The Northern Miner December 12 2022 Issue 25

Agnico Eagle banks on Canadian production upside

BY HENRY LAZENBY

The largest producer of Canadi an gold, Agnico Eagle Mines (TSX: AEM; NYSE: AEM), is banking on its soon-to-be-consoli dated in-country portfolio to under pin its near and long-term produc tion growth profile, executive chair Sean Boyd told the recent Canadi an Mining Symposium, organized by The Northern Miner in London, England.

In an era where most gold majors have left the Abitibi Gold Belt, including Barrick Gold (TSX: BX; NYSE: GOLD) and Teck Resources (TSX: TECK-A, TECK-B; NYSE: TECK), the major is doubling down on the histor ically significant and emerging gold belts of Canada. The world’s third-largest gold producer, which expects nearly three-quarters of its 2022 output to come from its Cana dian operations, is on the verge of gaining full control over one of its best gold assets in the country.

Under a proposed deal unveiled in early November, Agnico and Pan American Silver (TSX: PAAS; NASDAQ: PAAS) plan to buy fel low Canadian miner Yamana Gold (TSX: YRI; NYSE: AUY; LSE: AUY) in a US$4.8-billion cash-and-shares transaction.

South Africa’s Gold Fields (NYSE: GFI; JSE: GFI), which had been after Yamana since May in a transaction poorly supported by the market, has waived its right to match the rival bid.

Upon closing late in the first quarter of 2023, the deal will have split Yamana’s assets in Latin Amer ica and Canada between Agnico and Pan American. Pan American will strengthen its position as a top precious metals producer in Latin America, while Agnico will con solidate its ownership of one of the world’s biggest gold mines, Cana dian Malartic in Quebec.

According to Boyd, Agnico expects production to grow from 240,000 oz. per year in 2005, to a

forecast 3.3 million oz. in 2022.

“This translates into value creation,” said Boyd, adding the company has built per share value comparable to 7.3 oz. gold per 1,000 shares today, from 2.7 oz. gold for every 1,000 shares held in 2005.

Of its 50 million oz. in reserves, 54% are in Ontario, 19% in Nun avut and 13% in Quebec. Canada will account for 74% or 2.4 million oz. of Agnico’s 2022 production guidance, rising to more than 3.1 million oz. in 2023.

Boyd described the Detour mine in Ontario — which was acquired through Agnico’s acquisition of Kirkland Lake Gold last year — and Malartic as key anchors to its growth strategy.

“As we sort of move through the next few months and roll in the other half of Canadian Malartic and Detour, we are confident we’ll be able to tap more value from the assets,” said Boyd.

“We have concepts where we can see the Detour mine produc ing over a million ounces a year; we bring a lot of Agnico in-house tech nical expertise to look at it a little bit differently,” he said.

Company builder

Agnico’s homegrown value strat egy started in 1988 with the LaR onde complex in Quebec, which remains the company’s oldest oper ating asset. LaRonde’s 2.2-km deep Penna Shaft is now the deepest sin gle-lift shaft in the Western Hemi sphere.

The LaRonde mine extension, the portion of the mine below level 245, achieved commercial pro duction in December 2011 and is expected to be mined through 2030.

Boyd described how the fledgling gold producer’s management team cut its teeth at the operation and laid the foundation for its future senior management team’s success. “With a single asset, we weren’t turning a profit. We thought to give ourselves exposure to other quality deposits, take our LaRonde experi ence, and apply it to these assets. So, we started to expand in the region by acquiring Goldex and Lapa, and we expanded into Mexico and Fin land,” he recounted.

“But we did so in small bites, small increments where we could

Will Indigenous-led impact assessments help or hinder mine project approvals?

BY HANS MATTHEWS

In Ontario, Anishnawbek peo ples have been mining cop per for more than 4,000 years. They practiced sustainable min ing methods by limiting their dis turbance to the land, mining what they needed to sustain their com munities and shared the benefits through trade of their metals and minerals with other Indigenous communities throughout North America. They practiced sustain able mining while protecting their environment and peoples. With Indigenous leadership in impact assessments, sustainability in both mining and the Indigenous com munity can continue today.

However, in more recent times, Indigenous people’s decision-mak ing in mining and their role in environmental stewardship has diminished. These once vibrant Indigenous mining communi ties now play a minor role in min eral exploration, development and operations happening in their own backyard.

At the same time, industry is facing growing uncertainty around mineral projects that have the potential to impact Indigenous communities. To reach more cer tainty of investment, for not only the mining companies, but for impacted Indigenous commu nities, both groups must work together on the ground. One solution to this uncertainty is to embrace the community’s leading role in the impact assessment (IA) process to create a more sustain able future for generations to come, to minimize permitting delays and to provide potential cost savings to project proponents.

I have participated in the IA process and in mining from all

Hans Matthews. MELANIE LAQUERRE

Agnico Eagle Mines’ CEO Sean Boyd, left, speaks during a fireside chat with Northern Miner Group president Anthony Vaccaro at the Canadian Mining Symposium in London, U.K. on Nov. 28. THE NOTHERN MINER

angles — government, industry and Indigenous over the past 30 years. Much of this experience was gained through the Canadian Aboriginal Minerals Association

Osisko’s Windfall feasibility outlines robust 10-year gold mine

QUEBEC | Project among ‘most substantial, highest grade’ assets held by a junior, analyst says

BY MARILYN SCALES

Osisko Mining (TSX: OSK) has delivered a positive fea sibility study for its highgrade Windfall gold project in Quebec that outlines average an nual production of 306,000 oz. of gold over a 10-year mine life.

The numbers for Windfall, located in Urban Township, Eeyou Istchee James Bay, Que., all point toward a successful underground, dual ramp-access project with an on-site mill.

According to the feasibility study, the project has a $1.2-bil lion after-tax net present value and an unlevered 34% after-tax inter nal rate of return, assuming a gold price of US$1,600 per ounce. The all-in sustaining cost is estimated at US$758 per ounce. The initial capex is forecast at $788.6 million, including contingency, followed by sustaining capital of $587.6 mil lion. The project would pay for itself in only two years, after taxes.

In a note to clients, Michael Fairbairn, a mining analyst at Canaccord Genuity, said Wind fall is “one of the most substan tial, highest-grade, Canadian gold projects held by a junior devel oper.” While he flagged a 45% rise in capex since a preliminary eco nomic assessment on the project was released in April 2021, he said in a note that the study results were still quite strong.

“In our view, a production pro file of this magnitude brings Wind fall to a new level, broadening its appeal to potential acquirers as a major low cost gold project in a tierone jurisdiction,” Fairbairn wrote.

Osisko acquired the Windfall project in 2015. The drilling his tory since then is peppered with bonanza after bonanza-grade assays. The best grades have come from the Lynx deposit, which will provide about 89% of the mill feed.

The project contains probable mineral reserves containing 3.1 million oz. in 12.2 million tonnes grading 8.08 grams gold per tonne.

The proposed underground mine will have a targeted produc tion rate of 3,400 tonnes per day using longitudinal longhole open stoping. Ore will be removed using 14- and 18-tonne load-haul-dump vehicles and trucked to surface via ramp in 54-tonne haul trucks.

The processing plant will have a nameplate capacity matching the mining rate. It will include pri mary crushing, followed by grind ing (SAG mill in closed circuit with a pebble mill) and a ball mill (in closed circuit with cyclones).

A gravity circuit will recover free gold from the cyclone overflow. Cyclone underflow will be treated in a carbon-in-pulp circuit, fol lowed by sulphur dioxide and air cyanide destruction. Doré bars will be smelted on site. Payable gold recovery is estimated to be 93.1% and 83.3% for silver.

Tailings will be filtered to pro duce either paste backfill for the mine or for dry stacked surface storage.

At press time, Osisko shares traded at $3.59 within a 52-week window of $2.36 and $5.02. The company has a market cap of $1.3 billion. TNM

YMP Scholarship Fund announces 2022 winners

BY NORM TOLLINSKY

The Young Mining Profes sionals Scholarship Fund (YMPSF) has this year award ed $210,000 to 43 students pursu ing mining-related programs at post-secondary institutions across Canada.

“This year, 2022, is the fifth year of the program, which Iamgold and Orefinders Resources started in 2018 with $12,000 in scholar ships awarded to candidates,” said Anthony Moreau, director of the YMP Scholarship Fund and CEO of American Eagle Gold (TSXV: AE). “Now, we have 24 sponsors contributing to the fund, which is a reflection of the hard work of the group running the charity, the quality of the students receiving scholarships and the generosity of our sponsors.”

According to Moreau, 100% of the money contributed by the 24 donors is disbursed directly to the students. The scholarship fund is chaired by Stephen Stewart, chair man of the Ore Group.

“The Young Mining Profession als Scholarship Fund was estab lished to help fund and promote mining and mining-related educa tion to Canada’s next generation of mining industry professionals,” Moreau said. “Our mandate is to attract young people to Canada’s exploration and mining industry by supporting their academic stud ies in engineering and earth science

programs.”

The scholarships range in value from $500 to $15,000.

This year’s scholarships were funded by Agnico Eagle Mines (TSX: AEM; NYSE: AEM), Ala mos Gold (TSX: AGI; NYSE: AGI), Appian Capital Advisory, B2Gold (TSX: BTO; NYSE: BTG), Barrick Gold (TSX: ABX; NYSE: GOLD), Equinox Gold (TSX: EQX; NYSE: EQX), Iamgold (TSX: IMG; NYSE: IAG), JDS Group of Companies, Joan Margaret Stewart, Kinross Gold (TSX: K; NYSE: KGC), The Northern Miner, O3 Mining (TSXV: OIII; US-OTC: OIIIF), Ore Group, American Eagle Gold (TSXV: AE), Baselode Energy (TSXV: FIND), Sprott Inc., TD Bank, Triple Flag Precious Met als (TSX: TFPM, NYSE: TFPM), Yamana Gold (TSX: YRI; NYSE: AUY), YMP Toronto, Mistango River Resources (CSE: MIS), QC Copper & Gold (TSXV: QCCU; US-OTC: QCCUF), Metal Energy (TSXV: MERG) and Orefinders Resources (TSXV: ORX; US-OTC: ORFDF).

Although already billed as the largest mining scholarship pro gram in the world, Moreau would like to see it continue to grow and invites more mining companies to embrace its mission.

The fund is a registered Cana dian charity offering tax receipts to donors. For a list of all winners and scholarships, visit www.ympschol arships.com.

Angus McInnes

Beverly Yang

Katie Gamble

Jananee Sriharan

Lori Manoukian

Alexandre Leclerc

Sinead Teevan

Ryan Sernoskie

Shaye De Paiva

Jonah Odlozinski

Jaxon Reid

Jonathan Umbsaar

Top gold assays of the week Nov. 25. to Dec. 2, 2022

BY HENRY LAZENBY

Our TNM Drill Down feature highlights the top gold assays of the past week. Drill holes are ranked by gold grade x width, as identified by our sister company Mining Intelligence.

This week’s top three drill assays come from North America. HighGold Min ing’s (TSXV: HIGH) Johnson Tract project in Alaska delivered the top intercept. Hole JT22-152 cut 120.5 metres grading 18.76 grams gold per tonne from 207.6 metres depth, for a width x grade value of 2,261. According to HighGold, the intersection is the best yet drilled on the project. It demon strates “exceptional” continuity of “very high-grade” mineralization, with gold grades locally exceed ing the resource block model that it intersects, according to the com pany’s Nov. 29 press release. The JT deposit consists of a thick, oblate body of stockwork veining and breccia. The area of the mineral deposit tested by this hole would be the first area accessed in a concep tual underground mining scenario involving horizontal ramp access from a valley floor adit. In addi tion to documenting higher-grade gold, the northeast orientation of drill hole JT22-152 has also allowed HighGold to test — and confirm —

TNM DRILL DOWN

Top gold assays of the week

Tract

1

(TSXV: HIGH) JT22-152 207.6 120.5 18.76 2261

2 Island Canada Alamos Gold (TSX: AGI) 770-467-12 12.1 3.1 525.80 1630 3 Queensway

Found Gold (TSXV: NFG) NFGC-22-960 145.0 32.0 42.64 1364 4 Ruby Hill

States

Gold (TSX: IAU) iRH22-57 685.5 52.7 9.00 474 5 Burbanks Australia Greenstone Resources (ASX: GSR) BBRC371D* 90.0 7.0 57.84 405 6 Bendigo-Ophir

Zeelend

Minerals (ASX: SMI) MDD084 177.9 37.1 9.30 345

7 Tonopah United States Viva Gold (TSXV: VAU) TG2211* 40.0 58.0 5.00 290

8 RC Canada Sitka Gold (CSE: CIG) DDRCCC-22-038 73.0 401.5 0.63 253

9 Kitsault Valley Canada Dolly Varden Silver (TSXV: DV) HR22-328 160.8 9.16 27.4 251

10 Sanutura Burkina Faso Sarama Resources (TSXV: SWA) TAA359 0.0 21.00 7.6 159

that a cross-fault bounds the south ern edge of the JT Deposit.

The second-best drill assay of the week comes from Alamos Gold ’s (TSX: AGI) Island gold mine in Ontario, where hole 770-467-12 returned 3.1 metres grading 525.8 grams gold per tonne from 12.1 metres depth for a width x grade value of 1,630. The hole was part of a batch of surface and underground exploration drill results released on Nov. 29 that highlight the mine’s exploration upside, not only later ally and at depth, but within newly

Glencore pays US$180M to Congo after admitting corruption

BY CECILIA JAMASMIE

Miner and commodities giant Glencore (LSE: GLEN) said on Dec. 5 it will pay the government of the Democratic Republic of the Congo US$180 million to settle all alleged corruption claims in the country between 2007 and 2018.

The Swiss firm said the latest deal covers all activities that have been the subject of probes by the DRC’s National Financial Intelli gence Unit and Ministry of Justice, and the United States Department of Justice over the 11-year period.

This includes the company’s payment of US$27.5 million in bribes to the central African coun try between 2010 and 2013.

“Glencore is a long-standing investor in the DRC and is pleased to have reached this agreement to address the consequences of its past conduct,” chairman Kalidas Mad havpeddi said in the statement.

During the period covered by the settlement, Glencore worked with Israeli mining billionaire Dan Gertler. In 2018, the company set tled a drawn-out legal dispute with Gertler, which included buying the tycoon’s stakes in the Mutanda mine joint venture and in Katanga Mining, which holds a stake in

Kamoto Copper Company (KCC).

The sum adds to the US$1.5 bil lion in fines the company already agreed to pay this year in relation to accusations of bribery across Africa and South America, and the manip ulation of fuel oil prices in the U.S.

Separate investigations into Glen core’s conduct are ongoing in Swit zerland and the Netherlands.

“Never again” Glencore said it has invested sub stantial resources towards devel oping a best-in-class ethics and compliance program.

The miner noted it also has refreshed its board and manage ment team, including at its DRC operations.

Glencore’s assets in the DRC include a 75% stake in the KCC copper-cobalt mine.

The firm also owns the Mutanda mine, which was responsible for a fifth of the world’s cobalt and nearly 200,000 tonnes of copper in 2018, its last year of full production.

The company restarted pro cessing stockpiles of oxide ore at Mutanda late last year, while it explores the future mining of the asset’s sulphide resources.

Despite the fines, Glencore is expected to post record profits of around $3.2 billion this year. TNM

defined sub-parallel structures in the hanging wall (B, G, and G1 zones). According to the company, these sub-parallel zones are close to existing underground infra structure and have potential to add near mine reserves and resources. Hole 770-467-12 was drilled in the B-zone of the hanging wall.

The third-best intercept of the

week came from New Found Gold (TSXV: NFG) and its Queensway project in Newfoundland. Hole NFGC-22-960 returned 32 metres grading 42.64 grams gold per tonne from 145 metres depth for a width x grade value of 1,364. On Dec. 5, the company reported the results from six holes in the emerg ing Appleton Fault Zone, imme

diately north of the Keats Zone. These assays from the west side of the Appleton fault running north east through the province just west of Gander compare with the first Queensway hole, which was drilled at the Keats area on the east side of the same fault in 2019, and returned 19 metres grading 92.9 grams gold. TNM

Over $500 million deployed through PearTree in 2021 for the mineral exploration & development sector

Expanding the universe of exploration capital.

Watch our video in English, Français, Deutsch and Español on our website

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 market.

Investing in the Canadian Resource Sector at Reduced Cost of Capital

All data supplied by Mining Intelligence for the period of Nov. 25-Dec. 2, 2022 for public companies from exploration stage to production. * indicates reverse circulation; otherwise all holes are diamond drill holes. Reported lengths are not necessarily true widths. Only the best hole per property is shown.

RANK PROPERTY COUNTRY OWNER

DRILL HOLE DEPTH WIDTH GRADE WIDTH ID FROM (m) (m) (G/T GOLD) X GRADE

Johnson

United States HighGold Mining

SETTLEMENT | Company expects to post record profits this year, despite multiples fines

GLOBAL

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

STAFF WRITER: Colin McClelland cmcclelland@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) 898-6654 rhertzman@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com

SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com

PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@northernminer.com

CIRCULATION/CUSTOMER SERVICE: (416) 510-6789 | 1-888-502-3456 northernminer2@northernminer.com

REPUBLISHING: (416) 510-6768 moliveira@northernminer.com

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

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 undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 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.

EDITORIAL

2023: Outlook not so good

You don’t need a magic eight ball to know that 2023 is probably going to be a tough year.

THE VIEW FROM ENGLAND:

COLUMN | Miners still await a miracle

BY DR CHRIS HINDE Special to The Northern Miner

growth in developing economies, and also for the materials required to deliver a low carbon future for everyone.

(416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 225 Duncan Mill Road, Suite 320, Toronto, ON M3B 3K9.

BY ALISHA HIYATE

As 2022 comes to a close, it seems we are collectively coming to the realization that the multi ple, compounding crises that have bloomed this year (even if they were years in the making) won’t mag ically disappear as we turn the page on 2022. Infla tion is probably not as “transitory” as the U.S. Federal Reserve and others had hoped, even as rising interest rates are expected to tip most of the world into recession.

Russia, whose February invasion of Ukraine sparked commodity chaos, seems intent on continuing its attacks, even after (or perhaps because of) embarrassing defeats and no clear path to victory. As a result of the war, Europe is navigating a destructive energy crisis for which no quick fix exists. And China-U.S. tensions remain high as the West seeks to reduce its dependence on the world’s most populous nation for key industrial inputs.

In a report released in early December, Blackrock Investment Insti tute confirmed that things are as bad as they seem, calling the currently developing “new world order” the “most fraught global environment since World War Two” as the world splinters into competing economic blocs.

Hunkering down

Amid this uncertainty and volatility, miners are hunkering down. At The Northern Miner’s Canadian Mining Symposium in late November (the first CMS in two years, thanks to the pandemic), the Northern Miner Group’s new VP of data, Mike Sinden put some figures to the cost infla tion the sector has been facing.

Using U.S.-specific data from Costmine (part of the Northern Miner Group), Sinden looked at surface mine and mill operating costs, as well as underground and mill capex. Overall, the cost increases have significantly outpaced the U.S. consumer price index (CPI), with a 7% CAGR (com pound annual growth rate) in cost inflation since 2015.

“What that’s amounted to is a 60% cost inflation across most of these big indexes. So in other words, operating or building a project is about 60% more than it was just seven years ago,” said Sinden, who joined the Miner in September after spending 18 years with Wood Mackenzie.

Miners have been cushioned to some extent from higher costs by high commodity prices. Commodities were the only major asset class to rally in the first half of 2022, Bloomberg Intelligence’s senior macro strategist Mike McGlone pointed out in an early December note.

This year was a “good” year for commodities as oil, grains, copper and other metals benefitted from supply shocks stemming from Russia’s war in Ukraine and still strained global supply chains. However, interest rate hikes are likely to put a chill on commodities.

“The fallout from the rate increases is likely to accelerate in 2023 and propel a typical dump following pump cycles in commodities. Lose-lose is our 2023 commodity bias, because if the only major asset class that gained in 2022 doesn’t decline, central banks may be more likely to stay the ratehike course,” he wrote.

“Plunging global liquidity, an inverted yield curve and commodity-per formance history point to increasing risks of severe economic contraction and demand destruction in 2023. It may be a question of what would stop this trajectory, and it doesn’t appear to be stimulus from the Fed, until or unless prices drop.”

In short, “There may be little to stop the commodity pendulum from swinging downward in 2023,” McGlone wrote.

In its “Metals & Mining: Key Themes for 2023” report, BMO Capi tal Markets sees cost inflation for miners peaking soon, but remaining at higher levels. The report’s authors, led by BMO’s managing director of commodities research, Colin Hamilton, wrote that energy prices should come down somewhat after the northern hemisphere winter, with lower economic growth and recovering supply chains taking some of the pres sure off.

“This should help to see cost inflation peak for metals and mining pro ducers, following strong like for like appreciation this year in many cases,” reads the Dec. 5 note. “However, we expect 90th percentiles of cost curves to remain decently above pre-energy constraint levels, particularly should the U.S. dollar weaken. This ‘cost step-up’ has been a consistent phenome non in many commodity markets over the past twenty years.”

“Taboo subject”

Another interesting insight from the report is that BMO believes it’s possi ble that capital spending, which it says has been a “taboo subject” in recent years as miners refrained from building, could see something of a revival as concerns around supply grow.

“In our view, we are getting nearer the point of more joint ventures at the mine level to share infrastructure and push new assets forward. Share holders are naturally nervous about concentrated capex risk on the bal ance sheet, given the damage this has done to various mining companies in the past,” the authors write. “However, if this were to be shared across various balance sheets, perhaps involving a non-mining participant such as a Japanese trading house or, dare we mention it, an automaker, this concern could be somewhat alleviated. This approach has been used with a high degree of success at assets such as Escondida or Antamina in the past. Moreover, with many gold miners looking to diversify into copper, we may find they are more willing JV partners than before.”

Two years ago, in this col umn, I reminded readers of The Northern Miner that the mining industry has a patron saint, Barbara, whose feast day (Dec. 4) is observed by miners and tunnellers around the world, espe cially in continental Europe.

You might recall that Saint Bar bara was an early Christian mar tyr, with accounts placing her in third century Nicomedia (in pres ent-day Turkey) or in Heliopolis (present-day Lebanon). Although Barbara was declared a saint in 1568 by Pope Pius V, doubts about the authenticity of her leg end (there is no reference to Bar bara in early Christian writings) led to her removal from the Gen eral Roman Calendar in the 1969 revision, although not from the Catholic Church’s list of saints.

According to legend, Barbara was the beautiful daughter of a rich pagan named Dioscorus, who kept her locked in a tower to pre serve her from the outside world. Having secretly become a Chris tian, she escaped. The legends diverge at this point, although the most persuasive, at least for min ing engineers, is that she hid in a silver mine. Unfortunately, Bar bara was beheaded by her father when she emerged. (Incidentally, Dec. 4 is also memorable as being the date, in 1154, when Adrian IV became the only Englishmen to be elected Pope.)

Dioscorus was promptly struck dead by lightning, and this asso ciation has caused Saint Barbara to be invoked against fire and explosions. Indeed, her feast day is celebrated by the artillery in many armies, including those of the U.S., Canada, Australia and England. Less obviously, she is also the patron saint of mathema ticians and the Italian navy.

Saint Barbara’s remains are reportedly buried at Saint Vladi mir’s Cathedral in Kyiv, although relics are claimed by numerous Catholic churches around the world. Of all places, the capital of Ukraine is deserving of Saint Barbara’s protection through her artillery associations, although it is to be hoped that she can also maintain a watching brief on min ing endeavours.

Our industry is under intense social and political pressure from those ignorant of, or ill-informed about, mining activities. The pub lic needs reminding that (with very few exceptions) we are one of the three primary industries (the others being farming and fishing) necessary for economic

Mining faces an uphill bat tle, with our industry remaining bewilderingly unappreciated. We do not help ourselves, however, and the regular occurrence of seri ous mine accidents is catastrophic for our cause. Recent avoidable calamities that come to mind include landslips at Vale’s Cór rego do Feijão iron ore operation in January 2019 and at the Hpa kant jade mine in July 2020. The former killed 270 people near Bru madinho in Brazil, and the latter killed 180 people in Kachin State, Myanmar.

With no fatalities, but devas tating consequences for the rep utation of mining companies, the sacred Juukan Gorge Aborigi nal site in Western Australia was destroyed in May 2020 by Rio Tinto. The subsequent resignation of the company’s CEO, Jean-Sébas tien Jacques, was four months too late to make any difference to pub lic opinion. To reflect the serious ness of this abomination, the whole board should have resigned before the dust had settled.

Senior management still do not fully appreciate the hole that we’ve dug for ourselves. Yes, con ferences proliferate about ESG (environmental, social and gov ernance) issues, and about the imminent shortage of those met als and minerals critical to a sus tainable future. However, these gatherings still do not properly embrace all of the stake hold ers, with relatively few local com munities, environmentalists and union officials in attendance.

Although undergraduates are increasingly being invited to min ing trade shows, where are the school children? They are our future, but a frighteningly high percentage aren’t being taught why mining is important. Chil dren need to see our awe-inspir ing mining equipment, and read in the popular press and on social media about the care we take to protect the environment and keep people safe.

A proper conversation needs to start with people that don’t under stand us, and with those whom we disagree. I wrote two years ago that the mining industry needed Saint Barbara rather more than did mathematicians and the Ital ian navy. It still does; we remain in need of a miracle. 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.

Rupert Resources PEA outlines 22-year mine life at Ikkari

FINLAND | High-grade open pit to deliver over 200,000 oz gold annually in first 11 years

BY MOOSA IMRAN

Rupert Resources (TSXV: RUP) announced the results from its preliminary eco nomic assessment (PEA study) for the company’s 100%-owned Rupert Lapland project, including its flagship Ikkari gold discovery and Pahtavaara mine and mill located in northern Finland.

According to the study, the aftertax net present value (at a 5% dis count) comes to US$1.6 billion. The unlevered internal rate of return was estimated at 46%, with pay back occurring after only two years, assuming a gold price of $1,650 per ounce. The deposit, discovered in 2020, is projected to have 22 years of life and is expected to produce 200,000 oz. of gold between years one and 11.

Initial capital costs are estimated at US$405 million, with sustaining capital at US$395 million. All-in sus taining costs are forecast at US$596 per oz. over the first 11 years of pro duction and US$667 per oz. over the mine life. The project will be mined

BY ADAM DICKIE

Great Panther Mining (US-OTC: GPLDK) and Newrange Gold (TSXV: NRG) have called off a planned share purchase agreement that would have seen Newrange take full control of the Coricancha gold-silver-lead-zinc-copper mine in Peru.

The initial agreement announced on Oct. 26 out lined a plan for cash-strapped Great Panther to sell its Peruvian subsidiaries, Great Panther Silver Peru SAC and Great Panther Coricancha SAC to Newrange for US$750,000. Completion of the deal was subject to closing conditions including approval by the TSX Ven ture Exchange and evidence of sufficient financing.

Robert Archer, president and CEO of Newrange, said they were deeply disappointed to have arrived at this outcome.

“We have been working on this acquisition since March and believe strongly in the potential of the Coricancha mine,” he said. “However, the current market for mining stocks, one of the worst in decades, has created a serious impediment to financing, espe cially for new acquisitions.”

“While we attempted to gain an extension to the closing date,” Archer added, “the intransigence of Great Panther’s creditors has, regrettably, made that impossible.”

Newrange served notice that it would not move forward on proposed financing, share consolidation,

and a name change associated with the deal. The com pany anticipates that trading of its shares will resume in a few days. Newrange is currently focused on dis trict-scale exploration of precious metals in north western Ontario’s Red Lake district.

The cancellation of the Coricancha mine sale comes at the tail end of a difficult year for Great Panther. In August, the Vancouver-based firm sold off its assets in Mexico to Guanajuato Silver for a cash-and-stock deal worth US$14.7 million. But by Sept. 4, Great Panther revealed it had filed for creditor protection, prompt ing a delisting review with both the Toronto and New York Stock Exchanges.

On Nov. 22, the B.C. Securities Commission announced it had issued a ‘failure to file’ cease trade order to Great Panther because of the firm’s inability to submit interim financial results for the latest quar ter. A few weeks earlier, the company announced the start of a court-approved sales and investment solici tation process involving it and its Brazilian subsidiary Mina Tucano. The company’s Tucano operation, in Amapa state, was placed on care and maintenance in September, but it continued to process stockpiled ore.

Coricancha, situated in the central Andes of Peru about 90 km from Lima, is a polymetallic mine with a 600-tonne-per-day processing plant and ancillary infrastructure. However, production at the site was sus pended by a previous operator in 2013. Great Panther acquired Coricancha in June 2017, and the mine has since remained in care and maintenance mode. TNM

cord Genuity, said the study was positive, with “many aspects of the results outpacing our estimates.”

“The key driver of value here is Ikkari, in our view, with its highgrade, low-strip open-pit driving 10 years of sub-US$600/oz AISC and 220koz+ annual production,” he wrote.

Fairbairn added that the depos it’s quality and size make Rupert a strong M&A candidate. Agnico Eagle Mines (TSX: AEM; NYSE: AEM) owns about 15% of the company, while B2Gold (TSX: BTO; NYSE-AM: BTG) holds 70% in a joint venture with Aurion Resources (TSXV: AU) next to Ikkari.

“This PEA study indicates excep tionally high-margin and mean ingful returns on a robust project,” said James Withall, CEO of Rupert Resources.

“In only three years, we’ve gone from discovery hole to a prelimi nary study outlining an after-tax NPV of $1.6 billion, anchored by Ikkari,” he added. “What excites us is that we still have room to grow

at Ikkari and other satellite targets that we will be drill testing this win ter. We have a real opportunity to not only advance Ikkari as outlined in our PEA, but systematically develop a cornerstone asset in a sig nificant new gold camp over time.”

In addition to the PEA, Rupert released an updated resource esti mate for Ikkari that upgraded 84% of inferred ounces to the indicated resource category while maintain ing the same grade as the previous resource, released in 2021. Indi cated resources total 3.7 million oz. gold in 46.4 million tonnes grading 2.5 grams gold per tonne. Inferred resources add 710,000 oz. in 11.8 million tonnes grading 1.9 grams gold.

The first resource outlined 4 mil lion oz. gold in 49 million inferred tonnes grading 2.5 grams gold per tonne.

Shares in Rupert Resources rose as high as 15.5% to $5.15 on the news. At press time, shares were trading at $4.91, in a 52-week range of $3.53 and $6.77. The company has a market cap of $937.8 million.

(a group co-founded by myself and eight other Indigenous leaders), with Environment and Climate Change Canada, numerous mining companies and with several Indig enous communities, including my own, Wahnapitae First Nation, and other communities in the Robinson Huron Treaty area.

I was also a Joint Review Panel member for the Northern Gate way Pipeline and Grassy Mountain coal projects, hearing from govern ments, lawyers, almost 90 Indige nous communities (youth, elders, parents and leaders) and a spec trum of advisors and consultants, and others, on the merits of the project. Both of these projects were ultimately not approved, but I often wondered what the outcome would have been if the communities had led the environmental work.

Indigenous communities want to restore their societies, renew or maintain their relationship to the lands and have governance over their lands and resources through their interest in the mining sector. They wish to build relations where there will be compatibility between the mining industry and business groups to support each other. The April federal economic statement and budget, including section 7.3 Advancing Self-Determination and Prosperity, acknowledges and sup ports the ongoing development of a benefits-sharing framework that seeks to ensure Indigenous nations benefit from future resource devel opment projects. Specifically, the budget is “….dedicated to early engagement and Indigenous com munities’ capacity building to support their participation in the critical minerals strategy. These investments will provide opportu nities for Indigenous communities to benefit from all types of natural resources projects, including criti cal minerals.”

High cost of uncertainty

In the past few decades, there have been hundreds of settled court cases dealing with lands and Indig enous rights, with hundreds of Indigenous legal wins to date. The legal uncertainty for both the min ing industry and Indigenous com munity comes with lengthy trials and judicial reviews. Indigenous rights litigation has focused largely

on challenges to project approvals or permits and the scope of “ade quate” consultation. Increasingly, lawsuits seeking damages and other relief for title or rights infringe ment are before the courts. As long as these grievances are outstand ing, resource development can be delayed or may not happen.

This uncertainty is not only attributed to the judicial landscape, but the exercise by Indigenous groups of underlying, inherent Indigenous law and title. These interests are causing disruptions to the mining sector. The courts have come to acknowledge this and the credibility of Indigenous legal sys tems (Indigenous laws) that were not extinguished by Canada’s asser tion of sovereignty over these lands. Add to this the cumulative impacts of industrial development that have for years been at the fore front of Crown consultation and land management. More recently, Indigenous groups have launched lawsuits against the Crown seeking declarations that these cumulative impacts have infringed upon rights they hold under historic treaties, and court orders that would have an impact on the Crown’s ability to approve future development.

Industry is often heard saying that “we spent millions of dollars on our impact assessment pro cess and the project was still not approved.” The current push seeks more impact scrutiny by govern ments and also by affected commu nities.

I believe that Indigenous-led impact assessments can be efficient, save time and money and ulti mately lead to project approvals.

Communities having greater control over key decisions in project design, infrastructure and impact management are critical to future community acceptance and con sent. This can only be done through direct community involvement in the impact assessment process.

Indigenous community knowl edge about their environment, eco nomic plans, rights and interests, governance, history, health and social conditions can strengthen an impact assessment. These topics must move from just being “con sidered” by industry and govern ment to “must be incorporated” into any impact assessment. In

‘Intransigent’ creditors scuttle sale of Great Panther’s Coricancha, says would-be buyer Newrange

PRECIOUS METALS | Cash strapped junior filed for creditor protection in

September

INDIGENOUS from 1

via open pit for 11 years, transition ing to underground mining in year 10. The study also included supple mentation of run-of-mine Ikkari ore with concentrate grading 11 grams

gold per tonne from underground operations at Pahtavaara starting in year 12.

In a note to clients, Michael Fair bairn, a mining analyst at Canac

Inside the mill at Rupert Resources’ Pahtavaara mine. RUPERT RESOURCES

Great Panther Mining’s Tucano gold mine in Brazil. GREAT PANTHER MINING

EPA in ‘regulatory overreach’ with renewed Pebble project veto, says proponent

| Agency warns of mine’s ‘unacceptable’ effects on salmon fishery

BY HENRY LAZENBY

The U.S. Environmental Pro tection Agency’s Dec. 1 veto of the contentious Peb ble copper-gold project in Alas ka has again irked the proponent Northern Dynasty Minerals (TSX: NDM; NYSE-AM: NAK).

In a statement on Dec. 2, North ern Dynasty president and CEO Ronald Thiessen accused the EPA of “regulatory overreach” in once more recommending a pre-emptive strike against the project. When the same tactic was deployed in 2014, it drew a rebuke from a federal judge last year that sent the issue back to the EPA for reconsideration.

The company and its U.S.-based subsidiary Pebble Limited Partner ship’s (PLP) proposed Pebble mine in southern Alaska has been con troversial for years. Under former president Barack Obama, the EPA proposed restrictions that would rule out approving the project even before the company had applied for any permits or filed supporting sci entific data.

But the agency later withdrew the proposed controls after a legal challenge.

“The EPA tried this in 2014 and was forced to settle and allow Peb ble to proceed through the normal, well-established permitting process in the U.S.,” Thiessen said.

“This action remains pre-emp tive as PLP is currently appealing a negative Record of Decision. The EPA’s decision to proceed with a second bite at the same apple relies on supposition rather than demon strating that impacts will occur,” he said.

On Dec. 1, the White House proposed a ban on mine waste dis posal in Alaska’s Bristol Bay, where the Pebble project is located. That ban would place further curbs on the project. The EPA seeks to use a Clean Water Act provision to pro hibit certain waters in the Bristol Bay region as waste disposal sites, a move which may be the final nail

in the coffin for the mine. Both the Trump and Obama administra tions blocked Pebble’s progression.

BMO Capital Markets Global Commodities Research analyst Colin Hamilton said in a note to cli ents the EPA’s actions further high light the contrast between recent much-publicized investment in the U.S.’s downstream energy tran sition industry and the reality of looming raw material shortages.

EPA Region 10 Regional Admin

AGNICO from 1

take that Quebec-based team, use all the skill sets — we call it ‘LaR onde University’ because we had that broad range of skills where we take those individuals and move them into those other deposits. And since then, we’ve added assets to build the base,” said Boyd.

By 2012, Agnico had built five mines and established four regional mining platforms. By 2016, it had further consolidated the Abitibi region with the acqui sition of its current 50% stake in Canadian Malartic and, more recently, added the Detour Lake and Macassa mines in Ontario’s portion of the Abitibi Belt through the Kirkland Lake deal.

Not Nevada, but bigger

At Detour, Agnico completed a rework of the mine plan in July, lifting the reserve base 38% and improving the long-term out look for the operation materially. Gaining complete control of the 640,000-oz.-per-year (100% basis)

Canadian Malartic mine rep resents the crowning of Agnico’s unofficial ‘Canada-first’ strategy.

“Think about the fact that we’ve announced two-kilometre stepout holes at Detour, outside of the known mineralization. Think about Malartic, where we’ve got

a kilometre to a kilometre-and-ahalf in the sediments — step-outs outside of the East, and Goldie deposits which are the core of the underground development,” Boyd said.

He continued to point out that Agnico’s current Canadian pro duction base is bigger than Bar rick’s 61.5% interest in Nevada Gold Mines joint venture with Newmont’s (NYSE: NEM). “But it doesn’t get the press because it’s Canada. It’s not Nevada, but it’s bigger.”

Meanwhile Agnico has enjoyed success in Canada’s Arctic, where it built the Meadowbank complex and Meliadine mine in Nunavut, and built its regional holdings with the acquisition of distressed TMAC Resources and its Hope Bay mine in January last year. The operation had underperformed since first gold was poured in 2017, requir ing TMAC to make investments to improve the mill and increase its capacity to 2,000 tonnes per day from 1,000 tonnes per day.

Agnico is eager to once again wield its patient expertise to reor ganize and eventually restart the operation, Boyd said.

Steady hand Boyd began his career as an accountant, starting as a clerk at Clarkson Gordon (today Ernst

istrator Casey Sixkiller issued a determination on Dec. 1 to pro hibit and restrict the use of certain waters in the Bristol Bay watershed as disposal sites for discharges of dredged or fill material associated with developing Pebble.

That determination, based on Clean Water Act Section 404(c) and sent to EPA’s Office of Water Assistant Administrator Radhika Fox, cited scientific and technical records going back almost 20 years.

Sixkiller determined that the discharges would likely result in “unacceptable adverse effects on salmon fishery areas.” Those include the South Fork and North Fork Koktuli Rivers and the Upper Talarik Creek watersheds.

“EPA Region 10’s action rep resents the third step in EPA’s four-step Clean Water Act Section 404(c) review process,” Sixkiller said in a statement.

down a similar path for these crit ical minerals,” said Shively.

Other agencies have come out in favour of Pebble. The EPA’s proposed course of action contra dicts the findings in the U.S. Army Corps of Engineers’ Final Environ mental Impact Statement for the Pebble project. It concluded that Pebble could be developed without harm to the Bristol Bay fishery.

& Young). Soon enough, he was appointed audit lead, working on a new account called Agnico Eagle Mines.

“I got to meet Paul Pena, who was essentially the founder of Agnico, which instilled a lot of the values of the company that still hold today,” he said.

He jumped, joining the Agnico head office team of five in 1985.

“A lot of that effective strategy we’ve talked about is based on the consistency of the management, the board, how they work together, the employees, low turnover, mul tiple generations of employees working there. And that’s, I think, been a big part of the success of being able to be patient, being dis ciplined over time, and putting the pieces together to ultimately not only build a bigger business, but a more successful business,” Boyd said.

He also noted how risk and the perception of risk are close at heart for the management team.

“We’ve tended to focus on things like political risk, keeping the business manageable, so you’re not taking on excessive execution risk, and we take our lead from our technical people when we look at adding components to the busi ness, and what we’re asking them to do is, is make a call on geology. We follow the geology.” TNM

“If affirmed by EPA’s Office of Water, during the fourth and final step, this action would help protect salmon fishery areas that support world-class commercial and recre ational fisheries, and that have sus tained Alaska Native communities for thousands of years, support ing a subsistence-based way of life for one of the last intact wild salm on-based cultures in the world.”

‘Indefensible’ Northern Dynasty and the PLP criticized the EPA’s determination as based on “indefensible” legal and non-scientific assumptions.

“The process and the decision have been political from the start, as evidenced by White House Cli mate Change Advisor Gina McCa rthy’s stating in November of 2021 that the administration would shut down the project once and for all while praising the action with a ‘hallelujah,’” said PLP CEO John Shively in a statement.

According to the executive, the disconnect between building the green energy economy and society’s aversion to mining has reached a tipping point.

“I suspect the Chinese are laugh ing at the U.S. for making it so easy for China to become the ‘OPEC’ of producing minerals critical for the world’s economy,” he said.

“We have witnessed the situation unfolding in Europe, which is the direct result of their being depen dent on an unfriendly country for essential resources, and yet, for no good reason, the U.S. is heading

In September, a letter to the EPA that was signed by 14 states, includ ing Alaska, expressed their deep concern with the precedence this EPA ‘wildcard’ would set.

Next Steps

EPA’s assistant administrator for water will review all input and give the company a chance to make fur ther representations about their intent to take corrective action to prevent unacceptable adverse effects before issuing a final deter mination.

Building the Pebble gold mine in southwest Alaska would include the construction of a 270-mega watt power plant and 265-km natural-gas pipeline, as well as a 132-km-long road and large ponds for the tailings. It would also require dredging a port at Iliamna Bay.

If the mine is developed, it would be the largest in North Amer ica. The current resource estimate includes 6.5 billion tonnes in the measured and indicated categories containing 57 billion lb. copper, 71 million oz. gold, 3.4 billion lb. molybdenum, 345 million oz. silver and 2.6 million kg. rhenium.

In October, a U.S. Transpor tation and Infrastructure House Committee report recommended the attorney general to investigate alleged false statements by North ern Dynasty to Congress.

Democratic Reps. Peter DeFazio of Oregon and Grace Napolitano of California announced they sent evidence of false statements to the U.S. attorney general’s office based on the report’s findings. TNM

Northern Dynasty Minerals’ Pebble copper project in southern Alaska remains stuck in legal limbo. PEBBLE LIMITED PARTNERSHIP

ALASKA

A map showing the watersheds where the controversial Pebble copper-gold project is located. EPA

GLOBAL EXPLORATION

New Found’s Queensway drilling lifts explorer back into billion-dollar territory

BY COLIN MCCLELLAND

New Found Gold’s (TSXV: NFG) high-grade Queen sway project in central Newfoundland may be fundamen tally altered after surprising drilling results from a zone it nearly dis missed.

The Vancouver-based company reported Nov. 28 that diamond drill hole NFGC-22-960 at the Keats West area intersected 42.6 grams gold per tonne over 32 metres. That followed the previous week’s 18.6 grams gold over 16 metres in hole NFGC-22-773, located 200 metres up-plunge.

These assays from the west side of the Appleton fault running northeast through the province just west of Gander compare with the first Queensway hole, which returned 19 metres grading 92.9 grams gold per tonne. It was drilled at the Keats area on the east side of the same fault in 2019.

Later high-grade discoveries fur ther north on the same line as Keats, at the Golden Joint and Lotto zones, appeared to confirm the east side of the fault as the project’s best tar get area, New Found chief executive officer Collin Kettell said in a late November interview.

“We had a mentality that the east side was pregnant with gold but maybe the west wasn’t,” Kettell said by phone. “The discovery we had over on the west side is truly trans formational for the company.”

It gives New Found another zone of major significance and a large untested area to continue drilling at its 1,650-sq.-km Queen sway project. The company is the most advanced explorer — others include Labrador Gold (TSXV: LAB; US-OTC: NKOSF) and the smaller Exploits Discovery (TSXV: NFLD) — to drill along Appleton and other faults in a central New foundland exploration surge.

Marathon Gold (TSX: MOZ) has the region’s most advanced

project, with its nearly $500-mil lion Valentine open-pit and mill beginning construction now about 200 km west of Gander.

Appalachian orogeny

The province’s system of faults including the Valentine, Dog Bay, Appleton and the Gander River Ultramafic Belt formed about 480 million years ago during the clos ing of the Iapetus Ocean. Geolo gists say this Appalachian orogeny formation, boasting discoveries from South Carolina to Ireland, could rival the Golden Triangle in northwestern British Colum bia and the Abitibi belt straddling

NATURAL RESOURCES

Ontario and Quebec.

The Keats West intercept reported on Nov. 28 had 19 subintervals grading more than 10 grams per tonne, supporting the target’s potential as a second highgrade zone at Queensway after the original Keats discovery, according to Andrew Mikitchook, a mining analyst for BMO Capital Markets.

“This clearly demonstrates the extensive occurrences of high-grade mineralization across the full inter cept length,” Mikitchook wrote in a note. “The results suggest to us the possibility of an open-pit target at Keats West.”

Kettell said it was too early to

determine exactly how to develop Queensway, with any economic studies likely more than a year away and the company yet to out line a resource. But he agreed evi dence was mounting to back an open-pit concept, at least to start.

“Mineralization does ‘daylight’ in more than one zone, which obvi ously is well-suited to an open-pit scenario,” he said. “The zones seem to extend to depth and we haven’t drilled very deep with these oro genic systems known to go deeper than they express themselves on surface. Ultimately you would think Queensway would evolve into an underground scenario if it doesn’t start underground.”

Kettell, 32, brings family experi ence with turning a discovery into a multi-billion-dollar acquisition. His father, Ralph Kettell, helped stake the Long Canyon gold deposit in Nevada in 2003 and steered it to an eventual purchase by Fron teer Gold, which was later bought by Newmont (TSX: NGT; NYSE: NEM) for $2.3 billion in 2011.

“It impressed upon me the dif ferent things that have to be done to take a company private, raise money privately and go public,” the son said. “It also impressed on me just the premium that a takeover can command, especially at the top of a bull market.”

Kettell says he’s open to the idea of a similar destiny for Queensway, or developing it to production through New Found.

“If along the way a large com pany comes to us and offers us a number that’s bigger than we can say ‘no’ to, then that might be the way that things go,” Kettell said. “We’ve certainly had discussions with companies out there, but I can’t say any more than that.”

Lucky Strike

New Found is focused on Queen sway to the point that its Lucky Strike project at Kirkland Lake, Ont., is in limbo and could be sold or partnered with a company bring ing in a dedicated team, Kettell said.

Lucky Strike, a 100-sq.-km prop erty in the Abitibi gold belt, holds the past producing Walsh mine and two exploration shafts at the Copper King and Norwood Kirk land sites.

Kettell is also founder and CEO of Nevada King Mining (TSXV: NKG), which he said will soon be the second-largest claims holder in that western state behind the Nevada Gold Mines joint venture of Barrick Gold (TSX: ABX; NYSE: GOLD) and Newmont. Nevada King’s chief asset, the Atlanta Mine project, could also soon be on the block, he said. Nevada King has drilled 18,000 metres at the site, which produced gold from 1975 to 1985.

“If things do continue going in the right direction, in the medium term it would fall into the hands of a mid-tier, or major if it gets big enough, that’s looking to break into the state,” Kettell said.

The CEO’s market outlook is for gold companies to shine in 2023 after lacklustre performance this year while the yellow metal fared better than companies because it remained a haven in volatile times. The combination of economists forecasting a recession next year and fewer investors being inter ested in gold company stocks could actually work in the industry’s favour, he said.

“Any bull market with longevity needs to start from a place where very few people are interested and I can’t think of a better economic sit uation to be in, perversely because it’s not a good economic situation,” Kettell said. “If it does happen, look for these miners and exploration companies to not just perform well but to really perform exceptionally because of how poorly they’ve been moving up until now.”

His investment company, Pali sades Gold, and high-profile gold investor Eric Sprott each control about 30% of New Found. Shares in the company have shot up more than 25% since Nov. 25 and were at $6.31 in Toronto at press time. New Found shares have traded in a 52-week range of $4.03 and $9.64, valuing the company at more than $1 billion.

The stock’s surge places the com pany atop the province’s explorers. Its rapid rise to billion-dollar mar ket value is akin to the Great Bear deposit in northwestern Ontario that Kinross Gold (TSX: K; NYSE: KGC) acquired for $1.8 billion a year ago, but different because New Found’s discovery was in a virgin area, Kettell said.

“To have something new on the map is just something exciting for the province and for Canada and the mining industry as a whole,” he said. “Before the Queensway discovery, everyone doubted the potential of Newfoundland to have elephant-style gold deposits. We’re changing the thinking on that.”

PRECIOUS METALS | High-grade gold project in central Newfoundland delivers 32 metres of 42.6 g/t gold

Top: Diamond drilling at the Keats zone at New Found Gold’s Queensway project in Newfoundland.

Left: Examining quartz veining along the shore of Gander Lake. NEW FOUND GOLD

Argentina Lithium targets spring for first Rincon West resource

BY NORTHERN MINER STAFF

LIT, US-OTC: PNXLF), a member of the Vancouver-based Grosso Group of companies, is aggressively assembling a portfolio of lithium properties in northwestern Argentina as demand for the battery mineral continues its upward trajectory.

“The lithium market had a couple of false starts, but this time is different,” said Nikolaos Cacos, the company’s president and CEO. The price of lithium carbonate has increased dramatically, he noted, from US$2,000 to US$3,000 per tonne seven or eight years ago to an all-time high of $84,000 in October.

“So, it’s really been stratospheric, and it continues to defy even analysts’ expectations.”

A BloombergNEF study presented at the United Nations climate talks in Egypt in mid-November estimated that 10.6 million electric battery and plug-in hybrid passenger vehicles would be sold in 2022, a 61% increase over the prior year. And an estimated 56% of them would be sold in China, the global leader in electrification.

Argentina Lithium decided to take advantage of the opportunity through the Covid-19 pandemic, acquiring four salt lake brine properties in Argentina’s portion of South America’s famed Lithium Triangle, which hosts 60% of the world’s lithium resources.

“Argentina underwent a serious lockdown,” recalled Cacos. “You couldn’t travel between provinces. It was really hardcore, but we were fortunate that we had a lot of people on the ground in these areas and there was no competition because of the lockdown, so we could swoop in and pick up some really choice properties.”

The Grosso Group’s long history in Argentina also helped.

“Over the last 30 years, we’ve made four major discoveries in the country,” Cacos said. “Joe Grosso has been inducted into the Argentina Mining Hall of Fame because of his pioneering efforts to help the country get going in the mining exploration industry. It was our reputation for transparency and honest business practices that allowed us to make deals with the property owners.”

‘Off to the races’

Argentina Lithium didn’t waste any time exploring its flagship Rincon West property in the country’s Salta province, spending close to $3

million conducting geophysics and commencing a nine-hole reversecirculation drill program at depths of up to 400 metres through 2022. A transient electromagnetic survey indicated the potential for lithium brines under 60% of the property and early drill results reported in October included lithium values of 334 to 382 mg/L over a continuous interval of 132 metres.

The company holds a 100% interest in 4.6 sq. km at Rincon West and has an option to earn a 100% interest in a further 32.8 sq. km.

“Argosy Minerals, an Australian company with an $800-million market cap, has reported a 250-million-tonne lithium resource on the eastern side of the same salar and has plans to go into production next year,” Cacos said. “And Rio Tinto spent US$825 million acquiring a property right next to us.

“The results from the first four holes we drilled all confirm lithium grades and intersections in line with the kind of numbers that both Rio Tinto and Argosy have published, so we feel we are off to the races.”

Argentina Lithium has budgeted $10 million to continue its drill program at Rincon West in 2023 and expects to publish a “significant resource” by April or May.

“Then we’ll move south to our Antofalla North property,” Cacos

said. “That’s a priority for us because the world’s largest lithium producer, Albemarle owns the entire central section of the salar and we own the northern section. They haven’t published what they have, but they have stated that they have what they believe is the largest lithium resource in Argentina.”

Antofalla North comprises 150 sq. km of mining leases with 90.8 sq. km owned outright by Argentina Lithium and the remainder under option.

Other properties in the company’s portfolio include Pocitos and Incahuasi. At Pocitos, it has a 100% interest in approximately 158.6 sq. km of claims in 11 continuous mining concessions on the east side of the salar, as well as an additional 103.6 sq. km in three blocks to the east and south. At Incahuasi, another salar, it has a 100% interest in 250 sq. km of ground.

“The salars we’ve been targeting are not the really high-grade ones with lithium concentrations of up to 800 milligrams per litre,” said Cacos. “They’re harder to find and very expensive. We’re targeting mid-grade brines with 300 milligrams per litre lithium or better and focusing on projects in areas close to infrastructure, including railroad lines, roads and power lines that offer better economics.”

Extracting lithium from mid-grade brines is a lot easier now with new

direct lithium extraction technologies, explained Cacos. That wasn’t always the case.

“A few years ago, the only way to get lithium out was to pump the brine to surface and lay it on these flat beds to evaporate it. That was a multi-year process. You needed very, very high grades of lithium in order to make it work and you had to be concerned about other minerals present in the brine contaminating the process. It was complex, time consuming and expensive,” he said.

“Direct lithium extraction technologies, by contrast, are able to remove the lithium ions from the brine very effectively even down to extremely low grades so even lithium deposits of 60 or 70 milligrams per litre can be economic. The process is also agnostic to any other minerals in the brine and is more environmentally friendly.”

Argentina Lithium has no plans to take any of its four lithium projects into production itself. “We recognize that we’re explorers and pretty good at it,” Cacos said. “We’ve always viewed production as a different business. Our expertise

is paying a few million dollars and defining something that’s grassroots, then selling it for $500 million or more. By that point our investors will already have seen a return on their investment, and we can pass the project on to an experienced producer. We could sell out completely or take a small portion as a carried interest or a royalty.”

In late November, Argentina Lithium raised a little more than $9 million in a non-brokered private placement to fund its 2023 exploration program after initially setting a target of $6 million. “The investor interest was especially gratifying given the current market environment,” Cacos said. “Since the demand was there, we decided to fund the entirety of the 2023 exploration budget. In fact, we ended up having to turn investors away.”

The

www.argentinalithium.com for more information.

Argentina Lithium & Energy (TSXV:

preceding Joint Venture Article is PROMOTED CONTENT sponsored by Argentina Lithium & Energy. and produced in co-operation with The Northern Miner. Visit

Top: Argentina Lithium is in good company on the Rincon Salar, or salt lake, which has also attracted several other mining companies, including Argosy Minerals and Rio Tinto.

JOSEFINA DI PIETRO

Above: Drilling at Argentina Lithium’s Rincon West project. JOSEFINA DI PIETRO

Left: Drill results from Argentina Lithium’s Rincon West project have included lithium values of 334 to 382 mg/L over 132 metres.

COURTESY OF ARGENTINA LITHIUM

South America’s Lithium Triangle encompassing part of southern Bolivia, eastern Chile and northwestern Argentina hosts an estimated 60% of the world’s lithium resources. COURTESY OF ARGENTINA LITHIUM

Bravo Mining’s PGM-gold-nickel project finds higher grades than Vale years ago

BRAZIL | 25,500-metre drill program under way at Luanga in advance of 2023 resource estimate

BY COLIN MCCLELLAND

Bravo Mining (TSXV: BRVO; US-OTC: BRVMF) is con firming the potential of its Luanga platinum group metals proj ect in northern Brazil by re-sam pling old drill core collected by for mer owner Vale (NYSE: VALE).

Highlights of the re-sampling at the site about 500 km south of Belém on the country’s north coast include 30 metres starting at sur face grading 2.34 grams platinum group metals (PGM) and gold per tonne; and 24 metres start ing at 44 metres downhole grading 2.08 PGM and gold per tonne and 0.21% nickel, Bravo said in a news release on Nov. 29.

The re-sampled intercepts are showing a trend of higher grades than Vale’s original drilling when it explored the area in the 1990s and early 2000s, Bravo chairman and chief executive officer Luis Azevedo said in the release.

“It is also encouraging that nickel sulphide grades are very comparable to the historical total nickel results, suggesting that very little nickel is tied up in silicates in the fresh rock,” Azevedo said. “All these observations, combined with the first-time assaying for rhodium in many intercepts, are supportive.”

The new analysis is being used to validate Luanga’s historical resource estimate and issue Bravo’s own figures next year. Vale’s esti mate of 142 million tonnes grading 1.24 grams per tonne palladium, platinum and gold and 0.11% nickel dates from around 2007, according to Bravo. It has cautioned the old estimate is not compliant with NI 43-101 standards.

Bravo is using new drilling and analysis to determine the size of the Luanga deposit as it considers how it may fit into the surging critical min erals industry estimated to be worth trillions of dollars in the decades ahead in the fight against climate change. Palladium, platinum and rhodium are used in clean emissions technologies while nickel is a prime component of electric vehicle bat teries.

Luanga’s new higher grades

techniques and assays showing rhodium, said Dalton Baretto, a mining analyst with Canaccord

Nov. 29.

“We believe the ongoing vali dation of the presence of anoma lous rhodium will be meaningful to the ultimate economics,” Baretto said. “Nickel sulphide grades (are) in line with historic overall nickel grades, indicating that the lion’s share of the contained nickel is sul phide mineralization.”

Bravo has received assays from 42 of the 252 drill holes Vale com pleted, Azevedo said. The explorer has sent 3,353 samples from his toric cores for analysis. It also has six drill rigs on site with 20,409 metres or about 80% of a 25,500metre infill and step-out drill pro gram completed. A later 21,500metre drill program is to focus on resource expansion.

The company said in October it is following up on nickel-copper mas sive sulphides first intercepted in hole 47, which graded 2.03% nickel and 1.23% copper over 11 metres.

The Luanga PGM gold and nickel deposit is about 7 km by 3.5 km, dates from 2.5 billion to 2.8 bil

Murchison shares surge on best results yet from central Quebec nickel project

CRITICAL MINERALS | Drilling cuts 121.2 metres of 1.02% nickel, 0.56% copper and 0.07% cobalt

BY BLAIR MCBRIDE

Shares in Murchison Miner als (TSXV: MUR; US-OTC: MURMF) shot up 50% on Nov. 29 on near-surface, high-grade drill results from its Haut-Plateau de la Manicouagan (HPM) nickel prop erty in Quebec.

The explorer reported assay results from a single hole from its summer 2022 drilling program at the Barre de Fer (BDF) zone, located about 266 km north of Baie Comeau.

The highlight from BDF is hole BDF22-002, which cut 121.2 metres grading 1.02% nickel, 0.56% cop per and 0.07% cobalt from 123.8 metres depth.

That hole also included 28.8 metres grading 2.2% nickel, 0.99% copper and 0.15% cobalt from 152 metres; and 21 metres grading 2.45% nickel, 1.22% copper and 0.16% cobalt from 152.5 metres.

The company noted that the hole is its best intersection to date at its

wholly-owned HPM, which covers 576 sq. km.

In a release, Murchison presi dent and CEO Troy Boisjoli said that the hole is among the world’s best nickel-sulphide intersections found at a pre-resource project in the last several years.

“Our HPM project is developing at a time when worldwide nickel demand is slated to increase sig nificantly over the coming years,” he said. “The opportunity is com pounded for Murchison by the fact there is significant pre-exist ing infrastructure like a maintained highway, rail, and available hydro power all within kilometers of our site.”

BDF22-002 went down 452 metres and intersected two broad zones of nickel-copper-cobalt sul phide bearing mineralization with a composite thickness of 175.15 metres.

The hole confirmed mineral ization about 85 metres downdip

from hole DH-151-02 and about 55 metres up dip from DH-151-05EX, with most mineralization inter sected outside of the previously modeled zone.

The results also show strong cor relation with nickel mineralization detected from portal x-ray fluores cence (XRF) mapping of BDF22002 from last April, the company said.

The summer exploration pro gram at HPM consisted of 13 dia mond drill holes totalling 4,316 metres, 10 of which were at BDF and three at the adjacent Syrah site. The Burlington-Ont.-based com pany expects to release an initial resource for HPM in the first quar ter of next year.

Shares of Murchison Minerals were trading at 11¢ at press time in Toronto, down from their Nov. 19 high of 15¢. The shares have traded in a 52-week window of 6¢ and 16¢, giving the company a market cap of $24 million.

Genuity Capital Markets, in a note on

lion years ago and lies in a layered mafic and ultramafic complex. It’s considered generally similar in age and geology to major PGM depos

its and mines, the company says. Baretto has a buy rating and a $2.15 price target on the stock. Its shares were trading at $1.70

in Toronto at press time, within a 52-week range of $1.53 and $1.95, valuing the company at $171.7 million. TNM

Bravo Mining’s Luanga project in Brazil. BRAVO MINING

A drill rig at Murchison Minerals’ Haut-Plateau de la Manicouagan project in central Quebec. MURCHISON MINERALS

Blue Sky Uranium foresees ‘formative year’ at Argentine site amid global energy crunch

BY NORTHERN MINER STAFF

Blue Sky Uranium (TSXV: BSK; USOTC: BKUCF), a Vancouver-based uranium and vanadium explorer with 4,000 sq. km of prospective tenements in Argentina’s Patagonia region, expects to update the preliminary economic assessment for its Ivana deposit after completing an enhanced regional exploration drilling program next year.

Despite a difficult market for capital raising, Blue Sky announced on Dec. 2 the closure of the first tranche of a non-brokered private placement that netted $1.7 million in financing for exploration programs in Argentina and working capital. An earlier private placement financing in June raised $2.1 million for the firm.

“The market is tough out there overall, but there are bright spots,” says Nikolaos Cacos, president and CEO of the junior explorer. “Clean energy is one of them and there’s definitely a lot of interest in uranium. We’re looking to ensure we have enough funds to complete drilling at our new targets.”

Blue Sky’s flagship project is Amarillo Grande, located about 25 km north of Valcheta City. First discovered in 2007 through ground and airborne radiometric surveys, the company eventually staked out a district-scale geologic trend, 145 by 50 km in size, of both surficial and sandstone-type uranium deposits.

“We did a radiometric airborne study of about 15,000 square kilometres — that is an enormous area, around half the size of Switzerland,” recalls Cacos. “All of a sudden you could see radioactive blobs showing up over huge areas on the map.”

Since beginning a revitalized work program in 2016, Blue Sky has focused much of its efforts on the Ivana property within Amarillo Grande, which features a prominent radiometric anomaly caused by uranium mineralization at or near the surface. Surface exploration, ground geophysics, pit sampling, and drilling outlined the presence of a curved mineralized corridor, 5 km long, 200 to 500 metres wide and up to 23 metres thick.

In 2019, Blue Sky released a preliminary economic assessment (PEA) for Ivana. The report outlined a 13-year mine life for an open pit operation that would cost US$128 million to build. Annual production was forecast at nearly 1.4 million lb. of uranium oxide (U3O8) annually over the mine life.

The PEA found that for these projections, all-in-sustaining costs could be achieved at uranium prices of US$18 per lb. Assuming a price of US$50 per pound for uranium and US$15 per pound for vanadium, the assessment predicted an after-tax internal rate of return of 29% and a net present value of US$135 million (using an 8% discount rate), with an after-tax payback period of 2.4 years.

The PEA was based on an updated mineral resource estimate for Ivana of 28 million inferred tonnes grading 0.037% U3O8 and 0.019% V2O5 for 22.7 million lb. contained U3O8 and 11.5 million lb. of V2O5

Although uranium contracts do not trade publicly, spot prices have soared since 2019, spiking at US$58 per lb. in March 2022 before settling at close to US$50 for the remainder of the year. Investment research team the Oregon Group predicts the start of a 10-year bull market for uranium in a report dated Nov. 22.

“There’s a recognition that nuclear

energy is safe, reliable, and efficient,” Cacos says. “In discussions about clean air and clean energy, uranium is taking centre stage and investors are becoming aware of that.”

To deal with the challenges of delineating resources within a district-scale property, Blue Sky opted for a hub-and-spoke approach to keep capital costs contained. The firm elected to explore four new targets — Ivana North, Ivana Central, Ivana East, and Cateo Cuatro — that all lie within a roughly 30-km radius from the original Ivana deposit. With permits for drilling recently in place, on Sept. 26, the company announced plans to launch a comprehensive field exploration program at Cateo Cuatro to refine drilling targets. In addition, the Ivana East target was slated for advancement to drill-testing stages.

Results from techniques including induced polarization tomography indicated that Blue Sky’s new targets had similar geological characteristics to the environment at the Ivana deposit, located between 10 to 30 metres deep.

“With Cateo Cuatro, we’re quite excited because some of the highest samples in our exploratory program have come from that area,” Cacos states. “We’ve got a team there that’s doing geological work and geophysics trying to identify drill targets. They do some handheld auger drilling too because the mineralization occurs at surface and the ground is unconsolidated, which makes it quite easy to do.”

Cacos emphasizes that one of the keys to the potential profitability of Amarillo Grande is the near-surface character of the uranium deposits.

Above

Above

Mineralization at the Ivana property is composed primarily of carnotite, a bright-yellow radioactive material that typically forms tiny grains instead of large crystals. At the Ivana deposit, carnotite is primarily found at or near surface, coating clastic sediments over kilometre scale distances.

“When we first went with our geological team to ground truth our airborne studies, we drove on a lot of gravel roads,” Cacos remembers. “After following a grader for some distance, our team’s Geiger counters immediately went off when we got to our next stop — the car had carnotite stuck right in the fender.”

Kazakhstan, which supplies about 40% of the world’s uranium, also mines carnotite at underground sites, some of which have been in existence for over half a century. One critical aspect of Kazakhstan’s current competitive advantage is an abundance of low-cost recovery techniques such as in-situ leaching, where minerals are recovered by pumping specially treated groundwater through an orebody.

Blue Sky also aims to introduce low-cost uranium recovery at any future test program, but with a madein-Canada twist. In the proposed setup, a simple wet scrubbing and screening process would wash away about 75% of the mass of an aggregate sample, leaving behind a concentrated mixture of uranium and vanadium. Alkaline leaching of the feed concentrate leads to projected overall process recoveries of 85% for uranium and 53% for vanadium.

“The alkaline leaching process uses sodium bicarbonate, which is cheap and has almost no environ mental impact,” Cacos says. “It’s tried and true and was developed at the Saskatchewan Research Council.”

Cacos notes that the Amarillo Grande is a depressed basin within the flatter Patagonia plains, a natural setting that minimizes the risk of spills and leaks. The Blue Sky holdings also benefit from a network of nearby roads, railway, and electrical power

thanks to an established oil and gas presence in the region.

A future Amarillo Grande site could help meet Argentina’s power demands, as the country has three nuclear power plants in operation and more in the planning stages. Current Argentine legal frameworks direct nuclear reactors to purchase uranium from domestic suppliers first, but so far, no producers have entered the market.

“Argentina is involved in every facet of the nuclear cycle except for production,” Cacos states. “They import it, and that’s one of the opportunities that’s before us. This is the most advanced and largest uranium deposit in Argentina.”

Forecasts by the World Nuclear Association indicate uranium supply deficits in the coming years unless new mines are brought online. Combined with increased fears about the security of Kazakhstan sources amid the Ukraine-Russia conflict, Cacos foresees 2023 as a year when the company takes a step toward its endgame — finding a partner to advance production for both Argentine consumption and worldwide sales.

“We feel there’s a possibility here, we can upgrade the resource from inferred to indicated so we have a better-quality deposit,” he notes.

“In light of higher commodity prices, we might be able to put more shine on this apple.”

“The financing coming in ensures a buffer that will see us through to our next catalyst event,” Cacos continues. Possible catalysts could include the announcement of additional drill results at the Cateo Cuatro and Ivana East targets, and completion of an updated economic assessment. A third would be a move toward a pre-feasibility study, a possibility that Cacos suggests is on the horizon.

“We’re not just another uranium junior explorer,” adds Cacos. “What we have on hand is not just a single deposit, we’ve got the potential to develop an entire new district with potentially 100 or 200 million pounds of uranium. The upside is huge.”

The preceding Joint Venture Article is PROMOTED CONTENT sponsored by Blue Sky Uranium. and produced in co-operation with The Northern Miner. Visit www.blueskyuranium.com for more information.

Left: Geophysical crew surveying an exploration target zone at the Amarillo Grande project.

Right: An RC rig in action testing one of the exploration targets at the Amarillo Grande project.

BLUE SKY URANIUM

Amarillo Grande property map showing an airborne radiometric survey with anomalous values (yellow/red/purple) along a 145-km-long trend. BLUE SKY URANIUM

“THIS IS THE MOST ADVANCED AND LARGEST URANIUM DEPOSIT IN ARGENTINA.”

NIKOLAOS CACOS, BLUE SKY URANIUM PRESIDENT AND CEO

HighGold Mining stock rises on best interval yet at JT deposit in Alaska

UNITED STATES | Junior drills 120 metres of 18.7 g/t gold

BY JACKSON CHEN

HighGold Mining (TSXV: HIGH, US-OTC: HGGOF) has reported assay results from four infill and expansion drill holes completed at the JT deposit in south-central Alaska.

The deposit forms part of the company’s Johnson Tract poly metallic project that holds an indicated resource of 1 million gold-equivalent oz. at 9.4 grams per tonne.

The latest drilling focused on gaps between inferred resource domains and step-outs at depth. Drill hole JT22-152 delivered the best intersection to date at the JT deposit, returning 120.5 metres at 18.76 grams gold per tonne, 0.55% copper, 3.86% zinc, 0.93% lead and 6 grams silver (for 22.1 grams gold equivalent). This intersection demonstrates exceptional conti nuity of very high-grade miner alization, with gold grades locally exceeding the resource block model that it intersects.

In addition to document ing higher grade gold, the north east orientation of drill hole JT22152 has also allowed HighGold to test — and confirm — that the southern edge of the JT deposit is bounded by a cross-fault. This opens up the potential for addi tional displaced mineralization to continue further to the south than previously thought.

“The exceptional results of drill hole JT22-152 underscore the highly attractive combination of large intervals of high-grade min eralization that characterize the JT deposit, which consists of a thick, oblate body of stockwork veining and breccia,” said president and CEO Darwin Green.

Results from the other holes including JT22-148, which inter sected 9.3 metres at 7.18 grams gold, 0.22% copper and 5.57% zinc (10.9 grams gold equivalent), also demonstrate potential additions to the mineral resource between the known inferred resources.

The JT deposit hosts inferred resources of 706,000 tonnes grad ing 4.76 grams gold equivalent (1.36 grams gold, 9.1 grams silver, 0.59% copper, 0.3% lead and 4.18% zinc). The larger indicated resource is estimated at 3.5 million tonnes grading 9.39 grams gold equiva

lent (5.33 grams gold, 6 grams sil ver, 0.56% copper, 0.67% lead and 5.21% zinc).

HighGold is focused on both expanding the JT deposit and gen erating new discoveries along the 12-km strike length of the Johnson Tract project.

Shares of HighGold surged 23.2% to 88¢ on Nov. 29 in Toronto following the new drilling results, before levelling off to 80¢ later in the week. Its shares have traded in a 52-week window of 59¢ and $1.60, giving it market capitaliza tion of $58.6 million. TNM

Eloro’s Iska Iska silver-tin drilling points to likely resource growth

BY HENRY LAZENBY

Eloro Resources (TSXV: ELO; US-OTC: ELRRF) might be looking at a giant “bonanza style” polymetallic discovery at its Iska Iska silver-tin deposit in southern Bolivia, the company said in late November.

In releasing the latest results from eight diamond drill holes at Iska Iska, CEO Tom Larson said a series of holes extended the depos it’s high-grade feeder zone strike length.

in all directions, is pointing to the strong possibility that Iska Iska will become a giant ‘bonanza style’ Bolivian polymetallic discovery.”

PURSUING A REVIVAL IN GOLD

Reconnaissance holes DSB-38, -39, and -40 added 500 metres, for a total strike length of 1.5 km. High lights include 269.56 grams sil ver-equivalent per tonne over 58.9 metres, including 462.04 grams over 23.8 metres in hole DSB-38.

Hole DSB-39 returned 101.74 grams silver-equivalent per tonne over 74.1 metres, including 255.53 grams silver-equivalent over 17.2 metres, while hole DSB 40 returned 91.96 grams over 194 metres with higher-grade portions of 147.94 grams over 19.9 metres and 218.1 grams over 11.21 metres.

According to Eloro, 34% of these three holes, which total 2,761 metres of contained reportable intersections, collectively averaged 106 grams silver-equivalent per tonne.

Larson said the results should add “substantial tonnage to our resource model.”

The three holes tested the on-strike extension of the feeder zone at the Santa Barbara prospect to the south-southeast.

Larson expects later infill drill ing should further upgrade and expand the higher metal value zonations that had become char acteristic of the Iska Iska system.

“Given the guidance of our geo physics, if one were to draw a line from Huayra Kasa in the north of the Iska Iska Caldera southwest to Mina Casiterita, one can reason ably assume up to a 3-km poten tial strike length of mineralization given the magnetic data to date,” Larsen said in a news release.

“The current strike length, width and depth of the Santa Bar bara complex, which is still open

The company also reported data from a third metallurgical hole drilled at the site in the south western Department of Potosi. It returned a highlight intercept of 122.3 grams silver-equivalent per tonne from the surface to 210.7 metres, with higher-grade hits returning values of up to 272.9 grams silver-equivalent over 16.57 metres from 101.7 metres depth and 200 grams silver-equiva lent over 13.1 metres from 171.9 metres depth.

According to the company’s executive VP for exploration, Bill Pearson, geophysical data sug gests the high-grade feeder zone could be extended for another 500 metres to 2,000 metres, which the final drill holes have initially tested in the 2022 program. Results are pending.

“The width of the Santa Bar bara mineralized zone is now up to 1,000 metres across strike with a depth of at least 800 metres,” Pear son said. “The mineralized zone remains open in all directions as well as at depth.”

The company has completed 84,495 metres of diamond drilling across 122 drill holes since the pro gram began in September 2020. With the drilling now completed, the team is focused on working with Micon International to com plete the first Iska Iska resource estimate.

Under an option agreement signed in January 2020, Eloro can acquire a 99% interest in the 9-sq.-km Iska Iska property. Eloro issued the title holder 250,000 common shares in February 2020, and a further 250,000 com mon shares in early 2022. It is also required to make option payments totalling US$10 million by Jan. 6, 2024, of which US$3 million has been paid to date, leaving US$7 million.

The explorer’s Toronto-listed shares traded at $3.71 at press time in a 52-week window of $2.85 and $5.44. Eloro has a market cap of $259.8 million. TNM

A drill rig at HighGold Mining’s Johnson Tract project. HIGHGOLD MINING

BOLIVIA | Management sees potential for ‘giant bonanza-style polymetallic discovery’

At Eloro Resources’ Iska Iska project in Bolivia. ELORO RESOURCES

GLOBAL EXPLORATION SNAPSHOT: EIGHT COMPANIES TO WATCH

BY JAMES SNELL

While the search for new gold deposits across the world never lets up, explorers are picking up the pace seeking out critical minerals. Here’s a glimpse of eight companies exploring for precious and critical minerals in countries across the Americas, Europe and the South Pacific.

ACME LITHIUM

Acme Lithium (CSE: ACME; US-OTC: ACLHF), a Vancouverbased exploration company tar geting lithium deposits in the U.S. and Canada, is compiling geophys ical and brine sample results, mov ing the company closer to expanded exploration and defined resources.

Acme has received a geophys ics report outlining potential lithium-bearing clays at its Fish Lake Valley project in west-cen tral Nevada. The company also received a letter of approval from the United States Bureau of Land Management for its upcoming phase two drill program at its Clayton Valley lithium brine proj ect in Esmeralda Cty., NV.

In August, Acme announced brine sample results from a 425metre hole drilled at Clayton Val ley. Lithium was detected in all samples at concentrations between 38 and 130 mg per litre.

Results indicate the existence of bicarbonate-rich groundwater, which is typical in the Clayton Val ley lithium brine aquifers. Acme, notes that assay results suggest lith ium concentrations likely increase with depth and temperature.

The Clayton Valley project is contiguous to the northwest with Albemarle’s (NYSE: ALB) Sil ver Peak lithium deposit, which has been in production since the 1960s, the company says. Acme has acquired, or is under option to acquire, a 100% interest in 266 lith ium and lode mining claims total ing 22 sq. km in Esmeralda County.

The company also has a 100% interest in three pegmatite-type lithium properties in southeastern Manitoba totaling 70 sq. km. The northernmost edge of the claim block is about 5 km south of Sino mine Resource Group’s Tanco mine, which produces commercial quantities of lithium.

Acme has a market cap of around $25.5 million.

n ARENA MINERALS

Arena Minerals

US-OTC: AMRZF) is advancing its Sal de la Puna lithium brine proj ect in the Pastos Grandes Basin in Argentina’s northwestern Salta province.

The company is conducting a 3,000-metre drill program at the project, which hosts a historic resource, and is held by a joint ven ture of (65%) and China’s Ganfeng New Energy Technology Devel opment (35%). Ganfeng Lithium acquired 19.9% of Arena in 2021.

Arena also has developed its own proprietary brine processing tech nology that produces the equiva lent of a 6% lithium concentrate directly from evaporation ponds. A recently completed explora

tion hole at the 132-sq.-km Sal de la Puna project intersected two brine aquifers. Assay results from the 620-metre rotary-drilled hole returned 538 mg lithium per litre from 90 metres to 120 metres. From 365 metres to 620 metres, brines averaged 641 mg per litre lithium. The aquifer remains open at depth, according to the company.

Arena says the brine maintains high-quality geochemistry with an average magnesium to lith ium ratio of 5.5 and sulphate to lithium ratio of 10.5 — like those encountered throughout the Pas tos Grandes basin.

The company also owns the Antofalla lithium brine project in Argentina, which consists of four claims covering 60sq. km of the

Salar de Antofalla, immediately south of Albemarle’s Antofalla project. Arena says it has devel oped a proprietary brine process ing technology.

Arena also owns 80% of the Ata cama copper property in Chile’s Antofagasta region, and 5.8 mil lion shares of Astra Exploration (TSXV: ASTR; US-OTC: ATEPF).

Arena has a market cap of $210.3 million.

n AURION RESOURCES

Aurion Resources (TSXV: AU; US-OTC: AIRRF), a Canadian company exploring for precious metals in Finland, recently inter cepted significant gold mineraliza

n

Lion One Metals’ Tuvatu Alkaline Gold project in Fiji. LION

tion at its Helmi discovery in the Central Lapland Greenstone Belt in northern Finland.

In a joint venture operated by B2Gold (TSX: BTO; NYSE: BTG; NSX: B2G), 11 drill holes — 4,281.4 metres — were completed at the project in a program that ended in fall 2022. Highlights from drill ing at Helmi, located 1.3 km west of Rupert Resources’ (TSXV: RUP; OTCQX: RUPRF) Ikkari gold dis covery, include 1.78 grams gold per tonne over 15.1 metres from a depth of 103.65 metres, and 52.5 grams gold over 0.55 metre from 91.8 metres. The company says 10 of the 11 holes intersected gold mineralization along a 1-km strike length.

Aurion holds 30% of the proj ect, while B2Gold holds 70%. The JV exploration area covers 331-sq.-km. and has a 2022 budget of $13.5 million.

Aurion reported in early Novem ber the JV had completed half of an 11,000-metre drill program. Ongo ing exploration will test the extent of the mineralized trend at Helmi as well as regional targets.

The Helmi discovery was made in 2021. Drilling has returned inter cepts of 2.05 grams gold over 77.5 metres, 1.84 grams gold over 52.4 metres, 2.44 grams gold over 43.5 metres, 0.82 gram gold over 108.1 metres and 1.73 grams gold over 45 metres.

Gold mineralization at Helmi has been confirmed along a 2-km strike length, says the company, noting the mineralized zones remain open along strike and depth. The com pany holds mineral licences cover ing 900-sq.-km.

Aurion has a market cap of approximately $50.9 million.

n GROUP ELEVEN RESOURCES

Group Eleven Resources (TSXV: ZNG; US-OTC: GRLVF) an Ire

recent success at its flagship Bally wire prospect, about 250 km south west of Dublin in County Cork. It intersected high-grade massive sulphides, including 6.9 metres of 11.1% zinc, 4.3% lead, and 160

grams silver per tonne within a lon ger 66-metre mineralized interval. True widths are 80% to 100% of reported intercepts.

“Our discovery hole at Bally wire marks a clear breakthrough in

our exploration efforts in Ireland,” said Bart Jaworski, CEO of Group Eleven in a September news release.

Other drilling highlights include 5 metres of 6.2% zinc, 2.1% lead and 107 grams silver starting at a depth of 228 metres, including 2 metres of 3.9% zinc, 4.9% lead and 227 grams silver. Drilling also intercepted 6.9 metres of 11.1% zinc, 4.3% lead and 160 grams silver at 251.6 metres, including 2 metres of 30.5% zinc, 10.3% lead and 385 grams silver.

Group Eleven expects drilling at Ballywire to be completed by year’s end. The follow-up program con sists of an initial five holes totalling 1,500 metres of step-out drilling between 100 metres and 250 metres from the discovery hole.

Subject to results, the explorer plans to conduct subsequent drill ing to explore the wider Ballywire prospect in 2023, which remains open along strike as well as up-dip for at least 500 metres, according to the company.

It holds 99 prospecting licences covering 3,200 sq. km.

Group Eleven has a market cap of approximately $10.3 million.

n LION ONE METALS

Lion One Metals (TSXV: LIO; ASX: LLO), a Vancouver-based explora tion and development company, is advancing its 100%-owned and per mitted underground Tuvatu alka line gold project on the Island of Viti Levu in Fiji, with production planned for 2024.

The company says it has eight drill rigs and a recently expanded 24-hour-a-day onsite assay lab run ning. Drilling continues to intersect deep high-grade extensions of the Tuvatu gold system, near the city of Nadi, while Lion One also pur sues a district-scale discovery in the surrounding Navilawa caldera, one of Fiji’s largest mineralized volcanic complexes.

Highlights of recent drilling include a 180-metre vertical exten sion of Tuvatu’s Deep Feeder zone, which yielded “bonanza-grade intercepts” including 12.9 grams gold per tonne over 12.9 metres from a depth of 254.4 metres; 84.6 grams gold over 3.9 metres from 318.6 metres; and 48.65 grams gold over 5.4 metres from 423 metres.

The intercepts released in early November, combined with results from a previously drilled hole, mean a significant increase in grade with depth, according to the company. Other intercepts returned values ranging from 800 grams gold over 0.3 metre from 426 metres, to 108 grams gold over 0.3 metre from 529 metres. Lion One says the high-

grade feeder zone remains open at depth.

According to the company, drill ing results reported to date demon strate considerable upside at Tuvatu resulting from deep drilling the company has completed since the initial discovery of the deep feeder zone in 2020.

Lion One has a market cap of about $139.6 million.

n PREDICTIVE DISCOVERY

Predictive Discovery (ASX: PDI), a Perth, Australia-based explorer, is focused on developing its Bankan gold deposit in the eastern part of Guinea’s prolific Siguiri Basin. The deposit, touted by the company as the largest west African gold dis covery in a decade, contains an inferred resource of 4.2 million oz. in 72.8 million tonnes grading 1.63 grams gold per tonne.

Bankan is divided into two deposits, NE Bankan, which hosts the bulk of the resource (3.9 mil lion oz.), and Bankan Creek, which are 3 km apart in the southern por tion of Predictive’s 356-sq.-km land package.

Using 10 diamond drill rigs, the company drilled 51 infill and grade control holes consisting of 10,112 metres at NE Bankan between Sep tember and October. Highlights include 38 metres of 7.18 grams gold per tonne starting at a depth of 541 metres; 22 metres of 5.34 grams gold from 286 metres; and 49 metres of 2.04 grams gold from 288 metres.

“These results are from within the optimized resource pit shell and are aimed at providing further certainty of the tonnes and grade ahead of ultimately building and mining the NE Bankan deposit,” said Andrew Pardey, managing director of Predictive, in a Novem ber news release.

The best intercepts from Pre dictive’s reverse-circulation grade control and infill drill program at NE Bankan include 57 metres of 1.97 grams gold from a depth of 9 metres and 26 metres of 2.82 grams gold from 47 metres.

The company is exploring its land package for other gold depos its using geophysics and auger drill ing, with “some highly encouraging results to date,” from other por tions of the 35-km-long structural corridor that hosts Bankan.

Following an institutional and retail investor placement in June that raised $55 million, Predic tive says it’s financed to complete 60,000 metres of drilling across its

SNAPSHOT from 13

Above: Pegamtite outcrop at ACME Lithium’s Shatford Lake project in southeastern Manitoba.

Right: Drill rig at ACME Lithium’s Clayton Valley lithium brine project in Nevada.

ACME LITHIUM

Above: Prosper Gold CEO Peter Bernier at the drill rig at the Ashley gold project in Timmins, Ont. PROSPER GOLD Right: A driller working at Prosper Gold’s Ashley gold project. NORTHERN MINER

Guinean assets and bring Bankan to the development phase.

Predictive has a market cap of approximately A$361.5 million ($324.9 million).

n PROSPER GOLD

Prosper Gold (TSXV: PGX) a Van couver-based exploration com pany, is focused on developing its flagship Golden Sidewalk project in the western Birch-Uchi Greenstone Belt in Ontario.

The 164-sq.-km property, 60 km east of Red Lake, is host to sev eral advanced exploration targets that have seen varying amounts of historical exploration work that includes high-grade gold dis coveries.

In January, the company com pleted reconnaissance drilling total ling 21,103 metres in 66 diamond drill holes over 4.8 km. Highlights include 22.7 grams gold per tonne over 0.55 metre at a depth of 76.6 metres, and 5.63 grams gold over 0.5 metre at 156.7 metres.

In May, Prosper announced the remaining results from its inaugu ral drill program at Golden Side walk. Highlights include 14.2 grams gold over 0.5 metre from 104.4 metres and 12.5 grams gold over 0.59 metre from 164.6 metres.

In November, the company began drilling at its Skinner North target and closed a $725,000 non-brokered private placement.

The most recent drilling in the area was in 2008 along the Bathurst Mine trend, with intercepts of up to 40 grams gold over 1.7 metres.

Prosper conducted channel sam pling at Skinner in 2022, yielding 9.7 grams gold over 3 metres and 13.1 grams gold over 1.8 metres.

In November, prosper exercised

an option to acquire 100% inter est in the Golden Sidewalk prop erty and the Skinner property from Sabina Gold & Silver (TSX-SBB; OTCQX- SGSVF).

Prosper’s market cap is approxi mately $5.9 million.

n SOUTHERN SILVER EXPLORATION

Vancouver-based Southern Silver Exploration (TSXV: SSV; US-OTC: SSVFF) is advancing its flagship Cerro Las Minitas silver-lead-zinc property in Mexico’s Durango state.

At more than 340 sq. km, the project features a large land posi tion in the prolific Faja de Plata (Belt of silver) in northern Mex ico, with historic production and resources of over 3 billion oz. silver, according to the company.

In October, Southern Silver released assay results from its final four drill holes on its North Felsite and North Skarn targets at Cerro Las Minitas. Highlights included a 0.8-metre interval averaging 746 grams silver per tonne, 0.1 gram gold, 0.2% copper, 17.1% lead and 13.2% zinc, as well as a 3.4-metre interval averaging 219 grams silver, 2.5% lead and 0.6% zinc.

Cerro Las Minitas hosts indi cated resources of 12.3 million tonnes grading 106 grams silver per tonne, 0.16% copper, 1.3% lead, and 3.3% zinc (for 42.1 million oz. silver, 358 million lb. lead and 895 million lb. zinc). Inferred resources add 29.6 million tonnes grading 117 grams silver, 0.23% copper, 1.2% lead, and 2.3% zinc.

Exploration continues at South ern Silver’s Oro project in New Mexico to evaluate several cop per-molybdenum porphyry and copper-gold skarn targets within a broad hydrothermal alteration

zone, interpreted by the company as potentially overlying an unex posed porphyry centre.

Initial drilling and assays at Oro have identified thick zones of strongly anomalous copper min eralization, classic porphyry geo chemical and alteration zonation, increasing molybdenum and cop per at depth and several unexposed hydrothermal breccias, the com pany says.

Southern Silver also holds the silver-gold Hermanas project, approximately 40 km east of Oro. The project covers a 4- by 3-km area that features anomalous epith ermal quartz veining.

Southern Silver has a market cap of $56.6 million. TNM

SNAPSHOT from 14

Left: Group Eleven Resources has several zinc-lead prospects in southwestern Ireland. Right: At the Ballywire zinc-lead project in southwestern Ireland. GROUP ELEVEN

The Predictive Discovery booth at Symposium Mines Guinee. PREDICTIVE DISCOVERY

Andy Budden collects a sample at the Risti project in Finland. AURION RESOURCES

Nunavut rise in exploration spending masks North’s lack of competitiveness, says mining chamber

FAR NORTH | New tax credit could help attract more junior activity

BY BLAIR MCBRIDE

Nunavut will see the high est proportional increase in exploration spending in Canada this year, according to data released in late November by Nat ural Resources Canada (NRCan). Exploration will rise 95% — almost doubling total spend to $232.4 mil lion from $119.2 million last year.

However, while exploration spending is expected to increase this year across the Far North, and shows the region is climbing out of its Covid-19 slump, total amounts remain modest, pointing to the need for more government sup port, says the N.W.T. and Nunavut Chamber of Mines.

Spending in the Northwest Ter ritories is expected to rise by 22% this year, but the total amount is the lowest of the territories at $92.3 million, up from $75.4 million in 2021. In Yukon, spending is pro jected to come to $185.1 million, up 20% from the $153.9 million spent last year.

Tom Hoefer, executive direc tor of the chamber, told The North ern Miner that big spending in the region by majors like Agnico Eagle Mines (TSX: AEM; NYSE: AEM) “clouds” the exploration story.

“I hear this from those who work in exploration. This mine site exploration is important too as it is intended to sustain a major’s mine for longer,” he said, citing Agnico’s announcement last November of $163 million in global exploration spending, including for its Mead owbank complex and Hope Bay gold mine in Nunavut.

“That really boosts the stats, but doesn’t reflect new exploration interest,” he said. “It’s the grass

roots and early stage exploration we need more of to find new mines.”

Hoefer said other factors in the north limit exploration as well, such as constrained land access, unsettled Indigenous land claims, and government red tape.

North of 60 solution

One way to incentivize explora tion in the territories is the creation of what the chamber calls a “North of 60” mineral exploration tax credit (N60METC), Hoefer said.

The executive director says that the N.W.T. not having its own exploration tax credit — unlike southern jurisdictions — puts it at a further disadvantage.

“We don’t have the tax base to create our own tax credits, so we can’t compete. In addition, our competitiveness is further hurt by higher costs to explore here due mainly to lack of infrastructure. Our advantage is that we are under explored, and so the odds of finding something may be higher,” Hoefer said.

While he said he acknowledges the federal government’s intro duction of the 30% critical mineral exploration tax credit in this year’s budget, it still won’t be enough to make exploration in the N.W.T. competitive.

Caroline Wawzonek, the N.W.T’s Minister of Industry,

Tourism and Investment said in an email to The Northern Miner that she echoes the chamber’s call for the northern tax credit, adding that in January of this year the three territorial governments sent a joint letter to Finance Minister Chrystia Freeland asking that the credit be supported.

“Lowering the cost of explora tion in the North via a North of 60 Mineral Exploration Tax Credit will help level the playing field with southern jurisdictions and attract exploration investment. This will stimulate recovery of the territo ries’ mineral exploration activity and lead to future mines,” she said.

Waning diamond production

from the aging mines in the N.W.T. will leave a big hole in the territory’s finances, with Rio Tinto’s (NYSE: RIO; LSE: RIO; ASX: RIO) Diavik mine due to close mid-decade.

Other findings

Exploration across the country as a whole is forecast to hit $4.2 billion, a 13% increase over the $3.7 billion spent last year. Ontario, Quebec and B.C’s 2022 spending intentions lead Canada in absolute numbers, at $1 billion, $936.7 million and $905.8 million, respectively.

The NRCan data shows that after Nunavut, the Prairies will see the second highest proportional increase, with exploration bud gets in Manitoba forecast to rise by 71.2% to $169.9 million; and Sas katchewan exploration spending by 31.8%, to $370.6 million.

All other jurisdictions will see increases of between 11% and 30%, except for New Brunswick and Quebec, where exploration expen ditures are forecast to decrease in 2022 by about 5%.

The NRCan report also showed spending intentions by juniors increased by 13.5% in 2022 com pared to last year, and senior com panies by 12.5% over 2021.

Some commodities saw large increases in spending intentions for 2022, including uranium, up 84%; base metals, up 31%; and “other metals” (such as critical minerals and rare earths) up 94%.

On the other hand, spend ing intentions were down for iron (51%), non-metals like gemstones, potash and sulphur (13%) and coal (5%).

NRCan releases twice yearly estimates of exploration spending intentions. TNM

INDIGENOUS from 6

addition, the community’s input on impact mitigation and planning needs to be included in the assess ment process. This information can best be obtained through develop ing a personal, trusting relationship with the community.

Moving forward, all mineral projects will require an impact or environmental assessment. All will require governments to engage and consult with Indigenous commu nities. All will require the company to undertake the procedures, to facilitate government consultation requirements.

With the federal Impact Assess ment Act (Bill C-69) now in place, Aboriginal and Treaty rights, health, socio-economic consid erations, governance, traditional and current land and resource use, and all connected aspects are to be included in baseline studies in impact assessments for designated mine projects. Several sections of the Impact Assessment Act, such as S. 29 and others, also pro vide for opportunities for Indige nous involvement in managing the impact assessment process.

A different approach

The project approval process involves conducting impact assess ments of projects to meet not only the regulatory requirements but the company’s own environmental, social and corporate governance (ESG) policies and related policies to protect communities, society and shareholders.

Indigenous-led environmental

assessments are the way of the future. Mining companies shouldn’t be afraid of this shift — provided they are prepared to listen and work directly with communities. This means companies need to adopt a different approach. Rather than sharing charts, maps and flashy reports in a first meeting, min ing companies can put the com munity first, asking: “What can we do together to support your com munity members and their liveli hoods?” Using that question as a starting point can act as a founda tion for discussions on the environ ment, community socio-economics and collaboration toward an impact assessment.

What is the difference between a mining company-led impact assessment and an Indigenous-led impact assessment process? The most significant difference is whether the assessment is con ducted solely by the Indigenous group or in close collaboration with industry and/or government.

At present the company initi ates the management of the pro cess. Mining companies normally contract out most of the impact assessment work, including Indig enous studies and consultation, to an environmental consulting firm, which sub-contracts to subject matter experts that do the research and reporting.

But what if Indigenous commu nities took the same lead position on behalf of the company for over seeing the impact assessment tasks and process, or in a co-venture with the mining company to conduct the impact assessment, including

the joint selection of consultants? Unlike the mining company which may depend on desktop or liter ature searches, Indigenous com munities have access to first-hand community social, economic, health, cultural, tangible and intan gible knowledge and more impor tantly, extensive knowledge of lands, flora and fauna and commu nity uses. Combine this with the knowledge of partner experts such as biologists, archaeologists, geolo gists and others, the community’s knowledge is included alongside Western scientific knowledge with equal importance.

I have been involved in leading the Indigenous management and coordination of the collection and analysis of biophysical, socio-eco nomic and traditional knowledge to support mine proponent envi ronmental impact statements and assessments. Some of these envi ronmental studies supported mine closure plans and submissions for permitting. I have also supported my own community in leading an environmental assessment for a tailings gold recovery project, an ore processing facility (Xstrata Smelter), and ferrochrome pro cessing facility scoping, among oth ers, in the Sudbury area. While my community had its subject matter experts, we were also guided by the regulators to meet their permit and application requirements.

My current activity with Odona terra is in supporting Indigenous communities who wish to play a lead role in all or part of an impact assessment process. With Odo naterra, we have supported many

communities in leading assess ments. Odonaterra is currently supporting a northern Quebec Cree community, which is taking a lead role in the social-economic impacts assessment of a gold mine in their traditional territory. This level of involvement ensures that the community plays a sig nificant role in project decisions that will affect their livelihoods and future generations. I acknowl edge that this concept is new to the industry, whether a junior or major company, and that many from industry may wish to maintain the status quo by controlling who col lects data, how data is interpreted and what to report in their appli cations. Moving beyond the “check box” or “as we need the commu nity” approach, and towards com plex impact benefits agreements will require regular dialogue, shar ing of knowledge, educating each other, and being transparent. This will open doors and provide cer tainty of investment for both the company and community. An Indigenous-led or collaborative IA process is the perfect way to achieve this.

In the last step of the process, the Indigenous group and mining company can jointly submit their final report and applications to the regulatory bodies.

Indigenous led-impact assess ments and approvals benefit every one in several ways.

n They have a better chance of meeting the requirements of the impact assessment legisla tion and the permitting require ments. They fulfill the industry

and Crown consultation obliga tions and duties.

n They ensure Indigenous con cerns and recommendations on the project affecting the environ ment are included in the final impact assessment decision.

n They ensure that Indigenous rights, titles and interests are not just “considered” but included and incorporated in project plan ning and development decisions. They respect community knowl edge in the same way Western science is respected.

n Impact mitigation or impacts from the mining project on the community are addressed in a transparent and joint manner that is respectful of the commu nities’ desires and understanding of the project.

n There are considerable cost sav ings, such as eliminating dupli cation of consultants in the various disciplines, fewer legal challenges and appeals, less time in research and data validation, to name just a few, and fewer delays in permit approval.

n Finally, the whole process will provide capacity and knowledge to the affected Indigenous groups and industry partners. TNM

Hans Matthews, a member of the Anishnawbek Nation, and former Band Councillor with Wahnapitae First Nation, was the PDAC 2020 Skookum Jim Award winner. In 2021, he received the Brock University Faculty of Mathematics and Science Distinguished Graduate Award for his work in mining, environment and Indigenous communities.

A shift change at Agnico Eagle’s Meadowbank mine in Nunavut. AGNICO EAGLE MINES

to AME Roundup 2023

On behalf of the AME Roundup Organizing Committee, we welcome you back to AME Roundup 2023. You’re sure to leave with new ideas and opportunities from the many engaging events ranging from high-calibre technical sessions to the latest discoveries on display in the Core Shack, Project Generators’ Hub and Prospectors Tent, to thought-provoking discussions at The Gathering Place, and to new perspectives gained from the short courses.

This year’s theme is “Critical to Our Future,” which touches on many aspects of our industry: the viable deposits we advance are critical to the local communities and our global economies; a renewed supply of metals and minerals drives technological transformations and new energy solutions; and, the people behind each project are essential to ensuring a commitment to safe, sustainable, and socially responsible projects.

We hope AME Roundup 2023 is an inspiring start to the new year and look forward to seeing you on the conference floor.

AME ROUNDUP 2023: Critical to Our Future

Responsible mineral exploration and development are critical to address ing our global challenges. The minerals and metals we discover ignite global supply chains, drive innovation and technological transforma tions, power new energy solutions and help achieve a low-carbon future. They are ‘Critical to Our Future’

The transition to a low-carbon future starts with our passion, expertise, and perseverance in the search for minerals and metals.

Join us to think big, think bold, and think critically.

In January 2023, join thousands of geoscientists, prospectors, financiers, investors, suppliers, governments and Indigenous partners from around the world in Vancouver, Canada.

The Association for Mineral Exploration (AME) is the lead association for the mineral exploration and development industry based in British Columbia. Established in 1912, AME represents, advocates, protects and promotes the interests of thousands of members who are engaged in mineral exploration and development in B.C. and throughout the world. AME encourages a safe, economically strong and socially and environmentally responsible industry by providing clear initiatives, policies, events and tools to support its membership.

GENERAL INFORMATION

ENQUIRIES | For registration questions, contact AME Roundup Registration at 604 630-3921 or email roundup@amebc.ca

Featuring the latest geoscience knowledge, high-grade rock samples and mineralized drill core, AME Roundup is a centre of excellence with oppor tunities to learn and share the latest tools, technologies and techniques.

Danielle Mountjoy SUN VALLEY GOLD CO-CHAIRS, AME ROUNDUP ORGANIZING COMMITTEE

Matt Turner ROCKHAVEN RESOURCES

TARGETED SESSIONS

NEW GEOSCIENCE

Tuesday, January 24 | 9 AM–11:30 AM

CRITICAL AND BASE METALS

Tuesday, January 24 | 1:30 PM–4 PM

OPENING CEREMONY

Monday, January 23 | 9 AM–11.30 AM

REGIONAL OVERVIEWS

Monday, January 23 | 9 AM–11.30 AM

THEME SESSION: CRITICAL TO OUR FUTURE

Monday, January 23 | 1 PM–4:30 PM

We are critical to finding the minerals and metals necessary to address the global climate, energy and health challenges we face today. We are critical to achieving a low-carbon future and ensuring strong and vibrant economies for the following generations. The ore deposits we discover and develop will fuel global supply chains and provide the minerals and metals Critical to Our Future.

PRECIOUS METALS

Wednesday, January 25 | 9 AM–11:30 AM

ADDITIONS TO THE GEOSCIENCE TOOLBOX

Wednesday, January 25 | 1 PM–4:30 PM

BC, YUKON AND ALASKA

Thursday, January 25 | 9 AM–11.30 AM

This session shines a spotlight on the most exciting projects in BC, Yukon and Alaska and features the 2022 AME H.H. “Spud” Huestis Award recipient, Maggie Layman.

EVENTS

Jamile Cruz Founder and DE&I Strategist, I&D 101 Join keynote speaker Jamile Cruz, recognized as one of Women in Mining UK’s 100 Global Inspirational Women in Mining for 2022, and help us salute the recipients of the Safe Day Everyday Gold Award as presented by AME, PDAC and the Canadian Diamond Drilling Association. Wednesday, January 25 7:30 AM–9 AM

TSX LIVE MARKET CLOSE

Thursday, January 26 | 1 PM–2 PM

GOVERNMENT-INDUSTRY

FORUM

Monday, January 23 | 1PM–4:30 PM

> monday > tuesday

COMMODITIES AND FINANCIAL MARKETS

Tuesday, January 24 | 9 AM–11.30 AM

This popular session brings together indus try leaders to reflect on issues of business risk, capital raising and commodity trends, and to share their outlooks on the metal and mineral markets.

FEATURING Rick Rule

Founder, President & CEO, Rule Investment Media

> thursday

ESG SESSION

Thursday, January 25 | 1 PM–4:30 PM

THE GATHERING PLACE

Tuesday, January 24 and Wednesday January 25

The Gathering Place is a must-attend session exploring all aspects of Indigenous Relations in mineral exploration and development that has become an AME Roundup staple. After a decade of hosting The Gathering Place, we step into a new generation as we look at the companies and communities who are taking exceptional steps along this path to work together and prosper.

FEATURING

Charles Morven, Secretary Treasurer / Executive, Nisga’a Lisims Government

The Exhibit Hall

AME AWARDS GALA: CELEBRATION OF EXCELLENCE

The 2022 AME Award recipients are recognized for their remarkable contributions, achieve ments, innovation and leadership in the mineral exploration and development industry. They will be celebrated at the prestigious AME Awards Gala to be held at the Vancouver Convention Centre West on Wednesday, January 25, 2023.

Wednesday, January 25 | 6 PM–9 PM

FEATURING

Anthony Harris Chief Geoscientist, Newcrest Mining Limited

FEATURING

Maggie Layman Vice President, Exploration, Osisko Development Corporation

MARKET NEWS

TORONTO STOCK EXCHANGE / NOVEMBER 28 — DECEMBER 2, 2022

The markets this week saw the TSX rally to its highest closing level in nearly six months on Dec. 1, buoyed by news that U.S. Fed eral Reserve Chair Jerome Powell could seek smaller interest rate hikes at the Fed’s next meeting on Dec. 13-14. The rally faced resis tance by week’s end as high interest rates continue to worry market participants. The Bank of Canada is expected to raise interest rates by 25 basis points to 4% on Dec. 7.

The S&P/TSX Composite Index nudged up 101.9 points or 0.5% to 20,485.66. The S&P/TSX Global Mining Index climbed 6.61 points or 6.3% to 111.62, and the S&P/ TSX Global Base Metals Index increased 12.46 points or 6.9% to 192.45. The S&P/ TSX Global Gold Index rose 13.45 points or 5% to 282.75, and spot gold ended the week at US$32.90 per oz. higher, or 1.9%, at US$1,784.75 per ounce.

Amid a mostly positive week for mining stocks, Ascendant Resources shares saw the greatest percentage gain, jumping by 37% to close the week at 19¢. The junior announced a US$15-million streaming agreement with Sprott Streaming and Royalty Corp. for its Lagoa Salgada VMS project near Lisbon, Portugal. The company will use the pro ceeds to complete the compliance portion of an ongoing feasibility study for the project

and advance permitting activities. The deal will give Sprott 1.75% of all metals from the project at 15% of the market price, rising to 75% after it receives 45,000 gold-equivalent oz. An affiliate of Sprott Streaming issued a US$15-million secured note to facilitate the funding in advance of planned commercial production.

A 2021 preliminary economic assessment outlined a 14-year project with an initial cap ital cost of $132.3 million and a post-tax net present value of $246.7 million (8% discount) and an internal rate of return of 54.9%.

Shares of Horizonte Minerals shot up by 26%, or 43¢, to close at $2.08. On Dec. 1, the company reported it had signed two port contracts to secure access for both the import

TSX MOST ACTIVE ISSUES

VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE

Suncor Energy SU 109046 47.04 42.65 43.00 4.38

Barrick Gold ABX 51757 23.27 20.92 22.86 + 1.35

Argonaut Gold AR 41880 0.43 0.37 0.41 + 0.01

Kinross Gold K 27256 5.96 5.31 5.86 + 0.29

Lundin Mng LUN 21386 8.56 7.87 8.55 + 0.39

Mawson Res MAW 13639 0.19 0.15 0.19 + 0.03

B2Gold Corp BTO 12735 4.90 4.51 4.79 + 0.08

Copper Mtn Mng CMMC 12537 1.94 1.55 1.93 + 0.33

Ivanhoe Mines IVN 11714 12.25 11.05 12.22 + 0.90

First Quantum FM 11649 32.74 29.75 32.62 + 1.65

of raw materials and the eventual export of ferro nickel product from its 100%-owned Araguaia project in northern Brazil. Ara guaia is currently under construction with first metal scheduled for early 2024.

Atalaya Mining shares settled 4% or 20¢ lower at $4.80 on the week after a steep rise that followed a positive update on the firm’s regional exploration program in southern

TSX GREATEST PERCENTAGE CHANGE

VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE

Ascendant Res ASND 817 0.23 0.13 0.19 + 37.0

GoldMining GOLD 3211 2.20 1.66 2.08 + 27.6

Monarch Mining GBAR 544 0.07 0.05 0.07 + 27.3

Horizonte Mnls HZM 66 2.43 1.69 2.08 + 26.1

Copper Mtn Mng CMMC 12537 1.94 1.55 1.93 + 20.6

Mawson Res MAW 13639 0.19 0.15 0.19 + 19.4

Triple Flag TFPM 271 18.80 15.40 18.30 + 18.1

OceanaGold OGC 8501 2.70 2.14 2.66 + 17.7

Nighthawk Gold NHK 947 0.42 0.34 0.41 + 17.1

Nevada Copper NCU 1298 0.32 0.26 0.31 + 17.0

RTG Mining RTG 2 0.06 0.00 0.04 27.3

Novo Res NVO 3796 0.37 0.25 0.28 22.2

Xanadu Mines XAM 376 0.03 0.02 0.03 16.7

Nickel Creek NCP 1222 0.06 0.05 0.05 16.7

Yorbeau Res YRB 513 0.07 0.00 0.06 15.4

Titan Mining TI 107 0.54 0.48 0.48 14.3

Excellon Res EXN 355 0.46 0.39 0.39 12.5

Star Diamond DIAM 597 0.09 0.08 0.08 11.1

Sulliden Mng SMC 940 0.05 0.00 0.04 11.1

Orvana Mnrls ORV 194 0.20 0.18 0.18 10.0

TSX VENTURE EXCHANGE / NOVEMBER 28 — DECEMBER 2, 2022

The S&P/TSX Venture Composite Index ended the Nov. 29-Dec. 2 trading session at 599.20 points, up 23.56 points or 4.1% higher.

Topping the percentage gainers this week was Queensland Gold, which saw a dramatic 288% or 36¢ rise in its shares to 49¢ each. On Nov. 28, the explorer announced an agree ment to acquire a 100% interest in the 86 sq.-km Mia Lithium property in the James Bay area of Quebec. The Mia site is com prised of 170 mineral claims, two of which were sampled in 1997 by Quebec government geologists and returned grades of 0.47% and 2.27% Li2O.

“Our entry into the lithium space rep resents a new value creation opportunity for our shareholders,” says Queensland presi dent and CEO Alicia Milne. “The James Bay region is a highly attractive investment desti nation for lithium exploration due to its pro lific hard rock lithium endowment.”

New Found Gold saw one of the great est value changes this week, rising $1.57, or 32%, to $6.47, after releasing new, high-grade assays from its Keats West discovery in New foundland. On Dec. 5, the company also announced high-grade intercepts from its nearby Keats North program.

Highlights from Keats North including 2 metres of 117 grams gold per tonne from 249

metres depth in NFGC-22-728, 2.1 metres of 36.5 grams gold from 52.5 metres in NFGC22-762, and 2 metres of 20.8 grams gold from 120 metres in NFGC-22-825. New Found has begun follow-up drilling targeting these high-grade domains to better define their geometries.

“The structure in this region is complex,” says New Found’s VP exploration Melissa Render, “but with additional drilling and new data points, the interpretation is evolv ing, and several high-grade targets have been identified for prompt follow-up.”

This week’s most active issue was Fission 3.0 which saw 26.6 million shares change hands before closing at 29¢ on Friday, up 23%. Fission’s stock hit a 52-week high of

TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE

Fission 3.0 FUU 26617 0.32 0.20 0.29 + 0.06

Surge Battery NILI 15754 0.31 0.13 0.28 + 0.12

AbraSilver Res ABRA 8500 0.42 0.35 0.38 0.04

Murchison Min MUR 7171 0.16 0.10 0.12 + 0.02

Queensland Gld OZAU 5574 0.54 0.17 0.49 + 0.36

X-Terra Res XTT 5242 0.08 0.05 0.08 + 0.02

Camino Min COR 5133 0.05 0.03 0.03 0.02

Emerita Res EMO 4761 0.72 0.56 0.72 + 0.07

Defiance Silvr DEF 4591 0.16 0.14 0.15 + 0.01

Cabral Gold CBR 4560 0.15 0.12 0.14 0.01

U.S. MARKETS / NOVEMBER 28 — DECEMBER 2, 2022

The Dow Jones Industrial Average fell 404.67 points, or 1.2%, to 33,942.36, and the S&P 500 lost 30.31 points or 0.8%, over the week to 3,995.81.

Leading value gainer for the week was Consol Energy, which closed US$6.73 higher at US$75.30. Despite coming down from recent highs, the stock is still rallying over 229% over the 12-month period as its main product, thermal coal, achieved and remained in record pricing territory. The stock continues to benefit from the increased reliance on thermal coal due to Russia’s war in Ukraine, which has amped up natural gas demand amid supply constraints, forcing even advanced nations such as Germany to dial back steps it had taken to reduce its reli ance on the fossil fuel. In its third-quarter results release, Consol told investors it was bullish on exports to India, where the com pany’s coal is being burned in the industrial sector.

The week’s top percentage gainer Gatos Silver closed 14% or US58¢ higher at US$4.15 per share. The company failed to file its 2021 annual report, and subsequent quarterly financial statements this year. The issue started with weaknesses in its internal controls over financial reporting related to

errors in reserve reporting for its Los Gatos project in Mexico that were detected in Janu ary. Gatos now says it expects to file its 2021 annual report with the SEC by year-end and the missing quarterly reports by the end of the first quarter of 2023. On Jan. 26, Gatos reported a potential reduction ranging from 30% to 50% of the metal content of the Cerro Los Gatos mineral reserve; therefore, “the 2020 Technical Report should not be relied upon.” The resource overestimate could result in a credit facility default.

Brazil-based multinational Vale saw the most shares change hands during the trad ing week at 158 million. On Nov. 29, PT Vale Indonesia said it expected to complete con

U.S. MOST ACTIVE ISSUES

Vale* VALE 158010 16.83 14.96 16.72 + 1.60

Barrick Gold* GOLD 116752 17.34 15.50 16.98 + 0.96

Gold* KGC 94876 4.44 3.93 4.34 + 0.22 Yamana Gold* AUY 89130 5.72 5.12 5.69 + 0.38 Freeport McMoR* FCX 69143 40.29 36.12 40.22 + 3.07 Cleveland-Clif* CLF 58949 16.50 14.77 16.42 + 0.72 Hecla Mining* HL 54515 5.82 4.83 5.72 + 0.54

Newmont Corp* NEM 46340 49.65 44.22 48.67 + 2.82

Suncor Energy* SU 44683 35.03 31.70 31.94 3.47

United States S* X 38079 27.09 25.25 27.04 + 1.19

31¢ on Dec. 1 after the company reported follow-up results to its new high-grade ura nium discovery in the Patterson Lake North property in Saskatchewan’s Athabasca Basin. The follow-up hole, PLN22-038, intersected 12.5 metres of total composite mineraliza tion with significant radiometric count per second (cps) readings.

Drilling highlights from the follow-up

TSX-V GREATEST PERCENTAGE CHANGE

Queensland Gld OZAU 5574 0.54 0.17 0.49 + 288.0

Milner Con Slv MCA.H 119 0.03 0.00 0.03 + 150.0

Xplore Res XPLR 821 0.08 0.00 0.08 + 128.6

Viva Gold VAU 4378 0.20 0.11 0.18 + 105.9

ProAm Expl PMX 6 0.02 0.00 0.02 + 100.0

Millennium Sil MSC 2 0.01 0.00 0.01 + 100.0

Green Shift GCOM 1757 0.21 0.10 0.20 + 90.5

Canoe Mng Vent CLV 36 0.08 0.00 0.08 + 77.8

Q-Gold Res QGR 794 0.05 0.00 0.04 + 75.0

Surge Battery NILI 15754 0.31 0.13 0.28 + 71.9

Orsu Metals OSU 14 0.04 0.00 0.04 73.1

Magna Gold MGR 3398 0.12 0.05 0.05 54.5

Arcus Dev Grp ADG 14 0.02 0.00 0.01 50.0

MacDonald Mns BMK 562 0.01 0.01 0.01 50.0

Adex Mining ADE 94 0.01 0.00 0.01 50.0

Lightspeed Dis LSD.H 55 0.03 0.00 0.02 50.0

Glacier Lake GLI 94 0.05 0.00 0.04 50.0

Tymbal Res TYMB 2 0.01 0.00 0.01 50.0

Waseco Res WRI 358 0.04 0.00 0.03 44.4

Alliance Mng ALM 64 0.08 0.00 0.08 40.7

struction by 2025 of a high-pressure acid leaching plant to produce nickel minerals used in electric vehicle batteries. Meanwhile, Vale’s biggest business segment, iron ore, has dropped to 227 million tonnes year-todate, about a 1.9% decline year on year. This is mainly owing to the 6% drop in produc tion reported in the year’s first quarter due

Spain. On Nov. 25, Atalaya reported a poten tial discovery of polymetallic massive sul phides with a second hole in a previously undrilled area cutting 18.8 metres of 0.84% copper, 0.63% zinc, 0.66% lead and 76.24 grams silver per tonne.

The discovery is located about 28 km from Atalaya’s Proyecto Riotinto copper opera tion. TNM

TSX GREATEST VALUE CHANGE

VOLUME WEEK (OOOs CLOSE CHANGE

Teck Res TECK.B 8754 50.79 + 5.50

Teck Res TECK.A 13 51.50 + 4.67

Newmont Corp NGT 858 65.56 + 4.22

Agnico Eagle AEM 8196 69.71 + 3.33

Franco-Nevada FNV 2353 195.88 + 3.12

Triple Flag TFPM 271 18.30 + 2.81

Pan Am Silver PAAS 5570 23.47 + 2.29

Wheaton Prec WPM 9584 53.36 + 2.18

First Quantum FM 11649 32.62 + 1.65

Lithium Amer LAC 2732 34.08 + 1.63

Suncor Energy SU 109046 43.00 4.38

Nutrien NTR 9679 107.00 3.16

Cameco Corp CCO 7546 32.03 0.51

Largo Res LGO 359 7.35 0.27

Atalaya Mining AYM 6 4.80 0.20

Arizona Metals AMC 564 4.07 0.19

Verde AgriTech NPK 600 5.37 0.11

Titan Mining TI 107 0.48 0.08

Novo Res NVO 3796 0.28 0.08

Nexgen Energy NXE 8838 6.04 0.06

hole include 3.5 metres of total composite mineralization with more than 10,000 cps over a 7.2-metre interval from 239 metres, and 2.5 metres of total off scale radioactivity (>65,535 cps) over a 3-metre interval from 244 metres. Hole PLN22-038 is still in prog ress, while two additional follow-up holes of a seven-hole program are planned before the Christmas break. TNM

VOLUME WEEK (OOOs) CLOSE CHANGE

Sigma Lithium SGML 126 45.81 + 4.32

New Found Gold NFG 1216 6.47 + 1.57

Rupert Res RUP 407 4.86 + 0.66

Cornerstone Ca CGP 116 4.50 + 0.63

Metalore Res MET 0 2.84 + 0.54

Los Andes LA 64 13.90 + 0.47

Prime Mining PRYM 3534 1.89 + 0.44

E3 Lithium ETL 1235 2.52 + 0.44

Queensland Gld OZAU 5574 0.49 + 0.36

EMX Royalty EMX 121 2.70 + 0.30

Comet Inds CMU 1 4.25 0.25

Goliath Res GOT 1890 1.06 0.22

Rock Tech Lith RCK 366 2.88 0.20

Itafos IFOS 545 1.50 0.17

Lara Expl LRA 24 0.78 0.14

Canada Nickel CNC 900 1.38 0.14

Stria Lithium SRA 290 0.26 0.14

Foran Mining FOM 1545 2.98 0.12

NGEx Minerals NGEX 546 3.24 0.11

Uravan Mnrls UVN 61 0.31 0.10

to the heavy rainfall in Minas Gerais state in January that halted the Southern and South eastern Systems operations. Vale has recently cut its production guidance for 2022 to 310320 million tonnes of iron ore compared with production of almost 316 million tonnes in 2021. Vale still aims to reach 400 million tonnes per year in the long term. TNM

Hecla

Sibanye-Stillw*

IAMGOLD*

Freeport McMoR* FCX 69143 40.29 36.12 40.22 + 8.3

McEwen Mng* MUX 3394 5.95 4.85 5.77 + 7.6

Suncor Energy* SU 44683 35.03 31.70 31.94 9.8

CONSOL Energy* CNX 14912 17.90 16.77 17.10 5.9

Mosaic* MOS 19301 51.92 48.86 49.31 4.8

Nutrien* NTR 11097 82.34 77.27 79.44 3.5

Nexgen Energy* NXE 14645 4.80 4.26 4.49 2.4

Arch Resources* ARCH 3080 157.98 143.00 153.74 2.0

Cameco Corp* CCJ 18873 24.74 22.94 23.77 1.8

Chevron Corp* CVX 37860 184.55 177.96 181.03 1.5

Harmony Gold* HMY 34178 3.76 3.38 3.52 1.4

Intrepid Pots* IPI 947 36.82 34.05 36.32 1.1

2.50

Agnico Eagle* AEM 17468 51.77 + 1.90

Vale* VALE 158010 16.72 + 1.60

Peabody Enrgy* BTU 16896 31.59 + 1.39

Suncor Energy* SU 44683 31.94 3.47

Arch Resources* ARCH 3080 153.74 3.13

Nutrien* NTR 11097 79.44 2.92

Chevron Corp* CVX 37860 181.03 2.67

Mosaic* MOS 19301 49.31 2.46

MartinMarietta* MLM 1696 365.73 1.86

CONSOL Energy* CNX 14912 17.10 1.07

Cameco Corp* CCJ 18873 23.77 0.43

Intrepid Pots* IPI 947 36.32 0.41

Turquoise HIl* TRQ 2900 31.48 0.21

Metal

METALS, MINING AND MONEY MARKETS

LME WAREHOUSE LEVELS

Aluminum Alloy 2020 (0)

Aluminum 499,150 (7125)

Copper 88,275 (-2475)

Lead 23,750 (-1600)

Nickel 53,124 (1392)

Tin 3,080 (-175)

Zinc 41,225 (-225)

TSX SHORT POSITIONS

Short positions outstanding as of Nov 15, 2022 (with changes from Oct 31, 2022)

Largest short positions

Ivanhoe Mines IVN 22806209 1295653 10/31/2022

Kinross Gold K 16361491 2785783 10/31/2022

Copper Mtn Mng CMMC 15150730 3400578 10/31/2022

Suncor Energy SU 14751060 -1302472 10/31/2022

First Quantum FM 12646946 2210042 10/31/2022

Argonaut Gold AR 11602842 7163405 10/31/2022

New Gold NGD 11316122 -14885 10/31/2022

Fortuna Silvr FVI 10852170 19382 10/31/2022

IAMGOLD IMG 10274930 -125318 10/31/2022

Lundin Mng LUN 9938710 -132707 10/31/2022

Barrick Gold ABX 9700579 -642683 10/31/2022

Denison Mines DML 9303754 567444 10/31/2022

Equinox Gold EQX 9299158 4764944 10/31/2022

Taseko Mines TKO 8502050 260300 10/31/2022

Nexgen Energy NXE 8132412 -163247 10/31/2022

Largest increase in short position

Argonaut Gold AR 11602842 7163405 10/31/2022

Equinox Gold EQX 9299158 4764944 10/31/2022

Copper Mtn Mng CMMC 15150730 3400578 10/31/2022

Pan Am Silver PAAS 4352992 3331948 10/31/2022

Kinross Gold K 16361491 2785783 10/31/2022

Largest decrease in short position

Suncor Energy SU 14751060 -1302472 10/31/2022

Cameco Corp CCO 4203883 -971364 10/31/2022

Barrick Gold ABX 9700579 -642683 10/31/2022

Centerra Gold CG 2214096 -588481 10/31/2022

Teck Res TECK.B 5687927 -534016 10/31/2022

PRODUCER AND DEALER PRICES

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$193.45

Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$19.85

Cobalt: US$23.25/lb.

Copper: US$3.78/lb.

Copper: CME Group Futures January 2023: US$3.85/lb.; February 2023: US$3.85/lb.

Iridium: NY Dealer Mid-mkt US$3,940/tr oz.

Iron Ore 62% Fe CFR China-S: US$109.06

Lead: US$0.98/lb.

Rhodium: Mid-mkt US$13,290/tr. oz.

Ruthenium: Mid-mkt US$483 per oz.

Silver: Handy & Harman Base: US$22.23 per oz.; Handy & Harman

Fabricated: US$27.79 per oz.

Tin: US$10.66/lb.

Uranium: U3O8, Trading Economics spot price: US$48.50 per lb.

U308

Zinc: US$1.39 per lb.

Prices current Dec. 6, 2022

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Nov 15, 2022 (with changes from Oct 31, 2022)

Largest short positions

GoviEx Uranium GXU 4637812 101610 10/31/2022

Silver Mount AGMR 3098622 350041 10/31/2022

AbraSilver Res ABRA 2863507 2252209 10/31/2022

Satori Res BUD 2119519 2107382 10/31/2022

Blackrock Silv BRC 2112281 59032 10/31/2022

Vizsla Silver VZLA 2009532 1855303 10/31/2022

Frontier Lith FL 1862660 25235 10/31/2022

Discovery Harb DHR 1846383 1845984 10/31/2022

Lion One Mtls LIO 1769439 1501070 10/31/2022

Santacruz Silv SCZ 1765987 489357 10/31/2022

Patagonia Gold PGDC 1682908 1670408 10/31/2022

Guanajuato Sil GSVR 1681047 543636 10/31/2022

Silver X AGX 1503079 137578 10/31/2022

C3 Metals CCCM 1491357 -540643 10/31/2022

Standard Uran STND 1287549 -1089746 10/31/2022

Largest increase in short position

AbraSilver Res ABRA 2863507 2252209 10/31/2022

Satori Res BUD 2119519 2107382 10/31/2022

Vizsla Silver VZLA 2009532 1855303 10/31/2022

Discovery Harb DHR 1846383 1845984 10/31/2022

Patagonia Gold PGDC 1682908 1670408 10/31/2022

Largest decrease in short position

Silver Tiger SLVR 308184 -2221483 10/31/2022

Vision Lithium VLI 294504 -1185677 10/31/2022

Standard Uran STND 1287549 -1089746 10/31/2022

Outcrop S&G OCG 976386 -831374 10/31/2022

Bayhorse Silvr BHS 235419 -554049 10/31/2022

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

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

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

Aris Gold Corporation (ARIS.WT.A) - One Warrant to purchase 0.5 of one Common Share of the Issuer at $2.75 until expiry

Aris Gold Corporation (ARIS.WT.B) - One Warrant to purchase of one Common Share of the Issuer at $2.21 until expiry eCobalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry

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

Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry

Excelsior Mining Corp. (MIN.WT) - One Warrant to purchase one Common Share of the Issuer at $1.25 until expiry. Gran Colombia Gold (GCM.WT.B) - One

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.

TSX WARRANTS

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.

TSX VENTURE WARRANTS

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.

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

Platinum Group Metals Ltd. (PTM.WT.U)One Warrant to purchase one common share of the Issuer at US$0.17 until expiry

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

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

Sherritt International Corporation (S.WT)Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date

Treasury Metals Inc. Wt (TML.WT) - One Warrant to purchase one common share of the Issuer at $1.50 until expiry.

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

Millennial 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.

Al Alloy 1850/1850 1850/1850 1850/1850 1850/1850 1850/1850

Aluminum 2342/2366 2393.5/2417 2363/2389 2343.5/2373 2345.5/2380

Copper 7900/7938 7991/8027 7961/7995 7990/8022 8065/8100

Lead 2111/2125 2094.5/2111 2080/2095 2126/2139 2133/2138

Nickel 24400/24600 25695/25625 25850/25875 26150/26350 25550/25700

Tin 21600/21550 21300/21400 21990/21990 22400/22300 22350/22300

Zinc 2930/2939 2903.5/2919 2891/2900 2910/2911 2923/2931

Gold AM 1739.65 1747.00 1735.75 1755.25 1753.55

Gold PM 1740.40 1742.95 1740.15 1755.40 1751.85

Silver 20.6400 21.2700 21.2650 21.5600 21.3350

Platinum 985 997 982 988 979

Palladium 1888 1879 1880 1900 1812

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.

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.

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.

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

Sandfire Resources America Inc. (SFR.RT)Forty one (41) Rights exercisable for One (1) Share at $0.15 per Share.

Sandfire Resources America Inc. (SFR. RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit.

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

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

acres