Canada Nickel Company's NetZero Metals Intends to Develop Downstream Nickel & Stainless-Steel Processing Facilities in Timmins Region

Canada Nickel Company's NetZero Metals Intends to Develop Downstream Nickel & Stainless-Steel Processing Facilities in Timmins Region

 
 

   Highlights   

 
  •   Processing facilities expected to be the largest nickel processing facility in North America and largest stainless-steel and alloy production facility in Canada , filling a key gap in the North American electric vehicle supply chain – utilizing proven, low environmental footprint technology.  
  •  
  •   Both processing facilities to be designed to be net zero-carbon – utilizing Canada Nickel Company's carbon storage capacity to store CO 2 generated by each facility.  
  •  
  •   NetZero Metals led by Mike Cox with 35 years of nickel processing experience and senior leadership positions with Inco Ltd. and Vale SA overseeing a global portfolio of nickel refineries.  
  •  

Canada Nickel Company Inc. ("Canada Nickel") (TSXV: CNC) (OTCQX: CNIKF) announced today its wholly-owned subsidiary, NetZero Metals Inc. ("NetZero Metals" or the "Company"), intends to develop two processing facilities in the Timmins Nickel District: a nickel processing facility and stainless-steel and alloy production facility.

 
 

  Canada Nickel Company Inc. logo (CNW Group/Canada Nickel Company Inc.) 

 
 

These initiatives are expected to represent an important economic development for the Timmins Nickel District and provide significant additional capacity to fill a critical link in the development of North American critical minerals supply chains and the province's electric vehicle strategy. Each production facility is expected to utilize Canada Nickel's carbon storage capacity at its Crawford Nickel project to deliver zero carbon nickel and stainless steel and alloy production.

 

The Company is currently at the site-selection stage, considering several sites in the region. The Company is also in the process of choosing engineering firms to complete the design of both facilities and expects to announce the selected firms shortly. Feasibility studies are underway and expected to be completed by year-end, with the nickel processing plant expected to begin production by 2027.

 

"These processing facilities will position the Timmins Nickel District and Canada at the forefront of the global transition to greener energy and materials," said Mark Selby , CEO of Canada Nickel Company. "We are proud to lead the way in planning the development of new capacity to meet the growing demand for the local supply of critical minerals, and most importantly, zero carbon, environmentally responsible production in North America ."

 

Selby added, "I am excited that we have been able to assemble a global team led by Mike Cox , who has 35 years of nickel processing experience, to build and operate these new facilities. With the growth in electric vehicle manufacturing in Ontario , NetZero Metals provides a zero-carbon solution to produce stainless steel and critical mineral alloys while powering electric vehicles with truly clean nickel."

 

"We have what the world needs right in our backyard to fuel the electric vehicle revolution," said George Pirie , MPP for Timmins and Ontario Minister of Mines. "Thanks to companies like Canada Nickel that believe in our community's potential, Timmins is poised to become a hub for the clean nickel we need to build the supply chain for electric vehicles. This is another great example of a company committed to working in the Timmins region to create opportunity and local benefits for the people and our economy. Timmins is proud of our world-class mining operations, and we can't wait to add another strong project to the region to grow our community and create prosperity."

 

"When leaders like Canada Nickel invest in great northern cities like Timmins to expand our mineral processing capacity, it's a momentous day for the entire province," said Greg Rickford , Minister of Northern Development and Minister of Indigenous Affairs. "Our government will be there to support Northern communities as our processing capacity for critical minerals is built out. We have a tremendous opportunity to expand fully integrated supply chains for the electric battery future, and that starts with investments like these that create high quality jobs for hard working men and women."

 

The NetZero Metals initiative represents a paradigm shift in the nickel and stainless-steel industries. By combining world-class expertise from around the globe, environmentally conscious technology, and made-in- Canada talent and solutions, Canada Nickel is not just envisioning a greener future, but actively pursuing it.

 

"Since the very beginning of Canada Nickel's journey, our partnership has been based on mutual respect and ensuring our Treaty was honoured with a true seat at the decision-making table," said Chief Bruce Archibald of Taykwa Tagamou Nation. "Our First Nation is proud to see Canada Nickel's continued growth with their future downstream processing facilities, and we'll proudly continue to partner with them based upon the mutual principles we've always shared."

 

"Today's announcement highlights Timmins' position as a global leader in sustainable and environmentally responsible mining," added Michelle Boileau , Mayor for the City of Timmins . "We are essential to Canada's electric vehicle and critical mineral supply chain. This means long-term direct and indirect job creation to support Timmins Nickel District, which adds to the diversification and stability of our local economy. Canada Nickel's commitment to investing in the Timmins' region will benefit our people and our community."

 

  For more information, contact:
  Mark Selby  
CEO and Director
647-256-1954
info@canadanickel.com  

 

  Media contacts:
  Sydney Oakes  
Director of Indigenous Relations and Public Affairs, Canada Nickel Company
sydneyoakes@canadanickel.com  

 

  Dylan Moore  
Director of Communications and Legislative Affairs, Minister of Mines
dylan.moore3@ontario.ca  

 
  Background  
 

  About the Nickel Processing Facility
Over three phases, the nickel processing plant is expected to reach a capacity of more than 80,000 tonnes of nickel annually, which is expected to make it the largest nickel processing facility in North America . Subject to permitting approvals, the plant plans to begin production by the start of 2027 utilizing third party feeds. The facility is expected to be further expanded with the startup and expansion of Canada Nickel's Crawford project. This plant is expected to utilize proven, low environmental footprint technology to produce high-quality nickel products, catering to the needs of both the stainless-steel/superalloy and the electric vehicle markets.

 

  About the Stainless-Steel and Alloy Processing Facility
In addition to the nickel processing plant, a stainless steel and alloy production facility is expected to be established to process the nickel-chromium (NiCr) magnetite concentrate from the Crawford Nickel project and other feeds to be transformed into more than 1 million tonnes of alloy products, including more than 500,000 tonnes of 304-grade stainless-steel annually. The facility is expected to grow along with the expansion at Crawford Nickel project and would become the largest stainless-steel production facility in Canada .

 

Production is planned to begin in the latter half of 2027, aligning with the planned start-up of the Crawford mine, subject to permitting approvals. Discussions are currently underway with leading global ferroalloy and stainless producers to partner on this project.

 

  About Zero-Carbon Nickel & Stainless-Steel Production
A cornerstone of this venture, and all of Canada Nickel's work, is its environmental stewardship. All carbon emissions from both plants are expected to be captured and stored in the tailings of the planned Crawford mine. This approach positions both NetZero Metals plants as zero carbon emitters and pioneers in the green steel industry on a global scale.

 

The Company has applied for trademarks for the terms NetZero Nickel TM , NetZero Cobalt TM , and NetZero Iron TM in the U.S., Canada , and other jurisdictions related to zero-carbon production of nickel, cobalt, and iron products.

 

  Biographies of Global Nickel Processing Leadership
NetZero Metals has assembled a world-class team with deep nickel industry processing expertise led by Mike Cox , who led Inco and later Vale's U.K. and Asian nickel refinery network.

 

    Mike Cox  
 
Mr. Cox has 35 years of experience in base metal operations with Inco Ltd and Vale SA. He has held a number of senior leadership positions in Europe , Canada and Asia including the oversight of operations which have delivered nickel products to consumers for use in multiple generations of nickel batteries. Most recently, Mr. Cox was the Head of UK and Asian Refineries at Vale with responsibility for a portfolio of precious metal and nickel refineries. Mr. Cox holds a BSc (Hons) in Chemistry and an MBA, both from the University of Glamorgan.

 

    Myung Bae Kim  
 
Mr. Kim has more than 33 years' experience in project, procurement and production management in non-ferrous material processing, metal smelting/refining and oil & gas refining.  He has held senior roles in large projects in Korea, Oman , Turkmenistan and Saudi Arabia , and most recently was Project Manager for the construction of Lithium-ion rechargeable battery plants in Poland and China . Mr. Kim holds an MSc in Metallurgical Engineering from Chonbuk National University , Korea.

 

    Keiji Okamoto  
 
Mr. Okamoto has 25 years of experience in the fields of base metals processing and project management. He was Head of Research and Development at Vale's Matsusaka nickel refinery in Japan before becoming the General Manager of the company's utility nickel smelter in Kaoshiung, Taiwan . Most recently, Mr. Okamoto worked as Chief Engineer on a project to construct the largest automated warehouse in Japan . Mr. Okamoto holds an MSc in Global Environmental Engineering from Kyoto University .

 
  Cautionary Note and Statement Concerning Forward Looking Statements  
 

This news release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information in this news release includes, but is not limited to, statements relating to: the development of a nickel processing facility and stainless-steel and alloy production facility in the Timmins Nickel District; the facilities utilizing Canada Nickel's carbon storage capacity at its Crawford Nickel project to deliver zero carbon nickel and stainless steel and alloy production; meeting the demand for the local supply of critical minerals; providing a zero-carbon solution to produce stainless steel and critical mineral alloys; benefits for the local population, community and economy; timing and completion, if at all, of feasibility studies; timing and completion, if at all, of production at the planned facilities; expected production capacity and further expansion of the facilities; timing of receipt of permits and commencement of construction and initial production at the Crawford project; and corporate and technical objectives.  Forward-looking information is necessarily based upon several assumptions 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.  Factors that could affect the outcome include, among  others:  receipt of all required permits, results of feasibility studies, procuring appropriate sites for the facilities, partnering with leading global ferroalloy and stainless producers, future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise  the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities  (known  and  unknown), general business, economic, competitive, political and social uncertainties, results of  exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain regulatory or shareholder approvals, and the impact of COVID-19 related disruptions in relation to the Company's business operations including upon its employees, suppliers, facilities and other stakeholders. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.  Accordingly, readers should not place undue reliance on forward-looking information.  All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof.  Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law.  Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/canada-nickel-companys-netzero-metals-intends-to-develop-downstream-nickel--stainless-steel-processing-facilities-in-timmins-region-302056998.html  

 

SOURCE Canada Nickel Company Inc. 

 

 

 

 Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2024/08/c2329.html  

 
 

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Canada Nickel Achieves Best Drill Results to Date at Reid

Canada Nickel Achieves Best Drill Results to Date at Reid

 
 

  Highlights  

 
  • Best Reid interval to date – 661 metres of 0.29% nickel including 100 metres of 0.42% nickel and 40 metres of 0.51% nickel in REI-24-35
  •  
  • All 8 holes targeting Reid Central Core intersected core lengths greater than 620 metres with average grades of 0.21% to 0.29% nickel
  •  

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce positive assay results from its ongoing 2024 exploration program at its Reid property, located 37 kilometres northwest of Timmins, Ontario .

 

 

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Canada Nickel Announces Results from Crawford PGM Zone Infill Drilling Campaign

Canada Nickel Announces Results from Crawford PGM Zone Infill Drilling Campaign

 
 

  Highlights  

 
  • Successful infill drilling campaign targeted PGM Zones at Crawford with 45 holes intersecting drill intervals of > 1g/t palladium + platinum
  •  
  • Results include:
    • 2.19 g/t palladium + platinum over core length of 76.5 metres in Crawford Main Zone including 3.90 g/t over core length of 13.5 metres
    •  
    • 1.15 g/t palladium + platinum over 38.5 metres in Crawford East Zone including 2.94 g/t over core length of 4.5 metres
    •  
  •  
  • PGM results will be included in development of a Crawford PGM Zone resource estimate and incorporated into the Crawford nickel mine plan
  •  

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) today announced additional results from its drilling program targeting the PGM zones that occur along the Crawford Main and East Zone boundaries and within the existing mine plan outlined in the Crawford Nickel Project feasibility study.

 

 

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Canada Nickel Provides Update on Crawford Project Optimization and Commencement of Pilot Plant Operation

Canada Nickel Provides Update on Crawford Project Optimization and Commencement of Pilot Plant Operation

 
 

   Highlights   

 
  •   Testwork demonstrates opportunity for improvements in recovery from the Crawford East Zone  
    •   Locked cycle test delivered a 60% nickel sulphide concentrate – believed to be world's highest nickel grade sulphide concentrate produced – and a total nickel recovery of 47% exceeding the feasibility study model by 9%  
    •  
    •   Ten new open circuit variability tests demonstrated nickel recoveries averaging 28% higher than the feasibility study model  
    •  
  •  
  •   Pilot plant program initiated at SGS Lakefield  
  •  

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV:CNC) (OTCQX:CNIKF) is pleased to announce the successful completion of further metallurgical testing on Crawford East Zone material.

 

 

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Canada Nickel Company Announces Initial Deloro Nickel Sulphide Project Resource

Canada Nickel Company Announces Initial Deloro Nickel Sulphide Project Resource

 
 

  Highlights:  

 
  • First of seven new nickel resources expected to be published by end of the first quarter of 2025 demonstrating the potential scale of the Timmins Nickel District
  •  
  • Initial Deloro indicated Resource of 81 million tonnes grading 0.25% nickel containing 202kt of nickel plus a further Inferred Resource of 357 million tonnes grading 0.25% nickel containing 885kt of nickel
  •  
  • Seven exploration rigs currently drilling across the Timmins Nickel District
  •  

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQB: CNIKF) today announced an initial mineral resource for its 100% owned Deloro Nickel Sulphide Project ("Deloro") near Timmins, Ontario .

 

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Canada Nickel Closes Previously Announced US$15 Million Loan Facility with Auramet International, Inc.

Canada Nickel Closes Previously Announced US$15 Million Loan Facility with Auramet International, Inc.

 
 

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) today announced that it has closed a secured loan facility with Auramet International, Inc. ("Auramet") of US$15 million previously announced on June 24, 2024 .

 
 

  Canada Nickel Company Inc. logo (CNW Group/Canada Nickel Company Inc.) 

 

The loan is due January 9, 2025 , carries an interest rate of 1.00% per month, and is subject to a 2.5% arrangement fee.  At closing, Auramet also received 750,000 1-year warrants with a strike price of $1.42 per common share. The loan is subject to such terms and conditions including certain specified positive and negative covenants that are customary for a transaction of this nature. The warrants and the underlying shares are subject to a four month hold period under applicable Canadian securities laws. The Company expects to use the proceeds from the loan for working capital purposes.

 

  About Auramet  

 

Auramet is one of the largest physical precious metals merchants in the world with over US$20 billion in annual revenues and which provides a full range of services to all participants in the precious metals supply chain. Auramet is a private company established in 2004 by seasoned professionals who have assembled a global team of industry specialists with over 350 years combined industry experience. Their business consists of three main activities: physical metals trading, metals merchant banking (including direct lending) and project finance advisory services. The company has built a consistently successful and prominent franchise in the metals space on the back of an experienced management team that has proven to be innovative and capable of delivering the highest quality service to participants in the sector. In fiscal year 2023 it purchased over 7 million ounces of gold, 126 million ounces of silver and 3 million ounces of PGMs, and has provided term financing facilities in excess of US$1 billion to date. Auramet is looking to grow its capital investment business in equity, royalties and streams in the precious metals and battery related metals mining space. Auramet is proud to have been awarded a Gold Medal the past two years for its ESG commitment by EcoVadis, the most trusted provider of ESG ratings with a network of more than 90,000 rated companies. For more information on Auramet, please visit www.auramet.com .

 

  About Canada Nickel Company  

 

 Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero Nickel™, NetZero Cobalt™, NetZero Iron™ and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins - Cochrane mining camp. For more information, please visit www.canadanickel.com .

 

  For further information, please contact:  

 

  Mark Selby  
CEO
Phone: 647-256-1954
Email: info@canadanickel.com  

 

  Cautionary Statement Concerning Forward-Looking Statements  

 

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the use of proceeds from the loan, the ability of the Company to deliver nickel required to feed the high growth electric vehicle and stainless steel markets, and the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Readers should not place undue reliance on forward looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: inability to repay the loan or comply with the covenants set out in the loan agreement; the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in applicable laws; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable. Although Canada Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/canada-nickel-closes-previously-announced-us15-million-loan-facility-with-auramet-international-inc-302192435.html  

 

SOURCE Canada Nickel Company Inc. 

 

 

 

 Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/09/c7393.html  

 
 

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[VIDEO ENHANCED] Prismo Metals Options Two High-Grade Silver-Gold Mines in the Arizona Copper Belt - Immediate Exploration Planned

[VIDEO ENHANCED] Prismo Metals Options Two High-Grade Silver-Gold Mines in the Arizona Copper Belt - Immediate Exploration Planned

 

(TheNewswire)

 
       
  Prismo Metals Inc. 
                
 

Vancouver, British Columbia, July 3rd, 2025 TheNewswire - Prismo Metals Inc. (the " Company ") (CSE: PRIZ) (OTCQB: PMOMF) is pleased to announce that it has signed option agreements to acquire 100% interest in two historic high-grade precious and base metal mines — the Silver King and Ripsey mines — both located in Arizona's prolific Copper Belt near its flagship Hot Breccia project.

 

Additional information on the Silver King and Ripsey mines as well as Prismo's other projects (Hot Breccia and Palos Verdes) is available on Prismo's Youtube channel at:   

  

 

  Exceptional Grades and Untapped Potential  

 

Discovered in 1875, the Silver King mine is one of Arizona's most important historic producers, yielding nearly 6 million ounces of silver at grades of up to 61 oz/t. Remarkably, selected samples from small-scale production in the late 1990s returned grades as high as 644 oz/t silver (18,250 g/t) and 0.53 oz/t gold (15 g/t), indicating that high-grade mineralization remains. Additionally, the presence of freibergite (AgCuSbS) suggests a potential for antimony, a critical mineral with growing strategic demand.

 

The Ripsey mine, located 20 km west of Hot Breccia, is also an historic gold-silver-copper producer with significant upside. Historic sampling has returned up to 15.85 g/t gold and 276 g/t silver, yet no modern exploration has been conducted.

 

  Strategic Location — World-Class Neighbors  

 

The Silver King mine sits only 3 km from the main shaft of the Resolution Copper project — a joint venture between Rio Tinto and BHP and one of the world's largest unmined copper deposits with an estimated copper resource of 1.787 billion metric tonnes at an average grade of 1.5% copper (1) . This unique land position is fully surrounded by Resolution Copper's claim block, offering strategic upside.

 

"The Silver King and Ripsey mine projects are exciting additions to our Arizona portfolio. We see an opportunity to create near term value through immediate exploration on a historic high-grade silver producer with antimony potential that has seen limited modern exploration by drilling both laterally and at depth into a prospective source formation, said Gordon Aldcorn, President of Prismo. "We look forward to getting our exploration team back in the field, advancing our exciting projects and revitalizing investor interest in the Company."

 

The Silver King mine was discovered in 1875 and produced ore with as much as 10,000 ounces per ton silver in near surface workings (2) . Underground production through 1889 is estimated at almost 6 million ounces of silver at grades of between 61 and 21 ounces per ton. During a second period of production from 1918 to 1928, 230,000 ounces were produced at a grade of 18.7 ounces per ton.  No significant production has occurred after 1928.

 

The orebody at Silver King is a steeply west-dipping pipelike stockwork and breccia zone that was mined on eight levels to about 300 meters depth below a glory hole at the surface. The pipe is described as a dense stockwork with local breccia zones and a quartz core (3) .  Records indicate that due to variations in mineralogy, much of the upper portion of the body was evidently not mined. The current owners (the " Optionor ") rehabilitated the main shaft in the late 1990s, opened the upper levels of the mine and produced a small tonnage. Assay certificates from this period show selected samples with 400 to 600 ounces per ton silver with 0.2-0.5 oz/t gold and some base metals. Virtually no modern exploration has been carried out at the mine providing significant exploration upside and multiple drill targets.

 

The Ripsey mine is a historic gold-silver-copper producer located about 20 km west of the Hot Breccia project. Historic mine workings consisting of tunnels and shafts on several levels were developed along a vein over about 400 meters of strike length and 160 meters vertically. A small tonnage of mineral was produced by the Optionor in the late 1990's. Sampling by Dr. Craig Gibson from the mine workings has yielded 15.9 g/t gold and 275 g/t silver over 0.75 meters and 8.7 g/t gold, 181 g/t silver, 3% copper and 9% zinc over 1 meter. No modern exploration has been carried out at the project, providing significant exploration upside and multiple drill targets.

 

The Company plans to conduct a detailed mapping and sampling program at both projects at surface exposures and in accessible workings.  A drill program is planned for Silver King, with about 1,000 meters initially. The Silver King drill program is designed to test the mineralized body at four elevations as well as lateral to the pipelike body. De-watering of the Silver King shaft to gain access to the upper levels may also be undertaken as submersible pumps are in place.

 

"This is a fabulous opportunity for the Company. Both projects are high-grade and are easily accessible and may be associated with porphyry copper mineralization. We also look forward to evaluating the potential for antimony at Silver King. We're excited to begin exploration immediately to test the Silver King's pipelike mineralized body at multiple depths and laterally," said Dr. Craig Gibson , Chief Exploration Officer. "This region is world-class for porphyry systems and base and precious metals, and we believe these mines have significant untapped potential."

 

    
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Location of the Company's projects withing the Arizona Copper Belt

 

    
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Land map of the Silver King mine.

 

    
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Drone view of the Silver King mine.

 

     

 

The Silver King mine in the late 1800's.

 

    
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Click Image To View Full Size
 

 

Small scale mining in the upper levels of the Silver King mine in the late 1990's.

 

  Deal description  

 

Prismo has the option to acquire a 100% interest in both the Silver King and Ripsey mines. Prismo can earn a 100% interest in the Ripsey mine by issuing one million shares to the Optionor, paying the Optionor US $10,000 within six months of the signing of the option agreement (the " Effective Date "), US $10,000 on each anniversary of the Effective Date and US $1 million to the Optionor within five years of the Effective Date. Prismo does not have minimum work commitments as part of the Ripsey option agreement.

 

Regarding the Silver King mine, Prismo can acquire a 100% interest in three stages. Prismo must issue one million shares to the Optionor, pay the Optionor US $10,000 within six months of the Effective Date, and US $10,000 on each anniversary of the Effective Date. To earn a first 50% interest, Prismo must incur no less than US $500,000 in expenditures on or before the first anniversary of the Effective Date, incur no less than an additional US $2.5 million expenditures on or before the third anniversary of the Effective Date and issue to the Optionor two million shares. Prismo can acquire an additional 30% interest by incurring no less than an additional US $3 million in expenditures, paying the Optionor US $1 million and issuing to the Optionor two million shares before the fifth anniversary of the Effective Date. Prismo can elect to form a joint venture at anytime after earning it initial 50% interest. The option agreement and joint venture agreement terms and conditions contain standard buyout and dilution terms regarding the final 20% interest.

 

  Private Placement  

 

Prismo is also pleased to announce a non-brokered private placement (the " Private Placement ") of five million units of the Company (" Units ") at an issue price of $0.05 per Unit for minimum gross proceeds of $250,000. Each Unit will consist of one common share in the capital of the Company (a " Share ") and one-half of one common share purchase warrant of the Company (each whole warrant, a " Warrant "). Each Warrant will entitle the holder to purchase one Share for a period of twenty-four (24) months from the date of issue at an exercise price of $0.10.

 

The Private Placement will also be made available to existing shareholders of the Company who, as of the close of business on July 1st, 2025, held Shares (and who continue to hold such Shares as of the closing date of the Private Placement), pursuant to the existing securityholder exemption set out in BC Instrument 45-534 – Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders (the " Existing Securityholder Exemption "). The Existing Securityholder Exemption limits a shareholder to a maximum investment of CAD$15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the Company receives subscriptions from investors relying on the Existing Securityholder Exemption exceeding the maximum amount of the Private Placement, the Company intends to adjust the subscriptions received on a pro-rata basis.

 

The Units issued pursuant to the Private Placement and the Existing Securityholder Exemption will be subject to a four-month hold period from the closing date of the Private Placement under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.  

 

  The Company intends to use the net proceeds of the Private Placement for general corporate purposes. The Company may pay finder's fees to eligible finders in connection with the Private   Placement, subject to compliance with applicable securities laws and Canadian Securities Exchange policies.  

 

  The securities being offered have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons or persons in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.  

 

  Debt Settlements  

 

  Prismo also announces that it has entered into debt settlement agreements (the "   Settlement Agreements   ") with certain creditors of the Company (the "   Creditors   ") pursuant to which the Company agreed to issue to the Creditors, and the Creditors agreed to accept, an aggregate of 160,000  shares of the Company (each, a "   Share   ") in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of $11,000 (the "   Debt Settlement   ").   All securities issued pursuant to the Debt Settlement will be subject to a statutory hold period of four months from the date of issuance, in accordance with applicable policies of the Canadian Securities Exchange.  

 

  Share and Warrants Issuance  

 

  A private company dealing at arms' length with Prismo, its officers and directors, had certain rights into the Silver King and Ripsey mines ("   PrivateCo   "). In consideration for PrivateCo relinquishing its rights in the Silver King and Ripsey mines in favor of the Company, Prismo has agreed, subject to regulatory approval, to issue PrivateCo five million units (the "   Units   "). Each Unit is comprised of one common share (a "   Share   ") and one share purchase warrant (a "   Warrant   "). The Shares will become free trading as to 25% every six months from the Effective Date. Two million of the Warrants will be exercisable at $0.10 ("   First Tranche   ") and three million Warrants will be exercisable at $0.15 ("   Second Tranche   "), all for a period of three years. The shares from the exercise of the Warrants will become free trading as to 25% every six months from the Effective Date. In addition, the exercise of the First Tranche is conditional on Prismo having raised $1.5 million from parties introduced to Prismo by the principals of PrivateCo and the exercise of the Second Tranche is conditional on Prismo having raised $3.0 million from parties introduced to Prismo by the principals of PrivateCo.  

 

  Qualified Person  

 

   Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and Chief Exploration Officer and a director of the Company, has reviewed and approved the technical disclosures in this news release. Other than the sampling conducted by Dr. Craig Gibson as indicated herein, the data presented in this press release was obtained from public sources, should be considered incomplete and is not qualified under NI 43-101, but is believed to be accurate. The Company has not verified the historical data presented and it cannot be relied upon, and it is being used solely to aid in exploration plans.   

 

  1)     https://resolutioncopper.com/about-us/    

 

  2)   Galbraith, F, 1935, Geology of the Silver King area, Superior, Arizona, Univ. of Arizona thesis, 153p plus plates.  

 

  3)   Blake, W.P., 1883, Description of the Silver King Mine, Arizona, New Haven, 48p plus plates.  

 

  About Prismo Metals Inc.  

 

  Prismo (CSE: PRIZ) is a mining exploration company focused on advancing its Hot Breccia copper project in Arizona and its Palos Verdes silver project in Mexico.  

 

  Please follow @PrismoMetals on   ,   ,   ,    Instagram    , and  

 

  Prismo Metals Inc. ,   1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6  

 

  Contact:  

 

  Alain Lambert, Chief Executive Officer    alain.lambert@prismometals.com   

 

  Gordon Aldcorn, President    gordon.aldcorn@prismometals.com   

 

  Cautionary Note Regarding Forward-Looking Information  

 

  This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things: the timing, costs and results of drilling at Hot Breccia.  

 

  These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: delays in obtaining or failure to obtain appropriate funding to finance the exploration program at Silver King and Ripsey. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the ability to raise capital to fund exploration and the timing of such exploration.  

 

  Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-   looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.  

 

  NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
 

 

Copyright (c) 2025 TheNewswire - All rights reserved.

 

 

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