System (BESS)

paramountpower.com

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

GFG RESOURCES: Pioneering the Next Gold Rush in Timmins

G

FG Resources has established itself as a major player in the Timmins gold camp, strategically positioned with a vast land package of 800 square kilometers. The company is committed to discovering the next major gold mine in the region, leveraging deep geological knowledge and innovative exploration techniques.

GFG’s President and CEO, Brian Skanderbeg, expressed confidence in the untapped potential of the Timmins camp while attending the Canadian Mining Expo this past June. The company’s extensive land holdings, second only to Newmont, span both east and west of Timmins, providing a significant advantage in the competitive gold exploration landscape.

GFG focuses on the front end of the mining business, employing a seasoned team of geologists with a proven track record in gold discovery. The company utilizes

TSX-V: GFG | OTCQB: GFGSF

Driven to Discover the NEXT TIMMINS GOLD MINE

w w w.gfgresources.com 20

cutting-edge techniques like till sampling to identify high-priority targets, in areas where gold deposits may be hidden beneath sediment.

The Goldarm property, located 40 kilometers east of Timmins, has emerged as a key exploration target for GFG. Recent drilling has revealed promising high-grade gold intercepts at the Aljo Gold Project, with further potential for expansion. This past June, the company completed 5 holes (1,700 m) and focused on testing the downdip and lateral extensions of the historic Aljo Mine and completed step-out holes related to the Company’s 2023 drill program. Drilling was successful in expanding known mineralized zones and identifying new zones of gold mineralization which host significant visible gold and tellurides.

GFG reported recently the best drilled intercept in the history of the company from its Aljo project. It is the second high-grade gold zone reported in the first drill hole from the company’s Phase 1, 2024 drill program at Aljo, located on the Goldarm Property. “This latest drill hole represents a significant milestone for GFG. Hole ALJ-24-012 is the best yet in the history of GFG and showcases the system’s potential with exceptional highgrades, stacked veins and strong continuity. The system remains open at depth, with the deepest intercepts of the Main Zone reaching approximately 200 m thus far,” stated Brian Skanderbeg. The company has pending results from four step-out holes that tested new areas within the Aljo system with little to no historical drilling.

Looking ahead, GFG is gearing up for further drilling results which started in the fourth quarter, with a budget of 4,000 m allocated to expand the system through strategic down-dip and along-strike step-out holes.

GFG benefits from strategic partnerships with industry leaders like Alamos Gold Inc., providing strong financial backing and support for its exploration efforts.

With millions of dollars allocated for drilling and exploration, GFG continues to make significant strides in the Timmins gold camp.

The company’s strategic planning, technical expertise, and strong financial position make it a key player in the ongoing search for the next major gold discovery in the region.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

STLLR GOLD: Shaping Canada’s Gold Mining Future with Bold Exploration

By Kevin Vincent

S

TLLR Gold Inc. was formed by the merger between Moneta Gold Inc. and Nighthawk Gold Corp. in early 2024. STLLR is now leading the way in Canada’s gold development landscape with two key projects: the Tower Gold Project in Ontario’s Timmins Mining Camp and the Colomac Gold Project in the Northwest Territories (NWT). “The STLLR Gold era begins with two large-scale, cornerstone gold projects, a strong balance sheet, and an opportunity to create immense value for our combined shareholder base.

We remain steadfast in our commitment to sustainable, collaborative and innovative practices, which we believe can enrich the communities where we operate.” said Keyvan Salehi, President and CEO of STLLR Gold, upon completing the merger.

TOWER GOLD PROJECT:

Unleashing the Potential of the Golden Highway The Tower Gold Project, located along the famous Destor-Porcupine Fault Zone (DPFZ) in the Timmins Camp, is positioned to be a major force in Canadian gold development.

STLLR envisions the project as a large-scale, open pit gold operation, 22

with the potential to be a significant gold mine in the Timmins Camp in the future. Exploration efforts in 2024 at the project’s Golden Highway area yielded promising results at the Last Chance Zone, Windjammer Central, and Windjammer North, showing the potential for resource expansion.

STLLR’s management is committed to advancing the Tower Gold Project towards “shovel-ready” status by progressing the project to a Feasibility Study and working to obtain the required permits for construction.

1990s, the project has been revived

by STLLR to demonstrate its potential as a large-scale, open pit gold operation. However, this is just the beginning, as exploration results suggest a much larger potential beyond what has been drilled so far. With sufficient exploration and development, STLLR believes Colomac could become Canada’s next major gold district.

COLOMAC GOLD PROJECT:

Untapped Potential in Canada’s North STLLR’s Colomac Gold Project, located about 200 km north of Yellowknife, is another cornerstone asset with considerable growth potential.

The Company controls approximately 1,000 km² of underexplored greenstone property, with gold showings across at least 30 targets, occurring under various styles of mineralization. Originally producing gold in the NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Building world-class mines since 1962.

MINE DEVELOPMENT SHAFT SINKING MASS EXCAVATION PRODUCTION MINING RAISEBORING RAISE MINING UNDERGROUND CONSTRUCTION MECHANICAL EXCAVATION ENGINEERING & TECHNICAL SERVICES SPECIALTY SERVICES

REDPATH CANADA LIMITED

AFRICA | ASIA | AUSTRALIA | EUROPE NORTH AMERICA | SOUTH AMERICA

redpathmining.com

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

“Our drilling program at the Colomac Main Deposit continues to impress. The results show significant coarse gold intersections in areas lacking drill data and lying outside the 2023 Colomac PEA pit-shell. We strongly believe in the immense mineral resource growth potential of the Colomac Main Deposit, which remains open in several directions,” said Salehi, reinforcing the importance of the project.

Building a Sustainable Future STLLR Gold is committed not only to exploration but also to sustainability as a core strategy. In partnership with

the Tłı̨ chǫ Investment Corporation, STLLR is building a solar farm to power its Colomac camp, reducing diesel consumption and lowering overall energy costs. “This partnership represents a major step forward in our efforts to integrate green energy into our operations. It allows us to significantly reduce costs while fostering economic growth within the local community,” said McBride.

Expanding Horizons With gold prices near all-time highs, STLLR Gold offers a unique platform for growth. The Company controls two major gold projects with millions of ounces in estimated mineral re-

GOT GOLD? 24

sources, positioning STLLR for a prominent role in the global gold market. “We are advancing both the Tower and Colomac projects simultaneously, leveraging the seasonality of exploration in these regions. The synergies between these projects allow us to maintain steady progress year-round, with constant news flow and a clear path towards production,” McBride noted.

As STLLR advances in exploration and sustainability, its long-term vision remains clear: to unlock the full potential of its projects while delivering value to shareholders. “Our management team is made up of mine builders. We don’t just explore; we take projects from discovery through to production. With drills turning at both Tower and Colomac, we are focused on finding where the next 20 years of mining will come from,” McBride concluded.

About STLLR Gold STLLR Gold Inc. is a Canadian gold development company focused on advancing two cornerstone projects: the Tower Gold Project in Ontario’s Timmins Mining Camp and the Colomac Gold Project in the Northwest Territories. Both projects have the potential for long-life, large-scale operations, with significant exploration upside. Backed by a seasoned management team, STLLR Gold is well-positioned to become a major player in the gold sector.

A Leading Canadian Gold Developer 2 Premier Gold Projects: Tower (Timmins, ON) & Colomac (NWT) Exploration Upside Attractive Valuation

stllrgold.com TSX: STLR | OTCQX: STLRF | FSE: O9D NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

PRODUCTS

www.cabproducts.com

CAB® Products are proudly manufactured in the USA by persons with disabilities at the Cambria County Association for the Blind and Handicapped.

(814) 472-5077

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

Timmins assets contributed significantly to Pan American’s consolidated gold production

P

an American Silver Corp. has reported record financial results for the third quarter of 2024, highlighting the significant contributions of its Canadian operations, particularly the Timmins assets. The company achieved a record free cash flow of $151.5 million, reflecting increased production and favorable precious metal prices.

The Timmins operation, comprising the Timmins West and Bell Creek underground gold mines, has been instrumental in this success.

These mines feed the Bell Creek mill, which consistently processed ore to produce substantial gold output. In the third quarter, the Timmins assets contributed significantly to Pan American’s consolidated gold production of 225,000 ounces.

Pan American’s strategic focus on its Canadian assets is evident in its operational and financial performance. The company’s commitment to optimizing production and cost efficiency at the Timmins mines has bolstered its overall profitability.

This focus aligns with Pan American’s broader strategy to enhance its portfolio through assets with strong production potential and favorable cost structures.

The company’s Canadian operations are not only central to its financial achievements but also to its growth strategy. Pan American continues to invest in exploration and development within the Timmins region, aiming to extend mine life and increase reserves. This investment underscores the company’s confidence in the region’s geological 26

potential and its importance to Pan American’s future.

At Timmins, project capital of $2.5 million was spent to construct the paste plant and its associated infrastructure. Commissioning of the project commenced in October.

The Timmins operations are active community partners and are focused on helping to build a strong and sustainable industry for all. Recently the team from Lake Shore Gold (a subsidiary of Pan American Silver Corp.) welcomed students from Lakehead University for comprehensive tours of the underground operations at their Timmins West and Bell Creek gold mines.

The students had the invaluable opportunity to discuss various geological and engineering aspects of these deposits, explore the core processing facility, and learn more about the history and ongoing exploration activities in the Timmins area.

These tours not only expose future geologists to some great local geology, but also demonstrate the significant impact of a company culture

The Minister of Natural Resources, Grayden Smith pictured Right and Timmins MPP and Minister of Mines, George Pirie on the left spent time visiting the Bell Creek mine site. “It was great to hear about their success, goals for the future and discuss the projects that are fueling our economy and creating jobs in Timmins and Northern Ontario”, stated the two ministers.

committed to high safety standards and operational best practices on creating a superior work environment. Such experiences are crucial in shaping the next generation of geologists and engineers by providing them with a holistic view of the industry!

In summary, Pan American Silver’s record-setting third-quarter results underscore the critical role of its Canadian assets, particularly the Timmins operations. The company’s strategic investments and operational excellence in this region have been pivotal in achieving its financial milestones and will likely continue to drive its growth trajectory.

Photo Credit: Laurentian University Tour of Bell Creek, LinkedIn Post NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

ONYX GOLD Enhances Munro-Croesus Project Multiple Strategic Acquisitions and Drilling Success East of Timmins

By Kevin Vincent

O

nyx Gold Corp. has recently undertaken significant expansions and exploration developments at its Munro-Croesus Project, strategically positioning the company for substantial growth in the Matheson area east of Timmins.

The company first expanded its footprint with the acquisition of a valuable portfolio from an arm’s length party, adding four properties—Highway, Tax, Hewitt, and Munro—to the Munro-Croesus Project. This acquisition increases the total area to 10,411 hectares, marking a 12% expansion and enhancing the project’s potential for both high-grade and bulk-tonnage gold discoveries.

“Acquiring this portfolio is a strategic expansion of our project. It positions us well to explore and potentially discover new mineral resources adjacent to our recent Argus Zone and GM discoveries,” stated Brock Colterjohn, President & CEO of Onyx. The properties are located in a relatively underexplored yet highly prospective section of the Timmins Gold Camp, proximate to major operations like McEwen Mining’s Black Fox Mine and Mayfair Gold’s FennGib Deposit.

28

New Greenfield Discovery in Canada’s Most Prolific Gold Camp The Onyx Gold team is actively analyzing their expanding Timmins assets on the back of recent drill results.

Significant drill results at the Argus Zone featured 1.87 g/t over 48.1 meters, with standout higher-grade sections like 4.05 g/t over 10 meters.

This represents a significant new greenfield discovery in one of Canada’s most renowned gold camps.

In addition to this acquisition, Onyx Gold announced promising final results from their recent drilling campaign at the Munro-Croesus Project.

The campaign unveiled a wide zone of strong gold mineralization immediately north of the main Argus Zone trend, marking a significant new discovery within the project.

“We are very pleased with these drilling results, which confirm the high potential of the Munro-Croesus Project and the emergence of the new Argus North Zone,” added Colterjohn. The results from drill hole MC24-163, in particular, show highgrade mineralization and suggest the system is expanding westward, with the potential to significantly extend the known mineralized footprint.

Further strengthening its position, Onyx Gold has also entered into an agreement to acquire additional contiguous land comprising one mining lease and four unpatented mining claims. This acquisition will increase

the Munro-Croesus Project’s total area to 10,588 hectares. Under the terms of the agreement, Onyx will pay $20,000 and issue 120,000 common shares to the vendor, with the property carrying a pre-existing 2% NSR payable to another arm’s length party.

These strategic moves not only enhance Onyx Gold’s asset base but also deepen its engagement in one of Ontario’s historic gold mining districts, setting the stage for its next phase of exploration and development. Transaction details from the initial acquisition reveal Onyx paid the Vendor $150,000 and issued 750,000 common shares. Additionally, the Vendor retains a 2.0% NSR royalty, with options for Onyx to reduce this. Should the properties yield over a million ounces in gold resources, a further $1,000,000 bonus is poised to benefit the Vendor, highlighting the significant upside potential of these strategic acquisitions.

Not bad from the new kid on the exploration block to now having an expanded 104 km² land package at Munro-Croesus positions Onyx Gold as one of the largest exploration landholders in the region.

With the team working diligently to further evaluate their results, the opportunity for continued exploration and discovery is ripe. With a growing land package, coupled with a proven management team, makes Onyx Gold a standout in the Timmins Gold Camp.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

CUSTOM BUILT SOLUTIONS FOR ANY APPLICATION Fletcher takes pride in being an industry leader of designing, engineering, and manufacturing custom mining equipment for underground applications. With an unwavering commitment to innovation and excellence, Fletcher has set the gold standard in the mining sector. Through a combination of innovative technology, meticulous craftsmanship, and a deep understanding of the mining industry, Fletcher continues to redefine the landscape of underground mining equipment. Fletcher is not just known for their advanced machinery but also for the company’s dedication to safer mining practices.

Contact Fletcher today to start your next custom built solution. @FLETCHERMININGEQUIPMENT

®

WWW.JHFLETCHER.COM 1.800.543.5431 J.H. Fletcher & Co. cannot anticipate every mine hazard that may develop during use of these products. Follow your mine plan and/or roof control plan prior to use of the product. Proper use, maintenance and continued use of (OEM) original equipment parts will be essential for maximum operating results. 2024 J.H. Fletcher & Co. All Rights reserved.

2024 Canadian Mining Life.indd 1

10/7/2024 2:31:48 PM

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

Beyond Pyrite: Using Gold Fingerprinting to Enhance Exploration The Limitations of Traditional Exploration Methods

T

raditional gold exploration often relies on identifying minerals spatially associated with gold, such as pyrite. However, these minerals act as “traps” for gold deposited later and may not be directly related to the initial gold formation. This discrepancy makes these minerals unreliable indicators of gold mineralization.

Dr. Evan Hastie of the Ontario Geological Survey argues that relying solely on proxy minerals for exploration can be misleading, as the relationship between these minerals and gold can be problematic. For instance, the oxygen isotopes in fluid inclusions within quartz found near gold deposits don’t necessarily provide insights into gold formation, as the quartz might have formed before the gold was deposited.

Hastie made his comments at the recent Northeastern Ontario Mines and Minerals Symposium hosted by the Porcupine Prospectors and Developers Association in Timmins.

ANALYZING GOLD DIRECTLY:

Unlocking New Insights Dr. Hastie proposes a shift in focus from proxy minerals to the direct analysis of gold itself. By examining the properties of gold directly, geologists can obtain more accurate 30

information about gold mineralization processes, leading to a better understanding of how gold deposits form.

This direct analysis approach involves studying several key aspects of gold: • Gold Purity: Studying variations in gold purity across different regions offers clues about the geological processes that have influenced gold formation.

• Trace Element Composition: Analyzing the trace elements within gold provides a unique “fingerprint” that can reveal valuable information about the origin and formation of the gold deposit.

• Gold Mobilization and Refinement: Understanding how gold moves and becomes concentrated within the Earth’s crust is crucial for predicting the location and characteristics of high-grade gold deposits.

suggests that natural refining processes, influenced by factors such as metamorphism, play a significant role in shaping gold deposits.

The connection between metamorphism and gold purity is further emphasized by the remarkably high purity levels (up to 99.5%) found in high-grade gold deposits that have undergone significant metamorphism, such as the Madsen deposit. This observation suggests that metamorphism contributes to gold purification by removing impurities, leading to the formation of highgrade deposits.

Gold Purity as an Indicator of Natural Refinement Dr. Hastie’s research highlights a correlation between gold purity and geological processes. He observed that gold in the Timmins camp has a purity of about 90%, while gold in the latter Red Lake break is around 95% pure. This variation in purity NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Specializing in pump and equipment sales and rentals, comprehensive pump repairs and expert dewatering and dredging services.

• Repair Capabilities for ALL Major Pump Brands • Test Tank & Rigorous Testing Protocols

• Transportation Logistics Covered!

Minetuff™ Series

Multistage Centrifugal Pumps

Curious About Costs and Lead Times?

See What We Can Do for You by Requesting a No-Obligation Quote Today!

866-921-6348

northfringe.com

sales@northfringe.com

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

TRACE ELEMENT FINGERPRINTING:

Unraveling the Origins of Gold Dr. Hastie’s research reveals that analyzing trace elements within gold can provide valuable information for exploration. He observed systematic variations in the concentrations of certain trace elements within gold across different regions of Ontario.

For example, antimony levels in gold decrease systematically from northwest to northeast across the province, regardless of the host rock type or the age of the deposit.

This regional trend in antimony distribution has significant implications for gold exploration. While antimony serves as a reliable indicator mineral for gold in the northwest, its significance diminishes in the northeast. This difference emphasizes the importance of considering regional variations in trace element distribution when exploring for gold.

In contrast to antimony, mercury levels in gold exhibit an opposite trend, increasing from northwest to northeast across Ontario. This contrasting pattern further reinforces the importance of understanding regional variations in trace element distribution when developing exploration strategies.

Dr. Hastie hypothesizes that these regional variations in antimony and mercury content within gold are linked to differences in the composition of the Earth’s crust. The older Mesoarchean crust in the northwest might inherently contain higher antimony concentrations compared to the younger Neoarchean crust in the northeast, and this difference is reflected in the gold deposits that form in these regions.

The research team developed a technique to “fingerprint” gold from different districts in Ontario based on its unique trace element composition. This technique allows geologists to identify the origin of gold 32

samples, which has applications in forensic investigations, especially for tracing stolen gold.

GOLD MOBILIZATION:

From Refractory to Free Gold Dr. Hastie’s research also examines the processes of gold mobilization, which involve the transformation of gold from a refractory state, where it is locked within sulfide minerals like pyrite, to a free state, where it is readily extractable. Understanding these processes is crucial for identifying high-grade gold deposits. The mobilization of gold often involves a process called coupled dissolutionreprecipitation, where fluids interact with gold-bearing sulfide minerals, causing the gold to be released and redeposited. This process can lead to the formation of free gold within or near the original sulfide minerals.

One of the key factors influencing gold mobilization is the presence of certain trace elements, such as tellurium, antimony, and bismuth.

These elements, known as low melting point chalcophile elements, can facilitate the formation of polymetallic melts that transport gold.

Dr. Hastie presents evidence for the role of polymetallic melts in gold mobilization, including observations of high-grade gold intergrown with telluride mineralization in fractures.

These textures suggest that gold was

transported in a molten state, likely within a polymetallic melt.

Implications for Exploration & Future Research Dr. Hastie’s research has significant implications for gold exploration: • Moving Beyond Proxy Minerals: It encourages a shift away from relying solely on proxy minerals toward a more comprehensive approach that includes the direct analysis of gold.

• Targeting Exploration: Understanding regional variations in gold purity and trace element composition can help geologists target exploration efforts more effectively.

• Understanding Gold Mobilization: Insights into the processes of gold mobilization can assist in identifying areas where gold has been concentrated and is more likely to be found in a free, extractable state.

Dr. Hastie’s research is ongoing.

He aims to expand his database by including gold samples from other deposits across Ontario, particularly from the Timmins, Geraldton, and Wawa areas. He is also analyzing bulk ore samples to determine the overall elemental composition and mineral phases present, which will provide a broader geological context for gold mineralization.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

PORTABLE SHOP STATIONS Miller Big Blue 600 Air Pack 3 in 1 Welder Generator Air Compressor New Oil Tanks Used Fluid Tanks Filter Drain Sink Grease Package Tool Box Lights Fully Insulated Fire Suppression System First Aid Kit, PPE and Eye Wash Station Spill Kit

Portable Grease Skid

FULLY CUSTOMIZABLE AND TURN KEY SOLUTIONS FOR ALL OF YOUR LUBRICATION NEEDS

www.fluxmech.com info@fluxmech.com

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

MAYFAIR GOLD CORP. Advances Fenn-Gib Project with Updated Mineral Resource and Expanded Metallurgical Studies

By Kevin Vincent

M

ayfair Gold Corp. has announced significant advancements at its Fenn-Gib Gold Project in the Timmins region of Northeast Ontario, detailing an updated mineral resource estimate and the extension of its metallurgical testing program.

The update, which incorporates results from 69 new drill holes totaling 46,955 meters of predominantly infill drilling, enhances the project’s development profile as the company progresses toward completing its Pre-Feasibility Study (PFS).

“We are pleased to report an updated open-pit mineral resource for Fenn-Gib, highlighting the robustness of Fenn-Gib’s grade-tonnage sensitivity. This optionality, paired with our world-class infrastructure setting, affords Fenn-Gib a variety of development scenarios from smallscale opportunities targeting higher grades, to bulk options leveraging 34

economies of scale,” commented Darren McLean, Interim Chief Executive Officer of Mayfair. He emphasized that with the 2024 mineral resource refined and finalized, the company is eager to accelerate the PFS. The updated resource estimate underscores a robust grade-tonnage curve, demonstrating significant flexibility in mining approaches. The Indicated Mineral Resource stands at 4.31 million ounces of gold at a 0.3g/t Au cut-off grade, with an option to sequence mining for higher grades, showcasing 3.40 million ounces at 1.00g/t Au with a 0.5g/t cut-off.

Building on the updated resource, Mayfair has also initiated an expanded metallurgical test program expected to yield results in Q1 2025.

“Expanding on previous testing, we intend to refine our understanding of the optimal feed and grind sizes

and to test these parameters across a representative range of lithologies, grades, and zones within the FennGib open pit,” McLean added.

These developments follow closely on the heels of a successful nonbrokered private placement that raised $6,012,000, enabling further exploration and development activities. This capital injection will support ongoing permitting and feasibility studies, among other general and administrative expenses.

Mayfair’s commitment to advancing the Fenn-Gib project is further evidenced by the participation of insiders in the recent offering, highlighting confidence in the project’s value and future. The company remains focused on leveraging the Fenn-Gib’s significant gold potential and strategic position in one of Canada’s premier gold-bearing regions.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

YOUR TRUSTED NAME IN CANADIAN MINING & EXPLORATION WITH DECADES OF EXPERIENCE

Striving For Gold - Delivering Excellence

Specialized services include: • Surface Diamond Drilling • Reverse Circulation Drilling • Water Well Drilling • Geotechnical Drilling • Helicopter Drilling • Road & Site Building Project Manager Scott Frechette scottfrechette@nplhdrilling.ca 613-242-9755

NPLH DRILLING provides comprehensive services from road preparations to site cleanup, ensuring seamless project execution.

Delivering efficient, compliant drilling solutions while prioritizing sustainable, environmentally responsible practices and backed by advanced equipment and a silled workforce.

24 Government Road South Timmins, Ontario P4R 1N4

www.nplhdrilling.ca

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

definitive documentation, and other customary conditions.

PROMISING RESULTS & RESOURCE POTENTIAL

CANADA NICKEL enroute to construction of Crawford Nickel Sulphide Project while advancing Regional Nickel Exploration

By Kevin Vincent

C

anada Nickel Company Inc. announced October 9th with the Government of Canada, that it has been conditionally approved for a C$4.38 million contribution from Natural Resources Canada’s Critical Minerals Infrastructure Fund (CMIF).

The Critical Minerals Infrastructure Fund (CMIF) will provide up to $1.5 billion in federal funding over seven years for clean energy and transportation infrastructure projects necessary to enable the sustainable development and expansion of critical minerals in Canada.

The contribution made to Canada Nickel is in support of the Company’s ongoing studies to undertake preconstruction and project development activities at the Company’s flagship Crawford Nickel Sulphide Project, primarily focusing on electrical infrastructure. The Studies are a crucial step for Canada Nickel and the Government of Canada to safeguard the development of clean energy infrastructure that drives innovation in the mining sector.

“By supporting these Studies, the federal government is investing the 36

timely development of sustainable infrastructure to ensure a stable source of critical minerals, foster economic growth, create over 1500 high-paying jobs, and advance its commitment to net-zero carbon targets when Crawford is in production,” said CEO Mark Selby.

With successful implementation of the electrical infrastructure and by utilizing Ontario’s clean electricity grid, the Studies are expected to lead to mining production that will significantly reduce greenhouse gas emissions by more than 60% compared to diesel-powered operations.

“With funding from the Government of Canada, Canada Nickel’s Crawford Nickel Sulphide Project will help meet growing demand for nickel and position Canada as a reliable supplier of the critical minerals the world wants to buy. Projects like these build off the Timmins region’s long history and expertise as miners,” said the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources.

The contribution is subject to confirmatory due diligence, settlement of

Canada Nickel Company is advancing its exploration footprint in the Timmins Nickel District, unveiling promising drill results across several properties, including Reid, Mann, and Reaume. The company’s comprehensive 2024 exploration program has now exceeded 100,000 metres of drilling over 14 regional properties, all within 100 kilometres of Timmins.

“We’re consistently proving the potential of the Timmins Nickel District with our results from these five distinct properties,” said Selby. “Notably, the shallow, large-scale mineralization at Mann West and the robust infill results at Reid underscore the substantial resource potential we’re working to define. We’re on track for an initial resource at Reid before year-end, and Mann Central’s multiple well-mineralized peridotite zones span a 1.9-kilometre strike length.”

Canada Nickel’s exploration program is not only confirming nickel mineralization but is revealing unexpected gold intersections. “While platinum and palladium are typical for this district, Mann North surprised us with gold intervals—like 45 metres at 0.45 g/t and a striking 4.5 metres at 2.36 g/t gold,” Selby added.

REID PROPERTY:

A Resource on the Horizon The Reid property, located 16 kilometres southwest of Crawford, covers a 3.9 square-kilometre geophysical anomaly nearly 2.4 times the size of Crawford. To date, 26,061 metres over 41 drill holes have been completed in 2024, delineating a wellmineralized ultramafic body with a strike length of 2.2 kilometres, extending up to 650 metres deep. All drill holes have intersected long nickel-bearing intervals, primarily dunite with occasional peridotite, solidifying the resource potential.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

TSXV: CNC

UNLOCKING THE POTENTIAL OF THE TIMMINS NICKEL DISTRICT

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

37

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

Assays from seven drill holes are included in the latest results, with seven additional assays pending.

Canada Nickel remains on schedule to deliver the initial resource estimate at Reid before end of 2024.

MANN PROPERTY:

Exploring the Depth & Breadth of Nickel Potential Located 22 kilometres east of Crawford between Timmins and Cochrane, the Mann property encompasses four distinct exploration targets—Mann North, Mann West, Mann Central, and Mann South. Canada Nickel has completed drilling in three of these areas and is actively exploring Mann South. In collaboration with Noble Mineral Exploration, Canada Nickel owns an 80% stake 38

intersected intervals with 3.3 metres grading 1.03% nickel, 0.31% cobalt, and 0.57% copper in MAN24-32.

Assays are still pending for 10 drill holes, with prior results reported in September.

Mann North: At 1.5 kilometres by 600 metres, Mann North has yielded promising early results with nickel grades on par with Crawford’s, alongside surprising concentrations of platinum, palladium, and gold. Assays included 12.7 metres at 0.58 g/t Pt+Pd and 16.7 metres at 0.50 g/t Pt+Pd, plus high-grade gold intercepts, such as 4.93 g/t over 1.5 metres and broader intervals, like 0.45 g/t over 45 metres.

in the Mann property, while Noble retains the remaining 20%.

Mann West: Covering a 3.4 squarekilometre area, Mann West’s mineralized body extends over a 1.7-kilometre strike length and up to 600 metres wide. Canada Nickel has drilled 40 holes here, focusing on highly serpentinized peridotite and minor dunite formations enriched with visible nickel sulphide mineralization. This phase of drilling is expected to support an initial resource estimate by Q1 2025.

Mann Central: Mann Central spans 4.5 kilometres in length, with a defined area of interest at 1.9 kilometres by 600 metres. Drilling to date totals 32 holes over 11,853 metres, revealing consistent peridotite mineralization. Notable results include

REAUME: Initial Results Support Nickel Expansion Located 20 kilometres northeast of Crawford, the Reaume property will join Canada Nickel’s ExploreCo subsidiary, held in partnership with Noble Mineral Exploration on an 80/20 (Canada Nickel-Noble) ownership basis. Prior drill campaigns in 2022 had seasonal access constraints, however, in June 2024, the Company resumed exploration with promising finds of serpentinized peridotite and visible awaruite nickel mineralization. Assays for three holes are now complete, with two remaining assays pending.

BUILDING THE FUTURE OF SUSTAINABLE NICKEL PRODUCTION

“We’re tapping into Ontario’s vast nickel potential to help fuel a greener future,” Selby concluded. “Our exploration achievements lay a strong foundation for scalable, sustainable nickel production within a region that can deliver meaningful returns to investors and critical metals to the global market.” Canada Nickel’s robust exploration portfolio in Ontario’s Timmins-Cochrane region underscores its commitment to responsible mining, laying the groundwork for substantial nickel and precious metal discoveries that will shape the future of clean energy resources.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Ore Hauling Float Services Industrial & Commercial Services Truck & Trailer Repairs

705-264-1520 dumoulintrucking.ca

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO Chief Jennifer C. Constant, of Mattagami First Nation was on hand to present the awards.

ASTON MINERALS: Engaging First Nations and Building a North American Nickel Supply Chain

By Kevin Vincent

T

he future of electric vehicles in North America is bright, fueled by a surge in demand for high-nickel cathode batteries. This projected growth necessitates a reliable and sustainable source of nickel, a critical mineral for this burgeoning industry. Aston Minerals, an Australian company with a history of successful mining ventures, is strategically positioning itself to become a key player in this narrative.

Aston Minerals has been diligently working on the development of its Edleston Project in Ontario. Located approximately 60 km south of Timmins, the Edleston Project is situated in a region renowned for its rich mining heritage and access to skilled labor. The project is in close proximity to Timmins and Kirkland Lake, which are home to major for40

mer and current mining operations.

“I am pleased to say that as a Company, we are at a point where strong technical project indicators are becoming identified through the required work which has been conducted over the year,” said Aston Managing Director, Russell Bradford. “The information being generated gives potential strategic partners and government agencies in the critical minerals space an understanding of what potentially such a significant large-scale mineral deposit this can become.”

The company has recognized the importance of engaging with local communities, particularly First Nations groups, in the development of the project. Aston’s managing director, Russell Bradford, relocated to Toronto in May to enhance the company’s engagement with stakeholders.

One of the key initiatives undertaken by Bradford was the organization of a First Nations basketball tournament, sponsored by Aston Minerals, Canada Nickel, MAG Silver and other mining companies such as Talon Resources in the region. The tournament, held in October in Sudbury, is a testament to Aston’s commitment to fostering positive relationships with First Nations communities.

This approach highlights a move beyond traditional community engagement strategies, recognizing the importance of shared experiences and cultural exchange.

In addition to community engagement, Aston has been focused on advancing the technical aspects of the Edleston Project. The company has made significant progress in defining and expanding the nickelcobalt resource at its flagship Boomerang target.

Resource Update & Metallurgical Advancements In early October, Aston announced an updated mineral resource estimate for the Boomerang NickelCobalt Sulphide System. This update revealed a significant increase in the indicated mineral resource at the Bardwell zone, rising by an impressive 44% compared to the initial estimate released in February 2023.

The total indicated mineral resource now stands at 231 million tonnes, grading 0.27% nickel and 0.011% cobalt. This translates to a nickel equivalent grade of 0.30%, using a formula that accounts for the recoverable value of cobalt alongside nickel content.

The updated resource estimate for Bardwell, based on drilling completed in late 2023, demonstrates the substantial potential of this deposit.

All indicated resources are located at Bardwell, containing an estimated

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

629,000 tonnes of nickel and 25,000 tonnes of cobalt. The inferred mineral resource at Boomerang also saw an increase, reaching 1.039 billion tonnes at a nickel equivalent grade of 0.30%. The combined indicated and inferred resources represent one of the largest undeveloped nickel sulphide deposits globally, solidifying Aston’s position in the global nickel market.

Technical Developments Beyond resource definition, Aston has been diligently working on developing a viable metallurgical flowsheet for the Bardwell deposit. The flowsheet design involves a multistage process: crushing, two-stage milling, conventional flotation, and magnetic separation.

Early results from the metallurgical test work have revealed a strong correlation between nickel flotation performance and both sulphur and magnetite head grades. This crucial finding underscores the importance of understanding the geological context of the deposit and tailoring the processing methods accordingly.

Locked cycle tests conducted on a composite sample with a 0.35% nickel head grade yielded encouraging results. The tests demonstrated a nickel recovery rate of 59%, producing a flotation concentrate with 29% nickel and 10.5% magnesium oxide. Aston has also observed that the nickel recovery rate is a function of the sulfur head grade, with higher sulfur grades generally correlating to better recovery.

These initial findings indicate that Aston is on the right track in developing an efficient and cost-effective method for extracting nickel from the Bardwell deposit. The company has successfully calibrated the flowsheet design against previous work and is currently in the process of running rougher float tests. The first results from these tests are expected to be available within the next month.

42

The Timmins Economic Development Corporation took pleasure in meeting with Russell Bradford, Managing Director of Aston Minerals Ltd to discuss expanding operations into the City of Timmins

LOOKING AHEAD:

Scoping Study & Project Development “The previous 6 month met program has provided invaluable information on mineralogy and the geo-metallurgical relationships of the Boomerang deposit. This has allowed us to plan and optimise our work for the next phase of testwork at Corem. The conventional sulphide flowsheet is now locked in and will be used for future metallurgical testing,” said Bradford.

He continued, “The locked cycle test results show a robust recovery is achievable at a high nickel concentrate grade. The future work on the Bardwell core will be executed on the back of a significant knowledge base and an understanding of nickel, sulphur and iron associations based on the samples tested.”

Following the completion of the rougher float work, Aston plans to process and test core samples from Bardwell, including lock cycle work, which is anticipated to be finalized during the fourth quarter of 2024.

The next major milestone for Aston is the initiation of a scoping study for the Edleston Project. This study will utilize all the information gathered from the exploration, metallurgical testing, and community engagement efforts. Aston is also committed to exploring regional targets, which will be incorporated into a larger drilling program planned for 2025. This forward-thinking approach ensures the long-term viability of the project and allows for potential expansion of the resource base.

Aston Minerals has demonstrated a commitment to both technical advancement and responsible development of its Edleston Project.

The company’s proactive engagement with First Nations communities, coupled with its strategic focus on building a robust nickel supply chain in North America, positions it as a leader in the sustainable development of critical minerals. The journey ahead is promising, and Aston Minerals is well-equipped to capitalize on the growing demand for nickel in the electric vehicle market.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

CLASS 1 NICKEL Advances Alexo North and Dundonald South with Significant Resource Upgrades

By Kevin Vincent

C

lass 1 Nickel and Technologies Ltd. has announced substantial updates to the Mineral Resource Estimates (MRE) for its Alexo North and Dundonald South Nickel Sulphide Deposits, part of the Alexo-Dundonald Nickel Sulphide Project located about 45 km northeast of Timmins, Ontario. These updates mark significant enhancements in resource classification and quantity, reflecting the company’s data-driven approach to exploration and development.

David Fitch, CEO of Class 1 Nickel, highlighted the achievements: “We’re pleased to report significant advancements in our resource estimates for Alexo North, with a notable 63% increase in Indicated tonnes and an 8% rise in nickel pounds.

These new results from the updated mineral resource estimate for Dundonald South are extremely positive, showcasing the high-grade nickel sulphide potential of this deposit.”

The revised figures for Alexo North now show Indicated Resources at 42,600 tonnes at 0.92% Ni, marking a substantial improvement from previous assessments. The update for Dundonald South is equally impressive, featuring: • Indicated Resources (Pit-Constrained) of 2.54 Mt at 0.49% Ni (27.4 Mlbs Ni) – a 781% increase in Indicated tonnes and a 474% increase in nickel pounds.

• The deposit contains 776,000 tonnes at 1.0% Ni using a 0.67% 44

Ni cut-off, accounting for 17.1 Mlbs of nickel.

• Total Mineral Resources across the four deposits stand at 3.4 Mt at 0.54% Ni Indicated and 5.9 Mt at 0.61% Ni Inferred.

“Dundonald South contains some very high-grade nickel assays over significant intervals, demonstrating the capability of these Komatiitehosted nickel sulphide deposits to contain potentially economic nickel,” added Fitch. The re-interpreted models provide multiple new drill target areas, which will be tested in future drilling programs.

Both deposits remain open along strike and at depth, with the new geological model and interpretation providing ample targets for next-stage drilling. The ongoing updates are part of Class 1 Nickel’s broader ef-

forts to enhance its understanding of its deposits and deepen resource accuracy through continuous drilling and data collection.

The company is also progressing with updates to the remaining two nickel sulphide mineral resources within the project, Dundonald North and Alexo South, continuing the momentum of resource development and refinement. The updated MREs and associated reports are available for review on SEDAR+ and the company’s website, offering detailed insights into the current status and potential of these deposits.

Given that the mineral resources are open at depth and along strike, there is significant potential for expansion with further drilling, enhancing the project’s promise as a critical nickel resource.

The updated and interpreted 3D geological model (looking north) showing the categorized Indicated (red) and Inferred (green) mineral resources within and outside of the optimized pit shell that define the D-S Deposit; the Dundonald South Deposit is open along strike and at depth.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

YEARS OF MINING SERVICES ACROSS CANADA COATINGS

FIREPROOFING

INSULATION

SCAFFOLDING

ABRASIVE BLASTING

METALIZING

POTASH, URANIUM, GOLD, AND MORE! 1-833-478-4688

ParkDerochie.com

SPRAY FOAM

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

Drill intercepts for hole TX24-022

METALS CREEK RESOURCES Expands Copper Potential at Tillex Project with HighGrade Drill Results

By Kevin Vincent

M

etals Creek Resources Corp. has announced promising results from its latest diamond drilling program at the Tillex Copper Project in Currie Township, located just 65 kilometers east of Timmins, Ontario.

This third drill hole, TX24-022, has returned substantial copper and silver mineralization, adding momentum to the exploration potential of the Tillex Deposit as the company aims to unlock deeper, high-grade copper zones.

The Tillex Copper Project sits strategically just 45 kilometers from the Kidd Creek metallurgical site, placing it in proximity to significant infrastructure within Ontario’s mineral-rich landscape. Metals Creek is focusing on better defining the Tillex Deposit’s fold structures and extending mineralization depth, both critical steps in advancing the project.

High-Grade Intercepts Mark Depth Potential Drill hole TX24-022 targeted deeper extensions of mineralization detected in the previous hole, TX24-021, and intersected an impressive 92.05 meters of copper-bearing rock, grading 2.12% Cu and 12.18 g/t Ag from 36.95 to 129.00 meters downhole.

Within this interval, higher-grade mineralization yielded 3.26% Cu and 20.92 g/t Ag over 29.00 meters and included an 18.4-meter section grading 4.02% Cu and 19.7 g/t Ag. “These results showcase the significant copper and silver potential at Tillex,” said Michael MacIsaac, P.Geo., VP of Exploration for Metals Creek Resources. “The miner46

alization, especially within the high-grade sections, highlights the area’s prospectivity and emphasizes the necessity of tight drill spacing for accurately mapping the complex structural folding within this deposit.”

The mineralization within TX24-022 features fine disseminated chalcopyrite, crosscutting stringers, and blebby chalcopyrite veins. Located within graphitic argillites, feldspar porphyry, and dacitic tuffs, these findings reveal an assemblage of pyrite, pyrrhotite, galena, and sphalerite. The mineralized feldspar porphyry within the argillites points to further potential in the Tillex Copper Project, suggesting a robust mineralizing system that remains open for future drilling.

THE NEXT STEPS:

Building on Positive Results The exploration team encountered challenging conditions in the fourth drill hole, TX24-023, which was abandoned, but the program’s remaining results are being compiled to refine geological models. These efforts will guide future drilling, focusing on achieving the tighter drill spacing required to define mineralization along strike and at depth within the fold structures at Tillex.

Metals Creek’s exploration program adheres to strict quality assurance and quality control (QA/QC)

protocols. Samples were analyzed

by Activation Laboratories, with approximately 10% sent for check assays as part of the company’s rigorous standards.

Metals Creek Resources Corp. is a junior exploration company based in Ontario, actively advancing projects with promising copper and gold potential. The company’s portfolio includes a 50% interest in the Ogden Gold Property, positioned along the prolific Porcupine-Destor Fault near Timmins, Ontario, and hosting the former Naybob Gold mine. Metals Creek also has various 100% claims in the Shabaqua Corners area, enhancing its presence across Northwestern Ontario’s highly prospective mining districts.

With its recent success at Tillex, Metals Creek is well-positioned to grow its copper exploration footprint in Ontario, as it continues to uncover the potential of the Tillex Deposit while evaluating additional targets across its expansive land holdings.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

GLENCORE CANADA:

A Look at Sudbury & Timmins Operations

G

lencore’s mining activities in Sudbury and Timmins, Ontario, continue to showcase the company’s commitment to innovation, environmental sustainability, and community engagement, all while navigating the complexities of mature mining operations. Over the past six months, the company’s efforts in the region have gained momentum with new projects, strategic adjustments, and significant achievements. Here’s a deeper dive into Glencore’s recent developments at their Sudbury and Timmins operations.

SUDBURY OPERATIONS: NEW PROJECTS, MERGERS & SAFETY MILESTONES

Onaping Depth Project Powers Forward with Federal Support Glencore’s Onaping Depth project, part of the historic Craig Mine in Sudbury, is making significant strides towards becoming a greener and more efficient operation. In May 2024, the company secured up to C$11 million in federal funding to transition from diesel-powered machinery to battery-electric equipment. This initiative not only aims to enhance operational efficiency but also aligns with global sustainability goals. The switch to electric vehicles, including 23 Epiroc units and additional machines from MacLean Engineering and Kovatera, is expected to reduce greenhouse gas emissions by over 5,500 tonnes by 2030. The project marks a sig48

nificant step towards more environmentally friendly mining practices in the Sudbury Basin.

POTENTIAL MERGER WITH VALE:

A Game-Changing Opportunity Rumors of a possible merger between Glencore’s and Vale’s Sudbury mining assets have circulated for years, and 2024 could finally be the year it happens. If finalized, the merger would combine key assets, such as Glencore’s Nickel Rim Mine, with Vale’s operations in Sudbury.

The merger promises substantial cost savings and operational synergies, potentially streamlining operations in one of the world’s most prolific nickel regions.

Fraser Mine Receives National Safety Recognition In May 2024, Glencore’s Fraser Mine was named Canada’s Safest Mine— a testament to the company’s emphasis on safety and operational ex-

cellence. This recognition highlights Glencore’s continued commitment to maintaining high safety standards while navigating the complexities of underground mining in Sudbury.

TIMMINS OPERATIONS:

Kidd Creek Continues to Deliver Kidd Mine: The World’s Deepest Base-Metal Mine. Timmins is home to Kidd Creek, the world’s deepest base-metal mine, which continues to mine at an astonishing depth of 9,800 feet below sea level. Despite its age, Kidd Creek remains a cornerstone of Glencore’s North American operations, consistently delivering robust production numbers. Advanced mining technologies, such as automated loaders and ventilation-on-demand, play a crucial role in maintaining the mine’s efficiency and safety at such extreme depths.

Stable Zinc & Copper Production Kidd Creek’s base-metal production in the third quarter of 2024 saw a slight dip in copper output, with 8.1 kilotonnes produced, compared to 8.5 kilotonnes in the same quarter of 2023. However, zinc production saw a modest increase, rising to 11.4 kilotonnes from 11.0 kilotonnes in Q3 2023.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

The mine also produced 698 thousand ounces of silver, a by-product of its base-metal operations, reflecting a slight decrease from the previous year.

While the copper output faced a minor decline, the stable zinc production reflects the operation’s resilience and the careful management of its resources, given the mine’s advanced stage of life.

Operational Challenges & Strategic Importance Kidd Creek’s deep mining operations present unique challenges, particularly regarding ore depletion and the inherent difficulties of working at such depths.

However, Glencore’s ongoing investments in optimizing production processes and extending the mine’s operational life are a clear indicator of its long-term value. Kidd Creek continues to be a significant employer in the Timmins region, supporting roughly 800 jobs across its mining and concentrator operations.

Glencore’s Path Forward As 2024 progresses, Glencore’s Sudbury and Timmins operations are set to play pivotal roles in the company’s global base metals strategy. The Sudbury Basin remains a critical source of nickel and other by-products, while Kidd Creek continues to be a reliable contributor of copper, zinc, and silver.

The Onaping Depth project symbolizes Glencore’s future focus— merging cutting-edge technology with sustainable practices to ensure the longevity of its operations while minimizing environmental impact.

The anticipated merger with Vale would only serve to strengthen Glencore’s position in the global nickel market, offering potential operational efficiencies and broader resource integration.

Meanwhile, Kidd Creek remains a key asset in North America’s basemetal mining landscape. Though mature, the mine continues to deliver stable production and stands

as a testament to Glencore’s ability to maximize value from existing resources. Looking ahead, the company’s focus on extending Kidd Creek’s operational life and overcoming deep-mining challenges reflects its commitment to maintaining strong contributions from this historic mine.

Conclusion Glencore’s Canadian operations in Sudbury and Timmins are a testament to the company’s ability to adapt and innovate. From leveraging new technologies at Onaping Depth to maintaining steady production at Kidd Creek, Glencore is positioning itself for future growth, all while emphasizing environmental sustainability and community collaboration.

With the potential for transformative mergers and continued investment in clean energy technologies, Glencore’s mining footprint in Ontario will remain vital to the company’s global ambitions for years to come.

Breakfast, lunch, dinner, and anything in between - McIntyre Coffee Shop and McIntyre Catering & Events delivers!

The Coffee Shop offers delicious, affordable meals in a nostalgic, family atmosphere!

Dine in, take out or delivery.

Our catering services are flexible and ideal for simple boardroom lunches to backyard barbecues, corporate parties, and family celebrations!

85 McIntyre Road, Schumacher, Ontario 705-360-5225 mcintyrecateringservices@gmail.com

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

49

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

MAGNA MINING Advances Crean Hill Project with PEA, expands portfolio and financing

By Kevin Vincent

M

agna Mining is showing no signs of slowing down as they have recently agreed to purchase a portfolio of base metal assets from a subsidiary of KGHM International.

The deal, announced on Sept. 11, 2024, includes the McCreedy West copper mine, along with three other past-producing mines in the Sudbury basin mining district: Levack, Podolsky and Kirkwood. Magna will also acquire exploration properties, including the Falconbridge footwall and Northwest Foy, among others.

The purchase price consisted of C$5.3 million in cash, C$2 million in Magna common shares upon closing, an additional C$2 million in cash due on Dec. 31, 2026, and contingent payments of up to C$24 million, depending on future milestones.

50

Magna will take ownership of McCreedy West, an active copper mine that produced 317,660 tonnes of ore in 2023, with copper grades of 1.59%. The mine also yielded nickel, cobalt, platinum, palladium, gold and silver. In addition, the Levack mine, which has been on care and maintenance since 2019, will be evaluated for a potential restart, given its near-surface high-grade nickel and copper zones. The Podolsky mine, inactive since 2013, has mining potential in its north zone and nickel ramp deposit.

“We are not only acquiring a producing mine. We believe that there is significant mineral resource potential remaining and the sale assets have exceptional exploration potential,” CEO Jason Jessup said in a news

release. “This acquisition creates a clear pathway to realizing our stated goal of having three or more producing mines within three to five years.”

The transaction is subject to regulatory approvals, including from the TSX Venture Exchange, and is expected to close by late 2024 or early 2025.

Magna Mining Inc. continues to strengthen its position as a key player in the Sudbury region’s nickel, copper, and PGM mining sector.

The company has made significant strides across multiple fronts, including a successful completion of an updated Preliminary Economic Assessment (PEA) for its Crean Hill Project, an advanced exploration surface bulk sample, and an expansion of its financing efforts to support ongoing development.

On September 17, 2024, Magna Mining announced the completion of an updated PEA for its 100%-owned Crean Hill Project, outlining a robust underground mining plan. The PEA envisions a 13-year mine life following a 15-month Advanced Exploration (AdEx) program and a 12-month pre-production ramp-up period. The study projects a low pre-production capital cost of $27.7 million, with payback expected within the first year of commercial production.

Key highlights of the PEA include a pre-tax Net Present Value (NPV)

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

of $265.3 million and an impressive Internal Rate of Return (IRR) of 142% at conservative metal prices. “This updated PEA focuses on a high-margin, underground-only mine plan with a low capital approach, providing quick access to the resource while offsetting capital costs with early revenues,” said Huffman. The project timeline is further de-risked by having key environmental permits in place, allowing Magna to progress with confidence.

The base case for the PEA uses metal prices of US$8.50/lb nickel, US$4.00/lb copper, US$13.00/lb cobalt, US$900/oz platinum, US$1000/ oz palladium, and US$2,150/oz gold.

The project’s financial metrics demonstrate strong potential even under conservative pricing assumptions, making Crean Hill one of Magna’s most promising assets.

In early October Magna Mining announced an increase in the size of its previously announced best-efforts private placement from $15 million to

gross proceeds of up to $19 million.

The offering, co-led by Desjardins Capital Markets and SCP Resource Finance LP, will allow the company to issue up to 18,095,200 common shares, with the option to offer an additional 2,714,280 shares for up to $2.85 million more.

The company intends to use the proceeds to advance its Sudbury projects, including Crean Hill, and for general corporate purposes. “This expanded offering positions us well to continue advancing our exploration and development goals,” said Jeff Huffman, COO of Magna Mining.

The offering is expected to close on or around October 31, 2024, subject to necessary approvals.

Magna Mining also received $1.6 million in early October from the federal government. They were one of many projects that Jonathan Wilkinson announced with more than $11 million in funding for critical mining projects that contribute to a cleaner environment. Jonathan made the an-

nouncement as he was in Sudbury participating in the Conference of Mining Cities and Regions. Magna will use the $1.6 million to help support pre-construction activities to power the Shakespeare and Crean Hill mines with clean electricity.

Successful Bulk Sample at Crean Hill’s 109 Footwall Zone On October 7, 2024, Magna provided an update on its advanced exploration bulk sample at Crean Hill, confirming successful extraction and processing of 20,524 dry tonnes of feed from the 109 Footwall Zone. The sample, which was processed at Glencore’s Strathcona Mill in Sudbury, provided valuable data on metallurgical performance. Huffman commented, “We are pleased with the results, which align with our predictions on grade and dilution. The reconciliation data will be instrumental in guiding future test mining stopes for our underground advanced exploration program.”

TSXV: NICU OTCQB: MGMNF

NICKEL FOR OUR FUTURE

North America’s Next Nickel Producer

www.magnamining.com MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

51

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

VALE’S SUDBURY Operations:

A Beacon of Growth and Transformation in Nickel Mining

Photo Credit Vale Linkedin Post: Vale Base Metals celebrated the signing of an agreement to begin operations at the Stobie Mine open pit in Sudbury. Vale stated, “this groundbreaking contract aligns with our strategy to increase production from near-surface deposits”.

By Kevin Vincent

O

ver the past six months, Vale has made significant strides in its Sudbury operations, signaling a renewed focus on growth, sustainability, and community collaboration.

From the announcement of a new open pit mine to advances in the company’s nickel production strategy, it’s clear that Sudbury remains at the heart of Vale’s ambitions to cement its place in the global mining landscape.

NEW OPEN PIT MINE AT STOBIE SITE: A Fresh

Chapter for Sudbury Vale Base Metals has announced a major new development for Sudbury’s historic Stobie site: the opening of a new open pit mine. With an investment of C$205 million ($149 million), this project marks a turning point for the region’s economic and industrial future. Initial production is set to reach 300,000 tonnes of nickel and copper in 2024, with a rapid increase to 1.5 million tonnes annually by 2025, a pace expected to continue until 2027 or 2028. The mine will also yield cobalt and precious metals, further expanding Vale’s portfolio in Sudbury.

“This new venture represents a new era of cooperation and partnership,” remarked Gord Gilpin, director of Ontario Operations for Vale Base Metals. The project will involve local contractors and Indige52

nous businesses, ensuring that Sudbury’s economic growth benefits the entire community. Mining contractor The agreement fosters collaboration between Thiess Mining, the United Steelworkers (USW) - (L6500 and L2020), and two local Indigenous businesses—Z’gamok Construction LP (ZCLP) and Aki-eh Dibinwewziwin Limited Partnership (ADLP) — to extract critical minerals from the property.

Thiess, alongside the Indigenous businesses will play key roles in this operation. Local employment is also set to rise, with 62 to 80 new union members from USW Local 6500 slated to be hired.

INDIGENOUS COLLABORATION:

A Commitment to Inclusive Growth Vale’s commitment to involving Indigenous communities in its operations has been underscored by a new federal initiative. The Canadian government has granted C$2.7 million to support Indigenous participation in mining through organizations like Giyak Mishkawzid Shkagmikwe Inc. and Taighwenini Technical Services Corporation. These funds will be used to purchase mining drills that will support First Nations training opportunities and enhance their role in Canada’s burgeoning clean economy.

Sudbury’s Iconic Superstack to be Demolished In a symbolic moment for the community, Vale has announced the gradual demolition of the Copper Cliff Superstack, a 1,250-foot landmark that has been a fixture of Sudbury’s skyline for over 50 years. Although the process is expected to cost up to $100 million and span several years, Vale is committed to commemorating the Superstack’s legacy through a monument, honoring its significance to the community.

Financial Successes & Challenges in Q3 2024 In Q3 2024, Sudbury produced 16 kilotonnes of nickel, contributing $16 million to Vale’s total adjusted EBITDA. While this was a decline from the $45 million in 3Q23, driven by higher production costs and lower global nickel prices, Sudbury’s contribution remains a vital part of Vale’s global operations.

The company’s Q3 2024 results highlight a clear challenge: operational costs in Sudbury have risen, particularly in the areas of maintenance and production expenses.

However, the strong performance of copper, a valuable by-product, has helped offset some of these rising costs. By generating significant revenues from copper sales, Sudbury’s financial performance remains buoyant despite the challenges in

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

the nickel market. “We are working on operational improvements to bring down costs and enhance efficiency,” noted Vale’s CEO, Gustavo Pimenta. The company’s strategic focus includes ramping up production at other Canadian sites, such as Voisey’s Bay and Long Harbour, to alleviate pressure on Sudbury’s nickel operations.

A Long-Term Commitment to Sustainability & Growth Vale’s investment in Sudbury isn’t just about short-term gains—it’s part of a broader strategy to ensure long-term sustainability in its nickel operations. Sustaining capital investments across Vale’s Canadian operations totaled $252 million in Q3 2024, with a focus on improving equipment and processes to reduce costs in the future.

By leveraging by-product revenues from copper and investing in advanced mining technologies, Vale is positioning Sudbury as a key player in its global portfolio for years to come.

MINING LIFE & EXPLORATION NEWS

Team from Vale Sudbury operations with organizer Glenn Dredhart at the Canadian Mining Expo. The team was welcomed by Glenn and were excited to see the more than 400 booths with mining innovation on display.

The Future of Sudbury’s Nickel Operations Looking ahead, Vale aims to solidify its position as a leader in the global nickel market by focusing on operational efficiencies and cost reductions. The company is committed to enhancing the competitiveness of its Canadian operations, with Sudbury playing a crucial role in this strategy.

By leveraging its strategic partnerships with Indigenous businesses and local contractors, Vale is ensur-

NORTHERN MINING REPORT 2024

ing that Sudbury’s growth benefits not just the company, but the entire community. With the Stobie mine set to boost production, the involvement of local and Indigenous partners, and sustained investments in technology and infrastructure, Vale’s Sudbury operations are poised to remain a cornerstone of the company’s base metals portfolio. In the words of Gord Gilpin, “This is more than just a mining project—it’s a partnership for the future of Sudbury.”

53

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

RECORD RESOURCES Expands with Acquisition of Key Mineral Claims Near Hydrogen Discoveries in Timiskaming

By Kevin Vincent

R

ecord Resources Inc. has announced the acquisition of 27 mineral claims in the Timiskaming area of Ontario, an area gaining attention for recent natural hydrogen discoveries. “This acquisition positions us at the forefront of a highly prospective region,” said Edward Procyshyn, Vice President of Exploration. The Paradis Bay claims, located just five kilometres west of Ville Marie, Quebec, border the town of Paradis Bay, Ontario. These claims lie near properties held by Quebec Innovative Materials Corp. and sit within a tectonically active zone that may prove significant in the growing hydrogen exploration sector.

Procyshyn’s internal report highlights the unique geological potential of the region. “The Lake Timiskaming area is positioned on the edge of a rift zone bounded by faults, creating an environment conducive to natural hydrogen production,” he wrote.

Procyshyn explained that the Timiskaming Graben Rift System has undergone tectonic activity over the past 700 million years, leading to the structural conditions that may 54

support the accumulation of hydrogen gas.

“The sedimentary and volcanic formations in this region dip westward, potentially creating natural traps for gases containing hydrogen,” Procyshyn added. He noted that recent seismic data from the area shows deformations in sedimentary formations, even within glacial deposits, further indicating that the region could host valuable hydrogen reservoirs.

Record Resources is acquiring the Paradis Bay claims through an arm’s-length transaction with a private exploration company. The terms of the deal include the issuance of 2 million common shares of Record Resources over two years, with 1 million shares issued per year, and a one-time cash payment of $50,000, payable in six months. The company’s shares are currently trading at $0.01, valuing the total share transaction at $20,000. The vendor will retain a 1% gross revenue royalty on the properties, with Record holding the option to buy back half of the royalty for $1 million.

The announcement comes at a time when natural hydrogen exploration is gaining momentum, and Record Resources sees this acquisition as a strategic move to capitalize on the growing demand for clean energy sources. The geological characteristics of the region, combined with recent discoveries, make the Timiskaming area a promising frontier for hydrogen exploration.

This agreement, signed in late October 2024, reflects Record Resources’ broader strategy to secure critical assets in emerging energy sectors.

With no finder’s fee involved in the transaction, the company is poised to move quickly to explore the potential of these claims.

Procyshyn concluded, “Our preliminary examination of the geological, structural, and tectonic setting suggests that the claims meet all necessary parameters to host economic hydrogen reservoirs. We are excited to move forward and unlock the potential of this promising region.”

The company is now focused on assessing the full scope of these claims, with plans to initiate further exploration to confirm their viability for hydrogen production. As the global energy market shifts towards cleaner alternatives, Record Resources is positioning itself to be a key player in the evolving hydrogen sector, particularly in this geologically advantageous region of Ontario.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Alsco Uniforms® can supply your company with a wide range of coveralls, insulated workwear, and flame resistant garments to suit any environment.

•

Canadian Manufacturing

•

Garment Customization

•

Quick Order Fulfillment

•

Industry Leading Fabrics

•

Program Discounts & Pricing

Ask us about our lightweight 5.5oz fabric options.

14608 123 Ave, Edmonton

780-477-1282 directsalesedm@alsco.com www.edmontonworkwear.ca

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

RED METAL Finalizes Acquisition of HydrogenAdjacent Claims in Timiskaming Graben

By Kevin Vincent

similar spectral responses in the area.

• Gas Sampling: Conducting soil and underwater surveys in Lake Timiskaming to locate degassing zones near fault lines in the rift.

• Geophysics Surveys: Utilizing gravimetry and audiomagnetotellurism (AMT) to measure variations in sedimentary rock thickness and identify graben-related faults covered by quaternary sediments.

• Regional Remote Sensing: Executing remote sensing gas surveys to gather data useful for hydrogen and helium exploration.

Fieldwork will primarily focus on the St-Bruno-de-Guigues sector, with plans for further acquisitions in the surrounding area. The Company is currently reviewing regional geological data to formulate an expanded exploration plan, which will be detailed in upcoming reports.

R

ed Metal Resources has announced the completion of due diligence and executed a definitive agreement to acquire 100% interest in three strategically positioned mineral claim packages. These claims lie directly adjacent to Quebec Innovative Materials Corp.’s (QIMC) recent hydrogen discovery, which recorded over 1,000 ppm in soil samples.

“We have finalized our acquisition of these prospective mineral claims and are actively evaluating additional acquisitions in the area,” said Caitlin Jeffs, President and CEO of Red Metal. “This new property represents an exciting opportunity to expand our clean energy portfolio as we continue to advance our Carrizal Copper/ Gold property in Chile.”

The newly acquired claims are located within the Timiskaming Graben 56

formation, roughly 15 kilometers north of Ville Marie, Quebec. This area is between two major mining cities, with easy road access via Route 101. The acquisition includes 19 cells, covering over 1,100 hectares to the north, northeast, and southwest of QIMC’s hydrogen discovery. Eleven of the 19 claim applications have already been approved by Quebec’s Ministry of Natural Resources and Forests, with the remaining applications pending.

Strategic Exploration Program Red Metal plans to launch an initial exploration program aimed at uncovering clean energy potential, especially hydrogen. The exploration strategy includes: • AI and Target Mapping Algorithms: Using data from known hydrogen occurrences to identify

Terms of the Agreement The acquisition deal involves a cash payment of $5,000 plus GST and the issuance of up to 1.6 million common shares of Red Metal. As part of the agreement, 1,100,000 shares will be issued upon closing for the 11 approved claims, while the remaining 500,000 shares will be issued once the remaining eight claim applications are approved. No royalty will be attached to any future revenue generated from the property. The acquisition is subject to customary closing conditions, including the approval of the Canadian Securities Exchange.

About Red Metal Resources Ltd. Red Metal Resources is a mineral exploration company focused on acquiring, exploring, and developing clean energy and strategic minerals projects.

Its current portfolio includes the Ville Marie claims in Quebec, Canada, and various projects in Chile’s Candelaria iron oxide copper-gold (IOCG) belt.

Red Metal trades on the Canadian Securities Exchange under the symbol RMES, on the OTC Pink marketplace under RMESF, and on the Frankfurt Stock Exchange under I660.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

FAIRBANKS PRINCE GEORGE

TERRACE LANGLEY

TIMMINS VAL D’OR ELKO

Geochemistry Hub PhotonAssay™ Sample Prep

YOUR FASTER, SAFER & MORE ACCURATE ANALYSIS Proud to be a part of Northern Ontario’s Mining Community

Network redundancy to ensure 1-3 week TAT at our sites More than 70 ISO 17025 accredited methods 604-888-0875 customer-service@msalabs.com

msalabs.com

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

WEEKAPAUG LITHIUM Announces Name Change to Protium Clean Energy, Strengthening Its Focus on Clean Energy Exploration

By Kevin Vincent

W

eekapaug Lithium Ltd. has announced its intention to rebrand as Protium Clean Energy Corp., a move that underscores the company’s commitment to advancing clean energy exploration. “This new identity reflects our mission to become a leader in discovering the metals, minerals, and gases essential to the clean energy transition,” said the company in a statement.

The company’s shares will continue to trade under the ticker symbol “GRUV” on the Canadian Securities Exchange. Management expressed its enthusiasm for the name change and emphasized that Canada has the potential to emerge as a global player in clean energy exploration.

“We’re excited to share our vision and strategic roadmap, focusing on our current portfolio and how it aligns with the future of sustainable energy,” the company added.

58

The company provided an update on its hydrogen exploration efforts, which have been at the forefront of its clean energy strategy.

Weekapaug recently began a regional remote sensing gas survey over a 12,000 square kilometre area spanning Ontario and Quebec. “This survey marks an important step in identifying gas deposits, including hydrogen, in the region,” said the company.

In collaboration with Aster Funds, Weekapaug is leveraging advanced AI-driven technology and Predictive Fingerprint Target Mapping to search for hydrogen occurrences similar to those found in the Temiskaming Graben area. The company plans to map hydrogen and other gases across different seasons to zero in on areas with the highest concentrations, guiding future ground exploration efforts.

Weekapaug is also expanding its focus to critical minerals such as silver, cobalt, and kimberlites within the survey area. A 3,500 square kilometre section of the current claims will undergo further analysis using hyperspectral techniques to pinpoint promising targets for exploration.

The company’s lithium exploration efforts are also progressing. On October 16, 2023, Weekapaug announced the successful completion of its 2023 exploration program at the Nakina Lithium Property in Ontario.

Bedrock and till samples confirmed the presence of significant lithium mineralization, and the company plans to build on these findings with more detailed geological mapping and mineralogy in the next phase of exploration.

To further refine its exploration strategy, Weekapaug will incorporate satellite surveying techniques, including long-wave infrared (LWIR) technology, to map non-lithium minerals in the region. This comprehensive approach reflects the company’s ambition to quickly and efficiently evaluate large areas of land to identify key resources.

John Ryder, P.Geo, and a consultant for the company, has reviewed and approved the technical information presented in this announcement. Ryder’s involvement ensures that Weekapaug’s exploration initiatives align with industry standards and best practices under NI 43-101 regulations.

As Weekapaug transitions to Protium Clean Energy, it remains focused on its core properties in Ontario. The company’s 100% owned Nakina Lithium and Firstbrook Hydrogen properties are positioned to play a significant role in the global push for sustainable energy. Weekapaug aims to continue identifying and exploring new opportunities using advanced satellite surveying techniques, which allow for the rapid and cost-effective evaluation of potential natural gas and critical mineral deposits.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

SCAN FOR MORE INFORMATION

Stay Connected.

Stay Safe.

RADIUS® BZ1 AREA MONITOR

MINE WITH CONFIDENCE

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

59

NORTHERN MINING REPORT

NORTHEASTERN ONTARIO

WESDOME GOLD MINES Reports Strong Q3 2024 Production and Financial Growth near-mine exploration targets at both

By Kevin Vincent

W

esdome Gold Mines Ltd. delivered strong third-quarter results for the period ending September 30, 2024, continuing its positive momentum from earlier in the year.

The company, which operates the high-grade Eagle River mine in Ontario and the Kiena mine in Quebec, remains on track to meet its full-year production guidance of 160,000 to 180,000 ounces of gold.

“As expected, the third quarter delivered solid results, marking steady and consistent improvement over the first two quarters of 2024,” said Anthea Bath, President and CEO of Wesdome. “Eagle River continues to benefit from improved access to high-grade ore and higher-thanplanned mill throughput. At Kiena, we’re making excellent progress, particularly with mining the 129-level high-grade ore, positioning us for a strong finish to the year.”

At Eagle River, ramp development at depth in the 300 Zone remains ahead of schedule, ensuring access to high-grade ore through the remainder of 2024 and into 2025.

Meanwhile, Kiena’s ramp development toward the 136-level horizon is advancing well, unlocking new mining areas and allowing exploration of additional orebody extensions.

This operational momentum reinforces the company’s confidence in meeting the mid-point of its 2024 production guidance while continuing to optimize operations and advance 60

Eagle River and Kiena.

Second Quarter Financial & Operational Performance Earlier in the year, Wesdome reported record-setting results for the second quarter of 2024. Consolidated gold production was 44,035 ounces, with cash costs of $1,286 per ounce (US$940) and all-in sustaining costs (AISC) of $1,977 per ounce (US$1,445). Net income surged to $29.1 million, or $0.19 per share, driven by increased ounces sold, higher average realized gold prices, and lower cash costs.

In June of this year Wesdome’s Eagle River Mine Captain, Eric Albert was presented the Canadian Mining Expo 2024 Project Lead of the Year Award.

“The second quarter marked a breakthrough, with records set in safety, production, and free cash flow,” said Bath. “We were able to repay the remaining balance on our revolving credit facility, putting us in a strong financial position with a debt-free balance sheet.”

Wesdome generated $76.2 million in cash margin during the second quarter, up more than 2.5 times from the same period in 2023, while operating cash flow reached $57.1 million, a $43.1 million increase from the prior year. Free cash flow of $28.4 million allowed the company to strengthen its balance sheet, with available liquidity of $200.7 million, including $50.7 million in cash and $150.0 million of undrawn credit.

KIENA & EAGLE RIVER:

Key Drivers of Growth The highlight of Q2 was the mining and processing of high-grade Kiena Deep ore from the 129-level horizon, which substantially reduced Kiena’s AISC by over 60% compared to the first quarter. This production increase positioned Kiena to meet its annual guidance.

At Eagle River, steady development rates and positive grade reconciliation contributed to the mine’s strong performance, ensuring it is well-positioned to meet its 2024 production targets. The company continues to focus on leveraging the processing capacity of its infrastructure while advancing the Presqu’île exploration ramp and self-funded exploration programs.

Looking ahead, Wesdome remains committed to its strategic goal of becoming Canada’s next intermediate gold producer by continuing to optimize its high-grade operations and exploring its organic growth pipeline at both Eagle River and Kiena.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

expeditionhelicopters.com 705-272-5755 | 866-752-5755 MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

113

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

Written by John Mason D.Sc., P. Geo and supported by the Thunder Bay Community Economic Development Commission

Golden Future: Appetite for Gold is Good News for Northwestern Ontario!

A

s the gold bull market roars, Randy Smallwood, Past Chair of the World Gold Council and President of Wheaton Precious Metals said, “this is an infectious time for the yellow metal (globally)! “ In 12 months, the gold price in US dollars has increased to rarefied air levels with a $1100/oz increase in price, taking gold to the $2800/oz range. This steady rise has been fueled by a combination of strong demand from retail investors in India and China, nervous central banks concerned about record global debts and a weakening US dollar, and excess global liquidity seeking safe harbour at a time of record stock market valuations, slowing growth, and persistent inflation.

Gold is prized by both retail investors and central banks for three main reasons: • It serves as a long term store of value and inflation hedge.

• It can offer safe haven during a local currency or banking crisis.

• It can help to diversify an investment portfolio during market volatility.

62

Specific to central bank trends, 30% of the world’s 70 central banks will purchase gold in 2024-25. Those central bank gold reserve managers purchase gold to mitigate currency exchange risk and prepare for political and economic uncertainty.

Despite record gold prices junior exploration companies are “not getting any love”. Equity performance has not matched the gold price. Juniors have to raise their exploration cash from the market because they don’t have revenue from production like the mid-tier or major company. The health of the junior sector is fundamental to making that next gold deposit discovery, as the term “junior explorer” defines high-risk, high-reward.

How does Ontario fit into this picture?

Chris Hodgson, Past President, Ontario Mining Association, sums up the gold scene in a clear message; “The most sought after metal in Ontario is gold, and gold is a critical element!”

Let’s focus on Northwestern Ontario and how gold helps to drive our economy and create wealth and solid

careers. By next year (2025) forecast gold production in NWO will be at 1.4 million ounces (22% of Canada’s 6.33 M ounce total). Mines leading that charge in Northwestern Ontario include: Equinox Gold‘s Greenstone Mine (newest addition), New Gold’s Rainy River Mine, Newmont’s Musselwhite Mine, Alamos’ Island Gold Mine, Wesdome’s Eagle River Mine, Barrick’s Hemlo Mine, and Evolution’s Red Lake Mine. This production listing includes the world’s largest gold companies, in Barrick Gold and Newmont, and a healthy group of mid-tier producers.

The workforce at the mines is made up of 13% women and 12% indigenous peoples. All-in, mining is the highest paying industrial sector.

In addition, each mine can be perceived as an economy unto itself.

Vendor procurement lists for ongoing goods and services including: engineering, fabrication/mechanical, maintenance, critical spares, construction, food, fuel..., would amount to 800-1600 companies supporting that one mine!

By 2030, West Red Lake Gold Mines at the Madsen Mine and Kinross Gold at the Great Bear Mine (both in the Red Lake District) will come online, bringing NWO gold production to an astounding 2.01 million ounces annually. This will represent 22-25% of Canada’s projected 8-million-ounce annual gold production by 2030.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

THUNDER BAY

MINE SERVICE & SUPPLY

DIRECTORY C lo se r, Fa s te r, a nd M or e Eff ici ent : Yo u r L o ca l S our c i n g S o l ut io n

Looking to source Thunder Bay mine service and supply companies?

USE OUR NEW MINE SERVICE & SUPPLY DIRECTORY miningdirectory.gotothunderbay.ca

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

63

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

One might ask, how do Northwestern Ontario’s larger gold mines fare nationally regarding annual production? The largest gold mine in NWO in 2024 is New Gold’s Rainy River Mine at a forecast of 250,000 ounces per year. BUT the new kid on the block, the Greenstone Mine owned

by Equinox Gold, will have annual production at 400,000 ounces by 2025. Looking further ahead, Kinross Gold’s Great Bear Mine is forecast to produce 500,000 ounces annually by 2029. The largest gold producer in Canada is Agnico Eagle’s Detour Gold Mine at 700,000 annually.

Of particular note for our social democracy, the Ontario Mining Association estimates that 77% of the wealth generated from these mines stays in Ontario.

Todays and tomorrow’s mines shouldn’t be taken for granted. Exploration is the “R&D” of the mining business that is essential to maintain a pipeline of future producing mines.

Four of 17 of Canada’s largest undeveloped gold reserves are located in Northwestern Ontario (Goldshore’s Moss Project, Kinross’s Great Bear Project, Agnico Eagle’s Hammond Reef Project and First Mining Gold’s Springpole Lake Project). Total contained gold (measured/indicated, inferred) in these four deposits is 24 million ounces. In addition to that total, and in the wings, are additional gold resources for 10 other maturing advanced exploration projects in NWO touching on 11 million ounces. The long-range future looks very bright for the “yellow metal”!

Gold has a number of touchpoints in our lives because of its unique properties as a native element. As described earlier, gold is considered by many as the ultimate currency, a safe investment and a vehicle to preserve wealth, but as Chris Hodgson points out, gold plays “a significant role in enabling innovation, and is critical for modern technologies.” For 64

example, gold is an essential component in conductors, electronics, appliances, smart phones, laptops and televisions. In medicine it has a strong place in revolutionizing diagnostic tools. In defense technology and aerospace, demand for gold is growing exponentially.

Aside from record gold production on the horizon for Northwestern Ontario, we can also look at what else is coming at us associated with this excitement! Those themes are: Opportunities/Challenges (forecast) • Lower grade gold deposits will be developed (sub gram/tonne gold deposits will be economic in some cases as open pit targets).

• More open pit mines will be built.

• Historic mine districts may see significant new exploration life.

• Mergers and acquisitions (M&A) will ramp up.

• Energy requirements (transmission and supply) will rise significantly, especially for open pit mine/mill complexes to meet crushing and grinding requirements.

• Workforce pressures will be enormous with expansions and new mines coming on-stream.

• Lakehead University and Confederation College will have research opportunities and be part of the workforce solution (as will unions).

• Indigenous partnership opportunities with gold companies will trend.

• Exploration and mine service and supply business growth will ensue.

• Opportunities regarding geophysical and geochemical applications specific to exploration will result.

In summary, over the short and long term, exploration investment will rise in geologically fertile and mineproven jurisdictions like Northwestern Ontario. The role of the prospector and junior exploration company will be critical. The gold industry is a potential ongoing economic driver for indigenous communities and municipalities in Northwestern Ontario!

We do have a golden future!

Thunder Bay is well positioned to benefit economically from the gold mining sector. Thunder Bay in a “hub and spoke” thematic, already has 1000 individuals directly employed in mining in NWO, and will now have the opportunity to pro-

vide more workforce solutions for gold mines/exploration with exciting career paths for its citizens. In addition, mine supply and service businesses located in Thunder Bay, which total approximately 400 businesses, will have the opportunity to expand their offerings (or create new businesses) to meet the needs of the new mines maturing to production! It cannot be overstated, the entire Mining Sequence (exploration to development to construction to production) is in play here; there are workforce, and mine service and supply requirements through that entire continuum!

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Water treatment solutions for the mining industry Lorem ipsum Lorem ipsum

Unlock the true potential of your mining operations with our comprehensive water treatment solutions. Reduce downtime, enhance recovery rates, and maximize profits by addressing critical process issues with our expert programs. Our dedicated technical service team brings unparalleled expertise and support, ensuring your systems operate at peak efficiency. Choose ControlChem’s services and experience a tangible boost in your production efficiency and bottom line.

controlchem.com/mining

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

65

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

KINROSS Advancing the Great Bear Project: Aiming to Build Northwestern Ontario’s Next World-Class Gold Mine

By Kevin Vincent

K

inross Gold is on the fast track to develop Northwestern Ontario’s next world-class gold mine, as Site Manager Ian Russell shared in a recent update on the Great Bear Project. Russell was a guest speaker for the Projects In The Pipeline Conference held in Thunder Bay. The project, located between Red Lake and Ear Falls, is shaping up to be one of the region’s most significant gold discoveries in years, with a robust production profile and the potential for continued expansion. “This project has been a personal journey for me since 2017, when I first got involved with Great Bear’s initial drillings,” said Russell. “Now, with Kinross at the helm, we’re proving out the thesis of a high-margin mine, one with the potential to become a top-tier operation.”

Strong Numbers from the Preliminary Economic Assessment (PEA) The recently released Preliminary Economic Assessment (PEA) underscores the project’s high-margin potential.

The PEA demonstrates an initial life-of-mine (LOM) of approximately 12 years with total production of approximately 5.3 Moz. of gold. However this represents a point in time estimate of the mine plan and is only a window into the long-term potential of the asset given the limitations of drilling at depth from surface. Exploration drilling at depths up to 1,600 metres has already demonstrated continuation of high-grade mineralization with strong widths well below the current PEA inventory, highlighting the upside potential of the asset.

The high-grade open pit will be mined with a dual fleet strategy to provide selective mining of the high-grade material and lower cost mining of the waste, mining a peak of 26 million tonnes of material, and providing a peak of 9,000 tpd of mineralized material.

For the underground, the primary mining method is long hole open stoping with paste backfill and cemented rock fill. First stope production is expected to begin in 2029, subject to permitting, and to continue for 12 years with a peak production rate of 6,000 tpd, with potential to expand beyond this run rate as extensions to the underground resource are targeted. At peak, the underground 66

will have a mining rate of 6,000 tpd between 2035 and 2038, producing an average of 327koz. per annum.

The combination of the open pit and underground production in the years 1 to 8 will allow for processing of higher-grade material and stockpiling of the remaining feed to supplement underground production in the latter years of the mine life. This strategy drives a milled grade of 4.6 g/t in years 1 to 8 and an average production of 518koz. per annum over these years.

Great Bear’s processing plant is designed as a conventional circuit with a proposed flowsheet including semi-autogenous grinding (SAG) and ball milling, pebble crushing, gravity concentration, leaching followed by carbon-in-pulp adsorption (CIP), elution, electrowinning, and smelting to produce gold doré.

Kinross has invested substantial effort into early technical studies and design for tailings processing and management facilities at Great Bear leveraging the best available technologies to ensure the highest environmental standards and as a result, the PEA design includes the addition of a desulphurization flotation circuit to remove sulphides and render the tailings non-acid generating, and a rigorous design criteria for all tailings storage facilities at the site.

As well, the LP Viggo Pit has been pulled forward to be mined during project construction in order to provide a robust in-pit tailings storage facility for the sulphide concentrate from the desulphurization flotation circuit, eliminating the need for a dam to impound the sulphide concentrate.

The total initial construction capital is forecasted at $1.2 billion. Capitalized mine development prior to commercial production is expected to be approximately $250 million, comprised of $105 million related to open pit mining and $143 million related to underground capital development which will support higher production in the early years. The majority of the capitalized open pit mining is driven by the strategic decision to pull forward mining of the Viggo pit during construction to provide low-cost construction rock, early mill feed and a robust in-pit solution for the tailings concentrate.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

BUILDING A LEGACY

The Great Bear Project is poised to become the next cornerstone of the Red Lake region.

The Kinross Gold team views the Great Bear Project as a key part of its legacy, working closely with the local communities and our Indigenous partners to become an integral part of northwestern Ontario and our region’s future.

104 Howey Street – Red Lake, Ontario – 807-631-6769  www.kinross.com  GreatBearInfo@kinross.com

ESCO

®

Custom-engineered attachments www.esco.weir

MINING LIFE & EXPLORATION NEWS

Copyright (C) 2024 ESCO Group LLC. All Rights reserved.

NORTHERN MINING REPORT 2024

67

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

Within the construction capital, the site development, water treatment and infrastructure area includes the truck shop, admin facilities, and camp. It also includes state of the art water treatment including ultra-filtration and a robust site-wide water management strategy to ensure the highest environmental standards. “This is a project with strong economics, and we see plenty of room for growth,” Russell noted, pointing out that the company’s drilling program has yet to define the full extent of the resource at depth.

A New Chapter for Red Lake’s Gold Legacy The Great Bear Project is set to become the first goldfocused open-pit mine in the Red Lake area. With combined open-pit and underground operations, the mine will produce from a unique geological system distinct from the historically high-grade gold veins that have made Red Lake famous. The project’s host rocks, known for their combination of high-grade zones and continuous lower-grade mineralization, allow for large-scale mining that remains profitable even at modest grades. “This is different from what we’ve seen in Red Lake’s past,” said Russell. “The LP system we’re targeting is hosted by felsic rocks and offers both exceptional high-grade sections and significant low-grade zones that can be mined profitably.”

“The metallurgy here is clean, and the process is simple,” Russell explained. “It’s a huge advantage when it comes to reducing risk and ensuring efficient operations.”

Growth Potential & Community Impact Kinross is committed to working closely with local Indigenous communities, including Wabauskang First Nation, Lac Seul First Nation, and Grassy Narrows First Nation, as well as the Northwestern Ontario Métis Community. This commitment reflects our dedication to fostering strong, respectful partnerships that support local economic development, cultural preservation, and environmental stewardship across all communities involved.

With its significant resource potential, manageable capital expenditures, and a focus on community partnerships, the Great Bear Project is set to become a cornerstone of Kinross’ global portfolio and a major economic driver for Northwestern Ontario. “This is just the beginning,” Russell concluded. “We’re confident that the Great Bear Project will be a world-class mine with significant upside potential for years to come.”

A Major Investment in Infrastructure Kinross has invested heavily in the project, drilling over 420 kilometers of core to date and continuing to grow the resource base. Current measured and indicated resources stand at 2.7 million ounces, with an additional 3.9 million ounces in the inferred category. Ongoing exploration suggests these numbers could climb even higher, especially as drilling at depth continues to yield promising results.

The project is well-located near key infrastructure, including Highway 105, the main power transmission line, and a nearby natural gas pipeline. However, additional power capacity will be needed to support the mine’s development. “We’ve been in talks with Hydro One for years now, and we’re confident the necessary infrastructure will be in place when the time comes,” said Russell.

Path to Production Kinross is moving forward with an aggressive timeline, aiming for initial production by 2029. The company is already in the process of securing permits for an advanced exploration program, which includes plans for a 60,000-ton bulk sample and the construction of a decline for underground drilling and future mining.

The project’s proposed processing plant will handle 10,000 tons of ore per day, utilizing a straightforward crushing, grinding, and gold recovery process.

68

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Delivering compressed natural gas to remote industrial operations across Ontario

705.274.5444

CERTARUS.COM

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

Ontario Mines Minister George Pirie:

“The Time is Now”

By Kevin Vincent

O

ntario’s Minister of Mines, George Pirie, delivered a powerful and passionate State of Mining Address at the 2024 CEN CAN Expo in Thunder Bay, highlighting Northern Ontario’s critical role in the global economy, particularly as a major source of minerals essential for modern technology and clean energy.

Raised in Timmins and deeply connected to the mining industry, Pirie began by reflecting on his personal roots. “I grew up in the shadow of headframes,” he said, acknowledging his family’s history in Northern Ontario’s mining sector. His passion for the industry is clear, as is his concern for the future of the region.

“We dig holes in the ground—but they’re world-class holes,” Pirie declared, emphasizing the quality and importance of Ontario’s mining operations. Northern Ontario has historically been known for gold, but the province is now emerging as a powerhouse in critical minerals, particularly lithium, which Pirie sees as a cornerstone for the future. “Thunder Bay is going to be the center of the lithium processing facilities in North America,” he announced, signaling a shift in focus toward critical minerals essential for the electric vehicle revolution and battery economy.

A Shift to Critical Minerals The minister spoke about the rapid growth of the critical minerals sec70

tor, noting that just six years ago, the conversation was primarily about gold and base metals. Today, the discussion centers on lithium, rare earths, and other critical minerals necessary for the transition to clean energy. “Six years ago, we weren’t talking about lithium or critical minerals. Now we are,” Pirie said, attributing this shift to bold investments by the provincial government.

Pirie underscored the importance of Premier Doug Ford’s decision to bet big on mining in Northwestern Ontario, a move that has positioned the region at the forefront of North

America’s critical minerals supply chain. He also emphasized that Thunder Bay, with its strategic location and access to vast resources, is poised for immense success.

Partnerships with Indigenous Communities Central to Pirie’s vision for the future of mining is the partnership with Indigenous communities.

Pictured Right to Left: Ontario Minister of Mines, George Pirie, Wyloo CEO Canada, Kristan Straub, Webequie First Nation Co-Lead to the Ring of Fire, Roy Spence and host Michael Fox President of Indigenous & Community Engagement present: Advancing the Ring of Fire Project Panel discussion at the CEN CAN Expo in Thunder Bay. NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

He highlighted the critical role these communities play in every mining project in the region. “Nothing is going to happen in any other development without full partnerships with Indigenous peoples,” Pirie stressed, citing the success of collaborative projects that have provided both economic benefits and capacity-building opportunities for Indigenous communities.

He pointed to the Ring of Fire development as a prime example of this partnership in action, with Indigenous communities at the forefront of shaping the future of the project.

Accelerating Development One of the key messages in Pirie’s address was the need to streamline processes and eliminate red tape to accelerate mine development. He shared his frustration with the lengthy timelines that have plagued projects in the past, noting that some mines have taken as long as 15 to 17 years to secure permits.

“When I became the Minister of Mines, the first thing we did was change the Mining Act to get permits faster,” Pirie said, acknowledging that while environmental standards and duty to consult with Indigenous communities remain priorities, the goal is to expedite the development process to meet global demand for critical minerals.

National Security & Global Leadership Pirie framed Ontario’s mining sector as a matter of national security, particularly in the context of global competition for critical minerals. He highlighted the growing importance of critical minerals in the defense and technology sectors, noting that Ontario is in a unique position to supply the materials that Western democracies need to remain competitive.

“Mining is central to achieving our destiny,” Pirie said, calling for the mobilization of capital to support junior

mining companies. He expressed concerns about the current challenges facing the sector, particularly in terms of financing, and committed to addressing issues like short selling that stifle growth.

A Future Built on Mining Pirie’s vision for Northern Ontario is one of growth, prosperity, and global leadership. With a focus on critical minerals, partnerships with Indigenous communities, and streamlined development processes, he believes the region is on the cusp of something great.

“This is our time,” Pirie concluded.

“The time is now. Mining is central to achieving our destiny, and I believe in the greatness of Northern Ontario.”

As Ontario positions itself as a global leader in mining, Pirie’s message is clear: the future is bright, and it’s rooted in the rich resources beneath Northern Ontario’s soil.

FINDING BETTER WAYS

Toll Free 1.888.385.8559

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

equipmentnorth.com

71

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

Minister Greg Rickford: Making Reconciliation Real While Building Ontario’s North

By Kevin Vincent

A

t the 2024 CEN CAN Expo in Thunder Bay, Greg Rickford, Ontario’s Minister of Northern Development and Minister of Indigenous Affairs, delivered a powerful speech on the province’s ambitious plans to build a prosperous future for Northern Ontario while embracing reconciliation with Indigenous communities. His message underscored the region’s mineral wealth and critical role in the global economy, particularly in the mining sector.

Rickford opened by celebrating the mining projects that have advanced significantly over the last six years, emphasizing the government’s shift toward action. He acknowledged past challenges, where mining projects often stalled and Northern communities were left waiting for progress. “Premier Ford set me loose as the Minister of Mines and Northern Development,” Rick-

72

ford said, “and we’ve been moving projects forward ever since.” This new momentum is laying the foundation for a revitalized Northern economy.

A New Partnership with Indigenous Communities A cornerstone of Rickford’s address was his focus on reconciliation and economic partnerships with First Nations. He stated that for too long, Indigenous communities were left out of major development projects, but Ontario is now committed to changing that. “We’ve built new partnerships with First Nations communities,” he said. “We’re not just talking about reconciliation; we’re making it real.” Rickford highlighted the importance of First Nations involvement in Northern Ontario’s mining sector, particularly in resource development and infrastructure projects. He noted that Indigenous communities are now

positioned to benefit from economic reconciliation, not just through jobs, but through business ownership and partnership in key projects. Rickford pointed to the Whitefeather Forest Project and the Frontier Lithium operation as examples of successful partnerships that are unlocking both economic and environmental benefits for First Nations.

CRITICAL MINERALS:

Ontario’s Global Opportunity The Minister underscored Northern Ontario’s vast mineral wealth, specifically critical minerals like lithium, which are essential to the electric vehicle (EV) revolution. Rickford emphasized that Ontario is uniquely positioned to become a global leader in supplying these critical resources, thanks to its mineral deposits and commitment to sustainable mining.

He assured attendees that Ontario is ready to meet global demand for critical minerals, which is growing exponentially due to the need for green energy technologies.

Rickford praised Thunder Bay’s role as the future hub of North American lithium processing, a key part of the province’s strategy to lead in the battery economy. “Thunder Bay will be the center of lithium processing in North America,” Rickford declared, noting that significant provincial and

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

federal investments are being made to ensure this reality.

that Ontario remains a competitive jurisdiction for global investors.

Building Infrastructure for Long-Term Growth Rickford also outlined plans for major infrastructure projects that will connect Northern Ontario’s communities and facilitate economic growth.

He announced investments in winter roads, new electricity corridors, and bridges like the one across the Barren River, which will unlock resources and provide First Nations communities with vital transportation links. These projects, he emphasized, are critical for ensuring that remote Indigenous communities can fully participate in the region’s growing economy. One of the most significant infrastructure projects involves expanding the Northern Energy Advantage Program, which offers competitive electricity rates for the region’s industrial sectors, particularly mining. Rickford highlighted that these energy projects are vital for mining operations, ensuring

Investing in a Skilled Workforce Recognizing the importance of a skilled workforce to support the mining sector, Rickford detailed initiatives aimed at training and preparing workers for the demands of the modern mining industry. “We’re building a skilled workforce that is durable and polyvalent,” he said, stressing that training centers are being established across the North, many with a focus on Indigenous communities.

These centers will equip workers with the skills they need for the automated and high-tech environments that define modern mining operations.

In addition, Rickford highlighted Ontario’s Northern Ontario Heritage Fund, which is being used to support economic growth, job creation, and workforce development in the region. By fostering innovation and providing funding to small and large businesses alike, the province aims to ensure long-term economic stabil-

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

ity for Northern Ontario.

A Vision for Ontario’s Future Throughout his address, Rickford spoke passionately about Ontario’s potential to lead the world in sustainable mining, critical minerals, and economic reconciliation. He sees Northern Ontario as not just the backbone of the province’s economy but as a key player in the global effort to transition to clean energy.

“The world needs us,” Rickford said.

“And not just in the future, but right now.” Rickford praised the CEN CAN Expo for putting Northern Ontario on a good footing to let people know around the world that Ontario is ready. He concluded with a call to action, urging all sectors—government, industry, and Indigenous communities—to work together to seize this moment. “We’re on the precipice of something incredible,” Rickford said. “Together, we can unlock the potential of Northern Ontario and build a prosperous, sustainable future for all.”

73

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

West Red Lake Gold Mines Secures Funding for Restart of the Madsen Gold Mine

By Kevin Vincent

Derek Teevan, Vice President, Community Affairs, West Red Lake Gold Mines

economic development, noting that Chief Bull had a strong vision for economic empowerment.

Aerial view of the tailings dam lift project at completion

T

he restart of the historic Madsen Gold Mine is set to be a gamechanger for the Red Lake mining district, and Derek Teevan, Vice President of Community Affairs for West Red Lake, provided an exciting update on the mine’s future at the 2024 CEN CAN Expo. Teevan painted a picture of a mine ready to return to production by 2025, bringing with it new opportunities for local communities, especially the First Nations.

Located within Treaty 3 territory, the Madsen Mine sits in a rich mining region with over $30 billion in gold already extracted from the Red Lake camp.

Teevan explained that the mine has a long history, having been in operation on and off since the 1930s, and it continues to hold tremendous potential. “We got it for a song,” Teevan noted, referring to the bargain acquisition price. The mine’s “8 Zone” at depth was highlighted 74

as a high-grade gold opportunity, comparable to some of the region’s most successful finds.

Teevan took a moment to acknowledge the importance of Indigenous partnerships in the region, mentioning the long history of Indigenous participation in Red Lake mining. His own connection to the land is personal, as his grandmother-in-law was born on Trout Lake, northeast of Red Lake, and his family has maintained ties to the region for generations. This connection grounded his land acknowledgment and set the stage for West Red Lake’s commitment to working with Lac Seul and Wabauskang First Nations.

Teevan emphasized that West Red Lake is committed to building on the agreements that were already in place with Pure Gold, particularly in the areas of business development and environmental management. He also praised the passion of local communities for mining and

Building Infrastructure & Culture One of the key differentiators for the Madsen project is its existing infrastructure. Teevan detailed the mine’s many assets, including a permitted tailings facility, a water treatment plant, and a project agreement with local First Nations. These elements provide a strong foundation for the mine’s restart, and the company is investing over $100 million to enhance and expand these systems.

Among the improvements underway are the construction of a 1.2 km connection drift, significant infill drilling, and the installation of a 114-person camp in partnership with local First Nations. Teevan highlighted the company’s focus on creating a culture of safety and teamwork, ensuring that the mine’s small workforce—expected to reach around 200 people—feels connected and supported.

West Red Lake’s approach to restarting the Madsen Mine is methodical and strategic. The mine has the potential for a lifespan beyond the initial 10 years currently on the books, with higher-grade deposits likely to be found at depth and further exploration planned for the Rowan and 8 Zones.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Control dust and spillage.

What would it mean for your productivity if dust and spillage issues were eliminated? Every day, Richwood designs worry free load zones.

Contact us today for a review of your application. Rely on Richwood!

Belt Cleaning | Impact Protection | Dust Containment | Pulley Lagging | Wear Liners | Complete Transfer Chutes

richwood.com

+1 (304) 525-5436 Located in Huntington, WV USA

Richwood dust control canadian tradex 7 24.indd 1

7/11/24 11:15 AM

WE SELL DEWATERING

LA FUSION PARFAITE. RESPONSIBLE DÉVELOPPEMENT DURABLE Our integrated dewatering and et Des produits de pompage wastewater recyclingdurables solutions are d’assèchement designed for the long term, to minimize environmental impact and conserve resources.

EXPERTS COLLABORATION

HUMAN EXPERTISE

industry leaders.

service, because we put people first.

Our expertise in water management Être un collaborateur avant for the un mining sector makes us d’être fournisseur

We develop strong relationships with L’expertise humaine au service ourl’assèchement stakeholders through tailor-made de minier

VAL-D’OR | SUDBURY | SURREY 819 874-4499 | HYDROTECHMINING.COM

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

75

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

Taking a significant step toward revitalizing Ontario’s famed Red Lake Gold District Recently announced West Red Lake Gold (WRLG) had successfully closed a public offering, raising an impressive C$28.75 million. These funds are earmarked for advancing the restart plan for Madsen and boosting the company’s exploration and development activities in the highly prospective region.

“We’ve secured the capital to bring Madsen back to life, and this funding gives us the momentum we need to push forward with our development plans,” said Shane Williams, President and CEO of WRLG. “We’re also excited about the exploration potential, particularly in the 8-Zone, which could be transformative for us.”

THE 8-ZONE:

A Potential Game-Changer At the heart of WRLG’s exploration efforts is the “8-Zone,” a promising high-grade gold zone located 1,300 meters below the surface. The zone sits at the bottom of the existing shaft, offering logistical advantages for deeper exploration.

The 8-Zone has already yielded remarkable assay results, including intercepts of 4.3 meters grading 466 grams per tonne (g/t) gold, 5.5 meters at 342 g/t, and 8.2 meters at 120 g/t. These grades are not just impressive—they have the potential to reshape the production profile of the Madsen Gold Mine, much like similar discoveries have done at other Red Lake mines.

For example, Newmont Goldcorp’s Red Lake Mine was producing 58,875 ounces of gold at 8.1 g/t in 1995. Then, a deep high-grade zone was discovered at 1,400 meters, and by 2004, production had skyrocketed to 552,000 ounces annually, with grades soaring to 77.1 g/t. A similar trajectory occurred at Kirkland/Agnico Eagle’s Macassa Mine, where annual production jumped from 31,000 76

ounces to over 240,000 ounces following the discovery of a deep, highgrade deposit.

“We’re optimistic that the 8-Zone could have the same transformative effect for WRLG,” said Williams. “The intercepts we’ve seen so far suggest that we’re sitting on something significant, and we’re eager to ramp up exploration.”

Expanding Exploration Beyond the 8-Zone While the 8-Zone holds immediate promise, WRLG is also looking to unlock the full potential of its expansive 47-square-kilometer property.

The property encompasses multiple geological formations, including the well-studied Balmer Assemblage and the largely unexplored Confederation Rock Package.

Most of the exploration and drilling to date has focused on the Balmer Rocks, home to the main Austin deposit and the North and South Austin deposits. These deposits have produced high-grade gold results, keeping WRLG focused on the area near the Madsen mine. However, the Confederation Rock Package is now emerging as an exciting frontier for exploration.

In 2016, the discovery of the LP Fault Zone at the Dixie Lake project, located just 24 kilometers from Madsen, challenged the long-held belief that the Confederation Rocks were non-prospective for gold. The LP Fault Zone developed into a large

deposit, sparking renewed interest in the potential of these rocks. Kinross Gold’s acquisition of Great Bear Resources to gain control of the LP deposit only underscores the significance of this region.

“Our team has been digging into the geologic evidence, and we’re confident that the Confederation Rocks on our property hold untapped potential,” said Williams.

Eyes on the Future The restart of the Madsen Gold Mine is just the beginning for WRLG. With a rich land package and a focus on high-grade exploration, the company is positioning itself for long-term success in the Red Lake District.

The recent financing, combined with WRLG’s strategic exploration efforts, has set the stage for a potential breakthrough. As the company drills deeper into the 8-Zone and explores the under-explored Confederation Rock Package, the future looks bright for WRLG and its shareholders.

“We’re committed to advancing Madsen in a way that delivers value not only to our investors but also to the local communities and stakeholders who have supported us along the way,” Williams concluded.

With the backing of significant capital and a clear plan for growth, WRLG is on the cusp of unlocking new opportunities in one of the most prolific gold districts in the world.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

2024 NORTHWESTERN ONTARIO MINING AWARDS CEN-CAN Expo and Mining Life & Exploration News are proud to announce the 2024 Award Winners!

Rising Star Award

KINROSS GOLD Host City Award

THUNDER BAY Mayor Ken Boshkoff

Legacy Builder Award

NEWMONT MUSSELWHITE MINE Wayne Zigarlick, General Manager

Ian Russell, Great Bear Resources Site Manager

TrailBlazer Award

LIANA FRENETTE CEO, TBT Engineering

Indigenous Business Award

SEVEN GENERATIONS EDUCATION INSTITUTE Brent Tookenay, CEO

Rising Star Award - This award recognizes and honours a junior or producing mining company that demonstrates great promise as a future leader and promising producer in Northwestern Ontario.

Legacy Builder Award - The Legacy Builder award recognizes a company that has made exceptional and lasting contributions to the mining industry and the communities in which they operate.

TrailBlazer Award - This award recognizes women in the mining industry and underlines the contributions of inspiring other women to consider a career in the mining industry.

Indigenous Business Award - This award honours excellence and focuses on the successes of Indigenous businesses, organizations and entrepreneurs serving the Mining Industry.

Ontario’s Newest Gold Producer Award - In recognition of a mine’s hard work and efforts put in by all levels of staff, Government, indigenous communities, townships, suppliers and the service companies that have helped build this mine from start to first gold pour.

Ontario’s Newest Gold Producer Award

EQUINOX GOLD’S GREENSTONE MINE Dan Barrie, Supply Chain Superintendent

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

BARRICK GOLD Extends Contract at Hemlo Mine and Invests in Community Development

By Kevin Vincent

B

arrick Gold Corporation reinforced its long-term commitment to both the Hemlo gold mine and the surrounding community in Ontario, Canada.

With a renewed focus on operational efficiency and local development, Barrick is strengthening its presence in the region through a major contract extension and a significant community investment.

HEMLO MINE OPERATIONS:

Contract Extension with Barminco In August 2024, Barrick extended its partnership with Barminco, a subsidiary of Perenti, for another three years at the Hemlo gold mine, located 350 km east of Thunder Bay. Valued at over A$200 million (approximately $131.89 million USD), the contract renewal includes options for two additional one-year extensions, potentially extending Barminco’s tenure at Hemlo until 2029.

Barminco’s role at Hemlo covers underground mine development, production, and mining support services. One of the key advantages of this agreement is that Barrick retains ownership of the underground mining fleet, reducing capital requirements for Barminco, while the contractor focuses on operational activities.

The Hemlo mine, operational since 1989, transitioned to a contract mining model in 2019, with Barminco as the principal underground contractor. Barrick’s continued investment in Hemlo highlights the company’s commitment to maintaining and enhancing production at one of its key Canadian assets.

EXPLORATION EFFORTS IN THE HEMLO REGION

Barrick is not only focused on cur78

rent operations but is also actively investing in exploration around the Hemlo area. Hemlo Explorers Inc., a separate entity, provided updates on Barrick’s recent exploration activities in the vicinity, particularly around the Pic project, near the Hemlo mine. In Q3 2023, Barrick’s exploration team conducted detailed work at Porphyry Lake, Page Lake, and Beggs Lake Stock. This work included mapping, till sampling, soil sampling, rock sampling, and the launch of a 2,500-metre diamond drill program. These efforts suggest that Barrick is committed to unlocking further mineral potential in the region, underscoring the company’s belief in the long-term value of the Hemlo area.

COMMUNITY INVESTMENT:

$500,000 Donation to Manitouwadge In a parallel effort to support the local community, Barrick Hemlo has made a substantial contribution to the Township of Manitouwadge, donating $500,000 towards upgrades at the Manitouwadge Community Centre.

This facility, a hub for local residents, offers a variety of recreational and health-related programs, including a fitness facility, an arena, a curling rink, a library, and an auditorium for community events. The donation will

fund critical upgrades, such as the installation of a new roof, a modern boiler system, a revamped HVAC system, and improved accessibility, including the addition of an elevator to ensure the facility is accessible to all residents. In recognition of Barrick’s contribution, the township will rename the community auditorium the Barrick Auditorium. “We are immensely grateful to Barrick for their ongoing commitment to the Township of Manitouwadge and their generous contribution to the Community Centre upgrades,” said Mayor Jim Moffat. “The naming of the Barrick Auditorium underscores our shared dedication to the health and wellbeing of our communities.”

Chris Stewart, General Manager of Barrick Hemlo, echoed this sentiment, emphasizing Barrick’s focus on community well-being. “Supporting health-related initiatives is one of the pillars of our community development programs, and we are proud to partner with the Township of Manitouwadge to provide residents with access to quality health and wellbeing services.”

A LEGACY OF PARTNERSHIP & DEVELOPMENT

Barrick’s dual focus on operational efficiency at the Hemlo mine and its investment in the local community showcases the company’s commitment to long-term value creation.

The contract extension with Barminco not only ensures the continued productivity of Hemlo’s underground operations but also aligns with Barrick’s broader strategy of community support and engagement. The company’s donation to the Manitouwadge Community Centre underscores the importance Barrick places on the social and economic development of the regions in which it operates.

With both initiatives—extending its mining operations and investing in community infrastructure—Barrick is poised to strengthen its role as a key player in the Hemlo region for years to come.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

We believe there is no better time or place to build a safe, sustainable, industrial core business and services to support the growth so inherent to everything we do.

MINING LIFE & EXPLORATION NEWS

Industrial Market Sectors Oil, Gas & Petrochemical Mining Civil infrastructure Heavy Rail Alternative Energy Water Treatment Transportation Industrial Site services

NORTHERN MINING REPORT 2024

79

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

EVOLUTION MINING’s Bold Transformation of the Red Lake Gold Mine: A Path to Renewed Excellence

By Kevin Vincent

S

ince acquiring the iconic Red Lake mine in Ontario in April 2020, Evolution Mining has been on a mission to restore this storied asset to its former glory as one of Canada’s premier gold producers. Once known as a high-grade cornerstone of Canadian gold mining, the Red Lake mine has seen a remarkable turnaround under Evolution’s stewardship. Through strategic planning, relentless operational improvements, and a firm commitment to sustainability, Evolution Mining is setting Red Lake on a course toward long-term success.

AIMING FOR 200,000 OUNCES OF GOLD ANNUALLY

When Evolution Mining took over Red Lake, they had an ambitious vision: turn the mine into a producer of 200,000 ounces of gold annually and extend its life to over 15 years.

It was no small task. Red Lake had fallen on tough times before Evolution stepped in, but the company’s operational transformation plan, aimed at optimizing efficiency and productivity, is proving effective. In FY24, Red Lake produced 112,700 ounces of gold, a significant achievement that has positioned the mine for continued success.

80

“Our goal has always been to revitalize Red Lake, and we are well on our way,” said an Evolution Mining spokesperson. “The improvements in performance and the operational transformation plan are already paying off, and the outlook for FY25 and beyond is extremely positive.”

PRODUCTION, COSTS & CASH FLOW: FY24 Results

Evolution Mining’s turnaround efforts at Red Lake have started to show tangible results. In FY24, the mine generated $98.9 million in operating cash flow, a notable achievement considering the challenges inherited.

Despite all-in sustaining costs (AISC)

per ounce sitting at a relatively high $2,802, the company remains optimistic about driving costs down as operational efficiencies continue to improve.

“We’ve taken a methodical approach to improving the mine’s operations, and as we increase production, we expect to see sustained positive cash generation,” explained the spokesperson. This is key to achieving the ambitious 200,000-ounce target in the coming years.

RED LAKE’S GEOLOGICAL RICHES:

A Canadian Nevada Red Lake’s allure has long been its high-grade gold deposits, often compared to those found in Nevada’s famed goldfields. Situated in the Archean gold-bearing greenstone belts, the mine is a treasure trove of potential. Evolution Mining’s ongoing exploration activities aim to expand the mine’s mineral resources, ensuring a steady production pipeline for years to come. In the words of

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

the company, “We believe we’ve just scratched the surface of Red Lake’s potential.”

With new exploration efforts in motion, Evolution is targeting key areas around Red Lake, hoping to unlock further resources that will not only support the 15-year mine life goal but also open up new possibilities for future expansions.

The Evolution of Sustainability at Red Lake

But Evolution Mining isn’t just focused on gold. Sustainability is a key pillar of their operational strategy, particularly in a world where environmental stewardship is under increased scrutiny.

At Red Lake, Evolution has made great strides in integrating environmentally sustainable practices, setting itself apart in a historically resource-heavy industry.

One of the standout initiatives is Evolution’s commitment to reducing greenhouse gas emissions. The company has pledged a 30% reduction by 2030 compared to 2020 levels. This ambitious goal is backed by tangible actions, such as optimizing energy use across its operations and reducing the carbon footprint of its mining activities.

earned Evolution a reputation for balancing economic and environmental priorities.

COMMUNITY ENGAGEMENT:

Working Hand-in-Hand with Local Partners Evolution’s commitment to Red Lake doesn’t end at the mine gates. The company understands the value of building strong relationships with the local communities that call the area home. Through ongoing engagement efforts, Evolution works with local stakeholders to foster environmental stewardship and create awareness about sustainability initiatives. These partnerships are more than just window dressing; they are integral to the company’s long-term strategy for responsible mining.

Educational programs and community collaborations ensure that the

benefits of Red Lake’s resurgence are shared by all, while also promoting a healthier, more sustainable environment for future generations.

A FUTURE SHAPED BY GOLD, SUSTAINABILITY & INNOVATION

As Red Lake moves forward under Evolution Mining’s leadership, the mine’s future shines bright. Through a combination of operational excellence, strategic exploration, and a strong commitment to environmental sustainability, Evolution is transforming Red Lake into a model of modern gold mining. With a production target of 200,000 ounces annually and a mine life of over 15 years, Red Lake is well on its way to reclaiming its status as a premier gold mine in Canada.

WATER & BIODIVERSITY:

A Holistic Approach to Mining Sustainability goes beyond reducing emissions. At Red Lake, Evolution Mining has implemented cuttingedge water management practices aimed at minimizing consumption and promoting reuse. The company is exploring technologies that allow for water recycling, crucial in reducing the mine’s environmental impact in the long term.

Additionally, Evolution has made biodiversity conservation a core component of its sustainability efforts. From habitat restoration to protective measures for local wildlife, the company is working to ensure that Red Lake’s mining activities coexist with the surrounding ecosystem. This responsible approach has MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

81

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO Caroline Pienaar, VP of Exploration First Mining Gold, with Glenn Dredhart, Publisher of Mining Life & Exploration News

Unlocking Golden Opportunities: New Discoveries at FIRST MINING BIRCH-UCHI Adjacent to Springpole, First MinGOLD’s ing has been making strides at its Birch-Uchi exploration project. ReVision for cent drilling at the Challenger target, located within the property, yielded SPRINGPOLE: Ontario and a significant intercept of 1 gram per A Major Gold Project with tonne (g/t) over 114 meters. Pienaar Untapped Potential Quebec recalled a discovery moment in 2022 Located 400 kilometers northwest

By Kevin Vincent

A

t the 2024 CEN CAN Expo in Thunder Bay, Caroline Pienaar, VP of Exploration for First Mining Gold, received an award from the Publisher of Mining Life & Exploration News for sharing the company’s ambitious plans for Ontario and Quebec, spotlighting district-scale exploration, community partnerships, and a commitment to sustainable development.

A Commitment to Indigenous Partnerships & Sustainable Development Pienaar began by emphasizing First Mining Gold’s respect for Indigenous communities on whose traditional lands the company operates. “We’re committed to building partnerships that support these communities and create shared value,” she said, noting that 50% of the workforce at the company’s Springpole Gold Project in Ontario identifies as Indigenous.

The company aligns its projects with Canada’s Truth and Reconciliation efforts, prioritizing meaningful engagement with local communities.

82

of Thunder Bay, Springpole is one of Canada’s largest undeveloped gold projects, holding an estimated 4.6 million ounces of indicated resources. Pienaar described it as a low-sulfidation epithermal deposit with the potential to be a significant economic driver in the region.

Springpole is currently advancing through environmental permitting, with a final environmental assessment (EA) submission anticipated in Q4 2024. The site also offers brownfield opportunities, including a promising East Extension target with drill results suggesting potential to extend the mine’s life. Additionally, the presence of thorium and fluorite highlights Springpole’s critical mineral potential, and First Mining has applied for support through Canada’s Critical Mineral Innovation Fund to explore these possibilities further.

when visible gold was uncovered, adding, “Our summer student found the gold—it was an exciting day for the team.” Grab samples from the Challenger target have returned assays as high as 25.6 g/t, underscoring the site’s potential.

DUPARQUET:

Expanding Resources in Quebec’s Abitibi Gold Belt Pienaar highlighted the Duparquet Gold Project, located in Quebec’s prolific Abitibi Gold Belt, which boasts a resource of 6 million ounces of gold. With the deposit remaining open at depth, recent drill results have strengthened its profile, showing 10.67 g/t over 5.3 meters and 6 g/t over 33 meters. The North Zone, beyond the traditional Duparquet mineralization, could further expand the project’s scope.

To date, the company has completed 16,000 meters of drilling at Duparquet, focusing on high-grade trends in the Buzz and Valentay targets. These ongoing efforts could lead to substantial resource growth, positioning Duparquet as a flagship project in First Mining’s portfolio.

What Lies Ahead Pienaar concluded her presentation with First Mining Gold’s roadmap for 2024, which includes:

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

E N G I N E E R I N G

I N C

Mine Hoist Systems Turnkey hoisting systems - design/build Robust, reliable and proven designs, state of the art control systems Proudly Designed & Manufactured in Canada Global aftermarket support network – parts/service/compliance

24/7 Local Technical Support

Hoist Modernization - Repairs and upgrades

Over 1500 installations supported worldwide

www.hepeng.com • Submitting the final Springpole EA in Q4 2024.

• Advancing the Springpole East Extension through drilling and geochemical sampling.

• Completing a 12,000-meter drilling program at Duparquet, with ongoing exploration on its extensive land holdings.

With two of Canada’s largest undeveloped gold projects, First Mining Gold is positioned to deliver meaningful returns for investors and local communities while continuing to explore promising new opportunities in Ontario and Quebec.

A Landmark Process Agreement with Cat Lake & Lac Seul First Nations First Mining recently announced a Process Agreement with Cat Lake First Nation and Lac Seul First Nation, marking a groundbreaking step in Indigenous engagement.

MINING LIFE & EXPLORATION NEWS

This agreement will enable the Anishinaabe communities to lead a culturally centered AnishinaabeLed Impact Assessment (ALIA) of the Springpole Gold Project, bringing Indigenous perspectives to the forefront of the environmental review process.

“We are very pleased to support this leading-edge work on community-based Indigenous engagement for the Springpole Project with Cat Lake and Lac Seul,” said Dan Wilton, CEO of First Mining. “First Mining is privileged to work in these Nations’ traditional territories, and we understand and appreciate the significant commitment of time and resources that Cat Lake and Lac Seul are contributing.”

The ALIA framework underscores First Mining’s commitment to respectful dialogue, aiming for a long-lasting positive impact through

NORTHERN MINING REPORT 2024

sales@hepeng.com infrastructure and economic benefits for Northwestern Ontario. Wilton noted that this project, developed with respect for land, air, and water, has the potential to positively influence generations to come.

First Mining continues to engage with Indigenous communities around the Springpole Project, fostering awareness, addressing concerns, and seeking contributions to improve the project’s development plans.

Through its progressive engagement model, innovative exploration strategies, and focus on sustainable practices, First Mining Gold is set on a path to build lasting value for all its stakeholders. The company’s vision for Ontario and Quebec goes beyond gold extraction, aiming to cultivate partnerships that contribute to a prosperous future across these resource-rich provinces.

83

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO Rainy River Underground (New Gold Company Picture)

New Gold Reports Strong Third Quarter Results, Sets Stage for YearEnd Success

By Kevin Vincent

N

ew Gold Inc. has delivered an impressive performance in the third quarter of 2024, with its highest production and lowest costs of the year, positioning the company for a robust finish to the year. A combination of strong operational execution at the New Afton and Rainy River mines, along with a disciplined financial strategy, has resulted in record free cash flow and substantial progress on key development projects.

“New Afton delivered a strong operating quarter and completed critical C-Zone milestones ahead of schedule, while Rainy River delivered costs as planned, with all-in sustaining costs 29% lower quarter-over-quarter,” said Patrick Godin, President and CEO of New Gold. “The fourth quarter of 2024 is expected to be our strongest quarter of the year, and we remain on track to deliver approximately 600,000 gold equivalent ounces per year until at least 2030.”

Record Financial Performance New Gold’s financial performance in the third quarter underscores its ability to capitalize on operational efficiency and favorable metal prices. The company generated record quarterly revenue of $252 million, with cash flow from operations reaching $128 million, a new high.

Free cash flow also hit a record $57 million, further strengthening New Gold’s balance sheet.

During the quarter, New Gold made a $43 million payment to the Ontario Teachers’ Pension Plan under the terms of its 2020 New Afton strategic partnership and repaid $50 million of its credit facility. As of September 30, 2024, the company held $133 million in cash and had a total liquidity position of $459 million.

“We are pleased to have generated significant free cash flow while maintaining financial discipline,” add84

ed Godin. “Our strong balance sheet provides the flexibility to continue advancing our key growth projects and leverage current metal prices.”

Operational Highlights Consolidated third-quarter production totaled 78,369 ounces of gold and 12.6 million pounds of copper, with all-in sustaining costs (AISC) of $1,195 per gold ounce sold on a byproduct basis. This marks the company’s highest production quarter of 2024 and lowest cost structure year-to-date.

At New Afton, the mine produced 16,477 ounces of gold and 12.6 million pounds of copper, with AISC of ($408) per ounce, underscoring its status as a low-cost operation. New Afton reached a significant milestone by commencing production from the C-Zone and commissioning its crusher two months ahead

of schedule, a key component of its long-term growth strategy.

Rainy River first development ore was mined from Underground Main, ahead of schedule. Underground Main contains the majority of underground mineral reserves at Rainy River and will be an important source of higher-grade production in the coming years to supplement mill feed from the open pit and the Intrepid underground zone.

Mining of first ore follows the completion of the main fresh air raise and in-pit portal in the third quarter. With these important milestones completed, the Underground Main project is on track to commence stoping in the first half of 2025 and ramp up to an underground production rate of approximately 5,500 tonnes per day by 2027.

Updated 2024 Outlook Despite some operational disruptions, New Gold remains optimistic about the remainder of 2024, updating its annual guidance to reflect current performance. The company expects total gold production to be in the range of 300,000 to 310,000 ounces, slightly below the initial projection of 310,000 to 350,000 ounces. Copper production is forecast to reach the mid-point of its guidance range of 50 to 60 million pounds.

Cost management continues to be a bright spot for New Gold, with AISC expected to be at the low end of the

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

guidance range of $1,240 to $1,340 per ounce, supported by efficient capital management and operational improvements. Cash costs are also trending in line with forecasts, thanks to higher by-product revenue from rising copper prices.

“Operational discipline and cost management remain at the core of our strategy as we work towards delivering strong free cash flow and mitigating the impact of lower production at Rainy River,” said Godin.

Exploration Successes Drive Future Growth New Gold’s exploration efforts are paying dividends as the company continues to prioritize near-mine targets. At Rainy River, exploration drilling has expanded gold mineralization zones, and the results are expected to positively impact the year-end Mineral Resource estimate.

Fourth-quarter drilling will focus on extending the continuity of underground zones while identifying new exploration opportunities.

At New Afton, exploration in the eastern part of the mine has yielded promising results, with high-grade copper-gold porphyry mineralization intersected. Ongoing efforts will continue to target near-mine copper-gold zones above the C-Zone, further enhancing the mine’s potential. “With increased exploration budgets and a focus on high-grade opportunities at both Rainy River and New Afton, we expect the fourth quarter to be our most active period of the year in terms of drilling,” Godin said.

Looking ahead, New Gold is wellpositioned to capitalize on its strong financial position and operational momentum. The completion of key milestones at both New Afton and Rainy River has set the stage for continued success, with the company on track to meet its long-term goal of producing approximately 600,000 gold equivalent ounces per year until at least 2030.

86

GOLDSHORE Closes $13.9M Financing to Bolster Exploration at Moss Gold Project

By Kevin Vincent

G

oldshore Resources has closed a $13.9 million private placement, securing crucial funding to advance its exploration at the Moss Gold Project, a 100% owned asset in Ontario.

“This successful financing strengthens our ability to aggressively explore and unlock the immense potential of Moss Lake,” said Brett Richards, President and CEO of Goldshore.

The company raised funds through the issuance of over 28 million flow-through and charity flow-through shares, taking advantage of tax benefits provided under Canadian law. A consortium of financial agents led by Eight Capital and Clarus Securities helped drive the financing, with proceeds set to be directed toward Canadian exploration expenses, specifically in Ontario.

The announcement was made in mid-July, and the funds raised will fuel exploration at Moss Lake, an emerging major gold deposit in Canada. The company has already invested over $60 million into the project, drilling 80,000 meters and significantly expanding its mineral resources. Currently, Moss Lake hosts an impressive 1.54 million ounces of Indicated gold resources and 5.2 million ounces of Inferred gold, making it one of the most significant undeveloped gold deposits in the country.

While the company focuses on exploration, it also benefits from excellent infrastructure and accessibility. Moss Lake is located just off the Trans-Canada Highway, near hydroelectric power, with strong community support. Richards emphasized, “With such a robust foundation, Moss Lake is positioned to be a major gold producer, capable of delivering long-term shareholder value.”

The project’s strategic importance is underscored by its expansion potential. The current resource covers only 3.6 kilometers of the 35+ kilometer mineralized trend, leaving much of the property unexplored. Recent drilling has confirmed the presence of additional mineralized zones, including a new parallel shear zone that mirrors the known high-grade mineralization at Moss Lake.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

KNOWLEDGE. INTEGRITY. DETERMINATION.

3

4

5

6

7

8

Full Service Engineering and Geoscience Solutions

4

5

7000

A

400 GL

9000

B

5m / 16.4ft SERVICE CAGE HOIST

Environmental and Permitting Reviews

Property review and evaluation 4

5

6

7

8

Geological assessments and analyses

Detailed engineering design of all plant

Mineral Resource Estimates

and systems

A

C

Procurement and commissioning

Technical Report Writing Mineralogical characterization and

Construction management and planning

B

D

process design

Operational assistance

ISOMETRIC VIEW

C

Feasibility and due diligence review .

Mine close-out procedures E

D

Nordmin Engineering Ltd. 160 Logan Ave. Thunder Bay, ON P7A 6R1 1-807-683-1730

Nordmin Engineering USA, Inc. 8787 S. Redwood Rd #250 West Jordan, UT 84088 1 385-707-9494 F

2565 Kingsway Blvd, Unit 2 Sudbury, ON P3B 2G1 1 705-688-0404 E

Nordmin Engineering Ltd.

PRELIMINARY NOT FOR CONSTRUCTION

F PRELIMINARY

REVISION S

Despite the challenging market conditions, Goldshore remains committed to advancing Moss Lake.

The company has temporarily scaled back its exploration activities, opting for a conservative approach to conserve cash. Richards and his management team have taken salary reductions, maintaining a lean operational model while awaiting more favorable conditions. “This is a long-term play,” said Richards.

“We know what Moss Lake can become, and we’ll continue to strategically position ourselves to realize that vision when the time is right.”

The company’s next major milestone will be the completion of a Preliminary Economic Assessment (PEA) in Q1 2025. G-Mining Services Inc. has been engaged to lead this study, which will provide crucial insights into Moss Lake’s production potential.

Richards noted, “We’re aiming to demonstrate Moss Lake as a potential 200,000 to 300,000-ounce per year producer.”

In addition to financing and exploration, Goldshore has also expanded its marketing and digital outreach efforts. The company has engaged Machai Capital Inc. to provide branding, search engine optimization, and digital marketing services over a three-month period, enhancing the company’s presence and visibility in the marketplace.

With $13.9 million secured and a clear strategy for growth, Goldshore Resources is well-positioned to continue its journey toward developing one of Canada’s next major gold mines. As the company awaits final approval from the TSX Venture Exchange, it remains confident that Moss Lake will continue to deliver results and value in the years ahead.

B

DESIGNED BY:

R. ADAMKO

C.DOUGHERTY

21 DEC 18 21 DEC 18

RML

DATE

BY

DATE

TJR

CHECK APPR. 4 Inches

MMS

GRM

BY

CHECK APPR. 2

1

R. LAURIN

nordmin.com

CHECKED BY:

H. HARKONEN APPROVED BY:

M.SHEA CHECKED BY:

CLIENT:

NIOCORP DEVELOPMENTS LTD.

G.MENARD APPROVED BY:

ELK CREEK NIOBIUM PROJECT - NEBRASKA

G.MENARD

TITLE:

SUBSTATION PRODUCTION SHAFT

DATE

THIS DRAWING MIGHT BE REDUCED FROM ITS ORIGINAL SIZE. DO NOT SCALE ELECTRICAL EQUIPMENT

3D VIEW

3

4 Inches 3

2

1

THIS DRAWING MIGHT BE REDUCED FROM ITS ORIGINAL SIZE. DO NOT SCALE

50

100 Millimeters

50 KNOWLEDGE + EXPERIENCE + INNOVATION = SOLUTIONS

DATE

17 AUG 18 100 Millimeters

SCALE:

PROJ. NO.

DWG. NO.

REV. NO.

KNOWLEDGE 18000-01 + EXPERIENCE 18000-01 + INNOVATION = SOLUTIONS AS NOTED -50-9200 B

NIOCORP DEVELOPMENTS LTD.

PROJECT / LOCATION:

DRAWN BY:

PROJECT / LOCATION:

DRAWN BY:

REVISED TO REFLECT NEW 6m Ø SHAFT ARRANGEMENT

CLIENT:

DESIGNED BY:

NOT FOR CONSTRUCTION

17 AUG 18

ELK CREEK NIOBIUM PROJECT - NEBRASKA TITLE:

HOIST HOUSE PRODUCTION SHAFT FOUNDATION PLAN & ISOMETRIC VIEW

SCALE:

AS NOTED

PROJ. NO.

18000-01

DWG. NO.

18000-01-40-3002

REV. NO.

B

INTEGRATED ENGINEERING

THE WORLDWIDE LEADER IN

SURFACE/UNDERGROUND CORING & PERCUSSIVE SERVICES for more information

majorcanada@majordrilling.com +1-204-885-7532

87

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

ONTARIO PROSPECTORS ASSOCIATION (OPA) Plans Major Revitalization to Strengthen Mining Advocacy

By Kevin Vincent

T

he Ontario Prospectors Association (OPA) recently unveiled a comprehensive plan to revamp its structure and leadership in response to changing demands within the mining and exploration sectors. Since its founding in 1987, the OPA has represented Ontario’s exploration companies, but the landscape has evolved significantly, prompting a reassessment of the organization’s role and capabilities.

Why a Revitalization is Necessary According to OPA Steering Committee Chairman Bill MacRae, in an era defined by market fluctuations, environmental priorities, and policy shifts, Ontario’s exploration industry is facing new challenges.

“A revitalized OPA will be the leading voice for Ontario’s exploration community,” he said. In a public OPA presentation Nov. 12, it emphasized the critical need for a full-time executive director and a restructured board to effectively engage stakeholders and influence policy.

The Economic & Community Impact of Mining The OPA highlighted the extensive contributions of the mining sector to Ontario’s economy. In 2022, the industry generated approximately CAD 13.5 billion, or 22% of Canada’s mineral production value. Beyond its direct economic contribu88

tions, mining also supports nearly 400,000 direct and indirect jobs across Canada, many in remote and Indigenous communities. The sector provides crucial infrastructure like roads, schools, and utilities in rural areas, fostering sustainable communities long after mining operations end.

Economic Spin-Offs & the Importance of a Robust Industry The ripple effects of a thriving mining sector are vast. From generating government revenue through taxes and royalties to fostering local businesses, the industry helps to stabilize the economy, particularly in remote communities where other employment options may be limited. Furthermore, the sector plays a role in economic diversification, supporting industries like tourism and agriculture and contributing to Canada’s sustainable development goals.

Proposed Changes to OPA’s Structure & Leadership The OPA’s restructuring plan includes forming a new board, hiring an executive director, and implementing a new organizational infrastructure by early 2025. The estimated annual budget is $400,000, covering operational costs, board meetings, and professional fees, with a 10% contingency fund for unforeseen expenses. Additionally, a one-time restructuring budget of $120,000 has been allocated to support the organization through this transformative phase.

Action Plan & Next Steps OPA’s revitalization strategy is mapped out in three stages: 1. Immediate Actions: Engaging with members and appointing a steering committee to develop a restructuring plan.

2. Current Phase: Finalizing the executive director hire, establishing new board directives, and launching a recruitment drive for directors and committee members.

3. Early 2025: Completing the restructuring and positioning OPA as the primary advocate for Ontario’s exploration community.

Vision for the Future OPA’s renewed vision is to serve as a proactive leader for the mining community, focusing on building a sustainable supply chain from exploration to production. The new structure aims to integrate Indigenous community partnerships, influence legislative changes, and foster a new generation of industry professionals.

Get Involved OPA invites stakeholders to support this transformation by signing up for individual or corporate memberships, volunteering for board or committee roles, and promoting OPA’s mission on social media. For more information on the OPA’s restructuring plan or to join the revitalization effort, visit OntarioProspectors.com or email feedback@ontarioprospectors.com

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Celebrating 66 years Canada’s Trusted Source for Precious Metal Coins, Coin Blanks & Custom Creations

1 gram Trump coin

Precious metals are a meaningful investment, an asset you can trust will stand the test of time.

Sophisiticated Exquisite Designs Since its inception in 1958 by the distinguished Master Jeweler Peter S. Vinczer, the Premier Canadian Mint has solidified its position as Canada’s premier choice for the finest precious metals. With an unwavering commitment to excellence, we offer an expansive array of bespoke designs, including not only coins and premium promotional items but also a minted watches, elegant belt buckles, sophisticated cufflinks, quality daggers, and breathtaking jewelry masterpieces.

Renowned for our impeccable craftsmanship, PCM has earned the trust and satisfaction of a prestigious clientele, including former U.S. President George W. Bush, central banks, the RCMP, diplomats, governments, dignitaries, and has proudly produced over 400 items for the Canadian Military.

http://www.CanMint.com info@CanMint.com 1-905-898-3031 ***PCM is Seeking Mergers & Acquisitions of Junior Gold/Silver Mines***

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

CLEAN AIR METALS: Thunder Bay North Critical Minerals Project – A Rare Platinum Opportunity Outside South Africa

Mike Garbutt, CEO of Clean Air Metals

By Kevin Vincent

I

n the world of critical minerals, Clean Air Metals’ Thunder Bay North Project is making waves as one of the few primary platinum deposits outside of South Africa. At the 2024 CEN CAN Expo in Thunder Bay, Mike Garbutt, CEO of Clean Air Metals, shared an overview of this remarkable project and the company’s ambitious plans to bring it into production.

For the company, a successful project requires not just exploration and development, but also a deep partnership with local Indigenous communities. “The project will not be successful without the close relationship with the communities. It’s not just lip service—its about concrete actions.”

A Unique Platinum Deposit The Thunder Bay North Project stands out as a rare platinum deposit in a world where most significant platinum operations are found in South Africa. With an indicated resource of 14 million tonnes containing 2.4 million Platinum Equivalent ounces, the deposit represents significant potential for the global market.

Platinum’s role in the hydrogen economy and its necessity in fuel cells make the metal increasingly vital for the transition to green energy. “Platinum is used in the anode and cathode to create green hydrogen, and as well as in hydrogen fuel cells that turn it into useful energy.

Hydrogen is absolutely a big part of 90

the future transition to green energy,” Garbutt explained.

The deposit also includes copper and nickel, critical components in the electrification movement. “Copper is a huge part of the green economy, and we don’t need to say much more about its importance. But Palladium, too, remains critical—especially for hybrid vehicles, which use even higher Palladium loadings than internal combustion engines,” Garbutt said.

Infrastructure & a Low-Risk Operation One of the major advantages of the Thunder Bay North Project is its proximity to excellent infrastructure. Located just 50 kilometers from Thunder Bay along the Armstrong

Highway, the site sits in an “infrastructure sandwich” between the East-West 230 kV power line and the highway, reducing development risks and costs.

The project consists of two deposits: the Current Deposit and the Escape Deposit, both of which are twin magma conduits. These deposits, formerly owned by separate companies, were merged under Clean Air Metals in 2020. Now, with over 200,000 meters of drilling, the company continues to explore and expand the resource base.

“We’re looking at a low-risk, moderate-tonnage, but high-grade operation,” Garbutt said, hinting at the company’s plans to advance a Preliminary Economic Assessment (PEA) in the coming year. “Even with today’s depressed prices for platinum, palladium, and copper, this mine would still generate a positive margin today.”

Advanced Exploration & Cutting-Edge Technology Clean Air Metals is using innovative techniques like passive seismic surveys to better understand the down-plunge potential of the Escape Deposit. By placing over 250 seismic instruments on the surface, the company is collecting data to help define future drilling targets.

In addition to the down-plunge target, the company looks to expand the high-grade zones of the deposit and push the project forward. “We’ve already seen stunning intersections in our initial drilling program,” Garbutt shared, emphasizing the significant economic impact of increasing the high-grade portions of the resource.

Looking Ahead With a Pre-Feasibility level metallurgical study complete, Clean Air Metals is advancing toward its next milestone: an updated PEA that reflects the current market conditions and technical opportunities.

The company is also exploring the potential for a bulk sample program

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

to prove our high-grade mining approach and evaluate metallurgy on an expanded scale.

Despite the challenges facing the platinum and palladium markets, Garbutt remains bullish on the longterm prospects of these critical metals. “We’re always looking for opportunities. If there’s a platinum or palladium asset out there that makes sense for us, we’re going to go after it,” he said.

As the world moves toward a greener future, Clean Air Metals’ Thunder Bay North Project is positioning itself as a key player in the supply of critical minerals for the clean energy economy. With strong community partnerships, cuttingedge exploration, and a world-class resource, the project is set to be a cornerstone of Canada’s platinum production.

TSXV: AIR | OTCQB: CLRMF | FRA: CKU

Advancing the Thunder Bay North Critical Minerals Project

cleanairmetals.ca MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

91

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

FRONTIER LITHIUM: Paving the Way for Ontario’s First Fully Integrated Lithium Operation

By Kevin Vincent

I

n the race to supply the burgeoning electric vehicle (EV) and energy storage markets across North America, Frontier Lithium is rapidly emerging as a critical player. The company’s flagship project, the PAK Lithium Project, is making significant strides toward becoming the first fully integrated lithium mining and processing operation in Ontario, Canada.

Expanding Exploration & Strengthening Financials For the quarter ended June 30, 2024, Frontier Lithium reported robust financial health, with cash reserves of $30.36 million. These funds position

92

the company well to cover ongoing corporate expenses while executing on its ambitious operational objectives. As part of its Phase XIII drill program, Frontier drilled 11,364 meters across 46 holes at the Spark deposit, further delineating the Bolt pegmatite and extending the Spark deposit. In parallel, geomechanical and hydrogeological drilling at the PAK deposit—totaling 2,033 meters—was completed to support the definitive feasibility study (DFS) aimed at optimizing the project’s long-term potential.

In November 2023, DRA Americas Inc., an international engineering

and project management firm, was selected to assist in preparing the mine and mill portion of the DFS. This marks a critical step in evaluating the feasibility of constructing and operating a fully integrated lithium mine and chemical processing facility. The DFS is expected to be completed in 2025 and is seen as a milestone that could significantly elevate Frontier’s position in the global lithium supply chain.

Mitsubishi Partnership:

A Game-Changing Alliance In one of the company’s most significant achievements, Frontier Lithium successfully closed tranche 1 of its joint venture with Mitsubishi Corporation in April 2024. This deal secured Mitsubishi a 7.5% stake in the PAK Lithium Project for CAD $25 million. Mitsubishi’s investment not only underscores confidence in the size and strategic importance of the project, but also provides critical funding to accelerate development toward a vertically integrated lithium operation. This partnership positions Frontier Lithium at the forefront of the North American EV supply chain as it aims to become a premier domestic supplier of battery-grade lithium chemicals.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Strategic Infrastructure Development Backed by Government Support In a significant boost to its infrastructure development, Frontier Lithium was awarded up to $6.1 million from Canada’s Critical Minerals Infrastructure Fund (CMIF). This funding will support two essential projects: the construction of a 56-kilometer allseason mine access road connecting the PAK Lithium Project to Ontario’s highway system, and engineering studies for a power transmission line that will connect the project to the Wataynikaneyap (Watay) Power transmission line. “This funding represents a major step forward for our project,” said Trevor Walker, President and CEO of Frontier Lithium.

“We’re working toward building the first fully integrated lithium mining and processing operation in Ontario, and this infrastructure is crucial for unlocking the full potential of the PAK Lithium Project. Our objectives align with Canada’s goals of reducing emissions, addressing infrastructure gaps, and advancing reconciliation with Indigenous communities.”

Frontier has committed to engaging local and Indigenous communities throughout the development process, ensuring that these infrastructure projects not only enhance the region’s industrial capacity but also benefit local stakeholders.

A Bold Vision for the Future Frontier Lithium’s PAK Project is no ordinary asset. Located in Ontario’s Great Lakes region, it contains the highest-grade lithium reserves in North America and the largest in Ontario by size. Since 2013, the company has discovered two premium spodumene-bearing deposits, PAK and Spark, located just 2.3 kilometers apart. The project spans nearly 27,000 hectares, most of which remains unexplored, leaving substantial potential for further discoveries.

Exploration efforts are already underway to expand known resources. The Bolt pegmatite, located between the PAK and Spark deposits, MINING LIFE & EXPLORATION NEWS

and the Pennock pegmatite, located 25 kilometers northwest of the PAK deposit, have both shown promise.

These discoveries could play a key role in extending the mine life, which currently stands at 24 years according to a 2023 Pre-Feasibility Study conducted by BBA E&C Inc. This study projected a post-tax Net Present Value (NPV) of $1.74 billion and an Internal Rate of Return (IRR) of 24.1%.

Looking Ahead With a robust financial footing, strategic partnerships, and strong government support, Frontier Lithium is well on its way to becoming a key player

in the North American lithium market.

As the company continues its exploration efforts and advances its DFS, it is setting the stage to play a central role in the green energy revolution, providing critical resources for EV batteries and energy storage solutions. The future of Frontier Lithium looks brighter than ever, as it aims to lead the charge in securing a sustainable, domestic lithium supply chain for North America. As Walker aptly puts it, “This is just the beginning of a journey that will not only benefit our company but also contribute to the broader transition to clean energy.”

Clean air.

Safe facilities.

Integrated solutions.

• Donaldson Torit Experts • Custom Filter Solutions • Spare Parts & Used Units • Dust, Mist and Fume Filters • Custom Fabrication • Dust Hazard Analysis • Remote System Monitoring • Maintenance & Repair • System Design Services • Airflow Testing & Balancing

• Fabrication, Installation, Relocating & Maintenance • Millwrighting • Custom Sheet Metal Fab • Custom Ducting • Piping • Rigging • Structural Services: Industrial, Commercial & Institutional Applications

• Analysis & Design Services • Dust Hazard Analysis • Explosive Protection • Stack Pollution Control • Safety Code & Guideline Adherence • CAD Drawings

• Fire Sprinkler Installation, Testing and Inspections • Maintenance and Repairs • 24 Hour Emergency Service • Design • Underground fire main installation • Fire Hydrants & Extinguishers • Fire Pumps • Water flow Tests • Backflow Preventer testing • Emergency Lighting

www.astgroup.ca • info@astgroup.ca • 1-888-248-8219

NORTHERN MINING REPORT 2024

93

NORTHERN MINING REPORT

NORTHWESTERN ONTARIO

GREEN TECHNOLOGY METALS Pushes Forward with Integrated Lithium Development Strategy in Northern Ontario

By Kevin Vincent

G

reen Technology Metals (GT1) is advancing its vision to Building the pre-eminent vertically integrated Lithium business in Northern Ontario, Canada with strategic projects near Thunder Bay, the company aims to become a key contributor to the rapidly growing battery materials sector, an industry poised for exponential growth.

“Ontario and Canada have the best ecosystem to develop projects in the world right now,” said Cameron Henry, Managing Director of Green Technology Metals, during a presentation, he delivered to a packed house at the CEN CAN Expo in Thunder Bay this past September. “There’s nowhere else where you have this level of investment in both the midstream and downstream sectors, from mining to EV battery production.”

Founded in 2021, GT1 is focused on tapping into the mineral-rich lands of Northern Ontario, where the company has identified substantial lithium resources. Henry emphasized that the area’s mineral endowment is among the best globally, citing his extensive experience in Australia and other mining jurisdictions.

94

Cameron Henry, Managing Director of Green Technology Metals

Strategic Partnerships & Expansion In collaboration with LG Energy Solutions and Ecopro Innovation, two global leaders in battery and chemical development, GT1 has crafted a comprehensive strategy that spans the entire lithium supply chain. The company is not just mining lithium but also working toward converting it into battery-grade materials locally, ensuring that the economic benefits stay within the region.

“The days of just shipping spodumene concentrate overseas are over,” Henry stated. “You need to be able to convert it to lithium chemical right here in Ontario to feed the growing battery ecosystem. That’s the only way to maintain a competitive and viable industry moving forward.”

This holistic approach includes a lithium chemical conversion facility planned for Thunder Bay, expected to be operational by 2029. The facility will employ up to 200 people at full capacity and could create hundreds more jobs during its construction phase.

“Cameron also would like to say Chi Miigwech to our Indigenous partners. GT1 appreciates the opportunity to work in the Traditional Territory and remains committed to the recognition and respect of those who have lived, travelled, and gathered on the lands since time immemorial. Green Technology Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering, and encouraging a respectful relationship with Indigenous Peoples based upon principles of mutual trust, respect, reciprocity, and collaboration in the spirit of reconciliation.”

Expanding Resources & Sustainability Green Technology Metals has been busy expanding its lithium resources, growing its reserve base from 3 million tons to over 25 million tons in just two years. The company’s Seymour Project, located north of Armstrong, serves as its Eastern Hub and is within close proximity to Thunder Bay’s infrastructure.

The Western Hub, centered on the

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Root Project, holds significant potential, with ongoing drilling efforts expected to grow the resource to over 50 million tons.

Henry emphasized the company’s commitment to environmental sustainability. The processing facility at Seymour will use a gravity-based system with no chemical discharge, ensuring minimal environmental impact. “It’s a very simple process,” Henry explained. “No chemicals—just clean water washing, capturing all the water, and zero discharge.”

The Future of Lithium in Ontario Green Technology Metals is on track for first production in 2026, with the integrated lithium chemical conversion facility to follow soon after. The company’s investment in Northern Ontario is expected to total $1.7 billion over the next seven years, creating a long-term supply chain that could last for decades.

“We’re not just here to drill a few holes,” Henry said. “We’re here to be part of the community and to build a supply chain in Ontario that will support the global transition to electric vehicles.”

Green Technology Metals Limited, announced in early October that it had received conditional approval from NRCan under the CMIF program, for a contribution of up to C$5,470,000 for the Jackfish and Armstrong Bypass Road Upgrades Project, subject to the Seymour lithium project meeting all due diligence requirements and both parties signing a written contribution agreement.

The conditional approval will remain in effect until a contribution agreement is signed by 16 September 2025. Further, GT1 notes that the commencement of the Jackfish and Armstrong Bypass Road Upgrades Project will be subject to receiving all project approvals and funding for the development of the Seymour lithium project and mine.

The Critical Minerals Infrastructure Fund (CMIF) is Natural Resources MINING LIFE & EXPLORATION NEWS

Canada’s flagship program under the Critical Minerals Strategy, to support clean energy and transportation infrastructure projects necessary to increase Canada’s supply of responsibly sourced critical minerals, and the development of domestic and global value chains for the green and digital economy.

“I would like to take this opportunity to thank NRCan for the conditional approval and strong support of key infrastructure for the Seymour lithium project. This road and bridge upgrade project is essential for advancing the mine’s development. It will bring significant benefits to the local community, such as improving road safety and reducing traffic through town. Mining projects are always challenging to get off the ground, so we greatly appreciate the Federal Government’s support for this critical infrastructure. The funding from the Critical Minerals Infrastructure Fund (CMIF) for clean energy and transportation projects is vital for enabling the sustainable development and expansion of Canada’s critical minerals sector. The development of the Seymour project is a priority for Green Technology Metals, as it will play a key role in unlocking the full potential of the Canadian battery supply chain. We look forward to continuing to work with the NRCan team to complete the remaining due diligence and fi-

NORTHERN MINING REPORT 2024

nalize the necessary agreements for this important project. Importantly, obtaining this funding from the Federal government would not have been possible without Whitesand First Nation and the surrounding exploration and forestry companies, who provided letters of support for the road upgrades. We look forward to continuing working alongside all of our First Nation partners on this project”, stated Cameron.

“Green TM Resources’ project, with funding from the Canadian Critical Minerals Strategy’s flagship program, will develop the necessary infrastructure to access and transport our rich critical mineral resources in northern Ontario. Developments like these help mines get built faster, and they are a key element in seizing the generational opportunity before us to position Canada as the reliable supplier of critical minerals the world is looking for. These investments are needed to support critical minerals development in the region, improve community access and safety, and create good mining jobs in Ontario”, stated the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources.

As the world increasingly shifts toward electric transportation, Green Technology Metals is positioning itself at the forefront of the lithium revolution—right in the heart of Northern Ontario.

95

FO RG I NG NE W R EL ATI O NSH I PS W ITH SUCCESS

THE WABUN PARTNERSHIP MODEL: A Blueprint for First Nations and Mining Industry Collaboration

By Kevin Vincent

I

n the heart of Northern Ontario’s rich mining territory, the Wabun Tribal Council has emerged as a trailblazer in building meaningful partnerships between First Nations and mining companies. Jason Batise, Executive Director of the Wabun Tribal Council, shared the story of this groundbreaking model at the 2024 CEN CAN Expo in Thunder Bay, outlining how effective collaboration, rooted in mutual respect and shared benefits, has been key to success.

With over a hundred agreements between First Nations and mining companies under their belt, the Wabun Tribal Council has created a sustainable framework for balancing resource extraction with community benefits. Batise, who hails from Matachewan First Nation near Kirkland Lake, oversees five First Nations— Matachewan, Chapleau Ojibwe, Brunswick House, Flying Post, and Mattagami—spread across a region steeped in mining history.

“We had no choice but to find a way,” Batise said, emphasizing that the sheer volume of mining claims in their vast territory, which spans an area the size of France, demanded a systematic approach. With com96

Pictured left to right: Canadian Trade-Ex’s President & Organizer of the CEN CAN Expo, Glenn Dredhart, Wyloo’s CEO Canada Kristan Straub, Jason Batise, Executive Director of the Wabun Tribal Council, Micheal Fox, President of Indigenous Community Engagement (I.C.E.) and Minister of MInes George Pirie.

panies like Newmont, Pan-American Silver, and Lake Shore Gold operating in the region, the Wabun Partnership Model became essential for ensuring that First Nations are engaged early and consistently in the development process.

THE MODEL IN ACTION

The Wabun Partnership Model revolves around three core stages of engagement: 1. Letter of Engagement: This initial step requires companies to acknowledge they are on traditional First Nations lands. It ensures respectful communication and lays the foundation for future agreements.

2. Exploration Memorandum of Understanding (MOU): When companies move beyond staking claims to active exploration, they engage in an MOU that includes financial contributions to First Nations, typically 2% of exploration costs. This standard percentage, according to Batise, fosters consistency and fairness across projects.

3. Impact Benefit Agreement (IBA): For projects that advance toward production, the exploration MOU triggers negotiations for an IBA. This agreement outlines long-

term commitments from mining companies, including revenue-sharing mechanisms like net smelter returns or percentage-based royalties, which ensure ongoing economic benefits for First Nations communities.

Throughout these stages, the Wabun model emphasizes consistency, fairness, and respect for the land. “Our communities want to know they are being engaged responsibly,” Batise explained. This continuity builds trust and prevents companies from bypassing their obligations if ownership of the project changes hands.

A Focus on Long-Term Benefits Beyond financial contributions, the Wabun model integrates community benefits through employment, training, and environmental stewardship.

One key element is ensuring that First Nations have priority access to jobs. “If our community members meet the minimum qualifications for a job, they get first pick,” Batise stated. Training programs are built into agreements to equip local Indigenous populations with the skills necessary to work on mining projects.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

FO RG I NG NE W R EL ATI O NSH I PS W ITH SUCCESS The business chapter of these agreements encourages companies to use local First Nations businesses for services related to mine construction and operation. For example, during the construction of the Côté Gold Mine, First Nations partnerships led to more than $100 million in economic benefits for local communities.

Additionally, the Wabun model embeds environmental monitors from First Nations into mining operations. These monitors ensure that environmental concerns are addressed in real time, offering direct reports to both the mining companies and the First Nations communities. “It’s about ensuring that the land is respected in a way that responds to First Nations’ needs,” Batise said.

Setting a National Example The Wabun Tribal Council’s success has positioned it as a leader in economic reconciliation. Batise stressed that their model can be replicated across Canada, providing a framework for First Nations to engage meaningfully with industry while maintaining control over their lands and resources.

In his closing remarks, Batise highlighted the council’s role in shaping Ontario’s Resource Revenue Sharing Agreement and their ongoing efforts to renew and expand this agreement. He emphasized the importance of sharing knowledge with other First Nations and industry players. “If I don’t share my story, I haven’t done my job,” he concluded.

As resource development continues to shape Northern Ontario, the Wabun Partnership Model stands as a beacon of collaboration, respect, and shared prosperity—a model for others to follow in the journey toward reconciliation and sustainable development.

MINING LIFE & EXPLORATION NEWS

Forging New Paths in Indigenous Economic Development through Mining

By Kevin Vincent

M

ichael Fox, President of Indigenous Community Engagement (I.C.E.), delivered an impassioned speech at the CEN CAN Expo 2024, highlighting the transformation of Indigenous involvement in economic development, particularly within the mineral mining sector. His opening remarks painted a picture of Indigenous communities transitioning from being passive recipients of development to active participants and even equity holders in large-scale projects.

From Self-Determination to Economic Empowerment Fox began by reflecting on the journey of Indigenous self-determination, a concept that has evolved from political and social issues in the 1980s and 1990s to today’s focus on economic sovereignty. He pointed out that earlier discussions, particularly the Royal Commission on Aboriginal Peoples (RCAP) in the 1990s, overlooked economic development.

But a pivotal report from RBC, titled The Cost of Doing Nothing, ignited conversations about the need for Indigenous communities to take an active role in shaping their economic futures. “First-world governments with third-world economies—this just can’t happen,” Fox asserted, emphasizing the importance of building Indigenous wealth and autonomy.

NORTHERN MINING REPORT 2024

A Personal Journey of Transformation Drawing on his own experiences, Fox shared how his upbringing in the Winisk First Nation and later in Timmins shaped his understanding of economic disparities. “I didn’t know anybody who owned a car or a home,” he said, reflecting on his early years. It wasn’t until his move to Thunder Bay for university that he began meeting Indigenous business owners. This personal transformation mirrors the broader trend in Indigenous communities, where car and home ownership are now giving way to project ownership and wealth management.

Fox’s career in natural resource development, starting at Nishnawbe Aski Development Fund (NADF), exposed him to the boundless opportunities within commerce. Over time, 97

FO RG I NG NE W R EL ATI O NSH I PS W ITH SUCCESS he realized that Indigenous communities could thrive in resource development, particularly in mining, by transitioning from being victims of development to agents of it.

This milestone would mark a significant moment in Indigenous economic history, signaling full participation in the financial realities of the mining industry.

Indigenous Communities in the Mining Sector In recent years, Indigenous communities have become increasingly involved in mining projects, not just as stakeholders but as equity partners. This involvement is seen from coast to coast, with Indigenous groups playing significant roles in mega-projects in British Columbia and even leading the fishing industry in Eastern Canada.

Fox praised the mineral mining sector for being at the forefront of what he termed “economic reconciliation,” highlighting how Indigenous participation in mining has evolved.

Over the last two decades, Indigenous groups have moved from basic access agreements—which offered compensation for temporary land use—to impact benefit agreements (IBAs), which solidified Indigenous participation in the development and decision-making processes of resource projects.

Navigating Challenges & Regulatory Evolution Fox acknowledged the hurdles Indigenous groups have faced, particularly in navigating Canada’s complex regulatory landscape. He highlighted the changes in flow-through financing that now allow expenses related to Indigenous consultation to be written off, a significant shift that was the result of years of advocacy.

Yet, challenges remain, particularly around permitting and the slow pace of regulatory alignment. Fox urged the audience to continue pushing for changes that would better support Indigenous participation in natural resource development.

THE FUTURE: Indigenous-Owned Mining Companies & IPOs Fox’s vision for Indigenous economic empowerment goes beyond partnerships with non-Indigenous companies. He sees a future where Indigenous communities form their own junior exploration companies.

He recalled examples where Indigenous groups had successfully staked claims, hired geologists, and conducted grassroots exploration, leading to joint ventures with larger mining firms.

Taking it a step further, Fox shared his ambition of seeing Indigenousowned companies go public. “The ultimate dream is to take a private company and do an Initial Public Offering (IPO),” he said.

98

Building a Sustainable Future Fox closed his remarks by emphasizing the need for continued collaboration and support for Indigenous communities as they take on larger roles in economic development. He pointed to successful examples, such as the Wiikwemkoong First Nation in Quebec, which has established its own exploration company and trained its trappers to collect samples along their traplines. These efforts, combined with partnerships in business and environmental stewardship, represent the future of Indigenousled development in Canada’s mining sector.

Fox’s message at the CEN CAN Expo was clear: Indigenous communities are no longer on the periphery of economic development. They are poised to be major players, not just in mining, but across all sectors. The next step in this journey is clear—full economic self-determination through ownership, innovation, and public market participation.

EAGLE’S NEST RING OF FIRE A New Benchmark for Sustainable Mining

By Kevin Vincent

W

yloo’s CEO Canada Kristan Straub delivered an insightful presentation at the 2024 CEN CAN Expo in Thunder Bay, detailing how the Eagle’s Nest project in the Ring of Fire will set a new standard for sustainable mining.

Straub, who has a deep connection to both the mining industry and his Indigenous heritage, underscored the importance of community partnerships and environmentally responsible development as central tenets of Wyloo’s approach.

Straub, a member of Henvey Inlet First Nation, brings personal experience and cultural understanding to his leadership role, which he views as integral to how mining companies should engage with Indigenous communities and the environment. “For me, it’s about understanding the land, practicing our traditional ways, and balancing economic opportunities with respect for the regions we operate in,” he said.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

FO RG I NG NE W R EL ATI O NSH I PS W ITH SUCCESS

Wyloo’s CEO Canada Kristan Straub, seen here in the centre of the photo along with part of his team at Central Canada’s largest mining event (CEN CAN Expo) held in Thunder Bay.

PEOPLE, PLANET, PROJECT:

A Holistic Approach Wyloo’s focus is centered on three pillars: People, Planet, and Project.

According to Straub, the most critical of these is people—specifically, Indigenous stakeholders. “If we don’t have engagement from the local stakeholders, Indigenous groups, and the landholders, moving forward with any project becomes meaningless,” he stressed.

The Eagle’s Nest project, Wyloo’s flagship initiative in Canada, is a high-grade nickel-copper deposit located in the mineral-rich Ring of Fire.

This mineral resource will be developed with a focus on environmental sustainability, aiming to create one of the smallest land footprints for any mining operation in North America.

“With Eagle’s Nest, we’ve designed a project that will have less than a square kilometer of surface impact, with no tailings at surface, and we aim to achieve net-zero emissions,” Straub explained.

Building Partnerships with Indigenous Communities A major component of Wyloo’s strategy involves building genuine partnerships with local First Nations. The company has already signed memorandums of understanding (MOUs) MINING LIFE & EXPLORATION NEWS

with Marten Falls and Webequie First Nations, with plans to further engage other communities as the project develops. These partnerships are focused on ensuring Indigenous communities benefit not just through financial arrangements, but through business development, employment, and capacity building.

Straub emphasized that Wyloo is not merely offering jobs to local residents but creating training pathways to help Indigenous workers thrive within the company. “We identify the skills needed and either provide the training or work with providers to ensure that people from the community have the right competencies to succeed,” he said. This approach, he believes, will allow Wyloo to create a workforce that reflects the local population, drawing on the company’s global expertise in training nationals in mining operations abroad.

In addition to employment, Wyloo is committed to fostering Indigenous-led businesses. Straub outlined plans to allocate at least $100 million in contracts for Indigenous businesses as part of the Eagle’s Nest project. “We are focused on supporting First Nations’ leadership in procurement and business development, not just handing out payments,” he added.

NORTHERN MINING REPORT 2024

A Collaborative Vision for Long-Term Prosperity Wyloo’s collaboration with First Nations extends beyond mining, with a goal of creating sustainable economic development that can last long after the mine closes. Straub shared how his team recently organized a workshop with Indigenous partners to learn from successful economic development models across Canada, including insights from the James Bay Cree and Athabasca Development Corporation. These models, Straub explained, demonstrate how mining profits can be reinvested into non-mining ventures, ensuring a diversified and sustainable future for Indigenous communities.

Straub concluded by emphasizing that Wyloo’s approach is not just about developing the mine but about building lasting, respectful relationships with Indigenous partners. “This is about creating a sustainable future together, where the benefits go beyond mining and into long-term economic growth for the communities,” he said.

As the Ring of Fire continues to attract attention for its vast mineral resources, Wyloo is setting a new standard for how mining can be done in an environmentally responsible and community-centered way. Under Straub’s leadership, Eagle’s Nest is poised to become a model of sustainable, inclusive development in one of Canada’s most important mineral regions.

99

GREENSTONE GOLD MINE:

From Early Discoveries to Modern Marvel

By Kevin Vincent

The History of the Greenstone Mine

By Kevin Vincent

T

he story of the Greenstone Mine, nestled in the heart of Northern Ontario near the town of Geraldton, is a testament to both human perseverance and the natural richness of the region. Its history, stretching over a century, is woven with tales of gold discoveries, mining booms, and the evolution of modern mining techniques that have shaped one of Canada’s most promising gold projects.

EARLY DISCOVERIES & THE BIRTH OF A MINING DISTRICT The tale begins in the early 20th century, between 1916 and 1918, when the first signs of gold were discovered just south of the Main Narrows of Kenogamisis Lake. This discovery would lay the groundwork for what would soon become one of Ontario’s most productive gold districts. However, it wasn’t until the 1930s, during a period often referred to as the second Canadian gold rush, that a series of major discoveries turned the area into a thriving mining hub. During this decade, notable mines such as Little Long Lac, MacLeod-Cockshutt, Hard Rock, and Mosher opened their shafts to the riches beneath the rugged Northern landscape. The Hardrock deposit itself was a particularly lucrative find. Mined by the Hard Rock, MacLeod-Cockshutt, and Mosher mining companies between 1938 and 1970, these operations extracted more than two million ounces of gold from the earth. The rush created a sense of excitement and economic vitality in the region, cementing the area’s reputation as a gold-rich district.

MODERN EXPLORATION & THE TRANSFORMATION OF THE HARDROCK DEPOSIT As the underground veins began to deplete in the 1970s, the Hardrock deposit went into a quiet period. However, the allure of the unmined gold lurking beneath the surface never fully disappeared. By the 1980s, Lac Minerals Ltd., which would later become Barrick Gold Corporation, undertook extensive studies of the remaining underground reserves at the MacLeod-Cockshutt and Hardrock mines.

100

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

101

These studies included lithogeochemical sampling, ground geophysical surveys, and diamond drilling programs that sought to determine the potential for open-pit mining. The work carried out by Lac Minerals would lay the foundation for future exploration efforts. In 1992, Asarco Exploration Company of Canada Limited, followed by Cyprus Canada Inc., entered into a five-year partnership with Lac Minerals. Their joint exploration efforts resulted in significant findings, including a new zone of mineralization and a historical resource estimate for several potential open-pit areas.

PREMIER GOLD MINES ENTERS THE SCENE The next chapter in the Greenstone Mine’s history began in 2008, when Premier Gold Mines acquired the Hardrock property. Premier’s aggressive drilling campaign focused on various targets in the region, leading to the first National Instrument 43-101 Mineral Resource estimate in 2010. This milestone proved the enormous potential to develop the area once again, this time as an open-pit mine, and the excitement surrounding the Hardrock deposit began to build. By March 2014, a preliminary economic analysis (PEA) was completed, offering a glimpse into the financial viability of a modern mining operation at the site. Premier Gold Mines was positioning itself to become a key player in Ontario’s mining industry, but it wasn’t long before an even bigger partnership was on the horizon.

THE MODERN ERA: Equinox Gold Takes the Helm The most recent chapter in the Greenstone Gold Mine’s story began in April 2021, when Equinox Gold Corp. acquired Premier and took a 60% stake in Greenstone Gold Mines and the surrounding Kenogamisis, Brookbank, and Viper properties in partnership with Orion Mine Finance. This partnership marked a turning point.

Equinox Gold’s experience and financial resources made it possible to drive the project forward at an accelerated pace. In May 2024, Equinox Gold fully consolidated ownership of the Greenstone Project, acquiring Orion’s 40% interest and taking complete control of the Greenstone Mine and the Kenogamisis, Brookbank, and Viper properties.

102

THE FORMATION OF GREENSTONE GOLD MINES In March 2015, a significant development occurred. Premier Gold Mines joined forces with Centerra Gold to form a 50/50 partnership called TCP GP Corporation, specifically to explore and develop the Trans-Canada Property, which included the historic Hardrock Project. Just a few months later, in July 2015, the partnership rebranded as Greenstone Gold Mines, a name that reflected both the area’s mining legacy and its potential for new discoveries.

Greenstone Gold Mines quickly became a focal point for gold exploration and development in Northern Ontario.

In January 2021, Premier Gold Mines published a new NI 43-101 Technical Report, further demonstrating the depth and scale of the project’s mineral resources.

A BRIGHT FUTURE FOR THE GREENSTONE MINE Today, the Greenstone Mine stands as a beacon of potential in the world of gold mining. With its rich history, proven mineral reserves, and the backing of industry leaders like Equinox Gold, the project is poised to become a significant player in the global gold market. As exploration continues and development ramps up, the Greenstone Project is on track to revitalize the region once more, bringing jobs, economic growth, and global attention to Northern Ontario. What began over a century ago as a small discovery south of Kenogamisis Lake has grown into one of the most promising gold projects in Canada—a testament to the enduring allure of gold and the determination of those who seek it.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

UNEARTH A PARTNERSHIP COMMITTED TO YOUR SUCCESS. At SMS Equipment, we’re more than machines from trusted brands like Komatsu. Whether you’re greenfield, brownfield or operational, we’re the people beside you—today and every day—bringing industry-leading technology and expertise to your job site.

Because the right partnership makes everything possible.

A MILESTONE FOR INDIGENOUS PARTNERS: Greenstone Mine Celebrates Partnership and Progress

By Kevin Vincent

T

he opening of the Greenstone Gold Mine brought together Indigenous leaders, industry representatives, and local communities in a celebration of not only economic achievement but also a shared respect for the land and traditional life.

At the heart of this project’s success is the partnership with Indigenous communities, whose leaders spoke passionately about the importance of inclusion, respect, and the opportunities for future generations.

A NEW ERA FOR INDIGENOUS INVOLVEMENT Councillor Harvey Nayanookeesic of Animbiigoo Zaagi’igan Anishinaabek reflected on the transformation that has taken place in the region, and the pride that comes with seeing First Nations youth and elders employed in meaningful roles at the mine. “When I first started delivering materials here, there was nothing on this ground,” he said. “Now look at it. It’s a major achievement for each and every one of us, including all

the First Nations and the people of Greenstone.” Nayanookeesic emphasized the long-lasting friendships and community connections that have developed through the project, underscoring the new opportunities available to younger generations.

“We never had these kinds of jobs before when we were growing up,” he added, highlighting the positive change that projects like Greenstone bring to Indigenous communities.

A CALL FOR COMMUNITY-WIDE BENEFITS Similarly, Councillor Calvin Taylor, speaking on behalf of Ginoogaming First Nation, shared his own experience of transitioning from forestry work to the mining sector. He noted how Greenstone has provided local youth with career opportunities that were previously unavailable.

“It’s exciting times, especially for us young people,” he said. Taylor’s story reflects the broader narrative of economic empowerment that the mine has facilitated for Indigenous

104

communities in the region. Taylor also pointed to the broader community benefits, urging industry to support all First Nations in the area, not just a few. “The larger community’s industry needs to step up and help all the regions in this area because they all play a major part in this,” he said. His message was clear: economic inclusion must extend beyond isolated projects to ensure that all communities share in the wealth generated by the land’s resources.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

THE IMPORTANCE OF RESPECT & RECONCILIATION Chief Judy Desmoulin of Long Lake #58 First Nation spoke passionately about the journey her community has taken in working with the Greenstone project, highlighting the importance of respect for the land and the traditional ways of life. She acknowledged the prayer and land acknowledgment that opened the event, noting how vital these ceremonies are in honoring the land and people who have stewarded it for generations.

“This is not just about us, but it’s about time we are acknowledged,” Desmoulin said, expressing pride in seeing Indigenous women and youth recognized at the event.

She emphasized that this mine is different from previous projects in the region, where First Nations communities were excluded from the benefits. “In the past, we didn’t profit or benefit from the resources of our own lands. But with Greenstone, we’ve been included from the start.”

Desmoulin called on government and industry to see the Greenstone model as an example of how collaborative partnerships can work to benefit everyone. “This is the way forward,” she said. “It’s going to take everyone—industry, government, communities—working together to make these things happen.

MINING LIFE & EXPLORATION NEWS

A COMMITMENT TO THE COMMUNITY As Tim Sinclair, Region 2 Councillor for the Métis Nation of Ontario, addressed the crowd, he reflected on the long journey that brought the project to fruition and the essential role of collaboration in achieving this success.

Sinclair, who has been observing the mine’s development for years, expressed the importance of Equinox Gold’s involvement. “We watched from the sidelines for so many years, unsure if this day would come,” he said. “Equinox stepped in and did what was needed to get us here today.” While acknowledging the contributions of other companies involved in the project’s early stages, Sinclair emphasized that it was Equinox’s leadership that truly propelled the mine forward.

One of the key themes of Sinclair’s remarks was the importance of community involvement and corporate responsibility. He praised Equinox Gold for their visible commitment to the local community, pointing to their sponsorship of the 3,643-kilometer bicycle ride from Vancouver to Geraldton to raise funds for the Geraldton Hospital. “That shows they’re in this for the long run,” Sinclair said. “The larger community’s industry needs to step up and support not just one community, but all the regions in this area.”

This sense of shared responsibility, he said, is essential for the mine’s success and for ensuring that all communities in the region benefit from its development.

A PATH FORWARD: Shared Prosperity & Respect for Tradition The words of these Indigenous leaders highlight a broader shift in how resource development projects are approached today. The partnership between Greenstone Mine and Indigenous communities demonstrates that economic progress and respect for traditional lands can go hand in hand. This collaboration, built on mutual respect, shared responsibility, and a commitment to reconciliation, offers a new way forward for mining projects across Canada.

As Chief Desmoulin pointed out, “We know what can be done with this project, and we know it can be done with the rest.” The success of Greenstone Mine is not just a milestone for the local communities—it is a model for how industry and Indigenous communities can work together to build a future where economic development is rooted in respect for the land and traditional life.

NORTHERN MINING REPORT 2024

105

GERALDTON DISTRICT HOSPITAL gets $1.3 million from Equinox fundraisers

By Kevin Vincent

A

big corporate presence in the community is always accompanied by big expectations – and during the grand opening celebrations of the Greenstone Mine, Equinox Gold delivered. After a remarkable journey of 3,634 kilometers from Vancouver, BC to Geraldton, ON, the Equinox Gold cycling and support team reached the Greenstone Mine to deliver a cheque for more than C$1.3 million to the Geraldton District Hospital. Equinox Gold’s Canadian team was joined by cyclists and medics from the company’s mine sites in Brazil, Mexico and California, bringing the Company’s global workforce together to support this epic journey. The mine sites also organized a variety of physical activities with their workforces and raised more than C$200,000 for charities in their local communities.

HISTORY OF HOSPITAL & MINES OF THE PAST: • In the early 1930’s, the first hospital in the area was established by Little Long Lac Gold Mines Limited. The Little Longlac Hospital had 23 beds and it was located on the mine site at the corner of Rosedale Point Road and Highway 854.

• In 1939, five local mines formed a hospital association and incorporated the Little Longlac Hospital. The first Board of Directors was comprised of the managers of the five gold mines (Little Long Lac Gold Mines, MacLeod-Cockshutt Gold Mines, Bankfield Gold Mines, Tombill Gold Mines/Magnet Consolidated Mine and Hardrock Gold Mines).

• In 1952 the Little Longlac Hospital was changed from a private hospital to a public hospital.

• “Equinox Gold understands the need for communities to have good healthcare services available and the Ride to Greenstone demonstrates our commitment to ensuring good healthcare for the region” said Greg Smith, President and CEO of Equinox Gold.

106

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Residents and community members were invited to attend the Ride to Greenstone Celebration and gathered to greet the cyclists to the sound of songs performed by the Ojibway Warriors Drum Group, who attended from nearby Long Lake #58 First Nation.

Once everyone was assembled, regional knowledge keeper Tony Deperry conducted an opening ceremony in the Anishnawbe language. The formal ceremony concluded with a special healing song performed by Tony Deperry on a traditional hand drum, to respect the care for all water on the Greenstone Mine site.

This was also done to honour the role of women in the local Indigenous culture in relation to water protection (women are the “water keepers”). Reference was made to the Greenstone Mine Tailings Management Facility, where historical tailings are now being safely stored thanks to Greenstone Mine excavation, which contributes to healing of the land. Greenstone Mine’s seepage collection system was also mentioned, as it is gathering water from past mining activity by pumping it from impacted areas and into the Effluent Water Treatment Plant where it is treated. “As we conclude this incredible journey, I reflect on the dedication and unity of our team,” said Ross Beaty, Chair of Equinox Gold. “The Ride to Greenstone symbolizes our commitment to teamwork and community health and well-

being, and we appreciate the generosity of our many stakeholders who supported the ride with donations.”

Guests were encouraged to view the Mill Processing, Mine and Mine Maintenance videos inside the Truck Shop where they watched behind the scenes videos of mine activities; take a photo at the Gold Bar booth; visit the SMS, Epiroc, OK Tire, Cummins, Sandvik, and Toromont booths, play some games; visit some of Greenstone Mine’s fleet and eat some delicious food! Upon departure, guests were provided with an Open Pit tour.

More than 400 guests accepted Greenstone Mine’s offer to participate in the Ride to Greenstone Celebration and enjoyed the day’s festivities.

IMPACT DRIVEN Barr has assisted national and international mining clients with complex, large-scale projects for more than 60 years. Our comprehensive solutions include initial permitting and siting, process and facility design, tailings and water management, operations support, and closure planning and implementation.

We look forward to providing you with innovative and lasting solutions for compliant, efficient, and sustainable operations.

Barr Engineering and Environmental Science Canada Ltd.

Learn more about our mining services barr.com »

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

107

GREENSTONE GOLD MINE’s Hiring Push: Meeting HR Challenges in Geraldton, Ontario

By Kevin Vincent

A

s Greenstone Gold Mine ramps up operations in Geraldton, Ontario, the company’s human resources department faces the ongoing challenge of attracting and retaining skilled workers in a competitive mining landscape. Caroline Frechette, HR Manager at Greenstone, provided insights into the current workforce and hiring needs, revealing both the challenges and strategies of building a strong and capable team in this rapidly growing region.

At present, Greenstone Gold Mine employs approximately 475 individuals directly, with hundreds of contractors contributing to the project’s development.

As the mine continues its expansion, Frechette highlighted that the team is actively seeking to fill an additional 120 to 130 positions, reflecting the urgent need to bolster the workforce across various departments.

“The biggest challenge to attracting people is the competition from other mining companies around us,” Frechette explained. “We need to be really, really attractive and offer a competitive compensation package, which we do. But we always need to review and revisit what we offer to make sure we remain appealing.”

108

While compensation is a critical factor in drawing new talent, Frechette noted that Greenstone’s location in Geraldton offers its own advantages. The cost of living in this small northern Ontario town is modest, making it an appealing destination for those seeking a balance between work and affordability. In addition, the company offers a shuttle service from surrounding areas, a convenience that Frechette believes is another attractive feature for potential employees.

In line with its commitment to supporting the local community, Greenstone Gold Mine prioritizes hiring local talent, particularly from nearby First Nations communities. Frechette takes pride in the company’s efforts to

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

recruit locally, stating, “We have agreements with First Nations, and we’re proud of that. We have a good pool of local and First Nations candidates, and we need to continue focusing on that.”

At present, around 17% to 19% of Greenstone’s workforce consists of First Nations employees, a figure that reflects the mine’s dedication to inclusivity and local engagement. However, the demand for skilled labor means that the company has had to extend its recruitment efforts beyond northern Ontario.

“We haven’t gone as far as South America or Mexico like some other mines, but we do have employees from the East Coast—Newfoundland, New Brunswick—and even from Vancouver, Kelowna, and Calgary,” Frechette said. These diverse hiring efforts reflect the mine’s wide-reaching appeal as well as the challenges of finding specialized workers in an increasingly globalized mining sector.

So, what’s the biggest need right now at Greenstone Gold Mine? According to Frechette, it’s all about operators. “We’re looking for all types of operators, particularly in mine operations—big equipment operators, millwrights, and positions at the mill,” she explained. “The crews are so big, and we experience a bit of turnover, which isn’t drastic, but we always need to fill vacancies.

Positions like shovel operators are in demand.”

MINING LIFE & EXPLORATION NEWS

While turnover is a constant in mining, the HR team at Greenstone is working tirelessly to ensure that the company remains a desirable destination for workers both near and far. By offering competitive compensation, creative perks like shuttle services, and a strong focus on local hiring, Greenstone Gold Mine is positioning itself as an employer of choice in the Ontario mining industry.

As the mine continues to expand, the demand for skilled workers will only increase. Greenstone’s ability to attract and retain top talent will be key to its long-term success, and Frechette’s team is well-prepared to meet the challenges ahead.

NORTHERN MINING REPORT 2024

109

Equinox Gold Celebrates Milestone Achievement with Opening of Greenstone Mine

By Kevin Vincent

I

n a major milestone for Equinox Gold, the company’s Greenstone Mine is set to become the cornerstone of its portfolio, marking a significant moment in the company’s journey to becoming the Premier Americas Gold Producer. Chairman Ross Beaty reflected on the company’s vision and the collaborative effort behind this monumental achievement, which began with Equinox Gold’s founding just over six years ago in 2018.

“We wanted to build a really big gold company,” Beaty said. “When you build a big company, you don’t start with small deposits—you get big deposits. The Greenstone Mine is going to be the cornerstone of our company. It’s the biggest mine, the lowest cost mine, and it should be the most profitable mine.”

Equinox Gold’s acquisition of Greenstone began through the ac110

quisition of Premier Gold Mines and the subsequent purchase of the remaining 40% interest in the mine from Orion Mine Finance, demonstrating the company’s commitment to building a leading Canadian gold mining operation. “We had to raise $750 million US ourselves to build the mine. It cost about $1.2 to $1.3 billion US and took three years to complete,” Beaty noted, emphasizing that the process involved not just financial effort, but the contributions of employees, contractors, suppliers, and community partners.

The teamwork across Equinox Gold’s operations—four mines in Brazil, one in Mexico, and two in California—provided the cash flow and support needed to make Greenstone a reality. “As you build a bigger company, you’re more able to finance projects like this. That’s what Premier Gold shareholders saw in us [when they voted yes to our acquisition], and I really feel we delivered,” said Beaty.

The impact of Greenstone extends beyond the company’s portfolio.

“This mine is going to be wonderful for local communities, wonderful for the First Nations around us, and great for Canada,” Beaty added. The entire process was a collaborative effort involving all levels of government—federal, provincial, and municipal—as well as Indigenous partners and local communities. “This is a big day for me. I’ve been in this business a long time, and this is by far the biggest mine I’ve been involved with.”

Equinox Gold’s commitment to community support was highlighted through a 3,643-kilometer charity bicycle ride that raised more than C$1.3million for the Geraldton Hospital and another $200,000 for communities around the company’s operations in Brazil and the U.S. Beaty described the journey as a celebration of the team effort behind Greenstone’s success.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

While speaking on behalf of the Municipality of Greenstone, Mayor James MacPherson expressed how pleased he was to be attending this historic event. Mayor MacPhersone stated “I want to thank Equinox Gold and Greenstone Mine for the $1.3 million raised for the Geraldton District Hospital. We are looking forward to the partnership we’re going to have with Greenstone Mine and all the Indigenous communities. This is going to be a great project, a support for all of us so we can make all of our communities better.”

scale to life requires tremendous teamwork, collaboration, money, and perseverance. It’s not just the team here at Greenstone; it’s our employees in Vancouver, suppliers, contractors, lenders, shareholders, and government partners.”

The Greenstone Mine, which has progressed from concept to reality over the past three years, is a testament to Equinox Gold’s ability to execute on its long-term vision. Smith emphasized that this project sets a new standard in mining develop-

ment. “This is a once-in-a-career opportunity for many of us, and I think Greenstone sets a new benchmark for what can be achieved when everyone comes together with a shared purpose.”

The mine’s development has been a collaborative effort, involving thousands of people across various locations and industries, making Greenstone not just a triumph for Equinox Gold but a landmark achievement for the entire mining community.

CONGRATULATIONS Greenstone Mine on your Official Opening

YOUR TRUSTED PARTNER FOR A COMPLETE INTEGRATED SOLUTION CEO Greg Smith also reflected on the project’s development: “When we first visited Greenstone in 2020, we immediately saw its potential. Greenstone had a rare combination: a great deposit, first-class infrastructure, and strong support from local and Indigenous communities. It’s what I call a ‘mining hat trick’.”

Smith praised the hard work and dedication that went into transforming the site. “Bringing a mine of this

MINING LIFE & EXPLORATION NEWS

www.fournierindustries.com

NORTHERN MINING REPORT 2024

111

A LEGACY OF LEADERSHIP: Eric Lamontagne Reflects on 12 Years with Greenstone Mine

By Kevin Vincent

F

or over a decade, Eric Lamontagne had been a driving force behind the Greenstone Gold Mine project, helping to transform the vision of a world-class gold mine into reality. As Lamontagne bid farewell to his role as General Manager, his heartfelt speech at the mine’s opening ceremony captured not only his journey, but the collective effort of the community, First Nations, corporate partners, and his team to bring this monumental project to life.

A JOURNEY OF PERSEVERANCE & TEAMWORK Lamontagne began by expressing deep gratitude for the friendships and partnerships he has built over the years. “I’ve been coming to this community for 12 years, and it’s been an incredible journey,” he said, acknowledging the support of the people of Geraldton and surrounding communities. He recalled how the Ontario Geological Council first introduced the property to Premier Gold, and the vision that followed.

“Premier Gold was smart. They quickly agglomerated different claims around the old mines to create one big deposit,” Lamontagne explained.

The drilling efforts between 2007 and 2012 uncovered a significant resource, setting the stage for what would become a transformative project for Northern Ontario.

112

BUILDING A MINE, BUILDING TRUST One of the major challenges Lamontagne reflected, was securing the footprint for the open-pit mine. The project impacted 65 families, requiring delicate negotiations to relocate them. Lamontagne credited his team, including Dina Quenneville, for handling the negotiations with compassion and sensitivity.

“It was a very sensitive task, and they did an amazing job, negotiating one by one with great success,” he said.

The cooperation of the town of Geraldton also played a critical role in moving the project forward.

Lamontagne’s gratitude for the community’s support was evident as he acknowledged the collective efforts that made the development of Greenstone possible.

A TESTAMENT TO RESILIENCE In 2015, Premier Gold formed a joint venture with Centerra Gold, further advancing the project. Lamontagne was appointed to lead the joint venture, with the mandate to develop and build the mine. With the feasibility study completed in 2016, Lamontagne’s team faced multiple hurdles, including environmental assessments and negotiations with four local First Nations. “The negotiations took four years and weren’t easy,” he said, but both parties made concessions, allowing the agreements to be signed.

Reflecting on those challenging moments, Lamontagne shared a poignant memory: “There were days when I didn’t think it would be possible. But I couldn’t show that to my team. We had to keep pushing forward.” His emotional honesty underscored the deep personal investment he had in the project and the immense pride he felt in overcoming the obstacles.

A LEGACY OF PARTNERSHIP & PROGRESS Lamontagne also thanked the First Nations partners—Long Lake #58, Animbiigoo Zaagi’igan Anishinaabek, Ginoogaming, and the Métis Nation of Ontario—for their role in shaping the project. “Their partnership was crucial,” he said, crediting them with helping the project secure critical environmental approvals in 2018-2019.

The project’s success, however, wasn’t without its internal challenges.

A dispute over the resource model arose, leading to a difficult boardroom confrontation. “It was sad to see,” Lamontagne admitted, but the conflict ultimately led to Premier Gold selling its stake in the mine to Equinox Gold and Orion Mine Finance, solidifying a new era for the project.

A BITTERSWEET GOODBYE As Lamontagne reflected on the completion of the mine and his departure from the day-to-day operations, his gratitude was palpable.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

“Leaving Greenstone feels like leaving family,” he said. “It’s not easy to say goodbye to a place that has been such a significant part of my life.

I’m proud of what we’ve accomplished together, and I will always be cheering for you from the sidelines.”

Lamontagne thanked the construction team and the board of Equinox Gold for their unwavering support during the final stages of the mine’s development. He also extended his heartfelt appreciation to his wife and family for their love and support throughout the years, saying, “I couldn’t have done it without you.”

A BRIGHT FUTURE AHEAD With Equinox Gold now holding 100% ownership of Greenstone, Lamontagne expressed confidence in the mine’s future. “The company will reach new heights,” he said. “I know you will achieve greatness.”

As Eric Lamontagne steps away from his role, his legacy at Greenstone Gold Mine remains—a testament to his leadership, resilience, and the power of collaboration. The mine, now a pillar of Northern Ontario’s economy, stands as a reflection of the dedication and unity of all those who worked to make it a reality.

Your leading mining exploration company established in 1980

norpro.ca

your safety, our priority

SECURITY HEALTH & SAFETY H&S Auditing & Program Management Designated Substances Support Mine Site & Refinery Security H&S Program Development Industrial Security Guards H&S Assessment Services Drug & Alcohol Testing Respirator Fit Testing Screeners & Testers Medical Response Vehicle Search H&S Training

Committed to becoming your 'One Stop Shop' for all your mining exploration needs

Services include: • Geophysics • Prospecting • Chainsaw, Mulching Operations • Channel Sampling, Soil Sampling • Core Cutters, Geo Techs, Geologists Exsics Exploration www.exsics.com 705-365-0666 MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

113

GREENSTONE MINE: Current Operations and Future Plans

By Kevin Vincent

Dan Barrie, Supply Chain Superintendent, Greenstone Mine (CEN CAN Expo 2024)

I

n a significant address at the 2024 CEN CAN Expo, Dan Barrie, Supply Chain Superintendent for Greenstone Mine, provided an in-depth update on the current status and future outlook of the mine’s operations as the mine ramps up to capacity. With commercial production recently declared and a solid foundation of community support, Greenstone Mine is poised to become a cornerstone of Ontario’s mining landscape.

Barrie began by paying tribute to the land on which Greenstone Mine operates, acknowledging its presence in Treaty 9 territory and the traditional lands of the Animbiigoo Zaagi’igan Anishinaabek, Aroland First Nation, Ginoogaming First Nation, Long Lake #58 First Nation, and the Métis Nation of Ontario.

A CORNERSTONE FOR EQUINOX GOLD Barrie emphasized Greenstone Mine’s key role in Equinox Gold’s portfolio. Greenstone will be the company’s largest and lowest-cost producer, with production estimated at 390,000 ounces of gold annually for the first five years and approximately 330,000 per year over an initial 15-year mine life. Barrie shared some early pro-

114

duction milestones, including the first gold pour on May 22, 2024 and the declaration of commercial production on November 6, 2024. He expressed excitement about the project’s trajectory, noting, “It’s exciting to see progress as we push towards full production.”

COMMUNITY ENGAGEMENT & SUPPORT One of the highlights of Barrie’s presentation was Greenstone Mine’s community involvement. The company recently hosted a public open house as part of its grand opening celebrations. In addition, Greenstone Mine’s “Ride for Greenstone,” a 3,634-kilometer fundraising bike relay from Vancouver to Geraldton, raised more than C$1.3 million for the Geraldton District Hospital.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

CIMA+ is strengthening its local presence in Northern Ontario

Expanding our expertise for a sustainable mining future We are committed to excellence in decarbonization, innovation, and community.

Scan to learn more

cima.ca

worked and only one lost-time injury since construction began. The company has implemented an independent tailings review board to oversee the design, construction, and management of the tailings management facility.

Surface water, groundwater, and air quality are also being closely monitored to ensure environmental compliance.

Dan Barrie left on behalf of Equinox Gold Greenstone Mine receiving the company’s prestigious Ontario’s Newest Gold Mine Award given by Mining Life & Exploration News Editor Kevin Vincent which was held at the 2024 CEN CAN Expo Gala Dinner & Awards Night in Thunder Bay.

This initiative, involving employees from Equinox Gold’s eight mines in four countries, also generated more than $200,000 for charities in the U.S. and Brazil.

In his remarks, Barrie thanked partners and donors, stating, “For those in the room that contributed, thank you. Your support has made a significant impact not only locally but globally.”

HEALTH, SAFETY & ENVIRONMENTAL STEWARDSHIP Barrie proudly reported that Greenstone Mine has maintained a strong safety record, with over 6.5 million hours

INDIGENOUS RELATIONS & ECONOMIC IMPACT Barrie emphasized Greenstone Mine’s commitment to working closely with Indigenous communities. Over $180 million, representing 20% of the project’s contract value, was awarded through joint venture agreements with Indigenous partners during the construction phase.

Many of these partnerships have continued into the operational phase, and discussions are underway for a number of future opportunities.

The economic benefits extend beyond the Indigenous community partnerships. Barrie noted that the mine is expected to generate approximately half a billion dollars in economic spin-offs over its current life span, with a significant portion flowing directly into local and regional economies.

OPERATIONAL MILESTONES & FUTURE OUTLOOK Greenstone Mine declared commercial production on November 6 and both mining and processing rates continue to increase as the project ramps up to full capacity, which would see the mine processing 27,000 tonnes of ore per day. Greenstone is also actively addressing legacy environmental concerns, including moving historical tailings to the tailings management facility for

Guests from the Communities surrounding the Greenstone Mine, along with dignitaries (local, Indigenous, Federal, and Provincial), toured the site and the large modern equipment that operated within it.

116

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

For over 65 years TCL Asset Group Inc. has provided expert Asset Management and Advisory Services to Mining Corporations all over North & South America

safe storage and remediating soil from previous mining operations.

The mine’s success has created numerous opportunities for a rewarding career. “We are still actively looking for people,” Barrie said, highlighting job opportunities in various fields such as mining operations, safety, and environmental management. Greenstone Mine encourages potential candidates to visit its website and apply for open positions.

As the presentation concluded, Barrie expressed his gratitude to those involved in Greenstone’s growth and success. “On behalf of General Manager David Newhook and the entire Greenstone Gold Mines team, thank you for having us here today.”

ASSET MANAGEMENT SERVICES

Complete Mine Site Appraisals Machinery & Equipment Sales Auction Services Consultants

CONTACT

TERRANCE JACOBS, CEO +1-905-660-1367 tjacobs@managingyourassets.com

Terrance Jacobs

www.managingyourassets.com

AUCTIONS & LIQUIDATIONS Whether you have a fleet of excess haul trucks, upgrading your process plant or powerhouse, TCL has the team to manage your assets.

APPRAISALS & AUDITS TCL's accredited professional certified appraisers have extensive experience in auditing & evaluating machinery, equipment & rolling stock in both local markets and remote locations.

CONSULTING TCL's diverse team of advisors provide consulting services to equity firms, leasing companies as well as to public and private corporations in the mining industry.

ENGINEERED TEXTILE SOLUTIONS

FOR THE MINING INDUSTRY

Heavy Equipment Covers Scaffold Wrapping & Blankets Insulation Blankets Portable Silo Systems Utility Tents Custom Shipping Covers Insulated Panels Geomembranes Enclement Weather Gear

FELLFAB® Hamilton, ON, Canada Since 1952 ISO 9001 : AS9100 MINING LIFE & EXPLORATION NEWS

905-560-9230 info@fellfab.com Web: fellfab.com Social: @fellfab NORTHERN MINING REPORT 2024

117

Ontario’s Mining Future Shines Bright at Greenstone Gold Mine Opening

By Kevin Vincent

Ontario’s Minister of Mines, George Pirie, spoke during the opening ceremonies of the Greenstone Mine about the Ontario Mining Industry and how Equinox Gold’s Greenstone Mine is a snapshot of its future. The Ontario mining industry marked a significant milestone with the grand opening of the Greenstone Gold Mine here in Geraldton, Ontario, stated the Minister in his speech.

O

ntario’s Minister of Mines, George Pirie, delivered a powerful address that celebrated not only the mine’s opening but also the deeper ties between Ontario’s mining heritage, sustainable development, and the role Indigenous communities play in modern resource extraction.

Pirie’s connection to the region runs deep, reflecting on his family’s mining roots and his own experiences growing up in the shadow of Timmins’ Dome Mine. His father, born in 1920, lived in the heart of a mining community. Pirie himself visited the Geraldton area as a young boy. At the ceremony, he recounted these memories with pride, noting how mining has shaped the identity 118

of Northern Ontario for generations.

“This is a very important day in the history of mining in Ontario,” Pirie said, as he acknowledged the significance of this new development. Valued at C$1.5 billion dollars, Greenstone Mine highlights Ontario’s thriving mining sector and its commitment to sustainable, environmentally responsible development.

A COLLABORATIVE FUTURE Pirie was quick to highlight the full participation of Indigenous communities in the development of this project. “The success of this mine, like others in Ontario, rests on the strong relationships built with Indigenous communities,” he said. These

partnerships are ensuring that local communities benefit directly from resource development through jobs, contracts, and economic growth. The Greenstone project itself will create nearly 700 jobs and drive local prosperity for years to come.

“Environmental stewardship is not just a box to check—it’s at the core of what we do,” Pirie emphasized, noting that water discharge from mines in Northern Ontario is now cleaner than the intake water— a testament to the province’s worldclass environmental standards. He praised the mining sector’s ability to balance economic development with environmental responsibility, something he has witnessed throughout his career.

ONTARIO’S ROLE IN CRITICAL MINERALS & NATIONAL SECURITY As Ontario continues to open new mines, Pirie also stressed the strategic importance of critical minerals in the global push towards electrification and a low-carbon economy.

“We have the minerals here in Northern Ontario that the world needs,” he said, pointing to the province’s rich deposits of nickel, copper, and other critical minerals essential for developing batteries and other clean technologies.

A TIME TO CELEBRATE As the ceremony wrapped up, Pirie reflected on the broader achievements of Ontario’s mining industry.

The Greenstone Gold Mine represents not just a single project but is a symbol of the collaboration, innovation, and partnerships that define Ontario mining today. “This is our time,” he said, “and this is your time to celebrate.” For the mining communities of Northern Ontario, the opening of Greenstone is more than a ribbon-cutting—it’s a step toward a future where mining continues to drive both economic growth and environmental responsibility.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Congratulations Greenstone Mine

We’re here for all your Mine Ready Vehicle needs!

Optimize Your Fleet and Focus on Your Operation

F-150 to F-600 Models Available ®

®

Fleet Manager: Steve Kostiuk steve@pinewoodford.com MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

119

Patty Hajdu calls Greenstone Mine “A Model for the Nation”

By Kevin Vincent

Canada’s Minister of Indigenous Services, who also serves as the Minister responsible for the Federal Economic Development Agency for Northern Ontario, Patty Hajdu, gave a powerful and heartfelt address, while speaking passionately at the grand opening of the Greenstone Mine, underscoring the significance of collaboration, respect, and shared prosperity.

M

inister Patty Hajdu’s words given during her speech reflected the core of her values—compassion, equity, and the belief that Canada is strongest when everyone has a fair chance to succeed.

The celebration at the Greenstone Mine marks a major milestone not only for Northern Ontario but for the entire country. The project stands as a symbol of what can be achieved when communities, corporations, and governments come together with a unified vision.

The minister spoke with great enthusiasm, acknowledging the long journey that brought diverse groups together for a common goal.

“When we come together in a spirit of true mutual respect, with a vision of shared prosperity, we can do big things—and we can do hard things,” she said. Her remarks celebrated the relationships built over 120

time, highlighting the efforts of Indigenous leaders, corporate stakeholders, and the local communities involved in the project.

She particularly honored the contributions of Chief Judy Desmoulin of Long Lake #58 First Nation, recognizing her leadership and persistence in ensuring that voices histori-

cally excluded were now central to the decision-making process. “Here we are, together, at the opening of an incredible opportunity—not just for the region of Greenstone and Northern Ontario—but for all of Canada,” she remarked, underscoring the project’s national significance.

RESPECT & SAFETY: The Foundation of Community Reflecting on the core values of the Greenstone project, the minister was struck by the focus on safety and respect. She recalled the words of Elder and Knowledge Keeper Tony DePerry, who emphasized the importance of caring for one another and protecting relationships. These values, according to the minister, are foundational to the project’s success and are integral to the sense of community that underpins every aspect of its operations.

“Respect and safety are not just principles to guide us—they are the building blocks of community,” she said, adding that the project exemplified these values through its support for local initiatives, from hospital fundraising to bike rides for charity.

“This is a place where we lift each other up and share in each other’s joys and sorrows.”

OVERCOMING CHALLENGES WITH LEADERSHIP The minister also recognized the perseverance and dedication of the project’s leaders, praising their ability to stay focused through difficult times.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

She singled out Eric Lamontagne, one of the project’s key figures, for his resilience in moments of doubt.

“Eric talked about those hard times, when he didn’t think it was going to work. Yet he held on, to protect his team. That’s the kind of excellence that has brought us all here today.”

This spirit of determination, she said, is what makes the opening of the Greenstone Mine so significant.

It’s not just a victory for the region— it’s a testament to the strength of leadership and the power of unity.

ciliation journey. “The promise of a shared future is why we are here today,” she said. “This is how we get big things done—together.”

Closing her speech, the minister expressed her excitement at being able to share the success of Greenstone with Canadians across the country. “I can’t wait to tell my colleagues in Ottawa, from coast to

coast to coast, that this is how you build a better Canada. This is how you get big things done.”

As the Greenstone Mine begins its next chapter, it stands not only as a symbol of economic development but as a testament to the power of collaboration, inclusion, and shared prosperity.

A FUTURE OF OPPORTUNITY & PRIDE The minister’s speech also touched on the importance of fostering pride and opportunity for future generations. Watching young Ojibwe girls dance proudly as part of the ceremony, she reflected on their courage and what their presence represents for the future of Canada. “That’s the Canada I want to see,” she said. “A place where people feel they belong, where they can be themselves, and contribute fully.”

NORTHERN ONTARIO: A Powerhouse for Canada’s Economy The minister emphasized the importance of Northern Ontario’s growing economic power, driven by projects like Greenstone. She praised the collaborative efforts between provincial and federal leadership, specifically recognizing Ontario Mines Minister George Pirie, whose support for the region’s economic development has been crucial. “We are a powerhouse,” the minister said, “and the more we promote projects like this, the better off all of Ontario—and Canada—will be.”

THE PROMISE OF RECONCILIATION As Minister of Indigenous Services, Minister Hajdu also spoke passionately about her role in supporting reconciliation. She acknowledged the challenges, but focused on the hope that projects like Greenstone offer in advancing Canada’s reconMINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

121

A MILESTONE FOR THE MÉTIS NATION: Greenstone Mine Celebrates Partnership and Progress

By Kevin Vincent

“The mine has made a number of changes, and there’s still work to do,” he said, recognizing that progress in such large-scale projects takes time. Sinclair remained optimistic about the future, expressing hope for mine life extensions and continued collaboration with Equinox Gold as the project evolves.

Tim Sinclair, Region 2 Councillor for the Métis Nation of Ontario along with Greenstone Métis Council President, Sandra Gillis share the stage in delivering their opening ceremony speech for the Greenstone Mine.

T

he opening of the Greenstone Gold Mine represents a significant milestone for the Métis Nation of Ontario and the Greenstone Métis Council, a moment in history that many thought might never arrive. As Tim Sinclair, Region 2 Councillor for the Métis Nation of Ontario, addressed the crowd, he reflected on the long journey that brought the project to fruition and the essential role of collaboration in achieving this success.

Sinclair, who has been observing the mine’s development for years, expressed the importance of Equinox Gold’s involvement. “We watched from the sidelines for so many years, unsure if this day would come,” he said.

“Equinox stepped in and did what was needed to get us here today.” While acknowledging the contributions of other companies involved in the project’s early stages, Sinclair emphasized that it was Equinox’s leadership that truly propelled the mine forward.

122

A COMMITMENT TO THE COMMUNITY One of the key themes of Sinclair’s remarks was the importance of community involvement and corporate responsibility. He praised Equinox for their visible commitment to the local community, pointing to their sponsorship of the 3,600-kilometer bicycle ride from Vancouver to Geraldton to raise funds for the Geraldton Hospital. “That shows they’re in this for the long run,” Sinclair said. “The larger community’s industry needs to step up and support not just one community, but all the regions in this area.”

This sense of shared responsibility, he said, is essential for the mine’s success and for ensuring that all communities in the region benefit from its development.

Sinclair also took a moment to honor Eric Lamontagne, the former General Manager of Greenstone, who was instrumental in guiding the project through its many challenges. “Eric was the steady hand during the good times and bad, trying so hard for so many years to get this project out of the ground,” Sinclair said. With Lamontagne stepping away from day-to-day operations, Sinclair expressed hope that he would take pride in what he has accomplished. “I hope Eric can step away with feelings of relief and joy, knowing it was a job well done. He will be truly missed.”

As David Newhook steps into his role as General Manager, Sinclair expressed confidence in his leadership. “David has some big shoes to fill, but he’s already a part of this team, and he knows us, he knows the North,” Sinclair said. He emphasized the importance of continuity in leadership, noting that Newhook’s familiarity with the community and the project would be key to its continued success.

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

Region 2 Consultation Committee comprised of the Presidents of the Thunder Bay and District, Greenstone, and Superior North Shore Métis Councils, Regional Councilor, and Captain of the Hunt congratulates

A SHARED FUTURE Looking ahead, Sinclair was hopeful about the future of the Greenstone mine and the Métis Nation’s role in its success. “Our journey together towards being a huge part of the Greenstone mine is just beginning,” he said, reinforcing the importance of maintaining strong relationships between the company and the local communities.

As the mine enters its next phase of development, Sinclair’s message was clear: the success of Greenstone will depend not just on the efforts of Equinox Gold, but on the continued support and collaboration of all stakeholders, including the Indigenous and local communities that have played a vital role in bringing this project to life.

On achieving commercial production.

The Consultation Committee looks forward to continued cooperation and relationship building for mutual benefit.

CONGRATULATIONS! Sling-Choker Mfg. would like to congratulate Greenstone Gold Mine on their milestone first pour and official opening!

®

At Sling-Choker Mfg. we have the solutions to keep your mine running smoothly. Whether your project needs screening media or an overhead crane, we offer more than you think!

MINING LIFE & EXPLORATION NEWS

NORTHERN MINING REPORT 2024

THUNDER BAY

807-344-9159 salestbay@slingchoker.com

123

EQUINOX’S GREENSTONE MINE: A Cornerstone of Growth and Community

By Kevin Vincent

I

n just six short years, Equinox Gold has grown into one of Canada’s rising stars in the mining industry. But for those who took part of that journey the opening of the Greenstone Mine marked a new era—not just for the company, but for Northern Ontario and Canada as a whole.

Reddy, and the dedicated team at Greenstone.

“This is by far the biggest mine I’ve been involved with,” Beaty said.

“I’m just so proud of what we’ve been able to do here, as a team—locally, nationally, and internationally.”

As Greenstone begins operations, it is set to not only strengthen Equinox Gold’s position in the global market but also bring lasting economic and social benefits to Northern Ontario. With a foundation of teamwork, community partnership, and a shared vision of prosperity, the mine is poised to become a cornerstone of both the company’s future and Canada’s mining landscape.

Greenstone represents: the largest, lowest-cost, and most profitable mine in Equinox’s portfolio.

The creation of Greenstone Mine required significant financial backing—$750 million USD, to be precise, which Equinox Gold raised for its 60% share of the project’s total $1.2-$1.3 billion USD cost.

It’s a reflection of the collaboration between employees, contractors, 124

suppliers, Indigenous communities, and multiple levels of government.

The Greenstone Mine marks the start of a new chapter for Equinox Gold, positioning the company as one of Canada’s premier gold producers. Chairman Ross Beaty acknowledged that, while he receives much of the credit as Chairman, the real work happens on the ground, led by CEO Greg Smith, COO Doug

A VISION REALIZED Equinox Gold’s CEO Greg Smith’s first visit to the Greenstone site in September 2020, alongside Chairman Ross Beaty and company leadership, was a pivotal moment. “It was in the middle of COVID,” Smith recalled, “so it was a bit of a challenging trip, but we could immediately see the hard work Premier Gold Mines and the Greenstone team had done.

We saw Eric Lamontagne and Ewan

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

We’re proud to have partnered with Equinox Gold and all the contractors in Geraldton, in building the Greenstone Gold Mine.

CONGRATULATIONS to the team on this exciting milestone!

Advancing the Thunder Bay North Critical Minerals Project.

INSTALLATION

INDUSTRIAL HVAC PLUMBING & ELECTRICAL SYSTEMS FOR BUILDINGS

ENGINEERING FEASIBILITY STUDIES CONCEPTION DRAWING

www.mp-solutions.ca

Downie’s vision for what they wanted to accomplish here.”

Despite the challenges of the pandemic, the potential at Greenstone was undeniable. Smith, who has spent his career scouting mining assets around the world, knew this project was something special.

“Greenstone had a great deposit with lots of upside, first-class infrastructure—a highway, power, natural gas, water, and a local workforce near the mine,” he said. But what truly stood out was the overwhelming support from the Indigenous and local communities.

“This kind of alignment—great deposit, great infrastructure, community support, government support—that’s like a mining hat trick,” Smith explained. “It’s incredibly rare, and we knew we needed to be a part of it.”

Fast-forward to 2024, and the Greenstone site has transformed from an expansive forest to a fully operational mine. “Coming back here now, almost four years later, it’s absolutely amazing to see what’s been built,” Smith said. “It’s a fantastic day for all of us.”

126

With the mine now fully operational, Equinox Gold is poised for continued growth and success, and Greenstone is set to play a pivotal role in shaping the company’s future and leaving a lasting legacy in Northern Ontario.

GREENSTONE MINE STANDS AS A TESTAMENT TO INNOVATION & OPERATIONAL EXCELLENCE Equinox Gold has unveiled a captivating look into the mining operations at its flagship Greenstone Mine, offering a detailed perspective on the intricate process of its gold extraction.

This overview highlights the synergy of advanced technology, precision engineering, and the dedication of the mining team, underscoring the Greenstone Mine’s role as a cornerstone in Equinox Gold’s production strategy.

“Our mining team exemplifies the balance of safety, efficiency, and accuracy needed to bring the precious yellow metal to the surface,” said an Equinox Gold representative. “Their expertise is the foundation of our

success, and their vigilance ensures the steady flow of ore that drives our production.”

FROM SURFACE TO GOLD: The Mining Process The journey begins with the removal of overburden—the layers of soil and loose rock concealing the bedrock.

Once exposed, surveyors employ advanced technology to create a detailed 3D map of the site, pinpointing the locations of gold deposits below the surface.

Engineers then design a precise drill and blast plan, specifying the location, diameter, and depth of each drill hole. Safety takes precedence as the blast crew meticulously veri-

NORTHERN MINING REPORT 2024

MINING LIFE & EXPLORATION NEWS

fies every detail before loading over 300 kilograms of explosives into the drill holes. Each blast, carefully sequenced with time delays, breaks apart hundreds of thousands of tons of rock, creating the raw material needed for the next phase.

GEOLOGY MEETS PRECISION ENGINEERING Post-blast, the geology team steps in to classify and map the fragmented rock, identifying areas with varying concentrations of gold. Using these maps, operators of heavy equipment, aided by GPS and colorcoded ribbons, separate valuable ore from waste rock with remarkable precision.

Massive haul trucks, each carrying up to 240 tons of material, transport the ore to one of three destinations: the crusher hopper for immediate processing, a designated stockpile for later use, or a waste rock storage facility.

SUPPORTING THE OPERATION Behind the scenes, a fleet of support equipment ensures the mine’s infrastructure remains operational.

From maintaining roads and ramps to managing pit walls, this equipment— comprising graders, dozers, loaders, and water trucks—plays a vital role in sustaining efficiency and safety.

A TESTAMENT TO EXCELLENCE The video emphasizes that the Greenstone Mine’s success hinges on the expertise and dedication of its mining department. With a commitment to safety, efficiency, and meticulous planning, the team ensures a steady flow of ore, fueling every stage of the mine’s gold production.

The Greenstone Mine stands as a testament to the innovation and operational excellence that define Equinox Gold’s approach to sustainable and efficient mining.

MINING LIFE & EXPLORATION NEWS

CONGRATULATIONS

NORTHERN MINING REPORT 2024

Greenstone Mine on your Official Opening

127

CONGRATULATIONS!

Thank you for your continued support!

THUNDER BAY

YOUR ONE-STOP EVENT SOLUTION

Let CANADIAN TRADE-EX take your event to the next level.

Our expert team will help you create a memorable experience for your attendees, from engaging keynote speakers to innovative networking opportunities.

From concept to completion, Canadian Trade-Ex offers a comprehensive range of services to ensure your event is a success.

Let us handle every detail, allowing you to focus on what matters most.

Your Full-Service Event Solution

Interested in a free consultation?

Contact us: 705.264.2251 • info@canadiantradex.com