The Northern Miner Jan 23 2023 Issue 2

Barrick looks to Saudi Arabia, Pakistan for growth

BY COLIN MCCLELLAND IN RIYADH, SAUDI ARABIA

Managing risk while war wages in Europe, inflation stings and recession looms is a long-term task best tackled by improving education and living standards in developing nations, Barrick Gold (TSX: ABX; NYSE: GOLD) chief Mark Bristow says.

“Historically the mining industry has often invested not to make money for its in-country stakeholders and that game is over,” Bristow said in an exclusive interview with The Northern Miner on Jan. 11 at the Future Minerals Forum in Saudi Arabia. “The critical thing we’ve got to understand as miners is we’re actually managing a national asset — that’s the mine — so stakeholders should benefit.”

Barrick, the world’s largest gold producer after Newmont (TSX: NGT; NYSE: NEM), is promoting a focus on the people around its 16 operations across 13 countries as it develops the US$7-billion Reko Diq project in Pakistan. A push for critical minerals in clean energy may help the environment, but mining can also help transform societies, the Barrick leader says.

The region is not without risk. Separatists in Pakistan’s southwestern Balochistan province have killed Chinese nationals working in the mining industry there and threatened Barrick.

Bristow, speaking on the sidelines of the three-day Future Minerals Forum said Barrick would press ahead in Pakistan, noting the provincial government is a 25% partner in the project. He cited the company’s, and his experience leading South Africa’s Randgold (before Barrick bought it in 2018) as helping parts of the developing world. He compared the situation to how mining investment continues in Mexico despite widespread violence by criminal gangs.

“We’re not investing in those (separatist) people, we’re investing in the people of Balochistan,” Bristow said. “We will really unlock that endowment that the Balochistan people always point to but are frustrated that it’s never been able to participate in.”

Barrick also announced an expansion of its holdings in Saudi Arabia on Jan. 11, as did Ivanhoe Electric (TSX: IE; NYSE-AM: IE).

Barrick signed new 50:50 joint-venture agreements with state-owned

Ma’aden for the Jabal Sayid South and Umm Ad Damar exploration licences. The licences are near the Jabal Sayid copper mine Barrick already owns with Ma’aden and operates.

While the Future Minerals Conference, attended by some 12,000 people in mining highlights the need to develop the battery metals projects helping the transition to cleaner power sources, Bristow said that push goes hand in hand with mining’s ability to lift developing nations out of poverty by sponsoring better schools. The surge of jobless youth in the developing nations of Africa and Asia needs the industry’s help in building infrastructure where the underemployed can learn skills.

“Everyone’s focused on emissions and carbon reduction, but what about the poor people in this world,” he said. “We have a responsibility and with that we also come with uplifting people, improving education.”

The CEO said Barrick is concentrating on developing Reko Diq, expanding the Pueblo Viejo gold mine, a 60:40 joint venture

Mining’s top ten ‘S’ trends in ESG for 2023

ANALYSIS | Social performance and disclosure to come under scrutiny

BY RACHEL DEKKER AND ELIZABETH FREELE

To say 2022 was tumultuous is an understatement. War, inflation, climate disasters, market volatility: the past year was anything but business as usual. ESG, which had seemed firmly embedded in business, began to experience a backlash, facing criticism as a “woke capitalist” distraction. Yet, a recent Harvard study indicates 81% of institutional investors in the U.S. and 83.6% in Europe plan to increase their ESG allocations over the next two years. And while climate change continued to dominate, biodiversity and other topics entered global sustainability discourse, revealing widespread recognition that the challenges we face today

are deeply interconnected economic, political, social, and environmental issues requiring holistic, collective action.

With so much upheaval, it can be difficult to spot the trends and anticipate what lies ahead for mining companies and their ESG journeys. With standards and regulations ensuring social topics become more firmly embedded in expected ESG practice this year, expect “S” to feature more prominently. What might that look like? Here are our top 10 “S” trends mining companies should take note of and take action on in 2023.

1 Global crises driving local risk

Last year saw a confluence of global challenges that had decidedly local impacts. Global energy prices, political unrest, extreme weather and climate disasters, food shortages, inflation, supply chain disruptions, diminished ecosystem services, and lingering pandemic impacts affected the

Workers leave mining more than other sectors, forecasted mining worker shortages are in the hundreds of thousands globally, and mining engineering degree enrolment is in decline in Canada, the U.S., and Australia. Mining companies will urgently need to understand and improve their DEI performance and worker experience to secure continued access to relevant talent in 2023.

Barrick Gold CEO Mark Bristow at the Future Minerals Forum. COLIN MCCLELLAND

Europe’s largest rare earths deposit found in Sweden

CRITICAL MINERALS | At least ‘10-15 years’ until mining can start

BY CECILIA JAMASMIE

Swedish state-owned mining company LKAB said it has found Europe’s largest known deposit of rare earths close to Kiruna, the country’s northernmost town.

The Per Geijer deposit, just north of the company’s largest iron ore mine in the Swedish Arctic, is estimated to contain more than 1 million tonnes of rare earths, LKAB said in a news release on Jan. 12.

The full extent of the deposit is not known as work is still in an exploratory phase, the miner noted.

“It will be at least 10 to 15 years before we can actually begin mining and deliver raw materials to the market,” chief executive officer Jan Mostrom said in the statement, citing a timeline derived from other permitting processes in the industry.

The discovery could help the continent break away from China’s dominance in the sector. The east Asian country produces about 98% of the group of 17 minerals used in electric vehicles (EVs), portable electronics, wind turbines and military equipment.

LKAB plans an application for an exploration concession this year, before seeking permits.

The rare earth elements in the Per Geijer deposit occur with phosphorus in the mineral apatite,

in what LKAB says is mainly an iron ore deposit.

The company released a resource statement showing an inferred resource of 585 million

tonnes (in magnetite, mixed, and hematite material) grading 0.18% total rare earth oxides. Heavy rare earth oxides made up 17% of the tested apatite concentrate samples,

with light rare earth oxides making up 83%.

Through test work completed to date, LKAB has produced an apatite concentrate with a phosphorus pentoxide (P2O5) grade of over 34% and an associated TREO grade of between 0.84% and 0.85%.

Mostrom called on the European Commission to speed up and streamline those processes as part of its Critical Raw Materials Act, which is expected to be announced in March this year.

Sweden plays a key role in the European Union’s renewable energy ambitions, already supplying about 90% of the continent’s iron ore. Most of the steelmaking commodities are mined at LKAB’s

operations.

The EU considers rare earths to be among the most critical resources for the region.

“Electrification, the EU’s selfsufficiency and independence from Russia and China will begin in the mine,” Sweden’s minister in charge of energy and business said in a statement.

Sweden, which currently holds the rotating presidency of the EU, has invited the bloc’s representatives to a two-day summit in Kiruna. The town made headlines in the late 2010’s as it was moved in its entirety to accommodate the growth of the namesake operation, which is the world’s largest underground iron ore mine. TNM

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BARRICK from 1 with Newmont in the Dominican Republic, and increasing output from the Lumwana copper mine in Zambia. They’re all major projects in Barrick’s pipeline developed without acquisitions, said Bristow, downplaying his company’s need to purchase others, while noting the wider precious metals sector is ripe for it.

“The gold industry should consolidate, but it’s a consolidation of necessity because there are too many assets spread across a thin management structure,” Bristow said. “The Abitibi is a really big focus for us and northern Canada as well.”

However, he said Canadian assets become expensive when they’re developed into mines.

“Canada doesn’t deliver tierone assets so you’ve got to find a long-life tier-two asset,” he said.

“That’s very clearly our objective and discovery is our focus.”

During a forum session, Bristow praised the Saudi Arabia Minister of Finance, Mohammed Al-Jadaan, who criticized so-called windfall taxes imposed by some countries on companies after output increases and prices rise.

Al-Jadaan called the taxes “shortterm, selfish and unproductive.”

The audience of several hundred applauded.

“You’ve just attracted all the mining capital you can get,” said Bristow, who was on the same panel as the minister.

Later in the interview he said: “It’s fantastic to get on a platform with a minister from an emerging market who understands the importance of attracting longterm capital into his economy.”

The Barrick chief sees continuing strength in the price of gold as economists forecast recessions around the world this year after central banks raised interest rates to slow down inflation. The collapse of cryptocurrencies has allowed gold to maintain its position as a sensible component of personal investment portfolios, he said. Bristow values the role of copper in Barrick’s production as demand for its use in clean energy technologies gathers pace, but says it shouldn’t just be about electric vehicles.

“We’re missing the point about this transition,” he said. “We should have a first focus on greening the grid and then we can go on and do everything else, otherwise we’re going to have EVs powered by hydrocarbons or even coal. Copper is as strategic as gold is precious.” TNM

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Sweden’s state miner LKAB broadened its business in 2022 to extract phosphorus and rare earths as residual products from iron ore production. LKAB

The Future Minerals Forum in Riyadh, Saudi Arabia, took place Jan. 10-12. COLIN MCCLELLAND

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EDITORIAL

NI 43-101 consultation shows divide between regulators and industry

THE VIEW FROM ENGLAND:

COLUMN | Space rocks and rockets, the final frontier

BY DR CHRIS HINDE Special to The Northern Miner

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

BY ALISHA HIYATE

In the wake of the Bre-X Minerals gold salting fraud of the late 1990s, Canada’s regulators introduced National Instrument 43-101 in 2001. The regulation, which spelled out standards of disclosure for mineral projects and put the onus on the “qualified person” — a professional responsible for the information in a technical report — earned back the trust of investors, prevented similar frauds, and even became a recognized “brand.”

But that doesn’t mean it’s perfect.

In the eyes of regulators, work still remains to address common issues it sees in company disclosures and to adapt to changes since NI 43-101’s last revision in 2011, such as growth in green energy commodities and increased investor interest around ESG and the social impacts of mining.

To that end, the Canadian Securities Administrators (CSA) released a consultation paper last April seeking input on 38 different questions about NI 43-101.

The questions ranged from whether the standard should be more closely aligned with those in other “influential” mining jurisdictions, whether the CSA should reduce the 45-day delay between disclosure of aspects of a technical report and its filing; whether disclosure of a preliminary economic assessment should be prohibited on projects that already have a mineral reserve; and whether more information about Indigenous relationships and consultation should be disclosed.

The comment period ended in September 2022, with around 85 comments submitted. At this point, the CSA says it’s still reviewing those comments and no decision has been made about whether or when the consultation will result in proposed amendments to the regulation.

A review of the comments shows that many of the respondents believe the definition of a qualified professional (or QP) is unclear — or that CSA staff are reading into the definition something that isn’t there.

“Wood does not agree with the recent interpretation by the CSA staff that the five years of experience in the mining industry that is relevant to his or her professional degree or area of practice, only begins after the mining industry expert has obtained registration with a professional association and membership category recognized under NI 43-101,” said the engineering consulting firm in its posted comments.

“Wood is concerned that this latest interpretation of what is required to meet the definition of Qualified Person is a fabricated compliance issue. It is harmful to the credibility of the CSA staff being fair in their interpretation and application of the disclosure standards. It creates a new, unnecessary area of uncertainty regarding compliance with NI 43-101, and reduces the already insufficient pool of mining industry experts that are willing to accept the role of a Qualified Person.”

Industry comments also take issue with the requirement of independence for QPs in some cases (such as a first resource for a project), noting that Canada is the only jurisdiction in the world with that requirement.

On the whole, commenters also believe NI 43-101 is already too prescriptive, with not enough trust in QPs to use their own judgment — and that the CSA’s consultation questions reveal a preference for more of the same.

“Many of the questions in the consultation paper surround elements of professionalism and integrity of the Qualified Person (QP) and the ability of a QP to rely on their own professional judgment in fulfilling NI 43-101 requirements,” wrote the Prospectors & Developers Association of Canada (PDAC) in its submission. “We wish to emphasize that QPs in Canada are accredited professionals who belong to respected professional associations and must adhere to technical and ethical standards.”

PDAC and others noted the need for better investor education could address some of the CSA’s concerns around protecting investors, rather than expecting technical reports to cover everything.

“Risk disclosures in various continuous disclosure documents (including the technical reports) have generally become excessively long, overly generic and, as a result, less effective for investors,” reads the submission. “Therefore, we recommend that CSA focus efforts on improving the capabilities of SEDAR as an analytical tool to allow investors to map and compare project risk and incorporate it into their investment decisions.” PDAC noted that “a wealth of comparative information already exists within the platform but access and data mining capabilities remain limited.”

(In fact, CSA has been working on modernizing SEDAR — the clunky, outdated system for issuer filings — to make it easier to use, search and update regularly. It is scheduled to launch the first of a three-phase update on June 13. SEDAR+ will eventually replace and integrate seven legacy systems, including SEDAR, the Disciplined List, and SEDI, which tracks trading by insiders).

One area that we expect to see as part of any proposed update will be additional disclosure requirements around environmental and social risk factors, in addition to those that already exist under the “Property Description and Location” and “Environmental Studies, Permitting and Social or Community Impact” sections in a technical report.

Many commenters believed these risks are outside the scope of a technical report and outside the expertise of the QPs who author and take responsibility for them. The Association of Mineral Exploration (AME) for example, noted that it would be helpful to investors for disclosures to include: projects located on Indigenous groups’ traditional territory; whether there are settled land claims; and whether or not engagement has begun with those groups.

“However, generally speaking, disclosure of risks and uncertainties related to Indigenous rights is beyond the scope of a technical QP at the mineral resource estimate stage,” reads AME’s submission, which said the same applied to opportunities related to Indigenous rights. “These risks and opportunities are difficult to understand and express definitively, especially at earlier stage projects. Accordingly, we do not believe specific disclosures should be mandatory.”

In addition, an expansion of who qualifies as a QP (currently only engineers and geoscientists) might be necessary to include more environmental and social information in a technical report.

However, considering that environmental risks and Indigenous community relations are more material than ever, it would be surprising if the

Space never ceases to fascinate, whether it is our reaching the extra-terrestrial or the extra-terrestrial reaching us.

We experienced a taste of the former on Jan. 9, when the U.K. Space Agency initiated a new era of domestic spaceflights with the first orbital mission from a British spaceport. The ‘Start me up’ program (named after the 1981 Rolling Stones hit) plans to make Britain the first nation in Europe to offer end-to-end launch services to small satellite manufacturers.

In partnership with Virgin Orbit, Cosmic Girl (a modified Boeing 747) took off from the Newquay spaceport in Cornwall with the LauncherOne rocket (carrying seven satellites) under its wing. Unfortunately, the rocket suffered what was described as “an anomaly” and failed to reach the required altitude of 500 km.

The U.K. Space Agency will no doubt reach for the extra-terrestrial again (mindful of the ‘Start me up’ lyrics, which include “Give it all you got; You got to never, never, never stop”). Meanwhile, news in November confirmed that fascinating extra-terrestrial material continues to reach us, and two new minerals have been identified in a 15-tonne meteorite found in Somalia.

Minerals and the elements that form them are well categorized here on Earth. To date, only 118 elements have been identified, and 24 of these are not naturally occurring. These elements complete seven periods (rows) in the periodic table, and elements to form an eighth period remain purely hypothetical.

Distinct minerals are formed by a combination of one or more of these elements. A mineral must, according to the International Mineralogical Association (IMA), be naturally occurring and formed by geological processes (on Earth or an extra-terrestrial body), solid in its natural occurrence (an exception to this rule is mercury, which was included before the current rules were established), and be well defined in terms of its crystallographic structure and chemical composition. Based on these requirements, the IMA recognizes over 5,800 minerals found on Earth.

Professor Chris Herd of the University of Alberta’s Department of Earth and Atmospheric

Sciences is amongst those excited by the Somalia meteorite minerals, which could yield new uses and innovative applications. As he explained, “Whenever you find a new mineral, it means that the actual geological conditions, the chemistry of the rock, was different than what’s been found before.”

Although new to natural science, rapid identification of these minerals was possible because they had already been synthetically created. The minerals have been named elaliite and elkinstantonite; the first being named from the meteorite itself (which was found near the town of El Ali) and the second after Lindy Elkins-Tanton, who is a professor at Arizona State University’s School of Earth and Space Exploration.

These two extra-terrestrial minerals come almost exactly one year after a new mineral that came directly, for the first time, from Earth’s lower mantle (the region between the planet’s core and crust).

The new mineral was found as specks of calcium silicate compound inside a Botswana diamond that formed at a depth of over 700 km (most diamonds form at only 120-250 km). The mineral was named davemaoite in honour of pioneering Chinese-American geophysicist Ho-Kwang ‘Dave’ Mao.

Inclusions normally detract from the value of a diamond but these are an exception, and have been a gift to Oliver Tschauner from the University of Nevada, who is examining super-deep diamonds to see what they can tell us about the interior of Earth. He describes the discovery as a step forward in scientists’ quest to model the evolution of the Earth’s mantle in greater detail.

Like elaliite and elkinstantonite, davemaoite has been artificially synthesized in the laboratory but was thought to be too volatile to exist naturally. Also like the other two new minerals, experts believe that davemaoite could reach us within meteorites.

Both space and the Earth’s lower mantle represent new frontiers for material scientists. If you’ll excuse the split infinitive, these mineral researchers have a mission to boldly go where no man has gone before.

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.

COMPANY INDEX

TRENDS from 1

resilience of countries, regions, and communities. The UN reported that, by August 2022, cost of living increases had already pushed 71 million into poverty last year, while the IMF forecasts that 2023 will feel like a recession for many. Socioeconomic stress often leads to social unrest and can also drive resource nationalism. In 2023, contributions to local poverty relief, liveability, and economic development can build resilience in your company’s operating context, contributing to stronger relationships and helping manage asset-level social risk.

2 Investors expecting more robust community practices

Codification of social management practices is maturing, including ICMM’s 2022 Performance Expectations and a growing list of industry and commodity-specific standards, principles, and protocols. In 2023, tailings management will be a key area of action, as ICMM members, responsible operators, and miners with particularly ESG-oriented investors implement the Global Industry Standard on Tailings Management (GISTM), which contains a robust set of expectations around community engagement, participation, and collaboration, as well as socioeconomic assessment, that don’t reflect most companies’ current practices. With strong investor endorsement, GISTM is raising the bar for operational community involvement across the industry in 2023, and companies will do well to review and/or upgrade their social management practices to avoid being caught flat-footed.

3 Mainstream operationalization of UNGPs

The UN’s Guiding Principles on Business and Human Rights (UNGPs) have rapidly become the global standard for corporate human rights, and particularly for asset-level community feedback (or grievance) mechanisms. Its Reporting Framework is backed by a coalition of 88 investors with US$5.3 trillion in assets under management. Multiple industry frameworks including the RGMPs, GISTM, IRMA, the Equator Principles, and ICMM’s Performance Expectations explicitly reference alignment with the UNGPs. The Voluntary Principles on Security and Human Rights and the IFC Performance Standards help to operationalize the principles, as does the operational grievance mechanism design guide that is part of the Mining Association of Canada’s Toward Sustainable Mining (TSM) protocol. Even the new GRI Reporting Standards, effective on Jan. 1, 2023, include UNGP disclosure. The UNGPs are here to stay. As human rights legislation proliferates globally in 2023, and investors recognize the significance of human rights risk, companies can expect the UNGP “effectiveness criteria” to increasingly feature in mining ESG audits and due diligence.

4 Drive to improve DEI performance

Expectations of mining company action on diversity, equity, and inclusion (DEI) have grown rapidly in recent years. Several reports have now revealed widespread discrimination, harassment, racism, and sexual violence — findings that are symptomatic of industry-wide inadequate efforts to create safe and inclusive workplaces that attract and retain a variety of talent. And a range of stakeholders are taking note and taking action. While major proxy advisory firms update their proxy voting policies on DEI, asset managers seek disclosure on a broader range of DEI themes. Mining CEOs have indicated to EY that DEI performance is the

social topic on which they expect most investor scrutiny in 2023. Meanwhile, employees are voting with their feet. Workers leave mining more than other sectors, forecasted mining worker shortages are in the hundreds of thousands globally, and mining engineering degree enrolment is in decline in Canada, the U.S., and Australia. Mining companies will urgently need to understand and improve their DEI performance and worker experience to secure continued access to relevant talent in 2023.

5 Shifting materiality and ESG prioritization

As ESG matures, companies will need to shift away from outdated approaches to materiality and disclosure. Processes that focus excessively on opinions of select company and external stakeholders and communications that parlay one ESG success story into purported sustainability leadership fall short of what’s expected of companies today. No more cherry-pick-

ing only those areas of competitive advantage, strong performance, or trendy topics. Instead, meaningful materiality requires a robust understanding and analysis of your impacts (actual/potential and positive/negative) to prioritize ESG action and disclosure, even when it’s uncomfortable. While some continue to focus exclusively on financial materiality, 2023 will see “double materiality” (capturing both socio-environmental impacts and financial risk) emerge as a foundation for more effective enterprise risk management. Social topics on which mining companies are likely to have impacts — such as human and Indigenous peoples’ rights, DEI, cultural heritage, and community impacts — are likely to demand and receive more strategic ESG attention. And with ESG litigation on the rise as more stakeholders rely on sustainability information, any inaccurate analysis, action, and disclosure means risking great financial, relationship, and reputational costs.

6 ESG standardization and harmonization advances

Broad criticism of the vast inconsistencies among ESG disclosure standards, requirements, and related rating and ranking frameworks are prompting continued efforts to standardize and harmonize. This year will see the much-anticipated completion of the ISSB’s institutional and technical efforts to set the global standard for (investor-focused) sustainability-related disclosure. Meanwhile, recent and imminent ESG rating regulation, especially in the EU, suggests a trend of pushing from pure “enterprise value” ESG towards double materiality. Additionally, a systems lens is emerging across all ESG disclosure and assessment, which acknowledges the interconnected nature and deep complexity of sustainability issues such as climate change, persistent inequality, and loss of biodiversity and ecosystem services. As a result, companies can expect calls to pay closer atten-

tion to social impacts and community collaboration requirements in scenario and emergency response planning — whether for tailings management, climate change, environmental damage, or operational emergencies — so that stakeholders can assess and compare the level of embeddedness and success of ESG practices.

7 Radical transparency

To help build credibility within an often-distrusted sector, both voluntary and mandatory disclosures are promoting radical transparency on impacts, risks, and performance.

The GISTM, GRI, EU Corporate Sustainability Reporting Directive (CSRD), and other initiatives will set a new tone in 2023 for disclosure on a broader range of topics to a broader range of stakeholders. Transparency, including for co-design and collaborative risk management, will result in better-informed stakeholders. While companies may initially feel vulnerable about disclosure of, perhaps, imperfect practices or not-yet-good-enough performance, especially at a local community level, operators should prepare for these standards to usher in an era of enhanced transparency and new levels of community co-development in operational decision-making and risk management.

8 Lens on value chains

Value chains and their often hidden social and environmental risks and impacts are shifting into focus. Mandatory due diligence and disclosure requirements are emerging in jurisdictions and standards globally. Climate disclosure rules are expected in 35 jurisdictions and several, such as the U.S. SEC’s regulations, cover Scope 3 (value chain) emissions. The ISSB plans to adopt the same scope. Meanwhile, human rights legislation, including the EU’s Directive on Corporate Sustainability Due Diligence, has been enacted or tabled in at least 15 countries (hosting over half of all ESG raters), many with a growing focus on modern slavery. Min-

ing companies, with their products being early in the value chain, can expect an increase in information requests and demands to demonstrate or improve their human rights performance. Downstream value chain partners and investors who, themselves, are under regulatory pressure to conduct human rights due diligence across supply chains and investment portfolios, may be compelled to divest from miners who cannot, in a timely manner, demonstrate good human rights practices and performance.

9 Growth of “green-hushing” Last year, we anticipated a significant rejection of greenwashing by companies without the sustainability credentials to back up their commitments. Well, that happened, and then some… Companies rushing to put out vague and lofty commitments for the sake of having, say, a climate goal to point to, faced a backlash from critical stakeholders questioning the substance behind their objectives. We now see a growing new trend of “green-hushing.” A recent South Pole report found that 25% of companies now don’t plan to talk about their science-aligned climate targets at all, usually to avoid scrutiny. This is detrimental to companies and the broader industry, hampering crucial industry knowledge-sharing on decarbonization,

while possibly eroding stakeholder trust and social acceptability. In 2023, companies are advised to take a thoughtful, credible approach rather than opting for silence, such as by setting public objectives to deepen their understanding of issues like climate change before setting science-based emissions reduction targets.

10 Taking a stance on social issues

Russia’s invasion of Ukraine, more than anything before, demonstrated that not only consumer brands but mining companies, too, are expected to “care.” Several mining investors and operators opted to divest from or sell Russia-based assets and many more were compelled to issue position statements on the topic to clarify their rejection of Russia’s actions.

The 2022 Edelman Trust Barometer suggested that “societal leadership” is now seen as a “core function of business” and forecasted that calls for business to take a stand on and engage even more in societal issues are growing. But while stakeholders increasingly expect corporate action and positions on economic inequality, racial justice, LGBTQ rights, and other issues with social implications, PWC’s 2022 Corporate Director Survey suggests that most boards are not substantially discussing social issues as part of their governance responsibilities and may be missing a key blind spot.

Overall, we have seen ESG become more deeply entrenched in global business and investment practice in 2022, a trend which shows no signs of abating in the year ahead, to the chagrin of some. Polarization and politicization of ESG are on the rise in the U.S. and beyond. And, as a global recession looms, companies will need to balance the need to manage longer-term ESG risk while continuing to meet immediate financial performance objectives, even as development and operating costs continue to rise.

However, the underpinning principles of managing business risk and reducing adverse impacts through responsible governance and sustainable operations remain valid as ever, as interconnected challenges continue to pose familiar and unprecedented risks to companies globally. The number of consumers and investors who care about environmental and social issues only continues to grow, with a lens to the future and undeterred by the politics of the day. So, mining companies will do well to ensure their leadership and boards are equipped to manage and govern their businesses responsibly in a world of volatility and increasingly interconnected impacts; they may find 2023 is the year to cultivate that crucial social performance skillset. TNM

Elizabeth Freele and Rachel Dekker are the co-founders and managing partners of mining sustainability think tank and ESG consultancy Sympact. Sympact supports companies in ensuring their social performance meets growing expectations through advisory services, training, and thought leadership products.

Get your copy now at: www.themanwholickedrocks.com

New Memoir by Raymond J. Mongeau The Man Who Licks Rocks

Amazing Canadian Geological & Exploration Journeys, leading to his deliberations on climate change, the global population and pandemics.

A recent South Pole report found that 25% of companies now don’t plan to talk about their science-aligned climate targets at all, usually to avoid scrutiny. This is detrimental to companies and the broader industry, hampering crucial industry knowledge-sharing on decarbonization, while possibly eroding stakeholder trust and social acceptability.

The social aspects of ESG principles will become more prominent in 2023, say Sympact co-founders Elizabeth Freele, left, and Rachel Dekker.

Aluminum tailings. DAMBY PIXEL/ADOBE IMAGES

Tempus Resources reports top assay for Jan. 6-13

BY HENRY LAZENBY

Our TNM Drill Down features highlights of 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 (www.miningintelligence.com).

The Americas produced this week’s top drill assays, with Australia’s Tempus Resources (ASX: TMR; TSXV: TMRR) leading the charge with its Elizabeth project in British Columbia. The company reported that hole EZ-22-20 had intersected 28.5 metres grading 28.1 grams gold per tonne from 84.4 metres depth, for a width x grade value of 801. The hole is one of two the company drilled into the No. 9 vein that reported bonanza grades over broad zones. The excavations have extended the No. 9 vein by about 150 metres, with areas to the south and southwest providing priority follow-up targets. Hole 20 sets a combined grade and thickness record for the Elizabeth project. Tempus believes it is possible for the No. 9 and Blue Veins to structurally join, with the potential for more gold mineralization to accumulate around the intersection and with further extensions along

TNM DRILL DOWN

Top gold assays of the week

1 Elizabeth Canada Tempus Resources (ASX: TMR; TSXV: TMRR) EZ-22-20 84.40 28.5 28.1 801

2 Filo Del Sol

3 Guayabales

(TSX: FIL) FSDH071 292.0 1028.0 0.47 483

Mining (TSXV: CNL) APC-22 308.80 426.0 1.05 447

4 Reliance Canada Endurance Gold (TSXV: EDG) DDH22-058 32.00 139.9 3.05 427

5 High Lake Canada McFarlane Lake Mining (NEO: MLM) MLHL-22-06 325.56 14.9 24.96 372

6 Thor n Canada Brixton Metals (TSXV: BBB) THN22-244 42.00 253.0 1.40 354

7 Trixie United States Osisko Development (TSXV: ODV) TUG-625-065 54.16 1.2 264.00 317

8 Atlanta United States Nevada King Gold (TSXV: NKG) AT22HG-13 109.80 82.3 3.60 296

9 RC Canada Sitka Gold (CSE: SIG) DRCCC-22-040 8.00 201.0 1.26 253

10 Iskut River Canada Seabridge Gold (TSX: SEA) SBS-22-05 10.50 288.5 0.70 202

the strike to the southwest.

The second-best assay of the week comes from Filo Mining’s (TSX: FIL) Filo del Sol project in Argentina. Hole FSH071 returned 1,028 metres of 0.47 gram gold per tonne from 292 metres depth, giving a width x grade value of 483. The hole is one of two reported from the Aurora zone, collared about 410 metres apart. The company says the hole intersected two new min-

eralized zones along the eastern edge of its drill pattern. These zones demonstrate Filo’s expectation that it will find both new mineralization and new kinds of mineralization as it continues to explore and expand the deposit. Hole FSH071 ended in mineralization at a depth of 1,320 metres due to rig capacity, with the final 20 metres averaging 0.46% copper equivalent. Eight holes are currently underway at the

project, including the deepest hole, 68A, which is still progressing at over 1,750 metres.

The third-best assay of the week comes from Collective Mining (TSXV: CNL) and its Guayabales project in Colombia. Hole APC-22 returned 426 metres, grading 1.05 grams of gold per tonne from 308.8 metres for a width x grade value of 447. The hole is one of two drilled in the copper-silver-gold footprint

of the Main Breccia discovery at the Apollo target to the north and east, expanding the mineralized area. Hole APC-22 expanded the system more than 100 metres to the north. According to Collective, the hole intersected two shallow high-grade zones from 60 metres depth but was stopped at 734 metres depth due to rig capacity. It ended in mineralization averaging 3.3 metres grading 0.48 gram gold per tonne. TNM

Resource nationalism on the rise, says VRIC’s Jay Martin, as juniors head to Vancouver

EVENTS | Currency wars, gold, exploration on conference agenda

BY HENRY LAZENBY

There’s no denying the world is an entirely different place compared with a year ago, says Cambridge House International’s president and CEO, Jay Martin, as more than 300 mining juniors prepare to attend the Vancouver Resource Investment Conference (VRIC) on Jan. 29-30.

“The era of trust is over,” he declares. “We are entering a new era of deglobalization. The trust that allowed for global trade over the last 30 years has shifted irreversibly, and countries are now scrambling to secure supplies of natural resources as a matter of national security,” he said in an interview with The Northern Miner

As a result, he believes that demand for critical resources will skyrocket, which will be central to the discussions and companies that will be part of this year’s event.

“We have gathered over 300 companies that are exploring for and producing these natural resources so investors can position themselves accordingly,” Martin says.

This year’s conference will delve into global macro topics such as the European energy crisis; the new generation of currency wars unfolding; a discussion of gold’s role in this new environment — starting with central banks stockpiling at a faster rate than they have in half a century; and it will showcase exploration and production of the most critical commodities the world needs to move forward.

Martin, who is also the event’s host, says politics will also be a key topic, as he believes that the federal government is not supportive enough of the junior resource industry.

“Canada came through the Great Financial Crisis of 2008 among the strongest of the G8 nations because the government at the time could leverage the resource economy that the world needed. Today, we’ve essentially turned our backs on that primary industry,” he says.

Martin believes the federal government is not advocating for landlocked provinces such as Alberta and Saskatchewan, which have abundant oil, gas, uranium and agricultural commodities, but require

the cooperation of neighbours such as British Columbia to get their goods to global markets. He points to the federal government’s embarrassment over failing to reach agreement with Germany to supply natural gas that marred last year’s visit

Both provinces have in recent months enacted legislation to block federal policies, such as increases to the carbon tax, Martin says. “This

is a direction away from national unity as frustration mounts at these provinces’ inability to create new export routes beyond the heavily congested routes through the port of Vancouver,” he adds.

“For that reason, we’ve invited the former premiers. I’m looking forward to digging into those controversial conversations.”

Over 100 speakers will take the stage during the two-day conference to discuss commodity forecasts and investment opportunities in the exploration, development and mining industries.

As Canada’s largest mining investment-specific conference, VRIC provides retail investors with a means to translate macro trends into actionable investment decisions, Martin says.

“We invite our presenters from all perspectives to give us their take on current issues. While I do not necessarily agree with everybody, I use the opportunity to distill my views by assessing all perspectives,” Martin says.

Other keynote speakers will include globally respected economists, money managers, newsletter writers and investors.

VRIC has encouraged junior mining investment in Canada for 25 years and attracts over 5,000 investors annually. Among these count personalities like Rick Rule, Frank Giustra, Ross Beaty, Simon Moores, and Kai Hoffmann.

Former prime minister Stephen Harper and former president of Mexico Felipe Calderon have also attended in previous years. TNM

by German Chancellor Olaf Scholz. Similar export opportunities beckon in Japan and elsewhere in Asia.

This year’s Vancouver Resource Investment Conference is expected to draw representatives from more than 300 juniors. HENRY LAZENBY

All data supplied by Mining Intelligence for the period of Jan. 6—13, 2023 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

Argentina Filo Mining

Colombia Collective

Saudi Arabia advances world’s first integrated battery metals plant

LITHIUM | Australian projects to supply Red Sea facility

BY COLIN MCCLELLAND IN RIYADH, SAUDI ARABIA

Saudi Arabia aims to start construction by December on the world’s first integrated battery metals complex built and fed with raw materials by the same company. Perth, Australia-based EV Metals Group, which is controlled by Saudi Arabia, wants to construct the battery metals complex on a 1.3-sq.-km plot in Yanbu on the Red Sea, about 1,000 km west of Riyadh, EVM chief executive officer Michael Naylor said in an exclusive Jan. 11 interview with The Northern Miner at the Future Minerals Forum.

The project aims to produce 50,000 tonnes of lithium hydroxide monohydrate in 2026 before ramping up to 150,000 tonnes a year and adding a second plant’s output of 450,000 tonnes of nickel, manganese and cobalt sulphates. They’ll feed a third plant making cathodes for batteries. The battery chemical processing plant, which would be one of the world’s largest, is to be supplied by EVM’s own projects in Western Australia while it explores for local minerals in Saudi Arabia.

“The kingdom’s leading the energy transition,” Naylor said. “And with it is a recognition that integrated supply chains geopolitically aligned are the future for the development of cathode active materials for electric vehicle manufacturers in Europe and North America.”

Automakers are struggling to lock in battery metal supplies as they ramp up electric vehicle production. The West has created alliances to promote critical mineral mining as an alternative to China’s 80% control of the market, according to estimates by BMO Capital Markets.

Early-stage supplies However, the unlisted EVM, whose chairman is Abdullah Busfar, a former senior executive at stateowned Ma’aden Aluminum, is only beginning to develop the Range Well nickel and cobalt project near Perth and others that would supply the plant.

Participants at the Future Minerals Forum, the second held in the country, have lauded the kingdom’s eagerness to pivot towards mining to support clean energy. It was a regional leader in 2016 when it released its Saudi Vision 2030 and subsequent plans to produce about 58 gigawatts of renewable capacity, although some forecasts say it will fall short.

Still, several forum visitors noted privately that it’s early days for Saudi leaders molded by decades of fossil fuel dominance in a conservative society that could easily thwart energy reform. Also, the local mining industry needs substantial guidance and training, not just petrol-dollars, they said.

If built, the plant’s initial production of lithium hydroxide would dwarf national output in the United States estimated at 12,400 tonnes last year, according to Fitch Solutions, although that’s expected to rise to 56,400 tonnes this year.

The project’s cost wasn’t mentioned. However, Rock Tech Lithium (TSXV: RCK) plans to spend 650 million euros ($943 million) to build a 24,000-tonne-per-year lithium hydroxide plant in Germany. It received early construction permission this month.

The same week as the conference, the Saudi government granted the

land, valued at 3.8 million Saudi riyal ($1.2 million), for the EVM complex and a natural gas feed of 6.2 million cubic ft. a day to power it. The government first approved the project in December 2020.

The plant is to start with two production trains before adding four more. EVM’s Range Well project would supply the plant from an indicated resource of 248 million tonnes grading 0.67% nickel, 0.043% cobalt and 0.19% manganese, according to an October 2021 report.

Joint ventures

EVM has a joint venture agreement with Zenith Minerals (ASX: ZNC) where the Saudi firm would fully fund the Split Rocks and Waratah Well lithium projects. Feasibility studies haven’t been done yet. They also have a 60% EVM, 40% Zenith joint venture in the Mount Ida North lithium project.

The long-term plan is for EVM to find and mine sources in the kingdom. The company has applied for 140 exploration licences and been approved for 11 as it prepares to probe lithium and nickel targets, one just 30 km from the plant.

“We’re very excited about the opportunity to be able to start that field work with geo-chem and rockchip sampling,” Naylor said.

Saudi Arabia plans an automotive cluster linking the complex’s cathode active materials plant and a battery cell factory to its own electric vehicle car manufacturing.

The Saudi Public Investment Fund, a sovereign wealth fund headed by Crown Prince Mohammed bin Salman, owns 60% of electric vehicle maker Lucid Group. The fund said in November it also plans to make electric cars in the kingdom in a joint venture for the new Ceer auto brand with China-based Apple supplier Foxconn.

“They need a cathode active materials plant,” Naylor said. “In May 2022 we acquired the global battery materials and technology assets of Johnson Mathey, world-leading, world class technology.”

EVM is focusing on battery cathodes, which Naylor sees for the next 10 to 15 years being dominated by two main chemistries: NMC (lithium, nickel, cobalt and manganese); or lower-priced lithium iron-phosphate. EVM has the means to make both using the Johnson Mathey assets.

The government has also asked EVM to consider anode production using a new process under development involving graphene, which is 200 times stronger than steel and

five times lighter than aluminum but incredibly difficult to produce. However, the kingdom has access to plentiful potential sources in petroleum coke.

“We completed the studies, that is in the plan,” Naylor said. “We don’t speak a lot about it at the moment, it’s a work in progress.” TNM

Ma’aden signs deals with Ivanhoe Electric, Saudi sovereign

wealth fund

CRITICAL MINERALS | New Saudi company to invest globally

BY CECILIA JAMASMIE

Ivanhoe Electric (TSX: IE; NYSE-AM: IE), the latest endeavour of mining magnate Robert Friedland, is joining with Saudi Arabia’s state-owned miner Ma’aden to explore for copper, gold, silver and electric metals considered key for the transition to green energy.

The companies are creating a 50:50 joint venture that will operate for five years, and may be extended for up to 10 years, Ivanhoe said in a news release on Jan. 11.

As part of the exploration deal, Ma’aden will invest US$126.4 million ($169.6 million) in Ivanhoe Electric equity, granting the Gulf’s largest miner a 9.9% interest in the company, which owns properties in Arizona, Utah and Montana, along with a battery storage business.

Ma’aden will also make available about 48,500 sq. km of land in Saudi Arabia for exploration, with Ivanhoe Electric providing its proprietary Typhoon technology under an exclusive licence.

The minerals exploration and development firm, which in December moved its headquarters from Canada to the United States, will contribute US$66 million to the JV, US$13 million of which will be used to acquire three new generation Typhoon machines.

Ivanhoe’s electrical pulse-pow-

ered geophysical surveying transmitter technology can detect metals buried as deep as 1.5 km underground. This makes it an ideal tool for surveying many parts of Saudi Arabia, where the bedrock is hidden by a sand and gravel cover that can go deeper than 1 km, the company said.

The partners will look for battery metals such as copper, nickel and lithium, but will also search for gold, silver and iron ore.

The deal came as the second edition of the Future Minerals Forum kicked off in the Saudi capital Riyadh.

New Saudi company

During the conference, Ma’aden also inked a major deal with

the kingdom’s sovereign wealth reserve the Public Investment Fund (PIF) to create a new company, funded with initial capital of US$50 million to invest globally into upstream strategic minerals opportunities, starting with iron ore, copper, nickel and lithium as a “non-operating partner” in minority equity positions.

That structure, Ma’aden said, would allow for physical offtake of critical minerals, ensuring security of supply for downstream sectors in the kingdom.

The company, which will be owned 51% by Ma’aden and 49% by PIF, will incorporate once approvals are received from authorities and certain conditions in the JV agreement are met.

Ivanhoe Electric’s flagship Santa Cruz copper project in Arizona, where it uses its proprietary Typhoon exploration technology. IVANHOE ELECTRIC

Right: Perth-based EV Metals Group has early stage critical minerals projects in Australia and Saudi Arabia.

EV METALS GROUP

An illustration of EV Metals’ proposed facility, which would eventually produce more than 450,000 tonnes of lithium hydroxide monohydrate a year, as well as nickel, manganese and cobalt sulphates.

EV METALS GROUP

MARCH 5-8

METRO TORONTO CONVENTION CENTRE (MTCC), TORONTO

If you work in mineral exploration and mining, you’ve probably heard that the PDAC Convention is the industry’s Super Bowl equivalent. You don’t get a reputation like that for nothing.

Since 1932, hundreds of thousands of attendees from across the globe have made their way to Toronto for the best business, investment and networking opportunities. This year, the annual PDAC Convention is back in full swing and better than ever.

Guided by a Convention Planning Committee – a group made up of volunteers and professionals from within the industry – an exciting lineup of programming and exhibitors will be offered across almost 600,000 square feet of the Metro Toronto Convention Centre.

“The industry is in a period of transformation and growth, and that energy is well captured within the lineup of programming and speakers we have this year,” says Convention Planning Committee CoChair Valerie Wilson. “As the world looks for new sources of critical minerals, I am excited to bring an outstanding lineup of programming that highlights the economic opportunities it presents, as well as the unique technical challenges we face and the strategies needed to solve them.”

Perennial networking events, such as the prestigious Awards Gala honouring the industry’s most outstanding contributors, and an Opening Ceremonies that reached maximum capacity in 2022 (its highest attendance ever), are set to return. Plus, more intimate gatherings to building meaningful connections, including the New Members Networking Reception and The Network: Featuring Duelling Pianos.

Using smart and mobile devices, new and improved audience participation opportunities will be offered at presentations, through real-time polling, Q&As and quizzes. This is in addition to the renowned traditional

programming that the Convention produces, including Capital Markets, Indigenous, Student & Early Career, Sustainability and Technical programs, which return alongside Short Courses, Master Class Series, Keynote Program and Exploration Insights.

If you’re looking for a bit more adrenaline, the Letter Writer Presentations for Investors should be on your agenda. Restructured for 2023, attendees can witness a “cage match” where presenters battle each other to defend opposing opinions.

A bigger and better-than-ever PDAC-SEG Student Minerals Colloquium will move to the exhibit floor for all days of the convention – where previously students displayed their research for just one day. This is something Robert Boyd, Co-Chair of the PDAC Convention Planning Committee recognizes as an important step for shining the spotlight on the future of the industry.

“For a student, PDAC is a great forum for networking, meeting mentors in the industry, and evaluating the large spectrum of career opportunities available in our

sector. For those students displaying their research, they interface directly with the attendees interested in their studies. Like many of my peers, I found the convention really helpful in my career and it stimulated my quest for the discovery of mineral deposits,” he recalls.

Valerie also advocates for participation by students and early-career attendees, as well as those from abroad. International attendees – from 120 countries –represented 29.5% of participants in 2022, which is something she wants to build upon. “I am looking forward to welcoming attendees from countries that have – or are – developing their own mining culture and industry but are underrepresented at the convention.”

Sharing a standout memory, Valerie remembers participating in a panel on Mentorship for Women in Mining, as part of the Student Industry Forum in 2017. “Participating in that panel along with some very accomplished women was a PDAC personal highlight for me and I’d like to provide more opportunities like this for new voices.”

To bring the Convention to Toronto, PDAC takes pride in partnering with many sponsors, most of whom are long-time supporters. Special thanks to the Diamond sponsor Teck Resources Limited, Platinum sponsors BHP, Rio Tinto and Vale Canada Limited, and Patron Sponsors, BMO Capital Markets, Caterpillar, Nexa Resources S.A., The Lind Partners, The Mosaic Company, South32 Group Operations Pty Ltd., TMX Group, Wheaton Precious Metals. PDAC would also like to thank and welcome back our three returning Mining Country Sponsors – Brazil, Canada, and Peru.

Join us from March 5-8, 2023 to connect, exhibit and enjoy! For more information on #PDAC2023 visit www.pdac.ca/convention.

PDAC 2023:

THE WORLD’S PREMIER MINERAL EXPLORATION & MINING CONVENTION

MARCH 5-8 • IN PERSON

Register by February 10, 2023 to qualify for early registration rates. Review the full program and registration details at www.pdac.ca/convention

Registration Sponsored by B2Gold Corp.

For more information on registration, contact: PDAC Registration Department at pdac@pdacevents.ca or 1 866 939 6468 | 647 362 8442

For more information about the convention, contact: Prospectors & Developers Association of Canada E convention@pdac.ca | T 416 362 1969

PDAC’s

miss the 2023 Convention: Valerie Wilson – Technical Manager, Geology, SLR Consulting and Robert Boyd – President, CEO and Director of Endurance Gold Corporation.

Sally Goodman Newmont

Kevin Frost

Alex Dorsch

Ken

PROGRAMMING

Please refer to the Schedule at a Glance on our website for additional details. www.pdac.ca/convention/attendee-info/schedule-at-a-glance

CAPITAL MARKETS PROGRAM

All Access Pass required

Sponsored by PearTree Securities

Access to capital is the lifeblood of the mineral exploration industry. The Capital Markets Program is intended to create a forum for a virtual dialogue on a range of topics related to the financing of mineral exploration:

• Attracting new investors into new mining

• C ost of capital will be a key component to a successful transition to a sustainable economy Designing a project financing package to withstand the mining business cycle

• Path forward for NI 43-101: Overview of public consultations

• Peaks and valleys in mineral sector financing Rethink mining: Transformative technology live pitch www.pdac.ca/convention/programming/capitalmarkets-program

CORPORATE PRESENTATION FORUM FOR INVESTORS

Open to all pass types

Sponsored by The Lind Partners

The Corporate Presentation Forum for Investors (CPFI) is a popular series that features up-to-theminute information on select exploration and development companies’ current activities and investment potential. This series continues to be of strong interest to investors, highlighting the scope of commodities and stage of development represented at the convention.

www.pdac.ca/convention/cpfi

KEYNOTE PROGRAM

All Access Pass required

INDIGENOUS PROGRAM

All Access Pass required

Uncover the fundamentals of building cooperative, respectful and mutually-beneficial partnerships between Indigenous communities and the minerals industry. Indigenous leaders, industry experts and legal professionals exchange their vision of prosperity and reconciliation with PDAC’s global network.

• C onsultation with Indigenous leaders

• ESG: Cutting through the rhetoric and making it work for mines How emerging Indigenous economic development corporations can prepare and benefit from mineral development projects

• Indigenous perspectives on ESG applied in a modern context

• Indigenous program reception

• Leveraging agreements for Indigenous economic inclusion: A case study Negotiating agreements in early exploration: Best practice MOU’s and EA’s W hy Indigenous women in mining is a golden opportunity

• X atśūll First Nation and Spanish Mountain Gold: Reflections on early engagement, negotiations and BC’s new environmental assessment act

This year we are pleased to sponsor a cohort of Indigenous youth to attend PDAC 2023. Details to be announced!

www.pdac.ca/convention/programming/indigenous-program

The Keynote Program features four themes designed to inspire and educate: Commodities, mineral outlook, technology, and new discoveries. Speakers will discuss new and exciting concepts and explore the compelling challenges of mineral exploration and development in 2023.

COMMODITIES

M INERAL OUTLOOK

T ECHNOLOGY NE W DISCOVERIES

Ken Hoffman

Sinead

Kaufman

Sally Goodman

Alex Dorsch

Kevin Frost

McKinsey & Company

Rio Tinto

Newmont Corporation

Chalice Mining

Chalice Mining

EXPLORATION INSIGHTS

All Access Pass required

Sponsored

by Vale Canada Limited

Exploration Insights showcases technical, policy and academic presentations that offer insight into current and relevant subjects. The themes for PDAC 2023 will include case histories of gold discoveries, the importance of cut-off grade determination and new techniques for assessing critical minerals targets.

www.pdac.ca/convention/programming/ exploration-insights

LETTER WRITER

FOR INVESTORS

Open to all pass types

PRESENTATIONS

PRESENTATION & RECEPTION ROOMS

Entrance requirements to individual Presentation & Reception rooms vary.

Confirmed presenters include:

• Argentina Mining

Aurora Minerals Group

Australia Minerals and MinEx CRC

BC Regional Mining Alliance

• BDO Canada

• Brazil

Camara de Mineria del Ecuador

Canada Eurasia Chamber of Commerce (CECC) Canaria Technologies

• College of the North Atlantic

• Dentons LLP

Geological Survey of Canada

GoldenEye (hosted by Beak Consultants GmbH)

Government of Québec

• Greenland Business Association and the Greenland Government

Guyana

Inter-American Development Bank (IDB)

Invest Barbados

• Invest Canada North

Join us to hear your favourite news letter writers talk about up and coming companies with investment potential, offer up their opinions on what kind of ride we can expect from the markets, this year and suggest to us how we can think about investment in the resource sector as part of your overall investment portfolio. Something a little different this year as well, a cage match, where we pit news letter writer against news letter writer in a friendly challenge to defend their opposing opinions!

www.pdac.ca/convention/programming/letterwriter-presentations-for-investors

MASTER CLASS SERIES

All Access Pass required

Learn from industry leaders as they share key insights and case studies throughout this new exclusive series of presentations.

Presentations by BHP, Rio Tinto, Vale Canada Limited, Nexa Resources S.A., South32 Group Operations Pty Ltd., The Mosaic Company and others.

www.pdac.ca/convention/master-class-series

PDAC ONE ON ONE MEETING PROGRAM

By invitation only

PDAC, in partnership with Precious Metals Summit Conferences, LLC offers professionally organized one on one meetings, which bring qualified investors together with companies’ senior management. This exclusive program is offered in person only to a select group of confirmed Investors Exchange and Core Shack exhibitors, and carefully screened, qualified investors and portfolio managers from around the world.

Advance registration is required.

www.pdac.ca/convention/programming/pdacone-on-one-meeting-program

• Invest in Canada

Lundin Group of Companies McKinsey & Company

Ministry of Mines, Government of India

• Ministry of Mining of Chile

• Montt Group

Mundoro Capital National Mining Agency of Colombia

Ontario Ministry of Mines

• Peru Day

• Saskatchewan Research Council

Silvercorp Metals Inc, New Pacific Metals Corp, and Whitehorse Gold Corp

Symboticware

• Three Crowns LLP

Applications are still available. Take advantage of this opportunity to enhance your organization’s visibility, launch a product, present a workshop, meet clients and prospects and/or make a presentation about your mining jurisdiction or company.

www.pdac.ca/convention/programming/ presentation-and-reception-room-program

STUDENT & EARLY CAREER PROGRAM

All Access Pass required

Events sponsored by The Lundin Group

This program allows students and early career individuals the unique opportunity to connect with industry professionals from around the globe.

•20-minute mentoring

•Convention kickstart

•Guided tours of the exhibits

•Next Generation Explorers Award (NGEA )

•PDAC-SEG s tudent minerals colloquium

•PDAC-SEG student minerals colloquium awards

•Student-industry mixer

www.pdac.ca/convention/programming/ student-early-career-program

metallurgists,

mineral and

Capital markets and project valuation for geoscientists $599

Environmental, social, and governance (ESG) in mining: What, why and how? $799

Health and safety in mineral exploration $499

New geophysical and geological insights into how crustal architecture influences the gold and base metal endowment of Precambrian terranes $499

NI 43-101: A guide to following the disclosure standards $299 w ww.pdac.ca/convention/programming/short-courses

SUSTAINABILITY PROGRAM

All Access Pass required

Sponsored by SLR Consulting

Understand how to navigate ESG when every project has different environmental, social and governance factors. Sessions look to achieve excellence in exploration by facilitating multi-stakeholder dialogue that examines the innovative ways in which the mineral industry effects improvement in their sustainability performance.

• A s afe workplace for all: Addressing sexual harassment in the field

Changing global rules? The impact of EU’s raw materials strategy

• Differentiate your company and attract investment through ESG performance and reporting

• Is the future nuclear? Community and industry perspectives

Leveraging agreements for Indigenous economic inclusion: A case study

• Navigating complex waters: Tools for security, conflict, and human rights

Negotiating agreements in early exploration: Best practice MOU’s and EA’s

• Operationalizing the ‘S’ in ESG: Does it matter to investors?

• Planning for sustainable mineral development 101

• T he amazing race: Decarbonization

www.pdac.ca/convention/programming/ sustainability-program

OPENING CEREMONIES

Open to all pass types

Join Alex Christopher, PDAC President; Ed Sackaney, Knowledge and Wisdom Keeper and other special guests as we mark the official opening of the 2023 Convention.

w ww.pdac.ca/convention/events-networking/opening-ceremonies

PDAC NEW MEMBERS NETWORKING RECEPTION

By invitation only

PDAC is delighted to host an event exclusively for new members to network with PDAC Directors and fellow colleagues. This is an opportunity to meet with your peers, make connections, and discuss issues central to the mineral industry. Have fun with icebreaker activities for a chance to win prizes!

New members who RSVP will receive a complimentary drink ticket with their pass. Guest paid bar available.

Not a PDAC member?

Join now at www.pdac.ca/members/membership

w ww.pdac.ca/convention/events-networking/pdac-new-membersnetworking-reception

THE NETWORK: FEATURING DUELLING PIANOS

All Access or Exhibitor Staff Pass required

Sponsored by Jot Technology Solutions Inc.

Looking for valuable networking opportunities at PDAC 2023? The Network –PDAC’s largest networking event – will connect you with domestic and international professionals where you can discuss matters shaping the industry. Join us for a drink and snacks, mix and mingle with potential business contacts, all while enjoying PDAC’s favourite Duelling Pianos by A.B. Live Custom Entertainment. Don’t miss this live and in person event!

All Access Pass holders will receive a free drink ticket with their pass. Guest paid bars are also available.

www.pdac.ca/convention/events-networking/the-network-featuringduelling-pianos

LIFE MEMBER LUNCHEON

By invitation only

Join PDAC President Alex Christopher at this special event that recognizes all PDAC Life Members and the Women’s Association of the Mining Industry of Canada (WAMIC) for their significant contributions to PDAC, and the mineral exploration and development community.

Email invitations will be sent to Life and WAMIC members in January.

w ww.pdac.ca/convention/events-networking/life-member-luncheon

STUDENT-INDUSTRY MIXER

RSVP when you register for the convention Sponsored by The Lundin Group

This event provides an opportunity for students, early career and industry professionals to network in a relaxed environment. The winners of the Mary-Claire Ward Geoscience Award and the ERM Bursary will be announced, as well as the students selected 2023 Student-Industry Mineral Exploration Workshop.

Student attendees will be entered in a draw for tuition top-up awards. Must be a student member to be eligible to claim the award.

w ww.pdac.ca/convention/events-networking/student-industry-mixer

MINING FOR DIVERSITY EVENT

Open to all pass types Women in Mining Canada (WIMC) is happy to once again host its annual Mining for Diversity awards ceremony and networking event. Join us as we celebrate our Trailblazer Awards Series winners, and network with other industry professionals. This year, we are celebrating the following award winners:

• Trailblazer

• Indigenous Trailblazer

• Indigenous Student Trailblazer

• Student Trailblazer

• Rick Hutson Mentor

www.pdac.ca/convention/events-networking/mining-for-diversity

www.pdac.ca/about-pdac/awards/2023-award-recipients www.pdac.ca/convention/events-networking/awards-gala

EXHIBITS

EXHIBIT HOURS

MEET OVER 1,100 EXHIBITORS For a full list of exhibitors, visit www.pdac.ca/convention/exhibits/exhibitor-directory

CORE SHACK

Open to all pass types

Sponsored by Barrick Gold Corporation

Core Shack provides a unique venue for companies to display their core samples. Attendees are welcome to get up close with these new or ongoing projects that are generating exciting drill results. The latest discoveries from around the world will be featured along with maps, charts and technical information.

Core Shack is comprised of two sessions:

SESSION A

SUNDAY, MARCH 5 10:00 am – 5:00 pm

MONDAY, MARCH 6 10:00 am – 5:00 pm

SESSION B

TUESDAY, MARCH 7 10:00 am – 5:00 pm

WEDNESDAY, MARCH 8 9:00 am – 12:00 pm

www.pdac.ca/convention/exhibits/core-shack

INVESTORS EXCHANGE

Open to all pass types

Sponsored by Vale Canada Limited

Discuss investment potential with 450 junior mining companies, mid-sized producers, major mining companies, financial institutions and prospectors to discover new business opportunities.

Exhibitors include:

Agnico Eagle Mines Limited

• Anglo American

• B2 Gold Corp.

• Centerra Gold Inc.

• EMX Royalty Corporation

• Golden Arrow Resources

• Hecla Mining Company

• IAMGOLD Corporation

• Kinross Gold Corp.

• New Gold Inc.

• Newmont Corporation

Panoro Minerals Ltd.

• Rio Tinto Exploration

S outh32 Group Operations Pty Ltd.

• Teck Resources Limited

Tesoro Gold

• Wheaton Precious Metals

Yamana Gold Inc.

• Zijin Mining Group

www.pdac.ca/convention/exhibits/investors-exchange

NORTHERN ONTARIO MINING SHOWCASE

We are pleased to welcome back the Northern Ontario Mining Showcase (NOMS), the largest pavilion at PDAC featuring over 100 exhibitors showcasing innovative products and services to help plan, build, maintain and rehabilitate projects around the world!

Northern Ontario has an extensive and prosperous narrative within Canada’s mining supply and service industry. Over the last seven years, it has further solidified its presence through a partnership of communities from throughout the region to display their strengths at the showcase.

www.northernontariomining.com/pdac/

NORTH MEETING SPACE

Sponsored by Rio Tinto Canada Management Inc.

Exclusively for exhibitor use and conveniently located onsite! Your team will not have to brave the cold air and waste time getting to/from off site meetings. This meeting space is complimentary.

Meeting Rooms are semi-private, are 10’x’10’ and fit 4-6 people.

Limited 10’x20’ meeting rooms available to fit 10-12 people.

Exhibitors will receive information on how to reserve space in early January.

PDAC-SEG STUDENT MINERALS COLLOQUIUM

Open to all pass types

The Student Minerals Colloquium is a poster session that brings together geoscience students and industry professionals to highlight innovative student research on earth science and economic geology deposit projects essential for the successful evolution of the modern mining industry.

www.pdac.ca/convention/exhibits/pdac-seg-student-minerals-colloquium

PROSPECTORS TENT

Open to all pass types

Get back to the heart of the industry with a visit to the Prospectors Tent. Self-employed and independent prospectors will be there to discuss their maps, samples and claim results.

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2023 AWARD RECIPIENTS

Proud Sponsors

MEET OUR 2023 AWARD RECIPIENTS

•

Chris Taylor and the Great Bear Resources Exploration Team (Bill Dennis Award)

• Glenn Nolan (Skookum Jim Award)

• The Lundin Foundation (Sustainability Award)

• Kevin Frost & Morgan Fréjabise (Thayer Lindsley Award)

Reception sponsored by

• Alamos Gold’s John A. McCluskey (Viola R. MacMillan Award)

HONOURING EXCELLENCE

PDAC Awards are a way for outstanding performers in the Canadian and international mineral exploration and mining industry to be recognized on the world stage for their achievements. The PDAC Awards Committee is made up of industry leaders who have a variety of different roles, skills, experience, and important professional networks.

Dating back to 1977, PDAC Awards are a way to acknowledge exceptional contributors, in up to seven categories. Recipients are celebrated at a prestigious Awards Gala every year in March during the annual PDAC Convention.

Additionally, as one of four major sponsors of the Canadian Mining Hall of Fame, PDAC submits up to three nominations for consideration of induction each year.

2023 BILL DENNIS AWARD

This award, named for a former President of the association, honours individuals who have accomplished one or both of the following: made a significant Canadian mineral discovery; made an important contribution to the prospecting and/or exploration industry.

Chris Taylor and the Great Bear Resources Exploration Team

For the discovery of the Dixie gold deposit when others believed all the multi-million ounce deposits in Ontario’s Red Lake camp had been found The Dixie project in the Red Lake gold camp of northern Ontario has been subject to intermittent exploration since 1985. Industry consensus was that whatever potential existed there had been investigated and found wanting.

But Great Bear Resources CEO, Chris Taylor and VP Exploration, Bob Singh figured there was a lot more gold to be discovered, starting with the previously identified Dixie Limb zone. They used a wealth of historical data, including a suite of more than 150 drill holes, to construct a new model of mineralization. Chris, a structural geologist, was so convinced previous explorers had misinterpreted the geology that he used his personal line of credit to finance early exploration.

Their educated gamble paid off. The Great Bear team made its first major discovery – the Hinge zone – in August 2018 by targeting a regional fold axis. Shallow drill intersections, such as 16.4 metres grading 27 grams per tonne gold, caught the market’s attention and allowed the company to raise $10 million for further work.

Subsequent exploration and structural interpretation led to more discoveries in rapid succession. During 2019, Great Bear found the Bear-Rimini, Yuma, Auro, Yauro, Viggo and Gap zones. Follow-up drilling confirmed these discoveries were part of a larger continuous zone of gold mineralization later called the LP Fault Zone. Unlike the vein-hosted gold mineralization typical of Red Lake, the mineralization was sheet-like, containing high-grade zones within lower grade haloes.

In February 2022, Kinross Gold purchased Great Bear for $1.8 billion, or $29 per share, even before the technical team had a chance to estimate resources for Dixie. The senior gold producer plans to develop the project into a top tier, long-life mine. As an added bonus, Great Bear’s discovery has reinvigorated exploration in the Red Lake camp, where geoscientists now have access to a new model of mineralization to find more gold.

2023 SKOOKUM JIM AWARD

This award is named after the Indigenous leader of the group that discovered the Yukon Klondike goldfields, one of Canada’s most important mineral discoveries. Recipients of this award must be from a recognized Indigenous group in Canada (Metis, Inuit, First Nation) and have demonstrated exceptional achievement and/ or service in an Indigenous business organization operating in the Canadian mining industry and/or a Canadian Indigenous exploration or mining company or have made a significant individual contribution to the mining industry.

Glenn Nolan

For his leadership in fostering economic opportunities for First Nations on their traditional lands, and for his long history of volunteerism

Glenn Nolan is receiving the very award he helped create as co-chair of the PDAC’s Indigenous Affairs Committee. Glenn was elected as PDAC director in 2005 and went on to serve as the association’s first Indigenous president from 2012 to 2014.

Glenn is known as an accomplished bridge builder between Indigenous communities and the mining industry in Ontario. As a former Chief of the Missanabie Cree First Nation, he understands the struggles and aspirations of Indigenous peoples. As an executive of Ring of Fire Metals (formerly Noront Resources), he appreciates the challenges exploration companies face as they try to advance mineral projects. Glenn continues to help foster stronger local Indigenous involvement and participation with Ring of Fire Metals.

Following in his father’s footsteps, Glenn spent most of his career in the mining sector. He formed his own contracting firm to conduct geophysical surveys, line cutting and claim staking for mineral exploration across Northern Canada before moving on to other business ventures.

Glenn has supported the development of economic opportunities for Indigenous peoples world-wide. He has supported the government of Canada’s efforts to bring awareness of mining opportunities to Indigenous people throughout the Americas. He continues to support the Shuar people of Ecuador and Peru to help establish better relations with government and the mining sectors and was chair of the Canadian Executive Service Organization (now Catalyste+).

After dedicating his life’s work to meaningful engagement and consultation between industry and Indigenous communities, including countless hours of volunteer work with PDAC, it’s Glenn’s turn to be recognized by his peers.

Awards Gala sponsored by

2023 SUSTAINABILITY AWARD

This award honours an individual or organization demonstrating outstanding initiative, leadership and accomplishment in protecting and preserving the natural environment and/or in establishing good community relations during an exploration program or operation of a mine.

The Lundin Foundation

For creating an organization funded by mining revenue with the sole purpose of providing lasting benefits for communities surrounding Lundin Group companies operations

The first question country leaders often ask when a company wishes to develop a mine within their borders is how communities will benefit from the development. The Lundin Group of companies, consist of 11 publicly traded companies operating in over 20 countries, can provide concrete examples of how the Lundin Foundation leverages resource development to provide local economic opportunities.

In 2021 alone, the Foundation supported 650 small businesses that generated $42 million in revenues and provided 2,000 well-paying jobs. The Foundation helped 79 start-ups launch solutions to climate change, attracting $30 million in third party funding to bring those solutions to market.

To encourage career development in Ecuador, the Foundation developed and delivered a training program for community members with no previous experience to become best-in-class process plant and mine operators at the Fruta del Norte gold mine, Ecuador’s first large-scale underground mine. At the start of the program, 50% of the 315 trainees were either unemployed or underemployed. One year after completing the program, 80% of the trainees - including women - were employed as operators, bringing home a cumulative US$3.2 million in wages.

In the communities surrounding the mine, the Foundation provided technical and financial support a local agricultural cooperative, to establish organic farm management practices and achieve organic certification. As a result, the cooperative’s 180 producers, whose products include coffee, cocoa, yuca and plantain, now export to Europe, North America and other South American countries.

These are just two examples of how the foundation is improving the lives of people near the Lundin Group of companies’ operations. Given the quantities of metals and minerals required to meet future generations’ needs, coupled with the complexities of securing and maintaining a social licence to operate, the Lundin Foundation provides a model for the industry on how mining can foster a more sustainable future.

2023 VIOLA R. MACMILLAN AWARD

This award, named in honour of PDAC’s longest serving President, is given to an individual or organization demonstrating leadership in management and financing for the exploration and development of mineral resources.

Alamos Gold’s John A. McCluskey

For showing leadership and a willingness to take risks in the acquisition and development of the Island Gold mine in Northern Ontario

Based on a thorough analysis of geological data, President and CEO John McCluskey and the senior management team of Alamos Gold were confident the Island Gold deposit owned by Richmont Mines was larger and richer than the published mineral reserves and resources would suggest. However, shareholders balked at the acquisition price paid with Alamos’ share price plummeting by 17% on the date of announcement of the acquisition in September 2017.

But McCluskey and the Alamos team were right to bet on the exploration potential of the Island Gold. Since acquisition, Island Gold has grown dramatically: reserves and resources have almost tripled to 5.1 million ounces from 1.8 million ounces in 2017; the mine life has more than doubled to 18 years at higher production rates; and the exploration potential has expanded through the acquisition of a substantial land package surrounding the mine.

By taking a calculated risk, McCluskey realized his 20-year dream of building a leading intermediate gold producer. Five years after the transaction, Island Gold is valued at nearly three times its acquisition price and the operation continues to grow through a self-financed expansion that will transform Island Gold into one of the largest and most profitable gold mines in Canada. Once unappreciated and misunderstood, the mine and its expansion are helping support and sustain local communities in Northern Ontario.

The Island Gold acquisition and development is the latest in a string of strategically driven acquisitions for Alamos, from the Mulatos mine in Mexico in 2003 to the Young-Davidson operation in northern Ontario in 2015. Island Gold may well turn out to be the company’s best acquisition reflecting McCluskey’s vision, strategy and perseverance.

2023 THAYER LINDSLEY AWARD

This award recognizes an individual or a team of explorationists credited with a recent significant mineral discovery anywhere in the world

Chalice Mining’s Kevin Frost & Morgan Fréjabise

For the Julimar Nickel-Copper-PGE discovery under cover near Perth, Australia in 2020

The Julimar discovery is an extraordinary development given how close the nickel-copper-PGE deposit is to Perth (~70 km), the capital of Western Australia, a well-established mining jurisdictions that has been explored extensively.

Previous explorers were blind to the deposit because it underlies extensive regolith cover that obscures the region’s geology. But when the Chalice Mining team of Kevin Frost and Morgan Frejabise studied publicly available airborne magnetic surveys supported by other regional geoscience datasets, they saw the hallmarks of an ultramafic-mafic intrusive complex hidden beneath the cover. By later applying electromagnetics on the ground and multi-element soil geochemistry, they were able to hone in on the rich deposit of metals now known as the Gonneville deposit.

The Chalice team spent a very modest ~A$50,000 at the project to define a drillready target and in early 2020, the maiden drill hole intersected a remarkable 19 metres grading 2.6% nickel, 1.0% copper, 0.14% cobalt, 8.4 grams per tonne (g/t) palladium and 1.1g/t platinum at a shallow depth of about 40 metres. The drill hole uncovered one of the most significant nickel sulphide discoveries in recent global history, and the largest PGE discovery ever in Australia.

The Gonneville deposit is particularly significant because of the range of valuable metals it contains, its scale and its shallow starting depth. Palladium, platinum, nickel, copper and cobalt are all critical to decarbonisation and green technologies. The discovery has established a new mineral province along the western edge of the Yilgarn Craton (the West Yilgarn Province) with over a thousand kilometres of unexplored potential.

In July 2022, Chalice released an updated Mineral Resource Estimate for Gonneville of 350 million tonnes grading 0.58% nickel equivalent (NiEq) or 1.8 g/t palladium equivalent (PdEq), containing 11 million ounces of PGEs and gold, 560 thousand tonnes of nickel, 360 thousand tonnes of copper and 54 thousand tonnes of cobalt. The deposit remains open beyond a depth of ~700m and open to the north along strike, which is quite remarkable when considering over 275km of drilling has been completed to date.

SERVICES ONSITE

www.pdac.ca/convention/attendee-info/services-onsite

AMBASSADOR PROGRAM

Sponsored by IAMGOLD Corporation

Look for Ambassadors dressed in gold T-shirts and caps. They will help get you where you need to go and answer your questions.

FREE HEADSHOT

Sponsored by Major Drilling Group

FREE WI-FI

Sponsored by BHP

PDAC Wi-Fi service is available throughout the MTCC (limited access in the exhibit halls).

MOBILE EXPERIENCE

Sponsored by BHP

LOUNGES

INVESTORS EXCHANGE LOUNGE

Sponsored by SLS Group

Need a break from visiting your favorite Investors Exchange companies? Rest your feet and enjoy the seating in this new lounge.

RECHARGE HUB

Sponsored by Hudbay Minerals Inc.

Want to relax and recharge? Visit the Recharge Hub equipped with charging tables to charge your mobile device. A great location to unwind or meet with colleagues and peers.

VIP LOUNGE

Sponsored by NEXA Resources S.A.

Only VIP All Access Pass holders have access to this private and exclusive lounge. While in the lounge, take advantage of:

• Daily continental breakfast and light refreshments

• Administrative support, including scanning and photocopying

• Five free semi-private meeting rooms for up to 10 people. Reservations required (non-VIP attendees permitted in the meeting rooms)

NORTH MEETING SPACE

North Building, Level 300, Trade Show North

Sponsored by Rio Tinto Canada Management Inc.

Exclusively for exhibitor use.

To book your meeting space, visit: www.pdac.ca/ convention/attendee-info/north-meeting-space or visit the onsite attendants at the North Meeting Space.

NURSE STATIONS

Staffed by Registered Nurses who are capable of responding to a variety of emergency situations, and can also administer over-the-counter and prescribed medications to attendees. Stations are stocked with AED defibrillators and may also be used as a place to breast feed.

PLACES TO EAT

700 CAFÉ & LOUNGE

Sponsored by Freeport-McMoRan Copper & Gold Inc.

FOOD PAVILION

Sponsored by Major Drilling Group International, Inc.

NORTH EATERY

Sponsored by The Mosaic Company

SOUTH32 CAFÉ & LOUNGE

Sponsored by South32 Group Operations Pty Ltd.

SHOE SHINE STATION

Sponsored by The Mosaic Company

Enjoy a complimentary shoe shine in between your business meetings.

SME BOOKSTORE

Discount prices for PDAC attendees!

The Society for Mining, Metallurgy and Exploration (SME) is back with their bookstore. Take advantage of show pricing from the most prestigious book publisher in the industry. Several new books will be showcased. Come early! Supplies are limited.

TERRACE MEETING PLACE

Sponsored by Worley Limited

Looking for free meeting space? These semi-private meeting rooms are available for one-hour bookings per day. Online booking is now available.

WATER STATIONS

Sponsored by Napier-Reid Ltd.

Fill up your water bottle or drink from the fountain at one of the three water stations.

Critical minerals: Business Opportunities in Québec

With a long mining history, Québec is open for business, with its vast mineral potential, the most diverse resources in Canada and a complete mining ecosystem.

Its territory contains all the minerals and raw materials needed to produce batteries, including lithium, graphite and cobalt.

If you want to be where it’s at on the international mining scene, come visit our specialists during the Business Opportunities in Québec event.

Where: Room 205 D When: March 7, 2023, all day

Photo: Mathieu Dupuis/Niobec Inc./AMQ

The Northern Miner’s Mines Handbook has been your trusted source for property, company and personnel data about North American listed companies for over 80 years.

With TNM Marco Polo you can now get access to all these data points and more for all globally listed companies in a modern interface that’s faster and easier to use than ever.

MARKET NEWS

TORONTO STOCK EXCHANGE / JANUARY 9–13, 2023

The S&P/TSX Composite Index rose 545.6 points or 2.75% to finish the Jan. 9-13 trading week at 20,360.10 and the S&P/TSX Global Mining Index gained 4.94 points or 4.25% to 121.30. The S&P/TSX Global Base Metals Index jumped 12.72 points or 6.62% to 204.80 and the S&P/TSX Global Gold Index advanced 8.95 points or 2.96% to 310.97. Spot gold increased US$54.90 per oz. or 2.94% to US$1,920.60 per ounce.

Shares of Teck Resources climbed $3.45 to $56.95. The company announced its unaudited fourth quarter 2022 steelmaking coal sales volumes were 4.3 million tonnes, below its guidance of 5 to 5.4 million tonnes. The company noted that extreme cold weather in December across Western Canada affected rail performance, rail car loading and overall port performance, resulting in lower sales volumes. Teck’s realized steelmaking coal price averaged US$278 per tonne and the company said it expects to report provisional pricing adjustments of negative $10 million in the fourth quarter.

Aura Minerals jumped $3.31 to $12.14 per share. The company reported preliminary production results from its three operating mines in Honduras (the San Andres gold mine), Brazil (the EPP gold mine) and Mexico (the Aranzazu copper-gold-silver mine).

Total production in 2022 reached 242,524 gold-equivalent oz. (GEO), the second-highest annual production in the company’s history. During the fourth quarter, production came in at 67,663 GEOs, up 16% from the third quarter, and also the second-highest quarterly production in Aura’s history. In addition, the company reported it has finished 87% of the construction of its Almas project in Brazil and is “on track to deliver the project early this year.”

New joint-venture agreements that expand its exploration footprint in Saudi Arabia sent Barrick Gold ’s shares 68¢ higher to $26.30. The gold major signed the agreements with Ma’aden for two prospective exploration projects made up of the Jabal

TSX MOST ACTIVE ISSUES

VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE

Suncor Energy SU 29586 43.77 41.24 43.42 + 1.26

Barrick Gold ABX 24169 26.57 25.27 26.30 + 0.68

Lundin Mng LUN 17108 9.95 8.78 9.25 + 0.10

Argonaut Gold AR 16747 0.69 0.55 0.67 + 0.11

B2Gold Corp BTO 15450 5.62 5.11 5.61 + 0.36

Kinross Gold K 14454 6.41 6.03 6.37 + 0.23

First Quantum FM 14247 32.61 29.66 31.23 + 1.39

Denison Mines DML 11797 1.83 1.64 1.81 + 0.18

Marathon Gold MOZ 11002 1.25 1.06 1.16 unch 0.00

Copper Mtn Mng CMMC 10720 2.45 2.00 2.28 + 0.37

TSX VENTURE EXCHANGE / JANUARY 9–13, 2023

The S&P/TSX Venture Composite Index added 33.22 points or 5.7% over the Jan. 9-13 trading period to end at 615.11.

Dynasty Gold was the week’s second-highest gainer by percentage, surging 175% from a low of 10¢ during the week, to close at 28¢ after reporting what it said were its best drill results yet from the Thundercloud property in northwestern Ontario.

One hole, from a new area that hadn’t been drilled, returned up to 246 grams gold per tonne over 1.5 metres from 118.5 metres depth, the company said Jan. 10. Another hole cut 1.31 grams gold over 121 metres from 102 metres, including 15.06 grams gold over 9 metres and 43.47 grams gold over 3 metres.

The results show the highest grades and the longest intercepts drilled to date, indicating a larger resource potential than previously thought, Dynasty CEO Ivy Chong said in a news release. The project has an inferred resource of 4.1 million tonnes grading 1.37 grams gold per tonne for 182,000 oz. gold, based on historical drilling. Dynasty acquired the project from Teck Resources in 2021.

RecycLiCo Battery Materials shares almost doubled to close at 64¢ during the period after reporting on Jan. 12 that a South Korean cathode maker said using RecycLiCo materials

showed the same performance results as commercial batteries. The manufacturer wasn’t named.

Word of the good test came three days after RecycLiCo and South Korean electronics company Sonid said they’re considering a joint venture on a battery recycling plant or a licensing agreement. Coupling RecycLiCo’s recycling-upcycling technology with Sonid’s commercial expertise is the foundation for a sustainable and efficient lithium-ion battery supply chain, RecycLiCo CEO Zarko Meseldzija said in a release.

Indigo Exploration jumped 86% after saying Jan. 12 it had doubled its land holdings in central Alberta to 147.9 sq. km adjacent to permits held by E3 Lithium, Lithium-

TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE

Nickel North NNX 17575 0.06 0.00 0.04 + 0.02

Fission 3.0 FUU 11764 0.43 0.38 0.42 + 0.02

Millennial Pr MPM 11065 0.22 0.17 0.21 + 0.03

Multi-Metal MLY 10048 0.04 0.02 0.03 + 0.01

Jaxon Mining JAX 9010 0.05 0.00 0.04 + 0.01

American Lith LI 7682 4.39 3.44 4.39 + 1.08

X-Terra Res XTT 7271 0.13 0.09 0.09 - 0.01

Surge Battery NILI 7175 0.32 0.25 0.26 - 0.03

Magna Mining NICU 6274 1.49 1.19 1.22 + 0.07

NuLegacy Gold NUG 6172 0.02 0.01 0.02 unch 0.00

U.S. MARKETS / JANUARY 9–13, 2023

The Dow Jones Industrial Average gained an impressive 672 points or 2% during the Jan. 9-13 trading week to close at 34,302.61, and the S&P 500 gained 104.01 or 2.7% over the week to 3,999.09.

The week’s top value gainer was Southern Copper, which added US$9.66 to close at US$77.06. Supported by the rising price of copper, the stock has already gained 25% this year. A falling U.S. dollar and the reopening of China are two bullish catalysts that are likely to continue this year, as is the acceleration of the EV transition. Southern Copper reported a profit of US$7.2 billion in 2021. The figure is expected to fall in 2022, but only because the company has made investments to expand its mines throughout Mexico and South America that are expected to yield more profit over the long term in a rising copper price environment.

Gatos Silver was the trading week’s top percentage gainer, closing 20.6% higher at US$5.16 per share. On Jan. 11, the company reported its best quarter and calendar year in terms of silver production from its 70%-owned Cerro Los Gatos mine, beating its 2022 production guidance comfortably. The Mexico-focused silver miner reported a record 10.3 million oz. for the year, up 36%

from the 7.6 million oz. produced in 2021, and 7% higher than the upper end of its most recent 2022 guidance range of 9.4-9.7 million ounces. The 2022 production guidance was raised in October from 8.5-9 million ounces. A crucial part of Gatos Silver’s annual guidance beat was a record fourth-quarter production of 2.9 million oz., up 26% from 2.3 million oz. from the year-earlier quarter and surpassing the previous record of 2.7 million oz. achieved in the third quarter of 2022.

The week’s most traded issuer was Vale, the world’s top nickel miner and the second-largest iron ore producer. The equity saw 106.9 billion shares change hands. The Financial Times reported on Jan. 10 that

Sayid South and Umm Ad Damar licence areas. The licences are near the Jabal Sayid mine, 50 km northeast of Jeddah. The copper mine is a 50:50 joint venture between Barrick and Ma’aden.

Shares of Filo Mining were down $3.89 to $23.94 per share. The company reported drill results from two holes at its flagship Filo del Sol project, about 140 km south-

TSX GREATEST PERCENTAGE CHANGE

VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE

Sierra Metals SMT 1490 0.46 0.25 0.40 + 64.6

Aura Minerals ORA 229 12.14 8.80 12.14 + 37.5

Nevada Copper NCU 2044 0.39 0.31 0.38 + 26.7

Atalaya Mining AYM 23 6.40 5.15 6.39 + 24.1

Silver Eleph ELEF 290 0.57 0.42 0.52 + 22.4

Meridian Mg MNO 2861 0.45 0.35 0.43 + 21.4

Mawson Res MAW 2556 0.27 0.22 0.27 + 20.5

Xanadu Mines XAM 120 0.03 0.03 0.03 + 20.0

Argonaut Gold AR 16747 0.69 0.55 0.67 + 19.6

Copper Mtn Mng CMMC 10720 2.45 2.00 2.28 + 19.4

EurOmax Res EOX 1001 0.08 0.05 0.06 - 26.7

Augusta Gold G 906 2.08 1.61 1.63 - 19.7

SouthGobi Res SGQ 517 0.16 0.14 0.15 - 14.7

Filo Mg Corp FIL 2811 28.00 22.66 23.94 - 14.0

Star Diamond DIAM 871 0.15 0.10 0.11 - 12.5

Belo Sun Mng BSX 3329 0.09 0.08 0.08 - 11.8

Minco Silver MSV 19 0.20 0.00 0.20 - 11.4

Black Iron BKI 618 0.10 0.08 0.08 - 11.1

First Mg Fin FF 3188 0.24 0.22 0.22 - 10.4

Ascendant Res ASND 498 0.28 0.22 0.23 - 9.8

Bank Resources, and Highwood Asset Management. The new areas include significant subsurface Devonian reef reservoir aquifers with the potential to produce large volumes of lithium-bearing formation brine, Indigo said.

The acquired permits are near wells recording lithium brine levels of 72-130 mg per litre from the Leduc carbonate reef com-

TSX-V GREATEST PERCENTAGE CHANGE

Thunder Mtn Gd THM 25 0.30 0.00 0.29 +1060.0

Dynasty Gold DYG 4592 0.43 0.10 0.28 + 175.0

Edison Battery EDDY 4746 0.10 0.05 0.09 + 125.0

Freeport Res FRI 1287 0.06 0.00 0.06 + 120.0

Nevada Expl NGE 2954 0.01 0.00 0.01 + 100.0

ProAm Expl PMX 41 0.04 0.00 0.04 + 100.0

RecycLiCo Batt AMY 1807 0.65 0.34 0.64 + 93.9

ZEB Nickel ZBNI 73 0.19 0.00 0.15 + 87.5

Indigo Expl IXI 287 0.09 0.00 0.07 + 85.7

BC Moly BM.H 100 0.21 0.00 0.18 + 80.0

Sennen Potash SN 27 0.20 0.00 0.18 - 60.0

Zincore Mtls ZNC.H 65 0.01 0.00 0.01 - 50.0

Orsu Metals OSU 30 0.01 0.00 0.01 - 50.0

King Global KING 196 0.01 0.00 0.01 - 50.0

Lupaka Gold LPK 42 0.08 0.00 0.05 - 47.4

Pancontinental PUC 673 0.03 0.00 0.02 - 42.9

Kapa Gold KAPA 7 0.09 0.00 0.09 - 37.0

Big Tree Carb BIGT 86 0.10 0.00 0.07 - 35.0

G.E.T.T. Gold GETT 1692 0.01 0.00 0.01 - 33.3

Teras Res TRA 16 0.01 0.00 0.01 - 33.3

Vale had shortlisted suitors for 10% of its base metals business, estimated to be worth nearly US$2.5 billion. The Brazilian miner, which hired advisers to assess options for the unit last year, told the publication that top bidders included carmakers, state investors and pension funds. The stake sale is part of Vale’s decision to separate its iron ore oper-

east of the city of Copiapo in northern Chile. Hole FSDH070A cut 1,056.5 metres grading 0.86% copper-equivalent from a depth of 282 metres, including 670.4 metres of 0.97% copper-equivalent from 369.7 metres. Hole FSDH071 cut 1,028 metres of 1.16% copper-equivalent starting 292 metres downhole, including 172 metres of 2.14% copper-equivalent from 408 metres. TNM

TSX GREATEST VALUE CHANGE

VOLUME WEEK (OOOs CLOSE CHANGE

Franco-Nevada FNV 1712 196.48 + 8.54

Teck Res TECK.A 11 56.95 + 3.45

Aura Minerals ORA 229 12.14 + 3.31

Teck Res TECK.B 9525 56.25 + 3.26

Lithium Amer LAC 3706 27.75 + 2.27

Labrador IOR LIF 2018 38.80 + 1.98

Newmont Corp NGT 690 72.74 + 1.95

Altius Mnrls ALS 329 23.83 + 1.44

Wheaton Prec WPM 5015 59.62 + 1.42

First Quantum FM 14247 31.23 + 1.39

Filo Mg Corp FIL 2811 23.94 - 3.89

Nutrien NTR 6131 100.66 - 3.32

MAG Silver MAG 985 21.80 - 0.72

Augusta Gold G 906 1.63 - 0.40

Wesdome Gold WDO 3315 7.95 - 0.31

Osisko Mng Inc OSK 4633 3.55 - 0.30

Rupert Res RUP 195 4.89 - 0.30

Triple Flag TFPM 196 18.33 - 0.29

First Majestic FR 3770 11.75 - 0.29

Aya Gold AYA 1950 9.44 - 0.22

plex, Woodbend Group and the underlying Beaverhill Lake Group rock, Indigo said. The aquifers in these areas have been known to host the highest grades of lithium-in-brine in Alberta, the company said.

Indigo says it’s analyzing data from more than 700 wells drilled on the permit areas to prepare for sampling this quarter. The wells vary from producing to abandoned. TNM

TSX-V GREATEST VALUE CHANGE

Sigma Lithium SGML 142 40.41 + 4.30

American Lith LI 7682 4.39 + 1.08

Rock Tech Lith RCK 1532 2.90 + 0.65

Nouveau Monde NOU 186 6.88 + 0.55

EnCore Energy EU 1298 3.79 + 0.52

Probe Metals PRB 463 1.80 + 0.42

Critical Elem CRE 3055 2.40 + 0.33

RecycLiCo Batt AMY 1807 0.64 + 0.31

Emerita Res EMO 1657 0.87 + 0.27

Thunder Mtn Gd THM 25 0.29 + 0.27

Artemis Gold ARTG 771 4.35 - 0.45

Electra Batt ELBM 217 3.05 - 0.42

Sennen Potash SN 27 0.18 - 0.27

Highwood Asset HAM 5 11.00 - 0.24

Goliath Res GOT 1777 0.80 - 0.23

New Found Gold NFG 709 5.23 - 0.22

Arras Minerals ARK 220 0.46 - 0.20

Minsud Res MSR 33 0.26 - 0.13

Mirasol Res MRZ 82 0.75 - 0.11

Sailfish Rylty FISH 124 1.15 - 0.10

ation from its copper, nickel and platinum assets, into a new firm named Vale Base Metals that will be based in the U.K., according to Brazilian media. The spin-off, yet to be approved by the board, would have independent governance and a board that includes deep underground mining and electric-vehicle specialists.

TNM

8.25 Franco-Nevada* FNV 3349 146.69 + 6.89 MartinMarietta* MLM 1933 355.37 + 4.20

Rio Tinto* RIO 13828 77.55 + 3.48

Freeport McMoR* FCX 75373 45.05 + 2.77

6.31 5.74 6.17 + 10.8

Nouveau Monde* NMG 256 5.23 4.70 5.17 + 10.5

Lithium Amer* LAC 14942 20.92 18.36 20.72 + 9.4

AngloGold Ash* AU 13629 23.37 21.31 23.18 + 8.0

Teck Res* TECK 17259 42.08 38.76 42.01 + 6.6

Natural Res* NRP 155 53.20 47.19 48.90 - 4.6

Nutrien* NTR 12059 78.26 73.76 75.17 - 2.8

First Majestic* AG 27102 9.08 8.58 8.77 - 1.9

Arch Resources* ARCH 1924 146.00 133.50 138.97 - 1.8

Peabody Enrgy* BTU 15226 29.36 26.62 28.41 - 1.7

68309 20.96 18.11 20.92 + 2.27 Yamana Gold* AUY 60902 6.11 5.83 6.11 + 0.21

Hecla Mining* HL 52909 6.25 5.78 6.23 + 0.31 Chevron Corp* CVX 35953 178.37 173.72 177.56 + 1.00 IAMGOLD* IAG 32879 2.82 2.59 2.77 + 0.12 United States S* X 32600 28.86 26.39 28.35 + 1.45

Mosaic* MOS 22495 47.96 44.08 46.32 - 0.9

McEwen Mng* MUX 1723 7.40 6.78 7.12 - 0.7

CONSOL Energy* CEIX 3058 62.10 56.06 59.70 - 0.3

Chevron Corp* CVX 35953 178.37 173.72 177.56 + 0.6

Black Hills* BKH 1427 73.70 70.47 72.78 + 1.0

Teck Res* TECK 17259 42.01 + 2.59

Cleveland-Clif* CLF 68309 20.92 + 2.27

Lithium Amer* LAC 14942 20.72 + 1.78

AngloGold Ash* AU 13629 23.18 + 1.71

Arch Resources* ARCH 1924 138.97 - 2.53

Natural Res* NRP 155 48.90 - 2.35

Nutrien* NTR 12059 75.17 - 2.16

Peabody Enrgy* BTU 15226 28.41 - 0.48

Mosaic* MOS 22495 46.32 - 0.41

CONSOL Energy* CEIX 3058 59.70 - 0.20

First Majestic* AG 27102 8.77 - 0.17

McEwen Mng* MUX 1723 7.12 - 0.05

Fortuna Silvr* FSM 18163 3.68 + 0.04

Sandstorm Gold* SAND 10640 5.85 + 0.07

Metal

METALS, MINING AND MONEY MARKETS

LME WAREHOUSE LEVELS

Aluminum Alloy 1920 (-100)

Aluminum 450,300 (-22,700)

Copper 88,925 (7825)

Lead 25,150 (800)

Nickel 55,476 (1032)

Tin 2,990 (110)

Zinc 32,025 (-4375)

PRODUCER AND DEALER PRICES

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$138.00

Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$15.50

Cobalt: US$21.92/lb.

Copper: US$4.11/lb.

Copper: CME Group Futures February 2023: US$4.15/lb.; March 2023: US$4.16/lb.

Iridium: NY Dealer Mid-mkt US$4,500/tr oz.

Iron Ore 62% Fe CFR China-S: US$127.00

Lead: US$0.98/lb.

Rhodium: Mid-mkt US$12,200/tr. oz.

Ruthenium: Mid-mkt US$473 per oz.

Silver: Handy & Harman Base: US$24.11 per oz.; Handy & Harman

Fabricated: US$30.14 per oz.

Tin: US$12.46/lb.

Uranium: U3O8, Trading Economics spot price: US$50.35 per lb. U308

Zinc: US$1.46 per lb.

Prices current Jan. 16, 2023

TSX VENTURE SHORT POSITIONS

TSX SHORT POSITIONS

Largest

Ivanhoe Mines IVN 22429195 -2015792 12/15/2022

Suncor Energy SU 16684994 3659955 12/15/2022

Kinross Gold K 15125995 729197 12/15/2022

Barrick Gold ABX 15027745 -4218915 12/15/2022

Copper Mtn Mng CMMC 12637692 1607586 12/15/2022

i-80 Gold IAU 11630043 1150678 12/15/2022

Lundin Mng LUN 10157574 -4086856 12/15/2022

Equinox Gold EQX 9999069 -76527 12/15/2022

Denison Mines DML 9267460 -432435 12/15/2022

Fortuna Silvr FVI 8860964 -291554 12/15/2022

HudBay Min HBM 8841730 2143723 12/15/2022

New Gold NGD 8384522 -101224 12/15/2022

Taseko Mines TKO 8236180 -79075 12/15/2022

Wheaton Prec WPM 7484471 -704654 12/15/2022

First Quantum FM 7382213 -633590 12/15/2022

Largest increase in short position

Suncor Energy SU 16684994 3659955 12/15/2022

HudBay Min HBM 8841730 2143723 12/15/2022

Copper Mtn Mng CMMC 12637692 1607586 12/15/2022

i-80 Gold IAU 11630043 1150678 12/15/2022

Agnico Eagle AEM 4827820 1129949 12/15/2022

Largest decrease in short position

Barrick Gold ABX 15027745 -4218915 12/15/2022

Lundin Mng LUN 10157574 -4086856 12/15/2022

Meridian Mg MNO 11424 -2074290 12/15/2022

Ivanhoe Mines IVN 22429195 -2015792 12/15/2022

B2Gold Corp BTO 3001502 -1670465 12/15/2022

Short positions outstanding as of Dec 31, 2022 (with changes

from Dec 15, 2022)

Largest short positions

GoviEx Uranium GXU 4294911 21827 12/15/2022

Blackrock Silv BRC 3980296 509107 12/15/2022

Romios Gold Rs RG 2157436 1979436 12/15/2022

American Lith LI 1938366 300692 12/15/2022

Outcrop S&G OCG 1511531 151706 12/15/2022

Dolly Vard Sil DV 1363456 570118 12/15/2022

EnCore Energy EU 1319768 229649 12/15/2022

Artemis Gold ARTG 1237183 190915 12/15/2022

Silver X AGX 1183813 -163222 12/15/2022

Tier One Silv TSLV 1180618 -113579 12/15/2022

Giga Metals GIGA 1180303 19887 12/15/2022

Magna Mining NICU 1148393 105504 12/15/2022

Arena Min AN 1097750 885071 12/15/2022

Frontier Lith FL 923488 -56700 12/15/2022

Arianne Phosph DAN 837891 -52258 12/15/2022

Largest increase in short position

Romios Gold Rs RG 2157436 1979436 12/15/2022

Arena Min AN 1097750 885071 12/15/2022

Dolly Vard Sil DV 1363456 570118 12/15/2022

Blackrock Silv BRC 3980296 509107 12/15/2022

Tarku Res TKU 557314 488920 12/15/2022

Largest decrease in short position

FUU 568246 -2842547 12/15/2022

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.

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.

TSX WARRANTS

Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.

Karora Resources Inc. (KRR.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019

Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry

Lydian International Limited (LYD.WT)One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry

Nevada Copper Corp. (NCU.WT) - One Warrant to purchase one common share of the Issuer at $0.20 until expiry

Nevada Copper Corp. (NCU.WT.A) - One Warrant to purchase one common share of the Issuer at $0.22 until expiry

Nomad Royalty Company Ltd. (NSR.WT)One Warrant to purchase one common share of the Issuer at $1.71 until expiry.

Novo Resources Corp. (NOVO.WT.A) - One Warrant to purchase one common share of

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.

the Issuer at $3.00 until expiry.

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

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

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

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

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

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

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

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.

Fission 3.0

Brunswick Expl BR W 177597 -2064295 12/15/2022

Abcourt Mines ABI 259000 -1079565 12/15/2022

Satori Res BUD 292 -1059515 12/15/2022

Gold Bull Res GBRC 51308 -1031368 12/15/2022

Al Alloy 2113/2165 2161/2215 2160/2215 2085/2140 2084/2140

Aluminum 2360/2391 2337/2368 2249/2286 2268/2303 2242/2274

Copper 8386/8398 8389/8407 8208/8235 8418/8437 8362/8385

Lead 2333/2280 2320/2266 2330/2266 2297.5/2242 2234/2195

Nickel 30400/30500 31150/31300 29700/29950 28725/28850 27455/27625

Tin 24750/24800 25000/25175 25200/25115 25050/25115 25200/25275

Zinc 3023/2989 3002/2968 2975/2948 3038/3013 2992/2980

PRECIOUS

Gold AM - 1835.05 1857.55 1850.25 1834.50

Gold PM - 1843.25 1857.30 1834.00 1852.20

Silver - 24.29 24.29 23.41 23.45

Platinum - 1082 1080 1062 1073

Palladium - 1795 1736 1783 1784

Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share.

Aurania Resources Ltd. (ARU.WT) - One warrant to purchase one common share at $5.50 per share.

Aurania Resources Ltd. (ARU.WT.A) - One warrant to purchase one common share at $4.25 per share.

Aurania Resources Ltd. (ARU.WT.B) - One warrant to purchase one common share at $2.20 per share.

Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

Cabral Gold Inc. (CBR.WT) - One warrant to purchase one common share at $0.80 per share.

Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share.

Cascadero Copper Corporation (CCD.RT)One right and $0.015 are required to purchase one Share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp. (CDB.RT) - One (1) Right exercisable for One (1) Rights Share at $0.05 per Share.

Cordoba Minerals Corp. (CDB.RT) - One right to purchase one common share at $0.54 per share.

Denarius Silver Corp. (DSLV.WT) - One warrant to purchase one common share at $0.80 per share.

Elevation Gold Mining Corporation (ELVT. WT) - One warrant to purchase one common share at $4.80 per share.

Empress Royalty Corp. (EMPR.WT) - One warrant to purchase one common share at $0.75 per share.

Freeman Gold Corp (FMAN.WT.U) - One warrant to purchase one common share at US$0.65 per share.

Giga Metals Corporation (GIGA.WT) - One warrant to purchase one common share at $0.60 per share.

Giga Metals Corporation (GIGA.WT.A)One warrant to purchase one common share at $0.45 per share.

Giyani Metals Corp. (EMM.WT) - One warrant to purchase one common share at $0.60 per share.

Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share.

Hot Chili Limited (HCH.WT) - One warrant to purchase one common share at $2.50 per share.

Kaizen Discovery Inc. (KZD.RT) - One warrant to purchase one common share at $0.51 per share.

LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share.

Lion One Metals Limited (LIO.WT) - One warrant to purchase one common share at $2.75 per share.

LithiumBank Resources Corp. (LBNK.WT)One warrant to purchase one common share at $2.00 per share.

LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share.

Mako Mining Corp. (MKO.WT.A) - One warrant to purchase one common share at $0.60 per share.

Manganese X Energy Corp. (MN.WT) - One warrant to purchase one common share at $0.15 per share.

Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share

Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share

Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share.

Mineworx Technologies Ltd. (MWX.RT)One right to purchase one common share at $0.015 per share.

Northern Vertex Mining Corp. (NEE.WT)One warrant to purchase one common share at $0.80 per share.

Novo Resources Corp. (NVO.WT) - One warrant to purchase one common share at $4.40 per share.

Orezone Gold Corporation (ORE.WT) - One warrant to purchase one common share at $0.80 per share.

Orezone Gold Corporation (ORE.WT) - One warrant to purchase one common share at $0.80 per share.

Osisko Development Corp. (ODV.WT) - One warrant to purchase one common share at $10.00 per share.

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

tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds

1 (metric) tonne = 1.1023 (short) tons 1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne

1 kilometre = 0.6214 miles 1 hectare = 2.47 acres