
- NORTH AMERICA EDITIONAustraliaNorth AmericaWorld
August 31, 2025
Sign up to get your FREE
Aurum Resources Investor Kit
and hear about exciting investment opportunities.
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
The Conversation (0)
04 September
Aurum Resources
Investor Insights
Aurum Resources offers a compelling value proposition through its highly prospective gold assets in Côte d'Ivoire, a fast-emerging gold region in West Africa. Its cost-effective exploration strategy of drill rig ownership also distinguishes it from its peers.
Overview
Aurum Resources (ASX:AUE) is a mineral exploration company primarily focused on gold through its Boundiali and Napié gold projects in Côte d’Ivoire, West Africa.
Côte d'Ivoire's gold mining sector is experiencing significant growth and development, with several key projects contributing to the country's economic expansion. The overall gold mining sector in Côte d'Ivoire is supported by substantial investments in infrastructure and exploration.
Geopolitically, Côte d'Ivoire outperforms most developing countries in the world in political, legal, tax and operational risk metrics. Additionally, Côte d'Ivoire continues to make notable strides in its political stability and Absence of Violence and Terrorism Index.
Boundiali Gold Project – BD Target 1 Artisanal Working
In March 2025, Aurum completed the acquisition of 100 percent of Mako Gold, bringing together its strong balance sheet and industry-leading drilling efficiencies to accelerate resource growth across northern Côte d’Ivoire. The company now holds a 90 percent interest in the highly prospective Napié Project, a 224 sq km land package with a 30 km strike near Korhogo.
Aurum has delivered a major milestone in 2025 with a +50 percent increase in the JORC Mineral Resource Estimate at its Boundiali Gold Project in Côte d’Ivoire, adding 820koz for a total of 2.41Moz. This lifts the company’s group resources to 3.28Moz, including Napié, highlighting the scale and growth potential of Aurum’s portfolio.
Supported by a seasoned board and management team with deep gold sector expertise—and strengthened by its recent capital raising—Aurum is well-funded to expand resources and advance development plans that drive long-term shareholder value.
Company Highlights
- 3.28Moz and Growing in Côte d’Ivoire: Two cornerstone gold projects — Boundiali (2.41Moz) and Napié (0.87Moz) — positioned for rapid growth with multiple resource updates and development milestones in 2025–2026.
- Outstanding Metallurgy = Simple, Profitable Processing: Boundiali delivers free milling ore with 95 percent recoveries and a straightforward flowsheet, while Napié achieves +94 percent recoveries in tests, showcasing strong economics and low technical risk.
- Aggressive, Cost-Effective Growth Strategy: In-house drill fleet drives efficiency and scale: 100,000m at Boundiali and 30,000m at Napié planned in 2025.
- Premier Mining Jurisdiction: Located in Côte d’Ivoire’s prolific Birimian Greenstone Belt, backed by a stable, supportive government and excellent infrastructure—creating the right conditions for mine development success.
- Strategic Placement: Aurum has completed a AU$35.6 million private placement of 100 million shares at AU$0.356 per share. Key participants in the placement included:
- Lundin Family and Associates, with an AU$11.71 million cash investment, securing a 9.9 percent post-placement interest.
- Zhaojin Capital (subsidiary of Zhaojin Mining), with an AU$8.19 million cash investment, increasing its holding to 8.5 percent.
- Montage Gold with 2.9 million shares, resulting in a 9.9 percent post-placement interest.
- Leadership with a Proven Track Record: A seasoned management team with a history of value creation, supported by committed shareholders who back the company’s long-term growth vision.
Key Projects
Boundali Gold Project
The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).
The Boundiali project area covers the underexplored southern extension of the Boundiali belt, where a highly deformed synclinal greenstone horizon traverses finer-grained basin sediments, and to the west, Tarkwaian clastic rocks lie in contact with a granitic margin. The project benefits from year-round road access and excellent infrastructure.
The first stage of drilling at Boundiali occurred from late October 2023 to end of November 2024 for both the BM and BD tenements (BM1 and BM2; BD1, BD2 and BD3 targets) and was designed to test below-gold-in-soil anomalies oriented along NE trending structures, define new gold prospects and define maiden JORC resources. With over 63,000m diamond holes drilled during this period, Maiden JORC gold resources estimate was delivered in late December 2024.
Drilling costs are estimated at US$45 per metre, as Aurum owns all of its eight drilling rigs and employs its operators, representing a significant value proposition relative to peers who use commercial drilling companies that charge upwards of $200 per meter. The company believes there is potential for multi-million ounce gold resources to be defined with hundreds thousands meters of drilling over years within the Boundiali Gold Project’s land holding areas.
The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 percent and earning to 88 percent interest), PR414 (100 percent interest), and PR283 (earning to 70 percent interest). Historic exploration at PR0893 includes 93 AC drill holes and four RC holes. Airborne geophysical surveying, geological mapping and extensive soil sampling have also been performed at PR0893, while PR0808 has had 91 RC holes drilled for 6,229 metres along with geochemical analysis and modeling. Detailed geochemical sampling and drilling at PR414 revealed three strong gold anomalies and returned impressive high-grade results.
In May 2024, Aurum entered a strategic partnership agreement to earn up to a 70 percent interest in exploration tenement PR283, to be renamed Boundiali North (BN). Aurum, through subsidiary Plusor Global Pty Ltd, has partnered with Ivorian company Geb & Nut Resources Sarl and related party (GNRR) to explore and develop the Boundiali North (BN) tenement which covers 208.87sq km immediately north of Aurum’s BD tenement. Further to this agreement,
Aurum announced it has earned 80 percent project interest after completing more than 20,000 m of diamond core drilling.
Boundiali Project JORC Mineral Resource Estimate
Aurum has announced a maiden independent JORC mineral resource estimate of 1.59 Moz gold for its 1,037 sq. km. The Boundiali Gold Project comprises the BST, BDT1 & BDT2, BMT1 and BMT3 deposits. Drilling is ongoing on these deposits, and Aurum has identified other prospects at Boundiali which have yet to be drilled. Since October 2023, the company has completed an extensive 63,927-metre diamond drilling program. This aggressive exploration campaign has rapidly defined a significant gold resource of 50.9 Mt @ 1.0 g/t gold for 1.6 million ounces.
In August 2025, Aurum announced a 50 percent increase in the JORC Mineral Resource Estimate (MRE). The update adds 820koz, lifting Boundiali’s resource to 2.41Moz and boosting total group resources to 3.28Moz, including Napié. The 2025 MRE covers six deposits, including BST1, BDT1, BDT2, BDT3, BMT1, and BMT3, with drilling ongoing and additional untested targets offering strong growth potential.
Aurum is working towards completing an open pit PFS for the Boundiali Gold Project by the end of 2025. This will provide an evaluation of the project's economics and technical feasibility.
Napié Gold Project
Aurum holds a 90 percent interest in the Napié Project in north-central Côte d’Ivoire, acquired through its takeover of Mako Gold. Located approximately 30 km southeast of Korhogo, the project covers a 224 sq km land package with a 30 km strike length along the highly prospective Napié Shear Zone.
As of June 2022, Napié hosts a JORC 2012 Mineral Resource Estimate of 868,000 ounces of gold (22.5 Mt at 1.20 g/t Au), based on the Tchaga and Gogbala deposits—two of four known prospects along the shear. To date, only 13 percent of the Napié Shear has been explored, leaving substantial potential for further discoveries.
Napié Project – Previous results with detailed mapping area on Komboro Prospect shown in black rectangle
Project Highlights:
- Gold Resource: Shallow open pit 0.87Moz JORC Resource at 1.20g/t Au, with mineralisation open along strike and at depth. Maximum resource depth between 160 m – 195m across the two deposits
- Exploration Upside: Less than 13 percent of the 30 km Napié Shear has been explored, offering significant potential for resource growth.
- Drilling Commenced in June 2025: 30,000 m of diamond drilling has commenced to expand the project's resource.
- Preliminary Recovery Test Work: Returned more than 94 percent average gold recoveries.
- Resource Growth Target: First MRE update planned end of 2025, to significantly expand the resource base.
- Infrastructure: Excellent access to hydroelectricity, roads, and water, supporting future development.
Management Team
Troy Flannery – Non-executive Chairman
Troy Flannery has more than 25 years’ experience in the mining industry, including nine years in corporate and 17 years in senior mining engineering and project development roles. He has a degree in mining engineering, masters in finance, and first-class mine managers certificate of competency. Flannery has performed non-executive director roles with numerous ASX listed companies and was the CEO of Abra Mining until October 2021. He has worked at numerous mining companies, mining consultancy and contractors, including BHP, Newcrest, Xstrata, St Barbara Mines and AMC Consultants.
Dr. Caigen Wang – Managing Director
Dr. Caigen Wang founded Tietto Minerals (ASX:TIE), where he led the company as managing director for 13 years through private exploration, ASX listing, gold resource definition, project study and mine building to become one of Africa’s newest gold producers at its Abujar gold mine in Côte d’Ivoire. He holds a bachelor, masters and PhD in mining engineering. He is a fellow of AusIMM and a chartered professional engineer of Institution of Engineer, Australia. Wang has 13 years of mining academic experience in China University of Mining and Technology, Western Australia School of Mine and University of Alberta, and over 20 years of practical experience in mining engineering and mineral exploration in Australia, China and Africa. Other professional experience includes senior technical and management roles in mining houses, including St. Barbara, Sons of Gwalia, BHP Billiton, China Goldmines PLC and others.
Mark Strizek – Executive Director
Mark Strizek has nearly 30 years’ experience in the resource industry, having worked as a geologist on various gold, base metal and technology metal projects. He brings invaluable geological, technical and development expertise to Aurum, most recently as an executive director at Tietto Minerals’, which progressed from an IPO to gold production at the Abujar gold project in West Africa. Strizek has worked as an executive with management and board responsibilities in exploration, feasibility, finance, and development-ready assets across Australia, West Africa, Asia, and Europe.
Steve Zaninovich - Non-Executive Director
Ateve Zaninovich is a qualified engineer with over 25 years of experience in mining project development, business development, maintenance, and operational readiness, with a focus on gold, base metals, and lithium. He is currently director of operations at Kodal Minerals, where he is responsible for advancing the Bougouni Lithium Project. His previous roles include project director at Lycopodium Minerals for the Akyem Gold Project in Ghana and chief operating officer at Gryphon Minerals. Following Gryphon’s acquisition by Teranga Gold Corporation, he became vice-president of major projects and a member of Teranga’s executive management team.
Keep reading...Show less
Game-changing gold exploration at prolific Côte d’Ivoire, West Africa.
10 September
Aurum hits 17m @ 9.38 g/t gold from 236m at Napie
04 August
Boundiali JORC Resource Grows over 50% to 2.41Moz gold
29 July
Encouraging Drilling Results at BD & BST
24 July
Aurum hits 1.43m at 234.35 g/t gold from 107m at BMT3
22 July
Quarterly Activities/Appendix 5B Cash Flow Report
2h
Binding Agreement Signed with HAS
Metal Bank Limited (ASX:MBK) (‘MBK’ or ‘the Company’) is pleased to advise that following completion of due diligence by both parties, a binding Sale and Purchase Agreement (SPA) has now been signed with Hastings Technology Metals Ltd (ASX:HAS) (HAS) for the acquisition of the gold assets of HAS, (subject to conditions precedent including shareholder approvals) (Proposed Acquisition).
- MBK and HAS have signed a binding agreement for the acquisition of the HAS Gold Assets
- Drilling has commenced at the Seven Leaders prospect at the Whiteheads Project
- Drilling is focused around the Seven Leaders Project and will include geotechnical drilling for use in pit design
- Livingstone Scoping Study is progressing
As consideration for the Proposed Acquisition, MBK will issue to HAS MBK Shares (Consideration Shares) at Completion for a total value of $2,300,000, at a share price of $0.014373, being the 10 day VWAP at the date of signing the term sheet. The consideration comprises $2,000,000 for the HAS Gold Assets plus $300,000 for the cash balance to be held by GWG at Completion.
Under the Proposed Acquisition MBK is to acquire the following HAS Gold Assets*:
- Great Western Gold Pty Ltd (GWG), the holder of a 75% interest in the Whiteheads Gold Project JV tenements and other tenements 100% held by GWG, covering ~380sqkm located approximately 80km NE of Kalgoorlie (Whiteheads Project);
- Ark Gold Pty Ltd (Ark), the holder of the Ark gold project, comprising two exploration licences located approx. 40km southeast of HAS’ Yangibana Project 250 km northeast of Carnarvon in Western Australia (Ark Project); and
- The Darcy’s gold project comprising 3 exploration licenses covering an area of ~ 100 sq kms situated adjacent to HAS’ Brockman Niobium and Heavy Rare Earths Project in the East Kimberley region of Western Australia (Darcy Project).
*The Proposed Acquisition is subject to conditions precedent, including shareholder approval under Listing Rule 7.1 for MBK’s issue of the Consideration Shares and HAS shareholder approval for the in-specie distribution of the Consideration Shares to its shareholders. MBK has obtained ASX confirmation that Listing Rules 11.1.2 and 11.1.3 do not apply to the Proposed Acquisition, satisfying one of the conditions precedent.
Click here for the full ASX Release
This article includes content from Metal Bank Limited, 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.
Keep reading...Show less
3h
Aurum hits 1m @ 152.35 g/t gold from 96m at Boundiali Gold Project, Côte d’Ivoire
Aurum Resources (ASX: AUE, “Aurum” or “the Company”) is pleased to announce exceptional high-grade gold results from its ongoing 100,000m infill drilling program at the 2.41Moz Boundiali Gold Project1 in Côte d'Ivoire. The drilling was designed to upgrade the Mineral Resource confidence at Boundiali’s BMT3 and BDT2 deposits and has successfully confirmed high-grade, continuous gold mineralisation.
Encouraging new drill intercepts include2:
- BMT3 Deposit:
- 1m @ 152.35 g/t Au from 96m (MBDD260)
- 21m @ 4.06 g/t Au from 128m, incl. 1.40m @ 53.22 g/t Au (MBDD250)
- 5m @ 10.80 g/t Au from 82m, incl. 4m @ 13.45 g/t Au (MBDD255)
- 6.65m @ 6.23 g/t Au from 52m (MBDD238)
- 9.30m @ 4.44 g/t Au from 75m, incl. 4.30m @ 9.10 g/t Au (MBDD232).
- BDT2 Deposit:
- 10.50m @ 2.39 g/t Au from 43.50m, incl. 1m @ 22.81 g/t Au (DSDD0254)
- 0.90m @ 22.03 g/t Au from 126m (DSDD0252).
Project Growth & Development:
- Mineralisation remains open: Gold mineralisation at both deposits remains open along strike and at depth, indicating significant potential for resource growth.
- Drilling fleet expanded: Two new rigs have been added, expanding Aurum’s owned fleet to 12. This expansion will accelerate the program, targeting more than 130,000m of drilling in CY2025.
- Major Resource updates pending: Two major MRE updates (Boundiali and Napié) are scheduled for early Q1 CY2026, aimed at growing the Company’s current 3.28Moz resource base.
- Boundiali PFS commenced: A Boundiali Project Pre-Feasibility Study is underway, due in Q1 CY2026.
- Well-funded for growth: Aurum maintains a strong balance sheet with $40M cash (inclusive of Montage shares, unaudited) 3 to fully fund its exploration and development programs.
Aurum’s Managing Director Dr. Caigen Wang said: “These spectacular results highlight the immense potential of our Côte d’Ivoire portfolio. The bonanza hit of 1m @ 152.35 g/t gold from 96m at Boundiali confirms the system at BDT3 hosts high-grade shoots, with this intercept being drilled up-dip from 1.43m at 234.35 g/t gold from 107m4.
Crucially, this success is not isolated to our Boundiali gold project. At our Napié Project, recent drilling has also returned a fantastic result of 17m @ 9.38 g/t gold5from 236m, significantly extending mineralisation at depth. This demonstrates our ability to deliver potential high-grade ounces across multiple assets.
Our unique advantage is our owned and operated fleet of 12 drill rigs, which allows us to aggressively and cost-effectively test these systems. With a strong cash balance of $40 million, a clear development pathway with the Boundiali PFS underway, and major resource updates pending, we are in an excellent position to deliver substantial shareholder value through 2025 and into 2026."
Click here for the full ASX Release
This article includes content from Aurum Resources Limited, 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.
Keep reading...Show less
12h
Sarama Resources
Investor Insight
Sarama Resources offers a compelling investment opportunity driven by a +US$120 million fully-funded arbitration claim and two belt-scale gold projects encompassing 1,000 sq km of the Cosmo-Newbery and Jutson Rocks Greenstone Belts in Western Australia’s highly prolific Laverton Gold District, which lies within the wider world-renowned Eastern Goldfields region.
Overview
Sarama Resources Ltd (ASX:SRR,TSXV:SWA) is an Australian-based gold exploration and development company with a dual value proposition: significant exploration upside in the world class Eastern Goldfields of Western Australia and a fully funded international arbitration claim against the Government of Burkina Faso.
The company controls two belt-scale projects in the prolific Laverton Gold District, together covering ~1,000km² and more than 100km of strike in highly prospective but historically underexplored terrain. The flagship Cosmo Gold Project (580 sq km) dominates the Cosmo-Newbery Greenstone Belt, while the Mt Venn Project (420 sq km) covers the Jutson Rocks Belt just 40km away. Both lie near world-class deposits including Gruyere (+8Moz) and Garden Well (2.5Moz), benefit from excellent road access and nearby mills, and will see maiden drilling commence in Q4 CY25.
In parallel, Sarama is pursuing an arbitration claim seeking no less than US$120 million in damages relating to the unlawful withdrawal of its Tankoro Deposit in Burkina Faso. The claim is fully financed through a non-recourse facility with Locke Capital and is being prosecuted by leading law firm Boies Schiller Flexner, which has secured major recent awards for peers including Indiana Resources (US$120M) and GreenX Metals (AU$490M).
Sarama’s experienced board and management team have a proven discovery track record, including the +20Moz Kibali Mine (DRC) and the +3Moz Sanutura Project (Burkina Faso).
Company Highlights
Dual Value Drivers
- Exploration Upside – Two underexplored, belt-scale gold projects in Western Australia’s prolific Laverton Gold District, together spanning ~1,000 sq km with >100km of prospective strike.
- Arbitration Claim – Fully funded, >US$120M arbitration claim against the Government of Burkina Faso, potentially worth multiples of Sarama’s current market capitalisation.
Exploration Opportunity
- Cosmo & Mt Venn Projects – The flagship Cosmo Project covers 580 sq km of the underexplored Cosmo-Newbery Greenstone Belt. Complementing this, Sarama holds an 80% interest in the Mt Venn Project (420 sq km), located only 40km from Cosmo and close to Gruyere (+8Moz), Garden Well (2.5Moz) and Golden Highway (1Moz).
- Favourable Setting – Situated in highly prospective greenstone belts with excellent road access and several underutilised nearby mills, significantly lowering development hurdles.
- Untapped Potential – Historical land access restrictions meant limited prior exploration; current programs are designed to unlock this potential.
- Pipeline of Work – First drilling and follow-up exploration programs scheduled for Q4 CY25.
Arbitration Claim
- Large-Scale Claim – Seeking damages of no less than US$120M relating to the illegal withdrawal of rights to the multi-million-ounce Tankoro Deposit.
- Fully Funded – Backed by a non-recourse funding facility covering all legal costs.
- Top Legal Team – Boies Schiller Flexner appointed (100 percent win rate in recent Investor-State cases), with proceedings underway at ICSID under bilateral treaty protections.
- Proven Precedent – Comparable claims prosecuted by the same team have delivered major settlements, including US$120M (Indiana Resources) and AU$490M (GreenX Metals).
Team Track Record
- Led by a seasoned group with over 30 years’ experience each, credited with major gold discoveries including the +20Moz Kibali Mine (DRC) and the 3Moz Tankoro Deposit (Burkina Faso).
Key Projects
Cosmo Gold Project
The Cosmo Gold Project is Sarama’s flagship exploration asset, covering 580km² of the Cosmo-Newbery Greenstone Belt in Western Australia’s Laverton Gold District. Located ~95km from Laverton and accessible by predominantly paved roads, the project enjoys excellent infrastructure, with Kalgoorlie just four hours away. Cosmo is underlain by prospective Archaean volcanics with localised intrusions and shallow cover, yet has seen minimal modern exploration due to historic access restrictions. A major regional shear zone, interpreted to extend for more than 50km across the project, provides a strong structural framework for gold deposition.
Gold was first discovered at Cosmo in the early 1900s, with multiple shafts and workings mapped and high-grade ore historically mined and transported to a stamp mill in Laverton. Early miners selectively targeted narrow quartz veins, which are unlikely to represent the main system but instead may point to a much larger, concealed mineralised system.
Recent work by Sarama, including a soil geochemistry program completed in early 2025, has defined multiple kilometre-scale gold anomalies totaling 45km in strike and up to 1.8km in width. These anomalies confirm the presence of a large, coherent gold system and have outlined several high-priority drill targets. With historical evidence of mineralisation, favourable structural geology, and strong regional prospectivity, Cosmo presents a compelling opportunity for a major new discovery. Sarama plans to commence a maiden drilling program in late 2025.
Mt Venn Gold Project
The Mt Venn Project is a newly acquired, belt-scale opportunity located in the Laverton Gold District of Western Australia. Operated under a joint venture where Sarama holds an 80 percent interest (Cazaly Resources 20 percent), Sarama acts as operator and manager. The project spans 420 sq km and captures the majority of the underexplored Jutson Rocks Greenstone Belt across ~50km of strike length. A regionally extensive shear zone, 1–3km wide, runs the full length of the belt with subordinate splays in the south, creating a favourable structural framework for gold deposition.
Gold mineralisation was first identified in the 1920s, and subsequent exploration has defined a 35km x 4km gold corridor hosting multiple occurrences and kilometre-scale soil anomalies. Historic drilling at the Three Bears prospect intersected broad zones of mineralisation that remain open along strike and at depth. Importantly, the project also demonstrates polymetallic potential with copper, nickel, zinc and platinum group elements, a trait often associated with larger, more significant systems.
Strategically located ~40km from Sarama’s flagship Cosmo Project, Mt Venn lies close to major deposits, including the +8Moz Gruyere mine and the 1Moz Golden Highway deposit. Together, Cosmo and Mt Venn provide Sarama with control over highly prospective and complementary ground, with Cosmo already hosting ~45km of gold-anomalous trends and Mt Venn offering proven mineralisation, early drilling success, and strong polymetallic prospectivity. With compelling targets identified across both projects, Sarama sees considerable exploration upside and intends to unlock this value through systematic, focused exploration programs.
Management Team
Andrew Dinning – Executive Chairman
Andrew Dinning is a founder and the executive chairman of Sarama Resources. Dinning has over 35 years of experience in the international mining arena and has worked in Australia, the Democratic Republic of Congo, West Africa, the UK and Russia. He has extensive mine management, operations and capital markets experience and has spent most of his career in the gold sector.
Dinning was a director and president of Moto Goldmines in the Democratic Republic of Congo from 2005 to 2009. He oversaw the development of the company's Moto gold project (Kibali Gold) from two million to more than 22 million ounces of gold. Dinning took the project from exploration to pre-development. The Moto gold project was later taken over by Randgold Resources and AngloGold Ashanti for $600 million in October 2009.
John (Jack) Hamilton - Vice-president of Exploration
Jack Hamilton is a founder and the vice-president of exploration at Sarama Resources. Hamilton has 35 years of experience as a professional geologist. Hamilton has worked around the world for international resource companies. Before Sarama, he was the exploration manager for Moto Goldmines. At Moto Goldmines, he led the team that discovered the main deposits and resource at the world-class Moto gold project (now Kibali Gold) which has a resource of more than 22 million ounces. Hamilton specializes in precious metal exploration in Birimian, Archean and Proterozoic greenstone belts. He has worked and consulted in West, Central and East Africa for the past 30 years with various companies, including Barrick Gold, Echo Bay Mines, Etruscan Resources, Anglo American, Geo Services International and Moto Goldmines. Whilst at Moto Goldmines, he led the exploration team that took the Moto gold deposit from discovery to bankable feasibility. The Moto gold deposit was later sold to Randgold Resources and AngloGold Ashanti in October 2009.
Paul Schmiede - Vice-president of Corporate Development
Paul Schmiede is a major shareholder and the vice-president of corporate development at Sarama Resources. He is a mining engineer with over 30 years of experience in mining and exploration. Before joining Sarama Resources in 2010, Schmiede was vice-president of operations and project development at Moto Goldmines. At Moto Goldmines, he managed the pre-feasibility, bankable and definitive feasibility study for the more than 22 million-ounce Moto gold project (now Kibali Gold). Whilst at Moto Goldmines, he also managed the in-country environment, community studies and pre-construction activities. Before joining Moto Goldmines, he held senior operational and management positions with Goldfields and WMC Resources.
Lui Evangelista - Chief Financial Officer
Lui Evangelista is Sarama's chief financial officer with 35 years of experience in accounting, finance and corporate governance with public companies. He has more than 20 years of experience in the mining industry - 10 years of which have been at the operational and corporate level with companies operating in Francophone Africa. Evangelista was a group financial controller and acting CFO at Anvil Mining which operated three mines in the DRC. He was an integral part of the senior management team that saw Anvil's market capitalization grow from C$100 million in 2005 to C$1.3 billion upon takeover by Minmetals in 2012.
Simon Jackson - Non-executive Director
Simon Jackson is a founder, shareholder and non-executive chairman of Sarama Resources. Jackson is a Chartered Accountant with over 30 years of experience in the mining sector. He is the Chairman of Predictive Discovery and non-executive director of African gold producer Resolute Mining. He has previously held senior management positions at Red Back Mining, Orca Gold and Beadell Resources.
Adrian Byass - Non-executive Director
Adrian Byass has more than 30 years of experience in the mining industry. He has focused his career on the economic development of mineral resources. He is skilled in economic and resource geology. Byass has experience ranging from production in gold and nickel mines to the evaluation and development of mining projects with listed and unlisted entities in multiple countries. He has also held executive and non-executive board roles on both ASX and AIM-listed companies. Byass has played key roles in a range of exploration and mining projects in Australia, Africa, North America and Europe, covering a suite of commodities including gold, base and specialty metals.
Michael Bohm - Non-executive Director
Michael Bohm is a seasoned director and mining engineer in the resources industry. His career spans roles as a mining engineer, mine manager, study manager, project manager, project director, and managing director. He has been directly involved in the development of multiple mines in the gold, nickel, and diamond industries, and made significant contributions to Ramelius Resources during its formative years. This experience is particularly important as Sarama is currently in the process of rebuilding its operations in the Eastern Goldfields region of Western Australia. He is a current director of ASX-listed Riedel Resources and has previously been a director of ASX-listed Perseus Mining, Ramelius Resources, Mincor Resources NL and Cygnus Metals.
Keep reading...Show less
12h
Falco Resources
Investor Insight
Falco Resources presents a compelling investment opportunity with its high-margin Horne 5 gold project, strong partnerships, and advancing path to construction in Quebec’s prolific Rouyn-Noranda mining camp.
Overview
Falco Resources (TSXV:FPC) is a Canadian company focused on developing gold and base metal projects in the Rouyn-Noranda region of Quebec. Rouyn-Noranda is an established mining camp with a long history of exploration and development. The Noranda mining camp has historically produced 19 million ounces (Moz) of gold and 2.9 billion pounds (Blbs) of copper, and yet it is still under-explored for gold.
Falco’s principal property, Horne 5 project, holds 67,000 acres or nearly 67 percent of the total area of the entire mining camp and is located under the former Horne mine which produced 11.6 Moz of gold and 2.5 Blbs of copper. The 2021 feasibility study on the Horne 5 project suggests strong project economics with a total mine life of 15 years, after-tax NPV at 5 percent of US$761 million, and a payback period of 4.8 years, assuming gold prices at $1,600/oz. At the current gold prices of over $2,500/oz, the project economics will be even better.
In 2024, significant milestones for the company include the operating lease and indemnity agreement (OLIA) with Glencore (LON:GLEN) and the Horne 5 project’s environmental impact assessment (EIA) admissibility. Falco Resources' operating license and indemnity agreement (OLIA) with Glencore Canada will enable Falco to utilize a portion of Glencore's lands. The agreement entails establishing a technical committee comprising two representatives from Glencore and two from Falco, tasked with safeguarding the uninterrupted operations of Glencore’s Horne copper smelter. Additionally, a parallel strategic committee will be formed. Glencore canl nominate one representative to join Falco's board of directors.
The successful completion of the OLIA, coupled with life-of-mine copper-zinc concentrate offtake agreements with Glencore, positions Falco to advance its Horne 5 project towards construction. The company is currently advancing with the permitting process for the project.
Falco is continuing with the next steps related to obtaining government permits and financing for its Horne 5 project after the report filed by the Bureau d'audiences publiques sur l'environnement (BAPE). The BAPE examined the Falco Horne 5 mining project from a sustainable development perspective, requesting additional studies and analyses. More than 90 percent of the commission's opinions related to the project have already been considered, planned or initiated.
Company Highlights
- Falco Resources is a Canadian explorer of base and precious metals focused on developing its mineral properties in the Rouyn-Noranda region in Quebec, Canada.
- The company holds 67,000 acres of mining claims in the Rouyn-Noranda mining camp, accounting for nearly 67 percent of the entire mining camp.
- Rouyn-Noranda has a long history of mining and exploration. The area has established infrastructure and has been host to 50 former producers, including 20 base metal mines and 30 gold mines.
- Falco’s principal asset is the Horne 5 project which is a gold project with significant base metal by-products. It is located under the former Horne Mine which produced 11.6 Moz of gold and 2.5 billion pounds of copper from 1926 to 1976.
- The Horne 5 is a world-class deposit containing 7.6 Moz gold equivalent in measured and indicated resources and 1.7 Moz gold equivalent in inferred resources, making it a top 5 gold development project in Canada by resource size.
- The Horne 5 project represents a robust, high-margin, 15-year underground mining project with attractive economics. The 2021 feasibility study indicates after-tax NPV at 5 percent of US$761 million and after-tax IRR of 18.9 percent.
- The operating lease and indemnity agreement (OLIA) with Glencore coupled with EIA admissibility receipt from the government body positions Falco to advance its Horne 5 project towards construction.
Key Project
Horne 5 Project
The Horne 5 project is a world-class deposit located beneath the former Horne mine in the Rouyn -Noranda mining camp. Horne mine was operated by Noranda from 1926 to 1976 and produced 11.6 Moz of gold and 2.5 Blbs of copper. The Rouyn-Noranda mining camp has a rich exploration history having produced 19 Moz of gold and 2.9 Blbs of copper. The camp has hosted 50 producers including 20 base metal mines and 30 gold mines.
The Horne 5 is a world-class deposit containing 6.1 Moz gold equivalent in proven and probable reserves, 7.6 Moz gold equivalent in measured and indicated resources, and 1.7 Moz gold equivalent in inferred resources making it a top 5 gold development project in Canada by resource size.
The project boasts strong partners including Osisko Development, Osisko Gold Royalties, Glencore, and the Quebec Government. Osisko Development is a major shareholder in Falco Resources with a 16 percent stake, and the Quebec Government holds close to 7.5 percent stake in Falco.
Aside from gold, Horne 5 has significant base metal by-products. As per the feasibility study, precious metals (gold + silver) account for 75.6 percent of the mining revenue, while base metals (copper and zinc), account for 24.3 percent of the total mine revenue.
The 2021 updated feasibility study on the Horne 5 project indicates robust project economics. The feasibility study shows the project would generate an after-tax NPV at 5 percent of US$761 million and an after-tax IRR of 18.9 percent over the 15-year mine life. The production profile would average annual production of 220,300 oz gold over the life of the mine. Further, the study suggests significant copper and zinc by-product credits from the copper and zinc production, as well as the highly automated modern operations resulting in a low projected all-in sustaining cost (AISC) of $587/oz. Horne 5’s AISC is among the first quartile of global low-cost operations.
Recent news flows including the OLIA with Glencore and the Horne 5 project’s EIA admissibility are significant milestones in the advancement of the project towards development.
Falco Resources’ OLIA with Glencore Canada enables Falco to utilize a portion of Glencore's lands. The agreement entails establishing a technical committee comprising two representatives from Glencore and two from Falco, tasked with safeguarding the uninterrupted operations of Glencore’s Horne copper smelter. Additionally, a parallel strategic committee will be formed. Glencore can nominate one representative to join Falco's board of directors.
The successful completion of OLIA coupled with life-of-mine copper-zinc concentrate offtake agreements with Glencore positions Falco to advance its Horne 5 project towards development. Further, the receipt of confirmation of the admissibility of its EIA for the Horne 5 project from the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks is a significant milestone. It provides a path forward for the development of the project.
Management Team
Luc Lessard – President, Chief Executive Officer and Director
Luc Lessard brings over 30 years of experience in the design, construction, and operation of mines. Before joining Falco, he held senior executive positions at Osisko Gold Royalties, Canadian Malartic GP (a joint venture of Agnico Eagle Mines and Yamana Gold), and Osisko Mining Corporation. At Osisko Mining Corporation, he oversaw the design, construction, and commissioning of the Canadian Malartic gold mine. Lessard has been involved in numerous surface and underground mining projects throughout his career. Lessard holds a bachelor’s degree in mining engineering from Laval University.
Anthony Glavac – Chief Financial Officer
Anthony Glavac has 25 years of experience in financial reporting, including over 15 years in the mining industry. Before joining Falco, he served as the director of financial reporting and internal controls at Dynacor Gold Mines and as the interim chief financial officer at Alderon Iron Ore. Glavac was previously the senior manager at KPMG, where he worked with a diverse portfolio of public and private companies, offering services such as audit, taxation, strategic advisory, and assistance with public offerings. Glavac is also engaged with other public companies within the mining sector.
Helene Cartier – Vice-president Environment, Sustainable Development and Community Relations
Helene Cartier possesses over 20 years of expertise in the environmental field. She began her mining career as part of the Cambior team before transitioning to the role of vice-president of environmental services and sustainable development at Osisko Mining. There, she played a pivotal role in the development and commissioning phases of the Canadian Malartic gold mine. She has served on the board of directors of several public and private companies.
Mireille Tremblay – Vice-president Legal Affairs and Corporate Secretary
Mireille Tremblay possesses more than 25 years of experience in business law, primarily in securities, mergers and acquisitions, corporate finance, and governance. Before joining Falco in January 2021 as the director of legal affairs, Tremblay served as a legal advisor to clients across diverse industries, including the mining sector. She advocated for companies and investors involved in mining transactions in Africa, notably during the construction of a gold mine in Burkina Faso and in negotiations with the Ivorian government. Additionally, she has represented numerous companies, underwriters, and investors in various contexts, including public offerings and private placement financings, both domestically and internationally. Tremblay holds a law degree from the University of Montreal.
Mario Caron – Independent Chair
Mario Caron is a mining executive with over 40 years of experience in the mining industry in senior executive and board positions. His experience was gained nationally and internationally in both underground and open pit operations. As CEO of public companies, he secured mining licenses and various permits in numerous jurisdictions. From 2016 to 2023, he was the Chairman of New Moly LLC. (formerly known as Alloycorp Mining), a privatized company since August 2016 with a molybdenum deposit in British Columbia. Caron received his Bachelor of Engineering, Mining at McGill University and is a retired member of the Association of Professional Engineers of Ontario and of the Ordre des ingénieurs du Québec.
Alexander Dann – Non-independent Director
Alexander Dann is a chartered professional accountant with over 30 years of experience leading financial operations and strategic planning for multinational public companies, primarily in the mining and manufacturing sectors. In February 2021, he was appointed chief financial officer and vice president, finance of Osisko Development. Before that, Dann served as chief financial officer of The Flowr Corporation from November 2017 to March 2020, where he successfully guided such corporation from a small private company to a TSX Venture Exchange publicly traded corporation. Prior to that, he was chief financial officer of Avion Gold and Era Resources until their acquisitions by Endeavour Mining Corporation and The Sentient Group, respectively. Dann also held senior finance roles with Falconbridge. (now part of Glencore Canada Corporation), Rio Algom Limited (now part of BHP Billiton) and Litens Automotive Partnership (a group within Magna International Inc.). Dann is the nominee of Osisko Development on the Corporation’s Board of Directors pursuant to the Investor Rights Agreement entered into between the Corporation and Osisko Development on November 27, 2020 (the “Investor Rights Agreement”). Dann obtained his Chartered Accountant designation in 1995 and holds a Bachelor’s degree in Business Administration from Université Laval in Québec City.
Paola Farnesi – Independent Director
Paola Farnesi is a senior financial professional with over 30 years of experience in corporate finance, financial reporting, M&A and risk management. She is currently vice president and treasurer of Domtar Corporation, responsible for negotiating and arranging $2.5 billion in corporate financings, overseeing an insurance portfolio of $50 billion in insurable values and managing the investments of pension fund assets of $8 billion. From 1994 to 2008, Farnesi held several other leadership positions at Domtar Corporation, including vice president of internal audit, where she was responsible for the implementation and subsequent compliance efforts related to Sarbanes-Oxley. Prior to joining Domtar Corporation, Farnesi worked at Ernst & Young for the assurance group in Montréal. Farnesi holds a Bachelor of Commerce and a Graduate degree in Public Accountancy from McGill University, is a member of the Chartered Professional Accountants of Québec and obtained the ICD.D designation from the Institute of Corporate Directors.
Chantal Sorel – Independent Director
Chantal Sorel is a corporate director. She has over 35 years of experience in general management with full profit and loss responsibility, project financing, project management, operations, strategic development, business development, mergers and acquisitions, in the industries of mining and metallurgy, power, infrastructure, industrial facilities, rail and transit. Sorel held the position of Vice President, Airport Infrastructures at Aéroports de Montréal from April 2023 to February 2024, after being an adviser to the airport from 2020 to 2023. Previously, she was executive vice president and managing director of capital at AtkinsRéalis (formerly known as the SNC-Lavalin Group) from 2016 to 2019 where she was responsible for the project financing and asset management of a $20 billion infrastructure and industrial asset portfolio. Sorel holds a degree in architecture from Université de Montréal and a master’s degree in project management from Université du Québec à Montréal and completed the Director Education Program jointly offered by the Institute of Corporate Directors, the McGill Executive Institute and the Rotman School of Management at the University of Toronto.
Sean Roosen - Special Advisor
Sean Roosen is a founder of Osisko Mining Corporation and played a central role in the discovery, financing, and development of the Canadian Malartic mine, one of Canada’s largest gold producers. He is currently executive chair and CEO of Osisko Development and previously served as founder, executive chair, and CEO of Osisko Gold Royalties. With more than 44 years of mining industry experience, he has been recognized globally for his leadership, including being named Mines and Money Americas’ “Best CEO in North America” (2017) and one of the “Top 20 Most Influential Individuals in Global Mining.” Roosen is a graduate of the Haileybury School of Mines.
John Burzynski - Special Advisor
John Burzynski is executive chair of Osisko Metals and former Chair, CEO, and director of Osisko Mining, where he led the discovery, development, and $2.2 billion sale of the Windfall gold project to Gold Fields Ltd. A co-founder of Osisko Mining Corporation, he was instrumental in the development and sale of the Canadian Malartic mine. With over 35 years of international mining experience, Burzynski has received multiple industry awards, including PDAC’s “Prospector of the Year” (2007, 2024) and the Northern Miner’s “Mining Man of the Year” (2009). He holds a B.Sc. (Honours) in geology from Mount Allison University and an M.Sc. in exploration and mineral economics from Queen’s University.
Keep reading...Show less
26 September
Editor's Picks: Silver Price Breaks US$46, Gold Sets Another New All-time High
Precious metals are wrapping up a record-setting week once again.
Silver was in the spotlight, pushing past US$46 per ounce, a price not seen since 2011. At that level, it's up about 55 percent year-to-date, a better performance than gold.
Still, gold's price activity is nothing to sneeze at. The yellow metal had another record-setting week, this time getting close to US$3,800 per ounce. It continues to see support from a variety of underlying factors, but turning heads this week was the news that China is looking to boost its position in the global gold market by becoming a custodian of foreign sovereign gold reserves.
People familiar with the matter said that in recent months the Asian nation has been approaching central banks in "friendly" countries with the aim of encouraging them to buy gold and store it in China. Experts see the move as yet another part of the de-dollarization trend.
If China is successful, foreign gold reserves would be held in custodian warehouses linked to the international board of the Shanghai Gold Exchange. The board was set up by the People's Bank of China in 2014, and is where foreign entities trade gold with Chinese counterparts.
Also relevant for gold this week were comments from US Federal Reserve Chair Jerome Powell. During a Providence, Rhode Island, speech on Tuesday (September 23), he indicated that the central bank will take a cautious approach to interest rates after last week's 25 basis point cut.
The Fed has faced ongoing calls from US President Donald Trump to make bigger cuts more quickly, and while Powell continues to resist pressure, CME Group's (NASDAQ:CME) Fedwatch tool still shows that a reduction is highly likely at the Fed's October meeting.
With gold trading at or near all-time highs, a key question for investors is whether the price has more room to run. I've been speaking with a variety experts about that topic, and I encourage you to go check out the interviews on our YouTube channel to hear their full thoughts.
For now I'll sum up the view points I've been hearing most often.
First and foremost, the message I've been getting is that gold's run is not over — US$4,000, which once sounded like a fairly distant number, is now only US$200 to US$300 away, and many market watchers see it getting there by the end of the year, if not sooner.
Prices beyond US$4,000 are also being talked about as attainable.
There is of course a caveat, and that is that nothing can go straight up, including gold. Especially now after its rapid upward momentum, the broad consensus is that a correction is all but guaranteed, and perhaps soon. Here's how Steve Barton of In It To Win It explained it:
"I would be pretty shocked if we got up to US$4,000 and didn't have some type of corrective move. I suppose anything's possible — we blew through US$3,750, I didn't expect that. So maybe it'll go on up. But we're getting pretty stretched here."
Bullet briefing — Freeport drops, Lithium Americas spikes
Copper up on Freeport force majeure
Copper prices were on the rise this week after major miner Freeport-McMoRan (NYSE:FCX) declared force majeure at its Indonesia-based Grasberg copper-gold mine.
Grasberg has been offline since September 8, when around 800,000 metric tons of mud flowed into underground levels at the operation. Seven employees went missing during the incident, with two now confirmed to have died; search efforts continue for the other five.
Freeport has cut its copper and gold sales guidance for the third quarter of the year, and expects to defer "significant" production in Q4 as well as 2026. Preliminary assessments suggest that Grasberg may not return to pre-incident operating rates until 2027.
The company's share price took a dive on the back of the news.
Putting the impact into context, Bloomberg notes that prior to the disruption, Grasberg accounted for about 3.2 percent of copper mine supply this year, as well as 30 percent of Freeport's copper output and 70 percent of its gold production.
Lithium Americas shares spike
On the opposite end of the spectrum, Nevada-focused Lithium Americas (TSX:LAC,NYSE:LAC) saw its share price spike over 100 percent this week after Reuters reported that the Trump administration may be gearing up to take a 10 percent equity stake in the company.
Lithium Americas finalized a US$2.26 billion loan from the US Department of Energy last year, but the government has been looking to renegotiate terms due to concerns about low lithium prices.
Lithium Americas reportedly proposed a change in the loan's amortization schedule, with the request for an equity stake in the company coming during those discussions.
Reuters states that to secure its funding, Lithium Americas offered the government no-cost warrants that would equate to 5 to 10 percent of its common shares.
The loan is tied to the company's Thacker Pass lithium project, which is set to open in 2028.
"President Trump supports this project. He wants it to succeed and also be fair to taxpayers. But there's no such thing as free money," an anonymous White House official told the news outlet.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
25 September
Joe Cavatoni: Gold Strong at Record Highs, What's Really Happening Now
Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, discusses gold's ongoing price run, highlighting its key role in risk diversification.
He also notes that western investors are beginning to take a keener interest in gold.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
Latest News
Sign up to get your FREE
Aurum Resources Investor Kit
and hear about exciting investment opportunities.
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00