The Conversation (0)
March 14, 2023
Alpha Gold has just reached a significant milestone for any Portfolio Manager of twelve months of trading. In that period the portfolio has returned to investors net +48.91%.
Designed as a technical, long-short, multi-strategy absolute returns-focused portfolio, the Alpha Gold Fund by Areus Asset Management focuses on the Spot Gold/USD currency pair.
An alternative approach:
Equities have underperformed in the past twelve months. However, unlike equities the Areus Alpha Gold Fund portfolio does not rely on asset price appreciation. Instead, it looks to generate returns from natural price action volatility, regardless of the general direction of the underlying asset price.
Spot the difference:
The fund primarily invests in XAUUSD spot gold to target high risk-adjusted returns uncorrelated to traditional asset classes. XAUUSD is the second most liquid pair in the currency market; the price of gold relative to the US dollar determines its value.
Best in class:
The portfolio's returns come from realized trading gains in liquid spot gold transactions. High trading volume, tight spreads, and high liquidity make spot gold an evergreen asset class. Using algorithms to minimize human error, Alpha Gold executes a systematic, risk-disciplined approach to optimize speed and scale. Multiple trading strategies exploit various market opportunities and inefficiencies and diversify exposure to regulate overall capital drawdown.
Underpinning Areus Asset Management is an awarding-winning team who have received a total of twelve, top 10 awards by BarclayHedge including world number #1 in the currency traders, systematic traders, CTA's and short-term categories.
12 Month Returns: Alpha Gold vs Major Indexes*
Alpha Gold +48.91%
Dow Jones -3.66%
Nasdaq -12.07%
S&P 500 -8.81%
From the Portfolio Manager - February 2023 Update:
"Alpha Gold portfolio moved higher in February (+3.18%) benefiting mostly from short-term Gold short (sell) trades in the first half of the month whilst longer-term Gold long (buy) positions opened by the range-bound strategy contributed to any drawdown, given gold prices continue to trend lower on the back of a stronger Dollar. With the persistent high inflation data in the US leading to expectations of further rate hikes by the Federal Reserve, we foresee prices to have more short-term downside. Expecting continued volatility in the FX/Gold space, we will maintain our cautious risk approach in capturing quality risk-adjusted returns across our trading strategies in the portfolio".
The fund facts:
The Areus Alpha Gold Fund is open only to US Accredited Investors, as defined by Rule 501 of Regulation D in the Securities Act, or Qualified Purchasers, as defined by the Investment Company Act of 1940, as amended; and Australian Wholesale Investors under S.708 of the Corporations Act 2001. Prospective Investors will be asked to provide either supporting documents or third-party verification of such status, certify that they are eligible to invest, and must acknowledge that they have received and read all investment materials. Referenced Alpha compounding returns are that of the underlying portfolio manager's (USD) investment fund portfolio since its March 1st, 2022, inception and have been calculated net of the fees outlined in the Investment Information Memorandum. Past performance is not indicative of future performance. Please visit www.areusasset.management to read the full Disclaimer and the Investment Information Memorandum for all information relating to the Areus Alpha Gold Fund.
Contact
Trent McGraw
***@areusasset.management
This article includes content from Areus Asset Management, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
3h
Admission to Trading on the OTCQB Market
Hamak Gold Limited (LSE: HAMA / OTCQB: HASTF), a company combining traditional gold exploration in West Africa with a Digital Asset Treasury Management strategy, is pleased to announce that the Company's shares have been admitted to trading on the OTC Venture Market ("OTCQB") in the United States, under the symbol "HASTF". No new Ordinary Shares have been issued by the Company for this parallel trading of its shares.
The purpose of the listing of shares on the OTCQB is to broaden the Company's exposure to the North American investor markets and to increase trading liquidity in a drive to deliver shareholder value.
The OTCQB is a middle-tier market for entrepreneurial and development U.S. and International companies, and is recognised by the Securities and Exchange Commission ("SEC") as an established public market.
Nick Thurlow, Executive Chairman of Hamak Gold, commented:
"We are pleased to announce approval from the Financial Industry Regulatory Authority for Hamak to list on the OTCQB market. This is an important first step in a larger U.S. strategy designed to widen the investor base for Hamak."
For further information you are invited to view the Company's website at www.hamakgold.com or please contact:
Hamak Gold Limited Nick Thurlow Karl Smithson | n.thurlow@hamakgold.com k.smithson@hamakgold.com |
Peterhouse Capital Limited (Corporate Broker) Yellow Jersey PR Annabelle Wills | +44 (0) 20 7469 0930 +44 (0) 20 3004 9512 |
About Hamak Gold Limited
Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold exploration in Africa and with a strategy of pursuing a BTC/ crypto treasury management policy. Through its LSE main board listing investors underweight crypto can get professional exposure to this asset class.
Important Notice
The Company maintains some of its treasury reserves and surplus cash in Bitcoin, a form of cryptocurrency. The Company is not authorised or regulated by The Financial Conduct Authority (FCA) and Bitcoin investments are generally not subject to regulaton by the FCA or otherwise in the United Kingdom. Neither the Company nor investors in the Company's shares are protected by the UK's Financial Ombudsman Service or the Financial Services Compensation Scheme.
However the FCA considers Bitcoin investments to be high-risk. The value of Bitcoin can go up as well as down, leading to fluctuations in the value of the Company's Bitcoin holdings, and the Company may not be able to realise its Bitcoin holdings for the same amount it paid to acquire them, or even for the value the Company currently attributes to its Bitcoin positions.
The Company's Board of Directors have identified the following risks in relation to the holding of Bitcoin, which are not exhaustive:
- The value of Bitcoin can be highly volatile, with its value falling as quickly as it rises. Investors in Bitcoin must be prepared to lose all money invested.
- The Bitcoin market is largely unregulated. There is a risk of losing money due to factors such as cyber-attacks, financial crime, and counterparty failure.
- The Company may not be able to sell its Bitcoin at will. The ability to sell Bitcoin depends on various factors, including the supply and demand in the market at the relevant time. Operational failings such as technology outages, cyber-attacks, and comingling of funds could cause unwanted delays.
- Cryptoassets carry a perception of fraud, money laundering, and financial crime.
An investment in the Company is not an investment in Bitcoin itself, but prospective investors in the Company are encouraged to conduct their own research before investing and should be aware that they will have indirect exposure to the high-risk nature of cryptoassets, including their volatility, and could therefore sustain large or total losses of their investment.
Keep reading...Show less
4h
Barrick’s Plan to Sell Hemlo Mine for US$1 Billion Marks Canadian Exit
Barrick Mining (TSX:ABX,NYSE:B) has agreed to sell its Hemlo gold mine in Ontario for up to US$1.09 billion, transferring one of Canada’s most storied gold operations to a new owner and continuing Barrick’s shift away from non-core assets.
The company announced on Thursday (September 11) that Carcetti Capital (TSXV:CART.H,LSE:ORUG), which will be renamed Hemlo Mining (HMC), will acquire the mine under terms that include US$875 million in cash, US$50 million in HMC shares, and as much as US$165 million in contingent payments tied to future gold prices and production.
Barrick president and chief executive Mark Bristow said that the sale is part of the company’s ongoing capital allocation approach, noting that proceeds will help bolster the company’s balance sheet and fund returns to shareholders.
“The sale of Hemlo at an attractive valuation marks the close of Barrick’s long and successful chapter at the mine and underscores our disciplined focus on building value through our Tier One gold and copper portfolio,” Bristow said.
Hemlo, located near Marathon, Ontario, has produced more than 25 million ounces of gold over three decades of continuous operation.
Once hailed as a cornerstone of Canadian gold production, the mine transitioned from open-pit to underground operations in 2020. Its future will now rest with HMC, a vehicle backed by a group of well-known industry investors and leaders.
The incoming HMC board will include Robert Quartermain, founder of Pretium Resources (TSX:PVG) and former CEO of SSR Mining Inc. (NASDAQ:SSRM,TSX:SSRM), who played a key role in the original discovery of Hemlo while at Teck Resources (TSX:TECK.B,NYSE:TECK,OTC:TCKRF).
The company will also be led by Jason Kosec, named incoming CEO, and supported by a consortium that includes Wheaton Precious Metals (TSX:WPM,NYSE:WPM) and Orion Mine Finance.
To finance the acquisition, HMC has secured a US$1 billion package comprised of US$400 million in gold streaming from Wheaton, US$415 million in equity, and US$200 million in debt. Wheaton will also take up to US$50 million of the equity raise.
“Hemlo offers a unique opportunity to add immediate, accretive gold ounces from a politically stable jurisdiction, backed by a long history of production and a capable operating team,” Wheaton CEO Randy Smallwood said in a company press release.
Under the streaming agreement, Wheaton will initially purchase 13.5 percent of Hemlo’s payable gold until 181,000 ounces are delivered, after which the rate will fall to 9 percent for another 157,330 ounces, and then to 6 percent for the remainder of the mine’s life.
Wheaton’s attributable production is expected to average around 20,000 ounces annually for the first decade and more than 17,000 ounces annually over the life of mine, which is forecast to extend for at least 14 years.
For Barrick, the sale continues a multi-year effort to trim smaller, less profitable operations in favor of large, long-life assets that meet its “Tier One” criteria.
Earlier this year, the company also divested its stakes in Donlin and Alturas, bringing expected gross proceeds from non-core asset sales in 2025 to more than US$2 billion.
While Barrick emphasized that Canada remains an important exploration jurisdiction, the Hemlo deal effectively ends its role as a mine operator in its home country.
Reports of a potential sale had circulated since mid-2024, spurring rumors that Barrick was in advanced talks with Discovery Silver (TSX:DSV,OTCQX:DSVSF) to divest Hemlo.
While those discussions did not result in a deal, Thursday’s announcement confirms the company’s intent to fully exit the Canadian mining landscape.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
22h
Top 4 Australian Mining Stocks This Week: Zenith Minerals Strikes Gold at Red Mountain
Welcome to the Investing News Network's weekly round-up of the top-performing mining stocks listed on the ASX, starting with news in Australia's resource sector.
Companies focused on a mix of minerals and resources once again form this week’s top stocks list, including ones searching for gold, rutile, graphite, lithium and oil.
Significant news, including broad mineralisation discoveries and new acquisitions, drove the top performers this week, which you can learn more about in the list below.
Looking at the bigger picture, Australian lithium stocks took a hit this week following the announcement of Chinese battery giant Contemporary Amperex Technology's (SZSE:300750,HKEX:3750) reported production restart at its Jianxiawo lithium mine in Yichun. Lithium prices and mining companies had previously been lifted in mid-August after the mine was suspended.
Market and commodities price round-up
The S&P/ASX 200 (INDEXASX:XJO) posted a 0.75 percent decrease this week, opening at 8,871.20 on Monday (September 8) and closing at 8,805.00 on Thursday (September 11).
As for precious metals, gold increased 1.3 percent increase in US dollars, going from US$3,586.27 per ounce on Monday to US$3,632.87 by the close of Australian trading on Thursday. The metal also saw an increase in Australian dollars, climbing 0.5 percent from AU$5,468.95 to AU$5,496.45 over the same period.
Silver ended the period flat in US dollars, starting on Monday and closing on Thursday at US$41.07, but fell 0.77 percent in Australian dollars, moving from AU$62.63 to AU$62.15.
Top ASX mining stocks this week
How did ASX mining stocks perform against this backdrop?
Take a look at this week’s four best-performing Australian mining stocks below as the Investing News Network breaks down their operations and why these companies are up this week.
Stocks data for this article was retrieved at 4:00 p.m. AEST on Thursday (September 11) using TradingView's stock screener and reflects price movements between Monday and Thursday. Only companies trading on the ASX with market capitalisations greater than AU$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Zenith Minerals (ASX:ZNC)
Weekly gain: 83.33 percent
Market cap: AU$31.77 million
Share price: AU$0.11
Zenith Minerals is an exploration company based in West Perth, Australia. Previously focused on lithium, this year the company has pivoted strategically to focus on gold at its Red Mountain and Dulcie gold projects. It still owns three lithium projects across its portfolio, alongside one zinc project.
Pending the release of significant news, Zenith requested a trading halt on Tuesday (September 9), and normal trading recommenced Thursday alongside its release.
That day, Zenith announced the first gold assay results from its Red Mountain gold project in Queensland. The results from its 2025 drilling campaign included one core that intersected a broad mineralized gold zone, extending 139.7 metres at an average grade of 1.05 grams per tonne gold. The interval, which started at a depth of 214.9 metres, included semi-massive sulphide mineralisation. Further assays are expected in the coming weeks.
Zenith added that it is preparing to start a fully funded 9,000 to 12,000 metre reverse circulation drilling program at its Dulcie gold project in Western Australia by the end of September.
Shares of the company gained significantly once trading recommenced, closing at AU$0.11 on Thursday.
At the start of the week, the company announced a share sale facility of unmarketable parcels under a value of AU$500 based on a share price of AU$0.06. The 1,233 shareholders with these small holdings can opt out by October 20, but otherwise the company will purchase the shares back automatically.
2. Fortuna Metals (ASX:FUN)
Weekly gain: 81.82 percent
Market cap: AU$13.11 million
Share price: AU$0.10
Fortuna Metals is an exploration company focused on rutile-graphite projects in Malawi following acquisition news this week. Its portfolio also includes rare earth and base metal assets in Western Australia and South Australia. The company changed its name from Lanthanein Resources last month.
Fortuna announced the acquisition agreement for the Mkanda and Kampini rutile-graphite projects on Thursday. The projects sit south of Sovereign Metals’ (ASX:SVM) Kasiya rutile and flake graphite deposit.
“The projects cover some of the most prospective geology outside of Kasiya, which hosts the world’s largest rutile and second largest flake graphite resource,” CEO Tom Langley commented. The mineral rutile is a high-grade source of titanium.
In its acquisition presentation, the company shared next steps, including data review and Phase 1 soil sampling and hand auger drilling, for which results are expected in Q4. Further exploration at identified targets will begin in 2026.
Fortuna requested a trading halt on Wednesday pending the acquisition news, which it released during pre-market trading Thursday. Its share price spiked to AU$0.125 at Thursday’s open and closed at a weekly high of AU$0.10.
3. IRIS Metals (ASX:IR1)
Weekly gain: 70.33 percent
Market cap: AU$32.39 million
Share price: AU$0.155
US-focused IRIS Metals is a hard-rock lithium explorer and developer that is currently advancing near-term production through its Beecher and Tin Mountain lithium projects on private land in the Black Hills of South Dakota. The company aims to develop a hub-and-spoke model in the state, with multiple mines and centralised processing.
Adding to its holdings in the state, the company said on Wednesday that it acquired a portfolio of private lands and federal mineral claims in the region from Rapid Critical Metals (ASX:RCM). The acquisition includes the Ingersoll project, which hosts the past-producing Bob Ingersoll lithium-beryllium mine. IRIS intends to start drilling at the Ingersoll project towards the end of 2025.
“Combined with our Beecher, Tin Mountain and Edison projects, (Ingersoll) establishes a robust foundation for IRIS’ near-term lithium production ambitions and enhances our exposure to critical minerals such as beryllium and tantalum,” US Operations President Matt Hartmann stated.
He added that private land ownership is strategically advantageous as it positions IRIS as “the leading lithium explorer in the region.” The acquisition brought the company’s private land holdings to over 41 hectares.
Shares of the company climbed to AU$0.14 by Wednesday’s close and closed even higher Thursday at AU$0.155.
4. Red Sky Energy (ASX:ROG)
Weekly gain: 66.67 percent
Market cap: AU$27.11 million
Share price: AU$0.005
Established in 2001, Red Sky Energy is an oil and gas exploration company headquartered in Melbourne.
Its flagship asset is its wholly owned Killanoola oil project in Otway Basin, South Australia, which covers an area of 17.5 square kilometres and has recorded rates of 300 barrels per day.
On Thursday, Red Sky Energy reported that construction has commenced at Killanoola’s KN2 well site following approval from the South Australian Department for Energy and Mining (DEM).
Drilling and completion costs for the KN2 well are being 75 percent funded by Condor Energy Services, Chawla Group and VB Energy through a farm-in agreement. Once complete, the companies will hold a 45 percent working interest in the well, and Red Sky will retain 55 percent.
Completion of construction is expected within the next two weeks, with initial activities including the removal and stockpiling of topsoil. The company added that installation of the access gate and fencing will follow after construction is complete.
Red Sky Energy shares climbed on the news, closing at AU$0.005 on Thursday.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
11 September
Newmont to Exit Toronto Stock Exchange as Cost Cuts Deepen
Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) is preparing to withdraw from the Toronto Stock Exchange later this month, the latest in a string of moves to streamline operations and rein in costs following its US$15 billion takeover of Newcrest Mining in 2023.
The Denver-based miner said Wednesday it has applied for a voluntary delisting of its common shares from the TSX, effective at the close of trading on September 24.
The company cited “low trading volumes” on the Canadian exchange and said the decision is expected to “improve administrative efficiency and reduce costs for the benefit of Newmont’s shareholders.”
Newmont’s shares will continue to trade on the New York Stock Exchange, where it maintains its primary listing, as well as on the Australian Securities Exchange and the Papua New Guinea Stock Exchange under the ticker symbol NEM.
Rising costs and restructuring plans
Newmont’s all-in sustaining costs reached record levels earlier this year, eroding profits even as bullion prices hit all-time highs above US$3,500 an ounce in April and remained above US$3,300 through most of the summer.
The company has acknowledged that its cost base has outpaced peers. In the second quarter, Newmont’s costs were nearly 25 percent higher than those of Agnico Eagle Mines, a Canadian rival considered one of the industry’s leanest producers.
Costs have also risen more than 50 percent over the past five years, driven by higher energy, labor, and material prices, as well as integration expenses tied to Newcrest’s operations.
Chief Executive Officer Tom Palmer told investors in July that Newmont was pursuing additional measures to lower its expenses.
Behind the scenes, Newmont has been preparing for more aggressive measures.
People familiar with the matter told Bloomberg News that management has set an internal target to lower costs by as much as US$300 per ounce, or roughly 20 percent.
Meeting that benchmark could require thousands of layoffs across the company’s global workforce of about 22,000, excluding contractors.
While Newmont has not disclosed the scope of planned reductions, some employees have already been informed of redundancies, according to the report. Managers have also been briefed on potential curbs to long-term incentive programs as part of a broader restructuring.
A company spokesperson confirmed earlier this year that Newmont launched a cost and productivity improvement program in February.
Alongside cost cutting, Newmont has moved swiftly to divest non-core assets acquired in the Newcrest deal.
Since late 2024, the company has sold multiple Canadian operations: the Eleonore mine for about US$795 million, the Musselwhite mine in Ontario for $850 million, and its stake in the Porcupine operations for US$425 million.
The asset sales are intended not only to cut debt but also to sharpen focus on higher-margin operations, particularly in North America and Australia.
Despite higher costs, Newmont shares have surged 95 percent this year, followed by also announcing a US$3 billion share repurchase program in July.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
11 September
ESG Headwinds Threaten to Shake Global Gold Industry: Report
Gold miners are under intensifying scrutiny over their environmental and social footprints as progress in cutting emissions was overshadowed by worsening sustainability risks in 2024.
The findings of the latest Gold ESG Focus 2025 review highlight a sector struggling to reconcile profitability with the global shift toward climate accountability and responsible resource use.
The report’s message is blunt: ESG performance is no longer a reputational add-on but a determinant of who secures financing, project permits, and social license.
Investors are increasingly benchmarking miners against frameworks like the UN Sustainable Development Goals and the Global Reporting Initiative, and weak performance is translating into financial and political risks.
Carbon reductions but intensity climbs
For the first time in a decade, aggregate scope 1 and 2 emissions among leading producers fell below 30,000 kilotons of carbon dioxide equivalent, a 2 percent year-on-year drop. This reflects efficiency drives such as ventilation-on-demand systems, mine electrification, and greater use of renewables.
Yet the picture is less rosy when viewed per ounce of gold. Emissions intensity rose 3 percent in 2024 as lower ore grades forced miners to process more rock for the same yield.
This dynamic of absolute cuts but worsening intensity illustrates why gold mining is considered a “hard-to-abate” sector in global climate policy. Even as miners electrify fleets and decarbonize grids, declining ore quality means each ounce is increasingly carbon and energy-heavy.
The dilemma makes the industry’s net-zero commitments harder to achieve without the use of disruptive technologies such as hydrogen-powered trucks or low-carbon processing.
Energy lags, water risks sharpen in stressed regions
Energy use remained uneven. Average intensity stabilized at 9.3 gigajoules per ounce, but this was still nearly one-third higher than a decade ago.
Renewables only supplied 10 percent of sector electricity—far below levels in industries like steel or power utilities. Rollouts in the US and Australia showed glimpses of progress, but most African and Latin American projects remain tethered to fossil-heavy grids.
Meanwhile, water use fell slightly in absolute terms, but intensity rose as recycling slipped from 72 to 70 percent.
The uneven results matter because many mines operate in arid regions or near farming communities. Disputes over water have already delayed or derailed projects from Chile to West Africa, and the report warns that miners who fail to improve efficiency risk escalating conflicts with host communities.
Waste climbs as grades fall
While waste rock and tailings surged in 2024, pushing waste intensity to its highest level in a decade, another lateral issue driving up emissions intensity emerged: declining ore grades.
With more earth moved for less gold, the environmental footprint widens even when overall production holds steady.
Furthermore, the constant use of cyanide means community trust remains fragile after past related disasters.
Some miners have turned to circular-economy initiatives, such as recycling textiles, plastics, or scrap metals to improve optics, but the scale pales in comparison to the millions of tons of mine waste generated annually.
Biodiversity and land pressure
Mining’s land footprint declined modestly last year but remains far above 2015 levels.
More alarming is the rise in threatened species near mining sites, up 16 percent to 628. This trend is colliding with a surge in “nature-positive” regulations worldwide.
The EU, for instance, is moving toward mandatory biodiversity disclosures, and insurers are beginning to price ecosystem risks into coverage.
China’s rising footprint
The inclusion of Zijin Mining Group (OTC Pink:ZIJMF,HKEX:2899,SHA:601899) and Shandong (SHA:600547) among the world’s top 15 producers signals China’s growing sway in the global ESG debate.
Zijin's emissions were the highest of any single company, while its waste rock output—nearly a billion tons—was double Barrick Mining's (TSX:ABX,NYSE:B), one of the world’s largest mining firms.
At the same time, it reported some of the largest community payments and socio-economic investments, suggesting a state-driven emphasis on balancing extractive impact with local benefits.
Shandong, by contrast, reported lower totals but high intensity figures and weaker disclosure. For Western investors, this lack of comparability complicates ESG assessments.
A reckoning point
The Gold ESG Focus 2025 review depicts an industry struggling to hold gains on emissions while backsliding on its sustainability goals.
With financing, permits, and public trust increasingly tied to ESG performance, miners face mounting pressure to show results beyond targets.
In 2025 and beyond, the report emphasizes that gold’s future will be defined as much by how responsibly it is mined as by how much of it is produced.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
11 September
Armory Mining Amends AMMO Antimony-Gold Project Option Agreement
Armory Mining Corp. (CSE: ARMY) (OTC: RMRYF) (FRA: 2JS) (the " Company " or " Armory ") a resource exploration company focused on the discovery and development of minerals critical to the energy, security and defense sectors, is pleased to announce that it has entered into an amendment agreement dated September 9, 2025 (the “ Amendment Agreement ”), amending the terms of its mineral property option agreement dated October 26, 2024 (the “ Option Agreement ”) with an arm’s length optionor (the “ Optionor ”) previously disclosed in the Company’s news releases dated November 4, 2024 and October 28, 2024. Pursuant to the Option Agreement, the Company has the right to acquire from the Optionor a 100% interest in an exploration property located adjacent to and surrounding the West Gore antimony-gold mine in central Nova Scotia, Canada known as the Ammo Property.
To date, the Company has made aggregate cash payments of $25,000 and has issued an aggregate of 750,000 common shares of the Company to the Optionor. Pursuant to the Amendment Agreement, the Company’s only remaining obligation under the Option Agreement to acquire the property has been amended from a cash payment of $25,000 to the issuance of 384,615 common shares to the Optionor within five (5) business days of the Canadian Securities Exchange’s acceptance of the Amendment Agreement, if required.
“The amendment accelerates the acquisition for Armory and once approved gives us a 100% interest in the project,” said Alex Klenman, CEO. “We completed a round of data compilation earlier this year and we are now planning a subsequent exploration program. The area, particularly Military Metals’ adjacent West Gore project, is an established antimony-gold camp with historical production. We are eager to get to the next step at Ammo,” continued Mr. Klenman.
All securities issued or proposed to be issued as noted above are, have been or will be subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities laws.
About Armory Mining Corp
Armory Mining Corp. is a Canadian exploration company focused on minerals critical to the energy, security and defense sectors. The Company controls an 80% interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina and a 100% interest in the Riley Creek antimony-gold project located in Haida Gwaii, British Columbia, and an option to acquire a 100% interest in the Ammo antimony-gold project located in Nova Scotia.
Contact Information
Alex Klenman
CEO & Director
alex@armorymining.com
Neither the Canadian Securities Exchange nor its Market Regulator (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Company’s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Forward-looking statements:
This press release contains certain forward-looking statements, including statements regarding the intended use of funds. The words "expects," "anticipates," "believes," "intends," "plans," "will," "may," and similar expressions are intended to identify forward-looking statements. Although the Company believes that its expectations as reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties. Actual results may differ materially from those expressed or implied in these statements due to various factors, including, but not limited to, political and regulatory risks in Canada, operational and exploration risks, market conditions, and the availability of financing. Readers are cautioned not to place undue reliance on forward-looking statements, which are made as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
Keep reading...Show less
Latest News
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00