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![Blackstone Minerals](https://investingnews.com/media-library/blackstone-minerals.png?id=27703010&width=1200&height=802)
Quarterly Report for the Period Ending 30 June 2024
Blackstone Minerals Limited (ASX:BSX) is pleased to share its quarterly report for the period ending 30 June 2024.
HIGHLIGHTS:
• The Company commenced the precursor cathode active material (“pCAM”) NCM811 (nickel-cobalt- manganese in a ratio of 8-1-1) pilot program in May 2024. This is the last stage of outstanding testwork required to finalise the definitive feasibility studies (“DFS”).
• The Company is in the final stages of completing the Ta Khoa Refinery (“TKR”) DFS. Outstanding DFS activities include, pCAM piloting program, residue handling testwork and facility design and finalising geotechnical assessments. Completion of these activities will allow the Company to release the DFS within CY24.
• The Company continues to engage the Son La Provincial Government and with respect to the TKR Investment Policy application. The Company has progressed drafting the Ta Khoa Nickel (“TKN”) Investment Policy Application document.
• End of quarter cash position of $4.16m, following receipt of ~$1m research and development advance funding agreement.
• Listed investments of $1.6m at the end of the quarter.
For a video summary of the announcement head to the Blackstone Investor Hub
https://investorhub.blackstoneminerals.com.au/link/7PRd7e
PROJECT UPDATE
TA KHOA REFINERY COMMENCES pCAM PILOTING
After successful completion of both the Ta Khoa Nickel (“TKN”) and Ta Khoa Refinery (“TKR”) pilot campaigns to produce battery grade nickel and cobalt sulphates (Refer to ASX announcement 15 November 2022), Blackstone commenced pCAM piloting in May 2024.
The pCAM pilot program is the last stage of testwork required to allow the Company to finalise TKR DFS testwork activities. The pCAM pilot program will utilise feedstock generated during the TKR pilot program to produce on-specification pCAM material in the chemistry of NCM811 to ‘typical’ lithium-ion battery standards for the EV market.
Click here for the full ASX Release
This article includes content from Blackstone Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Investor Insights
Blackstone Minerals is well-positioned to leverage a projected nickel supply deficit as it strives to become a vertically integrated producer of low-cost, low-carbon, battery-grade nickel. Key to this is Blackstone’s Ta Khoa project in Vietnam, an emerging hub for the electric vehicle market.
Overview
As the world moves closer to a sustainable net-zero future, the need for battery metals continues to mount and nickel may soon be among the metals to see a supply crunch. Though its roots are in the stainless steel sector, it's also a critical component of lithium-ion batteries.
Given that many nations are aiming to replace combustion vehicles with electric cars by 2030, the metal is already experiencing a massive spike in demand. Benchmark Minerals expects the need for battery-grade nickel will increase about 950 percent by 2040.
It's imperative to ramp up global nickel production but the resource sector, for its part, must do so with a much-reduced carbon footprint to influence the sustainability of the entire value chain. Blackstone Minerals (ASX:BSX,OTC:BLSTF,FRA:B9S) recognizes this. As a vertically integrated producer of low-cost, low-carbon nickel, the company aims to become a leading source of low CO2 emission nickel sulphide. Its flagship Ta Khoa project in Vietnam is representative of that goal.Blackstone Minerals business structure schematic
With over 20 active mines and a burgeoning technology sector, Vietnam is on the road to becoming a hub of electric vehicle production and innovation, with low labor costs and regulated electricity pricing further driving its growth. Steadily increasing foreign direct investment in the region is indicative of this as the country seeks to attract $50 billion in new foreign investment by 2030.
Blackstone is uniquely positioned to take advantage of this, thanks to two factors. US President Joe Biden's Inflation Reduction Act, which came into force in August 2022, represents the largest investment into climate action in United States history. A similar initiative is rolling out in the European Union (EU), which maintains a Free Trade Agreement with Vietnam — something multiple partners of the company have expressed interest in.
Blackstone's Ta Khoa Project consists of two streams, the Ta Khoa Nickel Mine and the Ta Khoa Refinery. Recent milestones point to Blackstone’s commitment to advancing this game-changing project.
These milestones include a memorandum of understanding with Cavico Laos Mining to collaborate in a number of areas associated with CLM’s nickel mine in Lao People's Democratic Republic and supply of nickel products for Blackstone’s Ta Khoa Refinery in Vietnam.
Blackstone also partnered with Arca Climate Technologies to further investigate the carbon capture potential at the Ta Khoa Project through carbon mineralisation, and explore opportunities to utilise Arca’s carbon capture technologies within the project.
In a bid to collaborate on the supply of renewable wind energy to the Ta Khoa Project, Blackstone signed a direct power purchase agreement with Limes Renewables Energy.
Blackstone received AU$2.8 million as an advance from a research & development (R&D) lending fund backed by Asymmetric Innovation Finance and Fiftyone Capital. The advanced payment reflects the significant investment by Blackstone to develop the Ta Khoa Refinery process and Blackstone’s unique strategy to convert nickel concentrate blends into battery products in the form of precursor cathode active material (pCAM).
In December 2023, Blackstone entered into an option agreement with CaNickel Mining to acquire the Wabowden nickel projectlocated in the world-class Thompson Nickel Belt in Manitoba, Canada.
The Wabowden project will have the potential to fill the Ta Khoa Refinery, removing dependence on third party feed sources.
The company has signed a non-binding MOU with the Development for Resources Environmental Technology joint stock company (DRET) to investigate opportunities to repurpose and trade waste material (or residue) from the Ta Khoa Refinery into construction material products. Moreover, it has also progressed the Ta Khoa Refinery byproduct offtake strategy with Vietnam Chemical Group (VinaChem), PV Chemical and Equipment Corporation (PVChem) and Nam Phong Green Joint Stock Company (Nam Phong) to sell Ta Khoa Refinery byproducts, being manganese sulphate (or epsomite) and sodium sulphate.
As the company plans to build a global nickel business, Blackstone signed a non-binding memorandum of understanding with Yulho Co. Ltd (Yulho) and EN Plus Co. Ltd (EN Plus) to establish a collaboration across the businesses including EN Plus and Yulho who are in joint venture on the Ntaka Hill nickel sulphide project in Tanzania, and the Dinagat Island nickel laterite project in the Philippines.
Company Highlights
- The global nickel market is currently entering a structural deficit, with demand expected to grow 950 percent by 2040.
- Blackstone Minerals is well-positioned to address this deficit as a vertically integrated producer of low-cost, low-carbon nickel.
- Blackstone's flagship project Ta Khoa is a brownfield project situated in Vietnam, one of the lowest capital cost countries in the world and an emerging hub for the electric vehicle market with vast reserves of nickel.
- Vietnam is an increasingly attractive region for investment with direct foreign investments that grew from $1.3 billion in 2000 to $15.6 billion in 2020.
- The Ta Khoa project also has infrastructure advantages, via the existing Ban Phuc mine, and processing facilities, access to low-cost and underutilized hydroelectricity, a trained labor force and support from the local government.
- Blackstone Minerals’ downstream pre-feasibility study confirms a technically and economically robust hydrometallurgical refining process to upgrade nickel sulphide concentrate to produce battery-grade nickel.
- Blackstone’s key nickel and cobalt feedstocks for the Ta Khoa Refinery Pilot program were delivered to the metallurgical laboratory in Western Australia as of April 2022.
Key Project
Ta Khoa
Blackstone holds a 90 percent interest in the Ta Khoa Nickel-Copper-PGE Project, located 160 kilometers west of Hanoi in the Son La Province of Vietnam. It includes an existing modern nickel mine built to Australian Standards, which is currently under care and maintenance. The Ban Phuc nickel mine successfully operated as a mechanized underground nickel mine from 2013 to 2016.
Blackstone intends to complement the existing mine through the installation of a large concentrator, refinery and precursor facility, supporting integrated on-site production of nickel, cobalt and manganese precursor products for the Asia-Pacific market. One of Blackstone's key Research and Development objectives with Ta Khoa is to develop a flowsheet that will support this production.
To fulfill this goal, Blackstone is focusing on a partnership model, collaborating with groups committed to sustainable mining. It is also working to minimize its carbon footprint and implement a vertically integrated supply chain.
Project Highlights:
- Multiple Massive Sulphide Deposits: The Ta Khoa project features several incredibly promising deposits including King Snake (up to 4.3 percent nickel and 18.2 grams per ton (g/t) PGE), Sui Phong (2.95 meters @ 2.42 percent nickel, 0.52 percent copper, 0.06 percent cobalt and 0.05 g/t PGE), and Ban Chang. The project is also the site of the Ban Phuc nickel mine, which was operated from 2013 to 2016 by Asia Mineral Resources, along with several exploration targets that have yet to be tested.
- Experienced Leadership: Internally, Blackstone’s owners’ team brings over 50 years of experience in leadership roles at major nickel mines and refineries globally. This experience has been complemented by ALS Group, Wood, Future Battery Industries CRC, Curtin University and the Electric Mining Consortium.
- Large Reserve and Mining Inventory: The entirety of Ta Khoa is estimated to contain probable reserves of 48.7 Mt at 0.43 percent nickel for 210 kilotons (kt) of nickel and a mining inventory of 64.5 Mt at 0.41 percent nickel for 265 kt nickel. This excludes Ban Khoa and other developing prospects.
- A Long-lived Project: The Ta Khoa mine is expected to produce a yearly average of 18 kt of annual nickel concentrate over its ten-year lifespan. Blackstone believes the refinery can potentially extend its life past ten years.
- An Established Mining Operation: Existing infrastructure onsite includes a 450 ktpa Mill and mining camp. The mine will also benefit from a highly supportive community and favorable government legislation — Blackstone is committed to collaborating with community stakeholders in the project's development.
- Feed Flexibility: Ta Khoa's refinery will offer multiple feed options, including nickel concentrate, mixed hydroxide precipitate, nickel matte and black mass. This flexibility greatly improves the security and greatly reduces the risk of the project overall.
- Valued Partnerships: Blackstone is collaborating with multiple industry leaders and groups in the development of Ta Khoa
- Compelling Pre-feasibility Study: The financial outcomes of a base case pre-feasibility study on the project are promising. Based on a conservative NCM811 precursor price forecast, Ta Khoa displays an exceptional internal return rate on capital invested.
- Integrated Vertical Strategy: Blackstone is constructing both the Ta Khoa mine and refinery against a highly supportive ESG, macroeconomic and fiscal backdrop. This along with Ta Khoa's low capital intensity gives the company a significant advantage over competitors. Said low intensity is the result of multiple factors, including competitive labor costs, favorable regulations and low-cost renewable hydroelectric power.
- A Leader in Low Emissions: Independent assessments from Digbee, Minviro and Circulor, alongside an audit from the Nickel Institute, have confirmed that Ta Khoa will be the lowest-emitting flowsheet in the industry, at 9.8 kilograms of CO2 per kilogram of precursor with opportunities for even further reduction.
- Promising Pilots: With the support of ALS and process engineering partner Wood, Blackstone recently completed a 12-month programme of work that developed a scaled version of its concentrate to sulphate flowsheet. The refinery, which processed more than 9 tonnes of concentrate and MHP, successfully achieved battery-grade nickel sulphate of 99.95 percent, with a nickel recovery rate of 97 percent.
- Current Roadmap: Blackstone's next priority is to complete a series of definitive feasibility studies. Once those are complete, it will focus on fully integrating the mine into the electric vehicle consumer supply chain and finalizing its refining partnership structure.
Management Team
Hamish Halliday - Non-executive Chairman
Hamish Halliday is a geologist with over 20 years of corporate and technical experience. He is also the founder of Adamus Resources Limited, an AU$3 million float that became a multimillion-ounce emerging gold producer.
Scott Williamson - Managing Director
Scott Williamson is a mining engineer with a commerce degree from the West Australian School of Mines and Curtin University. He has over 10 years of experience in technical and corporate roles in the mining and finance sectors.
Dr. Frank Bierlein - Non-executive Director
Dr. Frank Bierlein is a geologist with 30 years of technical and corporate experience, focusing on grassroots to mine-stage mineral exploration, target generation, project management and oversight, due diligence studies, mineral prospectivity analysis, metallogenic framework studies and mineral resources market and investment analysis.
Alison Gaines - Non-executive Director
Alison Gaines has over 20 years of experience as a director in Australia and internationally. She has experience in the roles of board chair and board committee chair, particularly remuneration and nomination and governance committees. She is also the managing director of Gaines Advisory P/L and was recently global CEO of international search and board consulting firm Gerard Daniels, with a significant mining and energy practice.
Gaines has a Bachelor of Laws and a Bachelor of Arts (hons) from the University of Western Australia, a Graduate Diploma in Legal Practice from Australian National University and an honorary doctorate of the University and Master of Arts (Public Policy) from Murdoch University. She is a fellow of the Australian Institute of Company Directors and holds the INSEAD certificate in corporate governance. She is currently the governor of the College of Law Ltd, and non-executive director of Tura New Music.
Dan Lougher - Non-executive Director
Daniel Lougher’s career spans more than 40 years involving a range of exploration, feasibility, development, operations and corporate roles with Australian and international mining companies including a period of eighteen years spent in Africa with BHP Billiton, Impala Plats, Anglo American and Genmin. He was the managing director and chief executive officer of the successful Australian nickel miner Western Areas Ltd until its takeover by Independence Group.
Lougher also holds a first class mine manager’s certificate of competency (WA) and is a fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Lougher is the chair of the company’s technical committee and nomination committee.
Jamie Byrde - CFO and Company Secretary
Jamie Byrde has over 16 year's experience in corporate advisory, public and private company management since commencing his career with big four and mid-tier chartered accounting firms positions. Byrde specializes in financial management, ASX and ASIC compliance and corporate governance of mineral and resource focused public companies. He is also currently company secretary for Venture Minerals Limited.
Tessa Kutscher - Executive
Tessa Kutscher is an executive with more than 20 years of experience in working with C-Level executive teams in the fields of business strategy, business planning/optimisation and change management. After starting her career in Germany, she has worked internationally across different industries, such as mining, finance, tourism and tertiary education.
Kutscher holds a master’s degree in literature, linguistics and political science from the University of Bonn, Germany and a master’s degree in teaching from Ludwig Maximilian University of Munich.
Andrew Strickland - Executive
Andrew Strickland is an experienced study and project manager, a fellow of the Australian Institute of Mining and Metallurgy, University of WA MBA graduate, with undergraduate degrees in chemical engineering and extractive metallurgy from Curtin and WASM.
Before joining Blackstone, Strickland was a senior study manager for GR Engineering Services where he was responsible for delivering a series of scoping, PFS and DFS studies for both Australian and international projects. Over his career, he has held a variety of project development roles across both junior to mid-tier developers (including Straits Resources, Perseus Mining and Tiger Resources) and major multi-operation producers (South32).
Graham Rigo - Executive
Graham Rigo is an experienced study manager with over a decade of on-site production experience, holding undergraduate degrees in chemical engineering and finance from Curtin University, WA.
Before joining Blackstone, Rigo was a study manager for Ausenco where he was responsible for delivering a series of scoping, PFS and DFS studies for both Australian and international projects over a range of different commodities.
Rigo has over 11 years of site experience in nickel and cobalt hydromet production experience, in supervisory/superintendent level roles as well as process engineer experience.
Lon Taranaki - Executive
Lon Taranaki is an international mining professional with over 25 years of extensive experience in all aspects of resources and mining, feasibility, development and operations. Taranaki is a qualified process engineer from the University of Queensland Australia. He holds a Master of Business Administration, and is a fellow of the Australian Institute of Company Directors. Taranaki has established his career in Asia where he has successfully worked (and lived) across multiple jurisdictions and commodities ranging from technical, mine management and executive management roles.
Prior to joining Blackstone in February 2022, Taranaki was the chief executive officer of Minegenco, a renewable-energy-focused independent power producer. Preceding this, he was managing director of his private consultancy, AMG Mining Global, where he was providing services to the mining industry in Singapore, Guyana, Indonesia and Cambodia. Additionally, Taranaki has held various senior positions with Sakari Resources, PTT Asia Pacific Mining, Straits Resources, Sedgmans and BHP Coal.
5 Top Weekly TSXV Stocks: Alaska Energy Metals Powers Up with 93 Percent Gain
Welcome to the Investing News Network's weekly look at the best-performing junior mining stocks on the TSX Venture Exchange, starting with a round-up of Canadian and US market data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) lost 0.76 points last week to close at 579.33. Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 59.82 to close at 22,814.81.
The US Bureau of Economic Analysis (BEA) released its advanced GDP estimates for Q2 2024 this past Thursday (July 25). The data showed the economy grew 2.8 percent in the May to June period, higher than the 1.4 percent increase seen in the first quarter of 2024.
Increases in spending in the service sector saw contributions from health care, housing and utilities, while higher spending for goods came from auto sales, recreational goods and furnishings.
The BEA also released June’s personal consumption expenditures index data this past Friday (June 26). In that release, the bureau indicated further easing of inflation with June reporting a year-over-year increase of 2.5 percent, down from May’s increase of 2.6 percent.
The index is a favored measure by the Federal Reserve in tracking progress as it works to bring inflation down to its 2 percent target rate. The central bank will use the figures to determine rate changes when it meets next Tuesday and Wednesday. While most analysts do not see the Fed making any changes yet, the new data has increased sentiment for cuts in September.
Equity markets saw broad gains above 1 percent on Friday but were mixed over the past week.
The S&P 500 (INDEXSP:.INX) was down more than 1 percent, finishing the week at 5,459.09 points. The Nasdaq-100 (INDEXNASDAQ:NDX) was down sharply following a rout of tech stocks in the aftermath of the Crowdstrike (NASDAQ:CRWD) outage on July 19, losing 3.65 percent on the week closing out Friday at 19,023.66. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) saw a modest gain of 0.43 percent to close at 40,589.34.
The S&P GSCI (INDEXSP:SPGSCI) commodity index also saw losses this week losing around 1 percent on the week to trade at US$549.27 this past Friday. Precious metals were also down with silver falling 4.44 percent ending the week trading at US$27.92 and gold shedding 0.58 percent to end the week at US$2,386.74.
How has this affected small-cap mining companies on the TSX Venture Exchange? These are the top 5 gainers from the past week.
1. Alaska Energy Metals (TSXV:AEMC)
Weekly gain: 93.1 percent; market cap: C$31.28 million; share price: C$0.28
Alaska Energy Metals is an exploration company working to advance its critical mineral properties in Alaska, US, and Quebec, Canada. The company’s flagship property, the Nikolai project, is located in Southeast Alaska and hosts the Eureka deposit. In a resource estimate from a technical report published in February, the company reported contained indicated values of 3.88 billion pounds of nickel, 1.28 billion pounds of copper, 303 million pounds of cobalt along with 4 million ounces of platinum from 813 million metric tons.
The company also owns the Angliers project located in western Quebec. The site is composed of 464 mineral claims covering an area of 26.417 hectares in a region known to host mineralized bodies of nickel, copper, platinum group metals, gold, molybdenum and zinc. The company announced on June 5, that it had acquired the adjacent Bambino nickel and copper property which would add 57 new claims over 3,320 hectares.
The most recent news from the company’s projects came on July 16, when it announced the start of a drilling program to test geochemical targets at the Canwell block at its Nikolai project.
2. Nevada King Gold (TSXV:NKG)
Weekly gain: 44.23 percent; market cap: C$121.94 million; share price: C$0.375
Nevada King Gold is a gold exploration company focused on the advancement of its Atlanta Gold project in southeast Nevada, US. The property is home to a past-producing open-pit gold mine that produced 110,000 ounces of gold and 800,000 ounces of silver between 1975 and 1985.
The site consists of six primary zones, and according to a 2020 resource estimate hosts measured and indicated quantities of 460,000 ounces of gold and 4.22 million ounces of silver from 11 million metric tons of ore, with additional inferred values of 142,000 ounces of gold and 1.24 million ounces of silver from 5.31 million metric tons of ore.
In a project update released this past Tuesday (July 23) the company reported drill results that included a highlighted intercept of 6.28 grams per metric ton (g/t) gold over 54.9 meters. The company said mineralization from the interval was consistent over its entire length and that it was the most important hole drilled at Atlanta to date.
The most recent news from Nevada King came this past Friday, when the company announced that it had received final approval from the Supreme Court of British Columbia to spin out its non-Atlanta projects. The deal will see its other properties including, Lewis, Horse Mountain - Mill Creek, and Iron Point projects spun out to shareholders. The new company will also retain a 3 percent smelter return royalty on all gold and silver production from Atlanta.
3. Abcourt Mines (TSXV:ABI)
Weekly gain: 42.86 percent; market cap: C$24.73 million; share price: C$0.05
Abcourt Mines is a gold exploration and development company focused on operations at its Sleeping Giant mine in the Abitibi region of Quebec, Canada. The mine property consists of four mining leases covering an area of 458 hectares and 69 claims. The site hosts an underground mine along with a mill capable of processing 750 metric tons per day.
The company also owns the Pershing-Manitou gold exploration project also located in the Abitibi region is composed of 322 claims covering an area of 12,307.55 hectares. Abcourt has been carrying out bulk sampling using the mill at Sleeping Giant.
On July 10, the company announced that Sleeping Giant had produced 327.6 ounces of gold from 1,428 metric tons and also produced 140 ounces from 5,000 metric tons acquired from the bulk sampling program at Pershing-Manitou. The company said it would be using the mill to process development material to access new stopes.
The most recent news from Abcourt came this past Thursday when the company announced the closing of C$4.5 million private placement. The company said funds would be used for exploration and development at Sleeping Giant.
4. Volt Lithium (TSXV:VLT)
Weekly gain: 34.92 percent; market cap: C$54.62 million; share price: C$0.425
Volt Lithium is a lithium development and production company working to advance its Direct Lithium Extraction (DLE) technology. The company is currently operating in the Permian Basin to develop its DLE technology which will allow it to extract battery grade lithium from oilfield brines. Oilfields in the basin produce 19 million barrels of brine per day.
The most recent news came on July 17 when it announced it had scaled up its processing capabilities at its field simulation center in Calgary, Alberta, Canada to 96,000 litres per day with lithium recovery rates of up to 99 percent from brine concentrations as low as 31 milligrams per litre. The company said it’s a significant milestone and will allow it to build and deploy its first field unit during Q3 2024.
5. Founders Metals (TSXV:FDR)
Weekly gain: 28.7 percent; market cap: C$183.96 million; share price: C$2.87
Founders Metals is a gold exploration company working to advance exploration efforts at its Antino Gold project in southeast Suriname. The property covers 238 square kilometers and has the necessary permits for drilling and mining. The site has previously hosted small-scale open pit mining operations with approximately 500,000 ounces of gold having been extracted.
Results from the company’s most recent exploration activities were reported this past Monday (July 22) when it reported highlighted assays of 5.31 g/t gold over 46 meters which included 12.05 g/t gold over 10 meters. The company said results expand on previously identified mineralization 150 meters east of the main Froyo zone and intends to continue exploration of the parallel zone over the coming weeks to explore strike and depth.
FAQs for TSXV stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, while the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of September 2023, there were 1,713 companies listed on the TSXV, 953 of which were mining companies. Comparatively, the TSX was home to 1,789 companies, with 190 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Data for this 5 Top Weekly TSXV Performers article was retrieved at 11:00 am PST on July 26, 2024, using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals were considered.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Q2 2024 Quarterly Report
Pivotal Metals Limited (ASX: PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide its Appendix 5B cash flow statement for the quarter ended 30 June 2024, along with the following operational summary.
Quarter Highlights
- Drill results from the 34 hole diamond drilling program totalling 7,092m at Horden Lake. As at the date of this report, 16 holes have now been released. Highlights include:
- 37.5m at 1.31% CuEq from 51.2m, incl 15m @ 2.15% CuEq (HN-24-93).
- 32.1m @ 1.2% CuEq from 264.3m, incl 14.2m @ 1.79% CuEq (HN-24-98)
- 28.6m @ 1.05% CuEq from 74m, incl 10.2m @ 2.3% CuEq (HN-24-103).
- 39.1m @ 0.97% CuEq from 154m, incl 19.7m @ 1.41% CuEq (HN-24-94)
- 21.5m @ 0.98% CuEq from 266.1m, incl 7.2m @ 1.56% CuEq (HN-24-97).
- 33.8m @ 0.81% CuEq from 38m (HN-24-100). o 11.9m @ 1.39% CuEq from 229.7m & 17.1m @ 0.58% CuEq from 203m (HN-24-96).
- Significant depth extension via drilling and DHEM in the southern zone clearly defined at Horden Lake
- The lesser drilled southern zone demonstrates potential to match or possibly exceed the central zone where economic resources extend to 550m (still open), 50-60% deeper than currently defined in the south.
- Assays confirm Pd, Pt, Au, Co and Ag metals are present. These were never before assayed for in large parts of the Horden Lake project, and represent upside to contained metal in future resource updates.
- Magnetotelluric “MT” geophysical survey shows large magnetic anomalies outlined on a newly mapped prospective contact, which hosts the historical high-grade discoveries ‘Alotta’ and ‘Midrim’ on the 100% owned BAGB project.
- $1.27m cash balance, with further news-flow expected as the Company releases remaining drilling and DHEM results, and advances work across its properties. o A$0.216m has been received since quarter end from delayed March 24 quarter sales tax refunds. A further ~A$0.157m is expected before the September 2024 quarter end.
Managing Director Ivan Fairhall said:
“The June quarter was an important one for Pivotal, where we delivered the first drilling results in over a decade on the Horden Lake project. Results fully validate our beliefs in the substantial upside potential at Horden Lake. Stepout drilling is complemented by DHEM to show that the shallower zones continue strongly at depth. Deeper drilling in the central zone gets us very excited by what we are seeing as we step-out in the south. Infill drilling is adding byproduct metal assays in previously untested areas, and enhancing the value of the 28mt resource which we have already defined. We look forward to bring this all together in a resource update in Q4 24.
The MT survey is an exciting enhancement to our BAGB geological model, showing Midrim and Alotta are indicators of an extensive magmatic intrusion which acted as the plumbing system for these high-grade surficial deposits, with the survey pointing to potential sulphide accumulations of scale.”
We look forward to sharing continued exploration results from Horden Lake through the September quarter.”
Click here for the full ASX Release
This article includes content from Pivotal Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
June 2024 Quarterly Report
Exploration activities continued at the Pulju Project with the acquisition of an extensive “bottom of till” drilling database and the commencement of a detailed regional geological mapping campaign.
Nordic Nickel Limited’s (“Nordic Nickel” or “the Company”) (ASX: NNL) flagship 100%-owned Pulju Nickel Project is located in the Central Lapland Greenstone Belt (CLGB), 50km north of Kittilä in Finland, with access to world-class infrastructure, grid power, a national highway, international airport and, importantly, Europe’s only two nickel smelters.
HIGHLIGHTS
- High impact, low cost regional exploration activities continuing at the Pulju Project.
- Analysis of an important, extensive new Bottom of Till (“BOT”) drilling database (9,632 samples) covering the entire Pulju Project area, recently acquired from the Geological Survey of Finland (GTK), is underway.
- Detailed summer mapping program underway focused on better characterising the extensive areas of known nickel/copper mineralisation and outcrop within the regional exploration licences at Pulju to prioritise future drilling targets.
- Positive progress on the metallurgical test work program for the Hotinvaara Resource to confirm potential recoveries and concentrate grades, with final results expected in Q3 2024.
- Discussions with potential strategic partners remains ongoing.
PULJU NICKEL PROJECT
The known nickel mineralisation in the CLGB is typically associated with ultramafic cumulate and komatiitic rocks with high-grade, massive sulphide lenses and veins enveloped by very large, lower grade disseminated nickel sulphide near-surface. The disseminated nickel at Pulju is widespread and indicates the presence of a vast nickel-rich system.
Following the conclusion of the 2023 drilling campaign, in March 2024, Nordic Nickel reported an updated Mineral Resource Estimate for the Hotinvaara Prospect at the Pulju Project which now comprises 418 million tonnes grading 0.21% Ni, 0.01% Co and 53ppm Cu for 862,800 tonnes of contained Ni, 40,000t of contained Co and 22,100t of contained Cu1.
Pulju is located 195km from Boliden’s Kevitsa Ni-Cu-Au-PGE mine and 9.5Mtpa processing plant in Sodankylä, Finland. Kevitsa provides feed for the 35ktpa Harjavalta smelter, which is located approximately 950km to the south and processes concentrate from Kevitsa’s low-grade disseminated nickel sulphide ore (Mineral Resource Estimate Ni grade ~0.21%). Europe’s only other smelter is Terrafame’s 37ktpa Sotkamo smelter, located 560km south-east of Pulju.
Figure 1: Location of Pulju Nickel Project and Europe’s entire nickel smelting and refining capacity.
Management Comment
Commenting on the June Quarter, Nordic Nickel Managing Director, Todd Ross, said: "We are very pleased with the progress made during this quarter despite continued challenging market conditions.
“The acquisition of the extensive BOT drilling database combined with historical drilling results and geophysics across Pulju provides us with a wealth of data to guide our future exploration efforts. This data, combined with the third summer mapping program now underway is another critical step in identifying new drilling targets and advancing our understanding of the Pulju Project's geology.
“Additionally, the ongoing metallurgical test work at Hotinvaara is crucial for assessing the economic potential of the project and advancing an initial scoping study, and we eagerly anticipate sharing the final results in the coming quarter.
“These activities underscore our commitment to advancing the Pulju Project and our strategic vision of supplying sustainably sourced nickel and battery metals to Europe. With that in mind, discussions with potential strategic partners continue which will allow us to ultimately fully unlock the value of Pulju for our shareholders.
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This article includes content from Nordic Nickel, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Metallurgical Testwork Program Commences at Horden Lake
Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide the assay results of three further drill holes / 580.2 metres from the 2024 diamond drilling program, and the commencement of a metallurgical testwork program at its 100% owned Horden Lake Project in Quebec, Canada.
Highlights
- Testwork program commencing immediately with receipt of samples at Blue Coast Research laboratories
- Testwork aims to produce a final copper and nickel concentrate via conventional sulphide flotation.
- Variability and composite samples spatially distributed across the Horden Lake deposit.
- Historical testwork programs confirmed high metal recoveries from both sequential and bulk rougher flotation, before any optimisation work.
- Infill drilling in the open-pit zone confirms continuity of mineralisation, primarily drilled to contribute large diameter sample for testwork.
- Over 47 metres of cumulative above cut-off mineralisation drilled in HN- 24-105, including
- 13.7m @ 0.79% CuEq1 from 137m.
- And 12.2m @ 0.7% CuEq from 156m, incl 2.3m @ 2.22% CuEq.
- And 14.9m @ 1.08% CuEq from 226m, incl 5.3m @ 1.53% CuEq.
- 5.3m @ 2.09% CuEq from 121.9m in HN-24-109
- Within wider 16.5m @ 0.93% CuEq from 119m.
- Metallurgical testwork will be followed by a resource update in Q4 2024.
- Over 50% of the metres and holes drilled in 2024 remain pending, including multiple step-out and DHEM results across zones of open mineralisation.
Managing Director, Mr Fairhall said:
“The commencement of the metallurgical testwork program is an important milestone for Pivotal. It will build on previous testwork campaigns which have shown high sulphide recoveries via conventional flotation techniques. This program will allow us to optimise a flow sheet to deliver maximum metal recoveries into concentrates which yield the highest possible payability – not only for copper, but also for the nickel, PGM, precious metals and cobalt which we are demonstrating through drilling to exist across the entire deposit.
The reported drill holes show continuity of mineralisation in the shallow open pit area, selected to ensure we collected a spatially representative sample for the testwork.
Overview
Horden Lake is a copper dominant Cu-Ni-Au-PGM-Co Project located 131km north-northwest of Matagami, in Quebec Canada. The Project hosts an indicated and inferred mineral resource estimate of 28mt at 1.5% CuEq, as a result of over 52,464m of drilling previously completed on the property. Pivotal has recently completed a 7,097m / 34 hole diamond drilling campaign of which 2,749m / 13 holes have been reported prior to this announcement.
The objectives of the drilling program were to infill missing by-product multi-element assay information, target resource expansion potential (which remains open at depth across its full extent) and collect a distribution of metallurgical sample for a complete test work program. Downhole EM surveys have also been completed to dimension future exploration potential and targeting.
Click here for the full ASX Release
This article includes content from Pivotal Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Tax Benefits of Flow-through Shares in Mining and Exploration
Flow-through and super flow-through shares have been gaining popularity in Canada's mining sector, and for good reason.
There's much to be gained by taking advantage of the tax incentives provided by these share models, particularly in mining-friendly jurisdictions like Quebec. ASX-listed companies with projects in Canada have found these tax measures especially beneficial.
The bottom line is that both mining companies and investors can benefit financially from flow-through and super flow-through shares — but to understand why, one must first understand what these tax measures are.
What is a flow-through share?
Flow-through shares are a type of common stock unique to Canada and typically associated with the Canadian resource sector. When a company issues a flow-through share, the tax credits it receives for expending capital on qualifying exploration and development projects will "flow through" to investors. Any funds spent investing in flow-through shares are treated as a tax deduction against the investor's income — in exchange, these shares are issued at a premium.
Any money investors make on selling their flow-through shares is considered a capital gain and taxed accordingly. For tax purposes, flow-through shares are treated as having a base cost of zero. Shares must also be held for a certain amount of time before they can be sold.
For mining companies, flow-through shares offer a compelling additional source of funding for exploration and development. At the same time, they also reduce a company's overall financing cost, enhancing viability. Moreover, because these shares are generally earmarked for a specific purpose, their sale does not dilute the ownership stake of a company's existing shareholders.
These factors together make flow-through shares particularly attractive for Australian critical minerals companies seeking to either gain a foothold in the Canadian market or mitigate the costs of a high-capital Canadian project, as they do not have access to any equivalent domestic fundraising methods.
How flow-through shares work
To issue a flow-through share, a company must be a corporation whose core business involves mining and exploration, processing, mineral recovery or metal fabrication. The project for which the shares are issued must be a mineral resource property, and it must be located in Canada. Beyond these requirements, the issuance process for flow-through shares is much the same as that for any common stock, with a few caveats.
First, the issuing company must work with a Canadian flow-through share dealer, entering into a subscription and renunciation agreement. In the case of Australian companies, additional provincial and/or federal forms are also required to renounce expenses. Canadian resident investors also do not hold the flow-through shares they purchase when it comes to ASX companies, though they are still able to benefit from the tax deduction.
Finally, flow-through shares are associated with two types of tax credits depending on the activity for which they are earmarked.
The Canadian Exploration Credit (CEE) provides an investor with a 100 percent deduction in the year of purchase. The Canadian Development Credit (CDE), meanwhile, allows the investor to write off their deduction over a period of three years. The premium for shares issued through the CEE typically ranges from 20 to 30 percent, while the premium for shares issued through the CDE is usually between 8 and 15 percent.
Flow-through shares vs. super flow-through shares
Super flow-through shares provide a provincial tax credit on top of the deduction offered by flow-through shares, typically 15 percent of certain "qualifying expenditures." For critical minerals, the value of this credit doubles to 30 percent. Depending on where the share was issued, this credit may either be deducted from an investor's taxes owed or applied to their income.
This tax credit is only available in certain provinces — specifically British Columbia, Saskatchewan, Manitoba and Ontario. Quebec also offers its own type of super flow-through share which deducts from income rather than taxes owing. In Quebec's case, an investor is able to deduct 10 percent of the expenditures associated with the CEE and an additional 10 percent if the company is engaged in aboveground exploration.
As part of its Critical Minerals Strategy, the Canadian federal government in 2022 introduced the Critical Mineral Exploration Tax Credit, providing a 30 percent federal tax credit for expenses incurred in the exploration of minerals used in batteries and permanent magnets, clean technology or semiconductors. In 2024, the Canadian government also announced the extension of its 15 percent Mineral Exploration Tax Credit, which was originally set to expire in March 2024, by another year to March 31, 2025. The 30 percent Critical Mineral Exploration Tax Credit, however, cannot be claimed in addition to the 15 percent Mineral Exploration Tax Credit.
Quebec's advantage
As a Tier 1 mining jurisdiction with rich mineral reserves and extensive, well-maintained infrastructure, Quebec was ranked as the fifth most attractive mining jurisdiction in the world by the Fraser Institute's 2023 Annual Survey of Mining Companies. The province has long been known for its mining-friendly policies and the ease with which one may obtain mining permits. Moreover, Quebec's hydroelectric infrastructure provides abundant access to low-cost, sustainable energy.
For these reasons, Quebec has not only attracted Canadian mining companies, but international ones as well. Many Australian companies have seized the opportunity to establish operations in the province of Quebec. Pivotal Metals (ASX:PVT) is one such organisation.
Helmed by an experienced board and management team, the company maintains several battery metals projects. The first, Horden Lake, consists of an advanced copper, nickel and platinum-group metals deposit currently in late-stage development. It also holds multiple high-potential early stage exploration projects in the Belleterre-Angliers greenstone belt.
Winsome Resources (ASX:WR1,OTCQB:WRSLF), which holds several fully owned hard rock lithium projects in Northern Quebec, is another Australian company with a presence in the Canadian province. In April 2024, the company entered into an exclusive option to acquire the assets of the Renard mine and its related infrastructure.
Burley Minerals (ASX:BUR) is another Australian player in Quebec's mining and exploration sector, having acquired the necessary permits for drilling at its Chubb lithium project. Strategically located near several existing projects, Chubb also exists in close proximity to the North American Lithium operation and its recommissioned hard rock spodumene concentrator plant.
Investor takeaway
Flow-through shares and super flow-through shares are incredibly beneficial not just from a tax and investment perspective, but also from an exploration and development perspective. Australian mining companies have a great deal to gain from establishing projects in regions with tax-friendly policies, such as Quebec, as does anyone who chooses to invest in those projects.
This INNSpired article is sponsored by Pivotal Metals (ASX:PVT). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Pivotal Metalsin order to help investors learn more about the company. Pivotal Metalsis a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Pivotal Metalsand seek advice from a qualified investment advisor.
BHP Suspends Nickel West Operations and West Musgrave Project
Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) said on July 11 that its Nickel West operations and West Musgrave project, together known as Western Australia Nickel, will be temporarily suspended starting in October.
The transition period will begin in July, with handover activities targeted for completion by the end of the year.
“Like others in the Australian nickel sector, we have not been able to overcome the substantial economic challenges driven by a global oversupply of nickel,” said Geraldine Slattery, BHP Australia president.
Nickel prices trended down through 2023 and began 2024 on a low note. At the time, S&P Global and other news outlets reported on the closure of operations and curtailing of production by nickel miners all over the world.
“Low prices in a market awash with Indonesian supply,” was singled out as a major cause.
BHP said Western Australia Nickel has recorded negative cash flow since 2020, and is expecting to report an underlying EBITDA loss of approximately US$300 million in the financial year ended on June 30.
The company also cited weather-related issues at its Mount Keith site, which is among the affected areas during the suspension, along with the Kwinana nickel refinery, Kalgoorlie nickel smelter and Leinster operations.
However, Slattery shared that since the review of Western Australia Nickel in February, the company has explored options “to stem losses in the short-term and identify a viable path forward for the business.”
Three thousand jobs are reportedly at risk at Western Australia Nickel, but BHP is making efforts to mitigate the situation. It said it will offer frontline employees new roles within the company, and has also pledged to identify redeployment opportunities for those who work in the day-to-day operations of Western Australia Nickel.
A community fund amounting to AU$20 million will be established by BHP to support the region during the suspension. The company also made it clear that a potential restart may happen and that it will continue to invest approximately AU$450 million per annum in the Western Australia Nickel facilities.
The decision to temporarily suspend Nickel West and West Musgrave will be revisited in February 2027.
“Western Australia remains an important investment destination for BHP globally, with investment in the State expected to be greater than AU$12 billion over the next five years. (We) will continue to work with all of our Western Australian partners to advance the economic prosperity of the State,” Slattery ended.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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