Corman was born in south ern Ontario into a farming family who had an orchard business, but decided to study geology. He spent a summer working with the Geo logical Survey of Canada in B.C. before spending a year studying law at Osgoode Hall Law School in Toronto.“Ilearned enough law just to be dangerous. It certainly helped me through my career,” he said. Early experience with black flies in the bush pushed him towards becoming a mining analyst rather than a field geologist. After several years in the investment industry, he joined Harbinson Mining and Oil Group, helping to manage a
See HALL OF FAME / 6 SPECIAL FOCUS TOP DRILL RESULTS Best results YTD for gold, copper and nickel | 9-15
BY ALISHA HIYATE
The Volkswagen agreement focuses on deepening co-opera tion on sustainable battery manu facturing, cathode active material production and critical mineral supply. It also allows Volkswagen to set up a Canadian subsidiary for its newly formed battery company.
The federal government has signed new agreements with German automakers Volkswagen and Mercedes-Benz, setting the stage for exploring deeper cooperation across all stag es of the automotive value chain. Canadian Prime Minister Jus tin Trudeau and German Chan cellor Olaf Scholz observed a signing ceremony in Toronto at an event hosted by the Canadi an-German Chamber of Industry and Commerce on Aug. 23. The agreements cover all sup ply chain elements, from technical development and the extraction of raw materials to production, service life and recycling. Ottawa said in a news release these agree ments would “help secure Cana da’s position as a leading centre of excellence for the manufacturing of electric vehicles and batteries.”
Co-operation could help secure Canada’s position as a ‘leading centre of excellence’ for EV manufacturing
“ONE
JAPAN’S EMBRACE OF NUCLEAR ENERGY MARKS A TURNING POINT FOR URANIUM / 2 905 841 5004 | geotech.ca VTEM™ | ZTEM™ | Gravity | Geotech_Earlug_2016_Alt2.pdfMagnetics1 2016-06-24 4:27:20 PM WWW.SGS.COM/MINING MINERALS@SGS.COM DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE expert advice from exploration to closure .com SEPTEMBER 5 — 18, 2022 / VOL. 108 ISSUE 18 / GLOBAL MINING NEWS • SINCE 1915 / $5.25 / WWW.NORTHERNMINER.COM Canadian Mining Hall of Fame welcomes most diverse slate of inductees ever HONOURS | New members feted for contributions from prospecting and discovery to mineral processing innovation PM40069240 ZINC MINER TREVALI ENTERS CREDITOR PROTECTION / 5 Canada inks MOUs with meetautomakersGermantohelpcleantransportdemand ENERGY TRANSITION |
The automaker is preparing to go all-electric by the end of the decade, “wherever market condi tions allow.” Because of the sharply rising electrification of the automo tive sector, Mercedes has flagged demand will increase exponen tially for specific and responsibly sourced raw materials, particularly cobalt, lithium, nickel, graphite, manganese and copper. Canada is regarded as a top destination for European inves tors, with recent investments in the battery supply chain by com panies like Germany’s BASF and Belgium’s Umicore, demonstrat ing strong and growing potential for collaboration in the clean tech nology and automotive space.
The Mercedes-Benz agreement focuses on enhancing collabora tion with Canadian companies along the electric vehicle and bat tery supply chains, supporting the development of a sustainable crit ical mineral supply chain.
BY HENRY LAZENBY
In a separate news release, Mer cedes-Benz said the agreement was necessary to secure sustain able raw materials sources.
The first inductee of the night was Dale Corman, a geologist that has made many big discoveries, includ ing the San Nicolas deposit in Mex ico and the Peñasquito mine, which became the largest gold mine in Mexico.Corman has also been a success ful company builder, serving as president of seven public compa nies and a director of 25. His focus has been on big deposits, and “he understands what type of depos its work in any type of cycle and his timing is impeccable,” said Sam Lee, president and CEO of Nor thIsle Copper and Gold in a video tribute. “He is able to identify when a project should be advanced, when a project should be sold, and when a project should just sit.”
Tara Risby, daughter of Canadian Mining Hall of Fame inductee Peter Risby, speaks at the 34th annual ceremony on Aug. 18, 2022 at the Palais Royale in Toronto. HALL OF FAME THING THAT I’VE ALWAYS NOTICED IS THAT DALEPROSPER.”THRIVEGENERALLYSUPPORTPLACESTHOSETHATMININGANDCORMAN
CANADIAN MINING
Dale ImpeccableCorman:timingand a drive to find big deposits
The Canadian Mining Hall of Fame held its 34th annual in duction ceremony on Aug. 18 at the Palais Royale in Toronto, welcoming five new honourees. This year’s event was historic. Not only did the CMHF induct its 200th member, but the slate of inductees was the most diverse in the history of the Hall of Fame dating back to its origins in 1989. Three of the five that would be considered diverse include the first Black man to be inducted, the first openly gay person, and the sixth woman.With attendance of about 380 people, the event was larger than last year’s ceremony, which was capped at 125 due to Covid-19 restrictions and held outdoors, but still modest compared to pre pandemic numbers of well over 1,000 guests. The celebration was co-hosted by The Northern Miner Group’s president, Anthony Vac caro, and president and CEO of the Mining Association of Canada, Pierre Gratton.
See CANADA-GERMANY / 5
Securing metal supplies Global battery and minerals sup ply chains need to expand ten-fold to meet projected critical minerals needs by 2030, an early August report published by the Inter national Energy Agency (IEA) found. The report concludes the industry needs to build 50 more
The Kazakhstan-based company now expects to generate between 25,000 and 25,500 tonnes in 2024 (65 to 66 million lb. of uranium oxide), representing an increase of 2,000 to 3,000 tonnes from levels targeted for According2023.toBMO analyst Alex ander Pearce, the increase rep resents the first real easing of supply curtailments since their implemen tation in 2017. It can also be viewed as a mark of confidence in further improvement in underlying ura niumBMOfundamentals.alsopoints out uranium producers have been encouraged by a surge in uranium spot and contract prices over the past year, with Russia’s invasion of Ukraine boosting demand in recent months.
Japan’s announcement was more significant than the series of other announcements recently by major economies, including France, the U.S., China and India. “Japan is a real turnaround case because of what they went through,” Piquard said. If Japan feels like it has to embrace nuclear power once more, by extension, it means other coun tries such as South Korea, China and India — the world’s economic growth engine of atomic energy and uranium consumption over the next 20 to 30 years — will fol low, Piquard said. This highlights that policy and public attitudes toward nuclear are changing, and consumption growth is coming.
BY HENRY LAZENBY More than a decade after the 2011 nuclear accident at the Fukushima Daii chi power plant in Japan roiled the uranium industry, the country has announced a major policy shift to wards restarting idled reactors.
Wall of demand
Piquard also points out that as noted by Canada’s largest uranium producer Cameco (TSX: CCO; NYSE: CCJ) in its second-quarter results release, the Japanese devel opment could very well be the cata lyst for power utilities to once more lock in future uranium supplies underCamecocontract.had seen a return to long-term contracting activity by power utilities as they pivot toward procurement strategies that more carefully weigh origin risk.
2 SEPTEMBER 5 — 18, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COM Workers at TEPCO’s Fukushima Daiichi Nuclear Power Station work among underground water storage pools on April 17, 2013. GREG WEBB IAEA (WIKIMEDIA CC 2.0) The Gravity Specialists 222 Snidercroft Rd Concord ON Canada L4K 2K1 1 888 219-9566 www.scintrexltd.com scintrex@scintrexltd.com Japan’s nuclear policy shift marks a turning point for uranium ENERGY | Tokyo’s move could presage uranium demand boost among global nuclear players
Nicolas Piquard, VP, portfolio manager and options strategist at Horizons ETFs Management, says the reason Japan’s announcement is such a big event is that it high lights how difficult the situation has become for energy grids glob ally, especially the ones that rely on imported energy sources like liquid natural gas.
“Pre-Fukushima, Japan’s ura nium demand was about 18 million lb. per annum, with cur rent demand nearer to 4 million pounds,” he wrote. “On the back of this announcement, demand is naturally likely to increase, how ever, given the high level of inven tory in the country, we see a limited need for utilities to enter the inter national market over the next cou ple of Still,years.”Hamilton noted the move is “another positive for future ura nium needs.”
China has said it plans to build 150 new reactors between 2020 and 2035, and Japan also aims to boost nuclear capacity, as does South Korea. In Europe, the U.K. plans to build one new nuclear plant yearly to cover about 25% of elec tricity demand with nuclear power sources.France, which already relies on nuclear reactors for about 70% of its electricity, has committed to install 14 new plants, while the European Union has proposed counting nuclear plants as a green investment.Incontrast, the Japanese announcement follows disappoint ing news from Germany in August, with the country finally deciding to close out its last three nuclear plants after much back-and-forth and“Theflip-flopping.marketis in a slight defi cit, and the reality is it is difficult to get new mines operating,” Piquard said. Despite the price lift in the past three quarters, most opera tions today are merely breaking even, he noted, while the incen tive price has risen to a range of US$65 to US$75 per lb. of yellow cake from about US$55 to US$65 per lb. in the past.
“Loss of Russian supplies and the Diablo Canyon nuclear plant exten sion [in California] could be bull ish catalysts. We think uranium prices should continue a measured increase, peaking around US$70 per lb. in 2023, versus spot at US$49.5 per lb. However, any loss of Russian supplies would make us more bull ish,” the bank’s analysts said.
Majors ramping up Meanwhile, the uranium majors are upbeat about market conditions.
“In the year to date, Japan’s cap ital Tokyo has buckled under two power crunches, with one occur ring during a significant heat wave. By restarting its reactors, Japan also hopes to curb its reliance on energy imports,” he told The Northern Miner in an interview.
Bank of America forecasts ura nium spot prices to rise to US$70 per lb. by 2023. “Increased uranium purchases from financial mar ket participants often correlates to higher prices,” the bank said in an early August report.
On Aug. 24, Prime Minister Fumio Kishida announced that Japan would restart more sus pended nuclear power plants and look at developing next-genera tion reactors. This represents a sig nificant policy shift amid soaring energy costs, a global fuel shortage, and extreme Accordingweather.toKishida, Japan aims to restart seven more reactors from next summer. This would increase the total number of reactors online to 17 out of 33 operable reactors in the country (pre-Fukushima). Kishida also said that officials would look at extending the lifespan of existing reactors beyond the cur rent maximum of 60 years. Officials have been instructed to come up with concrete measures by year-end.
The world’s largest uranium producer, Kazatomprom (LSE: KAP), said earlier in August it had increased its 2024 production tar get by about 10% due to grow ing demand for nuclear energy amid global energy concerns. That move marked a reversal of some of the more aggressive curbs seen in recent years as the industry sought to run down inventory.
Uranium ETF Piquard manages the Horizons Global Uranium Index ETF (TSX: HURA) – the first exchange-traded fund in Canada to provide direct exposure to the global uranium sec tor via equity positions and up to 25% exposure to the uranium price. He says uranium is in the begin ning stages of a prolonged bull run. “The ETF is up 150% since inception on May 15, 2019,” Piquard said. The analyst pointed out that over the past decades, the market has seen cycles’ ups and downs become longer. “That seems to be one of the characteristics of the uranium mar ket because of its long-term con tracting nature. We’re still at the beginning stage of the uranium bull market, and given that the price is marginally above what breakeven is for a lot of projects, compared with all other commodities, I think it’s fair to say that there’s no reason why there’s not plenty of upside here,” he said. The HURA ETF last traded at $23.47, up almost 32%, despite a highly volatile year that saw the price touch a high of $30.35 and a low of $17.19. The fund has net assets valued at $58.1 million.
“This is, of course, a very bullish event for uranium prices and pro ducers,” he said. The analyst noted the market is already tight today, even with out the balance of Japanese reac tors working and does not include any of the plants under planning or construction in China alone.
BMO Global Commodities Research analyst Colin Hamilton said in a note to clients the Japanese government had been telegraph ing a pro-nuclear stance for some time now. Still, the more poignant change has been the shift in per spective from the wider population back toward nuclear following the Russian invasion of Ukraine.
TNM
TNM gold
DRILL DOWN: Top
of Capital TNM DRILL DOWN Top gold assays of the week RANK PROPERTY NAME COUNTRY OWNER DRILL HOLE DRILL DEPTH WIDTH GRADE WIDTH ID TYPE FROM (m) (m) (G/T GOLD) X GRADE 1 Bendigo-Ophir New Zealand Santana Minerals (ASX: SMI) MDD054 DD 179.0 1.0 1,400.00 1,400.00 2 Asanko Ghana Galiano Gold/Gold Fields (TSX: GAU/JSE: GFI) NKDD22-100 DD 13.6 16.4 47.30 775.72 3 Rogue Canada Snowline Gold (CSE: SGD) V-22-007 DD 5.1 282.9 2.30 650.67 4 Treaty Creek Canada Tudor Gold (TSXV: TUD) GS-22-146 DD 168.5 517.5 1.02 527.85 5 Jerritt Canyon United States First Majestic Silver (TSX: FR) SMI-LX-1102 DD 91.7 23.2 19.35 448.92 6 Bankan Guinea Predictive Discovery Ltd. (ASX: PDI) BNERD0118 DD 216.0 48.0 5.26 252.48 7 Estelle United States Nova Minerals (ASX: NVA) RPM-015 DD 124.0 2.0 120.50 241.00 8 Didievi Ivory Coast African Gold (ASX: A1G) DDD044 DD 19.0 231.0 1.02 235.62 9 Filo Del Sol Argentina Filo Mining (TSX: FIL) FSDH061 DD 392.0 701.2 0.33 231.40 10 Diablillos Argentina AbraSilver Resource (TSXV: ABRA) DDH-22-037 DD 71.0 155.0 1.48 229.40 All data supplied by Mining Intelligence for period of August 19-26 for public companies from exploration stage to production. Reported lengths are not necessarily true widths. Only the best hole per property is shown. RC=Reverse Circulation DD=Diamond Drilling
assays of the week Aug. 19-26
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 5 — 18, 2022 3
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Brisbane-based Santana Min erals (ASX: SMI) delivered the top intercept of the week from its Bendigo-Ophir project in New Zealand’s Central Otago gold fields.Hole MDD054 cut 1 metre of 1,400 grams gold per tonne for a grade x width of 1,400, start ing from 179 metres depth. The same hole also returned 1 metre of 127 grams gold from 180 metres depth. (A top cut of 100 grams gold was used.) Partial assays for Hole MDD054 were previously reported, delivering 29.3 metres grading 13.8 grams gold per tonne from 165.8 metres deep. The intercepts, along with inter vals from hole MDD051 drilled 80 metres to the southwest, indi cate a significant high-grade zone on the eastern margin of the RAS shoot, which measures 300 to 400 metres wide and 1,500 metres long. Gold mineralization at the project is shear-hosted, in quartz veins and stockworks.TheBendigo-Ophir project, located 90 km northwest of Oceana Gold’s (TSX: OGC) Macraes gold mine, consists of four deposits (Rise and Shine [RAS], Come-in-Time, Shreks and Shreks East) extending 4 km northwest-southeast along the Thompsons Gorge Fault. A July 2022 resource update pegged inferred resources at 33.4 million tonnes grading 1.8 grams gold per tonne for 1.9 million oz. of Ingold.July, the company announced a private placement to extend its drill program, with more than 14,400 metres completed in 2022 to the end of August. The week’s second best hole came from Galiano Gold (TSX: GAU) and Gold Fields’ (NYSE: GFI; JSE: GFI) producing Asanko joint venture mine in Ghana.
PearTree structures and funds Canadian resource exploration and development activities accessing Canada’s unique flow-through share tax incentives. Global investors purchase shares stripped of tax value at discounts to in the Resource Sector Cost
Diamond drill hole NKDD22100 cut 16.4 metres of 47.3 grams gold per tonne (grade x width of 775.7) from 13.6 metres at the Nkran deposit. The hole was part of an infill drill program completed to increase confidence in resources and expand mineralization below the existing open pit, which was last mined in 2020. So far the JV, operated by Galiano, has completed 24 holes totalling 8,116 metres this year at Nkran. The results will be incor porated into a resource update that will support an updated reserve estimate in early 2023. Nkran hosts indicated resources of 12.1 million tonnes grading 2.9 grams gold per tonne for 814,000 oz., and inferred resources of 1.3 million tonnes grading 2.23 grams gold for 96,000 ounces. The deposit is located next to the 5.8-milliontonne-per-year processing plant at Asanko.Themine, situated on the Asank rangwa gold belt, is equally owned by Galiano and Gold Fields, with the government of Ghana holding a 10%Andinterest.theweek’s third best interval comes from Canada, at Snowline Gold’s (CSE: SGD) 112.3-sq-km Rogue project in the Yukon. Dia mond drill hole V-22-007 cut 282.9 metres grading 2.3 grams gold (grade x with of 650.7) from a depth of only 5.1 metres, starting at the bedrock surface. Assays for the bottom 127 metres of the hole are still pending. The hole was drilled at the Val ley target, a near-surface intrusive stock with sheeted gold-bearing quartz veins within the intrusion and visible gold in sulphide veins in the surrounding hornfels. Snowline has two drill rigs at Valley, discovered in 2021, with 6,750 metres drilled so far this sea son. Mineralization at the bulk-ton nage zone has been traced for about 1 km.The project is one of seven Snowline projects located in the Selwyn Basin in east-central Yukon. Snowline’s portfolio was spun out from a Yukon-based, private prospecting company. The company began trading on the CSE as Snowline Gold in February 2021, after taking over the listing of a bitcoin miner.
Expandingpeartreecanada.comtheuniverse of exploration capital. Watch our video in English, Français, Deutsch and Español on our website
BY ALISHA HIYATE
Our TNM Drill Down feature highlights the top gold assays of the past week. Assays are ranked by gold grade x width, as identified by our sister company Mining Intelligence.
THE VIEW FROM ENGLAND: COLUMN | Copper and an artist drawn to warThe coal conundrum
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Instead, during a visit to Canada in August, German Chancellor Olaf Schloz signed a “joint declaration of intent” with Prime Minister Jus tin Trudeau to work towards exporting green, wind-generated hydro gen from Newfoundland and Labrador by 2025. (The project — which as currently envisioned, would see some 164 wind turbines installed along the Port au Port Peninsula — has already generated concerns.)
The report concludes “Unless new copper supply comes online in a timely way, with clear political support and strategic commitment, netzero emissions by 2050 will likely remain out of Compoundingreach.”the concern is an equity research note, published on Aug. 22, from Jefferies Finan cial Group, which opens with the sobering message: “Austerity in mining will lead to shortages of commodities.”AlthoughJefferies argues that the mining industry is benefiting from austerity (balance sheets are clean, and cash flow and capital returns have been at record highs), the New York-based financial ser vices firm warns “a change in the structure of how mined commod ities are sold may be needed to solve the supply shortfall.”
As industries and nations fret about getting the raw materials needed to power the energy transition, coal is also seeing a stunning rise. In September 2021, the price of ICE Newcastle coal was around US$120 per tonne. In March, after Rus sia’s invasion of Ukraine it spiked to nearly US$380 per tonne. At press time at the end of August — shortly after a European Union embargo against Russian coal came into force on Aug. 11 — it rose higher still, to US$410 perAttonne.thesame time, coal use has been growing. In fact, according to the International Energy Agency (IEA), 2022 could be on par with the 2013 all-time peak in demand for the fossil fuel of 8 billion tonnes (the major ity being thermal coal). The IEA notes that the market for high-quality, high-CV (calorific value) thermal coal was so tight in June that it traded at a higher price than metallurgical coal. “This unprecedented phenom enon is a clear indication of the extraordinary situation in coal markets,” it said in its Coal Market Update released in late July. Europe’s efforts to break its dependence on Russian energy have helped juice demand, with many EU nations turning toward coal as a substitute for natural gas, the price of which has risen even more steeply and supplies of which are running short. In late August, the price of nat ural gas hit a record high of €343 per megawatt hour in Europe — up from about €27 a year ago, and more than 10 times the price in the U.S., according to the Financial Times. Electricity prices have correspondingly risen into the stratosphere. This summer has also seen China dealing with record-breaking, and in some areas, crippling heat waves. Affecting much of the northwest, cen tral and southeast of the country for more than two months, the extreme heat has dried up reservoirs, shrinking water supplies for hydroelectric ity. In response, the Asian giant, which already accounts for about half of global coal demand, has doubled down on coal to meet the needs of industry and residential air conditioners.
Jefferies suggests that commod ity consumers could underwrite mining projects by offering longterm contracts fixed at premium prices. Without this new market structure, Jefferies says “we are at risk of entering a world in which shortages of raw materials leads to much higher manufacturing costs and slower economic growth.” This is quite apart from those failed net-zero emission targets. What is required from our polit ical and corporate leaders brings to mind a glorious watercolour painted by Ravilious in 1940 while he was stationed at the Royal Naval barracks at Chatham Dockyard, ‘Bomb Defusing Equipment’.
BY DR CHRIS HINDE Special to The Northern Miner These projected annual shortfalls are expected to place “unprece dented strain on supply chains,” that will be reminiscent of the 20th century scramble for oil (but may be accentuated by the even higher geographic concentration of copper resources).
The report concludes that the challenge will be made harder by increasingly complex geopolitical and country-level operating envi ronments. These include the stra tegic rivalry between the United States and China (especially as the latter will remain the dominant global supplier of refined copper) and by the vulnerability of supply chains (as highlighted by Russia’s invasion of Ukraine).
EDITORIAL
DEPARTMENTS Special Focus 9 Professional Directory 17 Market News 18 Metal, Mining and Money 19 Stock Tables 20-23 COMPANY INDEX AbraSilver Resource 3 African Gold 3 Anglo American 8 Aston Minerals 9, 10 Atex Resources 12, 13 Barrick Gold 16 BHP 8 Cameco 2 Canada Nickel Company 14 Celsius Resources 12 Centaurus Metals 15 E79 Resources 10 Eldorado Gold 10, 11 Emerson Resources 12 Filo Mining 3, 12 First Majestic Silver 3 Freeport-McMoRan 8, 12 Future Metals NL 14 Galiano Gold 3 Giga Metals 14 Glencore 16 Gold Fields 3, 8 Grid Metals 15 Hastings Technology Metals 16 Horizons Global Uranium Index ETF 2 Hudson Resources 16 Hummingbird Resources 10 IGO 16 Ivanhoe Electric 16 Kazatomprom 2 Libero Copper & Gold 12 Los Andes Copper 12 Lunnon Metals 15 Neo Performance Materials 16 NGEx Minerals 12, 13 NorthWest Copper 12 Nova Minerals 3 OceanaGold 3 Orford Mining 16 Osisko Development 10 Osisko Mining 9, 10 Panoramic Resources 15 PolarX 10, 11 Predictive Discovery 3 Pursuit Minerals 9, 10 Ragnar Metals...................................................15 Rio 2 8 Rock Tech Lithium 5 Santana Minerals 3 Snowline Gold 3 Solaris Resources 12, 13 Tietto Minerals.............................................9, 10 Trevali Mining 5 Tudor Gold....................................................3, 12 Wesdome Gold Mines 9, 10 Widgie Nickel 15 Zeb Nickel 15 BY ALISHA HIYATE
TNM —Dr. Chris Hinde is a mining engineer and the director of Pick and Pen Ltd., a U.K.-based consulting firm. He previously worked for S&P Global Market Intelligence’s Metals and Mining division..
Germany, which previously planned to phase out coal by 2038, and has an ambitious net zero target of 2045 but has also shunned cli mate-friendly nuclear power — now finds itself turning to coal as well. The country, which has the EU’s largest economy, has been heavily reli ant on Russia for energy. It began to restart coal-fired power plants in August. Other EU countries, including France, the Netherlands, Spain, Italy, Greece, Czech Republic, Hungary and Austria, are also extending the lifetimes of coal plants scheduled for closure, reopening closed plants or raising caps on working hours of coal plants to reduce gas consump tion, the IEA has noted. This despite coal’s role in climate change: coalfired power plants are responsible for about 20% of global greenhouse gasTheemissions.energycrisis will not be a short-term fix. “The next five to ten win ters will be difficult,” Belgian Prime Minister Alexander De Croo warned in August, as natural gas and electricity prices across Europe surged. While Germany is desperate to diversify its energy sources, lon ger-term, it is still reluctant to reconsider nuclear power, which it backed away from in the wake of the Fukushima nuclear disaster in 2011.
TNM GLOBAL MINING NEWS • SINCE 1915 www.northernminer.com PRESIDENT THE NORTHERN MINER GROUP: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: Alisha Hiyate, BA (Poli Sci, Hist) ahiyate@northernminer.com MULTIMEDIA SPECIALIST: Henry Lazenby hlazenby@northernminer.com COPY EDITOR AND PRODUCTION EDITOR: Blair McBride bmcbride@northernminer.com PHOTO EDITOR AND PODCAST HOST: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Robert Hertzman (416) rhertzman@northernminer.com898-6654 Michael Winter (416) mwinter@northernminer.com510-6772 SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. gagelopoulos@northernminer.com43702 PRODUCTION MANAGER: Jessica Jubb (416) jjubb@northernminer.com510-5213 CIRCULATION/CUSTOMER SERVICE: (416) 510-6789 | northernminer2@northernminer.com1-888-502-3456 REPUBLISHING: (416) moliveira@northernminer.com510-6768 ADDRESS: Toronto Head Office 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) tnm@northernminer.com510-6789 SUBSCRIPTION RATES: Canada: C$130.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NL orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: C$172.00 one year Foreign: C$222.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return c/oCanadianundeliverableaddressestoCirculationDept.TheNorthernMiner 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118 THE NORTHERN MINER is published biweekly by Glacier Resource Innovation Group, a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax:
Arecent report suggests copper might have some thing in common with Eric Ravilious, whose paintings became increasingly associated with conflict. A strategic study by IHS Markit (now a part of S&P Global) suggests that scarcity of the red metal “may emerge as a key destabilising threat to interna tionalRavilioussecurity.”died 80 years ago, on Sept. 2, 1942 (becoming the first British war artist to die in active service in World War II) when his aircraft was lost off Iceland. In a recently-released film, ‘Drawn to War’, director Margy Kin month brings to life this brilliant, and grossly undervalued, British artist.Born in 1903, Ravilious became known before the Second World War for his modernist waterco lours of English landscapes. He was accepted as a full-time sal aried artist by the War Artists Advisory Committee in Decem ber 1939 (with the rank of Cap tain in the Royal Marines). After numerous painting assignments, Ravilious flew to Iceland at the end of August 1942. On the day he arrived at the Royal Air Force base of Kaldada rnes, an aircraft had failed to return from a patrol. The next morning three aircraft were des patched to search for the missing plane, and Ravilious opted to join one of the crews. His aircraft also failed to return and, after four days of searching, the RAF declared Ravilious and the four-man crew lost in action. Neither the plane nor bodies were ever recovered. Conflict between nations is also highlighted in a recent study on copper.Numerous organizations are expressing alarm as to whether there will be enough miner als to meet the requirements for the goal of net-zero emissions by 2050. As The Northern Miner has reported, S&P Global’s study enti tled ‘Will the looming supply gap short-circuit the energy transi tion?’ responds to these concerns by focusing on copper. The report warns that annual demand for the metal will double to about 50 mil lion tonnes by 2035, and continue to grow Amongthereafter.thekey findings in the report are that the “chronic gap between worldwide copper supply and demand (projected to begin in the middle of this decade) will have serious consequences across the global economy, and will affect the timing of net-zero emissions.”
S&P Global warns “while structurally higher prices incen tivize international investment in new capacity, governments in sourcing countries are likely to seek to capture domestically a ris ing share of revenues.”
4 SEPTEMBER 5 — 18, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COM
Trudeau also signed agreements on the supply of battery minerals and co-oper ation on battery manufacturing with leading German automakers who were part of the European delegation. Neither announcement will help Germany get through the upcoming winter, however — unlike reliable, convenient, dirty, and hard-to-quit coal. (416) 447-7658 to: Officer, The Northern Miner, 225 Duncan Mill Road, Suite 320, Toronto, ON M3B 3K9.
Hedging arrangement Cartier pointed out that Trev ali had entered a hedging arrange ment on Caribou comprising fixed pricing from April 2021 to Decem ber 2022, covering 115 million lb. of payable zinc priced at US$1.25 per lb. As of the second quarter results, Trevali had run up a defi cit of 24.8 million lb. of zinc metal due under the “Accordingly,contract.thiswould need to be settled with future produc tion, or financially with the coun terparty,” Cartier wrote. Meanwhile, Trevali also con firmed it did not make the manda tory prepayment of about US$7.5 million on a senior credit facil ity due in mid-August, with the missed payment deemed an event of default. The company said it was working with its senior lend ers regarding the default.
BMO Capital Markets mining analyst Rene Cartier pointed out in a note to clients that at Rosh Pinah, lithium mines, 60 more nickel mines and 17 more cobalt mines by 2030 to meet global net carbon emissionsMercedes-Benzgoals. is exploring a strategic partnership with Van couver-based Rock Tech Lithium (TSXV: RCK) whose equity was up 14.5% on the day of the announce ment to $4.02 per share. Rock Tech is building a lithium hydrox ide converter in Guben, Germany, and the deal could allow Mer cedes-Benz to supply its vendors with Rock Tech’s product. From 2026 onwards, as part of this fore seen partnership, the automaker and its battery partners will buy up to 10,000 tonnes of lithium hydrox ide annually from Rock Tech, start ing with a qualification period. “To scale up mass production of electric vehicles, we need access to raw materials. With the intended Rock Tech partnership, we are diversifying the sourcing of our raw materials as part of a direct sourcing approach to secure the lithium sup ply for Mercedes-Benz battery pro duction in Europe,” said Gunnar Guethenke, Mercedes-Benz’s VP for Procurement and Supplier Quality.
TNM
Ailing zinc miner Trevali Mining (TSX: TV; US-OTC: TREVF) received an initial order from the Supreme Court of British Columbia under the Com panies’ Creditors Arrangement Act (CCAA) on Aug. 19, granting it creditor protection. Production at two of its three assets remains sus pended amid a lower price, high er-cost environment. On the same day, Burkina Faso news sources reported that two Trevali managers were arrested in the West African country due to the tragic flooding at the Perkoa zinc mine that trapped and killed eight miners underground in April. Burkinabe authorities have also filed charges relating to this matter against the company’s in-country subsidiary and the mine operator. Mining and milling at Treva li’s 90%-owned Perkoa mine have been suspended since mid-April, when heavy rains resulted in a flash flood that entered the mine property and breached the mine’s safety controls, engulfing the underground mine. It is unclear what charges the Trevali employ ees face. The Northern Miner reached out to the Vancouver-headquartered miner for comment but had not received a response by press time. Because it received creditor pro tection under the CCAA, the com pany expects its stock to be delisted from trading on public exchanges in due Havingcourse.reviewed its cash posi tion, scheduled debts, and fore cast revenue and expenses, Trevali lodged its application to the B.C. Supreme Court for creditor pro tection on Aug. 19. At the time, Trevali said it would continue to fund itself during the CCAA proceedings through cash on hand and cash flow generated at the Rosh Pinah base metals mine in Namibia.
PLEASE TAKE NOTICE that a copy of the Initial Order and other public information concerning these CCAA proceedings can be found on the Monitor’s website at byfticonsulting.com/Trevali,http://cfcanada.ormaybeobtainedcontactingtheMonitorat:
Lithium shortfalls Lachapelle noted a number of OEM announcements in recent weeks, with the intent of secur ing lithium offtake. In her view, these announcements signal rec ognition by industry participants of the potential for long-term sup ply shortfalls in the lithium market and reflects growing competition for the security of supply. While the announcement did not come with any financial commitment, it highlights the trend that West ern auto OEMs are now willing to commit to more than just offtake agreements.Morethan $13 billion was prom
Genuity Capital Mar kets mining analyst Katie Lachapelle views the agreement as a positive, representing the first non-MOU offtake agreement for Rock Tech’s planned lithium hydroxide con verter. She also believes it provides some credibility to Rock Tech’s plans and should help support project financing efforts, the ana lyst wrote in a note to clients in late August.Stuttgart-based Mercedes-Benz believes this initial supply agree ment and additional future sup ply partnerships will be critical to help achieve its ambitious elec trification goals. Mercedes-Benz is one of the world’s largest auto makers, producing roughly 2 mil lion units per year, and wants to go fully electric by 2030, with all new models electric from 2025 onwards. The company has com mitted about €40 billion in invest ment toward this effort. The agreements come one week after U.S. President Joe Biden signed a plan to provide tax cred
Volkswagen CEO Herbert Diess and Canada’s Minister of Innovation, Science, and Industry, François-Philippe Champagne, sign an MOU while German Federal Chancellor Olaf Scholz and Canadian Prime Minister Justin Trudeau look on.
VOLKSWAGEN however, the early works program was under review, and the expan sion project had been suspended. “As such, RP2.0 has some option value, should a financing solution emerge,” said the analyst. Trevali has now also formally suspended production at the Car ibou mine in New Brunswick fol lowing a review of the operation. In its second quarter results released in mid-August, Trev ali reported low productivity and equipment and operator availabil ity at Caribou, which resulted in lower production and higher costs. Cartier noted that the suspension and care and maintenance activities will add to the miner’s costs. No timeline for a potential restart has been defined.
Two managers arrested in Burkina Faso following April flood deaths at Perkoa mine BY HENRY LAZENBY
TNM
Trevali enters creditor protection as troubles at two of its three operations mount
FTI Consulting Canada Inc. Monitor of Trevali Suite 1450 – 701 W. Georgia St. Vancouver, BC V7Y 1B6
TREVALI MINING
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 5 — 18, 2022 5
BURKINA FASO |
Trevali said it would consider all potential transaction and restruc turing options.
RE: NOTICE OF CCAA FILING NOTICE IS HEREBY GIVEN that on August 19, 2022, Trevali Mining Corporation and Trevali Mining (New Brunswick) Ltd. (collectively, the “Applicants” or “Trevali”) sought and obtained an order (the “Initial Order”) from the Supreme Court of British Columbia under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”) under court file number S-226670. Pursuant to the Initial Order, FTI Consulting Canada Inc. has been appointed as monitor (the “Monitor”).
Attention: Mike Clark Toll Free: 1-877-294-8998 Email: Trevali@fticonsulting.com ised in just eight weeks this past spring to build the needed battery supply chains and shift produc tion from combustion-engine to plug-in vehicles. That was on top of another $3.5 billion pledged in the last four years, including for invest ments to make electric school and transit buses, produce and process critical minerals needed to make batteries, and to build research and development facilities.
CANADA-GERMANY from 1 its for electric vehicles produced in North America, not just those built in the United States. They also follow a string of promised investments by other EV manufacturers into the Canadian automotive industry.
NOTICE TO CREDITORS TREVALI MINING CORPORATION AND TREVALI MINING (NEW BRUNSIWCK) LTD.
Trevali Mining’s Perkoa zinc mine in Burkina Faso.
“As sustainability is a central pil lar of our Mercedes-Benz purchas ing strategy, we appreciate that Rock Tech plans to supply Mer cedes-Benz with lithium from min ing sites audited to the standard of IRMA and processed with renew able energy sources.” This intended agreement marks a decisive step for the supply of high-quality lithium to be pro cessed in Germany, and would advance the localization of Euro pean production of state-of-the-art batteryCanaccordcells.
Newly inducted CMHF member Maureen Jensen with Pierre Gratton at the annual induction ceremony in Toronto. CANADIAN MINING HALL OF FAME
Corman plans to continue sup porting the mining industry in retirement.“Overthe years, I’ve travelled to many different countries. One thing that I’ve always noticed is that those places that support min ing generally thrive and prosper.”
“It’s my hope that the scholar ship fund will continue to grow over the next few years as Casino is being developed, and the indi viduals and companies that have benefited from the work, as I have, will consider donating to this wor thy cause,” he said. “There are a lot of very bright young adults in the Yukon who shouldn’t be deprived of a good education due to financial issues.”
Pierre Gratton with Tara Risby, daughter of the late Peter Risby, one of the newest CMHF members inducted on Aug. 18, 2022. CANADIAN MINING HALL OF FAME
Maureen Jensen ‘I found my perfect place’
Jensen, while noting that she doesn’t believe women should be appointed to boards just because they’re women — but that the indus try should have “smart, experienced directors who happen to be women” — is also a passionate advocate for diversity in the industry.
“Tonight, I would just like to say one thing and that’s to talk about diversity. We all know that mining has lost a great number of people to other businesses, not just due to the market turndowns, but also not fit ting into the mining culture,” she told the “Women…audience.diverse people and anyone who’s different or comes from a different background con tinue to be noticeably absent from the mining business. Today we are in a war for talent, and it is truly a war, and mining company culture needs to change to include very people-focused leadership, invest ments in training, active men torship and sponsorship, and full respect at work policies if we are to attract the brightest and the best.”
Phillip toInventionMackeyandinnovationfuelprogress Phillip John Mackey, an Aus tralian-born metallurgical engi neer who moved to Canada as a young man to work at the Noranda Research Centre in Montreal, was the night’s third inductee. Mackey was instrumental in the development of two copper smelting technologies that have changed the global industry. He co-developed the Noranda Reac tor Process, first commercial ized at the Horne smelter in the early 1970s; and co-invented the Noranda Converting Process, which was installed at the Horne smelter in the late 1990s and improved its environmental per formance.Bothprocesses transformed how copper is produced worldwide. According to Michael King,
MAUREENANDTHEAREPOLICIESRESPECTANDSPONSORSHIP,MENTORSHIPTRAINING,INVESTMENTSLEADERSHIP,PEOPLE-FOCUSEDINCLUDETOCULTURECOMPANY“MININGNEEDSCHANGETOVERYINACTIVEANDFULLATWORKIFWETOATTRACTBRIGHTESTTHEBEST.”JENSEN
2018 CMHF inductee Ross Beaty and Barrick Gold president and CEO Mark Bristow at the Canadian Mining Hall of Fame induction ceremony at Palais Royale in Toronto on Aug. 18. CANADIAN MINING HALL OF FAME
The second inductee of the night was Winnipeg-born Maureen Jen sen, a geologist who spent 20 years in the industry before going over to the regulator side, and became the first female Chair of the Ontario Securities Commission. In other words, as Franco-Nevada chair David Harquail said in a video trib ute to Jensen, a trailblazer on both sides.Jensen’s father was a mining engineer who died when she was only eight. In a video tribute, Jen sen said her mother, who wanted her to become a doctor, cried for four days when Jensen told her she was going to study geology instead of becoming a doctor. “She wanted me to have opera and restaurants,” Jensen said, not a life in the bush finding mines. However, Jansen remarked: “I found my perfect place, I found my perfect life: a combination of sci ence, adventure and business.” She earned her B.Sc. in geology from the University of Toronto, and worked as a field geologist before becoming VP of explora tion and then president and CEO, and later chairman of Noble Peak Resources.Fromthere, Jensen moved over to the regulators’ side, joining the TSX. As part of the Mining Stan dards Task Force, she contributed to the creation of National Instru ment 43-101 and the ‘qualified person’ concept to earn back the trust of investors in the wake of the Bre-X Minerals scandal in 1997. She was also instrumental in forming APGO — now PGO or Professional Geoscientists Ontario — a self-regulating body that has now licensed more than 2,000 geo scientists in Ontario. Jensen joined the OSC in 2011 as executive director and chief administrative officer before being appointed chair and CEO in 2016. In a video interview Jensen said that throughout her career, she’s picked causes or issues to work on that she thought would make busi ness better. “I have chosen to get involved in areas where I thought there was a problem that could only be solved by putting smart people together, dissecting the problem, and fixing it piece by piece.”
As founder and former chair man and CEO of Western Cop per & Gold, Corman has been integral in advancing the com pany’s Casino copper-gold por phyry project in the Yukon. When he retired from Western Copper just over a year ago, the company made a generous $180,000 dona tion to a scholarship fund set up in his name and Casino mine to pro vide financial support to Yukon students pursuing degrees in engi neering and science.
6 SEPTEMBER 5 — 18, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COM
Pierre Gratton, Canadian Mining Hall of Fame chair and president and CEO of the Mining Association of Canada, with new CMHF member Dale Corman. CANADIAN MINING HALL OF FAME
HALL OF FAME from 1 group of 15 junior companies, and to bring the Sturgeon Lake, Lake George and Cullaton lake mines intoInproduction.thelate 1980s, Corman shifted his focus to large copper and precious metals deposits in Canada and Mexico, including the Carmacks deposit in the Yukon (a JV between his company Thermal Exploration and Western Cop per) as well as Peñasquito and San Nicolas (a JV with Teck). Thermal and Western Copper later merged, then eventually became Western Silver and was acquired by Glamis Gold, which bought its Mexican projects for $1.3 billion in 2006. Reflecting on his 50-year career in his acceptance speech, Corman, who didn’t retire until his mid-80s, said: “I thoroughly enjoyed my 50 years in the mining business — it’s amazing how time flies when you’re having fun.”
Robert Quartermain, the Canadian Mining Hall of Fame’s 200th inductee, speaks at the 34th CMHF induction ceremony on Aug. 18.
“THIS PHILLIPSUPERPOWER.”ENERGYBEOPPORTUNITYNOWRICHRESOURCECANADA,COUNTRY,GREATACOUNTRY,HASTHETOARENEWABLEJOHNMACKEY
“My father would say the world needs metals,” Mackey said. “I think he was right — and even moreso today with the energy transition. “A word about the mining industry: We all know that cli mate change and the need for clean energy and clean air will force us to rethink our ways of doing things. The minerals and metals industry is absolutely crucial for the global energy transition. The Canadian mining industry will see increas ing demand for all our products. This is good news for everyone here tonight. But it will require major changes in mining, milling and materials technology for metals to play that vital role.” Mackey noted that the industry is facing the most challenging times of his entire career — but expressed faith that the industry would rise to the“Thischallenge.great country, Canada, a resource rich country, now has the opportunity to be a renew able energy superpower. With the skilled people such as [are] here tonight… and the entire mining industry in Canada, we can achieve new heights in global metals. We have to; we will; we must.”
Robert Quartermain Mining needs a ‘much larger tent’ Robert Quartermain, a geologist and company builder who built up Silver Standard Resources into a major silver-focused producer and most recently Pretium Resources, was the final inductee of the night. The first openly gay inductee into the CMHF, Quartermain was also the 200th inductee. Born in St. Stephen, N.B., Quar termain was studying computer science at the University of New Brunswick when an elective in geol ogy changed his path. In his third year, he changed his major to geol ogy. A summer job spent working for the Geological Survey of Can ada, 100 km east of Baker Lake in what is now Nunavut, clinched his decision.Afteralso earning an M.Sc. in geology from Queen’s Univer sity, in 1981, he made the “piv otal” career decision to accept a job at Teck as a project geologist. He managed exploration in the Hemlo area of Ontario, drilling off the deposit that would become the first mine in the camp, the David BellInmine.1985, Quartermain was trans ferred to Vancouver to run Silver Standard Resources.
“At the time it had one other employee, a market cap of $1.8 mil lion, I knew nothing about run ning public companies — I was a bush geologist — but Teck said they would support me and so they allowed me to flourish at Silver Standard,” Quartermain said in a videoQuartermainpresentation.built the company up to be a major silver producer with a $2.5 billion market cap. (Today, the company is SSR Min ing with a market cap of $4 billion.)
CANADIAN MINING HALL OF FAME
See HALL OF FAME / 16
An extraordinary life built on small details Successful Yukon prospector Peter Risby, who optioned more than 80 projects to majors over his career and mentored countless prospec tors and geologists, was the night’s only posthumous inductee. Risby was born in Kansas, but his family fled from Kansas to set tle in a Cree community in north ern Alberta (Sandy Lake) to avoid harassment — or worse — by the Ku Klux Klan. His father, who worked as a railway porter, was Black and his mother — a white immigrant from Germany — was studying nursing when the two met. The family’s new community welcomed them, and Risby learned how to hunt, fish, and navigate the bush. Those skills came in handy when he was taken away to residen tial school at the age of seven. Risby escaped the school in the middle of the night and made his way back home within two days. Risby was injured serving in the Korean War, but after six months of recovery in a military hospital in Japan, he was discharged and came home. He worked at a mine as a heavy equipment operator and he roomed with a geology student who taught him about rocks and minerals, sparking his interest in prospecting, which he began to do in the late 1950s. Risby had no formal educa tion; his grandmother and mother taught him how to read (but not write) and he also learned to speak Cree fluently, which allowed him to work as a translator for the RCMP as a teenager. However, he was a tenacious explorer, driven to find and discover things. He worked in South Amer ica, the U.S. and northern Can ada, optioning dozens of prospects to majors, and forming Welcome North Mines with CMHF inductee Al Kulan, John Brock and Irene Wilson. He was also the first to rec ognize the placer potential of the Indian River in Yukon, developing a mine there in the early 1980s. Having grown up in an Indige nous community, Risby wished for greater participation in and inclu sion of Indigenous people in the mineral industry. As such he hired and mentored Indigenous people in prospecting and mineral identifica tion and was one of the first to hire women for exploration programs. While he died in 2011, there are many still working in the industry who had the great fortune to learn from and work with Risby. Men tees and colleagues say he looked for things that nobody else saw, and described him as approach able, kind, and passionate. He has also received previous recognition for his accomplish ments, including being inducted into the Yukon Mining Hall of Fame in the Accepting1990s.the award on his behalf, his daughter Tara Risby, who is a director of 7606 Yukon Ltd., which her father started, noted that he saw the importance of small “Smalldetails.things can have a big impact. It is this notion that helps capture Pete’s incredible life and career,” she told the audience. “He was the little guy. A man from humble beginnings with no formal education. An ordinary man who saw the value in small details,” such as reading every issue of The North ern Miner “The mining industry opened Pete up to the world,” she contin ued. “This small, biracial Black boy, who was hidden in a chicken coop for the first years of his life, trav elled the globe doing what he abso lutely loved. He lived and breathed the minerals industry.”
CMHF member Pat Dillon (inducted 2021) at the Canadian Mining Hall of Fame ceremony on Aug. 18 in Toronto. CANADIAN MINING HALL OF FAME
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 5 — 18, 2022 7
Peter Risby
CANADIAN MINING HALL OF FAME retired senior director of metallur gical technology at Noranda/Fal conbridge, the Noranda process was the first continuous process for smelting and converting copper from concentrates.
“We are excited to see the impact that this wonderful gesture has on increasing diversity in the min ing industry over days to come — something Pete believed in greatly and would be proud of helping to create.”
Quartermain planned to retire
CMHF members Norman Keevil (inducted 2004) and Ed Thompson (2018) at the Canadian Mining Hall of Fame induction ceremony in Toronto on Aug. 18. CANADIAN MINING HALL OF FAME
“SMALL THINGS CAN HAVE A BIG IMPACT. IT IS THIS NOTION THAT HELPS CAPTURE PETE TARAANDINCREDIBLE[RISBY]’SLIFECAREER.”RISBY
“This uniquely Canadian invention remains today one of the main technologies used by the copper industry around the world.”In his acceptance speech, Mackey, who after retiring from Xstrata in 2010 formed a company with his wife Angele (P.J. Mackey Technology Inc.) said he wanted to share the honour with her, “recog nizing her love and unconditional support throughout our wonderful years together.” He also acknowledged the role his parents played in encouraging him to choose metallurgy as an area of study and then as a career.
Tara Risby, who recalled that her father was negotiating min ing agreements in the hospital up until the day he died, noted that his methodologies were instrumen tal in creating guidelines for the Income Tax Act for placer miners. Risby also acknowledged the importance of her father being the CMHF’s first Black inductee.
Newly inducted CMHF member Phillip Mackey, speaks at the 34th Canadian Mining Hall of Fame induction ceremony.
“When all this comes together, it looks like an avalanche.”
OBITUARY | Self-confessed A-type entrepreneur also practiced Transcendental Meditation
Endeavour Silver founder and ‘eternal optimist’ Bradford Cooke passes away at 67
“There is no statute of minerals. This increases uncertainty, reduces legal stability, and naturally can affect future investments,” Diego Hernandez, president of national mining association SONAMI told a recent seminar on the new con stitution. New royalty regime Meanwhile, the government is advancing a major reform of the tax system, including an onerous new mining royalty scheme. Under the proposal, mines producing more than 50,000 tonnes annually of copper would have to pay 1-2% of their mineral sales, rising to 1-7% for those that produce more than 200,000 tonnes annually, in addi tion to a sliding scale of 5-32% of their operating margins. As mining companies adjust to the new realities in Chile, they are likely to put new investments on hold. Freeport-McMoRan (NYSE: FCX) and BHP (NYSE: BHP; LSE: BHP; ASX: BHP) have already said that they are pausing major invest ments until they get clarity on the legal and fiscal regimes for their projects.Theharsher permitting climate will only increase their caution.
Critics point to Chile’s permitting system, which despite successive reforms, remains highly politicized. While the independent environ mental assessment service SEA rec ommends which projects should be approved based on technical crite ria, the final say lies with regional committees of ministerial officials chaired by the presidential regional delegate who does not have to follow the service’s guidance. Both El Soldado and Fenix received the service’s backing. In addition, the authorities have raised legitimate concerns through their votes. The El Soldado project was rejected because the commit tee felt the company should have presented a more complete envi ronmental impact study, which requires public participation, rather than the lighter environment impact declaration. But without a clear change of criteria by the authorities it is diffi cult for mining companies to know what standards they must meet to win approval for their projects.
“It is worrying to us that a proj ect that has a favourable assessment report, with a recommendation for approval without objection by the public services, is rejected,” said Anglo American’s CEO in Chile, Aaron Puna, following the decision on El RatherSoldado.than any explicit rule changes, observers say the new administration is much more sen sitive to local social movements campaigning over water shortages, air quality and other issues, whose support they courted ahead of last year’s“Theseelections.people are (very) criti cal of the assessment process and its failings, regardless of whether a project is approved technically,” says Telye Yurische, an economist at the Chilean environmental think tank Fundación Terram. Some are now in government, such as Rodrigo Mundaca, a veteran cam paigner on water access whom vot ers last year elected as governor of the Valparaiso region and so par ticipated in the votes on the Cerro Negro and El Soldado projects.
Mining operations at Codelco’s Chuquicamata open pit copper mine near Calama, Chile. BAISA/ADOBE STOCK
With Boric’s approval rating suf fering because of rising crime rates, soaring inflation and the debate over the new constitution, author
HENRY
Bradford Cooke, the founder, director and executive chair man of Endeavour Silver has passed away suddenly in Vancou ver at the age of 67. Cooke is well known as an accomplished geologist and with nearly five decades of experience in the metals and mining industry. In a press release, Endeavour CEO Dan Dickson paid tribute to the entrepreneur, who was also known as an “eternal optimist.”
“We are incredibly saddened by this sudden loss,” Dickson said. “Brad was extremely loyal to his people. He will be sincerely missed and always remembered by a large group of family and friends around the world. I have known and worked with Brad for 15 years and I consider him my dear friend. I will always remember him for
On memorial site Weremember. com, Cooke was memorialized as a kind and generous person who inspiredCookeothers.wasalso an avid prac titioner of Transcendental Med itation, to which he was first introduced while studying at Queen’s University in the 1970s, he recalled in a 2016 video interview posted on Transcendental Medita tion Canada’s Facebook page. A self-confessed A-type person ality, Cooke said Transcendental Meditation gave him a profound, deep feeling of rest and peace. “Being able to maintain calmness, especially in times of intense stress, allows you to make the right deci sions.”He noted: “You don’t get any where unless you try new things, and that’s very simply what I did.” Cooke also served as president of the Silver Institute. The cause of death was not released, but Cooke passed away peacefully at home. TNM
BY NORTHERN MINER STAFF
Authorities in important copper and lithium producing nation issuing unpredictable rulings
Sometimes committee mem bers appear to have changed their minds just hours before a crucial vote, often after a phone call from Santiago.
“The decisions we are seeing make investment difficult and have a direct impact, not only on how we are seeing the future of our operations, but also on how the global mining industry looks at Chile’s business climate,” said Anglo’s Puna. The impact is cumulative, notes mining lawyer Cristian Quinzio.
Permitting woes leave Chile’s miners feeling ‘under threat’ ENVIRONMENT |
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BY TOM AZZOPARDI Arash of permit rejections for mining projects by the new left-wing government has rattled nerves in Chile’s mining in dustry.First came the rejection of Anglo American’s (LSE: AAL) US$3billion expansion of its Los Bronces mine in May this year. Since then, authorities have also scrapped Rio 2’s (TSXV: RIO) US$200 mil lion Fenix gold project and invest ments at Anglo’s El Soldado operation, as well as two smaller mines, Cerro Negro, and San Cay etano.Anglo and Rio2 are now study ing appeals against the respective decisions.Inaddition, the Environment Ministry has ordered a revision of approvals granted four years ago to Gold Fields’ (JSE: GFI) Salares Norte project after two short-tailed chinchillas, an endangered Andean rodent, died while the miner moved them from the mine site, located in the northern Atacama region. With the project’s construc tion about three-quarters complete, the US$900 million mine is due to enter production early next year. These measures have raised concern that Chile’s government, led by President Gabriel Boric, may be taking a hard-line against an industry which the adminis tration’s more radical members and supporters regard as not only harmful to the environment but prejudicial to the country’s eco nomic“Miningdevelopment.companies are worried. They feel under threat,” says Santi ago-based mining lawyer Cristian Quinzio.Chile is the world’s top copper producer and one of the biggest lithium producers. On the campaign trail last year, Boric vowed to put environmen tal protection at the heart of pol icy-making. Hours after taking office, he swore to block Andes Iron’s Dominga, a controversial copper-iron ore project located about 65 km north of the city of La Serena, near sensitive marine life populations. In June, under pressure from authorities over its poor environmental record, the state copper company Codelco announced the closure of its Ven tanasHowever,smelter.measured objectively, the chances of approval have not fallen dramatically under the new administration, observers say. “The rate of rejection of invest ment projects under the new administration is no greater than previous governments,” notes Felipe Arevalo, an environmental lawyer at Philippi Prietocarrizosa Ferrero DU & Uría and based in Santiago. Out of the 153 projects voted on since the start of the year, just 34 have been rejected (although the size of Los Bronces tips the scales when mea sured by investment). But some recent decisions have raised eyebrows. Unpredictable rulings While Los Bronces has long been in environmentalists’ sights (the pro posed underground expansion lies partly beneath wilderness areas and glaciers), few expected that author ities would question a modest investment at Anglo’s El Soldado, a mine located about 125 km north of Santiago that has been in opera tion for more than four decades. his passion, commitment and hard-working attitude. With his vibrant energy, he strove to bring out the best in those who worked with him.”
Young rockhound As a child, Cooke collected rocks, and he knew from the age of eight that he wanted to be in the min ing business. He began his career in 1976, after completing a B.Sc. in geology at Queen’s University, managing mineral exploration pro grams across Canada for Noranda Mines, Shell Minerals and Chevron Minerals. He also earned an M.Sc. in geology from the University of British Columbia in 1984. Striking out on his own, he formed Cooke Geological Con sultants in the early 1980s, mak ing several gold discoveries in B.C. for clients. Soon after, Cooke had a sudden realization that while his clients’ share prices were taking off, his salary hadn’t changed in three years.
ities are also wary of any decision which could trigger social protests. Arevalo notes the government is not prepared to risk letting down supporters over a particular project. The setbacks come at a crucial time for Chile and its mining sector.
TNM Bradford Cooke acting as chairman for Aztec Minerals in Arizona during 2018. LAZENBY
“I decided I really wanted to fig ure out how these public markets worked,” Cooke told The Northern Miner in 2013. In 1988, with Brad Aelicks and John Robins, he formed Canarc Resource, which advanced the New Polaris gold mine project in B.C. to a 1.2 million oz. resource. The team was advancing it toward production when the Bre-X Min erals scandal hit, derailing the markets.Cooke formed Endeavour together with Godfrey Walton in 2003 for the purpose of acquir ing and developing high grade silver-gold projects in Mexico. Since that time, the company has acquired, rebuilt and expanded four silver mines, and is working on a fifth with the Terronera project.
On Sept. 4, Chileans will vote in a referendum on whether to accept a new constitution which would sig nificantly increase environmental protection, strengthen the power of Indigenous communities in their territories, and remove a guarantee that investors will receive market prices for expropriated assets.
“Our headline hole, with an estimated true thickness of eight metres, and other holes with sub-intervals over a kilogram of gold per tonne, demonstrate the robust nature of the high-grade areas in the Lynx 4 and Triple Lynx zones,” Burzynski said. PURSUIT MINERALS
Australian explorer Pursuit Min erals (ASX: PUR) is focused on platinum group elements-nick el-copper and gold projects. On May 10, Pursuit announced drill results from hole 21WDD0001, which intersected a near-surface 171 metres grading 12 grams gold per tonne (grade x width of 2,052). The hole was part of the company’s di
n 1 | KIENA
TNM DRILL DOWN amond core resampling program in the Phil’s Hill target at the Calingiri East zone on its 648-sq.-km Warrior project in Western Australia.
Phil’s Hill contains two sig nificant surface geochemical anomalies: the first is located halfway between drill sections, and the second is northeast of hole 21WDD0003. The company plans to further drill-test both anomalies.
Wesdome said that additional drilling will now be required to link this new mineralization to the existing lenses. The company is currently developing a hanging wall exploration drift at the 166level to establish more optimal drillingWesdomeplatforms.has budgeted $17.7 million for exploration at Kiena this year, including roughly 50,000 metres of underground drill ing and 30,000 metres of surface drilling. It restarted production at Kiena in May 2021 after opera tions were suspended in 2013. | ABUJAR TIETTO MINERALS
n 3 | WINDFALL OSISKO MINING Back in Canada, the third best results for 2022 have come from Toronto-headquartered Osisko Mining (TSX: OSK) and its 100%owned Windfall gold project on the Abitibi greenstone belt in the James Bay area of Quebec. In June, Osisko reported assay results from 43 intercepts in 15 underground holes and 12 wedges on the 122.53 sq. km property, roughly 200 km northeast of Vald’Or and 700 km north of Montreal. Drilled on the Lynx zone as part of an infill drilling campaign, hole OSK-W-22-2605-W6 intersected 11 metres grading 293 grams gold per tonne (grade x width of 3,223) from 1,316.4 metres downhole. The larger interval included a 3.3-metre section grading 961 grams gold, 0.3 metre of 3,040 grams gold, and 0.3 metre at 5,400 grams gold. Commenting in a June 7 press release announcing the drill results, Osisko CEO John Burzynski said that Lynx continues to return wide high-grade intercepts, which will be included in an upcoming feasi bility study due out later this year.
While rising interest rates have weighed on the gold price since it hit its most recent peak of over US$2,050 per oz. in March, exploration for the yellow metal is still running hot. Below are the top ten best gold drill results for listed companies for the year to date. Results are ranked by gold grade x width, as identified by our sister company Mining Intelligence. WESDOME GOLD MINES
n 5 | EDLESTON ASTON MINERALS Aston Minerals (ASX: ASO) is an Australian nickel-cobalt and gold exploration company focused on advancing its Edleston project in Ontario, about 60 km by road to the south of Timmins. In March, the Western Austra lian-headquartered company pro vided an update on exploration drilling on the property. Drilled on Edleston East in a zone located The Kiena mine complex in Quebec.
Pursuit says that drill results from the resampling program have led it to refocus its exploration to identify the core of the sulphide system and to target high-grade mineralization at the zone. Additional reviews and re-in terpretation of the previous mov ing loop electromagnetic, versatile time-domain electromagnetic, and drillhole electromagnetic sur vey results are ongoing to further refine the best geophysical meth ods and survey designs to locate the core of the system, the com pany says. It added that it is also considering conducting a fixedloop EM survey over the Phil’s Hill area to “more tightly constrain the location of conductor plates iden tified in the 2021 program.”
See TOP RESULTS: GOLD / 10 SGS IS THE WORLD’S LEADING INSPECTION, VERIFICATION, TESTING AND CERTIFICATION COMPANYDeliveringNAM.NATURALRESOURCES@SGS.COMWWW.SGS.COM/NATURALRESOURCESfit-for-purpose solutions across the entire mining life cycle Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers brought together to provide accurate and timely mineral and process evaluation services across the entire mining life cycle. Committed.Independent.Trusted.RESOURCESNATURAL TOP TEN BEST GOLD DRILL RESULTS YEAR TO DATE SPECIAL TOPFOCUS10 DRILL RESULTS YTD: GOLD, COPPER AND NICKEL BY CARL A. WILLIAMS
The year’s second-richest gold interval was delivered by Austra lia-based Tietto Minerals (ASX: TIE), at its Abujar gold project in Côte d’Ivoire. Abujar is curently under construction and targeting first gold in the fourth quarter of 2022. The company is looking to extend Abujar’s projected 11-year mine life through near-mine and regional exploration.
n 4 | WARRIOR
On Jan. 24, Tietto announced drill results for hole ZDD895, part of its recently completed infill drill program on the main Abu jar-Gludehi deposit shear on the property, which was designed to upgrade indicated resources. The hole intersected 25.4 metres grad ing 131.05 grams gold per tonne (grade x width of 3,325) from 36.6 metres, including 8 metres at 393.6 grams gold and 12 metres at 14.61 grams gold. A definitive feasibility study for the project in October 2021 esti mated first‐year production of 260,000 oz. of gold, with 1.2 mil lion oz. delivered over the first six years of mine life. Based on a gold price of US$1,700 per oz. and a 5% discount rate, the aftertax net present value is estimated at A$970 million ($871 million).
The top gold drill hole so far this year came from Wesdome Gold Mines’ (TSX: WDO) producing Kiena mine complex in Val-d’Or, Que. In June, the company released assay results for drillhole 6796W6 as part of its underground diamond drill program on the Kiena Deep A zone. That hole returned 50.7 metres grading 92.11 grams gold per tonne for an outstanding grade x width figure of 4,669.98 from 94 metres downhole. The Toronto-headquartered company said that since the com pletion of a prefeasibility study for Kiena in 2021, underground drill ing has focused on exploring close to the Kiena Deep zones. It noted that the drilling campaign led to the discovery of a footwall last year, and that drilling continues to expand mineralized zones down plunge. More recently, underground exploration drilling on the Kiena Deep zones area discovered a new mineralized interval in hole 6752W10, approximately 100 metres below the known limits of the Kiena Deep A zone resource.
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WESDOME GOLD MINES MARTIN GILLMAN ADOBE IMAGES
1 3OctoberdrillingCommencingin Completing metallurgicalinitialtext work for Porphyry mineralization Drill fromresultsPhase II2
“The phenomenal grade of this intercept indicates that there is a very substantial amount of local ized mineralization present,” said Dale Ginn, Aston’s managing director, in a Mar. 11 press release. “The subsequent drilling that we completed in this area did result in numerous low to moderate-grade nickel-bearing intersections which assisted us in locating the nick el-bearing units and discovery at Bardwell that is our current focus.”
Aston said it plans to conduct further drilling close to DDED21003 on alternative drill orientations based on an updated geological understanding of the controls on mineralization with the aim of defin ing the extent of the high-grade mineralization in the zone.
WWW.ATEXRESOURCES.COM
n 7 | MYRTLEFORD E79 RESOURCES Headquartered in Vancouver, gold explorer E79 Resources (CSE: ESNR; US-OTC: ESVNF) is focused on advancing its 100%owned 418-sq.-km Myrtleford property in the prolific and under explored Victorian Goldfield in Australia’s Victoria state. The company said that drill ing at the Happy Valley gold pros pect, which lies within a 7-km-long trend of historical workings, con firmed the extension of mineral ized structures substantially below known historic mining levels. As part of the drilling campaign, hole HVD003 made a high-grade gold discovery and intersected two zones of quartz containing both sulphi des and coarse gold, returning 11.5 metres grading 160.44 grams gold per tonne (grade x width of 1,765) from 165.2 metres, including 0.6 metre at 2,430 grams gold and 3 metres 126 Following the discovery, E79 drill tested Twist Greek targets containing up to six lines of reef over a 3-km strike length within the 7-km trend that were histori cally mined with grades up to 28 grams gold per tonne. The inaugural drill program at Twist Creek, E79 said, was designed to focus on zones containing mul tiple reef structures with histori cal gold production, with drilling ongoing at the Twist Creek pros pect within the property. | CARIBOO OSISKO DEVELOPMENT Osisko Development (TSXV: ODV; NYSE: ODV) is focused on devel oping its 100%-owned Cariboo
n 6 | KOUROUSSA HUMMINGBIRD RESOURCES
10 SEPTEMBER 5 — 18, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COMTOP 10 DRILL RESULTS YTD: GOLD, COPPER AND NICKEL TOP RESULTS: GOLD from 9
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TNM DRILL DOWN Best gold results YTD RANK PROPERTY NAME COUNTRY OWNER DATE DRILL HOLE DRILL DEPTH WIDTH GRADE WIDTH ID TYPE FROM (m) (m) (G/T GOLD) X GRADE 1 Kiena Canada Wesdome Gold Mines (TSX: WDO) 1-Jun 6796W6 DD 94.00 50.70 92.11 4,669.98 2 Abujar Ivor y Coast Tietto Minerals (ASX: TIE) 24-Jan ZDD895 DD 36.60 25.37 131.05 3,324.74 3 Windfall Lake Canada Osisko Mining (TSX: OSK) 7-Jun OSK-W-22-2605-W6 DD 1316.40 11.00 293.00 3,223.00 4 Warrior Australia Pursuit Minerals (ASX: PUR) 10-May 21WDD0001 DD 3.00 171.00 12.00 2,052.00 5 Edleston Canada Aston Minerals (ASX: ASO) 11-Mar DDED21-003 DD 361.50 1.50 1356.16 2,034.24 6 Kouroussa Guinea Hummingbird Res. (AIM: HUM) 6-Apr KRCD1729A RC 84.00 30.00 64.30 1,929.00 7 Myrtleford Australia E79 Resources (CSE: ESNR) 14-Apr HVD003 DD NA 11.00 160.45 1,764.95 8 Cariboo Canada Osisko Development (TSXV: ODV) 1-Jun CM-21-097 DD 255.05 10.50 164.92 1,731.66 9 Efemcukuru Turkey Eldorado Gold (TSX: ELD) 29-Mar KPR-102 DD 282.95 0.95 1500.00 1,425.00 10 Humboldt Range United States PolarX Ltd. (ASX: PXX) 5-Jul BC22-005 RC 27.4 3.10 371.00 1,150.10 All data supplied by Mining Intelligence for period of January 1 to August 17, 2022 for public companies from exploration stage to production. Reported lengths are not necessarily true widths. Only the best hole per property is shown. RC=Reverse Circulation DD=Diamond Drilling
Key milestones for ATEX into through 2022 and into 2023 include:
Hummingbird Resources (AIM: HUM) is a multi-asset, multi-ju risdiction gold production, devel opment, and exploration company with projects in Mali, Liberia, and Guinea.Headquartered in London, U.K., Hummingbird reported assay results in April for drill hole KRCD1729A at its Kouroussa gold mine, which is currently under construction, in the prolific Siguiri Basin in Guinea, West Africa. A metallurgical hole drilled to col lect material for metallurgical test work, the hole intersected 30 metres grading 64.31 grams gold per tonne (grade x width of 1,929) from 84 metres downhole. The hole was drilled on the KK deposit as part of a 24,000-metre 2021 infill drill program com pleted in HummingbirdDecember.said that the results continue to demonstrate the high-grade nature of the deposit at relatively shallow depths, with the drilling focused on converting the current in-pit inferred resource for the KK open pits to the indi cated category, and will build upon extensive historical drilling to expand Kouroussa’s mine life and overall reserves. The company expects its first gold pour at Kouroussa by the end of the second quarter of 2023. The mine is forecast to more than dou ble its production profile.
See TOP RESULTS: GOLD / 11
Advancing the Val-d’Or East Project between Edleston Main and Sirola, hole DDED21-003 intersected 1.5 metres grading 1,356.11 grams gold per tonne (grade x width of 2,034) from 361.5 metres downhole.
Employees at Tietto Minerals’ Abujar gold project in Côte d’Ivoire. TIETTO MINERALS TSX.V: PRB www.probemetals.com
at
ATEX RESOURCES INC. – DEFINING A COPPER GOLD GIANT IN CHILE ATEX is led by a team with a track record for success in South America including numerous world class deposits discovered (La Fortuna, Volcan, Cerro Maricunga and Pascua-Lama). ATEX is commencing a 10,000m drill program on it’s Valeriano Gold Copper Porphyry in October having recently closed a $12.4 million financing. This program follows on from the successful Phase II program completed in May 2022, which returned 1,160 metres of 0.78% CuEq (0.53% Cu, 0.28 g/t Au and 70 ppm Mo) in Hole ATXD-17 including 550 metres of 1.03% CuEq (0.69% Cu, 0.39 g/t Au and 70 ppm Mo) ranking as one of the top 10 copper drill intersections globally in 2022.
grams gold.
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 5 — 18, 2022 11TOP 10 DRILL RESULTS YTD: GOLD, COPPER AND NICKEL
Outcrop Silver on cusp of resource estimate for high-grade Santa Ana silver project in Colombia
Underground at Osisko Mining’s Windfall gold project in Quebec. OSISKO MINING gold project, an underground gold mine in the historic Cariboo min ing district in east-central British Columbia.InJune, Osisko reported the final drill results from its 114-hole (49,500 metres) diamond drill core program on the Valley zone at the property. Hole CM-21-097 inter sected 10.5 metres grading 164.92 grams gold per tonne (grade x width of 1,732) starting from 255.1 metres downhole, including 1 metre at 1,605 grams gold. Valley is one seven import ant mineralized zones within the broader Cariboo gold project and contains 4.4 million indicated tonnes grading 3.8 grams gold per tonne for 536,000 oz. contained gold and inferred resources of 2.1 million tonnes grading 3.4 grams gold for 2.1 million gold ounces. Osisko said that the drilling on Valley was designed to expand known vein corridors and increase confidence to support further tech nical work.
OUTCROP SILVER
It said that Star Canyon is part of a much larger anomalous gold and silver zone known to contain many other mineralized veins with bonanza grade potential. Mineral ization at the prospect remains open and is largely untested for the extension of bonanza grade veins. The drilling was primarily set to west dipping inclinations due to the angle of the terrain and test the bulk tonnage potential of the anomaly.
Santa Ana, 190 km from Bogota and about 206 km from Zijin Mining’s Buritica mine, consists of five or more regional parallel vein systems across a trend stretching 12 km in width and 30 km long. “It’s a world-class district,” Hebert says. “It has over 60 km of veins — a vein system [of] over 300 sq. km — and those numbers put Santa Ana into a category of some of the world-class districts of Mexico, like Fresnillo and Guanajuato.”Theproject should also offer a healthy enterprise value dollar per ounce after the resource comes out, Hebert says, pointing to the example of Blackrock Silver (TSXV: BRC; US-OTC: BKRRF). Blackrock put out an inferred resource earlier this year for its Tonopah West project in Nevada of 42.6 million silver-equivalent oz. at a grade of 446 grams silver-equivalent per tonne, which Hebert says gives the company an EV per ounce of about $2.60 or $2.80. At press time Blackrock had a market cap of about $77.4 million compared with Outcrop’s $23.8 million. “The difference is not having our resource numbers out yet,” Hebert says. “We should have a significant increase in value, and the Blackrock story indicates it could be up to five times.”Thecompany has three rigs turning and highlights from its latest results included 1,651 grams silver-equivalent per tonne over 8.97 metres starting 232 metres downhole, including 0.66 metre of 15,941 grams silverequivalent.Interms of jurisdiction, the Fraser Institute ranked Colombia 29th out of a total of 84 countries in terms of investment attractiveness in 2021, surpassing Chile (31), Mexico (34) and Peru (42) in a subset of countries in Latin America and the Caribbean. Hebert points to improving security conditions and the government’s track record of permitting mines, noting the country has permitted six in the last eight years. The company has support of var ious stakeholders in the community, he adds, and has developed initia tives including supporting micro-cap business startups and adult education programs, and providing medical equipment.Minefinancier Eric Sprott has a 16.9% stake and has invested in three of the company’s private placements since February 2020. The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Outcrop Silver and Gold and produced in cooperation with The Northern Miner.
BY NORTHERN MINER STAFF
The company plans to release its first resource estimate in November and has an ‘internal guidance’ (following guidelines for disclosure from the British Columbia Securities Commission) for an inferred resource of between 45 and 55 million silverequivalent ounces.
n 9 | EFEMCUKURU ELDORADO GOLD Vancouver-headquartered Eldo rado Gold (TSX: ELD: NYSE: EGO) is a gold and base metals pro ducer with mining, development, and exploration operations in Tur key, Canada, Greece, and Romania. In March, Eldorado reported assay results from resource expan sion drilling on the Kokarpinar vein system at its Efemcukuru mine in Turkey’s Izmir province. Drilled at Kokarpinar South, hole KPR-102 intersected 3.4 metres grading 4.32 grams gold from 250.5 metres downhole, including 1 metre at 1,500 grams gold (grade x width of 1,425). That hole was part of the com pany’s 2022 global exploration program, which includes over 150,000 metres of resource expan sion and discovery drilling and over 60,000 metres of resource conversion drilling. Eldorado said that recent resource conversion drilling at Kokarpinar has focused on the southernmost ore shoots (Kokarpinar South), where drill results are consistent with grades and thicknesses predicted in its current resource model, as well as defining a previously unrecognized narrow but high-grade splay in the footwall to the main vein. It said that drilling to date has defined this footwall vein over 750 metres of strike length and a dip extent of 200 metres, with stepout drilling at Kokarpinar South also extending the high-grade shoot downdip from the current resource area.
The Frias underground mine on Outcrop Silver and Gold’s (TSXV: OCG; US-OTC: OCGSF) Santa Ana land package in Colombia produced 7.8 million ounces of silver at an average recovered grade of 1,300 grams silver per tonne over 25 years ending in 1905, and CEO Joe Hebert believes it is an analogue for just one of the 13 high angle ore shoots the junior has defined on its 360-sq.-km property. The company has drilled more than 47,600 metres (284 core holes), and 198 intercepts have yielded a weighted average grade of 1,580 grams silver-equivalent per tonne over an average width of 0.8 metre, which puts Santa Ana, Hebert says, in a narrow group of peers in the top 25th percentile of silver grades globally.“Ofthe thirteen primary silver companies in the world, only three — MAG Silver, SilverCrest and Alexco — have grades over 600 grams silverequivalent per tonne,” he says. “There may be higher ones, but the holy grail for a project at our stage is SilverCrest’s Las Chispas, which has 879 grams. We’re forecasting between 550 and 750 grams for Santa Ana, and with some of our more recent high-grade drill intercepts within, we could be above 600.”
TOP RESULTS: GOLD from 10
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n 10 | HUMBOLDT RANGE POLARX PolarX (ASX: PXX) is an Austra lian explorer and developer with high-grade, gold, copper, and sil ver projects in the United States. In July, the Western Austra lian-headquartered company re ported that drillhole BC22-005 returned 9.1 metres grading 124.4 grams gold per tonne from 27.4 metres downhole, including 3.1 metres at 371 grams gold (for a grade x width of 1,150), at the Star Canyon prospect on its Hum boldt Range gold-silver project in Nevada. The hole was part of Po larX’s first reverse-circulation per cussion drill program, comprising 10 holes on the prospect. The com pany says the results highlight the potential for Star Canyon to host high-grade gold and silver veins within a potentially bulk mineable Carlin-style system.
Underground at Eldorado Gold’s Efemcukuru project in Turkey. ELDORADO GOLD
To date, drilling has only tested an area of 600 metres by 400 metres within a soil anomaly measuring 2,500 metres by 1,000 metres. In light of the drill results, PolarX is prioritizing follow-up drilling at Star Canyon and the associated Ridgeline Target.
JOINT VENTURE ARTICLE
Outcrop Silver’s drilling crew carries out the ground preparation work for drilling platforms.
A preliminary economic assess ment for the Cariboo in May out lined a mining operation with a 12-year mine life producing an average annual gold production of 236,000 oz. at an all-in sustaining cost of US$962 per gold ounce. The company is aiming for a first gold pour in the first quarter of 2024.
The 4-km by 1-km area that will contain the upcoming resource is 12 km from the Frias mine, and will include historic portals and shafts from 14 underground mines active in the Spanish colonial era. The mines, collectively known as the Royal Santa Ana Mines, reported production average grades of 4,000 grams silver per tonne over an average width of 1.4 Hebert,metres.a geologist whose career has included drilling the first hole into ET Blue — now the Goldrush deposit on Barrick Gold’s (TSX: ABX; NYSE: GOLD) Cortez mine project in Nevada — and making a drill discovery of Mahalla on the Jerritt Canyon project when he was with Freeport-McMoRan (NYSE: FCX), says what he’s seen so far at Santa Ana is exceptional.“Theexcitement about Santa Ana is the stunning grade — and it’s welldistributed grade,” he says. “There is great grade distribution in terms of a potential future mining operation. The grade contours are very wellbehaved. If you look at a potential future production level basis, you’ll develop drifts of up to 250 metres long within some of the highest grades in the deposit. “What you want is the best grade possible and you want continuity of veins, not veins busted all up by later structure,” he continues. “You want very good rock stability so any stope development can preserve grade, and you can do that because the walls will be stable, and you want multiple faces to work simultaneously. Santa Ana will have up to 15 large, high-grade shoots, good grade and structural continuity, and they will be in a compact area of 4 km by 1 km so that you will have lots of alternatives for the development of simultaneous ore bodies. So from my experience, Santa Ana looks like a mine.”
NGEX MINERALS
BY ALISHA HIYATE Copper is known by several monikers: The red metal for its colour; Dr. Copper because its price is seen as a reliable economic indicator; and now, the “green metal” for its central importance in global electrification. Below highlight the top five copper drill results of the year so far (to Aug. 17), ranked by grade x width, as identified by data provider Mining Intelligence, with the full top ten results outlined in the accompanying table.
RANK PROPERTY NAME COUNTRY OWNER DATE DRILL HOLE DRILL DEPTH WIDTH GRADE WIDTH ID TYPE FROM (m) (m) (G/T GOLD) X GRADE 1 Filo Del Sol Argentina Filo Mining (TSX: FIL) 23-May FSDH055C DD 150.0 1,337.50 0.66 882.75 2 Maalinao-Caigutan- Philippines Celsius Resources (ASX: CLA) 4-Jul MCB-038 DD 32.5 611.40 1.39 849.85 Biyog(MCB) 3 Los Helados Chile NGEx Minerals (TSXV: NGEX) 24-May FSDH076 DD 110.0 1,290.00 0.60 774.00 4 Valeriano Chile Atex Resources (TSXV: ATX) 13-Jun ATXD-17 DD 802.0 1,160.00 0.53 614.80 5 Warintza Ecuador Solaris Resources (TSXV: NGEX) 26-May SLS-61 DD 2.0 930.0 0.62 576.60 6 Mocoa Colombia Libero Copper & Gold (TSXV: LBC) 26-Apr MD-043 DD 108.1 1,127.38 0.46 518.59 7 Kwanika Canada NorthWest Copper (TSXV: NWST) 28-Feb K-21-217 DD 253.2 235.45 2.00 470.90 8 Vizcachitas Chile Los Andes Copper (TSX: LA) 22-Jun CMV-001B DD 180.0 1,085.15 0.42 455.76 9 Treaty Creek Canada Tudor Gold (TSXV: TUD) 11-Aug GS-21-113-W2 DD 255.0 1,497.50 0.27 401.33 10 Tennant Creek Australia Emmerson Resources
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RESOURCES In
392.08 project would produce 67,000 tonnes of copper, 159,000 oz. of gold and 8.7 million oz. of silver per year over 14 years. n 2 | CAIGUTAN-BIYOGMAALINAO-
12 SEPTEMBER 5 — 18, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COMTOP 10 DRILL RESULTS YTD: GOLD, COPPER AND NICKEL Section 26 252728 22 23 2421 500 meters Contact: Bill 775-852-6909 (principals only) PinionTrend CorridorDarkStar BrightPropertyStar Pinion Deposit Dark Star Deposit T30N, R53E FOR SALE - A Flagship Mineral Property Carlin Trend, Nevada Bright Star Property - 18 mining claims located adjacent to the feasibility-stage Pinion and Dark Star gold deposits with combined proven + probable reserves of 1.604 million oz. gold TOP TEN BEST COPPER DRILL RESULTS YEAR TO DATE TNM DRILL DOWN TNM DRILL DOWN Best copper results YTD All data supplied by Mining Intelligence for period of January 1 to August 17, 2022 for public companies from exploration stage to production. Reported lengths are not necessarily true widths. Only the best hole per property is shown. RC=Reverse Circulation DD=Diamond Drilling
n 1 | FILO DEL SOL FILO MINING
The prize for top copper intercept for the year to date goes to Filo Mining (TSX: FIL) at its Filo Del Sol project in Argentina, about 140 km southeast of Copiapó, Chile. The Vancouver-based junior re ported diamond drill hole FS DH055C in late May, cutting 1,337.5 metres of 0.66% copper (grade x width of 882.8), as well as 0.54 gram gold per tonne and 31.5 grams silver starting at 150 metres depth. The same hole also cut 8.6 metres grading 7.08% copper, 8.16 grams gold and 820.4 grams silver starting from 742 metres. The hole was the project’s best to that date (measured by cop per-equivalent grade x width), ending in strong mineralization. Drilled through the Aurora Zone, it also confirmed continuity be tween bonanza-grade Breccia 41 mineralization to the south and north. The company describes Filo del Sol as a high-sulphidation epi thermal copper-gold-silver depos it associated with a large porphyry copper-gold system. Filo Mining is planning 40,000 metres of drilling at the project over the next 12 months with up to 11 rigs, including deeper drill ing. The company reported in Au gust that drilling has extended the strike length of the Aurora zone to 1.6Akm.prefeasibility study was com pleted on the asset in 2019 show ing that an open pit mine at the (ASX: ERM) 28-Mar HERC003 RC 76.0 116.00 3.38 CELSIUS second spot is Celsius Resourc es (ASX: CLA) and its Maalin ao-Caigutan-Biyog (MCB) project in the Philippines. Diamond drill hole MCB-038, reported in July, returned 611.4 metres of 1.39% copper (width x grade of 849.9) and 0.75 gram gold from 32.5 me tresThedepth.hole was the fifth of six holes Celsius is drilling as part of a 4,000-metre six-hole program at the project, which is located on the country’s main island of Luzon, 320 km north of Manila. The project, which was previ ously owned by Freeport-McMoRan (NYSE: FCX), hosts a JORC-compliant resource of 290.3 million indicated tonnes grading 0.48% copper, and 23.5 million in ferred tonnes of 0.48% copper. In 2021 Celsius released a scop Filo Mining’s Filo del Sol project on the Chile-Argentina border. NGEx Minerals’ Los Helados copper-gold project in Chile’s Region III.
FILO MINING See TOP RESULTS: COPPER / 13 At
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 5 — 18, 2022 13TOP 10 DRILL RESULTS YTD: GOLD, COPPER AND NICKEL The Next Genera,on of Nickel NetZero Nickel™ is needed to power the electric vehicle revolu5on and feed the high growth stainless steel market. canadanickel.com | TSX-V:CNC We're working on it.
TOP COPPERRESULTS: from
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n 4 | VALERIANO ATEX RESOURCES In fourth spot, Atex Resources (TSXV: ATX) reported a long in tercept from its Valeriano porphy ry copper-gold project in Chile’s northern Atacama Region. In June, diamond drill hole ATXD-17 returned 1,160 metres of 0.53% copper (grade x width of 614.8), 0.28 gram gold per tonne, and 70 parts per million molybde num from 802 metres depth. The hole ended in mineralization at 2,057Atexmetres.noted that the hole extend ed mineralization by 200 metres southwest of historical drill hole VALDD-14 (which returned 1,194 metres of 0.73% copper equiva lent), and confirmed the presence and continuity of a high-grade core to the porphyry. It also extended the high-grade core (initially inter sected in VALDD-14 with 272 me tres of 1% copper equivalent) 200 metres to the southwest. The large copper gold porphy ry deposit at the project is overlain by a near-surface oxidized epith ermal gold deposit. Mineralization associated with the large, multiphase granodioritic porphyry sys tem, which has intruded into and altered a sequence of rhyolitic tuffs, flows and breccias at Valeriano, strengthens at depth. The project hosts an inferred resource of 297.3 million tonnes grading 0.59% cop per, 0.193 gram per tonne gold and 0.9 gram silver at a cut-off grade of 0.5% copper for 1.8 million tonnes copper, 1.8 million oz. gold and 8.6 million oz. silver.
ing study on the project, focused on a higher-grade portion of the porphyry deposit containing 93.7 million tonnes at 0.8% copper and 0.28 g/t gold. The study fore cast the project could have a mine life of 25 years, and be developed at a cost of US$253 million, pro jecting a post-tax net present value of US$464 million and an internal rate of return of 31%.
Thedepth.company noted that the hole, which ended in strong min eralization at 1,400 metres depth, confirms its new geological inter pretation that Los Helados contains at least two high-grade centres. The hole extended both the Condor and Fenix zones, both open at depth. NGEx completed a 10-hole, 10,300-metre drill program in June, with the next campaign ex pected to start in September after a short winter break. Drilling is fo cused on adding high-grade ma terial at the copper-gold porphyry project, which has a 2019 indicat ed resource of 2.1 billion tonnes of 0.38% copper, 0.15 gram gold per tonne, and 1.37 grams silver (0.48% copper equivalent).
LOS HELADOS NGEX MINERALS NGEx Minerals (TSXV: NGEX) takes third spot for a hole drilled at its Los Helados project in Chile’s Region III. Hole FSDH076, re leased in late May, cut 1,290 me tres of 0.6% copper (grade x width of 774), 0.21 gram gold per tonne, and 2.3 grams silver from 110 me tres
Los Helados is only 16 km north east of Filo Mining’s Filo del Sol de posit, along the same major north east-trending structure. Both are part of the Lundin Group of com panies.NGEx is the majority partner (67%) and operator of Los Helados, with Nippon Caserones Resources holding a minority stake.
n 5 | WARINTZA SOLARIS RESOURCES Staying in South America, Solaris Resources (TSXV: NGEX) had the next best interval, drilled at its Warintza project in southeastern Ecuador. Infill drill hole SLS-61, reported in May, cut 930 metres of 0.62% copper (grade x width of 576.6), 0.03% molybdenum, and 0.07 gram silver per tonne from surface at Warintza Central. In a July update, the company said it had seven drill rigs at work at the project. The company is also drilling to expand its North east Extension zone to the north and northeast. Solaris has defined a higher-grade, near-surface zone there. Earlier this year, it released an indicated resource for a poten tial starter pit of 180 million tonnes grading 0.82% copper equivalent and an inferred resource of 107 million tonnes grading 0.73% cop perTheequivalent.Warintza project, which hosts a cluster of outcropping copper porphyry deposits, has an overall resource (updated in April) of 579 million tonnes grad ing 0.47% copper, 0.03% molybde num and 0.05 gram gold per tonne for 2.7 million tonnes of copper, 150,000 tonnes of molybdenum and 930,000 oz. of gold. Inferred resources add 887 million tonnes grading 0.39% copper, 0.01% moly, and 0.04 gram gold for 3.5 million tonnes of copper, 130,000 tonnes of moly and 1.1 million oz. gold.
The Solaris Resources team at the company’s Warintza project in Ecuador. SOLARIS RESOURCES
14 SEPTEMBER 5 — 18, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COMTOP 10 DRILL RESULTS YTD: GOLD, COPPER AND NICKEL TOP TEN BEST NICKEL DRILL RESULTS YEAR TO DATE TNM DRILL DOWN BY HENRY LAZENBY
Minerbackdrop,Setinfusedandbatteryheavilyeconomyclean-energy-driventhatreliesonnickel-basedtechnologiesmorerobustnickel-steelproducts.againstthisTheNorthernpresentsatoptenrankingofthebestnickeldrillinterceptsreporteduptoAug.17,2022(seetableonpage15),withthetopfiveresultshighlightedbelow.Assaysarerankedbynickelgradexwidth,asidentifiedbyoursistercompanyMiningIntelligence.
The second-best drill intercept comes from Giga Metals’ (TSXV: GIGA; US-OTC: HNCKF) Tur nagain nickel and cobalt project in north-central British Columbia. On May 19, the company released drill results from the 2021 season, which included hole DDH21-309, which intersected 703.9 metres (from 22.5 metres depth) grading 0.21% nickel for a grade x width value of 147.8. On Aug. 15, Giga and global trading and investment firm Mit subishi agreed to form a joint ven ture company, Hard Creek Nickel to develop the Turnagain project. A preliminary economic assess ment in 2020 for Turnagain envis aged an open-pit mine producing an average of 33,000 tonnes of nick el in concentrate and 1,962 tonnes of cobalt in concentrate every year for a total output of 1.2 million tonnes of nickel in concentrate and 72,592 tonnes of cobalt in concen trate over a 37-year mine life. Initial capital costs were pegged at US$1.4 billion, with US$2 billion budgeted for sustaining capital over the life of the mine. Based on prices of US$7.50 per lb. nickel and $22.30 per lb. of cobalt, the study outlined an after-tax internal rate of return of 4.9%. Turnagain hosts 1.1 bil lion measured and indicated tonnes grading 0.22% nickel and 0.013% cobalt for 5.2 billion lb. contained nickel and 312 million lb. of cobalt, and 1.1 billion inferred tonnes grad ing 0.22% nickel and 0.01% cobalt for 5.5 billion lb. of nickel and 327 million lb. of cobalt.
n
n 3 | PANTON FUTURE METALS NL
See TOP RESULTS: NICKEL / 15
Panton’s structure is consid
The need to discover new sizeable economic nickel deposits has never been more acute as the world transitions to a
n 1 | CRAWFORD CANADA NICKEL CO. So far, the best nickel intercept this year comes from Canada Nickel Co. (TSXV: CNC; US-OTC: CNIKF) and its flagship Crawford nickel sulphide project in Ontar io. The company reported the in tercept on Apr. 4, with hole CR21165A returning mineralization across its entire 690-metre length grading 0.3% nickel from 45 me tres depth, including a 409.5-metre interval of 0.34% nickel (42-metre actual width) and 111-metre inter val of 0.4% nickel (11.6-metre actu al width), for a grade x width value of On207.July 6, Canada Nickel pub lished an updated resource esti mate that more than doubled the project’s measured and indicat ed resources. The company now has the world’s fifth-largest unde veloped nickel sulphide resource, measuring 1.4 billion tonnes grad ing 0.24% nickel and 6.59% iron for 3.5 million tonnes of contained nickel and 93.9 million tonnes of iron. Inferred resources add 670.1 million tonnes grading 0.23% nick el and 6.85% iron for 1.6 million tonnes of nickel and 45.9 million tonnes of Situatediron.within the Timmins mining camp, the project is expect ed to produce an average of 34,000 tonnes of nickel annually over 25 years, according to a 2021 prelim inary economic assessment. At an 8% discount rate, the project would generate a post-tax net present value of US$1.2 billion and an internal rate of return of 16%. The capital cost was pegged at US$1.2 billion.
2 | TURNAGAIN GIGA METALS
Inside Canada Nickel’s core shed office in Timmins, Ont. CANADA NICKEL A helicopter picking up core samples from Giga Metals’projectTurnagaininB.C.
ZACHARY MOXLEY
The third-best intercept comes from Future Metals NL (ASX: FME; LSE: FME) and its Panton project in Western Australia. Reverse-cir culation hole PS260, released on July 27, returned 522 metres from 100 metres depth grading 0.23% nickel (grade x width of 120), or 0.94 gram palladium-equivalent per tonne. The results form part of priority-target drilling outside of the existing resource estimate boundary at Panton. According to the company, the result comes from the Lower zone, which rep resents the lowest portion of the stratigraphy, closest to the feeder conduit of the intrusion, where sul phides containing base metals, gold and PGM are most likely to accu mulate during emplacement.
“Seeing high-grade, shallow in tersections like 46 (metres) at 2.17% nickel within a constrained US$22,000 per tonne nickel price pit shell gives us a lot of confidence that the early stages of a future min ing operation at Jaguar can support robust capital payback on the proj ect,” said Centaurus managing di rector Darren Gordon in a press re lease at the time. The company has 15 drill rigs on site, with two focusing on stepout drilling and the rest on infill drilling.
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 5 — 18, 2022 15TOP 10 DRILL RESULTS YTD: GOLD, COPPER AND NICKEL majordrilling.com TNM DRILL DOWN Best nickel results YTD RANK PROPERTY NAME COUNTRY OWNER DATE DRILL HOLE DRILL DEPTH WIDTH GRADE WIDTH ID TYPE FROM (m) (m) (G/T GOLD) X GRADE 1 Crawford Canada Canada Nickel Co. (TSXV: CNC) 4-Apr CR21-165A DD 45.0 690.0 0.30 207.00 2 Turnagain Canada Giga Metals (TSXV: GIGA) 19-May DDH21-309 DD 22.5 703.9 0.21 147.81 3 Panton Australia Future Metals NL (ASX: FME) 27-Jul PS260 RC 100.0 522.0 0.23 120.06 4 Kambalda Australia Lunnon Metals (ASX: LM8) 2-Aug ECO22RC_067 RC 138.0 22.0 5.28 116.16 5 Jaguar Brazil Centaurus Metals (ASX: CTM) 16-May JAG-DD-22-274 DD 128.0 46.0 2.17 99.82 6 Bannockburn Canada Grid Metals (TSXV: GRDM) 11-Mar GBN21-03 DD 39.3 341.7 0.28 95.68 7 Zebediela South Africa Zeb Nickel (TSXV: ZBNI) 15-Mar Z017 DD 37.4 377.6 0.24 90.62 8 Mt Edwards Australia Widgie Nickel (ASX: WIN) 27-Jun MERC225 RC 246.0 18.0 4.69 84.42 9 Tullsta/Granmuren Sweden Ragnar Metals (ASX: RAG) 12-Apr 21DDTS007 DD 393.5 146.3 0.56 81.93 10 Savannah Australia Panoramic Resources (ASX: PAN) 5-Apr KUD1891 DD 200.5 40.5 1.96 79.38 All data supplied by Mining Intelligence for period of January 1 to August 17, 2022 for public companies from exploration stage to production. Reported lengths are not necessarily true widths. Only the best hole per property is shown. RC=Reverse Circulation DD=Diamond Drilling ered such that a large portion of this Lower zone is exposed from the surface, enabling the potential discovery of sulphide-rich zones at relatively shallow depths along the basal contact and the syncline fold (KeelTheZone).company views the Lower zone as highly prospective for sig nificant accumulations of sul phide-rich mineralization, sup ported by high-grade base metals, including nickel, copper, cobalt and gold intercepts uncovered in historical drilling, associated with local sulphide-rich lenses. n 4 | KAMBALDA LUNNON METALS Lunnon Metals (ASX: LM8) produced the fourth-best nick el drill intercept this year, report ing 22 metres from 138 metres depth grading 5.28% nickel in hole ECO22RC_067. The hole was drilled at the Baker Shoot of the company’s Kambalda nickel proj ect in Western Australia. The in tercept has a grade x width value of 116.1.The company interprets the width of this intercept as signifi cant. The intersection may repre sent the effect of the interpreted eastern shear on the base of flow (BOF) nickel surface, with this fea ture potentially causing a thick ening of nickel mineralization, as has been reported previously at the intersection of the mineralized western shear with the BOF. Both shears are interpreted to relate to the pinching and swelling that has been previously observed on the BOF surfaces.
In fifth place is Centaurus Met als (ASX: CTM), which on May 16 reported that drill hole JAGDD-22-274 in its Jaguar nickel project in Brazil returned 46 metres from 128 metres depth of 2.17% nickel for a grade x width value of 101.2.According to the company, the specific hole was part of a series of infill holes designed to test the Jag uar Central, South and Northeast deposits.Thedrilling program is expected to upgrade more of the Jaguar re source estimate into the measured and indicated categories in advance of a reserve estimation as part of the feasibility study currently under way and due by year-end.
The team at Future Metals’ Panton PGM project in the East Kimberley region of Western Australia. FUTURE METALS
TOP RESULTS: NICKEL
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Lunnon progressed the Baker Shoot to a JORC-compliant re source estimate totalling 15,800 tonnes of nickel grading 2.8% in 2020, within nine months of dis covery. The current drilling pro gram is in-filling and extending the June resource estimate.
n 5 | JAGUAR CENTAURUS METALS
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Saudi Arabia has narrowed the field to three finalists for a massive mining exploration licence about 175 km west of Ri yadh that it says contains about 25 million tonnes of zinc and copper at grades of 4.11% zinc and 0.56% copper.Thekingdom received six pro posals for the 350-km Khnaigui yah licence and has selected three for its short list: a consortium between Saudi Arabian Mining Company (Ma’aden) and Ivanhoe Electric (TSX: IE; NYSE-AM: IE); a consortium between Alara Saudi Ventures Pty. Ltd. Resources and AlTasnim Enterprises LLC; and a consortium between Moxico Resources Plc and Ajlan & Bros Mining Co. The third and final stage of the application process was slated to kick off on Sept. 4. As part of its plan to transform the mining sector into the third pillar of its national economy, Saudi Arabia offers incentives including co-funding of up to 75% of capex through the Saudi Indus trial Development Fund (SIDF); a five-year royalty holiday for min ers and a 30% reduction on royalty payments for further downstream production processing. The government hosted its first ever Future Minerals Forum in January to showcase its min ing potential and the urgency of finding more critical metals. lt passed a new minerals investment law last year and in the first 10 months of 2021 the country pro vided 13 reconnaissance licences, 133 exploration licences and eight exploitation licences, according to government data. Mining companies active in the country include Barrick Gold (TSX: ABX; NYSE: GOLD), which has a 50-50 joint venture copper operation with Ma’aden. The Jabal Sayid mine went into commercial production in July 2016. Among the finalists for the Khnaiguiyah licence, U.S.-based Ivanhoe Electric is focused on electric metals projects. Its two flagship projects are in the United States: Santa Cruz, a copper proj ect in Arizona, and Tintic, a cop per, gold and silver project in Utah. The company also has what it describes as advanced exploration technology including Typhoon, a geophysical survey technol ogy based on Pulse Power, as well as data analytics and geophysi cal modelling and artificial intel ligence for water, oil and mineral discoveries. In addition, it holds a controlling interest in VRB Energy, a developer and manufac turer of large-scale energy storage systems.Mine builder and financier Robert Friedland, chairman of the board, has been CEO of the com pany since July 2020. Ivanhoe Electric completed its initial public offering in late June at US$11.75 per share and at press time in New York was trading at US$9.44.
Robert Friedland’s Ivanhoe Electric one of three finalists for Saudi Arabia project
Aussie
In a video presentation, Quarter main, an advocate for diversity in the sector and particularly Indige nous inclusion, said that he’s strived to create “safe and respectful places for people to come to work.” In his speech, he also thanked Teck and its chairman emeritus Norman Keevil — then president and CEO — for giving him his big break.“In 1985, Dr. Keevil transferred me from North Bay to Vancouver to run Silver Standard…. I am for ever grateful to you and Teck for that opportunity,” he said to Keevil, who was in the Quartermainaudience.saidhe was very fortunate to be given that chance “based on my professional compe tencies,” noting, “that allowed me
CRITICAL MINERALS | Hastings Technology
BY NORTHERN MINER STAFF
16 SEPTEMBER 5 — 18, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COM
HALL OF FAME from 7 Hasting’s flagship Yangibana rare earths project is located more than 1,000 km north of Perth in Western Australia.
An industry for all Canadians In his closing remarks at the end of the evening, co-MC Gratton under lined that the message of diver sity and inclusion was one that was heard throughout the evening. “Tonight’s inductees set a new standard for diversity for the Cana dian Mining Hall of Fame, one we will hopefully continue to strive for. But to do that, we need as Bob says, to make the industry more diverse,” Gratton said. “I know it’s a priority to so many of you here tonight and the com panies that you work for. If we are to meet the challenges of this cen tury, we have to become an indus try that all Canadians feel they can be a part of.”
HASTINGS TECHNOLOGY METALS
EXPLORATION |
Toronto-based rare earth processing and permanent http://www.northernminer.com/tag/podcast/https://soundcloud.com/northern-miner
acquire 22.1% in
“TO ATTRACT THE TALENT THAT WE REQUIRE TO DISCOVER AND MINE THE SUSTAINABLE RESOURCES FOR THE WORLD, THAT WILL REQUIRE A MUCH LARGER TENT… TO CREATE AN INCLUSIVE ENVIRONMENT WHERE EVERYONE IS INVITED TO WORK AND THEY ARE RESPECTED, VALUED AND EMPOWERED AS I HAVE BEEN.”
Mid East oil giant seeks to attract mineral investment in 2010 from Silver Standard, but instead, ended up raising money to buy the Brucejack high-grade gold project in B.C. from the company, forming Pretium Resources. He put together a team that took the proj ect from initial resource in 2012 to commercial production in 2017. Australian miner Newcrest pur chased Pretium in March 2022 for $3.4Throughbillion. a video tribute, Ross Beaty — another CMHF inductee and a long-time friend and col league of Quartermain — said that he has a great reputation: “He works hard, he does what he says he’s going to do, and then gets lucky.”Healso developed an eye for quality assets. For his part, Quartermain attri butes his success to “thousands” of people he’s worked with and learned from in the industry. “As a geoscientist, the Brucejack mine discovery and development into a long-life legacy asset in B.C. will be the highlight of my career.”
magnet firm
Four months after closing the acquisition of Cana da’s Noront Resources and its Eagle’s Nest project in Ontar io’s Ring of Fire, one of the world’s largest undeveloped high-grade nickel sulphide deposits, privately held Wyloo Metals is investing A$150 million in Hastings Tech nology Metals (ASX: HAS), a rare earths developer in Australia.
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Wyloo Metals invests A$150M in rare earths developer to fund stake in Neo Performance to
Hastings Technology, which hopes to become the world’s next producer of neodymium and pra seodymium concentrate used in permanent magnets, will use Wyloo’s funds to acquire a 22.1% stake in Neo Performance Mate rials (TSX: NE), a global rare earth processing and advanced perma nent magnets producer, from an affiliate of Oaktree Capital Man agement,Toronto-basedL.P. Neo produces magnetic powders and magnets, specialty chemicals, metals and alloys that are key in technolo gies ranging from hybrid and elec tric vehicles to pollution control systems to energy-efficient light ing and water purification. (It also signed a deal in August to acquire Hudson Resources’ (TSXV: HUD) Sartarfoq rare earths project in Greenland.)“Thistransaction with Hastings spans the value chain, from mining to magnet manufacturing,” Wyloo CEO Luca Giacovazzi said in a release announcing its cornerstone investment. “As the owner of the only commercial rare earth metals facility in Europe, Neo is strategi cally placed to help Europe meet its goal to become climate-neutral by 2050.”Hasting’s flagship rare earths project, Yangibana, spans 650 sq. km in Western Australia’s Gas coyne region, roughly 250 km northeast of Carnarvon. The project has a JORC-compliant measured resource of 3.9 million tonnes grad ing 1.19% total rare earth oxides (TREO); indicated resources of 8.6 million tonnes of 1.25% TREO; and inferred resources of 8.4 million tonnes at 1.09% TREO, including 0.4% neodymium oxide (Nd₂O₃) and praseodymium (Pr₆O₁₁). According to Hastings, Yan gibana will be a conventional open pit mine and the ore will be crushed, milled and processed at a beneficiation plant on site into a rare earth concentrate, which will then be transported 450 km to a proposed hydrometallurgical plant in the Pilbara region for pro cessing into a mixed rare earth car bonate product and shipped over seas. In a project update in October 2021, Hastings said it is focused on bringing the project into produc tion in Wyloo’s2024.investment in Hastings gives it the right to appoint a direc tor to its board and keep the direc tor in place as long as its equity interest is 12.5% or higher. The three-year notes can be exchanged after 60 days into Hast ings ordinary shares at a price of $5.50 per share. The notes will earn an annual coupon equivalent to the three-month bank swap rate plus 9%, payable in kind through the issue of additional notes.
BY NORTHERN MINER STAFF
ROBERT QUARTERMAIN to manage my destiny. “At that time in ‘85, one could be terminated from employment for being gay. It was in 1992, Can ada changed its human rights laws prohibiting discrimination on sex ual orientation. The same year, the World Health Organization determined that sexual orientation was not a mental health disorder. We are fortunate in Canada that we embrace, support and protect diversity.”Quartermain, who is a found ing trustee of the ARC Foundation, which supports and fosters inclu siveness in education, including for students of different sexual and gender orientations, also noted that those rights are not shared in many countries where Canadian mining companies operate. He ended by calling on the industry to create a “larger tent,” and become more welcoming and inclusive to all: “To attract the talent that we require to discover and mine the sustainable resources for the world, that will require a much larger tent…to create an inclusive envi ronment where everyone is invited to work and they are respected, valued and empowered as I have been.”
Wyloo’s investment in Hast ings follows a commitment it announced in March to spend $4.9 million on exploration at Orford Mining’s (TSXV: ORM) nick el-copper-platinum group metals West Raglan property in Nunavik, Que.Under an option and joint-ven ture agreement signed in January 2021, Wyloo can earn up to 80% of West Raglan in return for $25 million in spending over seven years. The 707-sq.-km West Raglan project lies in the same west-cen tral portion of the Cape Smith Belt that hosts Glencore’s (LSE: GLEN) Raglan mine and Canadian Royal ties’ Nunavik nickel mine. In February, Wyloo entered into an agreement with IGO Ltd. (ASX: IGO) to jointly evaluate opportu nities for downstream nickel pro cessing in Australia. Wyloo has investments in Mincor Resources, a nickel sulphide developer and explorer in Western Australia, and in Queen’s Road Capital Metals & Mining, a Canada-based financier to the global resource sector.
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18 SEPTEMBER 5 — 18, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COM MARKET NEWS TORONTO STOCK EXCHANGE / AUGUST 22 – 26, 2022 TSX VENTURE EXCHANGE / AUGUST 22 – 26, 2022 U.S. MARKETS / AUGUST 22 – 26, 2022
TNM uranium stocks) were buoyed by the Aug. 24 announcement by Japan’s Prime Minis ter Fumio Kishida that the country would restart more nuclear power plants and invest in developing next-generation reactors.
The second top value gainer for the week was Nutrien, which added US$10 to close at US$100.41. Like Intrepid, the company has recently reported record interim profits. Nutrien recently said that its realized potash price levels recovered to multi-year highs, propelling Nutrien’s net profit for the second quarter up 224% year-on-year to US$3.6 bil lion. The company said its earnings for the quarter were affected by a non-cash impair ment reversal related to its phosphate oper ations of US$450 million. CEO Ken Seitz told an analyst conference call that the rip ple effects of the conflict in eastern Europe will continue to drive demand for Nutrien products for many years. Nutrien’s operat ing income was US$4,463 million in Q2, up 169.3% year-over-year, prompting the board to declare a quarterly dividend of US48¢ per share.The Mosaic Company posted the thirdbest value gain for the trading session, adding US$8.25 to close at US$61.77. On Aug. 18, Mosaic announced a US$1-million invest ment in the Morris Interactive potash digital skills training program for Indigenous stu dents in Saskatchewan. The training program is said to be rooted in reconciliation and tar geted toward First Nations, Métis and Inuit individuals. The five-year investment follows in-kind support of on-site practicums, stu dent mentoring and training content. Like its peers, Mosaic Co. saw a big increase in second-quarter revenues — up 92% yearover-year to US$5.4 billion. The gross mar gin rate in the quarter was 34%, up from 27% in the second quarter of 2021. The adjusted EBITDA totalled US$2 billion, up from the prior year’s total of US$829 million. The company generated cash flow from opera tions of US$1.6 billion and a free cash flow of US$794 million. It has declared a quarterly dividend of US15¢ per share.
The top gainer by value for a third con secutive week was Nutrien, rising $13.47 to close at $130.88 — up almost 12% weekon-week. The company recently reported record interim profits, underpinned by a supply squeeze brought on by Russia’s war in Ukraine. Prices for potash, an essential crop input, have recovered to multi-year highs pushing Nutrien’s net profit for the quarter up by 224% year-on-year to US$3.6 billion. The second-highest gainer for the week was Turquoise Hill Resources, which added $5.76 to close at $36.95 per share. The sin gle-asset company holds 66% of one of the world’s largest known copper and gold deposits, Oyu Tolgoi in Mongolia. It said its board is reviewing a sweetened bid by Rio Tinto to acquire the company. It rejected an earlier bid that offered US$2.7 billion for the The S&P/TSX Venture Composite Index drifted slightly lower over the Aug. 8-12 trad ing session by 0.6% or 3.99 points to end the week at Shares645.92.inlithium developer Sigma Lith ium rose $5.98 or 23.4% during the session to end at $31.53 apiece. Sigma continues with construction of its Grota do Cirilo spodu mene project in Brazil’s Minas Gerais state, with commissioning of the first-phase plant expected to begin in December. On Aug. 19, it announced it had recruited Brian Talbot, previously chief operating officer of Austra lian lithium miner Galaxy Resources (now Allkem) as its new COO. The US$123.1-million first phase of the project is expected to produce 270,000 tonnes of battery grade lithium concentrate (36,700 tonnes of lithium carbonate equivalent [LCE]) annually for a period of eight years. A feasibility study released in April forecast the after-tax net present value at US$1.6 billion (at an 8% discount rate) and its internal rate of return at 424%. Sigma is already planning subsequent phases of development. Uranium stocks got a boost during the week, with IsoEnergy closing the period at $3.63, up 60¢ or 19.8%, and Uranium Roy alty ending 59¢ or 18.9% higher at $3.70 per share. While neither company released news during the period, they (and other
Over the Aug. 22-26 trading period, the S&P/ TSX Composite Index fell 238.09 points or 1.2% lower, to 19,873.29. The S&P/TSX Global Mining Index gained 2.37 points or 2.5% to 95.54, and the S&P/TSX Global Base Metals Index gained 8.5 points or 5.3% to 169.6. The S&P/TSX Global Gold Index fell by 2.9 points or 1.22% to 233.36, and spot gold ended the week at US50¢ per oz. higher, or 0.3%, at US$1,751.25 per ounce.
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Over the Aug. 22-26 week, the Dow Jones Industrial Average fell 1,423.34 points or 4.2% to 32,283.4, and the S&P 500 closed 170.82 points or 4% lower at 4,057.66. The week’s top U.S.-based value gainers were three potash companies, highlighting an intensifying supply squeeze brought on by Russia’s war in Ukraine. Intrepid Potash was the week’s top value gainer, adding US$12.73 to close at US$55.92. Underpinned by acute supply chain issues, global prices for potash, an essential crop input, have recovered to multi-year highs. As a result, Intrepid posted robust financials earlier in August, mainly owing to potash segment sales in the second quarter increas ing 30% year-on-year to US$48.8 million. The higher revenue was driven primarily by a 131% increase in the average net realized sales price per ton to US$738, despite potash sales volumes decreasing 39% year-over-year to 56,000 tons in the quarter.
49% stake Rio doesn’t already own in Tur quoise Hill, saying it did not reflect its full and fair value. Rio is now offering Turquoise Hill minority shareholders $40 per share, up from $34 originally. Turquoise Hill’s shares rose as much as 24% after the new offer on Aug. 24, while Rio’s share price fell 2% in London. Rio Tinto and the Mongolian gov ernment, which owns the remaining 34% of Oyu Tolgoi, earlier this year ended a long-running dispute over the US$7-billion expansion of the mine. Rio said its improved offer is conditional on Turquoise Hill not raising equity of more than US$1 billion that it has said it needs to finance the project.
In July, IsoEnergy announced an initial resource estimate for the Hurricane deposit at its Larocque East project in Saskatche wan’s Athabasca Basin. Indicated resources total 63,800 tonnes grading 34.5% U3O8 for 48.6 million lb. of U3O8. Inferred resources add 54,300 tonnes grading 2.2% U3O8 for 2.7 million lb. of uranium oxide. Uranium Royalty holds royalties on 15 assets in various stages of exploration, devel opment and production in Canada, the U.S. and Namibia, as well as physical uranium.
In May, Rio agreed to provide interim debt funding of up to US$400 million. Staying with value gainers, Cameco added $5.47 per share to close the week at $34.74. The uranium sector is perking up follow ing news on Aug. 24 that Japan will restart idled nuclear reactors and look at develop ing next-generation reactors. This represents a significant policy shift amid soaring energy costs, a global fuel shortage, and extreme weather that analysts expect will translate into increased uranium demand. As Cana da’s largest uranium producer, Cameco, in its second-quarter results, said that power utili ties were again returning to long-term con tracting to lock in future uranium supplies as they more carefully weigh origin risk.
Los Andes Copper shed 21¢ from its share price, ending the session at $14.50. The com pany, which is advancing its Vizcachitas cop per-molybdenum project in Chile towards a prefeasibility study in the fourth quarter, announced a $5-million convertible deben ture investment by Queen’s Road Capital on Aug. 25. The company received a court deci sion in July that it could restart drilling at Vizcachitas, located about 120 km north of Santiago, with certain restrictions. Its 18,000metre drill program was suspended in March 2022 by an environmental court order. The order was related to the program’s potential impact on the habitat of the vizcacha, a small rodent that is a food source for the threat ened Andean cat. Vizcachitas hosts mea sured and indicated resources of 1.3 billion tonnes grading 0.396% copper, 141.4 parts per million (ppm) molybdenum, and 1.05 ppm silver. TNM
TSX MOST ACTIVE ISSUES Suncor Energy SU 67638 45.65 41.37 44.73 + 2.34 Barrick Gold ABX 56086 21.62 20.03 20.17 0.69 Lundin Mng LUN 22536 7.53 6.72 7.24 + 0.37 Denison Mines DML 15660 1.71 1.30 1.57 + 0.23 Kinross Gold K 15427 4.77 4.41 4.45 0.13 First Quantum FM 11633 27.25 23.25 25.83 + 1.70 Agnico Eagle AEM 10645 59.88 55.82 56.82 unch 0.00 Teck Res TECK.B 8289 48.67 43.33 47.44 + 3.24 Fission Uran FCU 8089 0.83 0.60 0.74 + 0.11 B2Gold Corp BTO 8042 4.44 4.20 4.23 0.03 VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE TSX GREATEST PERCENTAGE CHANGE Scandium Intl SCY 296 0.11 0.09 0.11 + 29.4 St Augustine SAU 814 0.08 0.06 0.08 + 23.1 Mega Uranium MGA 2881 0.25 0.19 0.24 + 23.1 Xanadu Mines XAM 1334 0.03 0.03 0.03 + 20.0 Global Atomic GLO 1616 3.83 2.88 3.57 + 19.8 Solitario Ex&R SLR 22 0.79 0.00 0.79 + 19.7 Energy Fuels EFR 4170 9.90 7.26 9.17 + 19.6 Cameco Corp CCO 7387 36.17 28.60 34.74 + 18.7 Turquoise HIl TRQ 5330 38.05 27.86 36.95 + 18.5 Avalon Advance AVL 2909 0.13 0.11 0.13 + 18.2 RTG Mining RTG 24 0.07 0.00 0.06 14.3 Orea Mining OREA 133 0.08 0.07 0.07 13.3 Mandalay Res MND 103 2.50 2.16 2.16 12.9 Marimaca Cop MARI 36 3.33 2.90 2.90 11.6 Eastern Platin ELR 235 0.26 0.22 0.23 11.5 Candente Coppr DNT 541 0.18 0.16 0.16 11.1 Arizona Gold SGLD 650 0.05 0.05 0.05 10.0 Ascot Res AOT 654 0.42 0.37 0.39 9.4 Atalaya Mining AYM 31 3.86 3.48 3.48 9.4 Talon Metals TLO 1929 0.56 0.50 0.50 9.1 VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE TSX GREATEST VALUE CHANGE Nutrien NTR 6528 130.88 + 13.47 Turquoise HIl TRQ 5330 36.95 + 5.76 Cameco Corp CCO 7387 34.74 + 5.47 Teck Res TECK.B 8289 47.44 + 3.24 Teck Res TECK.A 12 49.25 + 2.75 Suncor Energy SU 67638 44.73 + 2.34 Filo Mg Corp FIL 738 18.51 + 1.97 Lithium Amer LAC 3306 38.94 + 1.88 First Quantum FM 11633 25.83 + 1.70 Altius Mnrls ALS 336 19.34 + 1.56 Franco-Nevada FNV 1377 165.52 1.49 Newcrest Mg NCM 65 16.00 1.09 Barrick Gold ABX 56086 20.17 0.69 Marimaca Cop MARI 36 2.90 0.38 Atalaya Mining AYM 31 3.48 0.36 Aura Minerals ORA 501 8.28 0.36 K92 Mining KNT 2034 7.09 0.34 Wesdome Gold WDO 3424 8.29 0.34 Victoria Gold VGCX 2350 8.90 0.34 Seabridge Gld SEA 327 16.71 0.33 VOLUME WEEK (OOOs CLOSE CHANGE TSX-V MOST ACTIVE ISSUES E2Gold Inc ETU 7253 0.04 0.02 0.04 unch 0.00 Aurcana Silver AUN 7006 0.02 0.01 0.01 0.01 American CuMo MLY 4609 0.02 0.00 0.02 unch 0.00 Arctic Star ADD 4292 0.08 0.07 0.07 0.01 Resolve Vent ATOM 4240 0.04 0.02 0.03 0.01 Aston Bay BAY 4053 0.06 0.04 0.05 unch 0.00 Cleghorn Min CZZ 3894 0.06 0.00 0.06 + 0.01 GoviEx Uranium GXU 3871 0.32 0.23 0.27 + 0.02 Azincourt Ener AAZ 3576 0.08 0.06 0.07 + 0.01 Purepoint Uran PTU 3356 0.09 0.07 0.09 + 0.02 VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE TSX-V GREATEST PERCENTAGE CHANGE Millennium Sil MSC 3 0.01 0.00 0.01 +100.0 Lightspeed Dis LSD.H 11 0.03 0.00 0.03 +100.0 Blind Creek BAG 428 0.05 0.00 0.05 +100.0 Midasco Cap MGC.H 1 0.16 0.00 0.16 + 93.8 Fort St James FTJ 6 0.08 0.00 0.08 + 87.5 Altair Res Inc AVX 2613 0.06 0.02 0.04 + 75.0 Thunder Gold TGOL 331 0.08 0.00 0.08 + 66.7 Indigo Expl IXI 2 0.03 0.00 0.03 + 66.7 CoTec Holdings CTH 127 0.50 0.00 0.49 + 63.3 Frontline Gold FGC 372 0.02 0.00 0.02 + 50.0 Pershimex Res PRO 756 0.03 0.00 0.02 42.9 Running Fox Rs RUN.H 5 0.02 0.00 0.02 40.0 Gold Finder Ex VENZ 340 0.03 0.02 0.02 40.0 BC Moly BM.H 10 0.15 0.00 0.15 37.0 Ridgestone M’g RMI 45 0.01 0.00 0.01 33.3 Aurcana Silver AUN 7006 0.02 0.01 0.01 33.3 Troubadour Res TR 6 0.08 0.00 0.07 33.3 Nexus Gold NXS 571 0.02 0.00 0.01 33.3 Firestone Vent FV.H 16 0.07 0.00 0.07 31.6 Dixie Gold DG 155 0.08 0.06 0.06 29.4 VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE TSX-V GREATEST VALUE CHANGE Sigma Lithium SGML 279 31.53 + 5.98 Itafos IFOS 608 2.63 + 0.64 IsoEnergy Ltd ISO 822 3.63 + 0.60 Uranium Roylty URC 578 3.70 + 0.59 E3 Lithium ETL 784 2.59 + 0.32 Saturn Mnrls SOIL 1515 2.72 + 0.23 CoTec Holdings CTH 127 0.49 + 0.19 Frontier Lith FL 1133 2.45 + 0.17 Graphite One GPH 133 1.29 + 0.15 HighGold HIGH 193 0.98 + 0.15 Leeta Gold HIVE 2055 5.67 1.21 Atlas Salt SALT 1615 3.83 0.63 American Lith LI 2287 2.63 0.48 Universal Vent MCLD 43 2.61 0.41 Nouveau Monde NOU 154 7.76 0.34 Western Alaska WAM 160 4.55 0.34 Callinex Mines CNX 31 1.90 0.25 Los Andes LA 12 14.50 0.21 Prime Mining PRYM 622 1.92 0.20 Vulcan Mnrls VUL 3070 0.58 0.20 VOLUME WEEK (OOOs) CLOSE CHANGE U.S. MOST ACTIVE ISSUES Vale* VALE 153824 13.92 12.69 13.45 + 0.57 Barrick Gold* GOLD 102763 16.70 15.37 15.48 0.59 Freeport McMoR* FCX 76080 33.89 29.29 32.19 + 1.74 Kinross Gold* KGC 72028 3.69 3.38 3.42 0.10 Yamana Gold* AUY 69205 5.01 4.63 4.76 + 0.05 Cleveland-Clif* CLF 55823 19.90 16.99 18.73 + 0.94 United States S* X 46705 26.27 22.34 25.36 + 2.22 Chevron Corp* CVX 44557 166.13 154.42 163.41 + 5.72 Cameco Corp* CCJ 38239 27.95 21.97 26.66 + 4.12 Newmont Corp* NEM 36752 45.40 42.88 43.22 0.31 VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE U.S. GREATEST PERCENTAGE CHANGE Intrepid Pots* IPI 3122 56.66 42.18 55.92 + 29.5 Cameco Corp* CCJ 38239 27.95 21.97 26.66 + 18.3 Turquoise HIl* TRQ 17835 29.32 21.34 28.34 + 17.9 Mosaic* MOS 27694 63.16 52.92 61.77 + 15.4 HudBay Min* HBM 6479 5.02 4.01 4.76 + 14.1 Nexgen Energy* NXE 11131 4.41 3.49 4.09 + 12.7 Nutrien* NTR 14490 102.73 89.52 100.41 + 11.2 United States S* X 46705 26.27 22.34 25.36 + 9.6 Alcoa* AA 24713 58.24 49.06 55.84 + 9.5 Sibanye-Stillw* SBSW 17239 10.31 9.10 9.95 + 8.6 Gatos Silver* GATO 907 3.68 3.15 3.27 5.2 Nouveau Monde* NMG 235 6.46 5.85 5.93 4.4 AngloGold Ash* AU 12491 15.48 14.32 14.42 3.7 MartinMarietta* MLM 1167 364.13 349.57 351.74 3.7 Barrick Gold* GOLD 102763 16.70 15.37 15.48 3.7 Kinross Gold* KGC 72028 3.69 3.38 3.42 2.8 Eldorado Gold* EGO 5258 6.30 5.78 5.83 2.7 Nexa Resources* NEXA 1090 6.45 5.82 5.96 2.3 Seabridge Gld* SA 969 13.75 12.80 12.83 2.1 Black Hills* BKH 1494 79.22 76.91 78.02 1.4 VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE U.S. GREATEST VALUE CHANGE Intrepid Pots* IPI 3122 55.92 + 12.73 Nutrien* NTR 14490 100.41 + 10.08 Mosaic* MOS 27694 61.77 + 8.25 Chevron Corp* CVX 44557 163.41 + 5.72 Arch Resources* ARCH 3055 166.80 + 4.83 Alcoa* AA 24713 55.84 + 4.83 CONSOL Energy* CEIX 3149 76.62 + 4.36 Turquoise HIl* TRQ 17835 28.34 + 4.30 Cameco Corp* CCJ 38239 26.66 + 4.12 NACCO Ind* NC 74 47.62 + 3.01 MartinMarietta* MLM 1167 351.74 13.41 Franco-Nevada* FNV 2351 126.96 1.56 Black Hills* BKH 1494 78.02 1.14 Barrick Gold* GOLD 102763 15.48 0.59 AngloGold Ash* AU 12491 14.42 0.55 Newmont Corp* NEM 36752 43.22 0.31 Wheaton Prec* WPM 10819 31.66 0.29 Seabridge Gld* SA 969 12.83 0.28 Nouveau Monde* NMG 235 5.93 0.27 Gatos Silver* GATO 907 3.27 0.18 VOLUME WEEK (OOOs) CLOSE CHANGE
METALS, MINING AND MONEY MARKETS
Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Aris Gold Corporation (ARIS.WT) - One Warrant to purchase one Common Share of the Issuer at $2.75 until expiry. eCobalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Excelsior Mining Corp. (MIN.WT) - One Warrant to purchase one Common Share of the Issuer at $1.25 until expiry. Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry. Karora Resources Inc. (KRR.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry. Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT)One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Nevada Copper Corp. (NCU.WT) - One Warrant to purchase one common share of the Issuer at $0.20 until expiry Nevada Copper Corp. (NCU.WT.A) - One Warrant to purchase one common share of the Issuer at $0.22 until expiry Nomad Royalty Company Ltd. (NSR.WT) - One Warrant to purchase one common share of the Issuer at $1.71 until expiry. Novo Resources Corp. (NOVO.WT.A) - One Warrant to purchase one common share of the Issuer at $3.00 until expiry. Novo Resources Corp. (NVO.WT.A) - One Warrant to purchase one common share of the Issuer at $3.00 until expiry. Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry. Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Treasury Metals Inc. Wt (TML.WT) - One Warrant to purchase one common share of the Issuer at $1.50 until expiry. Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.
ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share. Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share. American Cumo Mining Corp. (MLY.RT)2 rights and $0.07 are required to purchase one share American Lithium Corp. (LI.WT) - One warrant to purchase one common share at $0.30 per share. Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share. Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share. Aurania Resources Ltd. (ARU.WT) - One warrant to purchase one common share at $5.50 per share. Aurania Resources Ltd. (ARU.WT.A) - One warrant to purchase one common share at $4.25 per share. Aurania Resources Ltd. (ARU.WT.B) - One warrant to purchase one common share at $2.20 per share. Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Cabral Gold Inc. (CBR.WT) - One warrant to purchase one common share at $0.80 per share. Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share. Cascadero Copper Corporation (CCD.RT) - One right and $0.015 are required to purchase one Share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp. (CDB.RT) - One (1) Right exercisable for One (1) Rights Share at $0.05 per Share. Cordoba Minerals Corp. (CDB.RT) - One right to purchase one common share at $0.54 per share. Denarius Silver Corp. (DSLV.WT) - One warrant to purchase one common share at $0.80 per share. Elevation Gold Mining Corporation (ELVT. WT) - One warrant to purchase one common share at $4.80 per share. Empress Royalty Corp. (EMPR.WT) - One warrant to purchase one common share at $0.75 per share. Equinox Gold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per Unit. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $0.60 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share. Freeman Gold Corp (FMAN.WT.U) - One warrant to purchase one common share at US$0.65 per share. Giga Metals Corporation (GIGA.WT) - One warrant to purchase one common share at $0.60 per share. Giga Metals Corporation (GIGA.WT.A)One warrant to purchase one common share at $0.45 per share. Giyani Metals Corp. (EMM.WT) - One warrant to purchase one common share at $0.60 per share. Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share. Hot Chili Limited (HCH.WT) - One warrant to purchase one common share at $2.50 per share. Kaizen Discovery Inc. (KZD.RT) - One warrant to purchase one common share at $0.51 per share. LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share. Lion One Metals Limited (LIO.WT) - One warrant to purchase one common share at $2.75 per share. LithiumBank Resources Corp. (LBNK.WT) - One warrant to purchase one common share at $2.00 per share. LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit. Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share. Mako Mining Corp. (MKO.WT.A) - One warrant to purchase one common share at $0.60 per share. Manganese X Energy Corp. (MN.WT) - One warrant to purchase one common share at $0.15 per share. Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share. Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share. Millennial Lithium Corp. (ML.WT) - One right to purchase one common share at $4.80 per share. Millennial Precious Metals Corp. (MPM. WT) - One warrant to purchase one common share at $0.50 per share. Mineworx Technologies Ltd. (MWX.RT)For every one (1) Share held, Shareholders will receive one (1) Right exercisable for One (1) Share at $0.015 per Share. Mineworx Technologies Ltd. (MWX.RT)One right to purchase one common share at $0.015 per share. Northern Vertex Mining Corp. (NEE.WT)One warrant to purchase one common share at $0.80 per share. Novo Resources Corp. (NVO.WT) - One warrant to purchase one common share at $4.40 per share. Orezone Gold Corporation (ORE.WT) - One warrant to purchase one common share at $0.80 per share. Orezone Gold Corporation (ORE.WT) - One warrant to purchase one common share at $0.80 per share. Osisko Development Corp. (ODV.WT) - One warrant to purchase one common share at $10.00 per share. Sandfire Resources America Inc. (SFR.RT) - Forty one (41) Rights exercisable for One (1) Share at $0.15 per Share. Sandfire Resources America Inc. (SFR. RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit. Silver Mountain Resources Inc. (AGMR. WT) - One warrant to purchase one common share at $0.70 per share. Star Royalties Ltd. (STRR.WT) - One warrant to purchase one common share at $1.00 per share. Three Valley Copper Corp. (TVC.WT) - 20 warrants to purchase one Class A common share at $6.66 per share. Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share. Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. Vizsla Silver Corp. (VZLA.WT) - One warrant to purchase one common share at $3.25 per share. Westhaven Gold Corp. (WHN.WT) - One warrant to purchase one common share at $1.00 per share. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share AND DEALER PRICES
TSX VENTURE WARRANTS
Silver:
Uranium:
U308
Tin:
Prices current Aug. 29, 2022 TSX SHORT POSITIONS Short positions outstanding as of August 15, 2022 (with changes from Jul 31, 2022) Largest short positions Ivanhoe Mines IVN 21070264 1869979 7/31/2022 Suncor Energy SU 11188916 -2828982 7/31/2022 Lundin Mng LUN 11156156 -141361 7/31/2022 Fortuna Silvr FVI 10964836 145076 7/31/2022 Copper Mtn Mng CMMC 10428389 1139505 7/31/2022 Barrick Gold ABX 10076214 -4778302 7/31/2022 New Gold NGD 9975053 -1372407 7/31/2022 Kinross Gold K 9538622 -2126480 7/31/2022 Denison Mines DML 9254950 -764790 7/31/2022 Taseko Mines TKO 9058309 873462 7/31/2022 IAMGOLD IMG 8932899 -2018149 7/31/2022 HudBay Min HBM 7441504 319775 7/31/2022 Sabina Gd&Slvr SBB 7176657 -43686 7/31/2022 Wheaton Prec WPM 6932030 286051 7/31/2022 Nexgen Energy NXE 6767770 -1223364 7/31/2022 Largest increase in short position Ivanhoe Mines IVN 21070264 1869979 7/31/2022 Capstone Mng CS 5327977 1752137 7/31/2022 UEX Corp UEX 5039382 1433712 7/31/2022 Copper Mtn Mng CMMC 10428389 1139505 7/31/2022 Centamin CEE 1169375 1095037 7/31/2022 Largest decrease in short position Barrick Gold ABX 10076214 -4778302 7/31/2022 Suncor Energy SU 11188916 -2828982 7/31/2022 Kinross Gold K 9538622 -2126480 7/31/2022 IAMGOLD IMG 8932899 -2018149 7/31/2022 First Quantum FM 6665033 -1945324 7/31/2022 TSX VENTURE SHORT POSITIONS Short positions outstanding as of August 15, 2022 (with changes from Jul 31, 2022) Largest short positions Purepoint Uran PTU 2584244 -6555 7/31/2022 Strikepoint Gd SKP 2261657 -570809 7/31/2022 Lion One Mtls LIO 2222881 610053 7/31/2022 Blue Sky Uran BSK 2191357 383182 7/31/2022 Blackrock Silv BRC 2095782 830819 7/31/2022 Pure Gold Mg PGM 2042737 -176870 7/31/2022 Canada Silver CCW 1713470 -21107 7/31/2022 GoviEx Uranium GXU 1655959 -48529 7/31/2022 Rock Tech Lith RCK 1492129 1430105 7/31/2022 Standard Uran STND 1409783 1352513 7/31/2022 Artemis Gold ARTG 1358745 -93345 7/31/2022 New Found Gold NFG 1190712 -32924 7/31/2022 Giga Metals GIGA 1131205 -53491 7/31/2022 Guanajuato Sil GSVR 1114364 -77568 7/31/2022 American CuMo MLY 1067876 1033950 7/31/2022 Largest increase in short position Rock Tech Lith RCK 1492129 1430105 7/31/2022 Standard Uran STND 1409783 1352513 7/31/2022 American CuMo MLY 1067876 1033950 7/31/2022 ALX Resources AL 1046956 1028482 7/31/2022 Metron Capital INEO 1021204 994204 7/31/2022 Largest decrease in short position Dolly Vard Sil DV 82716 -1484473 7/31/2022 Prime Mining PRYM 66870 -1145877 7/31/2022 Defiance Silvr DEF 82665 -881031 7/31/2022 Metallis Res MTS 20190 -576392 7/31/2022 Strikepoint Gd SKP 2261657 -570809 7/31/2022 DAILY METAL PRICES EXCHANGE RATES Date Aug 26 Aug 25 Aug 24 Aug 23 Aug 22 US$ in C$ 1.2939 1.2939 1.2971 1.2960 1.3050 C$ in US$ 0.7729 0.7729 0.7710 0.7716 0.7663 Exchange rates (Quote Media, August 26, 2022) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.11 0.7752 105.5510 15.4078 12.9394 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6537 5.2939 61.7371 0.7449 1031.8758 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.4361 1.0030 136.5660 19.9349 16.7451 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8458 6.8493 79.8832 0.9637 1334.8100 CANADIAN GOLD MUTUAL FUNDS FundName Aug 26 ($) Aug 19 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) BMO Prec Mtls Fd A 19.36 19.54 -0.18 -0.93 -16.57 2.41 BMO ZGD 55.03 55.66 -0.63 -1.13 -16.97 0.60 40.53 BMO ZJG 52.52 52.82 -0.30 -0.57 -13.62 0.61 62.57 CANL Prec Mtl Fd A 14.06 14.24 -0.18 -1.27 -20.00 2.58 14.14 CI Pre Met Fd A 44.20 0.20 0.44 -18.93 2.31 266.09 CIBC Prec Metal Fd A 11.89 0.14 1.14 -14.89 2.27 47.79 Dyn Prec Metls Fd A 10.06 0.00 0.01 -22.19 2.67 464.63 Har vest HGGG 20.66 20.82 -0.16 -0.76 -19.07 0.68 14.58 Horizons GLCC 21.63 0.29 1.31 -17.38 0.81 IG MacGbPreMetCl A 11.91 12.05 -0.14 -1.19 -19.54 2.63 15.08 iShares XGD 14.76 0.18 1.18 -17.61 0.61 918.61 NBI PrecMetFd Invt 15.11 0.14 0.91 -17.09 2.47 22.01 NP Silver Equ A 5.86 5.88 -0.02 -0.33 -26.85 3.24 NPT Go&PrMinFd A 40.19 41.04 -0.85 -2.08 -20.53 3.19 RBC GblPreMetFd A 42.59 43.01 -0.43 -1.00 -20.42 2.09 257.42 TD Prec Mtl Fd Inv 38.90 39.24 -0.34 -0.87 -15.17 2.26 102.97 Date AUGUST 22 AUGUST 23 AUGUST 24 AUGUST 25 AUGUST 26 BASE METALS (London Metal Exchange — Midday official cash/3-month prices, US$ per tonne) Al Alloy 1750/1750 1750/1750 1750/1750 1750/1750 1750/1750 Aluminum 2387/2380 2438/2416 2421.5/2413 2441.5/2426.5 2493/2484.5 Copper 8040/7990 8100/8050 8031/8020 8154/8119 8313/8279.5 Lead 2031/2024 2004/2004 1957/1959 1996/1997 1996.5/1996 Nickel 21805/21905 21770/21850 21300/21500 21225/21360 21500/21540 Tin 24400/24200 24540/24100 24450/24500 24600/24175 24425/24200 Zinc 3549/3488 3519/3455 3560/3489 3620/3542 3676/3596 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1732.80 1739.45 1752.00 1762.40 1752.10 Gold PM 1733.25 1746.55 1745.65 1753.55 1751.25 Silver 18.89 18.99 19 19.32 19.21 Platinum 875 868 876 884 877 Palladium 2011 1996 2013 2093 2153
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GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 5 — 18, 2022 19
Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$187.15 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$16.25 Cobalt: US$23.26/lb. Copper: US$3.77/lb. Copper: CME Group Futures September 2022: US$3.60/lb.; October 2022: US$3.70/lb. Iridium: NY Dealer Mid-mkt US$6,100/tr oz. Iron Ore 62% Fe CFR China-S: US$105.8 Lead: US$0.91/lb. Rhodium: Mid-mkt US$20,250/tr. oz. Ruthenium: Mid-mkt US$750 per oz. Handy & Harman Base: US$19.06 per oz.; Handy & Harman Fabricated: US$23.82 per oz. US$11.09/lb. U3O8, Trading Economics spot price: US$49.30 per lb. Zinc: US$1.67 per lb.
IndexName Aug 26 Aug 25 Aug 24 Aug 23 Aug 22 High Low S&P/TSX Composite 19873.29 20172.34 20021.38 19985.35 19974.92 22213.07 18169.86 S&P/TSXV Composite 645.92 661.26 659.61 653.36 642.70 1025.77 582.37 S&P/TSX 60 1200.71 1217.33 1207.99 1208.42 1210.67 1344.63 1104.88 S&P/TSX Global Gold 233.36 242.70 242.79 239.80 237.90 379.45 223.94 DJ Precious Metals 200.54 209.80 206.21 206.21 203.08 338.35 195.02 52 weeks NORTH AMERICAN STOCKEXCHANGE INDICES NEW 52-WEEK HIGHS AND LOWS AUGUST 22–26, 2022 25 New Highs Alliance SitkaSigmaSigmaRacklaPatriotPatriotMidascoMatachewanLupakaLibertyEmgoldCONSOLCometBrightRock*Res*IndsEnergy*Mining*OneLi*GoldConCapBattBatt*MetalsLithiumLithium*Gold Sitka YanzhouWhitehavenWalkerUbiqueTRXTaranisTaranisTanzanianSnowlineGold*GoldGoldResRes*Gold*MineralRiver*Coa*Coal* 64 New Lows Aftermath Silv* Alto AnfieldAmerigoAmericasVenturesSilvr*ResEnergy* Aurcana Silver* Batero FocusEquinoxEquinoxElevationElement79DiscoveryDiscoveryComstockCerradoCenterraBlackrockBlackrockBlackBenchmarkGold*MetIronSilvSilv*GoldGoldMng*SilvSilv*GoldGoldGold*Graphite Fortuna Silvr Fortuna Silvr* Galane Gold * Gensource Pot Heliostar MaverixMaverixMagnaLibertyIrvingIntlIntegraIdahoIAMGOLD*IAMGOLDHochschildMetMg*Champion*Res*Star*Res*Gold*Gold*MetalsMetals* New SilverSierraSierraScottieRockReliantPureParamountPanPanOsinoOsinoNickelNewmontNewmontGold*CorpCorp*Creek*ResRes*AmSilverAmSilver*Gold*Energy*GoldTechLithResMetalsMetals*Dollar* SSR WheatonWesternWesdomeWesdomeVisionVisionVerdeTrevaliTartisanTartisanMining*NickNick*MiningRes*LithiumLithium*GoldGold*MagPrec* Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved LEGEND A Australian Securities Exchange C Canadian Stock Exchange L London Stock Exchange N New York Stock Exchange O U.S. over-the-counter Q NASDAQ or U.S. OTC T Toronto Stock Exchange V TSX Venture Exchange X NYSE American * Denotes price in U.S.$ STAFF INVESTMENT POLICY The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling. CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds 1 (metric) tonne = 1.1023 (short) tons 1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres Re-Publishing License Own your moment in the press with a Re-Publishing License for any article printed in The Northern Miner or posted on our website. Basic Re-Publishing License cost: $525 Contact: moliveira@northernminer.com OR 416-510-6768 LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening on July 28 2022 (change from July 21 2022 in brackets): Aluminium Alloy 2120 (0) Aluminium 295325 (-17850) Copper 131700 (-2225) Lead 39550 (375) Nickel 57990 (-2772) Tin 3825 (335) Zinc 70800 (-1675) PRODUCER
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