Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces that further to its news release of March 6, 2023, it has revised and completed the acquisition of Rio Tinto Exploration Canada Inc.'s ("RTEC") interest in the Janice Lake copper project in northern Saskatchewan, giving Forum a 100% interest in the project.
Rick Mazur, President & CEO stated, "This agreement allows Forum shareholders an optionality play in copper where Rio Tinto added significant value to the project. Forum has reviewed the data and has determined that copper deposits remain open for extension and numerous copper showings on the 52km extent of the property remain to be drilled. The key claims on the property are in good standing for four to nineteen years while copper emerges as a fundamental commodity to achieve the energy transition."
As consideration, Forum is to grant RTEC a 20% back-in right (the "Back-in Right") in Janice Lake and a 2% net smelter royalty (NSR) capped at $50 million. RTEC may exercise the Back-in Right at any time no later than 180 days following the earlier of completion of a feasibility study or commencement of commercial production if a feasibility study is not completed prior to the commencement of commercial production. The Back in Right can only be exercised by paying Forum an amount equal to all the expenditures incurred by Forum on the Project from now up to the Back-in Right trigger date. On exercise of the Back-in Right Forum and RTEC will form an 80/20 joint venture for further development of the Project.
Forum is also to pay RTEC $500,000 upon the earlier of completion of a PEA, completion of a feasibility study and commencement of commercial production and a further $2,000,000 upon the earlier of completion of a feasibility study or commencement of commercial production if a feasibility study is not completed prior to the commencement of commercial production (the "Milestone Payments"). Forum's obligations with respect to the Milestone Payments are secured by a debenture in favour of RTEC granting a first charge over all the assets comprising the interest acquired from RTEC.
Forum Energy Metals Corp.(TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. In addition, Forum holds a diversified energy metal portfolio of copper, nickel, and cobalt projects in Saskatchewan and Idaho.
This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo. President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Actively exploring the highly prospective Aberdeen uranium property in Nunavut’s Thelon Basin, Forum Energy’s highly experienced technical team led by former Cameco geologist Dr. Rebecca Hunter is poised to build on its significant Tatiggaq discovery amid a continuing uranium bull market.
Overview
Forum Energy Metals (TSXV:FMC,OTCQB:FDCFF) is an established uranium explorer searching for high-grade deposits in Saskatchewan’s Athabasca Basin and Nunavut’s Thelon Basin. In 2024, the company is primarily focused on exploring the Aberdeen project in Nunavut, where successful drilling confirmed and expanded high-grade uranium mineralization over significant widths at the Tatiggaq discovery. Nunavut’s underexplored Thelon Basin may be the most prospective region for discovering new, high-grade uranium deposits outside Saskatchewan.
With a strong local and regional presence in Saskatchewan, Forum took advantage of weak metals markets to broaden its commodity exposure by adding a diverse portfolio of energy metals exploration projects in the copper, cobalt and nickel space.
Company Highlights
Saskatchewan (Athabasca Basin) and Nunavut (Thelon Basin) Uranium Projects
Aberdeen Uranium Project (Thelon Basin-Nunavut): Athabasca Basin 2.0? - The Thelon Basin may be the most prospective region in the world for discovering new high- grade uranium deposits outside Saskatchewan’s Athabasca Basin. Both basins exhibit similar geological characteristics.
Forum’s 2023 Aberdeen Maiden Drill Program Intersects High-grade Uranium
Between July and August 2023, Forum completed five drill holes totalling 991 meters. The program successfully expanded shallow high-grade uranium mineralization at the primary Tatiggaq Main and West Zones, and confirmed the team’s understanding of the controls of mineralization. Hole TAT23-002intersected 2.25 percent U3O8 over 11.1 meters at a depth of 148.5 meters in the Main Zone and Hole TAT23-003, a 200-meter step-out to the southwest of the West Zone intersected 0.40 percent U3O8 over 12.8 meters at a depth of 136.8 meters.
Forum’s 2024 Aberdeen 7,000 Meter Drill Program Underway
Follow-up drilling in 2024 has continued to intersect uranium mineralization at the Main and West deposits along the Tatiggaq Fault. As of August 2024, 17 holes totalling 4,307 meters (within the 1.5 km by 0.7 km Tatiggaq anomaly have been completed. A total 685 samples have been shipped to SRC Laboratories in Saskatoon, Saskatchewan for analysis. Results are expected by the end of September 2024. Drilling planned to test 20 other high priority targets on the property.
Wollaston Uranium: Forum: 100 percent – Located in eastern Athabasca Basin. Limited drilling in 2023 identified elevated uranium and boron values on several geophysical targets on this large property, well located close to the Orano/Denison McClean Lake mill. Forum is reviewing data from its magnetic/electromagnetic survey to plan the next exploration steps.
Highrock Uranium: Forum: 80 percent, Sassy Gold 20 percent – On trend with Cameco’s past-producing Key Lake Mine.
Fir Island: Forum: 49 percent, Orano Canada: 51 percent (operator) – Located on the northeastern edge of the Athabasca Basin. Forum is awaiting further exploration plans following Orano’s data review from an extensive resistivity survey.
Northwest Athabasca Joint Venture (NWA): Forum: 43.3 percent, NexGen: 26.3 percent, Cameco: 18.7 percent, Orano:11.7 percent – Winter 2025 drilling is planned with funding by Global Uranium. The NWA project hosts the historical 1.5-million-lb Maurice Bay deposit grading 0.6 percent uranium oxide to a depth of 50 meters (Not NI 43-101 compliant. Sufficient exploration work has not been completed to verify and classify as a current mineral resource, but the estimate is considered relevant and reliable due to extensive exploration work completed by previous operators and sourced from Saskatchewan Industry & Resources Miscellaneous Reports 2003-07).
Maurice Point: Forum: 100 percent
Grease River: Forum: 100 percent (Traction Uranium earn-in option) – Forum and Traction recently completed airborne magnetic, electromagnetic (EM) and radiometric surveys over the entire project area to aid structural mapping and help define drill targets. Analysis of the EM data has outlined prospective targets along several conductive trends in the East claim block north of the Grease River shear zone.
Henday: UEC: 60 percent, Forum: 40 percent – Strategically located along the Midwest/Roughrider trend near UEC’s Roughrider uranium deposit
Costigan: Forum: 100 percent – On trend with Cameco’s past-producing Key Lake mine.
Clearwater: Forum: 75 percent, Vanadian: 25 percent – Located in the Patterson Lake Corridor, Western Athabasca Basin
Key Projects
Aberdeen Project (Thelon Basin, Nunavut)
Nunavut Uranium: Forum’s Aberdeen project claims comprise ground formerly held by Cameco with discoveries made at Tatiggaq, Qavvik and Ayra. The claims surround Orano’s Kiggavik uranium deposit.
Previously explored by Cameco between 2005 and 2012, this ground hosts two uranium discoveries made by former Cameco geologist Dr. Rebecca Hunter, who now leads Forum’s team as VP of exploration.
Cameco abandoned the claims due to the decade-long period of low uranium prices during the post-Fukushima period, which were later acquired by Forum. Renamed the Aberdeen project, Forum’s claims surround Orano Canada-Denison-UEC’s 133-million-lb Kiggavik uranium deposit.
Dr. Rebecca Hunter spotting drill hole locations. As Forum’s VP of exploration, Hunter is managing the Aberdeen uranium exploration project.
Cameco completed 36,000 meters of drilling in 135 drill holes. After reviewing Cameco’s data, Forum’s technical team determined the Tatiggaq deposit to be the primary exploration target. Tatiggaq is found within a large gravity anomaly that remains open along strike for 1.5 kilometers and at depth. Previous drilling by Cameco identified results as high as 2.69 percent U3O8 over 7.9 meters, including 24.8 percent U3O8 over 0.4 meters at a depth of approximately 200 meters.
Examining drill core in the field at the Nunavut camp, August 2023
Forum’s maiden drill program, completed in August 2023, successfully confirmed and expanded high-grade uranium mineralization at the Tatiggaq and West Zones. At Tatiggaq, drilling intersected high-grade near-surface uranium mineralization with TAT23-002 (Main Zone) intersecting 2.25 percent U3O8 over 11.1 meters, while TAT23-003 a 200-meter step-out at the West Zone) intersected 0.40 percent U3O8 over 12.8 meters.
Further drilling in 2024 has continued to intersect uranium mineralization at the Main and West deposits along the Tatiggaq Fault. As of August 2024, 17 holes have been completed, totalling 4,307 meters along the Tatiggaq Fault within the 1.5 km by 0.7 km Tatiggaq anomaly. A total of 685 samples have been shipped to SRC Laboratories in Saskatoon, Saskatchewan for analysis. Results are expected by the end of September 2024.
Wollaston Uranium Project
The property is located within 10 kilometers of Cameco’s Rabbit Lake uranium mill and 30 kilometers of Orano/Denison’s McClean Lake uranium mill. Its successful winter 2022 drilling program discovered anomalous uranium in all four holes at the Gizmo target. Forum recently received results of an airborne electromagnetic (EM) and magnetic survey to augment structural interpretations and precisely locate the EM conductors. The following maps show these results and identify new target areas for diamond drilling.
New Gravity Trends and Future Target Areas
Energy Metals Projects
Janice Lake Copper (Forum 100 percent): Former partner Rio Tinto spent $14 million in exploration expenditures to earn a 51 percent interest in the project. As of November 2023, Forum revised and completed the acquisition of Rio Tinto’s interest in the project giving Forum 100 percent interest.
Love Lake Nickel-Copper-PGM Project (Forum 100 percent): Strategically positioned near Forum’s Janice Lake copper project.
Still Nickel-Copper-Cobalt Project (Forum 100 percent): The 11,411-hectare property surrounds the historic Howard Lake nickel-copper-cobalt deposit located 35 kilometers northwest of La Ronge Saskatchewan. Forum has completed a prospecting and geochemical sampling program, and in Q3 2023, completed electromagnetic and magnetic surveys.
Fisher Copper Claims (Forum 100 percent): The Fisher property is located 40 kilometers west of Pelican Narrows, Saskatchewan. The property hosts a stratabound, volcanogenic massive sulphide deposit with a historical estimate of 650,000 tons grading 0.5 percent copper and 3 percent zinc (Not NI 43-101 compliant. Sufficient exploration work has not been completed to verify and classify as a current mineral resource, but the estimate is considered relevant and reliable due to extensive exploration work completed by previous operators). Forum’s geological team has identified further targets and completed a prospecting and sampling program.
Quartz Gulch Cobalt, Idaho, USA (Forum 100 percent): On trend with Jervois Mining’s Idaho Cobalt Project, the only permitted cobalt mine in North America.
Forum’s uranium and energy metal projects in northern Saskatchewan
Management & Advisory Team Members
Richard J. Mazur - President, CEO and Director
Richard Mazur is an executive and geoscientist with over 45 years of Canadian and international experience in the exploration and mining industry as a project geologist, financial analyst and senior executive on uranium, gold, diamonds, base metals and industrial minerals projects. Mazur founded Forum in 2004. He is also a director of Big Ridge Gold, Impact Silver and Midnight Sun Mining. Mazur graduated with a BSc in geology from the University of Toronto in 1975 and obtained an MBA from Queen’s University in 1985.
Dr. Rebecca Hunter - Vice-President Exploration
Dr. Rebecca Hunter has over 15 years of experience as a uranium exploration geologist in Saskatchewan and Nunavut. As a project geologist for Cameco from 2005 to 2016, Hunter led the Turaqvik-Aberdeen exploration project, where the high-grade Tatiggaq and Qavvik uranium deposits were discovered nearby to the west of Orano’s (formerly AREVA) Kiggavik uranium project in Nunavut. Hunter completed her PhD at Laurentian University, which focused on the litho-geochemistry, structural geology and uranium mineralization systems of the Tatiggaq- Qavvik uranium trend in the Thelon Basin. She was recently appointed VP of Exploration and will continue her work as the lead member of Forum’s Aberdeen uranium project exploration team in the Thelon Basin, a geologic analogue to the prolific Athabasca Basin.
Allison Rippin Armstrong is a biologist and environmental scientist with over 25 years experience specializing in Environmental, Social and Governance (ESG) practices across Canada and internationally. Allison’s accomplishments over the years have been recognized on a number of occasions, including being awarded the 2009 Kivalliq Inuit Association Expert Counsel Award and the 2011 Mike Hine Award for her contributions to the mining industry in Nunavut. A long-standing board member of Yukon Women in Mining, past member of the NWT & Nunavut Chamber of Mines, and founding member of the Yukon University Foundation Board, she is also the Board Chair of Tectonic Metals Inc.
As VP Nunavut Affairs, Allison’s focus will be on community, regulatory and government relations in Nunavut Territory.
Dan O’Brien - Chief Financial Officer
Dan O’Brien is a member of the Institute of Chartered Professional Accountants of British Columbia and has over 15 years experience working with public companies in the resource industry. O’Brien is the chief financial officer for a number of publicly listed exploration companies trading on the TSX and TSXV exchanges and was previously a senior manager at a leading Canadian accounting firm where he specialized in the audit of public companies in the mining and resource sector.
Richard Aksawnee - Manager of Nunavut Affairs
Richard Aksawnee was born and raised in Baker Lake. Inspired by his late father, David, who also served as mayor, to pursue leadership roles, Aksawnee served as mayor from 2019 to 2023 and has chaired the Hunter and Trappers' Organization for 20 years. His commitment to community service is further demonstrated by his active involvement in search and rescue operations and youth sporting activities.
Peter Wollenberg - Technical Advisor
Peter Wollenberg has 45 years of experience in the uranium exploration and mining business. He has worked in Europe, Canada, Africa and Australia as an exploration geologist and VP of exploration for Urangesellschaft on the Kiggavik Project, where he was instrumental in the discovery of the End and Andrew Lake deposits. Later he joined Cogema/Areva where he worked in several leading roles in Canada, Africa and Australia. He is currently the director of exploration and resource development for Global Atomic in Niger.
Anthony Balme - Director
Anthony Balme is the managing director of Carter Capital and Lymington Underwriting, two private UK investment funds, where he is an active participant in several global base and precious metals resource ventures in North America, Sweden and the DRC.
Paul Dennison - Director
Paul Dennison worked for 27 years in the front end of three leading investment banks: Credit Suisse, Merrill Lynch & Deutsche Bank. His focus was capital markets origination, underwriting, sales and trading in all regions outside the Americas. Thereafter, Dennison managed his own asset management company for 12 years, which was licensed in Singapore, Switzerland and the United States. He is currently based in Zurich and Singapore with his own firm, specializing as an introducing broker, sourcing international investment capital for clients.
Janet Meiklejohn - Director
Janet Meiklejohn is the principal of Emerald Capital, a consulting company providing CFO, strategic, valuation, corporate governance and marketing services to high-growth companies. She was formerly VP of institutional equity sales focused on the mining sector with several Canadian investment banks including Desjardins Securities, National Bank, Salman Partners and Macquarie Capital from 1997 to 2015. Meiklejohn grew up in Saskatchewan and has a close personal interest in the development of the uranium industry in the province.
Larry Okada - Director
Larry Okada is a member of both the Canadian Chartered Professional Accountants and the Washington State Certified Public Accountants Association with over 45 years of experience in providing financial management services to publicly traded companies, with emphasis on junior mineral exploration companies. He holds a B.A. in economics and was in public practice with his own firm of Staley, Okada and Partners and PricewaterhouseCoopers LLP. Okada also serves as chairman of Forum’s Audit Committee.
Michael A. Steeves - Director
Michael A. Steeves has been involved in the mining industry for over 50 years. He has previously held executive positions with Zazu Metals, Glamis Gold, Coeur D’Alene Mines,
Homestake Mining and Pegasus Gold. Steeves also worked for several years as a mining analyst. He holds a Master of Science degree in earth sciences from the University of Manitoba and is also a chartered financial analyst.
Brian Christie - Director
Brian Christie’s professional career spans over 45 years as a geologist, securities analyst, and investor relations executive. During his tenure as vice-president investor relations at Agnico Eagle Mines from 2012 to 2022, Agnico Eagle was consistently recognized as having one of the top investor relations programs in Canada. Christie is currently retained by Agnico Eagle as a senior advisor, investor relations. Prior to joining Agnico Eagle, he worked for over 17 years as a precious and base metals analyst with Desjardins Securities, National Bank Financial, Canaccord Capital, and HSBC Securities, in addition to 13 years as a geologist with several mining companies including Homestake, Billiton, Falconbridge Copper, and Newmont. Christie holds a BSc. in geology (University of Toronto) and an MSc. in geology (Queen’s University). He is also a member of the Canadian Investor Relations Institute (CIRI) and the National Investor Relations Institute (NIRI).
Join Forum Energy Metals (TSXV: FMC) (OTCQB: FDCFF) at the AMEBC Roundup Conference held at the Vancouver Convention Center East. Forum's exploration team will be available at booth #920 in the Core Shack to review and discuss drill core from the 2024 drilling program at the Aberdeen Uranium Project located in the Thelon Basin, Nunavut on Wednesday January 22 and Thursday January 23. Dr. Rebecca Hunter, Vice President of Exploration will also be presenting in the Critical and Base Metals Session at 3:15pm on Tuesday January 21.
Rick Mazur, President & CEO, stated, "Rebecca will be giving an interesting talk on how perseverance in exploration can lead to discovery. This year's drill program in the Thelon Basin successfully expanded the footprint of our two basement-hosted uranium discoveries at Tatiggaq and Qavvik and initiated our search for large unconformity contact-type deposits with drilling at the Ned, Ayra and Loki targets. We believe that a generational uranium mining district is unfolding in Nunavut."
Technical meetings with management and partnering inquiries on Forum's portfolio of uranium and energy metals projects in Saskatchewan, Nunavut and Idaho can be arranged by contacting:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact: Rick Mazur, P.Geo., President & CEO mazur@forumenergymetals.com Tel: 604-630-1585
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces that, further to its news release of December 16, 2024, it has increased its non-brokered private placement to $1,350,000 from the previously $1,250,000 through the issuance of a combination of shares (the "Shares") at a price of $0.08 per Share and flow through units (the "FT Units") at a price of $0.10 per FT Unit (the "Offering"). All aspects of the Offering remain as disclosed in the December 16th news release.
The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S Securities Act.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces assay results from the remaining eight drill holes for the Tatiggaq anomaly completed as part of the 2024 exploration program on its 100% owned Aberdeen property in Nunavut, Canada. These drill holes were designed to test sub-parallel structures within the Tatiggaq gravity anomaly at significant step out intervals, demonstrating the large- scale potential of the project with the identification of a potential new zone 300 metres north of the Main Tatiggaq deposit. Drillhole TAT24-021 intersected 0.79% U3O8 over 0.1 m in a strong alteration zone with significant geochemical pathfinder elements at a depth of 221 metres.
Rick Mazur, CEO said, "Forum has the most advanced exploration property in the Thelon Basin right next door to an economically viable uranium deposit. This year's drill program successfully expanded the footprint of our two basement-hosted discoveries, Tatiggaq and Qavvik and initiated our search for large unconformity contact-type deposits with drilling at the Ned, Ayra and Loki targets. With continued drilling of our numerous blue sky target areas and further resource delineation on the Aberdeen Project, we believe that a generational uranium mining district is unfolding."
Dr. Rebecca Hunter, Forum's VP, Exploration stated, "The objectives we had for the 2024 drilling at Tatiggaq were to expand within the proximal footprint but also to step out at significant intervals to identify potential new uranium zones. With this last series of holes, we intersected uranium mineralization outside of the current Tatiggaq deposit area. While the uranium intercept is small, this is significant as results from the other holes in the series included elevated levels of uranium and boron, an important pathfinder element for uranium mineralization in the Thelon Basin. We are encouraged for the potential of the area to host more zones of uranium mineralization to build the scale of the Tatiggaq deposit given half of the anomaly remains untested."
ABERDEEN PROJECT - THELON BASIN - NUNAVUT
The Aberdeen Project consists of 950 square kilometres (2,460 square miles) of mineral claims in the Thelon Basin, located approximately 100 km west of Baker Lake, adjacent to the 127 million pound Kiggavik Project held by Orano/Denison/UEC*. The property was staked in 2021 by Forum and includes two preliminary discoveries: Tatiggaq and Qavvik which were made by Cameco, the previous operator. The previous operator drilled 135 holes totalling 36,100 metres, including 38 that were drilled into the Tatiggaq anomaly. Forum's 2024 exploration program consisted of 30 diamond drill holes covering 6,962 meters. Figure 1 shows the 2024 drill hole locations and the main east-northeast structures (Thelon and Judge Sissons faults) as well as the numerous, sub-parallel subsidiary faults.
TATIGGAQ PROGRAM - TESTING SUB-PARALLEL STRUCTURES
Forum completed eight drill holes testing along the Tatiggaq Fault and subsidiary ENE-trending faults (A-F) to determine if there are additional mineralized zones or evidence of potential zones (Drill holes: TAT24-016 to TAT24-023). All eight drill holes intersected clay alteration and fault structures as well as elevated Boron, which is an important pathfinder element for uranium mineralization in the Thelon Basin. Maximum boron total digestion values of 967 ppm (TAT24-021), 792 ppm (TAT24-022), and 1,160 ppm (TAT24-023) were intersected. TAT24-021 also intersected elevated partial digestion values for Ag (23 ppm); As (151 ppm), Mo (4,200 ppm), and Zn (1,400 ppm), which are elements largely found very proximal to uranium mineralization in this area. Uranium mineralization was intersected in TAT24-021 and the intercept is as follows:
TAT24-021 intersected 0.38% U3O8 over 0.3 m from 220.8 to 221.1 m including:
0.79% U3O8 over 0.1 m (221.0 - 221.1 m)
TAT24-021 intersected strong clay alteration, as well as numerous fractures and breccias with abundant sooty sulphide and elevated radioactivity indicative of being potentially proximal to a mineralized zone. Elevated uranium was intersected in TAT24-017 (74 ppm); TAT24-019 (76 ppm); TAT24-020 (112 ppm) and TAT24-023 (87 ppm). These intersections coincided with increased fracturing, bleaching, sooty sulphide and clay alteration. TAT24-023 was attempting to follow-up on uranium mineralization intersected at TAT24-021 but was lost in strong clay alteration and will need to be retested. The northern part of the Tatiggaq anomaly has shown that it is highly anomalous in both uranium and boron and the entire northeast part of the anomaly was not tested in 2024. Future testing along of these fertile structures to the northeast, in particular the Tatiggaq Fault and the D Fault, could be prospective for additional zones. Figure 2 is a plan map showing the 2024 step out drill hole locations and the fault zones.
TATIGGAQ 2024 DRILL PROGRAM SUMMARY
Cameco drilled 38 holes on the Tatiggaq Main and West zones prior to Forum's acquisition of the project by staking in 2021. Forum's 2023 and 2024 drill programs were formulated to infill and extend areas within the inferred mineralization to commence development of a preliminary maiden resource. In total, Forum's 2024 Tatiggaq exploration program consisted of 19 drill holes of which 11 were focused on the Main and West deposits and were designed to expand, infill and understand the resource within the proximal footprint of the existing discoveries. Eight drillholes tested sub-parallel structures at significant step out intervals and successfully identified a potential new zone 300 metres north of the Tatiggaq Main and West deposits.
Highlights of the program were:
Tatiggaq Main - Another parallel lense of high-grade uranium was intersected extending the width to 35 metres and remains open to a greater thickness.
Tatiggaq West - Drilling demonstrated lateral continuity and thickness to the west and remains open along strike and at depth.
Tatiggaq North - A potential new zone 300 metres north of the Main Tatiggaq deposit with an intersection of 0.79% U3O8 over 0.1 m at 221 m depth. The northern part of the Tatiggaq anomaly has shown that it is highly anomalous in both uranium and boron. The entire northeast part of the anomaly is prospective along the fertile structures to the northeast, in particular the Tatiggaq Fault and the D Fault.
Tatiggaq West Resampling - Forum resampled six historical uranium mineralized drill holes from the Tatiggaq West zone as these drill results were not filed publicly by the previous operator. These results now provide Forum with a complete mineralized assay database of the Tatiggaq West zone, and in concert with the public historical drill data and the drilling data from Forum's 2023 and 2024 exploration programs, form the foundation for the development of an in-house resource at Tatiggaq.
Figure 1 Property map with the locations of the 2024 diamond drilling program on the Aberdeen Project. The drilling reported is within the Tatiggaq area.
Figure 2 The location of the 2024 Tatiggaq reconnaissance drilling with the main fault traces including the main Tatiggaq Fault and the subsidiary ENE-trending faults denoted A to F. Drill holes with elevated uranium and boron are shown.
Forum implemented a robust QA/QC program for its 2024 drill program, expanding upon the program used in 2023. This sampling program was used in the resampling program as well. The 2024 QA/QC program utilized control samples comprising certified reference materials (CRMs), duplicates, and blank samples. CRMs were used to monitor laboratory accuracy in the analysis of mineralized and non-mineralized samples, duplicate samples were used to monitor analytical precision and repeatability at the preparation and analytical stages, and blank samples were used to monitor for cross contamination during preparation and analytical stages.
Control samples were inserted every 10th sample, alternating between blank, duplicate, and uranium CRM. Duplicate samples alternated between field, coarse, and pulp duplicates. Three low grade uranium CRMs were alternated between: BL-4a (0.1248% U), DH-1a (0.2629% U), and BL-2a (0.426% U). A high-grade uranium CRM (BL-5; 7.09% U) was inserted into the sample sequence when counts exceeded 10,000 cps. Blanks and duplicates were inserted at a rate of 1-in-20 in non-mineralized holes. For mineralized holes, blanks, duplicates, and uranium CRMs were inserted at a rate of 1-in-30.
In addition to Forum's QA/QC program, SRC Geoanalytical Laboratories (SRC) conducted an independent QA/QC program, and its laboratory repeats, non-radioactive laboratory standards (BSL18, BSM, BSH, DCB01), and radioactive lab standards (BL2A, BL4A, BL5, and SRCU02) were monitored and tracked by Forum staff.
For the resampling program the original sample intervals were identified from markers that still were present on the core boxes and quarter split samples were obtained from the remaining half split core that remained in the core boxes. The core was weathered and broken down in places due to the strong clay content in much of the mineralized intervals but it did not appear that any core was missing and it was in otherwise good condition.
ASSAYING AND ANALYTICAL PROCEDURES
Composite, Spot, and Assay samples were shipped to the ISO/IEC 17025: 2005 accredited SRC Geoanalytical Laboratories in Saskatoon for sample preparation and analysis.
Non-mineralized systematic and spot samples are dried, crushed, and pulverized for analysis by the ICP-MS Exploration Package for sandstone and basement (codes ICP-MS1 and ICP-MS2 respectively). This analytical package consists of three separate analyses of inductively coupled plasma - mass spectrometry (ICP-MS) and inductively coupled plasma - optical emission spectrometry (ICP-OES) on the partial and total digestions of an aliquot of sample pulp material. Partial digestion is completed via nitric and hydrochloric acids and total digestion is completed via hydrofluoric, nitric, and perchloric acids. The SRC implements several instrumental and analytical quality control procedures for this analytical package. Instrumental checks comprise two calibration checks and two calibration standards. Analytical quality control consists of one blank, two reference materials, and one pulp replicate (duplicate) in each group of 40 samples.
Samples with radioactivity over 500 CPS and indicated as assay samples were analysed using the ICP-MS Exploration Package (ICP-MS), ICP-OES (ICP1), and U3O8 Assay (U3O8 wt% Assay). The sample preparation procedures for ICP-MS and ICP1 are the same, and the U3O8 wt% assay uses an aliquot of sample pulp digested in hydrochloric and nitric acid followed by ICP-OES finish. This method is capable of detecting as low as 0.001 weight percent (wt%) U3O8. All Assay samples were also analysed for gold by fire assay using aqua regia with ICP-OES finish.
Boron analysis was conducted on all sample types and is completed by fusing an aliquot of sample pulp in a mixture of Na2O2 and NaCO3, followed by ICP-OES. The SRC inserts a blank, an in-house reference material, and a replicate sample with each batch for analytical quality control and uses a 1000 ppm B commercial certified solution for equipment calibration.
Downhole Radiometric Probing Method
Of the 30 holes completed in 2024,18 were successfully radiometrically logged using a 2GHF-1000 Triple Gamma downhole probe sourced from Terraplus in Ontario, Canada. The probe measures natural gamma radiation every 10 cm along the length of the drill hole. The total count NaI, which reports in count per second, may not be directly or uniformly related to uranium grades and are only an indication of the presence of radioactive minerals.
*Source: The Kiggavik deposit is held by Orano (66.2%), Denison (16.9%) and Uranium Energy Corp. (16.9%). Kiggavik mineral resources are 127.3 million pounds Indicated mineral resource grading 0.55% U3O8 and 5.4 million pounds Inferred mineral resource grading 0.33% U3O8 as reported on the Denison Mines Ltd. Corporate Presentation dated November 2024, p. 23 on their website and the Orano 2023 Activities Report converted from tonnes U to pounds U3O8 and from %U to %U3O8. Cut-off grades and other assumptions, parameters and methods used to estimate resources are unknown. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the issuer is not treating the historical estimate as current mineral resources or mineral reserves.
Rebecca Hunter, Ph.D., P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Forum Energy Metals Corp.(TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. In addition, Forum holds a diversified energy metal portfolio of copper, nickel, and cobalt projects in Saskatchewan and Idaho. For further information: https://www.forumenergymetals.com.
This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo. President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announced today that the Company is not aware of any undisclosed material information that might be contributing to the recent decline in the Company's share price.
As announced in its news release dated December 16th, 2024, the Company is raising $1,250,000 which consists of a combination of shares and flowthrough units. Common shares are being purchased by its strategic investor and insiders for general working capital purposes. The flow-through units are being purchased by its long-term investor and supporter Pavillion Resource Fund for procurement of supplies and services for the 2025 drill program on the Aberdeen Uranium Project in the Thelon Basin, Nunavut (Figure 1).
As announced in previous news releases, assays from its 2024 summer exploration program at its Aberdeen Project in Nunavut, Canada consisting of thirty diamond drill holes covering a total of 6,962 meters are being processed at the SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan which is experiencing an extreme backlog given the increased drilling activity this past year. To date, Forum has received 608 geochemical results from the 11 holes at the Tatiggaq Main and West zones located 5 kilometers from Orano's Kiggavik deposit. Seven of these 11 holes contained mineralization. (See November 26, 2024 news release for detailed description of drilling highlights).
Assay results from the remaining eight holes along parallel structures in the Tattigaq anomaly are expected in early January. Eleven holes targeting Qavvik, the company's second discovery, and other high impact targets including Ned, Ayra and Loki are also expected in the new year. After receipt and review of all of the assays from the 2024 drill program, the Company will compile this data in combination with all prior data from the more than 135 drill holes completed by Cameco during its tenure on the property.
Rebecca Hunter, Ph.D., P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Figure 1 The Thelon Basin is a geologic analogue to the Athabasca Basin in Saskatchewan. Orano/Denison/UEC's Kiggavik, End and Andrew Lake uranium deposits host 133 million pounds of uranium grading at 0.54% U3O8* in two proposed open pits and one underground mine. Forum owns 95,519 hectares of prospective ground along the same controlling structures as at Kiggavik.
*Source: The Kiggavik deposit is held by Orano (66.2%), Denison (16.9%) and Uranium Energy Corp. (16.9%). Kiggavik mineral resources are 127.3 million pounds Indicated mineral resource grading 0.55% U3O8 and 5.4 million pounds Inferred mineral resource grading 0.33% U3O8 as reported on the Denison Mines Ltd. Corporate Presentation dated November 2024, p. 23 on their website and the Orano 2023 Activities Report converted from tonnes U to pounds U3O8 and from %U to %U3O8. Cut-off grades and other assumptions, parameters and methods used to estimate resources are unknown. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the issuer is not treating the historical estimate as current mineral resources or mineral reserves.
This press release contains forward-looking statements. Forward-Looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo. President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces a non-brokered private placement of up to $1,250,000 through the issuance of a combination of shares (the "Shares") at a price of $0.08 per Share and flow through units (the "FT Units") at a price of $0.10 per FT Unit. Each FT Unit consists of one flow through common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one non-flow through common share at a price of $0.15 per warrant share for a period of 18 months from closing of the financing.
Proceeds raised from the issuance of the Shares will be used for general working capital and proceeds raised from the issuance of FT Units will be used by Forum to incur Canadian Exploration Expenses on its Canadian uranium properties and will be used as deemed appropriate for qualifying expenses for the critical mineral tax credit (CMETC).
The Company intends to pay finders fees in accordance with the policies of the TSX Venture Exchange. The private placement is subject to approval by the TSX Venture Exchange and all securities are subject to a four-month hold period.
The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S Securities Act.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements. Forward-Looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
Hudbay Minerals Inc. ("Hudbay" or the "Company") ( TSX, NYSE: HBM) is pleased to announce that it has surpassed a total of one million ounces of gold produced at its Lalor Mine in Snow Lake, Manitoba. This milestone reinforces the significant value Hudbay has unlocked by combining its exploration expertise, processing infrastructure and operating efficiency to maximize gold production at its Snow Lake operations.
"We are so pleased with the dedication and hard work of the Manitoba operating team that has led to this outstanding achievement," said Peter Kukielski, President and Chief Executive Officer. "This milestone underscores Lalor's robust performance and is the result of strategic investments, continuous operational improvements and exploration success, along with the team's focus on building a long-term sustainable business. Hudbay's long standing history in Manitoba and significant future exploration initiatives will continue to drive prosperity in the region and generate significant future cash flows for the business."
"Reaching one million ounces of gold recovered from Lalor is a momentous achievement," said Rob Carter, Vice President, Manitoba Business Unit. "This milestone reflects the dedication, hard work, and innovative spirit of our entire team, and I am incredibly proud of their accomplishments. This achievement sets the stage for continued success, demonstrating the enduring value of the Lalor deposit and propelling us towards continued growth and success through innovative and efficient mining and milling solutions."
Key Snow Lake gold highlights:
2007 – Hudbay discovered the Lalor deposit with the intersection of a zinc-rich base metal zone.
2009 – Hudbay discovered new gold and copper-gold zones down plunge at Lalor and released a conceptual gold resource estimate.
2010 – Construction of the Lalor mine commenced.
2014 – Lalor achieved commercial production, initially from the upper base metal ore zones, while significant gold resources remained undeveloped at depth.
2015 – Hudbay acquired the New Britannia gold mill in Snow Lake to provide a potential gold processing solution that would augment existing base metal processing at the Stall mill.
2016 to 2018 – Completed additional work on the Lalor gold zones to confirm and upgrade mineral resource estimates.
2019 – Began executing a multi-phased gold strategy in Snow Lake focused on increased annual gold production from optimization initiatives, including the decision to refurbish New Britannia to increase processing capacity and achieve higher recoveries for Lalor's gold ore.
2021 – Successful start-up of the New Britannia mill in late 2021.
2022 – First full year of operations at New Britannia delivered an approximate 90% increase in annual gold production from Snow Lake to 146,449 ounces in 2022, compared to 77,376 ounces in 2020.
2023 – The New Britannia mill achieved record throughput levels averaging 1,650 tonnes per day, exceeding its design capacity of 1,500 tonnes per day, which contributed to record annual gold production of 187,363 ounces in 2023.
2024 – New Britannia continued to achieve new record throughput levels above the budgeted 1,800 tonnes per day, which contributed to the Snow Lake operations achieving record quarterly gold production in the third quarter of 2024. As disclosed in the company's third quarter 2024 results, Hudbay expects gold production in Manitoba to exceed the top end of the 2024 gold production guidance range of 200,000 ounces.
December 2024 – The Snow Lake operations achieved historic milestone of one million ounces of gold recovered from ore at the Lalor mine.
With approximately two million ounces of contained gold in current mineral reserve estimates and another 1.4 million ounces of contained gold in inferred mineral resources, Hudbay expects to continue to unlock significant value in Snow Lake and looks forward to further growing the mineral resource base through regional exploration as the company continues to execute one of the largest exploration programs in its history in Snow Lake.
Qualified Person and NI 43-101
The technical and scientific information in this news release related to the company's Snow Lake properties has been approved by Olivier Tavchandjian, P. Geo, Senior Vice President, Exploration and Technical Services. Mr. Tavchandjian is a qualified person pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources at Hudbay's material mineral properties, as well as data verification procedures and a general discussion of the extent to which the estimates of scientific and technical information may be affected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please see the technical reports for the company's material properties as filed by Hudbay on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov .
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information.
The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), litigation, regulatory and landholding risks associated with the Manitoba Business Unit as well as the risks discussed under the heading "Risk Factors" in Hudbay's most recent Annual Information Form.
Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a copper-focused critical minerals mining company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining jurisdictions of Canada, Peru and the United States.
Hudbay's operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the company, which is complemented by meaningful gold production and by-product zinc, silver and molybdenum. Hudbay's growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities near its existing operations.
The value Hudbay creates and the impact it has is embodied in its purpose statement: "We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities." Hudbay's mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations.
TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the completion of the joint acquisition (the "Filo Acquisition") of Filo Corp. ("Filo") with BHP Investments Canada Inc. ("BHP").
Concurrently, Lundin Mining and BHP have formed a 50/50 joint arrangement, Vicuña Corp. (the "Joint Arrangement" or "Vicuña"), holding the Filo del Sol project ("FDS") and the Josemaria project. On completion, BHP paid Lundin Mining a cash consideration of US$690 million for a 50% interest in the Josemaria project.
Vicuña will create a long-term strategic alliance between Lundin Mining and BHP to jointly develop an emerging copper district with the potential to support a globally ranked mining complex. The proximity of the FDS and Josemaria projects allows for greater economies of scale and increased optionality for staged expansions, as well as the incorporation of future exploration as the district matures.
Jack Lundin , Lundin Mining President and CEO, commented "Thanks to the strong collaboration between BHP and Lundin Mining, today we announce the formation of the newly formed Joint Arrangement, Vicuña Corp. and now enter an exciting new chapter of growth that has the potential to transform Lundin Mining into a top-tier copper producer. Vicuña's newly formed team, with support from its board that is comprised equally of both Lundin Mining and BHP representatives, will work towards several key milestones during the year.
"Vicuña is targeting a mineral resource estimate for both the Filo del Sol and Josemaria deposits within the first half of 2025. This resource estimate will form the basis of an integrated technical report which will outline the development plan for the phased construction of the district.
"The district represents an opportunity to deliver on the world's growing copper needs in a meaningful way, both in terms of scale and operational excellence. The Joint Arrangement is committed to applying international industry standards to each facet of the business, from innovation in technology to the commitment of sustainability and capacity building."
Filo Acquisition
The Filo Acquisition was approved by Filo shareholders on September 26, 2024 and the final court order for the plan of arrangement was subsequently obtained.
The total consideration for the Filo Acquisition was approximately C$4.0 billion , excluding the Filo shares already held by Lundin Mining and BHP respectively.
Lundin Mining's share of the consideration for the Filo Acquisition was approximately C$877.8 million in cash and 94.1 million Lundin Mining Shares to Filo shareholders, along with its existing 1.7% interest in Filo (prior to completion). The issuance of 94.1 million Lundin Mining shares to the Filo shareholders, represents a dilution to the existing shareholders of Lundin Mining of approximately 11% based on the issued and outstanding shares of the Company as of December 31, 2024 . BHP will pay a cash consideration for its interest in Filo of C$2.0 billion at C$33.00 per Filo share, along with its existing 7.0% interest in Filo (prior to completion).
Formation and Management of the Joint Arrangement
The Joint Arrangement is governed by a joint venture shareholders' agreement. Vicuña will be the operator, acting independently from Lundin Mining and BHP, and will be responsible for the development, operation and management of the projects.
Lundin Mining and BHP have equal voting rights on the Board of Vicuña that will govern the Joint Arrangement. The Board will be comprised of Jack Lundin (President & CEO Lundin Mining ), Teitur Poulsen (EVP & CFO Lundin Mining ), Brandon Craig (President Americas BHP), and Carlos Ramirez (VP Vicuña JV BHP). Carlos Ramirez has been appointed as Chair of the Board of Vicuña Corp.
Vicuña will be led by Dave Dicaire , the former Executive Vice President, Josemaria Project for Lundin Mining. The employees from the Josemaria project team and FDS project team are expected to transition over to maintain continuity and knowledge of the projects.
Dave Dicaire , General Manager Vicuña Corp.
Dave Dicaire has over 40 years of mining, engineering and construction experience gained on a variety of global projects leading both the Owners and Engineering, Procurement, and Construction Management (EPCM) teams and has led the Josemaria project as Executive Vice President since August of 2022. His experience covers all facets of project management across several types of mining projects ranging from managing pre-feasibility studies to large EPC/EPCM projects. Dave's previous roles include Vice President, Projects at Lundin Gold where he oversaw construction of the Fruta del Norte project in Ecuador and prior to that Project Director at Freeport-McMoRan for the highly successful multi-billion-dollar Cerro Verde Expansion Project in Peru . Before moving to Freeport McMoRan, he was the General Manager, Project Development for South America for Xstrata Copper based in Santiago, Chile .
2025 Budget, Work Program and Next Steps
The development of the Vicuña District envisions an integrated project plan, incorporating both the Filo del Sol and Josemaria projects through a phased development strategy.
Capital expenditures for the Joint Arrangement are forecast to total $312 million on a 100% basis for 2025. The workplan will focus on FDS drilling, FDS mineral resource estimation, Josemaria mineral resource estimation update, mine planning, metallurgy, hydrology wells and studies, commencement of access road construction, and exploration at the Cumbre Verde target. In parallel, engineering studies and trade off analysis will be completed in preparation for future permitting and a technical report outlining an integrated project.
Drilling is currently underway at FDS and Cumbre Verde and will continue throughout the year. The drill program at FDS will focus on resource growth with multiple step-out targets in all directions from zones of known mineralization, including both the Bonita and Aurora Zones along with infill drilling to support an initial sulphide mineral resource estimate. Drilling at Cumbre Verde will follow up on the initial results from last year and target the same mineralized system and structures discovered to the north of the project.
The advancement of Vicuña aims to line up with the application window of the Incentive Regime for Large Investments ("RIGI") in Argentina . The incentive regime provides a clear fiscal stability framework for the overall operation during the initial construction period and future phased expansions.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina , Brazil , Chile , and the United States of America , primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.
The information was submitted for publication, through the agency of the contact persons set out below on January 15, 2025 at 9:30 PDT .
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the establishment and operation of a new joint arrangement with BHP; the realization of synergies and economies of scale in the Vicuña district; the estimated capital expenditures; the timing and expectations for studies and updated estimates; the Joint Arrangement's application under the RIGI regime and the approval and timing thereof; the completion of the sale of the Company's European assets and the timing thereof; the conditions to close the sale of the Company's European assets; the identification of additional value creation opportunities; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; expansion projects and the realization of additional value; the Company's integration of acquisitions and expansions and any anticipated benefits thereof; the Company's ability to become a top tier copper producer; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, zinc, nickel, gold and other metals; anticipated costs; that the conditions to close the sale of the Company's European assets will be satisfied; the ability to achieve goals and identify and realize opportunities; the prompt and effective integration of acquisitions, including the completion of each of the acquisition of Filo, the establishment of the joint arrangement with BHP and the realization of synergies and economies of scale in connection therewith; the prompt and effective integration of acquisitions; that the Joint Arrangement's RIGI regime application will be approved; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: the failure to obtain required approvals for the sale of the Company's European assets; global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile ; reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Filo del Sol project and the Josemaria project by the Joint Arrangement; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company's operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing taxation regimes; the inability to effectively compete in the industry; risks associated with acquisitions and related integration efforts, including the joint acquisition of Filo with BHP; the joint arrangement with BHP; expansions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks relating to the realization of benefits under the RIGI regime the impact on cost estimates and economic analysis related thereto; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures, joint arrangements and operations; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; mining rates and rehabilitation projects; mill shut downs; and other risks and uncertainties, including but not limited to those described in the " Risks and Uncertainties" section of the Company's MD&A for the three and nine months ended September 30, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2023 , which are available on SEDAR+ at www.sedarplus.com under the Company's profile.
All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward ‐ looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
Peter Kukielski, President and Chief Executive Officer, Hudbay Minerals, and Eugene Lei, Chief Financial Officer, Hudbay Minerals ("Hudbay" or the "Company") (TSX: HBM), and their team, joined Robert Peterman, Chief Commercial Officer, Toronto Stock Exchange (TSX), to open the market to celebrate the Company's 20th listing anniversary on Toronto Stock Exchange.
Hudbay (TSX: HBM) (NYSE: HBM) is a copper-focused critical minerals company with three long-life mining operations and a world-class pipeline of copper growth projects in tier-one mining jurisdictions of Canada, Peru and the United States. Copper is the primary metal produced by the company, which is complemented by meaningful gold production. Hudbay's mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations. "We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities."
The shareholders of Lundin Mining Corporation (TSX: LUN) together with BHP Group Limited and Filo Corp. (TSX: FIL) have agreed to the terms of a Plan of Arrangement resulting in the combination of the two companies. Each share of Filo Corp. will be exchanged for 2.3578 shares of Lundin Mining or C$33.00 cash subject to proration of a max cash of C$2,767 million and maximum share consideration of 92.1 million Lundin Mining shares.
In expectation of the arrangement closing, Filo Corp. will be removed from the S&P/TSX Composite Index prior to the open of trading on January 15, 2025 . The shares outstanding of Lundin Mining will be increased at the same time to reflect the issuance of shares.
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The shareholders of Lundin Mining Corporation (TSX: LUN) together with BHP Group Limited and Filo Corp. (TSX: FIL) have agreed to the terms of a Plan of Arrangement resulting in the combination of the two companies. Each share of Filo Corp. will be exchanged for 2.3578 shares of Lundin Mining or C$33.00 cash subject to proration of a max cash of C$2,767 million and maximum share consideration of 92.1 million Lundin Mining shares.
In expectation of the arrangement closing, Filo Corp. will be removed from the S&P/TSX Composite Index prior to the open of trading on January 15, 2025 . The shares outstanding of Lundin Mining will be increased at the same time to reflect the issuance of shares.
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Copper was trading on the COMEX at under US$4 per pound at the beginning of 2024, but by May 21, the red metal's price had surged to a record high of US$5.11 per pound.
Price momentum at the start of the year was owed to several factors, including increasing demand from energy transition sectors, bottlenecks at Chinese refiners and near-zero copper treatment charges.
The price was volatile through the second and third quarters, slipping back below US$4 per pound before soaring above US$4.50 at the end of Q3. Read on for more on how copper performed in 2024, from prices to supply and demand.
Copper price in Q4
Copper started the fourth quarter of the year on a strong note. On October 2, the metal reached its quarterly high of US$4.60 before starting a month-long slide to US$4.31 on October 31.
Volatility was the story at the start of November. Copper soared to US$4.45 on November 5 before dropping to US$4.22 on November 6, then spiked to US$4.41 on November 7; finally, it crashed to US$4.05 on November 15.
While copper did see a couple of rallies as the year ended, it only briefly broke through resistance of US$4.20 from December 9 to 11 before settling toward the US$4 mark at the end of the month.
As of December 23, the copper price was sitting at US$4.02.
Copper concentrate market to stay tight
In an October report, Fastmarkets predicts that the concentrate market will remain tight in 2025.
This tightness will continue to impact refiner treatment charges. Though they are expected to rebound to around US$20 to US$30 per metric ton (MT), they will still be short of the US$80 mark reached in 2023.
The situation has become more challenging as new operations, particularly in China, expand capacity in 2024. Fastmarkets anticipates no change in the situation in 2025, as new smelters are set to come online in China, Indonesia and India. The additional capacity will see more refiners fighting for the available supply.
The research firm says several other factors are contributing to copper concentrate shortages, including the loss of material from First Quantum Minerals' (TSX:FM,NYSE:FM) Cobre Panama mine after it was ordered shut down in November 2023. Other miners that have cut their production forecasts are also adding to supply woes.
For example, Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) revised its copper production guidance when it released its third quarter results on October 23. In its release, Teck indicates that the updated range now stands at 420,000 to 455,000 MT, down from the 435,000 to 500,000 MT estimated at the start of the year.
The company said the reduction was due to challenges with labor availability and problems with autonomous systems in its new haul trucks at its Highland Valley mine in BC, Canada.
China’s economy dragging on copper
A significant headwind for copper at the end of 2024 has been the continued challenges posed by China’s faltering economy. Although the country has introduced stimulus measures, they have made little difference.
The most recent stimulus announcement came on December 24, when the Chinese government announced it would issue US$411 billion worth of special treasury bonds in 2025. This package would be the highest on record, and would represent an increase over the US$137 billion issued in the past year.
The move follows President Xi Jinping’s keynote address at the country’s annual economic policy meeting on December 11 and 12. Xi said at the time that the economy was stable, and that the government would be working to boost consumption through looser monetary policy and more active fiscal policy. Few details were given on how the country would achieve its goals, and the US$411 billion debt injection could be the first sign of that policy.
In addition, in September, the Chinese government announced measures to increase credit, support cities in purchasing unsold homes and restructure debt. These efforts have failed to turn around the world’s second largest economy.
China is the world’s largest copper consumer, and any shift in the strength of the nation's economy will have implications for the price trajectory of base metal.
Copper supply was in focus in Q1 as First Quantum provided an update on its Cobre Panama mine.
The mine was forced to close at the end of 2023 after the Panamanian Supreme Court walked back a company-friendly deal initially approved in October 2023.
At the beginning of 2024, First Quantum pursued several avenues to resolve the issue and reopen the mine, including arbitration. It also waited for the results of Panama’s May election in hopes of more mining-friendly leadership.
The second quarter was dominated by news of output curtailments at Chinese smelting operations.
The cuts came as lower production levels from copper miners began to stress treatment charges at refiners as they competed for the limited availability of copper concentrate.
Speaking to the Investing News Network at the time, Joe Mazumdar, editor of Exploration Insights, said that 50 percent of the world’s smelting capacity is in China. For that reason, the end price is dictated by treatment and refining charges, which nearly turned negative due to the lack of available concentrate.
In turn, this pushed the price of copper prices higher at major exchanges.
“So there’s the cathode price. That’s stated in the LME, and Shanghai and the COMEX in the states. But if the market is tight in any of those regions locally, you will see a cathode premium … over the price of the copper,” he said. “People are willing to pay more to incentivize people that have copper inventory to release it into the market."
Copper supply and demand both saw growth during Q3.
The International Copper Study Group reported in an October 21 release that mined production of copper had increased by 2 percent year-on-year to 14.86 million MT during the first eight months of 2024.
Much was owed to 3 percent growth from Chile, with increases at BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida mine, as well as the Collahausi mine, which is a joint venture between Anglo American (LSE:AAL,OTCQX:AAUKF), Glencore (LSE:GLEN,OTC Pink:GLCNF) and Mitsui (OTC Pink:MITSF,TSE:8031).
Output from the Democratic Republic of Congo increased 11 percent, while Indonesia's production rose 22 percent.
At the same time, demand increased slightly by 2.5 percent. Much of the additional demand came from 2.7 percent growth in Asian markets, which includes a 0.5 percent increase in Chinese refined copper imports.
Investor takeaway
The copper market has been tight all year, with new demand accelerating beyond new mine supply.
This demand growth is expected to continue as the world transitions from fossil fuels to renewable technologies that require more copper, like wind and solar. However, copper demand is still constrained by weakness in the Chinese economy, particularly in its housing sector, which is an important driver of global demand for the metal.
Ultimately, in the longer term, copper supply will be lacking from new projects and expanded production to meet demand. The base metal is expected enter a supply deficit over the next few years.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Copper Price Forecast: Top Trends for Copper in 2025
Copper prices saw impressive gains in 2024, even breaking the US$5 per pound mark in May. However, the red metal's gains didn't last, and by the end of the year copper had retreated back to the US$4 range.
The start of 2025 could be eventful, with Donald Trump returning to the Oval Office, a new stimulus package coming into effect in China and a continued push for greener technologies around the world.
What will these factors mean for copper prices in the new year? Will they rise, or can investors expect the base metal to remain rangebound? Here's a look at what experts see coming for the important commodity.0
How will Trump's presidency impact US copper projects?
Trump will be sworn in for his second term as US president on January 20.
During his campaign, he made bold promises that could shake up the American resource sector, pushing a "drill, baby, drill" mantra and committing to increasing oil production in the country.
When it comes to copper, Trump's proposed changes to environmental regulations could have key implications. While the Biden administration has sought to toughen these rules, Trump will look to relax them.
In an email to the Investing News Network (INN), Eleni Joannides, Wood Mackenzie's research director for copper, said changes to environmental regulations are likely to benefit the mining sector overall.
“The former president has already pledged to overturn a 20 year moratorium on mining in Northern Minnesota. This pro-mining approach means more mines could be permitted and put into production,” she said.
One project that was being planned before the Biden administration restricted access to federal lands in the Superior National Forest belongs to Twin Metals Minnesota, a subsidiary of Antofagasta (LSE:ANTO,OTC Pink:ANFGF). The company has been working to advance its underground copper, nickel, cobalt and platinum-metals group project since 2006, and has submitted plans to state and federal regulatory agencies.
Another copper-focused project that may benefit from the incoming Trump administration is Northern Dynasty Minerals' (TSX:NDM,NYSEAMERICAN:NAK) controversial Pebble project in Alaska.
The company has been exploring the Bristol Bay region since acquiring the property in 2001, but the US Army Corps of Engineers denied approval in 2020; the Environmental Protection Agency did the same in 2021.
Northern Dynasty has been fighting these decisions at both the state and federal level. It reached the Supreme Court in January 2024, but was denied a hearing until the dispute is examined at the state level.
On December 20, Alaska Governor Mike Dunleavy added his support for the project when he petitioned the incoming president to issue an Alaska-specific executive order on his first day in office. The order would effectively reverse decisions made by the Biden administration, including the permitting of the Pebble project.
In addition to Pebble, projects like Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Resolution, and Hudbay Minerals' (TSX:HBM,NYSE:HBM) Copper World, both of which are in Arizona, may benefit from Trump’s plan to reduce permitting times on projects worth over US$1 billion.
Currently, large-scale operations like these can take up to 20 years to move from exploration to production in the US. Copper is considered a critical mineral for the energy transition, and is increasingly becoming a security concern as the US is largely dependent on China for its supply of copper.
Copper price volatility expected under Trump tariff turmoil
As tensions continue to grow between the west and eastern nations like China and Russia, it may not take much to threaten markets for critical materials, including copper.
Trump has already promised to impose a 60 percent tariff on all goods coming from China.
A tariff on copper imports could upend the president-elect's plans for the resource sector. It would increase the prices of copper imports and disrupt the overall economy.
“The risk is that the president-elect’s threatened tariffs, including 60 percent on China and 20 percent on all other nations, could derail global economic growth, lead to higher inflation and, with that, tighten monetary policy and also lead to a change in trade flows. Copper will suffer if demand takes a hit," Joannides said.
"In addition, there is likely to be continued volatility in prices,” she added.
In its recent analysis of Trump’s policies, ING sees an overall negative impact on global metals demand.
The firm believes that many of his plans, including tariffs, will cause the US Federal Reserve take a longer-term approach to reducing interest rates, which could affect investment in large-scale copper projects.
S&P Global expressed a similar view after Trump's win. Immediately after the election, copper prices sank 4 percent to fall under US$4.30, with the firm suggesting that is likely just the beginning. The organization notes that while the market may have already priced in Trump’s tariffs, a larger trade war could impact prices even further.
Economic recovery in China could further boost copper prices
China's faltering economy has been a major headwind for copper over the past several years.
The country's housing market accounts for roughly 30 percent of global demand for the red metal, meaning that any shifts could have significant implications for the copper market.
The sector has been struggling for the past few years as the country deals with economic issues, including fallout from the COVID-19 pandemic, which caused disruptions to supply chains and a spike in unemployment.
Ultimately, economic factors struck China's real estate sector, an important driver of the country’s gross domestic product; this caused the collapse of the nation's top two developers, China Evergrande Group and Country Garden.
So far, the government’s attempts to stimulate the economy and jumpstart the beleaguered real estate sector have largely failed. In September, it announced measures aimed at property buyers, such as reducing interest rates for existing mortgages by 50 points and cutting the minimum downpayment requirement for homes to 15 percent.
Other changes introduced at the time include more help from the People’s Bank of China, which will provide a lending facility for state-owned firms to acquire unsold flats for affordable housing.
China followed this up with an announcement in November that it will provide additional support for local governments by increasing their debt-raising capacity by 6 trillion yuan over the next six years.
While these measures may not be felt for some time, kickstarting the Asian nation's real estate sector could be a boon for copper producers and investors.
“If the Chinese real estate market were to post a recovery, this would see domestic demand for copper tick higher and could lead to a tighter supply and demand balance overall, assuming all other things remain unchanged. This would underpin even higher prices than we are currently projecting,” said Joannides.
Copper industry needs more investment dollars
With copper demand projected to grow long term, supply-side concerns are rising. According to Joannides, there is already recognition that copper exploration has been underinvested over the past few years.
“We are seeing signs this could change. Much of the growth over the last five years has come from brownfield expansions rather than greenfield/new discoveries," she explained to INN.
"Technology will likely help increase the chance of discovery, and broadly I would say that policymakers are now more supportive of mineral exploration as the push to secure critical raw materials supply has moved up the agenda."
Joannides pointed to greenfield projects already in the pipeline, including Capstone Copper’s (TSX:CS,OTC Pink:CSCCF) Santo Domingo in Chile, Southern Copper’s (NYSE:SCCO) Tia Maria in Peru and Teck Resources' (TSX:TECK.A,TECK.B,NYSE:TECK) Zarfanal in Peru.
There's also Northmet, a Teck and Glencore (LSE:GLEN,OTC Pink:GLCNF) joint venture in Minnesota.
Rising copper prices could also increase the flow of money from the major companies into the junior space, where most of the exploration is currently occurring.
“Copper has become the standout strategic preference for the major mining companies. The risk-adjusted cost of developing organic copper assets is higher than the cost of acquiring them,” Joannides said.
This kind of acquisition activity could help reduce the development time of assets compared to companies starting exploration from scratch.
Investor takeaway
While copper supply and demand conditions are expected to remain tight in 2025, competing forces are at play.
One of the biggest factors is Trump’s return to the White House. If the president-elect takes action as quickly as he has promised, investors could soon gain insight on the long-term implications of his policies.
In terms of China, it will take time to get the property sector back to where it was before the pandemic; however, there may be sparks early in the year as new measures start to work their way through the market.
During 2025 it may be even more prudent than usual for investors to do their due diligence on copper and keep an eye on the forces that may affect the market.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold shares of Northern Dynasty Minerals.
Editorial Disclosure: Dore Copper is a client of the Investing News Network. This article is not paid-for content.
The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Lobo Tiggre: Copper is My Highest-Confidence Trade for 2025 — Here's Why
Lobo Tiggre, CEO of IndependentSpeculator.com, gave the Investing News Network his updated thoughts on the US economy, as well as his outlook for gold, silver and uranium in 2025.
However, he said his highest-confidence trade for next year is copper.
"I think that it's easier to see — and highly likely to see — copper moving higher next year," Tiggre explained.
That said, he's not quite ready to pull the trigger on copper stock purchases.
"I'm not rushing out to buy yet, because I think even in the little time we have left this year we're going to see more bad economic news, and Dr. Copper with a PhD in economics always goes down with that sort of news. So I'm looking to that as a buying opportunity — I'm looking to maximize my upside by taking advantage of that."
Watch the interview above for more from Tiggre on copper, plus gold, silver and uranium. You can also click here to view the Investing News Network's New Orleans Investment Conference playlist on YouTube.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.
Gianni Kovacevic: 3 Copper Stocks for Speculators, Watch These Metals Under Trump
Investor and author Gianni Kovacevic shared his thoughts on copper market dynamics, saying that while the long-term trend is up, speculators can create significant shorter-term prices moves.
He also mentioned three copper companies he's interested in right now: CopperNico Metals (TSX:COPR,OTCQB:CPPMF), Entree Resources (TSX:ETG,OTCQB:ERLFF) and Horizon Copper (TSXV:HCU,OTCQX:HNCUF).
In addition to copper, Kovacevic spoke about the growing opportunity he sees in lithium, highlighting how major miners like Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) are increasing their exposure to this important battery metal.
"We are going to have a supply shortage. Not in the distant future — in the next 18 to 36 months it'll be a front-page story, and it will be dovetailed with ... oil and gas. And with that comes the oil and gas investor," he said.
Explaining his view, Kovacevic said oil and gas companies are becoming interested in direct lithium extraction.
"(The oil and gas investors) are the ones that are going to really take the speculation in lithium to the next level once again. It'll be 'lithium mania 3.0' coming to a screen near you," he told the Investing News Network.
Watch the interview above for more from Kovacevic on copper and lithium, as well as Donald Trump's second term.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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