Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") is pleased to announce that it has closed the previously announced non-brokered private placement of $1,750,000 secured convertible debentures (the "Debentures") arranged through Delbrook Capital Advisors Inc., an existing securityholder of the Company.
The Debentures bear interest at 10% per annum and are secured by a general security agreement over all of the present and after-acquired personal property of the Company as well as a pledge of shares over IC Exploration Ltd., a wholly owned subsidiary of Barksdale that holds the San Antonio, Goat Canyon, and Canelo properties in Arizona. The Debentures mature on December 31, 2022 and are convertible into common shares of the Company at any time prior to maturity at a conversion price of $0.45 per share. The Debentures and any common shares issuable upon conversion thereof are subject to a 4 month hold period expiring May 26, 2022.
The net proceeds of the private placement will be used for general corporate and working capital purposes.
Barksdale Resources Corp. is a base metal exploration company headquartered in Vancouver, B.C. focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
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 news release.
This new release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION: This news release includes forward-looking statements and information under applicable securities legislation including, but not limited to, the proposed use of proceeds from the private placement. Such forward-looking statements and information reflect management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements and information. Readers are cautioned that such forward-looking statements and information is neither a promise nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, market conditions, lack of available capital or financing, currency rate fluctuations, delays in obtaining governmental or third party approvals and permits, actual results of exploration activities, unanticipated geologic formations, structures and characteristics, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, and other risks in the mining industry as well as general business, economic, competitive, political and social uncertainties, and volatile and uncertain equity, debt and capital markets. In addition, there is uncertainty about the spread of COVID-19 and variants of concern and the impact they will have on the Company's operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all; market conditions; availability of financing; and economic activity in general. All forward-looking statements and information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking statements and information.Such information and statements are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Barksdale Resources Corp. (TSXV: BRO), Barksdale Resources Corp. ("Barksdale" or the "Company"), a base metal exploration company headquartered in Vancouver, B.C., will be participating in the Deutsche Goldmesse Fall Conference, which will take place on November 24 and 25 at The Westin Grand Frankfurt.
Members of the Barksdale Resources Corp. management team will be taking meetings throughout the day, and will also present at 11:00AM CET on November 24th to an audience of European investors.
Kai Hoffmann, Managing Director of Soar Financial Partners, remarks, "Following two virtual, and four in-person events, Deutsche Goldmesse has established itself as Germany's premier investment conference in the resource space. Being from Germany myself and working solely in the junior mining space for the last 12 years, I understand what German and European investors are looking for. This is why I have focused on bringing together a selective group of impressive and diverse companies, keynote speakers, influencers, HNW investors, asset & fund managers, media partners and more. I am excited to offer this boutique event once again, exclusive to the junior mining sector."
Barksdale Resources Corp., a 2023 OTCQX BEST 50 Company, is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
About Deutsche Goldmesse
Deutsche Goldmesse is Germany's largest mining investment conference, based out of Frankfurt—one of Europe's most important financial capitals. The conference brings together leading minds in the industry to foster new business opportunities and facilitate valuable relationships. The exclusive two-day event showcases industry-leading keynote speakers and up to 35 carefully considered companies in a range of commodities and stages from explorers to producers.
Hosted by Soar Financial Partners, Deutsche Goldmesse provides a platform where company management can connect with a vast network of European institutional and HNW investors, retail investors, analysts, influencers, newsletter writers, media, and other local partners.
Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") is providing an update on the ongoing drilling program at its Sunnyside copper-lead-zinc-silver exploration project in Arizona. This weekend the SUN-001 hole encountered a 20-meter void (karst) as it transitioned from volcanics into the targeted carbonate horizon. The decision was taken to start a new hole from surface.
Rick Trotman, President and CEO of Barksdale, states, "Our geologic and drilling teams have decades of experience in similar drilling conditions, including next door at the Hermosa project. After hitting the void and assessing our options, we made the decision to start a new hole from surface, which will allow us to push HQ rods (89mm or 3.5" diameter) to the target depth and gives us the capability of reducing to NQ (70mm or 2.75" diameter) should we encounter voids going forward (using the HQ rods as an outer casing to cross any voids). This is a small speed bump on our way to drilling a great target. The drill hole and geology were behaving as planned and the bottom of the volcanic sequence was very exciting - strong silicification, actinolite/tremolite veining, and disseminated sulfides including pyrite, galena and sphalerite. Drilling rates are the fastest near surface so we'll be back at that depth in a few weeks."
Scientific and technical information in this news release has been reviewed and approved by Lewis Teal, Senior Consultant to the Company and a 'Qualified Person' as defined under Canadian National Instrument 43-101.
Barksdale Resources Corp., a 2023 OTCQX BEST 50 Company, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable Canadian securities legislation including, but not limited to, the Company's goals for 2023; geological interpretations; the proposed nature, size, timing, targets and impact of the Company's planned drilling program on the Sunnyside project, anticipated drill and exploration results; the estimation of mineral resources; magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future operations; mine plans; future exploration prospects; the completion and timing of technical reports; future growth potential of Barksdale Resources and future development plans for the Sunnyside copper-lead-zinc-silver project; the ability of the Company to obtain the requisite staffing, bonding and financing therefor; and the potential impact of seasonal drilling restrictions on the ability of the Company to effectively carry out such program. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Historic drill results from the Sunnyside property are historic in nature and pre-date NI 43-101 standards. They are for informational purposes only and should not be relied on. Readers are cautioned that such forward-looking information are neither promises nor guarantees, and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base metals, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. The Company's proposed drilling program at Sunnyside is an exploratory search for commercial quantities of ore, the discovery of which cannot be assured. The geological similarity and close proximity of South 32's Hermosa project (Taylor, Clark and Peake deposits) to Sunnyside is not necessary indicative of the mineralization at Sunnyside. There are currently no NI 43-101 resources or reserves on the Sunnyside property. There is also uncertainty about the continued spread and severity of COVID-19, the ongoing war in Ukraine and rising inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") is pleased to announce the arrival of a second drill rig at its Sunnyside copper-lead-zinc-silver exploration project in Arizona. Drilling has commenced at the South Canyon zone, where multiple targets are being tested in the first hole.
Highlights:
The second diamond drill arrived at Sunnyside and drilling is underway at the South Canyon zone.
Hole SUN-002 is targeting multiple carbonate horizons that have the potential to host CRD and skarn mineralization, including the extensions of the Taylor deposit and Peake prospects.
Drilling at the Boundary zone is progressing well and is within 50 meters of the projected volcanics/carbonate contact.
Rick Trotman, President and CEO of Barksdale states, "The addition of the second drill will allow Barksdale to quickly advance the exploration program and prioritize additional targets. The new hole is progressing well and has the potential to hit multiple polymetallic CRD and skarn horizons below approximately 1,100 meters depth, including the extensions of both the Taylor deposit and Peake prospect."
The South Canyon zone is located near the eastern property boundary, roughly 700 meters south of the drill currently testing the Boundary zone (Figure 1). The Company has collared a new HQ-sized diamond drill hole at South Canyon and, based on the geology and potential mineralization encountered, is planning on using this hole as the base for future offsetting wedge holes to the north, west, and northwest. SUN-002 is targeting the projection of two carbonate horizons, including the upper sequence (Concha +/- Scherrer Formations) as well as a lower sequence (Escabrosa Formation). The upper sequence is one of the primary hosts of the Taylor zinc-lead-silver deposit as well as the Boundary copper-zinc-lead-silver target currently being drilled by Barksdale to the north. The lower sequence hosts the Peake copper skarn prospect on the adjacent South32 property.
Drilling at the Boundary zone is also progressing well. The wedge hole SUN-001 is at approximately 1,175 meters depth and is approaching the projected top of the carbonate section (Concha Formation) at approximately. The hole is planned to continue to approximately 1,600 meters depth, which could be adjusted based on drilling conditions and/or encountered geology. The Company will continue to provide additional updates as the drill program progresses.
Figure 1. Plan map showing the Boundary zone target area (orange) as well as the location of the second rig in the South Canyon target area (green). Drill locations are shown with red dots. Deposit and prospect outlines on the neighboring property are taken from publicly disclosed information.
Figure 2. Simplified geologic cross section showing drill hole SUN-002 at the South Canyon target, which is expected to encounter multiple CRD/skarn targets once it reaches the carbonate horizon at depth. Geology and mineralization shown on the neighboring property are approximations based on publicly available information. Assays shown on Sunnyside property are historic in nature and should not be relied upon.
Scientific and technical information in this news release has been reviewed and approved by Lewis Teal, Senior Consultant to the Company and a 'Qualified Person' as defined under Canadian National Instrument 43-101.
Barksdale Resources Corp., a 2023 OTCQX BEST 50 Company, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
Terri Anne Welyki Vice President of Communications 778-238-2333 TerriAnne@barksdaleresources.com For more information please phone 778-558-7145, email info@barksdaleresources.com or visit www.BarksdaleResources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable Canadian securities legislation including, but not limited to, the Company's goals for 2023; geological interpretations; the proposed nature, size, timing, targets and impact of the Company's planned drilling program on the Sunnyside project, anticipated drill and exploration results; the estimation of mineral resources; magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future operations; mine plans; future exploration prospects; the completion and timing of technical reports; future growth potential of Barksdale Resources and future development plans for the Sunnyside copper-lead-zinc-silver project; the ability of the Company to obtain the requisite staffing, bonding and financing therefor; and the potential impact of seasonal drilling restrictions on the ability of the Company to effectively carry out such program. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Historic drill results from the Sunnyside property are historic in nature and pre-date NI 43-101 standards. They are for informational purposes only and should not be relied on. Readers are cautioned that such forward-looking information are neither promises nor guarantees, and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base metals, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. The Company's proposed drilling program at Sunnyside is an exploratory search for commercial quantities of ore, the discovery of which cannot be assured. The geological similarity and close proximity of South 32's Hermosa project (Taylor, Clark and Peake deposits) to Sunnyside is not necessary indicative of the mineralization at Sunnyside. There are currently no NI 43-101 resources or reserves on the Sunnyside property. There is also uncertainty about the continued spread and severity of COVID-19, the ongoing war in Ukraine and rising inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Barksdale Resources Corp (OTCQX:BRKCF TSXV: BRO), based in Vancouver BC, focused on exploration in Arizona, today announced that Rick Trotman, President and CEO, will present live at the Metals and Mining Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on October 4th 2023.
DATE : October 4 th ,12023 TIME: 11:30am EST LINK: https://bit.ly/44FOnTd Available for 1x1 meetings: October 4 th , 5 th , 6 th , 9 th
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.
Barksdale Resources Corp. , a 2023 OTCQX BEST 50 Company, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
About Virtual Investor Conferences ® Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") is pleased to announce that it has commenced drilling at its Sunnyside copper-lead-zinc-silver exploration project in Arizona, with the first hole currently at approximately 765 meters depth. Additionally, the Company is happy to report that the Ninth Circuit Court of Appeals has denied the Plaintiff's motion for an injunction during the appeal process.
The Company's Plan of Operations for the Sunnyside drilling program was recently approved by the United States Forest Service. This program will test our high-grade exploration targets, within a district scale mineral system, for up to seven years. The current Phase I drill program is focused on extending known carbonate replacement mineralization ("CRD") from the eastern claim boundary west towards the Sunnyside copper-molybdenum-silver porphyry.
Highlights:
Drilling has commenced at the first target and a second drill is expected to arrive in October.
The first large-scale target is the Boundary CRD copper-zinc-lead-silver zone that was intersected in historic drilling from the 1980's.
Hole SUN-001 is currently at 765 meters depth and will test for mineralized horizons within the Concha and Scherrer carbonate units occurring from an approximate depth of 1200 meters.
Rick Trotman, President and CEO of Barksdale states, "The drill is actively turning at Sunnyside. After many years of hard work on the permitting front, I'm truly excited to take the next step and start testing our targets. Sunnyside is part of a world-class mineral system and getting the first hole underway is a fantastic achievement. We look forward to providing additional updates as we advance the drilling program."
The first hole from the planned ~16,000-meter drilling program is currently underway at the Boundary zone target, located between the eastern property boundary and the previously drilled Sunnyside copper-molybdenum-silver porphyry system (Figure 1). The Boundary zone is within a larger projected horizon of carbonate host rocks that extend through the northeastern portion of the Sunnyside property. This target was previously intersected by drilling in the 1980's that encountered approximately 362 meters of highly altered carbonate rocks hosting over a dozen mineralized intervals of CRD mantos of massive sulfide mineralization. The Boundary zone target is roughly 1.1 kilometers long (NW-SE) by 700 meters wide (SW-NE), plunging shallowly (5-15 degrees) to the northwest and dipping to the northeast (20-40 degrees).
Figure 1. Plan map showing known and potential zones of mineralization on the Sunnyside property. Deposit and prospect outlines on the neighboring property are taken from publicly disclosed information.
In most CRD systems, the thickest and highest-grade mineralization is often found where key geologic features coalesce, including reactive carbonate host rocks, structural/stratigraphic conduits that aid in channeling metal-rich fluids, and fluid traps that ultimately slow fluid flow and aid metal deposition. The first drill hole will target the upper sequence of Paleozoic carbonates (Concha and Scherrer units) that are located beneath a capping unit comprised of Jurassic and Triassic volcanic rocks, which acted as an aquitard for deposition of polymetallic (Cu-Zn-Pb-Ag) mineralizing fluids. Structural features mapped at surface on the Sunnyside property suggest that a series of deep-seated faults are strongly correlated with near-surface mineralization in the system (Figure 2), which is interpreted to be leakage from strataform CRD mantos at depth. Intersection of these structural features with the host carbonate stratigraphy is the primary target for the drilling program at the Boundary zone.
Figure 2. Plan map showing fault corridors as mapped at surface (black lines) with the Boundary zone target area (orange). Deposit and prospect outlines on the neighboring property are taken from publicly disclosed information.
To initiate the exploration drilling campaign, the Company has re-entered historic drill hole TCH-2 after down-hole surveys determined that the protective casing from the 1980's was intact from surface to 762 meters. After reentering the historic hole, a wedge has been set shortly past the casing and a new hole that projects away from the original drill hole is being advanced in a northwesterly direction. Assuming no deviation, the hole is expected to intersect the altered carbonate units from approximately 1,200 meters depth at a lateral distance approximately 50 meters to the northwest of the first historic intercept in TCH-2. Drill results from the original TCH-2 drill hole included over a dozen mineralized intercepts, summarized in Table 1 below.
Hole Number
From (m)
To (m)
Interval (m)
% Cu
% Zn
%Pb
Ag (g/t)
Zone
TCH-2
428.8
429.4
0.6
0.43
10.95
1.18
5.5
Vein
1228.3
1230.4
2.1
1.27
0.60
0.18
74.1
Manto
1233.2
1234.4
1.2
1.59
0.12
0.09
42.5
Manto
1249.6
1252.4
2.7
0.10
1.05
1.02
46.6
Manto
1257.8
1269.7
11.9
0.71
0.12
0.21
37.7
Manto
1278.6
1282.8
4.3
2.32
0.09
0.73
200.9
Manto
1282.8
1284.7
1.8
0.09
3.39
3.35
54.9
Manto
1293.2
1314.2
21.0
0.27
3.12
2.50
57.6
Manto
1356.3
1368.5
12.2
0.11
1.38
1.57
114.9
Manto
1418.2
1435.5
17.4
1.30
12.20
4.97
371.0
Manto
1452.9
1490.7
37.8
0.23
14.10
0.86
252.3
Manto
1497.4
1499.8
2.4
0.04
3.95
0.28
78.9
Manto
1589.8
1590.1
0.3
0.04
2.10
1.70
56.2
Manto
Table 1. Mineralized intervals in TCH-2 as originally reported by ASARCO. Historic drilling occurred prior to implementation of NI 43-101 and has not been verified by a "qualified person" and therefore should not be relied upon. Intercepts are shown as an indication of the possible mineralization within the Sunnyside property and as a guide to future exploration. See the Company's NI 43-101 technical report on SEDAR for detailed information.
Additional intersections into the carbonate stratigraphy will advance the refining of targeted projections of host stratigraphy and will guide future drilling along the Boundary zone target. Depending on drilling conditions, additional wedge holes could be completed from the TCH-2 mother hole.
Drilling will, over time, shift progressively to the west, where the CRD (mantos) are projected to intersect the Sunnyside porphyry copper-molybdenum-silver deposit. This area surrounding the porphyry has the potential to host zones of copper-dominated skarn mineralization such as those seen in the nearby Rosemont copper deposit (Hudbay Minerals Inc.), which is hosted in the same Paleozoic carbonate sequence as Sunnyside.
Barksdale has contracted Boart Longyear ("Boart") to complete the initial drilling program at Sunnyside, utilizing two diamond drill rigs. Boart has a long and distinguished track record of drilling in the area, has a strong local logistical network, and understands the drilling conditions that may be encountered.
Legal Update
As previously announced on September 6, 2023, the United States District Court for the District of Arizona issued a ruling that denied the Plaintiff's request for a preliminary injunction at Sunnyside, which would have prevented the Company from drilling until the final ruling regarding the United States Forest Service's permit was issued by the Court. The Plaintiffs appealed that ruling to the United States Court of Appeals for the Ninth Circuit ("Ninth Circuit"), seeking an emergency injunction that would stop drilling until a ruling has been issued on the appeal. The Ninth Circuit denied the request for an emergency injunction. The Company expects the Ninth Circuit to issue a final ruling on the appeal in December 2023 or January 2024 and the broader lawsuit will continue moving forward over the next year (approximately).
Scientific and technical information in this news release has been reviewed and approved by Lewis Teal, Senior Consultant to the Company and a 'Qualified Person' as defined under Canadian National Instrument 43-101.
Barksdale Resources Corp., a 2023 OTCQX BEST 50 Company, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable Canadian securities legislation including, but not limited to, the Company's goals for 2023; geological interpretations; the proposed nature, size, timing, targets and impact of the Company's planned drilling program on the Sunnyside project, anticipated drill and exploration results; the estimation of mineral resources; magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future operations; mine plans; future exploration prospects; the completion and timing of technical reports; future growth potential of Barksdale Resources and future development plans for the Sunnyside copper-lead-zinc-silver project; the ability of the Company to obtain the requisite staffing, bonding and financing therefor; and the potential impact of seasonal drilling restrictions on the ability of the Company to effectively carry out such program. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees, and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base metals, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. The Company's proposed drilling program at Sunnyside is an exploratory search for commercial quantities of ore, the discovery of which cannot be assured. There are currently no NI 43-101 resources or reserves on the Sunnyside property. There is also uncertainty about the continued spread and severity of COVID-19, the ongoing war in Ukraine and rising inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
The shareholders of Lundin Mining Corporation (TSX: LUN) together with BHP Group Limited and Filo Corp. (TSX: FIL) have agreed to the terms of a Plan of Arrangement resulting in the combination of the two companies. Each share of Filo Corp. will be exchanged for 2.3578 shares of Lundin Mining or C$33.00 cash subject to proration of a max cash of C$2,767 million and maximum share consideration of 92.1 million Lundin Mining shares.
In expectation of the arrangement closing, Filo Corp. will be removed from the S&P/TSX Composite Index prior to the open of trading on January 15, 2025 . The shares outstanding of Lundin Mining will be increased at the same time to reflect the issuance of shares.
For more information about S&P Dow Jones Indices, please visit www.spdji.com
ABOUT S&P DOW JONES INDICES
S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500 ® and the Dow Jones Industrial Average ® . More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has become home to over 1,000,000 indices across the spectrum of asset classes that have helped define the way investors measure and trade the markets.
S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com .
The shareholders of Lundin Mining Corporation (TSX: LUN) together with BHP Group Limited and Filo Corp. (TSX: FIL) have agreed to the terms of a Plan of Arrangement resulting in the combination of the two companies. Each share of Filo Corp. will be exchanged for 2.3578 shares of Lundin Mining or C$33.00 cash subject to proration of a max cash of C$2,767 million and maximum share consideration of 92.1 million Lundin Mining shares.
In expectation of the arrangement closing, Filo Corp. will be removed from the S&P/TSX Composite Index prior to the open of trading on January 15, 2025 . The shares outstanding of Lundin Mining will be increased at the same time to reflect the issuance of shares.
For more information about S&P Dow Jones Indices, please visit www.spdji.com
ABOUT S&P DOW JONES INDICES
S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500 ® and the Dow Jones Industrial Average ® . More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has become home to over 1,000,000 indices across the spectrum of asset classes that have helped define the way investors measure and trade the markets.
S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com .
Thank you for requesting our exclusive Investor Report!
This forward-thinking document will arm you with the insights needed to make well-informed decisions for 2025 and beyond.
✓ Trends
✓ Forecasts
✓ Top Stocks
Who We Are
The Investing News Network is a growing network of authoritative publications delivering independent, unbiased news and education for investors. We deliver knowledgeable, carefully curated coverage of a variety of markets including gold, cannabis, biotech and many others. This means you read nothing but the best from the entire world of investing advice, and never have to waste your valuable time doing hours, days or weeks of research yourself.
At the same time, not a single word of the content we choose for you is paid for by any company or investment advisor: We choose our content based solely on its informational and educational value to you, the investor.
So if you are looking for a way to diversify your portfolio amidst political and financial instability, this is the place to start. Right now.
Copper was trading on the COMEX at under US$4 per pound at the beginning of 2024, but by May 21, the red metal's price had surged to a record high of US$5.11 per pound.
Price momentum at the start of the year was owed to several factors, including increasing demand from energy transition sectors, bottlenecks at Chinese refiners and near-zero copper treatment charges.
The price was volatile through the second and third quarters, slipping back below US$4 per pound before soaring above US$4.50 at the end of Q3. Read on for more on how copper performed in 2024, from prices to supply and demand.
Copper price in Q4
Copper started the fourth quarter of the year on a strong note. On October 2, the metal reached its quarterly high of US$4.60 before starting a month-long slide to US$4.31 on October 31.
Volatility was the story at the start of November. Copper soared to US$4.45 on November 5 before dropping to US$4.22 on November 6, then spiked to US$4.41 on November 7; finally, it crashed to US$4.05 on November 15.
While copper did see a couple of rallies as the year ended, it only briefly broke through resistance of US$4.20 from December 9 to 11 before settling toward the US$4 mark at the end of the month.
As of December 23, the copper price was sitting at US$4.02.
Copper concentrate market to stay tight
In an October report, Fastmarkets predicts that the concentrate market will remain tight in 2025.
This tightness will continue to impact refiner treatment charges. Though they are expected to rebound to around US$20 to US$30 per metric ton (MT), they will still be short of the US$80 mark reached in 2023.
The situation has become more challenging as new operations, particularly in China, expand capacity in 2024. Fastmarkets anticipates no change in the situation in 2025, as new smelters are set to come online in China, Indonesia and India. The additional capacity will see more refiners fighting for the available supply.
The research firm says several other factors are contributing to copper concentrate shortages, including the loss of material from First Quantum Minerals' (TSX:FM,NYSE:FM) Cobre Panama mine after it was ordered shut down in November 2023. Other miners that have cut their production forecasts are also adding to supply woes.
For example, Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) revised its copper production guidance when it released its third quarter results on October 23. In its release, Teck indicates that the updated range now stands at 420,000 to 455,000 MT, down from the 435,000 to 500,000 MT estimated at the start of the year.
The company said the reduction was due to challenges with labor availability and problems with autonomous systems in its new haul trucks at its Highland Valley mine in BC, Canada.
China’s economy dragging on copper
A significant headwind for copper at the end of 2024 has been the continued challenges posed by China’s faltering economy. Although the country has introduced stimulus measures, they have made little difference.
The most recent stimulus announcement came on December 24, when the Chinese government announced it would issue US$411 billion worth of special treasury bonds in 2025. This package would be the highest on record, and would represent an increase over the US$137 billion issued in the past year.
The move follows President Xi Jinping’s keynote address at the country’s annual economic policy meeting on December 11 and 12. Xi said at the time that the economy was stable, and that the government would be working to boost consumption through looser monetary policy and more active fiscal policy. Few details were given on how the country would achieve its goals, and the US$411 billion debt injection could be the first sign of that policy.
In addition, in September, the Chinese government announced measures to increase credit, support cities in purchasing unsold homes and restructure debt. These efforts have failed to turn around the world’s second largest economy.
China is the world’s largest copper consumer, and any shift in the strength of the nation's economy will have implications for the price trajectory of base metal.
Copper supply was in focus in Q1 as First Quantum provided an update on its Cobre Panama mine.
The mine was forced to close at the end of 2023 after the Panamanian Supreme Court walked back a company-friendly deal initially approved in October 2023.
At the beginning of 2024, First Quantum pursued several avenues to resolve the issue and reopen the mine, including arbitration. It also waited for the results of Panama’s May election in hopes of more mining-friendly leadership.
The second quarter was dominated by news of output curtailments at Chinese smelting operations.
The cuts came as lower production levels from copper miners began to stress treatment charges at refiners as they competed for the limited availability of copper concentrate.
Speaking to the Investing News Network at the time, Joe Mazumdar, editor of Exploration Insights, said that 50 percent of the world’s smelting capacity is in China. For that reason, the end price is dictated by treatment and refining charges, which nearly turned negative due to the lack of available concentrate.
In turn, this pushed the price of copper prices higher at major exchanges.
“So there’s the cathode price. That’s stated in the LME, and Shanghai and the COMEX in the states. But if the market is tight in any of those regions locally, you will see a cathode premium … over the price of the copper,” he said. “People are willing to pay more to incentivize people that have copper inventory to release it into the market."
Copper supply and demand both saw growth during Q3.
The International Copper Study Group reported in an October 21 release that mined production of copper had increased by 2 percent year-on-year to 14.86 million MT during the first eight months of 2024.
Much was owed to 3 percent growth from Chile, with increases at BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida mine, as well as the Collahausi mine, which is a joint venture between Anglo American (LSE:AAL,OTCQX:AAUKF), Glencore (LSE:GLEN,OTC Pink:GLCNF) and Mitsui (OTC Pink:MITSF,TSE:8031).
Output from the Democratic Republic of Congo increased 11 percent, while Indonesia's production rose 22 percent.
At the same time, demand increased slightly by 2.5 percent. Much of the additional demand came from 2.7 percent growth in Asian markets, which includes a 0.5 percent increase in Chinese refined copper imports.
Investor takeaway
The copper market has been tight all year, with new demand accelerating beyond new mine supply.
This demand growth is expected to continue as the world transitions from fossil fuels to renewable technologies that require more copper, like wind and solar. However, copper demand is still constrained by weakness in the Chinese economy, particularly in its housing sector, which is an important driver of global demand for the metal.
Ultimately, in the longer term, copper supply will be lacking from new projects and expanded production to meet demand. The base metal is expected enter a supply deficit over the next few years.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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.
Copper Price Forecast: Top Trends for Copper in 2025
Copper prices saw impressive gains in 2024, even breaking the US$5 per pound mark in May. However, the red metal's gains didn't last, and by the end of the year copper had retreated back to the US$4 range.
The start of 2025 could be eventful, with Donald Trump returning to the Oval Office, a new stimulus package coming into effect in China and a continued push for greener technologies around the world.
What will these factors mean for copper prices in the new year? Will they rise, or can investors expect the base metal to remain rangebound? Here's a look at what experts see coming for the important commodity.0
How will Trump's presidency impact US copper projects?
Trump will be sworn in for his second term as US president on January 20.
During his campaign, he made bold promises that could shake up the American resource sector, pushing a "drill, baby, drill" mantra and committing to increasing oil production in the country.
When it comes to copper, Trump's proposed changes to environmental regulations could have key implications. While the Biden administration has sought to toughen these rules, Trump will look to relax them.
In an email to the Investing News Network (INN), Eleni Joannides, Wood Mackenzie's research director for copper, said changes to environmental regulations are likely to benefit the mining sector overall.
“The former president has already pledged to overturn a 20 year moratorium on mining in Northern Minnesota. This pro-mining approach means more mines could be permitted and put into production,” she said.
One project that was being planned before the Biden administration restricted access to federal lands in the Superior National Forest belongs to Twin Metals Minnesota, a subsidiary of Antofagasta (LSE:ANTO,OTC Pink:ANFGF). The company has been working to advance its underground copper, nickel, cobalt and platinum-metals group project since 2006, and has submitted plans to state and federal regulatory agencies.
Another copper-focused project that may benefit from the incoming Trump administration is Northern Dynasty Minerals' (TSX:NDM,NYSEAMERICAN:NAK) controversial Pebble project in Alaska.
The company has been exploring the Bristol Bay region since acquiring the property in 2001, but the US Army Corps of Engineers denied approval in 2020; the Environmental Protection Agency did the same in 2021.
Northern Dynasty has been fighting these decisions at both the state and federal level. It reached the Supreme Court in January 2024, but was denied a hearing until the dispute is examined at the state level.
On December 20, Alaska Governor Mike Dunleavy added his support for the project when he petitioned the incoming president to issue an Alaska-specific executive order on his first day in office. The order would effectively reverse decisions made by the Biden administration, including the permitting of the Pebble project.
In addition to Pebble, projects like Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Resolution, and Hudbay Minerals' (TSX:HBM,NYSE:HBM) Copper World, both of which are in Arizona, may benefit from Trump’s plan to reduce permitting times on projects worth over US$1 billion.
Currently, large-scale operations like these can take up to 20 years to move from exploration to production in the US. Copper is considered a critical mineral for the energy transition, and is increasingly becoming a security concern as the US is largely dependent on China for its supply of copper.
Copper price volatility expected under Trump tariff turmoil
As tensions continue to grow between the west and eastern nations like China and Russia, it may not take much to threaten markets for critical materials, including copper.
Trump has already promised to impose a 60 percent tariff on all goods coming from China.
A tariff on copper imports could upend the president-elect's plans for the resource sector. It would increase the prices of copper imports and disrupt the overall economy.
“The risk is that the president-elect’s threatened tariffs, including 60 percent on China and 20 percent on all other nations, could derail global economic growth, lead to higher inflation and, with that, tighten monetary policy and also lead to a change in trade flows. Copper will suffer if demand takes a hit," Joannides said.
"In addition, there is likely to be continued volatility in prices,” she added.
In its recent analysis of Trump’s policies, ING sees an overall negative impact on global metals demand.
The firm believes that many of his plans, including tariffs, will cause the US Federal Reserve take a longer-term approach to reducing interest rates, which could affect investment in large-scale copper projects.
S&P Global expressed a similar view after Trump's win. Immediately after the election, copper prices sank 4 percent to fall under US$4.30, with the firm suggesting that is likely just the beginning. The organization notes that while the market may have already priced in Trump’s tariffs, a larger trade war could impact prices even further.
Economic recovery in China could further boost copper prices
China's faltering economy has been a major headwind for copper over the past several years.
The country's housing market accounts for roughly 30 percent of global demand for the red metal, meaning that any shifts could have significant implications for the copper market.
The sector has been struggling for the past few years as the country deals with economic issues, including fallout from the COVID-19 pandemic, which caused disruptions to supply chains and a spike in unemployment.
Ultimately, economic factors struck China's real estate sector, an important driver of the country’s gross domestic product; this caused the collapse of the nation's top two developers, China Evergrande Group and Country Garden.
So far, the government’s attempts to stimulate the economy and jumpstart the beleaguered real estate sector have largely failed. In September, it announced measures aimed at property buyers, such as reducing interest rates for existing mortgages by 50 points and cutting the minimum downpayment requirement for homes to 15 percent.
Other changes introduced at the time include more help from the People’s Bank of China, which will provide a lending facility for state-owned firms to acquire unsold flats for affordable housing.
China followed this up with an announcement in November that it will provide additional support for local governments by increasing their debt-raising capacity by 6 trillion yuan over the next six years.
While these measures may not be felt for some time, kickstarting the Asian nation's real estate sector could be a boon for copper producers and investors.
“If the Chinese real estate market were to post a recovery, this would see domestic demand for copper tick higher and could lead to a tighter supply and demand balance overall, assuming all other things remain unchanged. This would underpin even higher prices than we are currently projecting,” said Joannides.
Copper industry needs more investment dollars
With copper demand projected to grow long term, supply-side concerns are rising. According to Joannides, there is already recognition that copper exploration has been underinvested over the past few years.
“We are seeing signs this could change. Much of the growth over the last five years has come from brownfield expansions rather than greenfield/new discoveries," she explained to INN.
"Technology will likely help increase the chance of discovery, and broadly I would say that policymakers are now more supportive of mineral exploration as the push to secure critical raw materials supply has moved up the agenda."
Joannides pointed to greenfield projects already in the pipeline, including Capstone Copper’s (TSX:CS,OTC Pink:CSCCF) Santo Domingo in Chile, Southern Copper’s (NYSE:SCCO) Tia Maria in Peru and Teck Resources' (TSX:TECK.A,TECK.B,NYSE:TECK) Zarfanal in Peru.
There's also Northmet, a Teck and Glencore (LSE:GLEN,OTC Pink:GLCNF) joint venture in Minnesota.
Rising copper prices could also increase the flow of money from the major companies into the junior space, where most of the exploration is currently occurring.
“Copper has become the standout strategic preference for the major mining companies. The risk-adjusted cost of developing organic copper assets is higher than the cost of acquiring them,” Joannides said.
This kind of acquisition activity could help reduce the development time of assets compared to companies starting exploration from scratch.
Investor takeaway
While copper supply and demand conditions are expected to remain tight in 2025, competing forces are at play.
One of the biggest factors is Trump’s return to the White House. If the president-elect takes action as quickly as he has promised, investors could soon gain insight on the long-term implications of his policies.
In terms of China, it will take time to get the property sector back to where it was before the pandemic; however, there may be sparks early in the year as new measures start to work their way through the market.
During 2025 it may be even more prudent than usual for investors to do their due diligence on copper and keep an eye on the forces that may affect the market.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold shares of Northern Dynasty Minerals.
Editorial Disclosure: Dore Copper is a client of the Investing News Network. This article is not paid-for content.
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.
Lobo Tiggre: Copper is My Highest-Confidence Trade for 2025 — Here's Why
Lobo Tiggre, CEO of IndependentSpeculator.com, gave the Investing News Network his updated thoughts on the US economy, as well as his outlook for gold, silver and uranium in 2025.
However, he said his highest-confidence trade for next year is copper.
"I think that it's easier to see — and highly likely to see — copper moving higher next year," Tiggre explained.
That said, he's not quite ready to pull the trigger on copper stock purchases.
"I'm not rushing out to buy yet, because I think even in the little time we have left this year we're going to see more bad economic news, and Dr. Copper with a PhD in economics always goes down with that sort of news. So I'm looking to that as a buying opportunity — I'm looking to maximize my upside by taking advantage of that."
Watch the interview above for more from Tiggre on copper, plus gold, silver and uranium. You can also click here to view the Investing News Network's New Orleans Investment Conference playlist on YouTube.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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.
Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.
Gianni Kovacevic: 3 Copper Stocks for Speculators, Watch These Metals Under Trump
Investor and author Gianni Kovacevic shared his thoughts on copper market dynamics, saying that while the long-term trend is up, speculators can create significant shorter-term prices moves.
He also mentioned three copper companies he's interested in right now: CopperNico Metals (TSX:COPR,OTCQB:CPPMF), Entree Resources (TSX:ETG,OTCQB:ERLFF) and Horizon Copper (TSXV:HCU,OTCQX:HNCUF).
In addition to copper, Kovacevic spoke about the growing opportunity he sees in lithium, highlighting how major miners like Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) are increasing their exposure to this important battery metal.
"We are going to have a supply shortage. Not in the distant future — in the next 18 to 36 months it'll be a front-page story, and it will be dovetailed with ... oil and gas. And with that comes the oil and gas investor," he said.
Explaining his view, Kovacevic said oil and gas companies are becoming interested in direct lithium extraction.
"(The oil and gas investors) are the ones that are going to really take the speculation in lithium to the next level once again. It'll be 'lithium mania 3.0' coming to a screen near you," he told the Investing News Network.
Watch the interview above for more from Kovacevic on copper and lithium, as well as Donald Trump's second term.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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.
Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) introduced its Xplor 2025 cohort on Monday (January 6), choosing eight out of hundreds of applicants worldwide.
Under Xplor 2025’s terms, each of the companies is entitled to receive an equity-free grant of up to US$500,000 and access to a network of BHP and external industry experts to build out and accelerate their exploration concepts.
The selected companies and the countries they focus on are as follows:
“As the energy transition gathers pace it becomes more urgent that we can identify, develop and commercialize the discoveries required to support the transition,” BHP’s Group Exploration Officer Tim O’Connor said. “The 2025 Xplor cohort are the sorts of explorers that naturally embrace innovation in bringing promising new projects to life.”
BHP opened applications for the 2025 Xplor program last September, once again “seeking visionary teams focused on uncovering new sources of critical minerals crucial for a sustainable future.”
The eight successful applicants are focused on critical metals needed for electrification, with many targeting copper.
Now in its third edition, Xplor helps accelerate the work of promising mineral companies.
The program is often set on a six-month period, with each of the companies collaborating with BHP Xplor to expedite their geological concepts and position the projects for potential further investment and partnership with BHP.
“We were delighted with the strength of applications — the quality of exploration projects was extremely high … Successful applicants demonstrated strong leadership, a commitment to innovation in their exploration programs, and a willingness to push industry boundaries in applying new concepts, data and testing techniques,” BHP Xplor Head Marley Palin said.
According to BHP, this edition holds the most geographically diverse cohort yet. Xplor 2024 had teams focused on Botswana, Australia and Kazakhstan, while Xplor 2023 included companies working in Africa, Australia, Canada, Mongolia, Norway and Finland.
Xplor 2025 also has the highest number of successful applicants at eight; Xplor 2023 included seven companies and 2024 had six.
This month, the 2025 cohort is set to gather in Perth for Bootcamp Week. BHP said the bootcamp will teach them key strategy, operational and technical frameworks that will set them up for success over the next six months.
Filo Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) (" Filo " or the " Company ") is pleased to announce that the deadline for registered shareholders (the " Registered Shareholders ") of the issued and outstanding common shares of Filo (the " Filo Shares ") and for holders of stock options of Filo (the " Optionholders ") to make elections in respect of the consideration receivable pursuant to the Arrangement (as defined below) is 5:00 P.M. (Toronto Time) on January 9, 2025 (the " Election Deadline "). PDF Version
The letter of transmittal and election form (the " Letter of Transmittal ") outlines the necessary documentation and information required to be sent to the depositary for the Arrangement, Computershare Investor Services Inc. (the " Depositary "), by each Registered Shareholder and Optionholder in order to receive the consideration to which they are entitled under the Arrangement, and make an election with respect to the form of consideration they wish to receive. For complete instructions, please refer to the Letter of Transmittal previously mailed to Registered Shareholders and Optionholders on December 12, 2024 and also available under Filo's profile on SEDAR+ at www.sedarplus.ca and on the Company's corporate website at http://filocorp.com/investors/corporate-filings/ .
All elections and deposits made under a Letter of Transmittal are irrevocable and may not be withdrawn. However, an election made under a Letter of Transmittal on or prior to the Election Deadline may be changed by depositing a new Letter of Transmittal with the Depositary on or prior to the Election Deadline. Should the Arrangement not proceed for any reason, the deposited certificates and/or DRS advices representing Filo Shares (if applicable) and other relevant documents shall be returned.
The Letter of Transmittal is for use by Registered Shareholders and Optionholders only. Beneficial (nonregistered) shareholders whose Filo Shares are registered in the name of a broker, investment bank, bank, trust company, custodian, nominee or other intermediary (each, an " Intermediary ") should contact that Intermediary for instructions and assistance in making an election.
Shareholders who hold Filo Shares directly or indirectly through the central securities depository in Sweden run by Euroclear Sweden AB (" Euroclear Holders ") do not need to submit a Letter of Transmittal. For complete instructions for Euroclear Holders, please refer to the press release of the Company dated December 11, 2024 .
Filo is also pleased to announce that it has obtained all key regulatory approvals required to complete the previously announced arrangement involving, among others, the Company, BHP Investments Canada Inc. (" BHP "), a wholly-owned subsidiary of BHP Group Limited, and Lundin Mining Corporation (TSX: LUN) (OMX: LUMI) (" Lundin Mining ", and together with BHP, the " Purchaser Parties "), pursuant to which the Purchaser Parties will, among other things, acquire all of the Filo Shares not already owned by the Purchaser Parties and their respective affiliates (the " Arrangement ").
Subject to the satisfaction or waiver of the remaining conditions to implementing the Arrangement, it is expected that the Arrangement will close on or about January 15, 2025 .
Following completion of the Arrangement, the Filo Shares will be delisted from the Toronto Stock Exchange and the Nasdaq First North Growth Market. An application will also be made for the Company to cease to be a reporting issuer in the applicable jurisdictions following completion of the Arrangement.
About Filo Corp.
Filo is a Canadian exploration and development company focused on advancing its 100% owned Filo del Sol copper-gold-silver deposit located in San Juan Province, Argentina and adjacent Region III, Chile . The Company's shares are listed on the Toronto Stock Exchange and Nasdaq First North Growth Market under the trading symbol "FIL", and on the OTCQX under the symbol "FLMMF".
Additional Information
The Company's certified adviser on the Nasdaq First North Growth Market is Bergs Securities AB, +46 8 506 51703, rutger.ahlerup@bergssecurities.se .
The information contained in this news release was accurate at the time of dissemination, but may be superseded by subsequent news release(s).
The information was submitted for publication by the contact persons below on January 6, 2025 at 1:00 am EST .
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This press release may contain certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, the consummation and timing of the Arrangement; the satisfaction of the conditions precedent to the Arrangement; the expected timing of closing of the Arrangement; and the expected timing of delisting from stock exchanges, may be forward-looking information. Forward-looking information is frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved.
Forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from the Company's expectations include failure to satisfy or waive the closing conditions to the Arrangement; changes in laws, regulations and government practices; government regulation of mining operations; environmental risks; and other risks and uncertainties disclosed in the Company's periodic filings with Canadian securities regulators and in other Company reports and documents filed with applicable securities regulatory authorities from time to time, including the Company's Annual Information Form available under the Company's profile at www.sedarplus.ca . The Company's forward-looking information reflects the beliefs, opinions, and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking information or beliefs, opinions, projections, or other factors, should they change, except as required by law.
Cygnus Metals and Doré Copper Mining said on Wednesday (January 1) that they have completed their merger.
The combined entity will be a critical minerals explorer and developer with two core assets in Québec, Canada.
Cygnus acquired all of the issued and outstanding common shares of Doré on Tuesday (December 31) through a Canadian statutory plan of arrangement, finalizing the deal. Cygnus shares are listed on the ASX under the symbol CY5, and are expected to start trading on the TSXV under the symbol CYG on or about Friday (January 3).
The company has also applied to list on the OTCQB under the ticker symbol CYGGF.
The merger of equals between Cygnus and Doré was announced this past October, with the companies emphasizing at the time that the deal would create value for shareholders on both sides. Under the agreement, each former Doré shareholder will receive 1.8297 Cygnus shares for each share they held before the transaction was finalised.
"By combining the proven exploration and management skills of the Cygnus team with the high-grade resource and immense upside at the Chibougamau Copper-Gold Project, we have the potential to unlock substantial value," Cygnus Executive Chair David Southam said at the time, adding that plans for "aggressive exploration" were in the works.
The new company's two main assets are the Chibougamau copper-gold project and the James Bay lithium project.
Chibougamau currently has a measured and indicated resource of 3.6 million metric tons at 3 percent copper equivalent, and an inferred resource of 7.2 million metric tons at 3.8 percent copper equivalent.
James Bay's Pontax project holds a resource of 10.1 million metric tons at 1.04 percent lithium oxide.
Doré brought the Chibougamau asset to the table, and in Wednesday's release former President and CEO Ernest Mast said the Cygnus team has the ability to maximize the value of the project.
“This merger will provide the funding, additional expertise and the strategy aimed at generating superior shareholder returns with an exciting exploration program at Chibougamau,” he noted.
Southam will now act as executive chair of the new company, while Mast will hold the position of president and managing director in Canada. The board will also have two non-executive directors from each of the merged companies.
Cygnus said that results from a pre-Christmas drill program at Chibougamau are expected to be released early this quarter. Following on from that, the company will begin a drilling and geophysics program at the site.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.
View original content: 
View original content to download multimedia: 