Atico Mining Corporation (TSX.V: ATY | OTCQX: ATCMF) ("Atico" or the "Company") is pleased to announce positive results for the latest 49 drill holes being carried out in an area of historical mining to expand tonnage at the El Roble mine. In addition, the Company reports the results for sixteen diamond drill core holes (see first table below), which included 20.70m of 5.76% Cu, 4.46 gt Au and 11.50m of 8.16% Cu, 8.09 gt Au. Ore grade intercepts in another fourteen drill holes are also reported over narrower widths of approximately 1 to 2 meters in areas with limited drilling which highlights the possibility of further extending the ore body with additional drill programs.
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Atico Announces Approval of Amended and Restated Stock Option Plan by Shareholders
Atico Mining Corporation (the "Company" or "Atico") (TSX.V: ATY | OTC: ATCMF) announces following the Company's annual general meeting of shareholders, held on June 14, 2022, that shareholders of the Company approved the adoption of the Company's amended and restated stock option plan (the "Amended and Restated Option Plan").
The Company's stock option plan was originally adopted by the board of directors on June 2, 2011, and previously amended on May 27, 2015. The total number of common shares of the Company (the "Common Shares") reserved and available for grant and issuance under the Amended and Restated Option Plan shall be a rolling number equal to 10% of the total issued and outstanding Common Shares from time to time.
As further discussed in the Company's management information circular dated April 28, 2022 (the "Circular"), the principal amendments to the Amended and Restated Option Plan included: (i) amending the vesting provisions to provide parameters for the vesting of options granted to any Investor Relations Service Provider (as defined in the Amened and Restated Option Plan) to ensure compliance with Policy 4.4 of the TSX Venture Exchange, (ii) amending the expiry provisions to provide that should the expiry date for an option fall within a Blackout Period (as defined in the Amended and Restated Option Plan), such expiry shall, subject to the approval of the TSX Venture Exchange, be automatically extended to that day which is the tenth business day after the end of the Blackout Period, (iii) amending the option term provisions to provide that the Option Price (as defined in the Amended and Restated Option Plan) shall not be less than the last closing price of the Common Shares on the TSX Venture Exchange before the date of grant less any applicable discount, (iv) adding the requirement that the TSX Venture Exchange approve adjustments to options granted and (v) amending the exercise provisions to permit "net exercise" by holders of options, except for those holders who are Investor Relations Service Providers. The full text of the Amended and Restated Option Plan is appended to the Circular and is available under the Company's profile on SEDAR.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing it's high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTCQX: ATCMF
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ''U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. 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 the Company's expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; and other risks and uncertainties disclosed under the heading "Risk Factors" in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com
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Atico Mining
Overview
Volcanogenic massive sulfide (VMS) deposits are some of the world’s most prosperous base metal and precious metal deposits. This type of deposit is found across the globe and often forms in clusters. The oldest known VMS deposits date back three billion years, and new ones are still being formed. VMS deposits have impressive mineralization and high grades, but only 2.2 percent of global gold production and 6 percent of copper production currently come from VMS deposits.
Atico Mining (TSXV:ATY,OTC:ATCMF), operating in Colombia and Ecuador, has two VMS-style projects surrounded by large land packages. Such strategic positioning gives Atico the potential to mimic successes seen with the Fortuna Silver Mines (TSX:FVI,NYSE:FSM), a company with an estimated market cap of US$1 billion, and was founded by the same family currently leading Atico.
“We have a very strong production profile along with a pipeline of growth prospects for a small company. And we generate a robust, free cash flow from which we can finance all of our exploration plans,” commented Igor Dutina, the company’s corporate development lead.
The stable mining jurisdictions of Latin America have proven to be a premier place for acquisition and mining development for Atico. The company is also looking at other avenues of growth in the possible acquisition of a third project.
The company’s flagship El Roble mine has proven to be an extremely valuable asset. The gold-copper mine generates roughly 16 million lbs of copper and 11,000 oz of gold per year, with a life-of-mine of about four years. This VMS asset primes the company on its path to become a mid-tier producer.
El Roble Mine’s total production for the three months ending June 30, 2023, totaled 2.8 million pounds of copper and 2,294 ounces of gold in concentrates, a decrease of 22 percent for copper and 18 percent for gold, over the same period in 2022.
The company’s second asset, its 100-percent-owned La Plata project in Ecuador, is a pre-development-stage asset with a mineralized profile containing high-grade gold, copper, zinc and silver. Past exploration campaigns and a completed preliminary economic assessment (PEA) have also aided in advancing this highly prospective asset. In 2023, Atico Mining received approval of the environmental impact assessment (EIA) for the construction, operation, maintenance and closure of the 69 kV powerline and substation required for the La Plata mining project.
Atico Mining has a world-class team of mine developers and mine operators, with several generations of mining experience in Latin America and extensive expertise in the industry and regional networking sectors.
Company Highlights
- Atico Mining is a Canada-based mining exploration and development company operating out of Latin America. The company is headed by the founders of mining heavyweight Fortuna Silver Mine.
- The company is primarily focused on its robust flagship El Roble Mine project in Colombia, as well as the La Plata project in Ecuador. Both assets are volcanogenic massive sulfide (VMS) deposits with high-grade copper and gold mineralization clustering.
- Atico Mining’s well-engineered business model primes the company for self-financing potential benefiting shareholders and future investors. This model helps to focus on free cash flow generation and reduce dilution.
- The El Roble project currently generates roughly 16 million pounds (lbs) of copper and around 11,000 ounces (oz) of gold per year. The mine has a projected three-year mine life and high-margin potential.
- In 2023, Atico Mining initiated a regional drill campaign at its El Roble Mine project in Colombia.
- The La Plata project has a completed preliminary economic assessment( PEA) and hosts highly prospective exploration targets. The company is currently working on a feasibility study.
- The company acquired the remaining 40 percent of the issued and outstanding shares of Compañia Minera La Plata S.A., which owns the concessions comprising the La Plata project
Key Projects
El Roble Mine
Atico’s El Roble mine is the only copper mine currently in production in Colombia. Under-explored until 1990, the 6,355-hectare asset has processed approximately 1.8 million tonnes of primarily pyrite-chalcopyrite ore with an average grade of 2.67 percent copper and an approximate grade of 2.63 g/t gold. Currently, the mine has an 1,000-tonne-per-day throughput capacity and 15 prospective geochemical VMS exploration targets that extend over 10 kilometers across the property.
The land package, which is located in Carmen de Atrato, also leverages a strategically positioned infrastructure with proximity to paved roads, a power grid and established mine and plant facilities on site. As of January 2023, the company owns 90 percent of the operating mine and surrounding claims.
Future plans for the project include a continued focus on drilling into recently discovered resources and mineralization exploration along the strike’s depth. With the impressive cluster profile of VMS deposits, El Roble has the potential to generate significant cash flow and shareholder returns for the company as production progresses. The current available free cash flow stands at approximately US$8.7 million.
La Plata Project
This Noranda/Kuroko-type VMS deposit hosts nine priority exploration targets over a land package that spans 2,300 hectares near Quito, Ecuador. Surrounded by large Atico-controlled land packages, the property operates in an investor-friendly jurisdiction with governmental mining support. It hosts an infrastructure with high road accessibility and good natural resource networks.
This pre-development asset hosts the characteristic VMS cluster profiling which reinforces the prospect of further nearby deposits and significant exploration potential. Currently, La Plata has prospective resources of 1.9 million tonnes at 12.9 grams per ton (g/t) gold equivalent mineralization. Historic resources based on past drilling campaigns are estimated at 913,977 tonnes graded at 8.01 g/t gold and 5.01 percent copper. High-grade silver, lead and zinc have also been found along the more than 9 kilometers of favorable strike geology on the property.
Atico Mining has been quick to begin exploring and developing this exciting project after its acquisition in late 2019. The company intends to complete a full feasibility study for the project and to prepare the asset for the initial development of prospective targets.
Management Team
Fernando E. Ganoza - CEO and Director
Fernando E. Ganoza has over 20 years of management experience in Latin America, including key roles in developing mines in Peru and Mexico as the project manager and country manager for Canada-based producer Fortuna Silver Mines.
He has strategic planning and business development experience with Cargill, at which he participated in the valuation and structuring of deals with a cumulative value of over US$350 million. Ganoza holds a BSc. in mining engineering from the Universidad de Antofagasta in Chile and an MBA from the Darden School of Business at the University of Virginia.
Luis D. Ganoza.- Chairman of the Board
Luis D. Ganoza has held the position of CFO in Fortuna Silver Mines since 2006 and has over 20 years of experience in the financial management of public mining companies. He has participated in debt and equity financings for mining projects in Peru and Mexico for over C$120 million. Ganoza has a B.Sc. in mining engineering from the Universidad Nacional de Ingenieria in Peru; an MBA from ESAN, a Tier 1 Latin American Business School; and an MSc. in accounting and finance from The London School of Economics.
Jorge Ganoza - VP Operations and Director
Jorge Ganoza has over 40 years of experience in the Latin American mining industry, holding senior leading roles in the founding and development of private and public mining companies.
For the past six years, he has held the position of VP of operation in Fortuna Silver Mines. He has a BSc. in engineering from the Universidad Nacional La Molina and also completed advanced finance studies at the Escuela Superior de Administration, ESAN, in Peru. Ganoza is a third-generation miner from a Peruvian family that has owned and operated underground gold, silver and base metal mines in Peru and Panama.
Alain Bureau - President
Alain Bureau has over 30 years of leadership in project management, operating in North and Latin American countries gained through notable projects including mines in Peru, Chile, Mexico, Panama and Canada.
Joseph A. Salas - Senior Exploration Manager
Joseph A. Salas has 25 years of experience in exploration, mine geology, project evaluation and development with vast expertise in gold-copper and copper-molybdenum porphyries in Colombia and Peru.
For the past three years, he has held the position of exploration country manager in Colombia for Barrick Gold Corporation. From 1996 to 2002, he worked in various exploration positions of increasing responsibility for Anglo American. Salas has a B Sc. in geological engineering from the Universidad Nacional de San Agustín de Arequipa in Peru and is affiliated with the Society of Economic Geologists Inc.
Matias Herrero - CFO
Matias Herrero is a Canadian chartered accountant, with 15 years of progressive senior level experience as a mining professional in various areas including finance, mergers and acquisitions, international arbitration, treasury management, risk management, regulatory compliance, and multi-jurisdictional public company reporting. Prior to joining Atico, Herrero served as the CFO before becoming the CEO of Gold Springs Resource. Prior to that, he served as the CFO of a gold producer in South America.
He began his career with PricewaterhouseCoopers and gained experience working in senior management roles in publicly-traded companies with gold projects in North America, South America, and Africa. Herrero earned a bachelor’s degree in accounting from the University of Belgrano in Buenos Aires, Argentina, he is fluent in English and Spanish and holds a CPA in both Colorado and Washington.
Igor Dutina - Corporate Development
Igor Dutina has an extensive background in financial and capital market analysis, with more than 15 years of experience in the mineral exploration and mining industry, working with several publicly listed companies.
Atico Reports Multiple High Grade Intercepts up to 20.70m of 5.76% Cu, 4.46 g/t Au and 11.50m of 8.16% Cu, 8.09 g/t Au and Continues to Extend the Ore Body at El Roble Mine in Colombia
"We continue to see very encouraging results with high grade intercepts from our mine vicinity drill campaign aimed at infilling known areas of mineralization while at the same time looking for extension of the main historic massive sulphide bodies at the El Roble deposit. This area was mined by operators previous to Atico obtaining control of the mine on November 22, 2013," said Fernando E. Ganoza, CEO. "These strong assay results continue to increase confidence in our view that additional high-grade copper and gold mineralization remains both within the historically defined bodies and beyond the previously outlined mineralized shell and are open at depth and along strike. The drill campaign is planned to continue throughout 2024 while in parallel the Company is working on an updated resource estimate and will make this available shortly."
Exploration Drilling Results Include:
Hole | From (m) | To (m) | Interval (m) | Cu (%) | Au (g/t) |
ATD-0224 | 222.00 | 226.00 | 4.00 | 5.33 | 5.92 |
ATD-0225 | 30.40 | 34.90 | 4.50 | 5.24 | 6.77 |
ATD-0228 | 136.70 | 139.00 | 2.30 | 17.15 | 3.19 |
ATD-0229 | 25.50 | 37.90 | 12.40 | 4.45 | 1.55 |
ATD-0231 | 29.70 | 33.10 | 3.40 | 4.31 | 5.11 |
ATD-0235 | 27.50 | 35.40 | 7.90 | 5.07 | 4.18 |
ATD-0238 | 42.10 | 47.80 | 5.70 | 5.61 | 9.97 |
ATD-0240 | 104.80 | 114.10 | 9.30 | 6.09 | 5.51 |
ATD-0240 | 124.00 | 125.80 | 1.80 | 16.97 | 2.20 |
ATD-0249 | 46.15 | 52.30 | 6.15 | 4.57 | 3.04 |
ATD-0250 | 48.20 | 64.70 | 16.50 | 2.66 | 4.11 |
ATD-0251 | 53.90 | 57.40 | 3.50 | 0.59 | 12.95 |
ATD-0252 | 38.60 | 50.10 | 11.50 | 8.16 | 8.09 |
ATD-0253 | 43.40 | 45.65 | 2.25 | 6.36 | 10.39 |
ATD-0260 | 41.20 | 48.70 | 7.50 | 2.71 | 9.57 |
ATD-0261 | 59.10 | 66.20 | 7.10 | 4.16 | 8.53 |
ATD-0261 | 46.20 | 52.00 | 5.80 | 5.71 | 6.05 |
ATD-0262 | 58.15 | 78.85 | 20.70 | 5.76 | 4.46 |
True widths are dependent on uncertainties in the local strike and dip of the mineralization and are estimated to be between 90% and 95% of the drill intercept.
Exploration Drilling Program
The goal of the current surface and underground drilling program at the El Roble mine is to define zones of mineralization within the extent of main historic massive sulphide body that were not exploited by previous operators and also to expand the historically identified resource. During the first quarter of 2023, the Company began this drill infill program to test the main mineralized body and the immediately adjacent area with a total of 7,880 meters of drilling in 77 holes. The drill campaign will be continued during 2024 and results for the drill holes will be reported as the assay results for mineralized intercepts are received.
El Roble Mine
The El Roble mine is a high grade, underground copper and gold mine with nominal processing plant capacity of 1,000 tonnes per day, located in the Department of Choco in Colombia. Its commercial product is a copper-gold concentrate.
Since obtaining control of the mine on November 22, 2013, Atico has upgraded the operation from a historical nominal capacity of 400 tonnes per day.
El Roble has Proven and Probable reserves of 1.00 million tonnes grading 3.02% copper and 1.76 g/t gold, at a cut-off grade of 1.3% copper equivalent with an effective date of September 30, 2020. Mineralization is open at depth and along strike and the Company plans to further test the limits of the deposit.
On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on VMS mineralization on which Atico has identified numerous target areas prospective for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble.
Qualified Person
Garth Graves, P. Geo.
Garth Graves, P. Geo., consultant geologist for Atico Mining Corporation and a qualified person in accordance with National Instrument 43-101 has reviewed and approved the technical information contained in this news release.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing its high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com .
ON BEHALF OF THE BOARD
Fernando E. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTCQX: ATCMF
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. 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 the Company's expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; and other risks and uncertainties disclosed under the heading "Risk Factors" in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com
News Provided by GlobeNewswire via QuoteMedia
Atico Mining Signs an Investment Agreement with the Government of Ecuador, for the Development of its La Plata Project
Atico Mining Corporation (the "Company" or "Atico") (TSX.V: ATY | OTC: ATCMF) is pleased to announce that it has signed, with the Government of Ecuador, an investment agreement ("the Agreement") for its 100% owned La Plata mining project located in Ecuador (the "La Plata project").
During the Prospectors and Developers Association of Canada Convention in Toronto, Canada (PDAC), and in alignment with his strategic initiative to foster the creation of high-quality employment opportunities for the youth and to entice responsible mining investments within Ecuador. The President of Ecuador, Mr. Daniel Noboa, alongside Mrs. Andrea Arrobo, Minister of Energy and Mines, Sonsoles Garcia, Minister of Production, External Commerce, Investments, and Fisheries, and Minister of Foreign Affairs Gabriela Sommerfeld, engaged in a pivotal meeting with a consortium of institutional funds, investors, and eminent mining corporations. In the context of this event, the Ecuadorian administration, through the agency of Minister Sonsoles Garcia, formalized this agreement with Atico Mining Corporation.
This agreement, representing a commitment exceeding USD $157 million, signifies the confluence of interests between the Ecuadorian State and Atico Mining Corporation in pioneering new ventures within the mining sector. Specifically, this agreement encompasses most previous and future exploration, development, construction and initial sustaining investment phases of the La Plata mining project. The document further delineates the Ecuadorian State's commitment to assist and expedite the progress of the La Plata mining project. This includes the facilitation in securing all requisite approvals, licenses, and permits, ensuring adherence to both Ecuadorian legal frameworks and international standards. This agreement lays the foundational groundwork for the execution of a formal Investment Protection Agreement (IPA) in the forthcoming period, marking a significant milestone in the partnership between the Ecuadorian State and Atico Mining Corporation.
" Today marks a milestone in Ecuador's mining industry, underscored by the distinguished presence of President Noboa at the PDAC. This attendance unequivocally signals the paramount importance that the current administration places on responsible mining investment as a cornerstone of its economic revitalization strategy, a commitment further exemplified by the tangible measures enacted by the Ecuadorian authorities. Ecuador is steadfast in its ambition to emerge as a key player in the global transition to clean energy, endeavoring to establish itself as a premier source of copper by fostering investments in responsible mining initiatives, " commented Alain Bureau, President of Atico Mining Corporation.
Atico Mining's success and culture stem from investing in sustainable development in communities where it operates through responsible mining with a meticulous emphasis on protecting the surrounding environment.
La Plata Project
Gold-bearing sulphide mineralization at La Plata occurs as compositional banding composed of chalcopyrite, sphalerite and pyrite laminae with barite occurring as clasts and also as layers. The mineralised lenses have also been dislocated by a few faults and dolerite dikes cutting the body.
The La Plata project is amongst the highest-grade gold-copper VMS deposits in which base and precious metal mineralization is interpreted to have formed as part of multiple volcanic episodes that created a stacked volcanic-exhalite hydrothermal sequence considered favorable for hosting additional VMS lenses. The recent drilling results in the southern portion of the deposit have encountered deeper mineralisation, and an extension of mineralisation to the north has been discovered by recent trenching results.
The La Plata independent Preliminary Economic Assessment(" PEA") dated March 30th 2019, was prepared pursuant to National Instrument 43-101 ("NI 43-101") and reports the La Plata inferred resources at 1.9 million tons at an average grade of 4.1 g/t Au, 49.4g/t silver, 3.3% Cu, 4.5% Zn, 0.6% Pb as available on SEDAR.
The La Plata project consists of two concessions covering a total area of 2,300 hectares along its 9-kilometer length, which contains known mineralization in two VMS lenses and nine priority exploration targets.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing its high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTC: ATCMF
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. 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 the Company's expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; and other risks and uncertainties disclosed under the heading "Risk Factors" in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com
News Provided by GlobeNewswire via QuoteMedia
Atico Reports High Grade Intercepts up to 4.45m of 5.17% Cu, 10.47g/t Au and 4.90m of 9.35% Cu, 2.94 g/t Au and Continues to Extend the Ore Body at El Roble Mine in Colombia
Atico Mining Corporation (TSX.V: ATY | OTCQX: ATCMF) ("Atico" or the "Company") is pleased to announce additional positive results for the exploration program initiated in 2023 being carried out in an area of historical mining to expand tonnage at the El Roble mine. In addition, the Company reports the results for seven diamond drill core holes (see first table below), which included 4.45m of 5.17% Cu, 10.47gt Au and 4.90m of 9.35% Cu, 2.94 gt Au.
"We are pleased to report that our mine vicinity drill campaign continues to intercept new mineralization and extend the main historic massive sulphide body at the El Roble deposit. While, this area was mined by operators previous to Atico obtaining control of the mine on November 22, 2013, these results are intercepting additional high-grade mineralization beyond the previously outlined mineralized shell which remains open at depth and along strike," said Fernando E. Ganoza, CEO. "These strong assay results continue to increase confidence in our view that additional high-grade copper and gold mineralization remains both within the historically defined bodies and beyond the previously outlined mineralized shell and are open at depth and along strike. Final results for the remaining drill holes from the current exploration program initiated in 2023 will be available within following weeks at which time the Company plans to update the resource estimate. A new drill program is planned to continue exploration in this vicinity during 2024."
Exploration Drilling Results Include:
Hole | From (m) | To (m) | Interval (m) | Cu (%) | Au (g/t) |
ATD-0206 | 163.5 | 189.45 | 25.95 | 2.09 | 3.43 |
including | 168 | 170.2 | 2.2 | 11.58 | 8.63 |
including | 173.1 | 181.5 | 8.4 | 0.57 | 2.52 |
including | 185 | 189.45 | 4.45 | 5.17 | 10.47 |
and | 192.25 | 193.1 | 0.85 | 7.57 | 4.62 |
ATD-0207 | 133 | 144.6 | 11.6 | 4.14 | 1.38 |
including | 136 | 140.9 | 4.9 | 9.35 | 2.94 |
and | 156.5 | 159.7 | 3.2 | 1.78 | 7.86 |
ATD-0208 | 186.8 | 199.3 | 12.5 | 0.98 | 4.35 |
including | 186.8 | 191.4 | 4.6 | 1.96 | 9.27 |
ATD-0209 | 189.4 | 206.5 | 17.1 | 1.15 | 1.94 |
ATD-0210 | 159 | 171.3 | 12.3 | 1.11 | 1.33 |
ATD-0211 | 34.1 | 44.9 | 10.8 | 4.39 | 1.29 |
including | 35.5 | 37.2 | 1.7 | 8.46 | 1.43 |
including | 39.3 | 44.9 | 5.6 | 5.33 | 1.91 |
ATD-0212 | 22 | 40.5 | 18.5 | 2.29 | 1.05 |
including | 22 | 25 | 3 | 8.24 | 3.7 |
including | 27.1 | 29.6 | 2.5 | 2.51 | 1.09 |
including | 37.5 | 39.1 | 1.6 | 2.34 | 1.09 |
True widths are dependent on uncertainties in the local strike and dip of the mineralization and are estimated to be between 90% and 95% of the drill intercept.
Image 1.
Exploration Drilling Program
The goal of the current surface and underground drilling program at the El Roble mine is to define zones of mineralization within the extent of main historic massive sulphide body that were not exploited by previous operators and also to expand the historically identified resource. During the first quarter of 2023, the Company began a drill program to test the main mineralized body and the immediately adjacent area. A total of 7,880 meters of drilling were completed during this program, of which final results for the remaining drill holes are still pending and will be reported as soon as the assay results for mineralized intercepts are received.
El Roble Mine
The El Roble mine is a high grade, underground copper and gold mine with nominal processing plant capacity of 1,000 tonnes per day, located in the Department of Choco in Colombia. Its commercial product is a copper-gold concentrate.
Since obtaining control of the mine on November 22, 2013, Atico has upgraded the operation from a historical nominal capacity of 400 tonnes per day.
El Roble has Proven and Probable reserves of 1.00 million tonnes grading 3.02% copper and 1.76 g/t gold, at a cut-off grade of 1.3% copper equivalent with an effective date of September 30, 2020. Mineralization is open at depth and along strike and the Company plans to further test the limits of the deposit.
On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on VMS mineralization on which Atico has identified numerous target areas prospective for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble.
Qualified Person
Garth Graves, P. Geo.
Garth Graves, P. Geo., consultant geologist for Atico Mining Corporation and a qualified person in accordance with National Instrument 43-101 has reviewed and approved the technical information contained in this news release.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing its high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com .
ON BEHALF OF THE BOARD
Fernando E. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTCQX: ATCMF
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. 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 the Company's expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; and other risks and uncertainties disclosed under the heading "Risk Factors" in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5dae5ad-36fa-4b20-b641-67d52ca50108
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Atico Reports 2023 Fourth Quarter and Full Year Production Results
Atico Mining Corporation (the "Company" or "Atico") (TSX.V: ATY | OTCQX: ATCMF) is pleased to announce operating results for the three- and twelve-month periods ended December 31, 2023 from its El Roble mine. Production totaled 4.37 million pounds of copper with 2,578 ounces of gold for the fourth quarter ("Q4 2023") and 13.24 million pounds of copper with 10,149 ounces of gold in concentrates for the full year 2023.
"Operationally the Company had a challenging first half of the year. The team turned things around in the third quarter and continued to improve all metrics to finish the year delivering just under our production guidance. At the same time, we saw very prospective drill results from our El Roble mine vicinity drill program which could point towards an extension of the current life of mine," said Fernando E. Ganoza, CEO. "In the upcoming year, we continue to have significant milestones ahead of us yet to achieve. In the first half of the new year, our main focus will be on the El Roble mine resource update, completion of the La Plata Feasibility Study and delivering on all requirements to receive the environmental permit for the La Plata project."
Fourth Quarter and Full Year Operational Highlights
Fourth Quarter
- Production of 4.37 million pounds of copper contained in concentrates; an increase of 48% over Q4 2022.
- Production of 2,578 ounces of gold contained in concentrates; a decrease of 15% over Q4 2022.
- Average processed tonnes per day of 853; an increase of 4% over Q4 2022.
- Copper and gold head grades of 2.89% and 1.75 grams per tonne; an increase of 28% for copper and a decrease of 24% for gold over Q4 2022.
- Copper and gold recovery of 94.0% and 62.7%; an increase of 4% for copper and 9% for gold over Q4 2022.
2023 Year-end
- Production of 13.24 million pounds of copper contained in concentrates; a decrease of 12% over 2022.
- Production of 10,149 ounces of gold contained in concentrates; a decrease of 9% over 2022.
- Average processed tonnes per day of 822; a decrease of 1% over 2022.
- Copper and gold head grades of 2.34% and 1.89 grams per tonne; a decrease of 22% for copper and 18% for gold over 2022.
- Copper and gold recovery of 92.1% and 60.6%; no significant change for copper and gold over 2022.
Fourth Quarter and Full Year Operational Details
Q1 Total | Q2 Total | Q3 Total | Q4 Total | 2023 Total | |
Production (Contained in Concentrates) | |||||
Copper (000s pounds) | 2,310 | 2,803 | 3,762 | 4,367 | 13,242 |
Gold (ounces) | 2,553 | 2,313 | 2,705 | 2,578 | 10,149 |
Mine | |||||
Tonnes of ore mined | 60,568 | 72,340 | 77,947 | 78,132 | 288,987 |
Mill | |||||
Tonnes processed | 62,793 | 68,471 | 74,580 | 73,030 | 278,874 |
Tonnes processed per day | 748 | 800 | 888 | 853 | 822 |
Copper grade (%) | 1.87 | 2.05 | 2.46 | 2.89 | 2.34 |
Gold grade (g/t) | 2.23 | 1.80 | 1.83 | 1.75 | 1.89 |
Recoveries | |||||
Copper (%) | 89.1 | 90.6 | 93.0 | 94.0 | 92.1 |
Gold (%) | 57.0 | 58.4 | 62.0 | 62.7 | 60.6 |
Concentrates | |||||
Copper and gold concentrates (dmt) | 5,815 | 6,789 | 9,336 | 10,725 | 32,665 |
Payable copper produced (000s lbs) | 2,169 | 2,639 | 3,537 | 4,106 | 12,451 |
Note: Metal production figures are subject to adjustments based on final settlement.
Concentrate Inventory
The number of shipments the Company can export in any given quarter depends on several variables some of which the Company does not control, hence there may be an inherent variability in tonnes shipped quarter to quarter.
Q4 2023 | |
Amounts in dry metric tonnes | |
Opening inventory | 7,939 |
Production | 10,725 |
Sales | -10,433 |
Number of shipments | 1 |
Adjustments | -4 |
Closing inventory | 8,227 |
Note: Concentrate figures are subject to adjustments based on final surveys and final settlement of sales.
2024 Operating and Cost Guidance
Copper (000s pounds) | 13,600 to 15,200 |
Gold (ounces) | 10,200 to 11,400 |
C1 Cash Cost ($US) ( 1) | $1.97 to $2.18 |
Note: Please see "Non-GAAP Financial Measures" at the end of this release. C1 cash cost per pound of payable copper produced net of by-product credits and selling costs.
El Roble Mine
The El Roble mine is a high grade, underground copper and gold mine with nominal processing plant capacity of 1,000 tonnes per day, located in the Department of Choco in Colombia. Its commercial product is a copper-gold concentrate.
Since obtaining control of the mine on November 22, 2013, Atico has upgraded the operation from a historical nominal capacity of 400 tonnes per day.
El Roble has Proven and Probable reserves of 1.00 million tonnes grading 3.02% copper and 1.76 g/t gold, at a cut-off grade of 1.3% copper equivalent with an effective date of September 30, 2020. Mineralization is open at depth and along strike and the Company plans to further test the limits of the deposit. On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on VMS mineralization on which Atico has identified numerous target areas prospective for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble.
Qualified Person
Mr. Thomas Kelly (SME Registered Member 1696580), advisor to the Company and a qualified person under National Instrument 43-101 standards, is responsible for ensuring that the technical information contained in this news release is an accurate summary of the original reports and data provided to or developed by Atico.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company operates the El Roble mine and is pursuing additional acquisition opportunities. For more information, please visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTCQX: ATCMF
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. 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 the Company's expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; and other risks and uncertainties disclosed under the heading "Risk Factors" in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com
Non-GAAP Financial Measures
The items marked with a "(1)" are alternative performance measures and readers should refer to Non-GAAP Financial Measures in the Company's Management's Discussion and Analysis for the six months ended June 30, 2023, as filed on SEDAR and as available on the Company's website for further details.
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The Government of Ecuador Approves Atico's Concession Extension Until 2049
Atico Mining Corporation (the "Company" or "Atico") (TSX.V: ATY | OTCQX: ATCMF) is pleased to announce that the Ministry of Energy and Mines of Ecuador, through the Central Coordination Zone, has authorized the extension period for the La Plata mining concession.
This new period of validity for the concession is extended until 2049. This time frame will allow for the advancement of engineering activities, construction, operation, and closure of mining operations within the concession, as well as allowing the integration of any future exploration success within the mining concession that could potentially add to the currently estimated resources.
The new term of the concession will begin from the date of registration in the Mining Registry under the Agency for Regulation and Control of Energy and Non-Renewable Natural Resources. This decision by the Government of Ecuador creates better conditions to continue the investment plans in La Plata. In a favorable scenario where additional time is needed, in 2048, the Company can apply for another 25 year extension.
The project is in its last stage of Environmental Licensing and the Company is looking forward to completing this milestone within the upcoming months.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing it's high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com .
ON BEHALF OF THE BOARD
Fernando E. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTCQX: ATCMF
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. 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 the Company's expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; and other risks and uncertainties disclosed under the heading "Risk Factors" in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com
News Provided by GlobeNewswire via QuoteMedia
Trident Royalties PLC
Overview
Trident Royalties (AIM:TRR,OTC:TDTRF) is a mining royalty company which provides investors with exposure to lithium, gold, copper, silver, iron ore, and other commodities (excluding thermal coal). Its diversified commodity portfolio aims to bridge the gap in the royalty sector, which is currently dominated by precious metal royalty companies. Trident is establishing itself as a royalty company with the intent of building a portfolio which broadly reflects the diverse spectrum of the entire mining sector.
Mining royalties are contractual arrangements that provide a mining company with a lump-sum upfront payment in exchange for a share of its future revenues. Royalties offer several advantages over other investment structures, including no dilution risk from future financings (as royalties are typically structured as a fixed percentage of revenue), while retaining exposure to resource growth and project expansion upside. Royalty companies enjoy various benefits, including diversification, high profit margins, and reduced risk. By investing in multiple mines simultaneously, royalty companies can mitigate the impact of an underperforming mine, as they continue to generate revenue from others. Investing in royalty companies offers investors exposure to the price movements of the underlying commodity while eliminating exposure to the risks associated with the capital and operating costs of the mine.
For mining companies, royalty financing offers several benefits compared to traditional forms of funding. For example, in contrast to debt, royalty financing comes with extended terms, no fixed payments, and is generally simpler to implement, with limited covenants. While, in contrast to equity, royalties are non-dilutive to share capital.
Historically, the royalty model has mostly been confined to the precious metals sector and, as such, has been unavailable for many investors looking for exposure to other metal classes and broader mining industry, as a whole. Trident’s royalty model is unique as it aims to bring under its umbrella the entire gamut of the mining industry, providing exposure to commodities such as lithium, copper, iron ore and other metals. This should attract investors willing to participate in the growth of metals such as lithium and copper, without taking the risk associated with investing directly in the mining companies themselves.
Since listing in mid-2020, the company has acquired 21 assets (royalties and gold offtake agreements), of which 13 are currently cash-flowing. While the current revenue mix is weighted toward gold, asset-level developments across the portfolio, specifically at the Thacker Pass (lithium) and Mimbula (copper) projects, continue to indicate a higher mix of lithium and copper royalty revenue going forward. Thacker Pass is on track to be the largest lithium producer in North America within the next three years. The cash flow from this royalty, at current lithium prices and full production, should be roughly $21 million per annum (assuming partial operator buy-back occurs, LCE price of $25k/t, 80 k/t per year production rate).
Trident has developed a portfolio which not only provides material revenue today but includes a tangible growth profile to significantly grow revenue over the next few years. A significant portion of future revenue is underpinned by assets already in construction, including Thacker Pass, Mimbula (in production, ramping-up) and Greenstone (discussed in detail below). Longer-term revenue growth is supported by a mix of expansions and new project development.
In addition to the revenue shown below, Trident anticipates two material one-off payments of $8.75 million in 2025 from Avino Silver and $13.2 million in 2026 from Lithium Americas.
Company Highlights
- Trident Royalties is a diversified mining royalty company which provides investors with exposure to the full breadth of mining commodities, including precious, base and battery metals, and bulk/industrial minerals (excluding thermal coal). The company is listed on the AIM market of the London Stock Exchange under the ticker ‘TRR’ and on the US OTCQB market under the ticker ‘TDTRF’.
- Since its listing on London's AIM market in June 2020, the company has acquired 21 assets, of which 13 are currently cash-flowing.
- The company’s broad asset base, which includes exposure to lithium, gold, copper, silver, iron ore and other commodities, differentiates it from its peers, which are mainly limited to precious metals.
- Greater than 60 percent of its asset NAV (by Unrisked Asset NAV – Tamesis Partners, 8 November 2023) is located in resource-friendly countries such as Canada, Australia and the US, which reduces jurisdictional risk.
- Management’s track record for value creation is impressive, delivering shareholder returns of 80 percent since listing.
- Trident has an attractive pipeline of future cash-flowing opportunities in battery and base metals. In particular, the Thacker Pass Lithium Project in the U.S. and the Mimbula Copper Project in Zambia hold significant potential for increased revenue to Trident. Thacker Pass is projected to deliver ~US$15 million in annual royalty revenue within the next three years (Revenue estimates by Tamesis Partners (8 November 2023)
Key Assets
Thacker Pass Lithium Royalty
Trident holds a 60 percent stake in a 1.75 percent gross revenue royalty (1.05 percent, net to Trident) covering Lithium Americas’ Thacker Pass Lithium Project, which stands as one of the most substantial lithium resources in North America. It is Trident’s flagship royalty asset and is currently under construction with first production targeted for 2027.
Lithium Americas made significant asset-level progress towards the development of Thacker Pass with several recent milestones, including:
- $650 million equity investment by General Motors into Lithium Americas.
- The commencement of Phase 1 construction following the receipt of notice to proceed from the Bureau of Land Management.
- The Department of Energy ATVM Loan Program recently approved a loan for US$2.26B.
Thacker Pass holds considerable national significance for the US, which currently produces limited lithium domestically, as it endeavors to establish and enhance its independent critical minerals supply chain.
Gold Offtake Portfolio
Trident’s gold offtake portfolio comprises ten projects owned by different operators. Of these, nine projects are currently producing and have generated $6.8 million in revenue in FY 2023. The portfolio will further benefit from progress made across various assets including the advancement of Equinox Gold’s Greenstone project in Ontario, Canada. The Greenstone project is 96 percent complete as of November 2023, with pre-commissioning activities ongoing currently. Over 15 million tonnes of material have been moved thus far, and the buildup of the ore stockpile is progressing ahead of schedule, with the first gold pour expected in May 2024.
Trident holds a gold offtake agreement for the Greenstone project with an annual cap of 58,500 oz, and previously secured a guarantee from Premier Gold Mines Limited (a subsidiary of Equinox) that any shortfall in deliveries for 2024 and 2025 will be compensated at a rate of $23.50/oz. Gold offtakes are similar to a stream in that it entitles Trident the right to purchase the gold at a price below spot, allowing Trident to simultaneously sell the gold at spot and thus clipping a margin which has historically yielded an NSR equivalent of 1.33 percent.
Mimbula Copper Project
The Mimbula Copper project is owned by Moxico Resources. The project comprises a deposit abundant in copper oxides and sulfides, situated in the Zambian Copperbelt on the outskirts of Chingola. Trident owns a 0.3 percent gross revenue royalty (GRR) over all copper produced from the Mimbula Mine.
Phase 1 mining operations, which are expected to produce 10,000 tons of copper cathode per annum, commenced in early 2023. The Phase 2 expansion to 56,000 tons of annual copper production is underway, with Moxico Resources targeting Phase 2 production to commence in mid-2025.
Paradox Lithium Project
The Paradox Lithium project is owned by Anson Resources. It is an advanced lithium development project spanning 167 sq. km. in the Paradox Basin located in southern Utah, USA. Trident owns a 2.5 percent net smelter return (NSR) royalty, applicable to all projects owned by Anson Resources in the Paradox Basin.
In October 2023, Anson reported a 45 percent increase in the mineral resource to a total of 1.05 MT lithium carbonate equivalent, directly benefiting Trident’s royalty.
La Preciosa Silver Project
The La Preciosa Silver project is operated by Avino Silver and Gold Mines. The project is a development-stage property, hosting one of the most significant undeveloped silver resources in Mexico. Trident owns a 1.25 percent NSR royalty over La Preciosa. Moreover, Trident has the right to receive a milestone payment of US$8.75 million from Avino within 12 months of first silver production.
Antler Copper Royalty
The Antler copper project is located in Arizona, USA, and is operated by New World Resources. Trident owns a 0.90 percent NSR royalty on the project. The project is exceptionally high-grade and is located in an attractive mining jurisdiction with high-quality existing infrastructure. Pre-construction work on the project is expected to begin in Q1 2025.
The royalty comprises two buyback provisions, enabling the acceleration of cash flow while ensuring Trident maintains significant ongoing exposure to the project and potential exploration success. Additionally, Trident has a right of first refusal, granting the company the privilege to match any new royalty or streaming transaction until 12 months after the commencement of commercial production at Antler.
Management Team and Board of Directors
The management team has significant experience in private equity, banking, operational and commodity markets.
Adam Davidson – Chief Executive Officer
Adam Davidson has over a decade of experience in the natural resources sector. His most recent role was with Resource Capital Funds (RCF), a prominent mining-focused private equity firm. Before joining RCF, Davidson held positions in metals and mining equity research at BMO Capital Markets and in strategic planning at Orica Mining Services. His extensive background encompasses mining capital markets in various jurisdictions and commodities. He began his career at T. Rowe Price and has also served in the US Marine Corps.
Richard Hughes – Chief Financial Officer
Richard Hughes’ background encompasses diverse mining capital markets and advisory roles across various jurisdictions and commodities. He established an independent consultancy in 2019, offering corporate finance advisory services to mining and royalty finance companies. Before this venture, he served as a senior member of the metals and mining investment banking team at RBC Capital Markets in London from 2010 to 2018. Hughes commenced his career at CIBC, contributing as a member of the global mining group.
Albert Gourley – Non-executive Chairman
Albert Gourley is a managing partner of Faskens law firm and has held directorship positions in numerous mining and mineral exploration companies listed on the TSX, TSX-V and AIM. Notably, he was involved with a company acquired by Franco-Nevada for its gold royalty on the Newmont Ahafo Mine in Ghana. His mining industry experience includes working with the Noranda Group from 1992 to 1995, and he served as the CEO of an AIM-listed industrial mineral producer from 2011 to 2012.
Helen Pein – Non-executive Director
Helen Pein has over 30 years of experience as an economic geologist in the natural resource sector. She currently serves as a director of Pan Iberia (UK) and is a founding member of Panex Resources (Mauritius and SA), a private company dedicated to discovering and developing global mining projects. She was previously a director and shareholder at Pangea Exploration for two decades. As a member of the executive team, she played a pivotal role in the direct discovery and evaluation of several world-class gold and mineral sands deposits across Africa.
Peter Bacchus – Non-executive Director
Peter Bacchus boasts over 25 years of experience as a prominent global M&A adviser. He currently serves as the chairman and chief executive of Bacchus Capital, an independent investment banking boutique specializing in the natural resources sector. He has been involved in large M&A transactions, financed substantial deals, and advised on development projects worldwide. He served as the global head of mining and metals at Morgan Stanley and held senior-level positions at Jefferies and Citigroup. He also sits on the boards of Gold Fields Limited, Kenmare Resources, and Galaxy Resources.
David Reading – Non-executive Director
David Reading has over 40 years of experience in the mining industry, with expertise across all phases of mine development, encompassing exploration, feasibility, financing, construction and operations. He holds an MSc in economic geology and is recognized as a fellow of the Institute of Materials, Minerals, and Mining, as well as a fellow of the Society of Economic Geologists.
Leslie Stephenson – Non-executive Director
Leslie Stephenson has more than 30 years of experience in the financial services sector. She has worked for two major insurance companies in the US. Additionally, she has held positions in banking and undertaken senior roles at HSBC, particularly in the areas of strategic planning and risk management. She holds an MBA from the Richard Ivey School of Business and a BA from Western University.
This article was written in collaboration with Couloir Capital.
Forum Energy: Ambient Noise Tomography Survey Establishes New Drill Targets over 1+ km Extension Along the Tatiggaq Fault Zone, Aberdeen Uranium Project, Nunavut
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") has reviewed initial data processed from its Ambient Noise Tomography (ANT) survey conducted over the Tatiggaq anomaly during the summer of 2023, The survey successfully established new drill targets over a one plus kilometer east-northeast extension along the Tatiggaq fault zone, which hosts the high-grade Tatiggaq uranium discovery at Forum's 100% owned Aberdeen Project in the Thelon Basin, Nunavut. The Aberdeen project comprises 95,500 hectares and is located adjacent to Orano's 133 million pound Kiggavik uranium project* (Figure 1).
Dr. Rebecca Hunter, Forum's VP, Exploration commented, "The ANT survey may be a game-changing geophysical method for targeting unconformity systems in the northeast Thelon Basin. By measuring the velocity change interfaces throughout our anomalies, we can potentially image the faults that host the mineralization and the location of the mineralized bodies themselves. The survey results obtained suggest we will be able to target our drilling with a much higher degree of precision than what could be done in the past. I am very excited to resume on our Aberdeen Project in 2024."
HIGHLIGHTS
- New ANT survey data has potentially imaged the depth and location of the metasedimentary bodies that host the mineralization.
- The steep-dipping ore controlling structures have been imaged by the ANT survey and will help greatly with targeting throughout the anomaly both along strike but also along sub-parallel structures.
- The ANT survey suggests that potential additional mineralized bodies to the east-northeast are at similar depth to the known mineralization to date (
- ANT surveys were also conducted on both the Ned and Bjorn anomalies and are currently being processed with results expected by June.
Tatiggaq Deposit
Forum drilled four holes in 2023 and the first two holes targeted the Tatiggaq Main area. The objective was to drill through to main mineralized zone at a more optimal angle and show that the mineralization is within a series of steep-dipping, high-grade lenses. TAT23-001 was lost and TAT23-002 intersected 2.25% U3O8 over 11.1 from 148.5 to 159.6 m (incl. 3.32% U3O8 over 3.1 m). TAT23-003 and TAT23-004 were drilled along trend to the SW up to 200 m from TAT23-001/-002. These holes were designed to infill and expand known areas of mineralization at Tatiggaq West. TAT23-003 intersected 0.40% U3O8 over 12.8 m from 136.0 to 148.8 m (incl. 1.08% U3O8 over 1.3 m) and TAT23-004 intersected 0.40% U3O8 over 18.9 m from 151.4 to 170.3 m (incl. 1.01% U3O8 over 6.2 m).
Mineralization within the Tatiggaq deposit consists of two zones - the Main and West Zones and is located at depths between 80 and 180 m. The mineralization is hosted in a series of high-grade subparallel, steep, south-dipping fault zones that sit within a 50 m wide area (Figure 2). Individual high-grade mineralized structures are up to 10 m in width. The strike extent of the Main Zone is at least 60 m but is open to the northeast and the West Zone is now 150 m in strike length and is open to the southwest. Further delineation is required between the two zones to determine if they are connected. In addition, the entire 0.7 km wide by 1.5 km long Tatiggaq gravity anomaly remains open for additional uranium mineralization both along strike of the known zones but also along numerous sub-parallel fault zones to the north and south.
Ambient Noise Tomography Survey (ANT)
The ANT survey is a passive seismic technique that detects seismic waves by natural sources like ocean wave action that is then used to image the subsurface.
In 2023, Patterson Geophysics Inc. (PGI) was contracted to deploy and recover a total of 475 seismic 1D Nodular Recording Units (NRUs) over the Tatiggaq (Figure 3), Ned and Bjorn grids. Geophysical Technology Inc. NuSeis NRUN1 autonomous seismic nodal recording units were used for the survey. In total, 475 NRUs were deployed in three (3) grid areas on the Aberdeen Project in July 2023. 344 NRUs were deployed on the Tatiggaq grid at 60 m intervals; 77 NRUs were deployed on the Ned grid at 150 m intervals, and 54 NRUs were deployed on the Bjorn grid at 150 m intervals. The PGI crew returned to the Thelon project to retrieve the NRUs after a recording period of 24-26 days. The data was downloaded from the NRUs using GTI's Portable Data Management system and a GTI-supplied laptop with NuSite, NuSeis, and NuScribe software.
Ongoing data processing is being completed by Ambient Reservoir Monitoring Inc. (ARM) through the direction of Kyle Patterson at Convolutions Geoscience. A preliminary 3D slice of the processed velocity data is shown for the Tatiggaq Grid (Figure 4).
*Source: Areva Resources Canada Inc., The Kiggavik Project, Project Proposal, November 2008 and Kiggavik Popular Summary, April, 2012 submission to the Nunavut Impact Review Board.
Rebecca Hunter, Ph.D., P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Figure 1 The Thelon Basin is a geologic analogue to the Athabasca Basin in Saskatchewan. Orano's uranium deposits are along the same controlling structures as Forum's Tatiggaq deposit and over 20 other targets are present within the project, which could host additional uranium deposits similar to the Athabasca Basin.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/205494_6b28dec534900b7c_003full.jpg
Figure 2 The Tatiggaq Main and West zones are interpreted to be a series of near vertical, uranium- bearing lenses that trend for 1.5 km. The width of the mineralized section is interpreted to be approximately 50 m but its total width is not yet determined. TAT23-002 only intersected two of these lenses that were intersected in near vertical holes by Cameco's previous drilling (for example 0.85% over 13.7m in hole TUR14A). Proposed future drill holes will target mineralization to intersect the true width of the zone and its strike extent.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/205494_6b28dec534900b7c_004full.jpg
Figure 3 Location of Nodular Recording Units deployed at the Tatiggaq Grid.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/205494_6b28dec534900b7c_005full.jpg
Figure 4 ENE-WSW section through the Tatiggaq Grid showing the ANT processed 3D velocity data. Data viewed in Leapfrog Geo. Velocity data highlights steep NW-trending faults and changes in velocity are possible interfaces of different alteration strengths and/or rock units. Interpretation is still preliminary.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/205494_6b28dec534900b7c_006full.jpg
About Forum Energy Metals
Forum Energy Metals Corp.(TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. In addition, Forum holds a diversified energy metal portfolio of copper, nickel, and cobalt projects in Saskatchewan and Idaho.
For further information: https://www.forumenergymetals.com.
This press release contains forward-looking statements. Forward-Looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205494
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Ero Copper to Release First Quarter 2024 Operating and Financial Results on May 7, 2024
Ero Copper Corp. (TSX: ERO, NYSE: ERO) (the "Company") will publish its first quarter 2024 operating and financial results on Tuesday, May 7, 2024 after market close. The Company will host a conference call to discuss the results on Wednesday, May 8, 2024 at 11:30am Eastern time (8:30am Pacific time).
CONFERENCE CALL DETAILS
Date: | Wednesday, May 8, 2024 | ||
Time: | 11:30am Eastern Time (8:30am Pacific Time) | ||
Dial In: | Canada/USA Toll Free: 1-844-763-8274, International: +1-647-484-8814 Please dial in 5-10 minutes prior and ask to join the call | ||
Pre-Register: | Registration link Register using the link above to bypass the live operator queue | ||
Replay: | Canada/USA Toll Free: 1-855-669-9658, International: +1-604-674-8052 | ||
Replay Passcode: | 0848 | ||
ABOUT ERO COPPER CORP
Ero is a high-margin, high-growth, low carbon-intensity copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), 100% owner of the Company's Caraíba Operations (formerly known as the MCSA Mining Complex), which are located in the Curaçá Valley, Bahia State, Brazil and include the Pilar and Vermelhos underground mines and the Surubim open pit mine, and the Tucumã Project (formerly known as Boa Esperança), an IOCG-type copper project located in Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations (formerly known as the NX Gold Mine), comprised of an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Project, can be found on SEDAR+ at www.sedarplus.ca/landingpage/ and on EDGAR (www.sec.gov). The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "ERO".
FOR MORE INFORMATION, PLEASE CONTACT
Courtney Lynn, SVP, Corporate Development, Investor Relations & Sustainability
(604) 335-7504
info@erocopper.com
News Provided by GlobeNewswire via QuoteMedia
Copper Prices Hit 22 Month High as Supply Concerns Mount
Copper prices hit a nearly two year high this week, and according to analystsat investment bank Citigroup (NYSE:C) that's a sign the red metal has entered its second secular bull market of the century.
Over the past two months, copper has surged by more than 15.75 percent, fueled by disruptions at mining operations that have threatened refined copper production in China, a major global supplier.
“The recent disruptions to major mines are starting to ripple through the industry,” said strategist Daniel Hynes of Melbourne's ANZ Bank. “A group of 13 major copper smelters in China is preparing for a possible 10 percent production cut due to a collapse in treatment and refining charges.”
In an article published on Thursday (April 11), Warren Patterson and Ewa Manthey of research firm ING said they believe copper's price move can be attributed to a global supply deficit.
“The main catalyst for copper’s rally is the unexpected tightening in the global mine supply, most notably First Quantum’s (TSX:FM,OTC Pink:FQVLF) mine in Panama, which has removed around 4,000,000 tonnes of the metal from the world’s annual supply," they wrote. The Cobre Panama mine was forced to shut its doors at the end of 2023.
Copper's 2024 price performance.
Chart via the London Metal Exchange.
“In addition, Anglo American (LSE:AAL,OTCQX:AAUKF), said it was cutting output by 200,000 tonnes. And Codelco, the world’s biggest copper producer, is struggling to recover from the lowest output in a quarter of a century,” they added.
Analysts at Bank of America (NYSE:BAC) also believe copper supply is at risk, citing a lack of new mines. The firm recently raised its 2024 price target to US$9,321 per metric ton (MT), up from its previous forecast of US$8,625.
On the demand side, China's economic recovery is adding fuel to the fire. Positive signs like a strong Purchasing Managers' Index and rising exports are raising hopes for a renewed surge in Chinese copper demand.
During the 2000s bull market, copper prices leaped more than fivefold in three years on the back of rapid urbanization and industrialization in the Asian nation. Analysts suggest a similar trend could unfold over the next three years.
Other base metals, including zinc, have also experienced gains amid concerns over Chinese refined output risks.
Exploration challenges threaten future copper supply
Copper supply woes are not a new issue — decades-old problems are behind the growing shortfall.
Declining exploration spending has disproportionately impacted junior mining companies. These companies, which are vital for early stage discovery, witnessed an 8 percent drop in exploration expenditures in 2023.
Junior explorers play a key role in finding new copper deposits, but lack of investment makes it difficult for them to secure funding for the high-risk, high-reward projects needed to identify the next generation of copper mines.
While overall copper exploration funding saw a 12 percent increase last year, the majority of these investments — around US$3.12 billion — went toward existing or near-production assets instead of discovery.
Copper’s positive price fundamentals have prompted analysts to anticipate further increases in the coming months.
As of 9:57 a.m. EDT on Thursday (April 11) copper was trading at US$9,374 on the London Metal Exchange.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Top 5 ASX Copper Stocks of 2024
Copper has hit record highs in recent years, and after setbacks at the start of 2024 its fortune has begun to turn.
Prices rebounded to 14 month highs at the beginning of Q2 on improved global manufacturing data, encouraging economic indicators in China and supply disruptions at key mines. In the longer term, many market watchers see tight supply and higher consumption from sectors like the electric vehicle industry creating a robust outlook for copper.
Against that backdrop, the top ASX copper stocks have put on impressive year-to-date share price performances. The list below outlines the top gainers, and was generated on April 9, 2024, using TradingView’s stock screener; all copper stocks listed had market caps above AU$50 million at that time. Read on to learn more about them.
1. Bougainville Copper (ASX:BOC)
Year-to-date gain: 78.57 percent; market cap: AU$240.64 million; current share price: AU$0.625
Bougainville Copper is working to reopen the past-producing Panguna copper complex, which ceased operations in 1989. Panguna is considered one of the largest copper deposits in the world, and according to the company, its successful restart is viewed as a critical component of future economic independence for Bougainville, which is an autonomous region in Papua New Guinea. The country's government holds a 36.5 percent share in the company.
In early February, after much deliberation, Bougainville Copper was granted a five year extension to its Panguna mining licence, which will open the door for advanced-stage prefeasibility and feasibility exploration activities.
The news sent shares of the company spiking to their best year-to-date close of 2024: AU$0.80 on February 2. That's more than double Bougainville Copper's close of AU$0.35 the previous day.
2. Sandfire Resources (ASX:SFR)
Year-to-date gain: 24.14 percent; market cap: AU$4.09 billion; current share price: AU$9
Sandfire Resources has an extensive portfolio of copper mines across the globe, including the MATSA mining complex in Spain, the DeGrussa copper-gold mine in Western Australia and the Motheo copper mine in Botswana. The company also has multiple development- and exploration-stage projects.
As a producer of the red metal, Sandfire’s share price has benefited from improving copper prices. It started out the year at AU$7.37 and rose throughout much of the quarter to reach a year-to-date high of AU$9.15 on April 4.
DeGrussa was placed on care and maintenance in mid-2023. However, output at MATSA, which the company acquired in February 2022 for US$1.87 billion, and from the newly commissioned Motheo copper mine, are taking the operation's place as major sources of copper production for Sandfire.
Comprised of three underground mines, MATSA operated at a record rate of 4.6 million tonnes per annum in the first half of Sandfire's 2024 fiscal year, which ended on December 31, 2023. Production came to 28,600 tonnes of copper and 42,600 tonnes of zinc for the period. Meanwhile, Motheo’s production during the same period exceeded its nameplate capacity for output of 16,800 tonnes of copper and 396,000 ounces of silver.
3. Xanadu Mines (ASX:XAM)
Year-to-date gain: 22.03 percent; market cap: AU$125.27 million; current share price: AU$0.072
Xanadu Mines is a copper and gold exploration company with several advanced exploration projects in Mongolia. The company’s flagship project is the Kharmagtai copper-gold project, and it's also exploring its Red Mountain porphyry copper-gold project, both of which are in the country's South Gobi region.
In the last quarter of 2023, the company released an upgraded resource estimate for Kharmagtai as part of its work toward completing a prefeasibility study for the project. The new resource estimate stands at 1.3 billion tonnes containing 3.4 million tonnes of copper and 8.5 million ounces of gold, which represents a 15 percent increase in contained copper and a 9 percent increase in contained gold. Xanadu is on track to complete a prefeasibility study and a maiden ore reserve estimate for Kharmagtai by Q3 of this calendar year. On March 25, the company began a 5,000 metre drill program to test five target areas at Red Mountain; it expects to release assay results from that work in June.
Xanadu's share price climbed significantly throughout March, and reached a year-to-date high of AU$0.76 on April 9.
4. Caravel Minerals (ASX:CVV)
Year-to-date gain: 16.67 percent; market cap: AU$110.1 million; current share price: AU$0.21
Caravel Minerals is developing its namesake Caravel copper porphyry project in Western Australia, which it claims is “Australia’s largest undeveloped copper deposit and the fourth-largest copper discovery worldwide in the last decade.”
Caravel recently updated the mineral resource estimate for the project to 3.03 million tonnes of contained copper and an ore reserve of 1.4 million tonnes. The company is working toward completing a feasibility study by the end of this year. In its quarterly report for the period ended December 31, 2023, management states that the “project development timeline remains favourably in line with the forecast copper market supply deficit from 2026-2027.”
Higher copper prices at the start of Q2 boosted Caravel's share price to a year-to-date high of AU$0.21 on April 9.
5. AIC Mines (ASX:A1M)
Year-to-date gain: 6.67 percent; market cap: AU$173.43 million; current share price: AU$0.40
AIC Mines owns the high-grade Eloise copper mine in North Queensland, as well as a portfolio of exploration-stage copper-gold projects in Australia. Eloise started production in 1996, and the company is looking to expand the life of the operation through the development of the nearby Jericho deposit.
In Q3 2023, AIC Mines reported record production of 3,402 tonnes of copper and 1,820 ounces of gold in concentrate, which it followed with record production of 3,759 tonnes of copper and 1,890 ounces of gold in concentrate for Q4.
Positive newsflow and improving copper prices lifted AIC Mines’ share price by 6.67 percent from the start of the year to AU$0.40 on April 9. In late March, the company posted a new ore reserve estimate for Jericho, followed shortly by an announcement that drilling has begun at the recently discovered Swagman prospect, located between Eloise and Jericho.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
Far Northern Resources Limited (ASX: FNR) – Admission and Quotation
Description
Far Northern Resources Limited (‘FNR’) was admitted to the Official List of ASX on Wednesday, 10 April 2024. The securities of FNR will commence quotation at 11:00 AEST on Friday, 12 April 2024.
FNR raised $4,165,000 pursuant to the offer under its prospectus dated 24 July 2023, as supplemented by the supplementary prospectus dated 19 October 2023 and the second supplementary prospectus dated 19 January 2024, by the issue of 20,825,000 shares at an issue price of $0.20 per share.
Quotation information
What do I need to do and by when?
For further information, please refer to FNR’s prospectus, as supplemented by the supplementary prospectus and the second supplementary prospectus.
For further information, please call Automic Pty Ltd on 1300 288 664 within Australia and +61 (2) 9698 5414 from outside Australia.
Please refer to the following disclaimer.
ASX Compliance
Click here for the full ASX Release
This article includes content from Far Northern Resources, 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.
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