
April 13, 2023
Set to Test Porphyry, Breccia and Epithermal Style Gold Mineralisation
Titan Minerals Limited (Titan or the Company) (ASX:TTM) is pleased to provide an update on drilling activities at its Cerro Verde and Kaliman Porphyry (Kaliman) prospects, at the Dynasty Gold Project (Dynasty) in southern Ecuador.
Key Highlights include:
- Drilling has commenced to test extensions to Kaliman porphyry gold-copper and Brecha- Comanche epithermal vein hosted gold mineralisation at the Dynasty Project
- Drilling designed to target extensions to significant intersections returned from Titan’s 2021 drilling, with three main targets being tested:
- Depth extensions to high grade epithermal gold at Brecha-Comanche, Cerro Verde prospect, where previous drilling returned significant intersections including:
- 3.05m @ 16.48 g/t Au, 61.66 g/t Ag from 142.15m in CVD081; &
- 7.07m @ 5.90 g/t Au, 8.90 g/t Ag from 179.93m in CVD089.
- Lateral and depth extensions to the large-scale Kaliman gold-copper porphyry prospect, where previous drilling intersected:
- 102.7m @ 1.48 g/t Au, 4.50 g/t Ag, 0.09 % Cu from 46.5 metres in CVD072.
- Potential overlapping epithermal gold and porphyry gold-copper mineral systems identified in previous drilling which intersected:
- 7.27m @ 9.89 g/t Au, 28.0 g/t Ag, 0.24 % Cu from 118.78m in CVD033.
- Depth extensions to high grade epithermal gold at Brecha-Comanche, Cerro Verde prospect, where previous drilling returned significant intersections including:
Titan’s CEO Melanie Leighton commented:
“We are very excited to have commenced drilling at Dynasty with a suite of compelling targets set to feature in the drill program”.
“Titan’s technical team have made considerable advances in their understanding of mineralisation controls at the Cerro Verde prospect at Dynasty, with several targets set to be tested including epithermal vein hosted gold at the Brecha-Comanche target and extensive porphyry gold-copper mineralisation at the Kaliman prospect.”
“Drilling has been designed to extend mineralisation identified in Titan’s 2021 drilling, where several strongly mineralised intervals remain open- both epithermal and porphyry.”
“Generative work programs including mapping and surface geochemical sampling continue to unveil new mineralised areas at the Dynasty Project, adding further support to the potential to add considerable ounces to the existing resource through systematic exploration.”
“We look forward to providing updates as exploration work programs and drilling activities progress, and as results are received.”
Dynasty Drilling Activities Set to Commence
The Company is pleased to provide an update on drilling activities which have now commenced at the Company’s 100% held Dynasty Gold Project (Dynasty) in southern Ecuador.
Drilling has been designed to test extensions to mineralisation identified in Titan’s 2021 drilling campaign, where significant epithermal gold and porphyry gold-copper mineralisation remains open both laterally and at depth.
Titan’s technical team have spent several months studying the vein and porphyry systems through systematic surface mapping and diamond drill core relogging, culminating in the creation of an integrated and robust 3D geological model to facilitate the drill design.
Refer to Figure 1 for an overview plan which highlights the areas of mineralisation contained within the NI43-101 Resource, and location of each of the prospects (targets) at the Dynasty Gold Project that are set to feature in the proposed drill testing.
Click here for the full ASX Release
This article includes content from Titan 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.
TTM:AU
The Conversation (0)
31 March 2022
Titan Minerals
Overview
Ecuador is known for its oil exports, but that’s not all the country has to offer. The country hosts gold, copper and silver deposits that have the potential to be developed into world-class mining operations. However, it has historically been difficult for mining companies to explore and develop the country’s resources largely because of its mining laws, which state that the country has the rights and first opportunity to develop every deposit. Despite this, the government has lacked the financing and technical expertise required to explore and fully develop its rich deposits.
Everything changed in 2019 when Lundin Gold (TSX:LUG) acquired a previously abandoned project and reached an agreement with the Ecuadorian government to develop the now-prolific Fruta del Norte Project. It was the country’s first large-scale modern gold mine and remains the largest producing gold mine in the country. Fruta del Norte is largely responsible for doubling Ecuador's mining exports in 2021 to US$2 billion, with the operation surpassing its own forecast. The Chinese-owned Mirador Copper-Gold Project is another large-scale mining operation that also contributed to the country’s record-breaking 2021 mineral exports. Both projects are located in Southern Ecuador.
Now, the Ecuadorian government has seen the power of foreign investment in developing its natural resources. Mining-friendly President Guillermo Lasso is actively encouraging foreign companies to invest in the country’s booming mining industry, which is projected to reach roughly US$4 billion by 2025. Three Canadian-owned mining companies were granted gold concessions and are now in advanced exploration stages: Dundee Precious Metals’ (TSX:DPM) Loma Larga Project, Atico Mining (TSXV:ATY) La Plata Project, and Adventus Mining’s (TSXV:ADZN) Curipamba Project.
Ecuador has also seen the emergence of powerhouse mining companies such as BHP-Newcrest jointly acquiring 15 percent of Sol Gold. Franco Nevada paid U$150 million to Sol Gold for a royalty over that project, which demonstrates long term confidence that Ecuador is a safe place to invest.
Other notable entrants are Hancock Prospecting, Fortescue Metal Groups (OTCQX:FSUMF) and First Quantum (TSX:FM), all searching for major mining opportunities not presently found in many other countries globally.
Another good sign is the presence of other mining companies now exploring and developing assets within the country, such as the Adventus Mining’s (TSXV:ADZN) Santiago project in south-central Ecuador and Cornerstone’s (TSXV:CGP) two wholly-owned exploration projects in Southern Ecuador. Cornerstone is also exploring its Caña Brava Project and Bramaderos Project in partnership with Sunstone Metals (ASX:STM).
The presence of all of these miners means one thing: Ecuador is finally open for business.
Titan Minerals (ASX:TTM) is focused on developing its gold and copper projects in Southern Ecuador. The company has four projects in Ecuador, each providing fresh opportunities to develop the country’s next large-scale mining operation. All of Titan Minerals’ projects are located in Ecuador’s Andean region, the same region as the two prolific mining operations currently comprising the majority of Ecuador’s mining exports. A management team with direct experience in developing large-scale gold mines is at the helm of Titan Minerals, creating confidence in its ability to capitalize on its assets.
The company’s flagship project, Dynasty Gold, has a resource estimate (in full accordance with Canadian NI-43-101) totalling 2.1 million ounces of gold averaging 4.5 g/t. The project is only 25 kilometers away from the Peruvian border, which opens up access to Peru’s modern processing facilities and robust trade routes. The company has released its own assay results that corroborate aspects of the foreign resource estimate, confirming high-grade gold and silver deposits throughout the project’s area.
Recently, Titan Minerals released additional exploratory results from an additional 30 diamond drill holes throughout Dynasty Gold, which further confirmed the presence of high-grade gold and silver up to a depth of 300 meters. The company is working towards a resource estimate that’s in full accordance with the JORC code.
It’s quite unusual for a junior mining company to possess an asset with millions of ounces of gold. In a recent interview, Executive Director Matthew Carr explained why the company is so optimistic about its holdings. He stated, “The interesting thing about Ecuador is all the concessions that have been granted. From a real estate point of view, it’s awfully difficult for anyone to get in and pick up new ground. It’s certainly looking at everyone who has ground and what they’re sitting on. From our perspective, these types of assets you don’t see in Australia junior. It’s rare that a junior has the types of assets that we’ve got, and it’s starting to catch the attention of bigger players in the market.”
Titan Minerals has assembled an experienced team of managers and experts to help the company reach its full potential. Peter Cook, non-executive chairman, brings over 35 years of experience from roles throughout the mining industry, such as field exploration and corporate management. Michael Skead brings a combined 60 years of experience and formal training in mining exploration, evaluation and development. Matthew Carr, executive director, and Nick Rowley, non-executive director, both have a strong background in fundraising and corporate finance.
The company has also brought on experts in operating in Ecuador. Freddy Villao, vice president of government affairs in Ecuador, is a lawyer with 15 years of experience in Ecuador. He is helping the company navigate Ecuador's mining laws. Pablo Morelli, exploration manager in Ecuador, is a geologist with direct experience with copper-gold and gold-rich porphyry systems.
Company Highlights
- Titan Minerals is focused on underdeveloped and undervalued gold and copper assets in Southern Ecuador’s Andean region.
- Other mining companies have already had success in Southern Ecuador and serve as a strong indication of what’s possible for Titan Minerals.
- The company’s flagship project, Dynasty Gold, has a foreign resource estimate of 2.1 Moz of high-grade gold, with the company’s assay results corroborating the presence of high-grade gold and silver deposits.
- Titan Minerals has capitalized on Ecuador only recently opening its doors to foreign investment to capitalize on its natural resources. The company now has four promising projects in underexplored areas.
- A management team with direct experience in gold exploration and development, including a lawyer with expertise in Ecuadorian law, builds confidence in the company’s ability to capitalize on its holdings.
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Developing Ecuador’s Underexplored High-Grade Mineral Deposits
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MBK Due Diligence Completed & Whiteheads Drilling Commencing
Metal Bank Limited (ASX:MBK) (‘MBK’ or ‘the Company’) announced on 10 September 2025 that it has signed a non-binding term sheet (Term Sheet) with Hastings Technology Metals Ltd (ASX:HAS) (HAS) for the acquisition of the gold assets of HAS, (subject to due diligence, binding documentation and other conditions precedent including shareholder approval) (Proposed Acquisition), and has commenced a scoping study for the Kingsley and Homestead deposits at the Livingstone Project, furthering its Western Australian focussed gold strategy to expand MBK’s WA gold portfolio and move to production.
- MBK has completed its Due Diligence for the acquisition of the HAS Gold Assets
- HAS has completed a heritage survey at the Seven Leaders prospect and all other approvals are in place to Commence Drilling
- The Seven Leaders Drilling Program will commence on 22 September 2025
- Drilling is focused around the Seven Leaders Project and will include geotechnical drilling for use in pit design
- HAS have set aside $500k to use on advancing the Whiteheads project whilst the MBK Acquisition continues through the regulatory phases
MBK has now completed its Due Diligence and the preparation of binding documentation and other documents required for shareholder and other approvals is proceeding.
Under the Proposed Acquisition MBK is to acquire the following HAS Gold Assets:
- Great Western Gold Pty Ltd (GWG), the holder of a 75% interest in the Whiteheads Gold Project JV tenements and other tenements 100% held by GWG, covering ~380sqkm located approximately 80km NE of Kalgoorlie (Whiteheads Project);
- Ark Gold Pty Ltd (Ark), the holder of the Ark gold project, comprising two exploration licences located approx. 40km southeast of HAS’ Yangibana Project 250 km northeast of Carnarvon in Western Australia (Ark Project); and
- The Darcy’s gold project comprising 3 exploration licenses covering an area of ~ 100 sq kmssituated adjacent to HAS’ Brockman Niobium and Heavy Rare Earths Project in theEast Kimberley region of Western Australia (Darcy Project).
*The Proposed Acquisition is subject to satisfactory completion of mutual due diligence, signing of binding documentation, MBK shareholder approval under Listing Rule 7.1 and other necessary approvals, including ASX review pursuant to Listing Rule 11.1.
A summary of the agreed terms for the Proposed Acquisition is set out in MBK’s ASX Release of 10 September 2025 “MBK Executing WA Gold Strategy”.
HAS is continuing to advance the Whiteheads project prior to completion of the Proposed Acquisition. HAS has advised it has now completed an initial Heritage Survey with the Kakarra people at the Sever Leaders Prospect which has confirmed that no heritage sites are within the initial drill site area. HAS has also confirmed that all other necessary permits and approvals are in place and drilling will commence on 22 September for an initial resource at Seven Leaders and further HAS’ plan to early production.
The initial drill plan consists of c.1,500m of RC drilling to confirm historical drill data and a geotechnical diamond core hole to ensure adequate geotechnical data is available to design and implement the starter pit.
The drill program, including the diamond hole, will take approx. 2 weeks to complete. On completion of drilling and the subsequent drill hole assays, HAS intends to announce an initial Resource on the Seven Leaders project, proceeding to mining lease application and submission of the Mining Proposal.
MBK’s Chair Ines Scotland commented: “HAS are working full-steam ahead on advancing the Whiteheads Gold Project with the $500k of funds set aside for this purpose. Tim Gilbert, who will become MBK’s CEO post the completion of the transaction is an experienced mining engineer and is managing the approvals and upcoming drill program. There will be solid news flow as both the Whiteheads and Livingstone Project have a lot of work underway.”
Click here for the full ASX Release
This article includes content from Metal Bank Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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4h
Over 50% Q-o-Q Production Growth Targeted
7h
John Feneck: Next Gold, Silver Price Targets, 11 Stocks I'm Bullish on Now
John Feneck, portfolio manager and consultant at Feneck Consulting, shares his outlook for gold and silver prices in 2025. His next target for gold is US$3,800 per ounce, and he still expects US$50 per ounce silver by the end of the year.
He also discusses the potential he sees in junior miners.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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8h
Sun Summit Minerals Eyes "Multimillion-Ounce" Gold Deposit at JD Project
Sun Summit Minerals (TSXV:SMN,OTCQB:SMREF) is advancing toward a multimillion-ounce resource at its flagship JD gold project in BC following “fantastic” results from the first drill hole, which showed high-grade, shallow mineralization, according to CEO Niel Marotta.
“The thesis here is that, if we prove up a multimillion-ounce deposit, we really think there's 10x potential in our market cap. We're trading at about a C$40 million market cap now, which is about 10 percent of our neighbors. So that, I think, is what people ought to focus on,” he said.
In a recent announcement, Sun Summit reported that the first hole completed in 2025 returned “one of the strongest intervals of consistent and near-surface gold mineralization” drilled to date at the Creek zone. Results include 78 meters of 3.72 grams per ton gold starting at 30 meters down hole. The company plans to conduct follow-up drilling this season.
“This is a new parallel zone that we think is being expressed and defined here. And so that's very exciting that this deposit continues to grow in scale,” Marotta said.
The chief executive noted that more news about the other 10 drill holes completed at the Creek zone is anticipated in the coming months, with additional drilling also being undertaken in other areas of the property.
Watch the full interview with Niel Marotta, CEO of Sun Summit Minerals, above.
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8h
Angkor Resources
Investor Insight
Angkor Resources is an emerging energy and mineral development company blending traditional oil and gas with copper and gold exploration in Cambodia, while generating revenue through oil production and carbon capture projects in Canada. With over a decade of operational experience in Southeast Asia and a reputation for sustainable practices, the company is strategically positioned to deliver both growth and resilience for investors.
Company Highlights
- Diversified Energy & Mineral Portfolio: Exposure to high-impact oil and gas exploration in Cambodia (Block VIII), recurring energy revenues in Canada, and copper-gold porphyry systems with gold epithermal near-surface prospects in Cambodia.
- Near-term Catalysts:
- Results from copper porphyry in Cambodia within 30 to 60 days;
- Seismic completion and interpretation for drill targets on Block VIII within 90 days; and
- Acquisition of oil production for increased recurring revenue streams.
- Transformational Asset: Block VIII is Cambodia’s first onshore oil and gas exploration license, strategically located near export infrastructure. Potential minimum targets estimated at 25 to 50+ million recoverable barrels.
- Revenue-backed Model: EnerCam Canada provides recurring revenue streams via oil production, water disposal, gas processing, and carbon capture solutions, insulating Angkor from over-reliance on equity markets.
- Strong ESG Commitment: Recognized at the United Nations for sustainability, Angkor integrates carbon capture, community partnerships and environmental responsibility into every project.
- Aligned Shareholder Base: Over 40 percent insider ownership with regular insider buying, demonstrating management’s confidence in long-term growth.
Overview
Founded in 2009 and publicly listed in 2011, Angkor Resources (TSXV:ANK,OTCQB:ANKOF) has built a unique dual-focused enterprise across energy and minerals in Asia and North America.
On the energy side, the company is advancing acquisition of cash flow through oil production and carbon capture in Canada, and is poised for transformational growth through the first-ever onshore oil and gas exploration program in Cambodia. Its Canadian subsidiary, EnerCam Exploration, is already generating revenue from oil production, water disposal and gas processing, while also implementing carbon gas capture and conversion solutions for provincial markets. In Southeast Asia, Angkor’s Cambodian subsidiary, EnerCam Resources, is spearheading a national-scale initiative to bring Cambodia its first domestic hydrocarbon energy, with exploration activities underway on the company’s Block VIII concession.
On the mineral side, Angkor has positioned itself as a first-mover in Cambodia’s underexplored mineral belts, holding licenses at Andong Meas and Andong Bor. These projects target both precious and base metals, with copper porphyry systems and high-grade gold mineralization now confirmed through exploration results.
Angkor’s strategy is designed to mitigate shareholder risk by diversifying revenue streams, blending recurring Canadian cash flow with high-impact exploration upside in Cambodia. The company’s management emphasizes hydrocarbons and copper as priorities, noting the potential value of 25 million recoverable barrels in Cambodia alongside significant copper-gold discoveries.
Key Projects
Onshore Cambodia – Block VIII Oil & Gas Concession
Angkor’s flagship asset is Block VIII, a 4,300 sq km oil and gas concession in Cambodia’s underexplored onshore sedimentary basin. The license, structured under a 30-year Production Sharing Agreement with renewal options, represents the first onshore hydrocarbon exploration license in the country. Geoscientific studies conducted by Danish, Canadian and European experts have identified strong indications of a foreland basin system and rift formations with significant petroleum potential. Over 21 natural oil seeps have been mapped and testing of the seeps by Schlumberger confirms the presence of hydrocarbons. Gas showings are also evident across the block.
The block is ideally located adjacent to export infrastructure, close to port with highway access to Phnom Penh and proximity to a deepwater port. Cambodia currently imports all of its petroleum products, making Block VIII strategically important both nationally and regionally. EnerCam, Angkor’s subsidiary, is implementing Cambodia’s first onshore 2D EnviroVibe seismic program, designed to minimize environmental footprint while mapping structural traps and stratigraphic features.
Technical projections suggest that once commercial quantity of recoverable hydrocarbons is proven, Block VIII could host Cambodia’s first onshore oil production. Angkor’s phased development plan includes completing seismic interpretation, definition of drill targets or additional 3D seismic followed by stratigraphic test wells and eventual development drilling. This project is expected to be the company’s most significant value driver and is prioritized as its number one corporate focus.
Canadian Energy & Carbon Capture – EnerCam Exploration
In Canada, Angkor operates through EnerCam Exploration Canada, which is a 40 percent interest holder in oil production and carbon solutions across 30 well sites spanning 516 hectares in Saskatchewan. These wells, shut in since 2018 due to low oil prices and mismanagement by previous operators, have been systematically refurbished and restarted. EnerCam participates in the full production cycle, including oil recovery, water separation and gas handling.
A key milestone was the acquisition of the pipeline network and compressor station, which resolved historical venting issues and allowed EnerCam to capture associated gas. This gas is converted into natural gas energy and sold into provincial markets. Angkor’s Canadian revenue streams also include water disposal fees, gas plant operations, and oil production revenues, supplemented by ongoing carbon capture and enhanced recovery of water conversion and injection wells projects.
Angkor holds a 40 percent interest in oil and gas production ventures in Saskatchewan, ensuring a recurring revenue stream. This platform not only offsets G&A costs but also provides a foundation for emission control and potential for further gas capture with surrounding producers in the area.
Cambodia Mineral Properties – Copper and Gold Portfolio
Through its subsidiary Angkor Gold Cambodia, the company holds a strategic portfolio of copper and gold assets in prospective belts. These licenses include Andong Bor and Andong Meas.
The Andong Bor license has emerged as a cornerstone of Angkor’s mineral portfolio. In June 2025, the company confirmed the presence of a copper-gold porphyry system, the first discovery of its kind in Cambodia. This breakthrough positions the project as a potential district-scale copper-gold system. Further drilling is expected to test depth extensions and delineate mineralized zones.
At the Andong Meas license, exploration has revealed high-grade gold mineralization, with surface samples returning assays up to 70 grams per ton (g/t) gold across a 0.8 km by 1.5 km area. This anomaly remains largely untested by drilling and represents a significant near-term target for resource expansion.
Management Team
Delayne Weeks – CEO
With over 25 years of global development experience spanning finance, business development, economic development and ESG initiatives. She has spearheaded Angkor’s CSR programs in Cambodia, earning UN recognition for sustainability leadership. Weeks has overseen Angkor’s transition into energy and its expansion into cash-flowing operations.
Mike Weeks – President, Executive VP Operations
Brings over four decades of operational and executive experience in international resource projects. Mike Weeks is president of Angkor Gold Corp. Cambodia and EnerCam Resources Cambodia. He has had a long and successful career in the oil and gas industry with over 30 years’ experience in project management of petroleum-related industries. Weeks also spent more than 15 years negotiating with foreign governments in developing and implementing natural resource licenses. His experience includes oil production in North Africa, engineering and design in Europe, the development of gas processing facilities and field and plant operations in Canada. Weeks has worked with international oil and gas producers including AEC West, Wintershall, Zuetina, Encana and Amoco.
Dennis Ouellette – VP Exploration, Minerals
Professional geologist with over 40 years of exploration experience in Canada, Central America and Asia. Dennis Ouellette has been a federal geologist in the Yukon for over five years, overseeing the exploration and mining industry across the Yukon by all industry participants. He leads Angkor’s mineral exploration programs, including the copper porphyry discovery at Andong Bor and a second porphyry target on Andong Meas. Ouellette has worked in multiple Canadian provinces, Nevada and Guatemala, and was the industry advocate director for the Yukon Chamber of Mines and president of Yukon Prospectors Association
Keith Edwards – Technical Manager, EnerCam Resources Cambodia
Keith Edwards is a senior geophysicist with over 39 years’ experience in all aspects of geophysics, from acquisition through processing to interpretation. He is known for his proven innovative problem-solving capabilities in software development, consulting services, interpretation and management. Edwards spent 12 years at Kuwait Oil company mentoring junior staff and performing many quantitative seismic interpretation projects. He developed several MatLab applications for Seismic Facies Classification, VSP integration, 3D design and many others.
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8h
Gold Sector Consolidation Ramps Up with Newmont, Alamos and First Nordic Deals
The gold sector is undergoing another wave of portfolio reshuffling.
Fresh deals across the sector signal a growing shift toward consolidation and selective asset sales as stakeholders seek further growth during the yellow metal’s historic price run.
Newmont to sell Coffee Project in Yukon
Newmont (TSX:NGT,NYSE:NEM,ASX:NEM), the world’s largest gold producer, announced that it has reached an agreement to sell its Coffee project to Vancouver-based explorer Fuerte Metals (TSXV:FMT,OTCQB:FUEMF).
Under the terms of the deal, Newmont will receive US$10 million in cash at closing and US$40 million in Fuerte shares; it will also retain a 3 percent net smelter return royalty. Fuerte has the option to repurchase the royalty for up to $100 million, potentially bringing total consideration for the transaction to US$150 million.
For Fuerte, the acquisition marks a step in its strategy to build a copper and precious metals portfolio across the Americas. The company is backed by Pierre Lassonde, Newmont’s former president, and Trinity Capital Partners.
Yukon-based Coffee has long been considered prospective, but has faced permitting and financing hurdles.
Upon completion of the deal, Newmont will have fully implemented its plan of divesting six operations and two projects deemed non-core following its US$15 billion takeover of Newcrest Mining in 2023.
The divestment comes just days after Newmont said it will delist from the Toronto Stock Exchange at the close of trading on September 24. The company cited low trading volumes on the TSX, noting that the move will cut costs and simplify administration as it focuses on its largest and most profitable mines.
Shares will continue to trade on the New York Stock Exchange, where Newmont maintains its primary listing, as well as on the Australian Securities Exchange and the Papua New Guinea Stock Exchange.
Alamos to exit Turkey with US$470 million asset sale
Alamos Gold (TSX:AGI,NYSE:AGI) is shedding problematic overseas ventures to redirect capital closer to home.
The company recently announced a definitive agreement to sell Doğu Biga Madencilik Sanayi ve Ticaret, its wholly owned Turkish subsidiary, to Tümad Madencilik, a unit of Nurol Holding, for US$470 million in cash.
The subsidiary controls three gold and silver projects in Northwestern Turkey: Kirazlı, Ağı Dağı and Çamyurt. Kirazlı has been frozen since 2019 after Ankara declined to renew its mining license, sparking a US$1 billion arbitration claim by Alamos under the Netherlands-Turkey bilateral investment treaty.
Under the agreement, Alamos will receive US$160 million at closing, expected in the fourth quarter of 2025, followed by US$160 million one year later and US$150 million after two years. Arbitration proceedings against Turkey will be suspended and ultimately discontinued once contractual milestones are met.
“This transaction marks a positive outcome, allowing us to crystallize significant value for our Turkish assets, and utilize the proceeds to support the development of our portfolio of other high-return growth projects,” said Alamos President and CEO John A. McCluskey in a Sunday (September 14) press release. Those projects include the Island Gold Phase 3+ expansion in Ontario, the Lynn Lake project in Manitoba and Puerto Del Aire in Mexico.
For Tümad, the purchase consolidates its position as a leading domestic miner. The company already operates two producing gold and silver mines in Turkey and will now add a trio of advanced development assets to its pipeline.
First Nordic, Mawson to merge and form NordCo Gold
First Nordic Metals (TSXV:FNM,OTCQX:FNMCF) announced it will acquire Mawson Finland (TSXV:MFL,OTC Pink:MFLDF) in an all-share transaction that will create a new company called NordCo Gold.
The combined entity will control over 123,000 hectares of exploration ground across Sweden and Finland, anchored by First Nordic’s Barsele joint venture with Agnico Eagle Mines (TSX:AEM,NYSE:AEM) and Mawson’s Rajapalot gold-cobalt project. In total, NordCo will hold an inferred resource of 2.1 million gold equivalent ounces, along with 0.3 million gold equivalent ounces in measured and indicated attributable resources.
Taj Singh, CEO of First Nordic, described the deal as “about scale, quality and execution,” adding that the company sees “multiple meaningful deposits to be discovered and delineated over the coming years.”
NordCo will have a pro forma market capitalization of about C$259 million and a cash balance of roughly C$50 million following a C$30 million concurrent financing.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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