The Conversation (0)
January 30, 2023
Alvo Minerals Limited (ASX: ALV) (“Alvo” or the “Company”) is pleased to provide its Quarterly Activities Report for the period ending 31 December 2022*. Alvo is exploring its Palma VMS Project in Brazil (“Palma Project” or the “Project”), a Project that has significant high-grade copper and zinc potential in existing prospects, brownfields prospects and greenfields targets within a district scale exploration package.
HIGHLIGHTS
- Phase 2 extensional drill program commenced at the Palma Project, with step-outs at depth and along strike ongoing, aiming to significantly expand the existing JORC 2012 Mineral Resource Estimate (MRE) of 4.6Mt @ 1.0% Cu, 3.9% Zn, 0.4% Pb & 20g/t Ag.
- Significant intercepts reported from diamond drilling during the quarter include:
- PD3-056: 14.9m @ 5.6% CuEq or 13.6% ZnEq (2.2% Cu, 10.8% Zn, 0.5% Pb, 34g/t Ag & 0.11g/t Au) from 74m
- Inc. 5.0m @ 8.3% CuEq or 20.2% ZnEq (2.7% Cu, 17.5% Zn, 0.9% Pb, 53g/t Ag & 0.16g/t Au) from 75m
- PD3-053: 17.1m @ 1.7% CuEq or 4.2% ZnEq (1.2% Cu, 2.1% Zn, 0.2% Pb, 12g/t Ag & 0.03g/t Au) from 294m
- PD3-059: 14.2m @ 3.0% CuEq or 7.3% ZnEq (1.1% Cu, 6.1% Zn, 0.2% Pb, 12g/t Ag & 0.04g/t Au) from 228m
- Inc. 4.8m @ 7.3% CuEq or 17.8% ZnEq (1.8% Cu, 16.8% Zn, 0.4% Pb, 24g/t Ag & 0.1g/t Au) from 237m
- PD3-056: 14.9m @ 5.6% CuEq or 13.6% ZnEq (2.2% Cu, 10.8% Zn, 0.5% Pb, 34g/t Ag & 0.11g/t Au) from 74m
- Diamond drill results continue to confirm, enhance and potentially extend the MRE defined by historic drill results.
- Downhole Electromagnetic (DHEM) surveys at C3 have highlighted conductive plates coincident with mineralisation that demonstrate the potential to significantly expand C3 mineralisation at depth and along strike.
- Reverse Circulation (RC) drilling intercepted significant broad zones of supergene mineralisation at the C3 prospect, including zones of exceptionally high-grade copper. Significant RC drill intercepts include:
- 29m @ 2.0% Cu, 0.3% Zn, 0.1% Pb, 7.6g/t Ag & 0.03g/t Au from 28m in hole PRC3-013
- Inc. 6m @ 7.1% Cu, 0.4% Zn, 0.3% Pb, 68.0g/t Ag & 0.04g/t Au from 32m
- 32m @ 1.0% Cu & 0.6% Zn from 17m in hole PRC3-008
- Inc. 6m @ 2.3% Cu & 0.4% Zn from 41m
- 29m @ 2.0% Cu, 0.3% Zn, 0.1% Pb, 7.6g/t Ag & 0.03g/t Au from 28m in hole PRC3-013
- Preliminary metallurgical testwork indicated excellent recoveries and concentrate grades from the C3 prospect results, with locked-cycle testwork underway.
- Secured enhanced in-house exploration capabilities to accelerate regional exploration, through the purchase of Induced Polarisation (IP) equipment and a truck mounted Auger drill rig.
- Cash balance of $2.06M at 31 December 2022 with $275,000 cash expected to be received during the March 2023 quarter from the return of a government bond associated with the Palma acquisition.
- Drilling remains ongoing testing resource expansion targets at C3 and multiple high priority regional VMS prospects including Mafico, Ema and Pelicano.
Exploration Activities
Diamond Drilling at the Palma VMS Project
During and subsequent to the reporting period, Alvo announced first assay results from its extensional diamond drill program at the C3 prospect, within the Palma Project in central Brazil.
Phase 2 drilling at the C3 prospect is aiming to significantly expand the existing Palma Project JORC 2012 MRE of 4.6Mt @ 1.0% Cu, 3.9% Zn, 0.4% Pb & 20g/t Ag (Figure 1). Phase 2 drilling follows an exceptional Phase 1 drill program that delivered drill results that exceeded expectations on grade and thickness when compared to the existing MRE that used historical drilling only.
Diamond drilling is ongoing at C3, testing extensions to the high-grade VMS mineralisation. Post 31 December 2022, the Company released large extensions high-grade mineralisation, including an intercept approximately 50m down-dip of the existing MRE (See ASX Announcement 19 January 2023).
The Company is also testing new regional targets within the C3 cluster including the Mafico, Ema, Pelicano and Pombo Prospects. Electromagnetic surveys (both surface – FLEM and downhole DHEM) and Induced Polarisation (“IP”) surveys are ongoing to assist in targeting new VMS mineralised prospects.
This article includes content from Alvo Minerals, 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.
ALV:AU
22 August
Private Placement to Raise $510.8K
21 August
Top 5 Copper Reserves by Country
Copper has become a hot topic due to its role in the green energy transition and its necessity for urbanization. However, the lack of incoming supply in the long term has experts concerned.
Due to its importance in construction, energy transmission and new technologies, copper is a critical metal needed to power the future of our society. However, mined supply has not kept pace with demand, with few new operations coming online, and older mines facing decreasing grades and lower outputs.
The term “peak copper” was coined because some experts believe that copper reserves may be diminishing. According to the US Geological Survey (USGS), more than 700 million metric tons of copper have been mined throughout history, and current economic global copper reserves stand at 980 million metric tons.
Nearly all of that mined copper is still in circulation, as the red metal’s recycling rate is higher than that of any other engineering metal, but it is still not enough to keep up with escalating demand. As a result, it’s prudent to know the top copper reserves by country, especially when considering investing in the copper mining industry.
Reserve data for this article was sourced from the USGS's 2025 Mineral Commodity Summary and supplemented with datasets from Mining Data Online (MDO) and the UN Comtrade Database.
Top 5 copper reserves by country
The countries with the largest copper reserves are Chile, Australia, Peru, the Democratic Republic of Congo (DRC) and Russia. These five countries hold more than 55 percent of the world’s total copper reserves and will be critical to a world with soaring demand for copper.
Read on to learn about these copper kingpins.
1. Chile
Copper reserves: 190 million metric tons
Chile holds the largest copper reserves globally at 190 million metric tons, nearly as much as Australia and Peru hold combined. Additionally, Chile is also the world's top copper producer, with its 5.3 million metric tons of copper in 2024 representing nearly a quarter of global output.
The mining industry is essential to the Chilean economy, making up more than 50 percent of the country's exports and contributing US$40 billion of its GDP in 2023. Copper alone accounting for more than US$29 billion of that total.
Due to the sheer quantity of copper in the country, it should come as no surprise that Chile is home to the world’s largest copper mine, Escondida. According to MDO, Escondida produced 927,000 metric tons of copper in concentrate in 2024 and sits atop proven and probable copper reserves of 37.62 million metric tons. The mine is a 57.5/30/12.5 joint venture between BHP (ASX:BHP,NYSE:BHP,LSE:BHP), Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Japan’s JECO.
2. Australia
Copper reserves: 100 million metric tons
Australian copper reserves are pegged at 100 million metric tons, tying it for the second largest country by copper reserves. The resource industry is an essential sector in Australia, contributing AU$385 billion during the 2024/2025 fiscal year. Of that, copper was the sixth largest contributor with AU$13.2 billion, a AU$1.8 billion increase over 2023/2024.
While Australia hosts significant copper reserves, it lags the other countries on the list with similarly sized reserves in terms of production at 800,000 metric tons in 2024. More than a quarter of that came from BHP’s Olympic Dam mine in South Australia, which produced 216,000 metric tons of copper cathode. The polymetallic mine contains substantial proven and probable copper reserves totaling 10.68 million metric tons.
Another significant operation in Australia is Newmont's (TSX:NGT,NYSE:NEM,ASX:NEM) Cadia Valley mine, which hosts probable reserves of 3.1 million metric tons of contained copper. Cadia Valley produced 87,000 metric tons of copper in concentrate in 2024.
2. Peru
Copper reserves: 100 million metric tons
Copper reserves in Peru stand at 100 million metric tons, tying it with Australia for the second largest copper country. Much like its neighbor Chile, copper is an essential part of Peru’s economy, accounting for 49 percent of the value of its US$47.7 billion in mining exports.
Peru is home to some of the world’s biggest mining operations, and produced 2.6 million metric tons of copper last year. Two mines accounted for a third of the country’s total output.
The top producer in the country is the Cerro Verde Complex, a 55/21/19.6 venture with Freeport-McMoRan (NYSE:FCX), Sumitomo Metal Mining (TSE:5713) and Minas Buenaventura (NYSE:BVN). Cerro Verde hosts hosts proven and probable reserves of 11.45 million metric tons of copper and produced 949 million pounds of copper metal in concentrate in 2024.
Not to be outdone, the second highest is Antamina, a 33.75/33.75/22.5/10 joint venture between BHP, Glencore (LSE:GLEN,OTC Pink:GLCNF), Teck Resources (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) and Mitsubishi (TSE:8058). Last year, output at the mine fell just short of Cerro Verde's at 941 million pounds of copper in concentrate. Antamina hosts a proven and probable reserve of 4.53 million metric tons of contained copper.
The mine with the largest copper reserves in Peru is Southern Copper's (NYSE:SCCO) Toquepala mine, home to 13.79 million metric tons of copper in proven and probable reserves. The mine produced 496 million pounds of copper in concentrate last year.
4. Democratic Republic of Congo
Copper reserves: 80 million metric tons
Copper reserves in the Democratic Republic of Congo stood at 80 million metric tons in 2024, making it the fourth largest country by copper reserves. The DRC's economic copper reserves have seen a staggering rise in recent years, climbing from an estimated 19 million metric tons in 2019.
The mining sector has been critical to GDP growth in the DRC, with copper being the largest contributor. World Bank reports that the extraction sector has outpaced other segments of the DRC's economy, increasing 12.8 percent in 2024, while non-mining sectors grew by only 3.2 percent.
According to data from the United Nations, in 2023 the DRC exported US$17 billion in refined copper and unwrought alloys, a large jump from US$7.34 billion in 2019. The country's copper ore exports contributed US$2.16 billion in 2023, nearly double the US$1.11 billion four years prior.
Among the contributing factors in the rise in mining and export activity has been the development of the Lobito Corridor, which connects mineral-rich regions in Zambia, the DRC and Angola to the port at Lobito in Angola.
This link allows greater access for large-scale operations like Ivanhoe Mines (TSX:IVN) and Zijin Mining's (HKEX:2899,SHA:601899) Kamoa-Kakula complex in the Southern DRC. One of the largest copper operations in the world, Kamoa-Kakula hosts a probable reserve of 17.69 million metric tons of contained copper and produced 964 million pounds of copper in concentrate in 2024.
4. Russia
Copper reserves: 80 million metric tons
Russia's copper reserves are estimated to be 80 million metric tons, tying it with the DRC. While commodities are important to the Russian economy, contributing US$417 billion in 2024, the metals sector represented 15 percent of that total at US$60 billion.
Russia has been under significant sanctions since it invaded Ukraine in February 2022. According to the UN Comtrade Database, Russia's copper exports from in 2021 were valued at US$5.98 billion.
In 2024, Russia produced 930,000 metric tons of copper, an increase from the 890,000 metric tons produced in 2023. Among the main contributing factors was a ramp-up in production at Udokan Copper’s Udokan mine in Siberia, which was expected to produce 135,000 metric tons in 2024 and, according to the mine's website, hosts a JORC-compliant copper resource of 26.7 million metric tons.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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21 August
BWR Exploration Inc. Enters into an Amalgamation Agreement with Electro Metals and Mining Inc.
BWR Exploration Inc. (TSXV: BWR) a Toronto, Ontario based corporation with its registered address at 82 Richmond Street East, Toronto, Ontario (“BWR”), is pleased to announce that, further to its news release dated December 24, 2024, it has entered into an amalgamation agreement dated August 19, 2025 (the "Agreement") with Electro Metals and Mining Inc. ("Electro"), and BWR’s wholly owned subsidiary ("Subco")(the "Proposed Transaction"). The Agreement replaces the binding letter of intent between BWR and Electro with respect to the Proposed Transaction, which was signed on December 24, 2025. It is expected that trading of BWR shares on the TSXV will resume as of market open on Monday, August 25, 2025.
Highlights of the Proposed Transaction and Concurrent Financing
Details of the transaction and financing are provided below, the following are the key points:
- BWR will, after adjustments for working capital, consolidate its shares at a ratio of one for nine and a half (9.5) pre-consolidation shares,
- Electro, with assistance from BWR, will complete a Concurrent Financing to raise up to $1,500,000 in a planned hard dollar unit financing at $0.20 per unit (described more fully below) and up to $2,250,000 in flow through common share units to be priced in the context of the market, described more fully below,
- BWR will issue to Electro shareholders one post-consolidation BWR share for each Electro share, subject to final adjustment, implying a share price of $0.021 for each pre-consolidation BWR share, reflecting a significant premium to the December 27 price of $0.01,
- Upon completion of the amalgamation, and adjusting for settlement of both company’s accounts payable, BWR shareholders will own approximately 26% and Electro Metals Shareholders will own approximately 74% of the new company, which will be named Electro Metals Corp., or such other name as determined by Electro and BWR,
- The new company Board of Directors will include four Electro nominees and three BWR nominees,
- The CEO and VP Exploration from Electro will retain their roles in the new company and the CEO, CFO, and Corporate Secretary of BWR will become President, CFO and Corporate Secretary, respectively, of the new company.
The completion of the Proposed Transaction will be conditional upon successful completion of the Concurrent Financing, Shareholder approval, and regulatory approval.
Commenting on the Proposed Transaction, Neil Novak, CEO of BWR stated “We are happy to enter into this transaction to continue our pivot toward advanced critical metals projects with the intriguing and high-potential copper-zinc-silver-gold project of Electro Metals near Rouyn – Noranda in Quebec while our Little Stull Lake gold project in Manitoba awaits conclusion of First Nations negotiations.” “The addition of highly talented management, and exploration pipeline of critical metals to complement our advanced Fabie – Magusi project in Rouyn – Noranda plus the exposure to high grade gold at Little Stull Lake makes this a compelling business combination”, stated Daryl Hodges, CEO of Electro Metals.
Terms of Proposed Transaction
Pursuant to the Amalgamation Agreement, BWR and Electro will complete a three-cornered amalgamation in accordance with the provisions of the Canada Business Corporations Act (the “CBCA”) which will involve Subco amalgamating with Electro to form a single, wholly-owned subsidiary of BWR which will result in Electro and all of its subsidiaries and affiliates becoming directly or indirectly wholly-owned subsidiaries of BWR. The parties agree, however, that the final structure of the business combination is subject to receipt by the parties of satisfactory tax, corporate and securities law advice in each party's sole discretion.
To complete the Proposed Transaction, BWR has agreed to consolidate all the issued and outstanding BWR Shares on the basis of one (1) post-Consolidation BWR Share for nine and one half (9.5) pre-Consolidation BWR Shares (the “Consolidation”). Following the Consolidation, there will be approximately 13.42 million BWR Shares issued and outstanding. BWR would subsequently amalgamate with Electro pursuant to the CBCA (the “Amalgamation”) through Subco, which would result in Electro shareholders owning approximately 74% of the issued and outstanding shares of the new company following completion of the Amalgamation (the “Resulting Issuer”) .
It is a condition of the Proposed Transaction that (a) Electro and BWR successfully complete the Private Placements (as defined below); and (b) BWR complete the Consolidation and other conditions precedent as described in detail below.
For the purposes of the Proposed Transaction, the deemed value of each common share in the capital of BWR (the "BWR Shares") shall be $0.021 per BWR Share based on BWR's capitalization prior to the Consolidation and the deemed value of each ordinary share in the capital of Electro (the "Ordinary Shares") shall be $0.20 per Ordinary Share, or such other amount as may be agreed to by the parties and accepted by the TSXV (the "Electro Share Value"). Prior to completing the Transaction, it is intended that BWR complete the Consolidation thereby resulting in the deemed value of the BWR Shares, post-Consolidation, being equal to the Electro Share Value. Each BWR option and warrant shall be adjusted so that the number of shares issuable upon exercise, and the exercise price thereof, are adjusted to give effect to the Consolidation.
The authorized share capital of BWR prior to executing a Letter of Intent with Electro in December, 2024, consisted of an unlimited number of BWR Shares without nominal or par value and an unlimited number of non-voting preferred shares without nominal or par value, issuable in series, of which 106,010,461 BWR Shares were issued and outstanding and a total of 7,050,000 BWR Shares are reserved for issuance under management stock options, and 2,284,000 warrants. As at November 30, 2024, BWR has approximately $6,638 in cash and cash equivalents. As part of a previously announced Bridge Financing (see press release December 27, 2024), BWR has issued a total of 4,500,000 common shares to cover audit and transaction expenses at a price of $0.02 per share prior to the Consolidation, and will issue approximately 17,000,000 pre–consolidation shares at a deemed price of $0.025, subject to adjustment, to settle accounts payable, accrued liabilities. The founders of BWR have also agreed to waive the sum of $349,500, equaling 50% of the unpaid amount owing to them by BWR for services rendered in the past, subject to the successful completion of the Proposed Transaction. BWR will not incur any material expenses except in the ordinary course of its listing and except as contemplated herein unless notice has been provided to Electro.
As of December 27, 2024, Electro had 33,146,565 Ordinary Shares, 13,001,810 warrants, and 2,500,000 Ordinary Shares are reserved for issuance under employee stock options and 375,000 Ordinary Shares are reserved for issuance as Restricted Share Units. As outlined in the press release of December 27, 2024, Electro has carried out a financing (the “Bridge Financing) , issuing to date 937,500 shares and warrants and issued 4,000,000 shares to Globex Mining Enterprises (the “Optionor”) as per an amended option agreement dated December 18, 2024 among Electro and the Optionor. Under the terms of the agreement (more details provided below), Electro will pay Globex $3,500,000 cash over 4 years, this includes $100,000 that was paid prior to January 31, 2025. Electro will issue an additional 2,000,000 shares at the 4th anniversary of the agreement and undertake $8,350,000 in expenditures on the property including a minimum of $650,000 in the first year. Upon commercial production, Globex will receive an additional $1,000,000 adjusted for inflation. Electro is using the proceeds of the Bridge Financing to settle audit fees, transaction fees, and near – term property fees and payments and issued 446,804 shares to settle accounts payable and accrued liabilities at $0.20 per Ordinary Share. Other than as disclosed herein, there are no securities convertible into or exchangeable for, or other rights to acquire, Ordinary Shares of Electro outstanding and no person has any agreement, right or privilege capable of becoming such for the purchase, subscription, allotment or issue of any of the unissued securities of Electro, such condition being subject to change upon agreement with BWR should funds be required for filings prior to closing of the Proposed Transaction.
The exchange ratio of the Consolidation shall not exceed one for ten unless otherwise agreed by the parties. BWR intends to apply to the TSXV to have the common shares of the Resulting Issuer listed and posted for trading on the TSXV. The Proposed Transaction is an arm's length transaction.
Bridge Financing
As a condition of completion of the Proposed Transaction, each of each of BWR and Electro undertook separate unit financings to raise a combined minimum of up to $220,000 for immediate use for near term commitments and to advance the Transaction (the “Bridge Financings”). As announced on June 4, 2025, the aggregate amount raised in the Bridge financing was $240,000.
As announced on June 4, 2025, Electro raised $150,000, having issued 937,500 units at $0.16.
Also announced on June 4, 2025, BWR closed two tranches of its Bridge Financing raising $90,000. The first tranche units include a four-month and one day hold period set to expire on June 7, 2025, and the second tranche units include a four-month and one day hold period set to expire on October 5, 2025.
Concurrent Financings
BWR and Electro will work together to complete Concurrent Financings into Electro as a condition precedent to closing the Proposed Transaction. The plan is to raise a minimum of $1,750,000 and a maximum of $2,250,000 by issuing flow through units (the “Flow-Through Units”) of Electro, consisting of one Flow-Through Ordinary Share and one-half of one Ordinary Share purchase warrant, with each whole warrant entitling the holder to purchase one Electro Ordinary Share for a period of three years from the date of closing at a price of $0.35 per Share (the “Concurrent Flow-Through Private Placement”). The Flow Through Units will be priced in the context of the market, but not lower than the Hard Dollar Units.
BWR and Electro will work together to raise a minimum of $750,000 and a maximum of $1,500,000 by issuing units (the “Hard Dollar Units”) of Electro (“Concurrent Hard Dollar Private Placement”) at a price of $0.20 per Hard Dollar Unit. Each Hard Dollar Unit will consist of one Electro Ordinary Share and one warrant entitling the holder to purchase one Electro Ordinary Share for a period of two years from the date of closing at a price of $0.25 per Ordinary Share. Further details of the Concurrent Financings will be announced subsequent to the resumption of trading in BWR shares and completion of certain conditions precedent. All Electro securities will be exchanged into BWR post-Consolidation securities on a 1 for 1 basis, subject to final adjustments of the exchange ratio, if any.
After taking into account the proposed Private Placements, the share issuance to Optionor, and business combination the Resulting Issuer will have a minimum of approximately 65 million and a maximum of 70 million shares outstanding, subject to pricing of the flow through units, and 80 – 83 million shares fully diluted, subject to additional warrants issued in connection with the Private Placements. The closing of the Transaction will be conditional upon the Private Placements being completed.
The securities to be offered in the Private Placements have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Finder’s Fee
In conjunction with the Transaction the parties may issue Finder’s Fees of cash and warrants (collectively, “Finders’ Compensation”) to arm’s length third parties that introduce investors and such third parties will have the right to allocate to their designated company or certain individuals prior to the closing of the Transaction. The Finders’ Compensation will be related to the securities issued as part of the Private Placements and will be up to 7% cash and 7% finders warrants at the same terms as the applicable Private Placement.
Shareholder Meeting
Matters to be approved by BWR's shareholders in connection with the Proposed Transaction, including the proposed name change and Consolidation, will be sought from BWR's shareholders at its annual and special meeting to be held on a date to be announced by BWR and intended to be described in further detail in a management information circular relating to such meeting.
Officers, Directors, and Insiders of the Resulting Issuer
The Resulting Issuer
Upon completion of the Proposed Transaction, BWR intends to change its name to Electro Metals and Mining Inc., and the parties anticipate that the TSXV will assign a new trading symbol for the Resulting Issuer. It is expected that the Resulting Issuer will be a Tier 2 Mining Issuer under the policies of the TSXV.
Concurrently with the completion of the Proposed Transaction, it is expected certain of the directors and officers of BWR and Electro will resign. The new Board of Directors will consist of seven board members, four selected by Electro and three selected by BWR. The directors of the Resulting Issuer directors are anticipated to be Samir Biswas, Earl Coleman, George Duguay, Daryl Hodges, Neil Novak, Shameze Rampertab, and Daniel Weir. These seven directors shall hold office until the first annual meeting of the shareholders of the Resulting Issuer following closing, or until their successors are duly appointed or elected.
The officers of the Resulting Issuer are anticipated to be Daryl Hodges, as Chief Executive Officer, Neil Novak as President, Paul Nagerl as Vice President Exploration, Rob Suttie as Chief Financial Officer and Carmen Diges as Corporate Secretary. Biographies of the proposed directors and officers of the Resulting Issuer are included below.
Proposed Officers and Directors:
Daryl Hodges – Chief Executive Officer, Director: Mr. Hodges (Lakehurst, Ontario) is current Chairman & CEO of Electro, having over 35 years of exploration / mine development, and capital markets / financing experience. Mr Hodges is also President of privately owned Ladykirk Capital Advisors Inc. since 2014. Mr. Hodges was former Chairman and CEO of Jennings Capital, responsible for building the mining practise and participation in over $4bn in transactions. and spent 19 years as an exploration/development geologist in central and eastern Canada and was instrumental in numerous discoveries including, Sisson Brook 1978, Hoyle Pond Chopp Zone 1981, Hammond Reef 1987, Raindrop Zone VMS 1990. Hodges spent his last five years focused on offshore M&A in Russia (Norilsk), Fennoscandia (Keivitsa, Boliden), SE Asia (China and Philippines) before entering the capital markets in 1996. Mr. Hodges graduated from University of Waterloo with HBSc and MSc degrees in Earth Science.
Neil Novak – President and Director: Mr. Novak (Cambridge, Ontario) is current President & CEO and Founder of BWR, having over four decades experience in the junior resource and mining sector, Mr. Novak has worked as an exploration geologist on 6 continents. Mr. Novak is also President and owner of Nominex Ltd., an exploration management / consulting company. Mr. Novak has management expertise in the role of senior officer for numerous junior resource companies, focusing on early-stage exploration projects advancing them to the point of resource definition. Mr. Novak was instrumental in several significant discoveries in Canada, including 10 kimberlites in Ontario plus three more in Quebec. Mr. Novak was co-recipient of the Bill Dennis Prospector of the Year Award (2009) for his key role in the discovery of the “Ring of Fire” exploration project in Northern Ontario, with numerous deposits of nickel, copper, zinc and chrome. Mr. Novak was President/CEO of Spider Resources Inc and was also a director of Noront Resources Ltd. at the time of the Ring of Fire discoveries. As President of Spider, he was instrumental in the discovery of the McFaulds Lake volcanic hosted massive sulphide (“VMS”) deposit and the nearby Big Daddy Chrome deposit, geologically related to the nearby Eagle’s Nest. As VP Exploration for Noront, he oversaw the early exploratory drilling that identified the resource potential of the magmatic massive sulphide (“MMS”) that became Eagle’s Nest, eventually leaving Noront in 2009 when a mine development team took over Noront. As President and CEO of Spider, Mr. Novak negotiated the sale of Spider Resources Inc. to Cliffs Natural Resources for $125 million all cash offer to shareholders of Spider in 2010. Mr. Novak is a graduate of University of Waterloo (B.Sc. Earth Sciences) and is a Professional Geoscientist (P.Geo.) registered with the Association of Professional Geoscientists of Ontario.
Paul Nagerl – Vice President, Exploration: Mr. Nagerl (Quebec (city), Quebec) is current VP exploration for Electro and has been involved in the mineral industry for over 30 years with extensive international experience in key mineralized districts. Paul has been responsible for two substantial discoveries, at William Lake in Manitoba, 1990 and Araguaia nickel laterite in Brazil in 2005. His expertise includes significant mining districts of Kidd Creek (Timmins ON), Raglan, (Northern Quebec), Bushveld and Insizwa (South Africa). Paul has provided business and strategic development, project analysis and management services throughout the Americas, Southern Africa, and Scandinavia. Paul’s primary commodity focus has been nickel - copper -, PGE, copper – zinc, and gold in both advanced and greenfields exploration projects. Paul founded and was General Manager of Falconbridge’s Brazilian subsidiary, Principal Mining Specialist for IFC, and held positions as a Director, CEO and VP Exploration of junior mineral exploration companies. Paul has an Honours Bachelor of Science and Master of Science degrees and is a registered Professional Geologist in Ontario.
Robert Suttie – Chief Financial Officer: Mr. Suttie (Toronto, ON) brings more than twenty-five years of experience, ten of which were in public accounting prior to his tenure with the financial reporting group, Marrelli Support Services Inc., where he currently serves as President. Mr. Suttie specializes in management advisory services, as well as the accounting and financial disclosure needs of the Marrelli Group’s publicly traded client base. Robert also serves as Chief Financial Officer to a number of junior mining companies listed on the TSX, TSX Venture exchanges, CSE, as well as non-listed companies.
Carmen Diges – Corporate Secretary: Carmen Diges (Toronto, ON) is currently Corporate Secretary of BWR and one of its founders. Ms. Diges is a lawyer, owner of Carmen Diges Professional Corp. a boutique law firm operating as REVlaw. Ms. Diges has been closing international deals for over 20 years. An international entrepreneur, she has hand-built her practice by developing extensive local and global networks. She is sought out worldwide, by boards, bankers, CEOs and governments, for her business counsel, contacts and commercial knowledge.
Dan Weir – Director: Daniel Weir (Oakville, ON) has worked for over 30 in mining finance, managing small cap mining exploration and development companies. Dan worked in institutional Equity Trading, Equity Sales, Investment Banking and retail sales. He was also Head of Institutional Equity Sales at a mining – focused boutique investment dealer raising billions of dollars both publicly and privately, Dan has proven expertise at evaluating and financing mining transactions. He has sat on numerous private and public company boards including potash, graphite, and critical metals. Dan is currently CEO of Copper Bullet Mines Inc. and an independent director and head of the compensation committee at Electro. Dan graduated from the University of Toronto.
Earl Coleman – Director: Mr. Coleman (Winnipeg, Manitoba) is currently an independent director of BWR. Mr. Coleman’s experience with publicly traded companies includes being a trustee, Chair of the Audit committee and Chair of the Compensation and Governance committee of Lanesborough Real Estate Investment Trust, a TSX listed company until 2024. Mr. Coleman was also a director of Spider Resources Inc. between 1999 to 2010 and was appointed Chair of the Special Committee for Spider, just prior to its acquisition by a Canadian subsidiary of Cliff’s Natural Resources Inc. in 2010.
George Duguay – Director: Mr. Duguay (Toronto, Ontario) is currently Vice President Corporate Development and director of BWR and is also one of BWR’s founders. Mr. Duguay is a senior executive with experience in the technology, financial services and resource industries. Since 1988, he has been the President of G. Duguay Services Inc. and was a partner of Duguay & Ringler Corporate Services until February 2006, a provider of corporate and financial administrative services to public companies. G. Duguay Services Inc. continues to act as a consultant in this area through the Marrelli Group of Companies. Mr. Duguay was also a co-founder of Equity Financial Trust Company. Mr. Duguay is one of the founders of BWR Exploration Inc., a publicly traded company on the TSX.V, which was called for trading in early 2013. Mr. Duguay is a Chartered Professional Accountant, Certified General Accountant (CPA, CGA) and a Fellow of the Institute of Chartered Secretaries (F.C.I.S.).
Shameze Rampertab – Director: Mr. Rampertab (Toronto, ON) is currently an independent director of Electro Metals. Mr. Rampertab is a chartered professional accountant (CPA) and a certified accountant (CA) with over thirty years of applicable experience in capital markets, strategic planning and analysis. Mr. Rampertab recently served as Executive Vice President and Chief Financial Officer of Asensus Surgical, Inc., a U.S. listed medical device company from August 2020 until January 2025, until its acquisition by KARL STORZ. He served as the Chief Financial Officer of multiple publicly traded healthcare companies. Mr. Rampertab holds an MBA from McMaster University and a bachelor’s degree in molecular genetics and molecular biology from the University of Toronto.
Samir Biswas – Director: Mr. Biswas (Toronto ON) is currently an independent director of Electro. Mr. Biswas is a finance professional with nearly 20 years experience in managing companies, sourcing new deals, execution of and raising venture capital, including consulting for international exploration and mining companies. He has recently served as Vice President, Strategic Advisor, Business Development, Treasurer and General Manager for private & public Canadian exploration and mining companies. Samir was Controller and General Manager for Carlisle Goldfields prior to its acquisition by Alamos Gold. He is currently Managing Director of India Metal Corp. Canada, a privately owned consulting firm owned by Samir. He holds an MBA – Business Management in the Global Food Industry (U.K.) and B. Com in Finance (Canada).
About Electro Metals and Mining Inc.
Electro is a privately held Canadian company based in Toronto, Ontario, engaged in the acquisition, exploration and potential development of precious and critical metals in Quebec, Canada. Electro has a 100% - owned block of claims covering 513.6 hectares with historical copper - silver mineralization and has an option agreement to earn 100% interest, on an adjacent core block of 5,830 hectares, with an advanced stage exploration property which hosts resources of copper - zinc - silver – gold. The project area is located approximately 45 km by gravel and paved road northwest of Rouyn-Noranda, Quebec. The company is focused on is the Fabie – Magusi copper – zinc – silver – gold project that has seen past production in 1976 and then again in 2007 to 2009. The project has a 43-101 measured and indicated resource that can be expanded, and depending on cut – off grade, has the potential to be developed as an open pit and underground operation, or both. In addition, the property hosts numerous other exploration targets, includes power to the site, and is within trucking distance to processing facilities in the Val d’Or to Timmins region. This project will be the focus of significant resource and exploration drilling with the intent to move the project toward a production decision.
Electro Financials
As at June 30, 2025, the unaudited financial highlights of Electro are:
| June 30, 2025 | December 31, 2024 | |||||
| Assets | ||||||
| Current Assets | ||||||
| Cash | $ | 23,327 | $ | 1,830 | ||
| Total assets | $ | 23,327 | $ | 1,830 | ||
| Liabilities Current | ||||||
| Accounts payable | $ | 196,307 | $ | 255,714 | ||
| Total liabilities | $ | 196,307 | $ | 255,714 |
| Three months ended June 30 | Six months ended June 30 | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Expenses | ||||||||
| Exploration and evaluation expenditures | - | 71,688 | 740,000 | 88,686 | ||||
| Share based compensation | 18,750 | - | 18,750 | - | ||||
| Professional fees | 8,385 | - | 15,275 | - | ||||
| Office, general and administrative | 3,307 | 2,188 | 11,741 | 12,660 | ||||
| Travel | 261 | 494 | 2,346 | 3,290 | ||||
| Consulting fee | - | - | 25,000 | - | ||||
| Other | - | - | 525 | - | ||||
| 30,703 | 74,370 | 813,637 | 104,636 | |||||
| Loss before taxes | (30,703 | ) | (74,370 | ) | (813,637 | ) | (104,636 | ) |
| Income tax expense (note 5) | - | - | - | - | ||||
| Net loss and comprehensive loss | (30,703 | ) | (74,370 | ) | (813,637 | ) | (104,636 | ) |
About BWR Exploration Inc.
BWR is a “Tier 2 junior exploration company” with shares listed and trading on the TSXV Venture Exchange (trading symbol: “BWR.V”). BWR holds three exploration properties in Canada, one in Québec (Vendôme Sud copper nickel project), one in Ontario (Shunsby copper, zinc project), and one in Manitoba (Little Stull Lake Gold Project), each property has reported historic resources that require additional exploration to elevate the resource classification to current reporting standards. Management of BWR includes an accomplished group of exploration/mining specialists with many decades of operational experience in the junior resource sector in Canada and abroad.
For further information, please contact:
BWR Exploration Inc.
Neil Novak
Phone: (416) 848 6866
Email: nnovak@bwrexploration.com
Electro Metals and Mining Inc.
Daryl Hodges
Phone: (647) 271 3817
Email: dhodges@rogers.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
Completion of the proposed Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable, disinterested shareholder approval. Where applicable, the proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the proposed Transaction will be completed as proposed or at all.
Investors are cautioned that any information released or received with respect to the proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of BWR should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.
All information contained in this news release with respect to BWR and Electro was supplied by the parties, respectively, for inclusion herein, and each such party has relied on the other party for any information concerning such party.
This news release contains forward-looking statements relating to the timing and completion of the proposed Transaction, the share capital of the Resulting Issuer, the future operations of BWR, Electro, and the Resulting Issuer, the proposed directors, officers and advisors of the Resulting Issuer and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the proposed Transaction and the future plans and objectives of BWR, Electro, and the Resulting Issuer are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from BWR’s, Electro’s, and the Resulting Issuer’s expectations include the failure to satisfy the conditions to completion of the proposed Transaction set forth above and other risks detailed from time to time in the lings made by BWR, Electro, and the Resulting Issuer with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward- looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of BWR, Electro, and the Resulting Issuer. As a result, BWR, Electro, and the Resulting Issuer cannot guarantee that the proposed Transaction will be completed on the terms and within the time disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward- looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and BWR, Electro, and the Resulting Issuer expressly disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
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21 August
Trump, Rio Tinto Push for Copper as Court Halts Arizona Mine Transfer
President Donald Trump on Tuesday (August 19) blasted a federal appeals court for halting a land transfer crucial to the development of the Resolution Copper mine in Arizona.
The San Francisco-based 9th US Circuit Court of Appeals issued the ruling on Monday (August 18) which temporarily blocked federal officials from transferring land to Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO,OTC:RTPPF) and BHP (ASX:BHP,NYSE:BHP,LSE:BHP,OTC:BHPLF).
The judges said the pause was needed while they weigh arguments from the San Carlos Apache Tribe, which contends the project threatens sacred religious and cultural sites.
Trump, who just a day earlier hosted executives from Rio Tinto and BHP at the White House, lashed out on social media.
“It is so sad that Radical Left Activists can do this, and affect the lives of so many people,” the president wrote on Truth Social. Calling the 9th Circuit a “radical left court,” he said opponents of the mine were “Anti-American, and representing other copper competitive Countries.”
“Our Country, quite simply, needs Copper — AND NOW!” Trump added.
White House meeting with Trump
Rio Tinto CEO Jakob Stausholm confirmed in a LinkedIn post that he, Rio’s incoming head of copper operations Simon Trott, and BHP CEO Mike Henry met with Trump and Interior Secretary Doug Burgum to emphasize the company’s role in delivering US copper and other minerals.
“Today, I visited the White House with Simon Trott to meet with US President Donald Trump, Secretary of the Interior Doug Burgum, and other officials to discuss Rio Tinto's crucial role in delivering American copper and other critical minerals,” Stausholm wrote.
Stausholm highlighted the company’s 150-year history in the US and cited a portfolio that stretches from copper and lithium to recycled aluminum and borates. He pointed in particular to Resolution Copper, a joint venture with BHP that could become one of the world’s largest copper mines if approved.
“Resolution Copper has the potential to become one of America’s biggest copper mines, contributing US$1 billion annually to Arizona’s economy and creating thousands of local jobs in a region where mining has played an important role for more than a century," reads the Resolution Copper statement. Local opposition
Despite this, the project has been mired in controversy for more than a decade. Tucked beneath Arizona’s Tonto National Forest, the ore body is considered among the largest untapped copper deposits in the world.
Its backers argue it could supply more than a quarter of US demand for copper, a material used in everything from power grids and electric vehicles to smartphones and fighter jets.
Congress approved the land transfer in 2014 by attaching it to a must-pass defense spending bill, requiring that an environmental review be completed before the deal was finalized.
The underground mine’s construction would then ultimately create a massive crater, encroaching upon a site where Apache groups hold religious ceremonies.
Opponents, led by the San Carlos Apache, have fought the project in court for years, with limited success until the CA’s Monday ruling.
Terry Rambler, chairman of the tribe, welcomed the appeals court’s decision. He noted that Rio Tinto and BHP are headquartered in Australia, and Rio’s largest shareholder is a Chinese aluminum company.
“I look forward to sitting down with the administration and providing factual information that will help protect American assets,” Rambler said in a Reuters report, adding that he believes the copper from the Resolution project will be exported to China.
However, Rio insists that all of Resolution’s copper would stay within the country if the mine is approved. The company operates one of just two active copper smelters in the country at its Kennecott site in Utah.
At Kennecott, Rio Tinto produces about 20 percent of the country’s refined copper each year. The company has also recently expanded into lithium processing with the acquisition of a facility in North Carolina — the only active producer of lithium metal in the Western Hemisphere.
“Copper is essential to modernizing the nation’s infrastructure, supporting domestic manufacturing and securing America’s global competitiveness,” the company said in a recent report where it also cited its investments in both traditional mines and new, lower-impact extraction technologies.
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.
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20 August
Glencore Pursues Argentina Incentives for US$13.5 Billion Copper Projects
Commodities giant Glencore (LSE:GLEN,OTC Pink:GLCNF) has submitted applications to place two of its flagship copper projects in Argentina under a new investment regime.
The Switzerland-based firm is seeking to include the El Pachón deposit in San Juan and the Agua Rica deposit in Catamarca under Argentina’s recently introduced Incentive Regime for Large Investments (RIGI).
Together, the two projects represent a planned capital investment of about US$13.5 billion over the next decade — US$9.5 billion for El Pachón and US$4 billion for Agua Rica.
Both sites would benefit from a long-term economic framework with enhanced investor protections under the RIGI program, which the administration of President Javier Milei launched this year to attract foreign investment.
“President Milei and his administration must be credited for introducing the RIGI. This framework has changed the investment landscape in Argentina, providing a key catalyst to attract major foreign investment to the country,” Glencore CEO Gary Nagle said in the company’s announcement on Monday (August 18).
“The RIGI provides a key platform for the development of Argentina’s significant natural resource endowment," added Martín Pérez de Solay, CEO of Glencore Argentina.
"I am confident that the mining sector can be a major contributor to the Argentinian economy with the El Pachón and Agua Rica projects supporting the country’s ambition to become one of the world’s leading copper producers.”
El Pachón is a large-scale copper and molybdenum deposit with estimated resources of about 6 billion metric tons (MT) of ore averaging 0.43 percent copper, 2.2 grams per MT silver and 130 grams per MT molybdenum.
For its part, Agua Rica hosts roughly 1.2 billion MT of ore with average grades of 0.47 percent copper, 0.2 grams per MT gold, 3.4 grams per MT silver and 0.03 percent molybdenum. Ore from Agua Rica would be processed at the existing Alumbrera facilities, located 35 kilometers away, through the MARA project framework.
The scale of Glencore’s expansion comes amid a broader strategic race among western producers to secure supplies of critical minerals needed for clean energy technologies, electric vehicles and defense applications. Copper in particular is considered vital to global electrification, and analysts warn that rising demand could soon outstrip supply.
US enforcement shift on Chinese metals
On Tuesday (August 19), the US Department of Homeland Security announced that imports of Chinese steel, copper and lithium will be targeted for “high-priority enforcement” under the Uyghur Forced Labor Prevention Act, a law restricting goods linked to alleged human rights abuses in China’s Xinjiang region.
America has a moral, economic, and national security duty to eradicate threats that endanger our nation’s prosperity, including unfair trade practices that disadvantage the American people and stifle our economic growth. The Trump administration is taking action.
— Secretary Kristi Noem (@Sec_Noem) August 19, 2025
The use of… https://t.co/cuSlPkW1ab
“The use of slave labor is repulsive and we will hold Chinese companies accountable for abuses and eliminate threats its forced labor practices pose to our prosperity,” Homeland Security Secretary Kristi Noem said in a post on X.
US officials say the Xinjiang region hosts state-run internment camps where Uyghurs and other minority groups are subject to forced labor. Beijing has consistently denied the allegations, dismissing them as politically motivated.
The announcement expands Washington’s campaign to scrutinize goods with ties to Xinjiang, which has already affected solar panels, cotton and other commodities. The new focus on copper and lithium marks a significant escalation given both metals’ central role in renewable energy and battery production.
Global supply chains in flux
Together, Glencore’s Argentine projects and Washington’s enforcement measures highlight how critical minerals are becoming increasingly entangled with geopolitics.
China processes about 70 percent of the world’s rare earths and controls a major share of global copper and lithium refining capacity. Western governments are trying to diversify away from Chinese supply chains amid rising tensions.
Argentina, with its vast mineral reserves, has emerged as a key player in this strategy. The country is already a major producer of lithium and is positioning itself as a copper hub through projects like Glencore’s expansion.
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.
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