The Conversation (0)
(TheNewswire)
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Avrupa Minerals Ltd. (TSXV:AVU) is pleased to announce that it has entered into a definitive option agreement with Western Tethyan Resources to advance the Slivova Gold Project, located in the productive Vardar Mineral Trend in the Republic of Kosovo, to a possible mining solution. WTR can earn-in to 75% of the Project by funding exploration and development for Euro 1,800,000 over three years, and then a further 10% by making certain milestone and success payments, producing an Environmental Impact Statement, delivering a Feasibility Study, and completing a Mining License application.
- The Definitive Agreement (“DA”) outlines a path towards potential gold production from the Slivova deposit;
- Western Tethyan Resources (“WTR”) completed a robust Due Diligence (“DD”) review, a Concept Study, and continues to work on a Preliminary Economic Assessment (“PEA”), including a metals resource update for the Slivova deposit;
- WTR can earn-in to 85% of the Slivova Project.
To date, WTR has spent more than Euro 275,000 for Due Diligence, development of a Concept Study, and continuing work on a PEA. WTR is a private exploration company based in London and Prishtina, Republic of Kosovo, and is 75% owned by London AIM-listed Ariana Resources (“Ariana”).
Paul W. Kuhn, President and CEO of Avrupa Minerals, commented, “Western Tethyan has already made significant progress towards defining a possible mining solution at Slivova. We are truly excited about the positive progress in the ongoing PEA and Concept Studies, as well as for getting started in a new phase of exploration and resource definition. WTR is working on a new resource update, and we expect information later this quarter.”
Mentor Demi, Managing Director of Western Tethyan Resources, added, “Alongside an aggressive exploration programme throughout the West Tethyan Belt, we are actively seeking acquisition opportunities. Acquisition of the Slivova gold deposit is a step towards building Western Tethyan Resources into a development company, as well, and the Slivova Mine as the first modern mine in Kosovo since the 1920’s.”
Dr. Kerim Sener, Managing Director of Ariana Resources, stated, “The completion of this agreement formalizes a process we had already embarked upon in March following the successful completion of the Project due diligence. We are already nearing completion of a revised Mineral Resource Estimate for Slivova, and we look forward to announcing this work in due course.
In addition, further work has been underway at the local community level in order to increase awareness of the project and its merits. We are investigating opportunities to deliver a low-impact mining project which aims to achieve a new standard for mining in Kosovo and potentially become a strategic hub of operations for the company in the country.”
About Slivova
The Slivova exploration license covers 30.51 km2 of prospectable land surrounding the Slivova gold deposit. The license is valid for 7 years from May 2022. Outside of the deposit itself, much of the property is under-explored. Avrupa commissioned an initial NI 43-101 resource study in 2016 and reported an indicated mineral resource of 640,000 mt @ 4.8 g/t gold and 14.68 g/t silver for a total of 98,700 ounces of gold and 302,000 ounces of silver. Slivova Maiden Resource, 2016
WTR is currently updating the Mineral Resource Estimate (“MRE”) to JORC standards, and Avrupa will follow suit by transforming the JORC estimate to a NI 43-101 resource estimate. The companies expect to be able to report the new MRE during Q2 2023. The new evaluation will encompass results from drilling subsequent to the 2016 report, re-interpretation of previous geological information from surface and trench mapping and sampling, and thorough review of all historic core.
As noted in a previous AVU news release, AVU and WTR agree to Proceed, there are additional nearby and distal targets within the new Slivova license. There are known zones of mineralization close to the main Slivova deposit that WTR will need to drill, and we can expect upgrade work on a number of distal targets around the license in the coming field season.
Figures 1 and 2. Maps showing location of Slivova in Kosovo, along with target areas to be upgraded. New license is shown as a red polygon. The names in northwest quadrant are historic Trepça base metal mines
Terms of the Agreement
Under the terms of the Definitive Agreement, WTR will have the right to acquire, in multiple stages, up to 85% of the Slivova project, by completing a series of exploration and development milestones and making staged payments to AVU.
On Closing
- Euro 35,000 cash payment upon signing the Definitive Agreement on/about March 1, 2023. (Completed)
Earn-In Phase
Stage 1:
- Euro 30,000 cash payment on September 1, 2023;
- If WTR elects to enter the Definitive Agreement, it will invest Euro 800,000, during first two years from the effective date (minimum of Euro 150,000 must be spent by September 1, 2023, post DD Phase) for exploration, drilling, baseline environmental and social surveys, landowners, etc., for 51% of the Project. (Underway)
Stage 2:
- After completion of Stage 1, during the third year from the Effective Date, WTR will invest Euro 1,000,000 for NI 43-101 resource estimation, commencement of full Environmental Impact Statement (“EIS”), etc., for 75% of the Project.
Stage 3:
- During fourth and fifth year from the Effective Date, WTR must complete the EIS, Feasibility Study (“FS”), and Mining License application, for 85% of the Project.
Stage 4:
- WTR completes success payments to previous JV partner, Byrnecut International Ltd., accordingly:
- Euro 125,000 in cash within 30 days of the first to occur of: 1) Completion of a positive FS (minimum 15% IRR) or; 2) Avrupa or related party making a decision to proceed with development of a mining operation within the license area;
- Euro 125,000 within 30 days of issuance of a mining license for the Project;
- Euro 125,000 within 30 days of commencement of mine construction within the license area;
- 100 troy ounces of gold within 30 days of commencement of commercial production (“CCP”), then increasing by 75 troy ounces per year until and including the third anniversary of commercial production when 325 troy ounces will be delivered.
- Avrupa participates in the mine build or dilutes to 1% NSR.
Western Tethyan Resources Ltd. is a UK-registered, mineral exploration and development company focused on South East Europe. The company has a strategic alliance with Newmont Corporation and Ariana Resources and is currently focused on exploration for major copper-gold deposits in the Lecce Magmatic Complex and Vardar Belt in Kosovo. The company is assessing several other exploration project opportunities across Eastern Europe, targeting major copper-gold deposits across the porphyry-epithermal transition.
Ariana Resources plc is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire MATSA in an earn-in joint venture agreement. The Company now holds one exploration license covering the Slivova gold prospect in Kosovo, and is actively advancing four prospects in central Finland through its in-process acquisition of Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com.
On behalf of the Board,
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
Neither 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.
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Avrupa Minerals Starts Drilling at Kangasjarvi, Central Finland
Vancouver, BC, October 16, 2024 TheNewswire Avrupa Minerals Ltd. (TSX-V: AVU) is pleased to announce that initial scout drilling at the Kangasjärvi volcanogenic massive sulfide target, located in the Pyhäsalmi Mining District of central Finland, started during the past week. The Company plans to drill two holes, totaling up to 1,000 meters, on the first of two strong, previously un-tested, geophysical targets located in close proximity to historic mining at the location.
During the mid-1980's, Finnish mining company Pyhäsalmi Mine Oy exploited, via open pit, a small high grade massive sulfide deposit with an in-house calculated resource of approximately 300,000 mt @ 5.4% zinc. The property had remained dormant and un-explored since that time until Akkerman Finland Oy (AFOy—49% Avrupa Minerals, 51% Akkerman Exploration BV) acquired the exploration rights in 2022. AFOy performed an airborne electromagnetic survey (SkyTEM) covering the general mine area and nearby mineral targets, and producing two standout EM conductors close-in to the old mine, but in areas where there has been no historic drilling.
Figure 1. Two strong EM anomalies to be targeted on first-pass scout drilling at Kangasjärvi. Ideally, the Company hopes to drill two holes at the Kangas target and one hole at Kangas North. Difficult access to Kangas North may preclude drilling there, for now. Flight lines are approximately 100 meters apart, and distance between the two conductors is about 700 meters. (Courtesy of AFOy)
Click Image To View Full Size
Figure 2. Cross section, looking NNW, of the two EM anomalies with general drilling locations. The conceptual drill hole locations in the Kangas main EM target, are marked as white lines. Also shown are traces of previous holes drilled and the outline of the mined Kangasjärvi zinc deposit in red, between the two drill holes at Kangas Main. Advanced Maxwell geophysical modelling of the EM anomalies yielded a strong target plate which is depicted as a straight red line. (Courtesy of AFOy)
The main anomaly is located adjacent to the old workings, but across a prominent fault from the open pit-mined area. The Company plans to drill two "wildcat" exploration drill holes into this anomaly to test the recently-generated target. The first hole will be drilled from stratigraphically below the historic mineralization and fault directly into the conductor, while the second hole will be drilled from above the massive sulfide body and fault into the conductor Drill testing of the less-accessible Kangas North target will be subject to the outcome of these first two holes. Advanced geophysical modeling suggests the possible presence of mineralization in these two locations, along with several other locations on the property, to be tested at a later date. Avrupa expects that the drilling will take 4-6 weeks to complete.
Paul W. Kuhn, President and CEO of Avrupa Minerals, commented, "We are excited to begin this first serious look at the potential for significant, polymetallic massive sulfide mineralization. While these first-pass drill holes are highly speculative, we do have good reason to think that there is further mineralization on the Kangasjärvi exploration permit, especially in the vicinity of previously-exploited mineralization. With our highly competent partner, AFOy, overseeing the drilling program, we are looking forward to the results of this initial drilling program at Kangasjärvi."
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company holds one 100%-owned exploration license covering the Slivova Gold Project in Kosovo, optioned to Western Tethyan Resources, and is actively advancing four prospects in central Finland through its partnership with Akkerman Finland Oy (AFOy). Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com .
On behalf of the Board,
"Paul W. Kuhn"
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
Neither 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Avrupa Minerals Intersects Polymetallic VMS Mineralization at Sesmarias
(TheNewswire)
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SES24-054 cuts 41.2 meters of sulfide mineralization containing: 1.59% copper, 1.71% lead, 3.36% zinc, and 54.90 g/t silver.
- Includes 28.6 meters containing: 1.68% copper, 2.42% lead, 4.75% zinc, and 73.90 g/t silver.
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SES24-053 cuts 13.15 meters of sulfide mineralization containing: 0.31% copper, 1.57% lead, 3.00% zinc, and 38.40 g/t silver.
- Includes 9.15 meters containing: 0.40% copper, 2.09% lead, 4.02% zinc, and 50.5 g/t silver.
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Three of seven holes completed, with results from the first two included; results pending for third hole; fourth hole in progress.
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Potential for two additional contingency holes; second drill on its way to the project.
Vancouver, BC, September 19, 2024 – TheNewswire - Avrupa Minerals Ltd. (TSXV: AVU) is pleased to announce the first set of analytical results from the present phase of drilling at the Sesmarias VMS Project in the Alvalade Joint Venture, Iberian Pyrite Belt, Portugal. The drilling program at Sesmarias is part of a joint venture between Avrupa Minerals and Sandfire Mineira Portugal, Unipessoal Lda. ("Sandfire Portugal"), a 100%-owned subsidiary of Minas de Aguas Teñidas, S.A. ("Sandfire MATSA") . Avrupa continues to operate the project through the JV entity PorMining Lda., and Sandfire Portugal continues to fund the exploration work.
At this time, The Company has completed three drill holes in the current Sesmarias Central program, totaling 1,715.4 meters, with a fourth hole in progress. We have seven holes planned, with the contingency of two additional holes to be drilled as/where needed. We expect a second drill in the near future to speed up the completion of this phase of drilling. To date, we have received analytical results from sampling of the first two holes (SES24-53 and SES24-054). Samples from the third hole (SES24-055) are now in the laboratory, and results are pending for these samples.
Paul W. Kuhn, President and CEO of Avrupa Minerals, stated, "These are exciting new assay results, as we continue to develop a potential high-grade polymetallic core zone in the SES Central area. The ongoing drilling program is designed to test for further high-grade copper and zinc-lead-silver mineralization along a 600-meter strike length in the Sesmarias Central zone. Extending both north and south of SES Central, known massive sulfide mineralization totals over 1,700 meters, and is open in both directions along the strike of the targeted, mineral-host black shales in the Sesmarias synform."
Results for SES24-054:
| SES24-054 intercepts | |||||||||
| From (m) | To (m) | Total (m) | Cu (%) | Pb (%) | Zn (%) | Ag (g/t) | |||
| Geological Intercept | |||||||||
| (includes Fault breccia, massive, semi-massive replacement, stockwork sulfides) | 377.2 | 418.4 | 41.2 | 1.59 | 1.71 | 3.36 | 54.90 | ||
| including best copper intervals | incl. | 377.2 | 412.4 | 35.2 | 1.78 | ||||
| incl. | 386.8 | 396.8 | 10.0 | 2.24 | |||||
| Best Polymetallic Interval (total) | |||||||||
| 377.2 | 405.8 | 28.6 | 1.68 | 2.42 | 4.75 | 73.90 | |||
| incl. | 385.8 | 393.8 | 8.0 | 1.90 | 4.98 | 9.78 | 131.30 | ||
Table 1. Results for SES24-054 demonstrate further potential for high grade copper and polymetallic mineralization in the hinge zone of the Sesmarias synform in the Central area. This intersect is located approximately 150 meters SE of SES23-047, drilled last year, which intersected 26.95 meters of 2.18% Cu, 2.58% Pb, 5.60% Zn, and 88.20 g/t Ag within a wider interval of 43.40 meters of 1.51% Cu, 2.15% Pb, 4.78% Zn, and 64.1 g/t Ag. ( SES23-047 results )
Click Image To View Full Size
Figure 1. Geological cross section 800 S, looking NW, showing mineralization in SES23-048 (western limb/hinge zone) and SES24-054 (hinge zone). See Figure 3 for location of this section.
Results for SES24-053:
| SES24-053 intercepts | |||||||||
| From (m) | To (m) | Total (m) | Cu (%) | Pb (%) | Zn (%) | Ag (g/t) | |||
| Geological Intercept | |||||||||
| Includes stockwork to semi-massive replacement sulfide mineralization | 439.70 | 452.85 | 13.15 | 0.31 | 1.57 | 3.00 | 38.4 | ||
| incl. | 439.70 | 448.85 | 9.15 | 0.40 | 2.09 | 4.02 | 50.5 | ||
Table 2. Results for SES24-053 demonstrate polymetallic potential on the western limb of the Sesmarias synform, but perhaps distal from the hinge zone area. Similar zinc-rich, polymetallic mineralization is present in SES23-052, drilled last year, which cut the western limb some 470 meters SE of SES24-053. ( Sesmarias Results -- 2023 )
Click Image To View Full Size
Figure 2. Geological cross section 650 S, looking NW, showing mineralization in SES23-047 and SES24-053. See Figure 3 for location of this section.
Kuhn commented further, "Following the great copper and polymetallic results in SES24-054, and the strong zinc-lead-silver results in SES24-053, we are beginning to see a metal zonation centered in the SES Central hinge zone with high copper and associated base metals, transitioning outwards/upwards and along the limbs of the Sesmarias synform to more zinc-rich mineralization. Previous results in the SES North area show lower copper and stronger zinc-lead in the eastern limb of the synform, but we have yet to cross the hinge zone in the north, nor much of the western limb. The present drilling program may shed more light on the perceived metal zonation within the body of mineralization, and we look forward to more strong results."
Click Image To View Full Size
Figure 3. Contour map showing 2024 new and planned drill hole collar locations in red color and inferred massive sulfide mineralization, using drillhole interval grade (CuEq) as an exploration targeting tool . The aim of the current phase of drilling is to expand the orange-red zone in the SES Central area, and improve continuity of the high-grade, copper and polymetallic mineralization over a strike length of 600 meters, and forming a central core to the deposit.
Notes concerning Figure 3. We use CuEq strictly as a proxy for total metal content, and as such, simply as an exploration targeting tool. In no way, are we commenting on a possible resource size or value. When reporting drill results, we utilize only individual metals' values, as reported by an accredited laboratory.
We have designed the present drill program to upgrade the +2% CuEq zone in the SES Central sector and expand the potential +2% CuEq domain into the SES North sector where historic drilling is less concentrated. Yellow and green zones generally indicate areas where historic drilling missed the target and/or recent, better-targeted drilling is sparse.
For exploration purposes, using the results from Sesmarias drilling, 2014 to present, we calculate the total amount of copper, lead, zinc, silver, and gold, without respect or indication of any/all further downstream activities, followed by calculating the value of said total metal content (in this case, as of September 10, 2024, using: Cu = US$ 4.04/lb.; Pb = US$ 0.89/lb.; Zn = US$ 1.23/lb.; Ag = US$ 28.31/oz.; and Au = US$ 2513/oz.). Finally, we calculate the equivalent content of copper, or CuEq, by dividing the value of the total contained metals by the price of copper at that time. The shape and contouring of the inferred Sesmarias mineralization, using Leapfrog geological modeling software, is courtesy of the Sandfire Portugal geological team. While metals' prices have fluctuated in a fairly narrow range since the original CuEq calculations, the shape of the VMS target area remains much the same, as it depends on metal content, not the price.
Notes on analytical methods and quality contol. T he JV analyzed the mineralized material at ALS Global facilities in Europe. For certified, NI43-101 – acceptable assay results, we selected the ME-MS61 method performed by ALS Global at their Seville sample preparation facility and Loughrea, Ireland analytical laboratory.
Due to good drilling conditions at both holes, the drillers were able to extract HQ-size (63.5 mm) core for the entire mineral intercept to get a large example of the mineralization. Project personnel collected the oriented drill core twice daily from the drill rig and delivered the boxes directly to the Project core storage facilities in Grândola, Portugal. Here, after geological and geotechnical review of the core, a Project geologist measured and marked the core for sampling, with sample length averaging one meter depending on visual factors such as change in texture, style of mineralization, and/or host rock type. Project employees systematically and methodically halved the core, utilizing an electric core saw, and then placed one half of the split material for each sample length into separate, numbered, plastic sample bags. In order to get fast, first-hand results, Project personnel transported the core samples directly to the ALS Global preparation lab in Seville, Spain.
ALS prepared the samples, using their method PREP-31by, to crush to -2mm, split off a 1-kg sample, and to pulverize to 85% passing 75 microns. The pulverized material is shipped to their main European analytical laboratory located in Loughrea, Ireland. At the analytical laboratory, we requested the samples to be analyzed via the lab's ME-MS61 technique which uses a four-acid, near-total metals' extraction method, followed by analysis using the industry-standard technique of inductively coupled plasma – atomic emission spectroscopy (ICP-AES). Another split of the pulverized material is sent to the ALS lab in Vancouver for Sn-XRF05 pressed pellet, XRF analysis to obtain a full value for tin in the drill core.
At all times, prior to submission of the samples to ALS Global, Project or Sandfire MATSA personnel maintained supervision, oversight, and custody of the samples.
In addition to ALS Global in-house quality assurance/quality control (QA/QC) for all work orders, the Project conducted its own normal, internal QA/QC from results generated by the systematic inclusion of certified reference materials, blank samples and field duplicate samples. Project personnel reviewed and evaluated the analytical results from the quality control samples in all work orders, and confirmed that these results conform to industry best practice standards.
Sandfire Portugal is a 100%-owned subsidiary of Sandfire MATSA, a modern mining company which owns and operates the MATSA Mining Operations in the Huelva province of Spain. With a processing plant located to the north of the Iberian Pyrite Belt that sources ore from three underground mines, the Aguas Teñidas and Magdalena Mines in Almonaster la Real and the Sotiel Mine in Calañas, Sandfire MATSA produces copper, zinc and lead mineral concentrates that are sold from the port of Huelva.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company holds one 100%-owned exploration license covering the Slivova Gold Project in Kosovo, optioned to Western Tethyan Resources, and is actively advancing four prospects in central Finland through its partnership with Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com .
On behalf of the Board,
"Paul W. Kuhn"
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
Neither 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Avrupa Minerals Closes $350,000 Private Placement
(TheNewswire)
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Vancouver, BC TheNewswire - September 5, 2024 Avrupa Minerals Ltd. (TSXV:AVU) ("Avrupa" or the "Company") is pleased to announce that it has closed the private placement as announced on August 14 and August 23, 2024.
The Company raised $350,000 from the sale of 10,000,000 Units at $0.035 per Unit. Each Unit is comprised of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share for $0.10 per common share until September 5, 2027. The common share purchase warrants are non-transferable. All securities are subject to a four-month hold expiring on January 6, 2025. The Company did not pay any finders' fees.
A director of the Company purchased or acquired direction and control over a total of 371,429 Units under the private placement. The placement to this person constitutes a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).
The proceeds from the issuance of the Units will be used by the Company to fund drilling and exploration programs in Finland (approximately 130,000 euros/C$197,000), to fund ongoing operations in Portugal and Kosovo, and for general corporate purposes. None of the proceeds will be utilized for investor relations activities and no-payments will be made to non-arms-length parties of the Company.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo and is actively advancing four prospects in central Finland through its partnership with Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com .
On behalf of the Board,
"Paul W. Kuhn"
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Avrupa Minerals $350,000 Private Placement is Fully Subscribed
(TheNewswire)
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Vancouver, BC TheNewswire - August 23, 2024 Avrupa Minerals Ltd. (TSXV:AVU) ("Avrupa" or the "Company") is pleased to announce that the $350,000 private placement of Units as announced on August 14 th 2024 is fully subscribed and will close shortly. The proceeds of the private placement financing will primarily be used to fund exploration and drilling at the projects in Finland and for working capital.
Private Placement
Subject to the approval of the TSX Venture Exchange (the "Exchange" or "TSXV"), the Company intends offer by way of a non-brokered private placement offering (the "Offering") 10 million units (each, a "Unit") at a price of $0.035.
Each Unit will be comprised of one common share in the capital of the Company and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at a price of $0.10 for a period of 36 months from the date of closing of the Offering. Finders' fees of 7.0% in cash will be paid to eligible parties.
The proceeds from the issuance of the Units will be used by the Company to fund drilling and exploration programs in Finland (approximately 130,000 euros/C$197,000), to fund ongoing operations in Portugal and Kosovo, and for general corporate purposes. None of the proceeds will be utilized for investor relations activities and no-payments will be made to non-arms-length parties of the Company.
Related parties, particularly Pacific Opportunity Capital Ltd., controlled by Mark T. Brown who is a director of Avrupa, that has supported the Company for many years, has subscribed for $28,000 of the Offering. The issuance of Units to the insider, pursuant to the Offering, is considered a related party transaction within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The Company has relied on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of these related party transactions on the basis that the fair market value (as determined under MI 61-101) of the transactions do not, in aggregate, exceed 25% of the market value of the Company.
Closing of the Offering is subject to all applicable regulatory approvals, including the approval of the Exchange. All securities are subject to a hold period of four months and one day in accordance with applicable securities laws.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company now holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo and is actively advancing four prospects in central Finland through its in-process acquisition of Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com .
On behalf of the Board,
"Paul W. Kuhn"
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Avrupa Minerals Announces $350,000 Private Placement
(TheNewswire)
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Vancouver, BC August 14, 2024 TheNewswire Avrupa Minerals Ltd. (TSXV:AVU) ("Avrupa" or the "Company") is pleased to announce that it intends to complete a $350,000 private placement of Units. The proceeds of the private placement financing will be used to fund exploration and drilling at the projects in Finland and for working capital. Avrupa has two other European drilling projects underway, or soon to be underway, this summer, one for copper and zinc and one for gold and silver, both funded by partners.
Private Placement
Subject to the approval of the TSX Venture Exchange (the "Exchange"), the Company intends to raise $350,000 by way of a non-brokered private placement offering (the "Offering") by issuing 10 million units (each, a "Unit") at a price of $0.035.
Each Unit will be comprised of one common share in the capital of the Company and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.10 per common share, for a period of 36 months from the date of closing of the Offering. Finders' fees of 7.0% in cash will be paid to eligible parties.
The proceeds from the issuance of the Units will be used by the Company to fund drilling and exploration programs in Finland, to fund ongoing operations in Portugal and Kosovo, and for general corporate purposes.
Closing of the Offering is subject to all applicable regulatory approvals, including the approval of the Exchange. All securities are subject to a hold period of four months and one day in accordance with applicable securities laws.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company now holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo, and is actively advancing four prospects in central Finland through its in-process acquisition of Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com .
On behalf of the Board,
"Paul W. Kuhn"
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Empire Metals upgrades to OTCQX, enhancing accessibility for U.S. investors
The cross-trading of Empire's ordinary shares on OTCQX is expected to enhance the visibility and accessibility of its shares to U.S. investors, who will also benefit from greater liquidity from a broader pool of potential investors globally. OTCQX is also the highest-level trading venue of the OTC Markets Group Inc. on which 12,000 U.S. and global securities trade.
By trading on OTCQX, Empire will engage directly with US investors, providing them with the same level of information and disclosure available to shareholders in the United Kingdom, but through US-facing platforms and portals. Additionally, the OTCQX cross-trading facility will enable US investors to access Empire's ordinary shares in US dollars, during US market hours.
Commenting on the announcement, Shaun Bunn, Managing Director, said:
"I am delighted to announce our upgrade toOTCQX. Building on the Company's international shareholder base, this further enhances the accessibility and visibility of our shares to both U.S. institutional and retail investors.
"Trading on OTCQX offers even more investors a pathway to participate in Empire's growth and gain exposure to titanium - a strategically important critical mineral with strong fundamentals. We look forward to welcoming new U.S. investors as shareholders."
About OTCQX
The ability to trade Empire's existing ordinary shares on AIM will remain unaffected by the OTCQX listing. The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQX-traded exploration and resource development company (LON:EEE)(OTCQX:EPMLF) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.
The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the in-situ mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, in-situ bedded TiO₂ mineralisation, each being over 7km in strike length.
An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the in-situ weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.
The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.
Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.
The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.
*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. See RNS dated 12 June 2024 for full details.
About OTC Markets Group Inc
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This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Empire Metals
Investor Insight
Empire Metals (OTCQB:EPMLF, AIM:EEE) is unlocking one of the world’s largest and purest titanium deposits at its flagship Pitfield project in Western Australia. With growing global demand, a looming supply deficit, and near-term development milestones, Empire offers a compelling investment opportunity in the critical minerals space.
Overview
Empire Metals (OTCQB:EPMLF, AIM:EEE) is an Australian focused exploration and resource development company rapidly gaining international attention for its discovery and rapid development of what is believed to be the world’s largest titanium deposit.
The company is focused on advancing its flagship asset, the Pitfield project, located in Western Australia, a tier 1 mining jurisdiction. With a dominant landholding of more than 1,000 sq km, and a titanium mineral system that spans 40 km in strike length, Pitfield is emerging as a district-scale “giant” discovery with the potential to reshape the global titanium supply landscape.
Empire’s strategic focus on titanium comes at a pivotal time. Titanium is officially recognized as a critical mineral by both the European Union and the United States, owing to its essential role in aerospace, defense, medical technologies, clean energy and high-performance industrial applications. Global demand for titanium dioxide — the most widely used form of titanium — is surging due to its unmatched properties as a pigment and as a feedstock for titanium metal. Titanium supply chains are also increasingly being constrained by geopolitical risks, mine depletion and environmental challenges associated with traditional production. More than 60 percent of the global supply chain is currently concentrated in a handful of countries, notably China and Russia, creating significant vulnerabilities for Western markets.
Titanium has been designated as a critical mineral in both the EU and the US.
Against this backdrop, Empire Metals offers investors a compelling opportunity to gain exposure to a strategically vital metal through a large-scale, high-grade and clean titanium discovery. Unlike many traditional titanium sources, Pitfield's mineralization is exceptionally pure — free from detrimental amounts of uranium, thorium, chromium and other contaminants — making it ideally suited for premium, high-purity end markets. Furthermore, the mineralized zone is near-surface and laterally extensive, allowing for low-strip and scalable bulk mining with conventional processing technologies.
With more than 22,000 meters of drilling already completed and only a fraction of the mineral system tested, Empire is aggressively advancing Pitfield towards a maiden JORC-compliant mineral resource estimate, targeted for H2-2025. Alongside this work, the company is also undertaking bulk sampling and metallurgical processing to advance flowsheet design and optimize product specifications. It is also engaging with industry players to assess product suitability for premium pigment and titanium sponge markets. Empire is planning to finalize, during the current calendar year, a mining study to evaluate the potential for a low-cost strip mining approach, utilizing continuous mining techniques.
The company is supported by a seasoned leadership team with deep expertise in exploration, resource development, mining, metallurgy and capital markets — ensuring that strategic decisions are guided by both technical excellence and a strong track record of value creation.
Company Highlights
- The flagship Pitfield project is the world’s largest known titanium discovery. It’s a district-scale “giant” titanium mineral system, characterised by high-grade, high-purity titanium mineralisation exhibiting exceptional continuity.
- Titanium is in a global supply deficit and recognized as a critical mineral by the EU and US.
- Drill intercepts at Pitfield include up to 202 meters at 6.32 percent titanium dioxide (TiO2) from surface, confirming vast scale and grade.
- Empire Metals operates in one of the world’s most secure, mining-friendly jurisdictions: Western Australia.
- The company is led by an experienced, agile team, with proven expertise in exploration, mine development, and value creation across multiple commodities.
- With a number of key development catalysts planned for 2025, including a maiden resource estimate, bulk sampling for scale-up of metallurgical testwork, and product optimisation, Empire remains significantly undervalued relative to its peers.
Key Projects
Pitfield Project – A World-Class Titanium Discovery
Located in Western Australia, the Pitfield project is Empire Metals’ flagship asset and represents one of the most exciting titanium discoveries globally. Spanning an area of approximately 1,042 sq km, the project has revealed a colossal mineral system measuring 40 km in length and up to 8 km in width, with geophysical indications of mineralization extending to at least a depth of 5 km.
Pitfield’s prime location in Western Australia
Extensive drilling across the project has intercepted thick, laterally continuous zones of high-grade titanium dioxide mineralization, highlighting the system’s enormous scale and consistency.
The titanium at Pitfield occurs predominantly in the minerals anatase and rutile within a weathered, in-situ cap that begins at surface. These minerals are exceptionally pure, often exceeding 90 percent titanium dioxide. They are free from harmful amounts of contaminants like uranium, thorium, chromium and phosphorus — qualities that are likely to make the deposit uniquely suitable for premium, high-purity titanium applications in aerospace, defense and clean technologies.
Pitfield is strategically located near the town of Three Springs, approximately 150 km southeast of the port city of Geraldton. The project benefits from direct access to essential infrastructure, including sealed highways, rail lines and an available water supply. This connectivity significantly enhances development potential by reducing logistics costs and simplifying future project build-out. Moreover, the Western Australian government actively supports critical mineral development, and Empire is operating within a stable, mining-friendly jurisdiction known for streamlined permitting and investment security.
Empire has completed more than 22,000 meters of drilling, confirming standout titanium dioxide (TiO2) results such as 154 meters at 6.76 percent TiO2, 148 meters at 6.49 percent TiO2, and 150 meters at 6.44 percent TiO2. Notably, mineralization remains open at depth in all tested zones, and to date, only around 5 percent of the interpreted system has been drilled. This underscores the immense upside potential for resource expansion.
The project’s development advantages are equally compelling: the mineralization is near-surface and amenable to simple, bulk mining methods with conventional processing. Its location in a tier-one mining jurisdiction offers access to infrastructure, a skilled workforce and strong regulatory support.
The Pitfield project presents a scalable processing pathway. Photo shows a gravity flotation test in process (left) and a close-up of a flotation test (right)
Pitfield is advancing toward a maiden JORC-compliant mineral resource estimate, expected by H2-2025. The project is already being recognized as a potential cornerstone asset in the global titanium supply chain.
In August 2025, Empire Metals achieved a metallurgical breakthrough, confirming that conventional processing can deliver strong results. Testwork returned 77 percent recovery in the rougher stage, 90 percent in cleaning, and 98 percent titanium dissolution, for an overall 67 percent titanium recovery. The process produced a high-purity TiO₂ concentrate grading 99.25 percent with ~5 percent Fe₂O₃, supporting plans for a lower-cost pilot plant.
Other Projects
In addition to Pitfield, Empire Metals maintains a portfolio of early-stage exploration assets offering optionality and exposure to other strategic and precious metals. Empire holds interests in two Western Australian projects — the Walton and Eclipse gold projects — both situated in historically productive mineral belts. While these assets are not the current focus, they contribute exploration upside and optionality within the company’s broader strategy.
Management Team
Neil O’Brien - Non-executive Chairman
Neil O’Brien is the former SVP exploration and new business development at Lundin
Mining, until he retired in 2018. He has an extensive global mining career as a PhD economic geologist, exploration leader and board executive.
Shaun Bunn - Managing Director
Shaun Bunn is a metallurgist based in Perth, Western Australia, with expertise in international exploration, mining, processing and development. He has a successful track record managing mining projects through all stages of development.
Greg Kuenzel - Finance Director
Based in London, Greg Kuenzel is a chartered accountant, and corporate finance and financial management expert. He has extensive experience working with resources-focused AIM listed companies.
Peter Damouni - Non-executive Director
With more than 20 years of corporate and finance experience focused in the natural resources sector, Peter Damouni holds executive and director roles in TSXV and LSE listed companies where he has played key roles in significantly enhancing shareholder value.
Phil Brumit - Non-executive Director
Phil Brumit is a veteran mining engineer and operations expert, delivering major global operations. His previous roles include international leadership positions at Freeport-McMoRan, Lundin Mining and Newmont Corporation.
Narelle Marriott - Process Development Manager
Narelle Marriott is a former BHP senior process engineer. Most recently, she was the general manager for process development for Hastings Technology Metals.
Andrew Faragher - Exploration Manager
Andrew Faragher is a former Rio Tinto exploration manager with more than 25 years of experience working across multiple commodities.
Arabella Burwell - Corporate Development
Arabella Burwell is a former Senior Director Corporate Development at NASDAQ-listed GoDaddy and a Partner, Capital Raising and Strategic Partnerships, at Hannam & Partners in London and South Africa.
Carrie Pritchard – Environmental Manager
Carrie brings over 20 years of international experience in environmental management, project development, regulatory approvals, and impact assessment. Her expertise spans mine closure and reclamation, stakeholder engagement, and the remediation of contaminated sites. She has led projects across Australia (Western Australia and Victoria) and New Zealand and has also contributed to initiatives in Malawi and Greenland.
David Parker – Commercial Manager
David Parker brings over 20 years of experience in equity capital markets, with a strong focus on the mining, industrial, and technology sectors. He has held senior roles as director and company secretary for several ASX-listed companies, providing strategic leadership and commercial oversight across diverse corporate environments.
Empire Metals Limited Announces Breakthrough in Process Development
Empire Metals Limited, the AIM-quoted and OTCQB-traded exploration and development company, is pleased to report significant progress in metallurgical testwork at its Pitfield Project in Western Australia ('Pitfield' or the 'Project'). These results confirm that the weathered ore at Pitfield can be processed using conventional separation and refining techniques, delivering industry-leading recoveries and a high-purity titanium dioxide (TiO₂) product.
Highlights
- Exceptional flotation performance: Recoveries of 77% (rougher stage) and 90% (cleaning stage) from fine, weathered ore samples.
- Outstanding leach results: Direct acid bake and hot-water leach achieved 98% titanium dissolution, leaving inert quartz residues.
- High recoveries: Overall titanium recovery from flotation feed to final product is circa 67% and expected to improve with further optimisation of the mineral separation stages.
- High-purity final product: TiO₂ grading 99.25% with negligible impurities, suitable for titanium sponge metal or pigment production.
- Cost and environmental advantages: Low Fe₂O₃ (~5%) reduces acid consumption, minimises waste, and supports higher recoveries over typical ilmenite feedstock processing.
- Simplified, expedited development pathway: Amenability to standard mineral separation eliminates the need for a costly bespoke demonstration plant, enabling a lower-cost continuous pilot programme using accredited commercial laboratories.
Shaun Bunn, Managing Director, said:
"These results mark a step change in Pitfield's development. We now have clear evidence that the ore is ideally suited to conventional mineral separation and refining, producing a high-purity titanium product with strong recoveries. This sets Pitfield apart from ilmenite-based projects, which typically face lower recoveries, higher costs, and significant environmental challenges.
"Pitfield already stands out for its exceptional scale, continuity of high-grade near-surface mineralisation, and Tier 1 location with access to infrastructure. With this breakthrough in process development, we can now demonstrate a highly efficient and environmentally responsible route to producing multiple high-value titanium products."
Metallurgical Testwork Summary
Empire has committed substantial financial resources to developing a metallurgical flowsheet that can economically extract titanium and produce a high value titanium product: such as TiO2 pigments, and/or feedstock for the TiO2 pigment or titanium sponge metals industries.
The approach to flowsheet development has included:
- Extensive mineralogical investigations on exploration samples, testwork feed samples and testwork products
- Wide ranging literature reviews, including industry and cross-industry research
- Idea generation and testing of concepts and conditions in the laboratory
- A fast-tracked separate work programme to prove that an impurity free high grade product can be made from samples taken at Pitfield.
Initial mineralogical and metallurgical testwork was undertaken on the fresh, titanite-rich bedrock mineralisation at Pitfield and returned encouraging results. Following the identification of the extensive in-situ weathered cap, which independently represents a generational-scale mining opportunity, subsequent testwork programmes have been directed toward this material. The weathered cap contains mainly anatase and rutile, and is distinguished by its soft, friable texture, elevated titanium grades, and near-surface exposure which offer significant advantages from both a mining and processing perspective.
Empire has employed two full time process engineers to work on the process flowsheet development, both of whom have extensive experience in mineral separation and elemental extraction (hydrometallurgy). In addition, Empire has contracted with two titanium expert consultants, each of which has over 40 years' experience in the industry. The process development programme is also supported by further specialist input from the technical team at Strategic Metallurgy, scientists from Federal Government agencies and process engineers from local Engineering & Process Design Consultants.
Testwork results achieved to date are encouraging and support the conceptual process flowsheet that was announced 4 September 2024 "Positive Results Achieved from Initial Processing Testwork on Pitfield Titanium Ore" (refer Figure 1).
Figure 1. Conceptual Process Flowsheet.
Recent testwork has been focused on the fine, saprolite ores from the Thomas prospect. Testwork results to date suggest that Empire can expect to achieve an overall recovery of circa 65-75%, and produce a high-purity, +99% TiO2 product. This is based on early stage testwork with limited optimisation, and the success to date is a good indicator that the Pitfield ores are non-refractory and free of deleterious contaminants that affect product quality (such as U, Th, Cr, P and V).
Whilst it is difficult to provide comparable projects to Pitfield, given its scale, grade and unique ore characteristics, the processing route being evaluated for Pitfield has similar stages to that found in the well-established heavy mineral sands industry. For instance, the ilmenite within the mineral sands is first separated (by gravity and magnetics) and the ilmenite concentrates are then beneficiated by a combination of reduction roast and leach to produce synthetic rutile. This in turn becomes feedstock to the TiO2 pigment or Ti sponge metal producers, both of which use strong oxidants (Cl gas or sulphuric acid) and high temperatures to transform the feedstock into pigments or TiCl4.
The whole process of recovering titanium from ilmenite; concentrating, beneficiation and then transforming it into a high-purity product is inefficient (generally low recoveries), expensive (high energy consumption and expensive consumables) and environmentally unfriendly (substantial Fe residues to dispose of from the breakdown of the ilmenite). The unique ore characteristics of Pitfield provide an opportunity to design a new processing route that is more efficient, lower cost and has greater optionality over the products it can produce than that currently experienced by the ilmenite processors, who account for 95% of the titanium supply chain.
Metallurgical Samples
Samples being used for the testwork programme have been collected from drilling programmes conducted across the deposit. These include drill core samples from diamond drilling, and bulk samples from air core drilling programmes. Samples have been collected from both exploration targets - Cosgrove ('COS') and Thomas ('TOM'). Separate Saprolite ('SAP') and Weathered Sandstone ('WS') zones have been identified. Some of the testwork samples are a blend of the two zones and some have been kept separate to understand the performance of the weathering profile.
Mineralogy
A number of mineralogy techniques are being used to develop the understanding of the Pitfield mineralogy and morphology. SEM based TIMA analysis has been undertaken at Automated Mineralogy Incubator (AMI) on exploration samples, testwork feed samples and testwork products.
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Figure 2. Mineralogist at AMI discussing Pitfield TIMA analysis results with Empire Metallurgist
Key information collected from TIMA analysis on testwork feed samples and exploration samples includes the titanium and gangue minerals present, the grain sizes, and the mineral association.
Testwork product samples have also been analysed using TIMA to understand the deportment of the different titanium minerals and effectiveness of each of the processing steps. More than 100 samples have been analysed using TIMA, including geology samples, testwork feed samples and testwork products.
XRD analysis has also been used on a range of samples. This has been used to help with mineral identification that SEM cannot determine - such as the crystal structure of titanium oxide minerals, identifying them as either anatase or rutile.
Microprobe analysis, at CSIRO in Melbourne, has been used on a small number of samples: to measure impurities in titanium minerals in particular.
Testwork - Flowsheet Development
Some early testwork programmes were undertaken using fresh mineralisation from Pitfield, however once an understanding of the mineralogy and volume of the weathered zone was developed, the focus shifted to this material.
Comminution and Mineral Separation
Several comminution tests have been completed on drillcore samples to investigate potential for low energy input comminution such as scrubbers and log washers. The optimal regrind liberation size range and the energy input required, which appears to be very low, continues to be investigated.
A wide range of unit processes are being investigated for mineral separation utilising whole-of-ore samples as well as separated coarse and fine fraction samples.
Testwork on the coarse fraction has focused on gravity and enhanced gravity separation, testing shaking tables, spirals, and a Multi Gravity Separator (MGS). The shaking table tests and MGS tests were completed at batch scale (~5-20kg), whilst the spiral tests were undertaken on a much larger, bulk scale (~300-600kg).
Testwork on the fine fraction looked at enhanced gravity (MGS) and froth flotation. A range of flotation reagents and conditions are being tested. Relevant examples exist in the non-sulphide flotation industry, including anatase flotation from kaolin clay minerals in the kaolinite industry.
Whole-of-ore testwork is in the planning stages for comparison against gravity separation performance. This testwork will focus on grinding, flotation and then further treatment of the flotation concentrate assessing a number of different separation processes.
Key results to date include:
· Fine fraction "rougher" flotation on a TOM SAP sample has achieved 67- 77% TiO2 recovery and up to 19% TiO2 concentrate grade. Similar recovery performance was achieved on a COS WS sample fines fraction with a "rougher" flotation recovery of 68%.
· Cleaner tests on rougher concentrate from the TOM SAP rougher flotation test achieved a 90% stage recovery at 32%TiO2 concentrate grade. This equates to an overall float recovery of circa 70%.
· Bulk scrubber testwork on TOM SAP sample resulted in 51% of the mass and 72% of the contained TiO2 to the fines fraction, using a hydro cyclone. Similar results were seen on a smaller scale scrubber test using drillcore material, with 53% of the mass and 66% of the TiO2 reporting to the fines fraction, using a 38µm screen.
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Figure3. (L-R): Bulk Scrubber test in progress at AML, Batch slimes fraction rougher flotation test at ALS.
Elemental Extraction and Product Finishing
A wide range of concepts are being explored for extraction of titanium from the mineral concentrate. These range from conventional processes, already applied in the titanium industry or other comparable industries, to more novel processes that have been developed through laboratory research and pilot scale testing.
A base case of sulphuric acid bake water leach, followed by titanium hydrolysis and calcination has been tested by Empire. This is based on the conventional sulphate route for TiO2 pigment production, which is usually applied to ilmenite concentrates. A range of other lixiviants and decomposition and leach conditions have been identified and are planned to be tested as part of the ongoing development programme.
Product finishing testwork aims to take titanium from the leach solutions and produce a final product. It is closely tied to the elemental extraction, so in some cases is being tested as part of that testwork programme. There is a range of product options: separate research testwork is being undertaken to develop and understanding of the various TiO2 pigments and Ti chemicals that Pitfield can produce and the markets in which these products are required.
Around 15 leach tests have been completed to date, including five product finishing tests. A number of product process options are as yet untested: further testwork is budgeted and is currently in the planning stage.
Elemental extraction results achieved to date include:
- Acid bake water leach tests on rougher flotation concentrate have achieved 98% TiO2 extraction to the liquor phase.
- Titanium hydrolysis and calcination has been successfully applied to the leach liquor after iron conversion, producing a low-impurity TiO2 product containing 99.25% TiO2.
- Recovery in the hydrolysis stage requires further testwork as the conditions applied in the tests and has not yet been optimised. Hydrolysis is a standard process used in sulphate pigment industry, and high recoveries (greater than 95%) are achieved on a commercial scale.
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Figure 4. Elemental Extraction testwork (L-R): Acid-Concentrate mixing pre-acid bake, Acid bake product, initial stages of water leach, water leach residue and filtrate.
Product Potential
A fast-tracked separate work programme was undertaken to determine whether an impurity-free high grade product could be made from samples taken at Pitfield. The sample was processed through scrubbing, gravity separation, flotation, acid bake/water leach, impurity removal, titanium hydrolysis and calcination. The flowsheet used and conditions selected were based on industrial examples and literature. This work achieved a product grade of 99.25% TiO2: impurity levels, particularly colorformers which impact negatively on pigment quality, were below detection limits or very low. (Announcement "Exceptional High-Purity TiO2 Product Achievement" 9 June 2025).
Further work is ongoing to understand the TiO2 pigment market, optimise the test conditions and also understand the alternative product options, such as TiCl4 (the feedstock for making titanium sponge metal) or other titanium chemicals.
Figure5. Purification and Product finishing testwork (L-R): titanyl sulphate solution from leaching stage, hydrated TiO2 produced from hydrolysis, and the calcined TiO 2 product
Future metallurgical testwork
Empire has committed significant resources to enable the process flowsheet development programme to continue to proceed at pace. This includes not only the allocation of several full time Empire technical staff but also the use of various industry specialists who support the Empire team in managing the necessary metallurgical testwork and research programmes.
Over the coming months the Company will focus on optimising the mineral separation stages to further improve the flotation and gravity concentrate grades and recovery. Bulk metallurgical testwork has commenced, utilising large scale scrubbing, gravity and flotation test equipment at local mineral processing laboratories. This testwork will produce significant quantities of titanium mineral concentrates: allowing the testing of multiple downstream beneficiation options aimed at defining the optimal hydrometallurgical processing route.
Finished product optimisation, through research and laboratory testwork, is continuing and is aimed at further refining the +99% titanium product already achieved to date, looking at alternative titanium products for marketing purposes.
The next steps for the mineral separation flowsheet development will be further optimisation of the chemistry and conditions, larger scale batch testwork and then continuous piloting can be undertaken at a laboratory scale. Testwork to date has shown the Pitfield weathered ores amenability to conventional mineral separation, beneficiation and refining techniques, and this avoids the need to build a bespoke, demonstration plant. A simpler and lower cost continuous pilot plant operation can be established, utilising local, internationally accredited commercial metallurgical laboratories.
The Company aims to complete the bench and large scale batch metallurgical testwork phase by Q1 2026, which is when it expects to move toward continuous piloting of the process in order to provide the critical technical information for the development of a commercial process flowsheet and to enable the supply of bulk product samples to prospective end users.
The Pitfield Titanium Project
Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid West region's capital and major port. Western Australia is a Tier 1 mining jurisdiction, with mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 3).
Figure 3. Pitfield Project Location showing theMid-West Region Infrastructure and Services
Competent Person Statement
The scientific and technical information in this report that relates to process metallurgy is based on information reviewed by Ms Narelle Marriott, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Ms Marriott is a member of the AusIMM and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Ms. Marriott consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.
The technical information in this report that relates to the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the Australian Institute of Mining and Metallurgy. Mr Faragher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
Empire Metals Ltd Shaun Bunn / Greg Kuenzel / Arabella Burwell | Tel: 020 4583 1440 |
S. P. Angel Corporate Finance LLP (Nomad & Broker) Ewan Leggat / Adam Cowl | Tel: 020 3470 0470 |
Shard Capital Partners LLP (Joint Broker) Damon Heath / Erik Woolgar | Tel: 020 7186 9950 |
St Brides Partners Ltd (Financial PR) Susie Geliher / Charlotte Page | Tel: 020 7236 1177 |
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON: EEE) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.
The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO₂ mineralisation, each being over 7km in strike length.
An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.
The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.
Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.
The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.
*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Click here to connect with Empire Metals (OTCQB:EPMLF, AIM:EEE) to receive an Investor Presentation
Corazon Mining
Investor Insight
Corazon Mining Ltd presents a compelling investment case driven by a strategic pivot to WA gold exploration, capitalising on its recent acquisition of the Two Pools gold project. This acquisition offers significant near-term exploration upside, while the company retains a high-quality portfolio of base and battery metals projects, providing long-term optionality and leverage to the evolving critical minerals market. This strategy positions Corazon to deliver shareholder value through potential high-impact discovery and future project development.
Overview
Corazon Mining Ltd (ASX:CZN) is an Australian junior exploration company focused on high-quality gold and critical minerals projects in Australia and Canada.
Company Highlights
- Two Pools Gold Project: The company’s primary focus is the newly acquired Two Pools Gold Project in Western Australia’s highly productive Plutonic Greenstone Belt. This underexplored tenure contains a recently identified 20km-long greenstone belt that was previously misclassified as granite.
- Confirmed High-Grade Mineralisation: Historical drilling at Two Pools has delivered standout intercepts, including 12m @ 8.89 g/t Au (incl. 3m @ 34.25 g/t Au) and 18m @ 3.89 g/t Au (incl. 4m @ 15.96 g/t Au).
- Trident-style Analogy: Drilling has confirmed mineralisation extends beneath overthrust granite, a key geological setting similar to Catalyst Metals’ nearby Trident Deposit, highlighting the potential for significant blind discoveries.
- Strategic Location: Two Pools is located just 60km from Catalyst Metals’ Plutonic Processing Plant, offering strong future development synergies
- Strategic Battery and Base Metals Portfolio: Corazon retains ownership of key projects in Canada and Australia including the MacBride Copper-Zinc-Gold Project and the historic Lynn Nickel-Copper-Cobalt sulphide camp in Manitoba, and the Mt Gilmore Copper-Cobalt-Gold project in NSW. These assets provide long-term exposure to critical metals.
- Compelling Value Proposition: Corazon offers a unique investment opportunity with a small market capitalisation but large, high-quality assets.
Key Projects
Two Pools Gold Project (Western Australia)
Project Highlights:
- A new, highly-prospective gold exploration project in the proven Plutonic-Marymia Greenstone Belt.
- The project covers 193km2 of underexplored tenure containing a newly identified 20km-long greenstone belt
- Historical Drilling and surface sampling have confirmed high-grade gold mineralisation, with a compelling geological setting analogous to other major deposits in the region.
Lynn Lake Base & Precious Metals (Manitoba, Canada)
Project Highlights:
- High-quality base and precious metals asset, offering strategic, long-term value.
- MacBride Copper-Zinc-Gold Project: High-grade, near-surface mineralisation and significant exploration upside for VMS-style deposits.
- Lynn Lake Nickel-Copper-Cobalt Project: Strategic long-term asset with a significant JORC resource -total contained metal of 116,800t Ni, 54,300t Cu, 5,300t Co. The project is fully permitted and benefits from established infrastructure. Refer ASX Announcement 27 Nov 2019.
Other Projects
- Mt Gilmore Copper-Cobalt-Gold (NSW, Australia): An emerging porphyry play with potential for a significant potential copper-gold system.
Management Team
Simon Coyle – Managing Director
Simon Coyle is a mining executive with over 20 years’ experience in the resources sector, spanning across gold, iron ore, manganese and lithium. He is a graduate of the Western Australian School of Mines and has held a number of senior operational leadership roles across both private and publicly listed companies.
Most recently, Coyle served as CEO and president of TSXV-listed Velox Energy Materials. Prior to this, he held senior roles at Pilbara Minerals, including general manager - operations, where he was instrumental in the development and expansion of its flagship lithium project, establishing it as one of the world's leading spodumene concentrate producers. Coyle currently serves as non-executive director of Kali Metals.
Kristie Young – Non-executive Chair
Kristie Young is a professional Board Director who began her career as a mining engineer in the mid 90’s across both underground and open cut operations (incl. Hamersley Iron, Mt Isa Mines, Plutonic Gold, New Hampton Goldfields, Surpac), feasibility studies and project evaluation. She holds a BEng(Mining) Hons from the University of Queensland.
Over 25 years’ industry experience, including business development director roles with both EY and PwC. She brings more than 15 years’ experience on boards and committees and currently serves as a non-executive director of Brazilian Rare Earths (ASX:BRE), Livium (ASX:LIT), Tasmea Ltd (ASX:TEA), and MinEx CRC.
She is a Fellow of the AusIMM and a graduate and Fellow of the AICD.
Scott Williamson – Non-executive Director
Scott Williamson is a highly experienced mining engineer with an Engineering and Commerce degree from the West Australian School of Mines and Curtin University. With more than 20 years of experience spanning technical and corporate roles in the mining and finance sectors, he brings a wealth of industry expertise and strategic insight. A proven leader in business development, Scott has extensive experience in equity capital markets, complementing his strong technical skill set.
Currently, he serves as managing director of Blackstone Minerals and non-executive Director of Leeuwin Metals.
Scott also holds a WA First Class Mine Manager's Certificate and is a member of the Australasian Institute of Mining and Metallurgy.
Robert Orr – Company Secretary and Chief Financial Officer
Robert Orr manages Corazon's financial operations and corporate governance, ensuring compliance and effective financial management.
Trump's Copper Tariffs: Market Impact and How to Invest
In the copper sector, tariff turmoil has created price volatility and left investors wondering how to position.
Trump's copper tariffs cause price turmoil
On February 25, not long after taking office for the second time, Trump initiated an investigation into copper's national security implications under Section 232 of the Trade Expansion Act of 1962.
Further details came months later, when the president provided an update on on July 8.
“I believe the tariff on copper, we're going to make 50 percent,” Trump said during a White House cabinet meeting.
His comments came without an official announcement, although Secretary of Commerce Howard Lutnick said the tariff could take effect by late July or early August. This lack of clarity caused copper prices on the Comex to surge as traders worked to bring the metal into the US ahead of potential levies.
Copper price, January 1, 2025, to August 25, 2025.
Chart via Comex Live.
Ultimately, the Trump administration said on July 30 that copper tariffs would only be applied to unrefined copper, semi-finished and copper-intensive derivatives like pipe fittings, cables, connectors and electrical components.
Refined copper will be phased in at 15 percent in 2027 and 30 percent in 2028.
The move essentially pulled the rug out from prices and caused Comex copper to plummet nearly 25 percent.
Will copper tariffs boost US production?
Copper is increasingly being viewed as a critical mineral, and there are clear reasons why the US would want to increase production of the metal. But what do Trump's tariffs really mean for supply?
Taking a look at how US steel and aluminum tariffs played out in 2018, during Trump's first presidency, could provide insight. A March article published by Reuters analyzes the overall impact of those tariffs.
Prices started to rise in the lead up to the expected tariff deadline, similar to what happened with copper this time around, as importers began stockpiling products ahead of fee implementation. Steel prices rose 5 percent within a month of the tariffs being applied, while aluminum prices rose 10 percent. While they began to fall after just a few months, there was still a significant gap between prices for these products in the US and the rest of the world.
There were also more pronounced fluctuations between US and world prices as COVID-19 pandemic supply chain disruptions further impacted the steel and aluminum sectors.
While the steel and aluminum tariffs did stimulate domestic production of these materials, they ultimately weren't enough to overcome the price differential, as increased US output also faced headwinds.
The US is facing these same challenges with copper production. According to the US Geological Survey, in 2024 the US produced 1.1 million metric tons of unrefined copper and 850,000 metric tons of refined products. The US also exported 320,000 metric tons of concentrates and 60,000 metric tons of refined copper.
However, US demand requires 1.8 million metric tons of refined product annually, more than double US capacity — that's a key reason why refined products were exempted from tariffs.
In an email to the Investing News Network, Lauren Saidel-Baker, CFA, and economist with ITR Economics, spoke about the challenges that copper tariffs could pose to the US economy:
“The US does not have the capacity to produce all the copper that we consume. While there have been investments in new mining capacity, these facilities will take years to come online, leaving US businesses reliant on copper imports for at least the near term."
Although copper is classified as a critical mineral in the US, expanding existing operations will take years, and the time from discovery to opening a new mine could still take more than a decade.
One project nearing completion is Taseko Mines' (TSX:TKO,NYSEAMERICAN:TGB) Florence property in Arizona. The company acquired the asset in 2014, but a March 2023 technical report shows exploration dates back to the 1970s. After environmental assessments, permitting and the building of a test facility between 2017 and 2020, Taseko started full-scale construction of the mine in 2024, with the expectation that operations will begin in late 2025.
Likewise, new smelting operations will not come online until after the first phase of tariffs on refined copper are added in 2027. The newest smelter in the US is Aurubis' (OTC Pink:AIAGF) Richmond facility in Augustus, Georgia. The facility was designed to domesticate some of the more than 900,000 metric tons of scrap copper exported from the US to smelting facilities overseas each year. Construction took four years and US$800 million.
Once operational, the plant will produce 70,000 metric tons of refined copper annually, which is less than 10 percent of annual copper imports to the US.
Copper tariffs could weigh on other industries
Time isn't the only factor hindering the expansion of US copper production.
Mining is an energy-intensive business, and as demand for electricity grows, copper smelters may have to compete with other entities, similar to what happened in the steel and aluminum sector in 2019.
An April McKinsey report suggests that US power demand will grow at a CAGR of 3.5 percent, increasing from around 4,000 terawatt hours (TWh) in 2025 to about 5,000 TWh in 2030 and 7,000 TWh by 2040.
The report states that this increased demand could lead to bottlenecks as providers are faced with supply chain issues and shortages of dispatchable power as new projects face delays due to labor shortages and multi-year lead times for necessary equipment. It also notes that retail electricity bills have increased 6 percent per year since 2020.
The alternative for the copper sector would be to incur further capital costs by investing in off-grid capacity — this might also be affected by tariffs, as has been seen with photovoltaic imports.
The Reuters report evaluating steel and aluminum tariffs notes that the fees were ultimately lifted in 2019 due to the high cost of electricity and limited demand. The downstream effects meant that the manufacturing, construction and transportation industries faced higher costs, reducing growth in those sectors.
Likewise, a small uptick of about 8,000 jobs in the steel and aluminum sectors was outweighed by losses in other industries as companies sought to offset higher costs through efficiency gains.
One study concluded that the tariffs resulted in the loss of 75,000 manufacturing jobs.
Although the bulk of copper tariffs will be phased in starting in 2027 and 2028, that may not provide enough lead time to build new operations and ensure they have the inputs they need to carry out business.
If applied incorrectly, tariffs could have significant consequences for industries that rely on the red metal, including tech and construction, while also impacting overall economic growth.
“Tariffs will increase the cost to US importers and consumers of copper and related products, and will put downside pressure on potential growth,” Saidel-Baker said.
What should investors know about copper tariffs?
For investors interested in copper, the long-term picture is key.
Although Trump's scaled-back tariff announcement caused a price pullback, demand for copper is expected to significantly outweigh supply in the coming years, with experts calling for consumption from the tech industry and energy transition to add to growing requirements from urbanization in the Global South.
Whether tariffs will provide a competitive advantage for copper companies already producing and serving the US market remains to be seen, but some market watchers see potential for that to happen.
For example, Morgan Stanley (NYSE:MS) upgraded its price target for Freeport-McMoRan (NYSE:FCX) to US$48 on August 11. In its reasoning, Morgan Stanley said that the market is not currently appreciating the benefits Freeport will gain from the tariffs, also noting that it will be able to raise pricing for 2026 copper rod contracts, a semi-finished product, which accounts for the majority of the company’s North American sales volume.
Robert Friedland, founder and co-chair of Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF), has come out in support of the tariffs, suggesting that they will help to rebuild the US copper industry. His reasoning is based on the national security issues inherent to having a single country dominate nearly 50 percent of the market of such a critical mineral.
Tariffs apply a new layer of uncertainty to an already challenging copper supply scenario. If tariffs are phased in gradually and industry is given the proper amount of time and investment, it could lead to a resurgence in US copper production and be a boon for those projects already in development; if not, then it could be a replay of 2018.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.