FEATURES & INTERVIEWS
Clarity Gold Kuya Silver Mistango River Resources Appia Energy Getchell Gold Temas Resources
CEO of Clarity Gold
Innovative entrepreneurs are rocking the world of mining and mineral exploration
HER PERSPECTIVE Prominent women in mining discuss the industry
A ONE STOP PORTFOLIO
COMBINING PUBLIC & PRIVATE INVESTMENTS WITH RESULTS & LIQUIDITY
IN THIS ISSUE
18 JAMES ROGERS
TOM DRIVAS MIKE SIEB
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PUBLISHER Sparx Publishing Group Inc. sparxpg.com
LETTER FROM THE EDITOR ..................................... 06 TUNE IN ................................................................................ 08 WOMEN IN MINING ...................................................... 10 MINING OVER CANADA .............................................. 12 SPOTLIGHT ON ANNA SERIN ................................... 42
INTERVIEWS CLARITY GOLD ................................................................ 14 Unearthing big value in overlooked projects
KUYA SILVER ..................................................................... 18 Near-term production, exploration shape a game plan based on a proven path to the big leagues
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GROUP PUBLISHER Hamish Khamisa EDITOR-IN-CHIEF James Black EDITORS Peter Murray Sheri Radford ART DIRECTOR Elisabeth Choi DESIGNER Nicole Yeh
PROFILES MISTANGO RIVER RESOURCES .............................. 24 Strategic patience positions this Kirkland Lake explorer for its biggest year yet
WRITERS Andrew Kessel Angela Harmantas Giles Gwinnett Jon Hopkins Patrick Graham Peter Murray Sheri Radford
APPIA ENERGY ................................................................. 28 The quest for a more balanced global supply of rare earths is underway in Saskatchewan
GETCHELL GOLD ............................................................ 32 Nevada projects have this team’s confidence running strong
TEMAS RESOURCES...................................................... 36 Financial and environmental benefits are some of the good things that come from thinking outside the box
FREE DIGITAL SUBSCRIPTION Published by Sparx Publishing Group on behalf of the Canadian Securities Exchange. To receive your complimentary subscription, please visit blog.thecse.com/publicentrepreneur-magazine and complete the contact form. To read more about the companies mentioned in this issue, visit blog.thecse.com or proactiveinvestors.com
PUBLIC ENTREPRENEUR ISSUE 1•2021 | 5
Letter from the Editor What a difference a year makes. As this issue of Public Entrepreneur goes to (digital) press, it’s hard not to call attention to the fact that it was one year ago, around the time of PDAC in Toronto, that COVID-19 started to really impact the North American economy. Fast forward to today. There are now multiple vaccines being deployed, economies around the globe are slowly coming back online, and, most importantly, there is hope for recovery on the horizon. At the Canadian Securities Exchange, there was plenty to roar about in 2020 –- especially as it relates to mining. Mining issuers completed 371 financings that raised $525.9 million, and, for the second time in the CSE’s history, trading volume broke through the five billion shares traded mark for the year. In December, a typically quiet month, we witnessed 549 million shares traded in a single day – a record for the CSE that has already been broken multiple times in 2021. In the digital realm, the CSE was also hard at work producing engaging content, including the biggest video series on Canadian mining to be released in 2020: Mining Over Canada. This series featured interviews with dozens of public mining and capital markets executives from across the country. I highly recommend digging into the Mining Over Canada series on the CSE’s YouTube channel to understand the current state of, and opportunities in, the mining industry in Canada. One of the biggest themes to emerge from Mining Over Canada is the global leadership that Canada demonstrates in the industry.
Nowhere is this expertise more clear than in the companies featured in this issue of the magazine. From analyzing opportunities in diverse geographic formations, to reviving deposits, to digging (literally) beneath the surface to uncover overlooked economic opportunities, the expertise in the technical elements as well as the business acumen required to capitalize on those opportunities is inspiring to read about. That these companies are also listed on the CSE makes their work a particular source of pride for the Exchange for Entrepreneurs. Another source of leadership featured in this issue comes from women professionals working throughout mining and capital markets. Be sure to read the perspectives of influential women in mining as well as the rich family connection to the industry that the CSE’s own Anna Serin shares in her Q&A. The pandemic has taught us all that despite rhetoric to the contrary, the fact is we live in an increasingly connected world, and the mining industry a shining example. On the eve of a now-virtual PDAC, we embrace the opportunity to connect and make a difference with an audience no longer constrained by travel restrictions and showcase the global leadership that Canada has to offer the industry. Stay safe and enjoy this issue.
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We recently hit 2,300 subscribers on CSE TV! Our YouTube channel hosts an ever-growing collection of outstanding content on the Canadian capital markets, including Mining Over Canada, Newly Listed, Investing in Psychedelics and Plant Protein. Subscribe here: go.thecse.com/Subscribe-CSE-TV
Tune in to the #HashtagFinance podcast to hear conversations with business leaders and influencers in the Canadian capital markets. You can find our podcast on Apple Podcasts, Google Play, SoundCloud, Spotify, Stitcher, YouTube and iHeartRadio. Learn more here: blog.thecse.com/pe-podcasts
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WWW.CSELAW.CA 416.519.6886 100 Bass Pro Mills Drive, Vaughan, Ontario, L4K 1X5
Here’s a small taste of all the fantastic content the CSE has been creating this year
PLANT PROTEIN The New Age of Food This 11-part webinar series took attendees on a seed-to-sale journey through the plant protein sector. It covered everything from science to farming practices to getting products on store shelves. Check out the full playlist on CSE TV to hear from an impressive lineup of panellists knowledgeable about this fascinating – and rapidly growing – industry.
THE WEEKLY MARKET RECAP Anna Serin of the CSE is joined by co-host Bruce Campbell, Founder and Portfolio Manager of StoneCastle Investment Management Inc., to break down each week’s biggest stock market stories. Tune in every week on CSE TV to stay on top of the buzzworthy developments in the capital markets.
MORE CONTENT ON CSE TV Watch new episodes and replays on our YouTube channel: youtube.com/CSETV
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INVESTING IN PSYCHEDELICS SERIES Building Value Through IP The CSE was proud to sponsor this thought-provoking series. It brought together leading intellectual property experts, bankers and company executives to outline the risks and rewards associated with intellectual property in the psychedelics industry. Visit CSE TV to watch the replay and to browse through our full Investing in Psychedelics playlist, which features all of our content about this expanding sector.
Our popular webinar series shines a spotlight on technology entrepreneurs and trends. Each week highlights a different cutting-edge tech topic and shares insights from both public and private companies. To discover some truly innovative companies – and the entrepreneurs driving them – tune in each Tuesday, and check out the replays on CSE TV.
NEWLY LISTED on the CSE This series features quick, informative interviews with company leaders from recent listings on the Exchange for Entrepreneurs. Enjoy bite-sized interviews with company leaders as they navigate their new chapter in the public markets. Watch the videos on CSE TV.
VIRTUAL MARKET OPENS We can’t gather in person at the CSE Media Centre, which means we’ve had to get creative in our celebrations! Some of our newest listed companies have visited us virtually to kick off the start of the day’s trading session. Celebrate along with us – and watch these socially distanced Market Opens – on CSE TV.
PUBLIC ENTREPRENEUR ISSUE 1•2021 | 9
WOMEN MINING IN
We asked some prominent women to share their perspectives on the mining industry
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Communications Director Metalo Manufacturing Inc. (CSE:MMI)
President and Founder Refined Substance Inc.
What initially attracted you to your industry?
What initially attracted you to your industry?
The mining and manufacturing industry has always been dynamic and exciting for me; its fast-paced, multi-layered environment challenges me constantly to work on developing new skills and learn about future opportunities. From the beginning, I was fortunate to interact with several talented industry experts who helped guide me towards many new areas of professional growth.
Mining is an integral part of Canada’s history and its current economy – it’s an industry where Canadians are world leaders and are out there doing amazing things – but there are some misconceptions about how modern mines operate and the kinds of opportunities mining companies provide. I created my communications company, Refined Substance, to help mining companies tell their stories and share their successes with a broader audience.
Where is mining headed in 2021 and beyond? We are coming off a year of heightened restrictions and safety measures, which has affected our sector and several others; I expect we will start to see some increased productivity return in 2021, with significant innovation to the sector. There will be an increased demand for green energy solutions in the mining sector, including a big push on domestic electric vehicles, which require minerals from mining as an input; and the reduction of CO2 emissions will be more prevalent than ever – I am currently working towards a zero-emissions mine-to-port solution for our mineral sands project.
Where is mining headed in 2021 and beyond? Mining is on the cusp of a technological revolution that will make the industry safer, cleaner and more cost-effective than ever before. While most of us have been enjoying the benefits of internet connectivity for a while now, this technology is just hitting its stride in enabling automated processes in deep underground mining conditions and in remote locations. Cleaner energy sources are becoming more costeffective and widely available. It’s a very exciting time to be in mining!
Director, Mining, Investment Banking Laurentian Bank Securities Inc.
President and CEO Mining Matters
Resource Maven resourcemaven.ca
What initially attracted you to your industry?
What initially attracted you to your industry?
What initially attracted you to your industry?
I was studying engineering at McGill and was trying to decide which discipline to specialize in. Mining engineering was a co-op program, and one of the only opportunities to gain valuable industry work experience as I completed my degree. Easy choice!
As a result of studying geology at university, I had the opportunity to work in the field in Northern Ontario, exploring for copper mineralization during the summer after second year. I was excited by the work, thoroughly enjoyed being in the field, was fascinated by the subject and intrigued by the industry. I wanted to learn and experience more.
A job writing about something technical! I was anti-mining when I started, albeit from an uninformed stance, and knew nothing about capital markets. But I liked the science of exploration and in time fell in love with all the other aspects, from macroeconomics to mining engineering. It’s just such cool, totally tangible stuff – and it creates the commodities that we all use every day.
Where is mining headed in 2021 and beyond? Our industry is changing rapidly as it embraces ESG and digital strategies and seeks out different sources of capital. I am excited to see how we will collaborate to meet the need for all minerals and metals, particularly what is happening in the sustainable energy/EV markets.
Where is mining headed in 2021 and beyond? Mining will continue to be a critical industry beyond 2021, particularly because of the essential minerals produced that are necessary for the technologies required for the green economy and the carbon-reduced environment that society is demanding.
Where is mining headed in 2021 and beyond? Focus on all things ESG will continue, and success getting popular support for projects will increasingly differentiate the winners (explorers through operators) from the losers. For the majors, strong balance sheets and yields will really matter for the coming years, as they are making gold stocks stand out across equities and thus appeal to generalist investors. For juniors, a strong market will mean that good teams will be able to explore good projects, making discoveries and expanding deposits and creating significant real wealth for investors.
PUBLIC ENTREPRENEUR ISSUE 1•2021 | 11
CANADA For six inspiring weeks in the fall, the CSE embarked on a virtual expedition spanning our country’s mineral-rich terrain and fascinating mining history. We hosted thought-provoking discussions and panels on everything from environmental regulations to regional influences to Indigenous engagement. We also presented several mining-themed Tech Tuesdays events that examined the technology used in this groundbreaking industry. The journey started by exploring Quebec and Atlantic Canada, then we discovered Ontario, traversed the Canadian Shield, navigated the Northern Territories and, finally, prospected British Columbia. It all wrapped up with a grand finale week featuring some of the biggest names in mining and the capital markets. Thank you to the guest speakers, sponsors and attendees who joined us on the epic adventure that was Mining Over Canada!
You can find the complete Mining Over Canada playlist, which includes more than 60 videos, on our YouTube channel: youtube.com/CSETV
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RICHARD CARLETON on Mining Over Canada One of the things we really wanted to help emphasize is just how important the mining industry is to the Canadian economy, not only in historic terms but in the present day as well. And how Canada can leverage its leadership in public finance for the industry to service the wave of demand coming from the industry. Whether it’s significant increases in infrastructure, desire to shorten supply chains, new demand for minerals brought on by the electrification of the economy – mining is going to be at the forefront of a lot of thinking and investment in coming years. Mining Over Canada was a tremendous amount of work, and kudos to Anna Serin and her team for putting the program together. I think people in the mining industry really took note of our encouragement and support for the sector, and we look forward to building on those relationships in 2021. The landscape continues to be very favourable for mining, and it’s a sector of the market we have high hopes for this year.
This excerpt is taken from the Year-End 2020 Interview With Richard Carleton. Read the full interview at blog.thecse.com. Plus, watch a video of Richard reflecting on his family history in Ontario mining at go.thecse.com/MiningOver-Canada-Richard-Carleton.
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Unearthing big value in overlooked projects By Jon Hopkins
ounded in 2019 and publicly listed on the CSE in July 2020, Clarity Gold (CSE:CLAR) has the objective to acquire and develop gold projects that have been “overlooked or underfinanced.” Headed by Chief Executive Officer James Rogers, Clarity’s management team has certainly proven its ability to identify, evaluate and execute transactions, having collectively completed over 100 resource project deals. In November 2020, the company acquired an option on 100% of the Destiny Project, a gold project located in the prolific Abitibi Greenstone Belt, which extends from Wawa, Ontario to Val-d’Or, Quebec. In addition to Destiny, Clarity has three 100% owned projects on its books in British Columbia: Empirical, a gold, copper and molybdenum project located 12 kilometres south of Lillooet; Tyber, a gold, copper and silver project located 18 kilometres south of Parksville; and Gretna Green, a gold, copper and silver project located 24 kilometres southwest of Port Alberni. Rogers spoke recently with Public Entrepreneur about his views on building a company in the resource sector and what the future holds for his industry and Clarity shareholders. Let’s start by delving into Clarity Gold’s mission statement and your guiding principles.
Clarity’s objective since inception has been pretty clear – we’ve been entirely focused on gold in North America, with an emphasis on Canada. Our mandate 14 | THE MINING ISSUE
has been to become an explorer concentrated on discovering and building ounces in stable jurisdictions within North America. British Columbia was our starting point, and we’ve grown by establishing a strong foothold in Quebec with the Destiny Project. Destiny is a project you acquired in November and it is in the famous Abitibi Greenstone Belt. Tell us about your decision to obtain a 100% option on this project.
Destiny is an exciting gold project on a lesser-known structure in the belt. The Abitibi is an important jurisdiction in Canada, and in the world, really. It is one of the most prolific greenstone belts there is. The Abitibi is comprised of six dominant structures. The 400-kilometre-long structure that the Destiny Project is located along is called the Chicobi. It is a less-explored structure that is proving to have gold mineralization associated with it, just like on the Cadillac and other well-known structures through the Abitibi. This is one of the reasons we were attracted to it. Dominant structures play an important part in controlling gold mineralization within the Abitibi. When we look at the main structures in the south, they are largely near surface. Nobody really found the Destiny Project until 1998 because it has a thin veneer of overburden and till – it is just not on surface. It started in 1998, which kicked off multiple campaigns totalling over 50,000 metres of drilling, culminating in a historic resource in 2011. And it
Chief Executive Officer
Clarity Gold Corp.
CSE Symbol CLAR
June 29, 2020
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But when we get in and take a look at data, and we’re able to manipulate and think about things differently, that’s where we find things that get exciting. Where things have been overlooked or interpreted in a different way. Then we’re able to bring a fresh perspective to something and bring it to life. — Rogers has basically lain dormant since 2012. Our mandate is to take a fresh look at this, peeling back the previous data and thinking more about this project’s optionality as a high-grade, structurally controlled gold deposit. You also have three projects in British Columbia. How do these ﬁt into your near-term plan?
We started with Empirical, which was our flagship project in British Columbia. We then acquired two more grassroots projects in the province. My background is in project generation and one of my strengths is keeping an eye open for new opportunities and projects. When our team saw Destiny, we 16 | THE MINING ISSUE
recognized the opportunity for a more advanced project to create value in a jurisdiction that we’re comfortable working in and understand really well. We see the best opportunity to create near-term value for the company in advancing Destiny, but will continue to maintain and advance the rest of our portfolio. How are you funded to move forward with the planned work following your recent private placement?
We just finished a $4.5 million financing. The next step for us is two-fold. We are financed to carry out exploration to advance Destiny but are also on the lookout for more projects with a similar profile where we could add value with our expertise. Destiny is a foothold – it is really our first step into a large gold camp where we have experience operating. You have somewhat of a different background than the typical junior company CEO in that you run a large services company for the industry as well. What do you consider is your main strength as head of Clarity Gold?
I’d say looking at data and coming up with an idea. A cool stat is during the hunt for Destiny, I compiled
200,000 drill holes in Quebec and Ontario inside of the Abitibi and started thinking a bit about why the Chicobi structure just hadn’t been looked at the same as the others and why this is an important and underexplored part of the Abitibi story. Bear in mind, the Abitibi has produced more than 180 million ounces of gold, which is an incredible number. It’s actually hard to keep track of the number of headframes you pass as you drive from Val-d’Or to
Timmins. One of my strengths is definitely looking at data but also in executing. I come from an exploration background, running a services company where our specialty is grassroots exploration and running drill programs, up to say 70,000 to 100,000 metres of drilling in a year. But when we get in and take a look at data, and we’re able to manipulate and think about things differently, that’s where we find things that get exciting. Where things have been overlooked or interpreted in a different way. Then we’re able to bring a fresh perspective to something and bring it to life. Let’s ﬁnish up with a look at what investors should expect from Clarity in 2021.
This year is going to be big. It will include our maiden drill program on Destiny, which should be kicking off before winter’s end. We’ll start with about a 10,000-metre program, which will then carry on into subsequent drilling as we get results and continue to move it forward.
MORE CONTENT ON CSE TV
PUBLIC ENTREPRENEUR ISSUE 1•2021 | 17
ABOUT THE AUTHOR
The CSE’s James Black, Barrington Miller and Anna Serin chat with James Rogers on After Market – episode available on youtube.com/CSETV
Jon Hopkins is North America (and UK) News Editor for Proactive. Based in the London suburbs, he is a seasoned financial journalist with over 25 years working for newswires and websites. He was Markets Editor at AFX before the firm’s acquisition by Thomson Corp and subsequent takeover of Reuters. Jon moved on from Reuters in 2012 to become News Editor for thisismoney.co.uk, the Daily Mail online financial news website, before joining Proactive in 2016.
Photo by Michelle Montgomery
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Near-term production, exploration shape a game plan based on a proven path to the big leagues By Peter Murray
W David Stein
Chief Executive Officer
Kuya Silver Corp.
CSE Symbol KUYA
March 27, 2017
hen putting together the business plan for a new company, incorporating lessons from the leaders in your industry is always a good idea. David Stein worked as a mining analyst beginning in the early 2000s and was among the first to initiate coverage on marquee names such as First Majestic and Fortuna Silver. When he decided to establish an exploration company of his own, he understood the models that tended to position small companies to become billion-dollar players. Focusing on high-grade silver projects with the potential for near-term production, Kuya Silver (CSE:KUYA), where Stein is Chief Executive Officer, is active in Peru and Canada, two of the world’s most prolific jurisdictions for precious metals production. With a healthy treasury, a balanced approach to its projects and a strong silver market, the company is ready to begin putting its plan into action. Stein shared
his strategy of silver production and ongoing exploration with Public Entrepreneur in mid-February. Kuya is obviously silver-focused. Before we get into your two projects and the outlook for each, tell us why you chose silver.
It really comes down to finding an exceptional project and it just happened to be a silver project. I found the Bethania Mine opportunity in 2017, and while my background is in all sorts of different minerals, precious metals are the main ones. As I started looking more into the silver mining industry, I noticed there was a huge opportunity because many of the intermediate and large silver players from 10 or 15 years ago had diversified away from silver and more into gold. Now there is this sort of a void in the industry where if you want to invest in a primary silver mining company there are very few options. The opportunity to have this PUBLIC ENTREPRENEUR ISSUE 1•2021 | 19
exceptional project and be able to get into production quickly made it all the more exciting. Your plans for Bethania call for putting a local mine back into production and at the same time doing exploration to help with mine planning and resource expansion. How did you come across Bethania, and can you talk about the thinking behind this twopart plan?
In terms of how I found it, I went out on my own after being in the industry on the investment side for 15 or 16 years and was looking for projects, mostly privately owned opportunities. During the bear market I had focused on private equity as a niche within the mining sector. Bethania was one of the projects that came up. In terms of the business plan – restarting the mine, putting our own plant there and increasing production – that evolved over the course of negotiations with the former owners. Initially, they were really looking for someone to put a little money in for a minority interest and help them with some financial issues. It didn’t interest me as a minority investment, but if we could take control, there was a chance to do something special. I saw the potential to get enough silver production from this mine to make it into a meaningful public company one day. I was a sell-side equities analyst in the early 2000s and one of the first analysts to cover some of the important silver companies. To me, this opportunity reminded me a lot of those: start with a high-grade silver mine with low capex that you could put into production quickly and easily. Then, by bringing 20 | THE MINING ISSUE
better access to capital through the public markets, you could grow production, reduce costs, do more exploration – all those good things we plan to do. If you look at the genesis of First Majestic or go back even further to the first projects that Pan American acquired in Peru, these very big and successful multi-billion-dollar companies all started with a single high-grade silver project. That was the beginning of the journey.
Peru has a long history of mining. What is the plan for community support and sharing the beneﬁts with the people who live in the region where Bethania is located?
Peru is a very diverse country with different communities and types of environment. We are in the high Andes in central Peru, so we are in an area that is very accustomed to mining. As a recently producing mine, there is already acceptance of Bethania and a culture within the local community to support it. The community that has jurisdiction over the mining area is Poroche, and we are still in the process of working out what the people want to see over the longer term. The community has been very helpful, and I think they believe in the benefits of having more activity in the area and would prefer that the mine be operating. One noteworthy aspect of our relationship is that we were able to receive our environmental impact assessment approval for the new plant and tailings storage. In order to do that you essentially have to get approval from your local community before you submit your paperwork to the government. There are site visits and other aspects of a legislated process. So, you work with the local community and essentially earn its support before permits can be granted. I think that demonstrates we are on a strong footing. Your other project is located in northeastern Ontario. It has some very nice silver numbers and some cobalt in the mix as well. What is your plan there?
There are two parts to that deal. There is a part where we are buying a section outright, which is the Kerr Project. It represents about 10% of the First Cobalt land package and is the most advanced part. It is where most of the historical drilling is. We have most of the data, and most of the high-grade silver hits are in that area. We see that as the part we can potentially get into production first. The other 90% goes into a joint venture. This means there are two strategies. With the Kerr Project, we are looking to follow up on historical high-grade silver intersections and look for extensions of some of the known mines. There have been more than 70 million ounces produced in the
The CSE’s Phillip Shum chats with David Stein about Kuya Silver and the Bethania Project – episode available on youtube.com/CSETV
The community has been very helpful and I think they believe in the benefits of having more activity in the area and would prefer that the mine be operating. — Stein
With the joint venture, the opportunity is to find another collection of veins. If you look at the whole camp, the 400 million or 500 million ounces produced historically from this part of northeastern Ontario is in clusters of 50 million to 100 million-plus ounces of silver. With the joint venture we want to find a new cluster. Do you have any closing thoughts, perhaps something we’ve missed or a statement that encapsulates how investors should think about Kuya Silver?
I would highlight that we are very focused on restarting production and becoming a profitable silver mining company in Peru. But we also feel that we have exceptional exploration potential with our property there. In 2021 and beyond you’ll essentially see us on two parallel tracks: one will be mine development and getting into production, and the other will be drilling and working to find the resource that underlies production for another decade or more. And we think we can do that in the next year or two.
Peter Murray oversees a national editorial and broadcasting team as President of Proactive Canada. He spent several years managing the English news desk at Nikkei’s head office in Tokyo and has worked with research teams at Asian and European investment banks. Peter is based in Vancouver.
PUBLIC ENTREPRENEUR ISSUE 1•2021 | 21
ABOUT THE AUTHOR
MORE CONTENT ON CSE TV
area we are buying. We would like to find potentially some new veins and get them into production, at a similar scale to what we are doing in Peru. And that is the link for us from Peru to Ontario, that the history of the Cobalt Camp is this super high-grade mineralization mined at a small tonnage. We want to produce a lot of silver but not necessarily go through a lot of rock. And we feel we can do that in the Kerr area.
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Mistango River Resources Strategic patience positions this Kirkland Lake explorer for its biggest year yet By Giles Gwinnett
old mining is a cyclical business, and right now the cycle is exactly where the industry wants it, with precious metals prices strong and investors eager to participate in the good times by backing well-run companies with capital. Macroeconomic factors, driven recently by the COVID-19 pandemic, are owed much of the credit, but the sector’s strong performance has actually been due for some time. Few people understand these trends better than Stephen Stewart, an experienced resource industry executive and Chairman of junior explorer Mistango River Resources (CSE:MIS). Stewart and his team have followed a pragmatic strategy that now sees Mistango drilling in Kirkland Lake, one of Canada’s most famous and productive gold camps. Gold went through over half a decade of stagnation, trading in a fairly narrow range before breaking
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out to the upside in 2020, despite what some would argue was the macro background to move higher all along. What many industry executives saw as a crisis, however, Stewart recognized as opportunity. Rather than ploughing cash into exploration during a downturn, Mistango took its time assembling a portfolio of high-quality assets then waited until investor interest returned and funds could be raised at an acceptable cost. With some $7 million in the treasury, now it’s time to put the growth part of the plan into action. “No question about it, timing is everything, especially where I sit,” explains Stewart in a recent interview with Public Entrepreneur. “We are now in what I would call our third phase. The first phase is buying cheap and the second phase is raising money at a good cost of capital. Now we are in the process of deploying that capital as intelligently and as efficiently as we possibly can so that
Stephen Stewart Chairman
Mistango River Resources Inc.
CSE Symbol MIS
March 21, 2011
we can either discover a new ore body or expand on a known one.” Mistango’s first drill target is in Ontario’s famous Abitibi Greenstone Belt. The company is midway through a planned 10,000-metre drill program at its 4,300-hectare Kirkland West project, right next door to the Macassa Mine run by industry titan Kirkland Lake Gold. Macassa, by the way, is not only large, but also one of the highest-grade gold mines in the world. “We are beside the third-largest gold ore body ever discovered, that has gone from east to west, and we’re the next property west,” says Stewart. “The anticipation is, and certainly my hope is, that we can extend that mineralization onto our property.” Macassa, like Mistango’s project, sits on the major Cadillac-Larder Lake Break fault system, which is responsible for much of the 25 million ounces of gold produced at Kirkland Lake in the past 100 years or so.
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Stewart reckons the current buzz around the Kirkland Lake area and the Canadian gold mining industry in general is justified as juniors get drills turning again, and impressive new discoveries, such as those in the equally famous Red Lake district, prove once again that Canada is one of the best gold mining jurisdictions in the world. “Kirkland Lake has been mined for a hundred years. It’s going to be mined for a hundred more. There are more ore bodies that have not yet been discovered in that camp. There’s no question about it,” explains Stewart. Mistango’s first phase of drilling targets three zones at Kirkland West, the first of which was the former Baldwin Mine, which is thought to sit on extensions of the main fault and where historical output showed grades of 15 grams per ton. The Baldwin work is now complete and the rigs have crossed the river to test the main CadillacLarder Lake fault proper.
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We are beside the thirdlargest gold ore body ever discovered, that has gone from east to west, and we’re the next property west. The anticipation is, and certainly my hope is, that we can extend that mineralization onto our property. — Stewart
The company also plans to soon begin drilling its second asset, the advanced stage Omega Mine, which lies around 30 kilometres east of Kirkland West and has an NI 43-101 resource of around 585,000 indicated and inferred gold ounces. In the middle of the last century, a mine at Omega churned out about a quarter of a million ounces. Notably, Omega also lies near some big names, including Agnico Eagle’s Upper Beaver deposit and the former Kerr Addison Mine, at one time Canada’s largest gold mine. Omega is also just a few kilometres west of Orefinders Resources’ McGarry project, which hosts an indicated resource of 123,000 ounces of gold at 8.57 grams per ton. Stewart points out that taken together, Orefinders and Mistango comprise one of the largest landholders on the Kirkland Lake/Cadillac-Larder Lake fault system. Mistango is one of the companies in the Ore Group, which Stewart also chairs. Other companies in the group include QC Copper and Gold, American Eagle Gold and Orefinders. So, how did Mistango manage to get its hands on such a prime piece of land? It’s fair to say that it took persistence. Ore Group, via Orefinders, put in an offer to buy Mistango a couple of years ago but was turned down by management. It later became a significant shareholder, initiated a proxy battle, and ultimately took control. Next began the process of turning the company around, recapitalizing it and starting to put money into the ground, says Stewart. “We consider that [Kirkland Lake] the Ore Group’s backyard. It’s a seven-hour drive from Toronto and we just know the area and we love it and so it was an opportunity to expand our position,” he says. Mistango River has some impressive backers, notably resource icon Eric Sprott, who holds 20% of Mistango’s shares. Sprott was Chairman at Kirkland
Stephen Stewart discusses hunting for Kirkland Lake gold – episode available on blog.thecse.com/pe-podcasts
Giles Gwinnett is a UK-based journalist who has been with Proactive for 10 years, and on its North American coverage team for five. Prior to that he worked for several years at regional newspapers and for a news agency. Giles has written about a wide variety of business and other topics in his career, including the arts, crime and politics.
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Lake Gold during much of its heyday when the stock went up over 20 times in value. “When he saw our land package, he instantly chose to invest,” says Stewart. “He understands the possibility of the gold coming onto our property. He knows how pregnant those fault systems are with gold and took an educated guess on our company.” On the ground, Mistango also benefits from the insights of Vice President of Exploration Keith Benn, who has a PhD in structural geology and extensive experience with the Abitibi. Director Charles Beaudry also has over 30 years of experience in exploration, project generation and business development. Numerous corporate success stories involve years of patience and hard work before the tide turns and management finally has the opportunity to prove that its instincts were right. With a strong team, a healthy treasury and ongoing exploration of high-quality projects in one of the world’s best gold addresses, that moment looks to have arrived for Mistango River Resources.
The quest for a more balanced global supply of rare earths is underway in Saskatchewan By Andrew Kessel
ucked away in northern Saskatchewan, so close to the border that it practically touches the Northwest Territories, sits Alces Lake. It’s a gorgeous part of the province and the namesake for an important resource exploration project that happens to host the second-highest average grade of rare earth elements (REEs) in the world. REEs are used in everything from permanent magnets for electric cars and wind turbines to lithium-ion batteries, as well as smartphones and the ceramics and glass found in superconductors. It’s an industry with rapidly accelerating demand, and Appia Energy (CSE:API), which owns 100% of the 14,334-hectare Alces Lake Project, is looking to become one of its major players. Alces Lake has an in-situ average total rare earth oxide (TREO) grade of 16.65 weighted total percent (wt%). Anything with a wt% above 4 is considered high grade. With a measure that high, a single metric ton of mineralization from Alces Lake would contain roughly 166.5 kilograms of TREO. Of that, 38.5 kilograms (a little less than 25%) would be what is known as critical rare earth oxide (CREO), which represents roughly 85% of the total mineralization’s dollar value. Specifically, that’s neodymium, praseodymium, dysprosium and terbium. Or as a former US Department of Energy national laboratory director once put it, “the stuff you need the most but can’t get enough of.” CREEs are particularly important in the production of permanent magnets, which are also found in everyday items such as audio speakers, laptops and refrigerators. Appia’s Chief Executive Officer, Tom Drivas, believes his company can play an important role in filling a resource need that is only going to get bigger in years to come. “It’s because of the grade, because of the technology, because of our location and because of the right mix of rare earths as well as the mineralogy,” Drivas tells Public Entrepreneur. “Because of all that, we’re in a very good position to have a stable supply in North America.” Pay close attention to the “North America” part of that last statement. Right now, two-thirds of the world’s TREO supply comes from China, and more than 90% of the world’s magnets are
It’s because of the grade, because of the technology, because of our location and because of the right mix of rare earths as well as the mineralogy. Because of all that, we’re in a very good position to have a stable supply in North America. — Drivas
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produced there. The potential for disruption to the supply of rare earths and related products is real. During former US President Trump’s trade skirmish with China, for instance, China threatened a REE blackout, according to Asia Times Financial. “Whoever controls the supply of critical material controls the economy – and that means jobs,” Drivas explains. “There’s lots of interest from the Western world to get to a position where they
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have the supply of critical materials to have the economy start moving and create jobs.” COVID-19 didn’t do the rare earths supply chain any favours, either in China or anywhere else around the globe. For Appia, it meant paring down its exploration program in 2020. Since 2017, the company has discovered 74 REE surface zones and occurrences over a 45kilometre strike area and completed 78 diamond drillholes, 64 that reached a depth of 50 metres or less and 14 that extended further. Appia has a 95% success rate at intersecting REE-bearing systems, and more than 99% of its property remains to be explored. This year, Appia has a lot more time – and a lot more money – to do just that. “We basically have three times the budget of last year,” Drivas notes. “We’re going to be spending $3 million to $4 million at least and see how it goes from there.” The REE minerals at Alces Lake are contained within a caramel-coloured phosphate mineral called monazite. This is good, according to Drivas, because monazite is relatively easy to extract elements from, and companies have been doing it since the 1950s. Not every REE site is so lucky.
Currently, much of the world’s monazite is shipped to China, where it is processed into REEs. That too, though, is changing. In August 2020, the Saskatchewan Research Council and the provincial government announced plans to build a first-of-its-kind REE processing facility in Saskatoon, which is expected to be up and running in late 2022. On the agenda for Appia is a property-wide airborne magnetic, electromagnetic and radiometric geophysical survey, followed by additional surveying and geological mapping to track known mineralization trends and investigate any newly discovered radiometric anomalies. From there, the company plans a diamond drilling program of at least 5,000 metres to explore for more high-grade REO occurrences. In terms of how big this could get, Drivas points to two established REE producers: MP Materials and Lynas Rare Earths. They have market values of US$6.2 billion and US$4.5 billion, respectively. Appia’s is US$41.6 million. “They’re the two main rare earth producers outside of China, but our grade is much better with what we’ve seen so far,” Drivas says. It’s important to note that there is some diversification to the Appia story as well. The company has three uranium exploration projects over a total of 48,024 hectares in Saskatchewan: Loranger, Eastside and North Wollaston.
There’s lots of interest from the Western world to get to a position where they have the supply of critical materials to have the economy start moving and create jobs. — Drivas
The CSE’s Mark Francis chats with James Sykes, VP of Exploration and Development at Appia Energy – episode available on youtube.com/CSETV
Chief Executive Officer
Appia Energy Corp.
CSE Symbol API
Listing date June 19, 2014
At Loranger, for instance, six of seven drillholes intersected uranium mineralization in the company’s first drill campaign. A second drill season was completed in 2019 and discovered a near-surface uranium zone that extends more than 900 metres. Elsewhere, Appia has a 13,000-hectare uranium and REE property at Elliot Lake in Ontario. The Elliot Lake camp has produced more than 300 million pounds (136 million kilograms) of uranium and is the only mining camp in Canada with significant historical commercial rare earth element production. Back at Alces Lake, the company seems to have the best of both worlds when it comes to where it finds its rare earths. Much of the high-grade material discovered to date is close to the surface, suggesting relatively easy extraction were a decision eventually made to put the project into production. In addition, a recent news release discusses that REE mineralization occurs within multiple sub-parallel trends of the system over 875 metres of strike length and down to 340 metres in vertical depth. With the mineralization hosted in monazite, it could be just what North American supply chains are looking for. “If we can prove in the next few years that we’ve got a viable deposit here, there’s a lot of upside for Appia and the industry,” concludes Drivas.
Andrew Kessel covers technology, cannabis and other market sectors for Proactive out of its office in New York. He previously worked as a fact-checker for both PolitiFact and Guideposts, covered higher education for the Columbia Missourian and interned at Rolling Stone magazine. Andrew earned his Bachelor of Journalism from the University of Missouri in 2017.
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Getchell Gold High grades at Nevada projects have this team’s confidence running strong By Patrick Graham
hen Getchell Gold (CSE:GTCH) optioned the Fondaway Canyon gold project in January of last year, President Mike Sieb had never felt more confident that he was making the right move. To Sieb, a 30-year industry veteran known for a combination of technical ability and senior management experience, the Fondaway site checked all the boxes, particularly given the stellar data left behind by the previous owners. Fondaway is a past gold producer with a legacy resource estimated at 1 million ounces. Located a mere two-hour drive from Reno, Nevada, it is easily accessible, which helps to keep costs reasonable. Nevada is also a mining-friendly state, so taking the project from exploration to a fully functioning mine would not generate a red-tape nightmare. “The mineralization is very apparent on the surface,” Sieb explains to Public Entrepreneur. “That’s really the package that finally brings us to the table. You’re starting off with a healthy foundation to work from, and when we started to do even just a cursory
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review of the asset it was readily apparent that the historic resource was actually quite constrained.” In fact, as Getchell’s team continues work on Fondaway, the opportunities to in-fill and expand the mineralization zones are becoming quite evident. Early assay results from the company’s inaugural 1,995-metre diamond drill program in 2020 to test the geological model of the Colorado zone exceeded expectations and set in motion plans to ramp up drilling and develop a mine model. “It’s not very often that every hole of an exploration drill program returns gold intersections as good as or better than anticipated,” Sieb says. “Our 2020 drill program substantially expanded the known mineralization and demonstrated that our broadest gold zones remain open with excellent potential for further extension.” Sieb, who called the findings “an absolute rarity from my experience,” says all six drillholes show promise. One high-grade standout hole pierced the main Half Moon Shear Vein 54 metres below surface and registered 8.6 grams per ton gold over 9.8
Mike Sieb President
Chairman and Chief Executive Officer
Getchell Gold Corp.
CSE Symbol GTCH
August 11, 2011
Our 2020 drill program substantially expanded the known mineralization and demonstrated that our broadest gold zones remain open with excellent potential for further extension. — Sieb
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metres. Another returned 21.9 metres grading 6.2 grams per ton. “The success here is that what we represented in the model actually showed up in the real world. We know that we have what we modelled. We know what the historic work accomplished and what it represents. The model indicated that there is a substantial 100-metre-thick band of mineralization that you can envision,” Sieb says. “The 2020 drill program was designed to prove that the very thick band of mineralization actually exists and that it has real potential continuity.” Toronto-based Getchell obtained the Fondaway property from Canagold Resources as part of a fouryear option agreement under which Getchell can acquire a 100% interest in the site at any time. In return, Getchell pays Canagold $2 million in cash as well as $2 million in shares. And it must spend $1.45 million on exploration. Canagold also
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will retain a 2% net smelter return royalty should Getchell acquire its 100% stake in Fondaway. The property was first staked in 1956, and after changing hands over the decades Canagold obtained it in 2017 and released a resource estimate showing 2.01 million indicated tons grading 6.18 grams per ton gold and inferred resources of 3.2 million tons grading 6.4 grams per ton. Past drilling was extensive, comprising 735 holes for a total of 56,682 metres. In addition to Fondaway, Getchell is developing a second property in Nevada – a high-grade copper, gold and silver project called Star. The company also controls the Dixie Comstock gold project and the Hot Springs Peak gold project in the state, but the Star project stands out. The site is 60 kilometres north of Fondaway. Sieb calls it “excellent bonus potential” for investors. “We have developed fairly compelling targets that will be drilled and tested this year at Star,” Sieb
The success here is that what we represented in the model actually showed up in the real world. We know that we have what we modelled. We know what the historic work accomplished and what it represents. — Sieb explains. “This project has some really good highgrade showings on surface and some compelling geophysical targets at depth and has never been drilled before.” Meanwhile, the company has the finances to push forward with Fondaway in 2021. Getchell has $1.6 million in the bank and about $3 million of warrants that are in the money. Sieb also notes Getchell is fortunate that it can spread its earn-in payments on Fondaway over four years rather than having to make a hefty outlay upfront. Looking ahead to the rest of 2021, Sieb says Getchell plans to undertake a drill program to extend known mineralization and follow up on the newly discovered zone. It also plans to drill an additional 4,000 metres this year and is advancing toward a revised resource estimate. “The next step is readily apparent. It’s going to be a major drill campaign that is going to start to fill in the open spots with a focus on developing a mine model,” Sieb explains. Sieb says he’s already visualizing the next drill program at Fondaway and that it is now in the planning process. “I can easily see where those holes are going to be located to start to further expand as well as in-fill the mineralization,” he explains. “And we’re also going to do another model of the mineralization to get a better sense of what we really have.”
Mike Sieb talks about treasure hunting in Fondaway Canyon – episode available on blog.thecse.com/pe-podcasts
Since the 1990s, Patrick Graham has worked for the Associated Press, Dow Jones Newswires and The Wall Street Journal as a reporter, editor and manager. He helped launch and oversee WSJ.com’s Wealth Adviser vertical to provide exclusive content for wealth managers, financial advisors and financial planners. Patrick today specializes in investing, personal finance and retirement coverage.
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Temas Resources Financial and environmental benefits are some of the good things that come from thinking outside the box By Angela Harmantas
t first glance, Temas Resources (CSE:TMAS) is an explorer with two key mineral assets: a titanium project in Quebec and the intent to acquire a boron property in Serbia. As these commodities are used to make products such as paint, fertilizers and pharmaceuticals, Temas is positioned as a potential supplier to the specialty chemicals sector. A deal was announced by the company in late January of this year that adds an exciting new strategic dimension. With its acquisition of a large stake in ORF Technologies, Temas will have access to patented, cost-efficient and eco-friendly processes for extracting, separating and recovering nickel, iron, gold and titanium dioxide. Expanding the number of angles to the Temas story suits Chief Executive Officer Michael Dehn just fine. The new CEO has been involved in the titanium industry for years but honed his early skills in the gold sector in Red Lake with Rob McEwen and Goldcorp. “I see us becoming a mining technology or mineral processing company,” Dehn tells Public Entrepreneur.
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The key here is how all of the assets work together. The company’s flagship La Blache project is a 2,653-hectare property approximately 100 kilometres north of the community of Baie-Comeau, Quebec. It is home to the Farrell-Taylor magnetite-ilmenite lens, where consistent iron, titanium and vanadium grades are found across the entire length of the complex. Preliminary metallurgical testing of oxide mineralization indicated 90% recovery of iron and 95% recovery of vanadium into a final high-purity product. A titanium dioxide product suitable for further processing to pigment-grade titanium dioxide was fully recovered in testing. La Blache’s value lies not only in the ground but also in its proximity to key end users in North America. Temas is looking at processing in Ohio, which is close to at least five major US paint producers. What’s more, production at La Blache could be powered by tapping into the area’s electrical grid, making it a greener option than alternatives reliant on diesel.
There are other ways in which the project is green as well, as Dehn describes. “Your mine is wherever the rocks are. In our case, about 65% of the recovered rock goes into a finished product. We’re using around 65% of the rock to recover iron, vanadium and titanium.” Shortly after Dehn joined Temas in November 2020, the company formed a strategic partnership with Erin Ventures to develop the Piskanja borate project in Serbia. Piskanja has an indicated mineral resource of 7.8 million tonnes averaging 31% boron oxide and an inferred resource of 3.4 million tonnes averaging 29% boron oxide. The project will be the only production of borates on the European continent, according to Temas. Boron is primarily used in chemical compounds, with around half of all boron used as an additive in fibreglass for insulation and structural materials. The next leading use is in polymers and ceramics in high-strength, lightweight structural and refractory materials.
I see us becoming a mining technology or mineral processing company. — Dehn
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Chief Executive Officer
Temas Resources Corp.
CSE Symbol TMAS
Listing date May 19, 2020
For Temas, adding Piskanja to its portfolio didn’t trigger much debate. “It’s such an obvious project,” says Dehn. “We have reasonable capital expectations to get to production in a country with very strong mining roots. The European Union and European Bank for Reconstruction and Development are trying to encourage Serbia to phase out coal mining, which means there is going to be a locally skilled workforce that will be looking for another opportunity.” Under the terms of the agreement with Erin Ventures, Temas will commit to spending a total of €10.5 million toward the development of Piskanja within a three-year period. Erin will remain operator on the project until Temas has exercised the option to earn a 50% interest in its subsidiary, Balkan Gold, at which point Temas will become operator of Piskanja. The two companies expect to finalize the agreement by April of this year. Between Piskanja and La Blache, Temas already has a couple of company-making projects. The acquisition of ORF Technologies was the missing component that can take things to the next level. ORF’s technology is estimated to be 59.2% better on a production cost basis, leading to a process that is around 144% more cost-efficient than that used by the world’s largest titanium dioxide producer, The
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Instead of blindly going forward with how things are always done, look for the opportunity that’s going to give you a quicker return on your investment but also leave a smaller environmental footprint. — Dehn Chemours Company. ORF’s process is less energy-intensive than the industry standard and can create high-quality titanium dioxide from low-grade materials, which contain contaminants that competitors must discard, according to Dehn. With the ORF approach, rock is dissolved in hydrochloric acid to selectively extract metals such as titanium, nickel or vanadium. The purity of the extracted elements is extremely high. “We can go right from an ilmenite ore to a titanium dioxide without having to go through several intermediate steps, which is what the rest of the industry has to do,” Dehn explains. The same goes for
commodities such as nickel, which now is in higher demand thanks to the red-hot electric vehicle market. Temas plans to acquire a 50% interest in ORF. The company will fund certain ongoing expenses through secured loans, including acquisition and development of new technology, to be repaid from income generated by ORF before declaration of dividends to ORF shareholders. Temas is in good financial shape to advance its 2021 agenda. Since November, the company has raised $5 million via Crescita Capital and an additional $3.6 million in flow-through funding. It’s an undeniably exciting time for Temas, and right where you would expect to find a team that Dehn says is constantly thinking outside the box. “We don’t want to do things the traditional way,” says Dehn. “Instead of blindly going forward with how things are always done, look for the opportunity that’s going to give you a quicker return on your investment but also leave a smaller environmental footprint.”
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ABOUT THE AUTHOR
Angela Harmantas is a senior financial journalist with Proactive. She has 10 years’ experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from multiple countries, including Canada, the US, Australia, Brazil, Ghana and South Africa. Prior to joining Proactive, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. Angela currently resides in Toronto.
27 Hours of Mining Over Canada We took a six-week journey across Canada, exploring the different regions of the country’s mineral-rich terrain and enthralling mining history, from Atlantic Canada to British Columbia. Dig into the full series on CSE TV. It features showcases of companies breaking new ground, panels of industry experts, and discussions on every mining topic you can imagine.
Watch it all on CSE TV now! YOUTUBE.COM/CSE_TV
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I knew many of the stories we discussed but was blown away, when they were all strung together, by just how much of an impact my family has had in Vancouver and in the mining space. We didn’t even get to half the stories. It might be time for a part two!
A discussion about mining, working from home, memorable purchases and more By Sheri Radford Anna Serin is the CSE’s Director of Listings Development for Western Canada and the US. To watch some of the many insightful discussions she’s hosted, visit CSE TV.
What was your first job of note? I’ve had a job as long as I can remember, sometimes multiple jobs! The first real job of note was at a fishing resort up in the Northwest Territories. I was at Great Bear Lake, and I got to swim in the Arctic Ocean, travel around from site to site on planes from the Second World War, fish in award-winning trout lakes and witness the Northern Lights so close you could hear them crackle in the sky.
What’s the smartest piece of business advice you were ever given?
I ended up buying a suit. I was a 15-year-old with a blue pinstriped suit – such a dork.
What is the best book about business you’ve ever read? The History of the Global Stock Market: From Ancient Rome to Silicon Valley. It has lived on my bookshelf for 15 years. It’s covered in notes and highlights. I use it as a reference for a lot of my public speaking.
What is the most interesting thing you’ve learned from all the interviews you’ve done for CSE TV? How little I actually know! I get the opportunity to learn so much about so many sectors with my job and to meet the most amazing people.
How has the mining industry been important to your family?
What was your most memorable purchase as a child or teenager?
Mining has been a big part of my family’s legacy. My great-uncle, Bern Brynelsen, was inducted into the Canadian Mining Hall of Fame, and my father, Dal Brynelsen, has managed countless public mining companies with projects around the globe.
Ha! I was given some money and allowed to go buy my own clothes without my mother’s approval, and
What was the most unexpected thing about interviewing your father for Mining Over Canada?
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Advice from my dad: Always be in the room. Nothing might happen, but I can guarantee nothing will happen if you aren’t.
What’s been most surprising about working from home for the past year? How busy I can be in my pyjamas!
What’s the first place you want to visit in the post-pandemic world? Any dining room table filled with family and friends, good food and wine.
Who’s your hero? Anyone surviving this pandemic world we live in. Big shout-out to the frontline workers who put their health at risk every day to support others, and who don’t have access to family because of their exposure. To the people living in solitude. To the parents homeschooling and working and everything in between. To those affected by the virus who need to sit without family and friends in hospitals and suffer alone. To those families who have lost loved ones and can’t congregate and hold each other as they grieve.
MORE CONTENT ON CSE TV The CSE’s Anna Serin chats with her father, Dal Brynelsen, about their family’s mining legacy – episode available on youtube.com/CSETV
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Maruf Raza, CPA, CA National Director, Public Companies email@example.com Graeme Wedge, MBA, CET Mining Advisory Services Leader firstname.lastname@example.org
Public Entrepreneur features stories about business leaders and entrepreneurs shaping the capital markets. This issue explores Canada’s mini...
Published on Mar 10, 2021
Public Entrepreneur features stories about business leaders and entrepreneurs shaping the capital markets. This issue explores Canada’s mini...