Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") is pleased to announce that, further to its news releases of June 3 and June 24, 2024, it has closed its non-brokered private placement and has issued 7,084,020 units (the "Units") at a price of $0.135 per Unit for gross proceeds of $956,343 (the "Offering"). Each Unit consists of one common share and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one common share (each a "Warrant Share") at a price of $0.20 per Warrant Share for a period of 24 months expiring June 26, 2026.
In connection with the Offering, the Company paid cash commissions totalling $51,141 equal to 6% of certain of the gross proceeds raised under the Offering. The Company also issued 378,819 finder warrants of the Company. Each finder warrant shall entitle the holder thereof to purchase one common share of the Company at a price of $0.20 expiring June 26, 2026.
All securities issued are subject to a four month hold period expiring October 27, 2024. The net proceeds of the Offering will be used for general working capital.
Insiders of the Company participated in the Offering for 780,000 Units or $105,300, and such Units issued to insiders are subject to a four month hold period pursuant to applicable policies of the TSX Venture Exchange. The issuance of Units to insiders is considered a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect of such insider participation as the fair market value of the transaction, insofar as it involves interested parties, does not exceed 25% of the Company's market capitalization.
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.
Stock Option Grant
The Company also announces that in accordance with the Company's stock option plan, it has granted to certain of its directors, officers, employees and consultants incentive stock options to purchase up to an aggregate of 3,200,000 common shares exercisable on or before June 28, 2029 at a price of $0.135 per share.
Marketing Agreement
The Company has entered into an advisory agreement (the "Agreement") with DS Market Solutions Inc. ("DS Market Solutions"), an equity trading advisory and liquidity provider located in Mississauga, Ontario, whereby DS Market Solutions has agreed to provide the Company with liquidity services with the object of enhancing market depth and increasing liquidity of the Company's common shares, as further described in the Agreement, for a month-to-month term in exchange for remuneration of $5,000 per month, plus applicable taxes.
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).
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.
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") reports that all proposed resolutions at its Annual General Meeting of Shareholders held on December 11, 2024 were duly passed by 25.25% of votes cast by the Company's Shareholders. Richard Mazur, Anthony Balme, Michael Steeves, Larry Okada, Paul Dennison, Janet Meiklejohn and Brian Christie were re-elected as Directors. Davidson & Company, Chartered Professional Accountants, were re-appointed as the Company's auditor and the Company's Amended Omnibus Plan was approved. Following the AGM the Board reconstituted all Committees and the following Officers were re-appointed:
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 the first set of results from its 30 hole, 6,962 m summer drill program at its Aberdeen Uranium Project, located five kilometres to the west of the 133 million pound Kiggavik uranium project held by OranoDenisonUEC*. Forum has received 608 geochemical results from the 11 holes drilled to follow-up the successful 2023 program at the mineralized Tatiggaq Main and West zones. Seven of eleven holes were mineralized. Significant results are highlighted below.
HIGHLIGHTS
Tatiggaq Main
TAT24-012 intersected 1.15% U3O8 over 2.4 m from 169.1 to 171.5 m including:
3.33% U3O8 over 0.3 m (169.7 - 170.0 m)
2.77% U3O8 over 0.5 m (170.4 - 170.9 m)
TAT24-014 intersected 1.31% U3O8 over 7.6 m from 164.0 to 171.6 m including:
4.56% U3O8 over 0.2 m (166.4 - 166.6 m)
4.30% U3O8 over 0.5 m (169.1 - 169.6 m)
4.81% U3O8 over 0.4 m (171.2 - 171.6 m)
Includinga maximum grade of 8.15% U3O8 over 0.2 m (171.4 - 171.6)
Entire mineralized interval at TAT24-014 is 0.62% U3O8 over 17.9 m from 157.9 to 175.8 m
Tatiggaq West
TAT24-011 intersected 35.3m grading 0.11% U3O8 from 144.2 to 179.5 m including 0.68% U3O8 over 1.6 m (170.9 to 172.5 m) including:
1.24% U3O8 over 0.4 m (171.2 - 171.6 m)
1.12% U3O8 over 0.3 m (172.0 - 172.3 m)
Uranium mineralization at the Main zone has been encountered over a thickness of ~35 metres in 2024.
Drilling at Tatiggaq West intersected thick intervals of continuous uranium mineralization for another 40 m to the west.
The total strike extent of uranium mineralization drilled at the Main and West zones has increased from 200m to over 310 metres
TAT24-005, TAT24-008, TAT24-009 and TAT24-010 intersected proximal alteration types (strong clay, bleaching, sulphide) and elevated counts indicative of uranium mineralization nearby that require follow-up.
Results are pending for the remaining 8 holes targeting multiple parallel structures within the large Tatiggaq gravity anomaly measuring 1.5 km by 0.7 km, in addition to the 11 holes testing the Qavvik, Ayra, Ned, and Loki regional targets.
Dr. Rebecca Hunter, Forum's VP, Exploration stated, "Drilling at Tatiggaq Main has intersected another parallel lense of high-grade uranium extending the width to 35 metres and could be thicker. I am pleased that Tatiggaq West shows lateral continuity and thickness to the west and remains open along strike and at depth. The complex, structurally-controlled nature of these zones will be evaluated with further infill drilling and drilling along strike of the Tatiggaq Fault in 2025. We look forward to receiving the results from 8 holes along parallel structures in the Tatiggaq anomaly, as well as 11 holes drilled at Qavvik, Ned, Loki and Ayra."
Tatiggaq Interpretation and Follow-up Drilling
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 maiden resource. 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 east-northeast structures interpreted to control uranium mineralization on Orano's and Forum's property. Figure 2 is a plan map showing the 2024 drill collars in the vicinity of the Tatiggaq Main and West areas. Figures 3 and 4 show cross sections through the Tatiggaq Main and West zones. Figure 5 is a photo of the main mineralized interval from TAT24-014, which was lost at 176 m. Table 1 and 2 are results for mineralized drillholes in Tatiggaq Main and West.
Drilling in 2023 and now 2024 has resulted in a greater understanding of the style and geometry of the Tatiggaq mineralization:
U mineralization is hosted in steep, discreet lenses that can vary in grade and thickness along strike and width for a length of 310 m (West and Main).
Individual lenses vary in thickness from
Mineralization depth ranges between 80 and 200 m.
Tatiggaq Main has 3 to 5 thicker, high-grade lenses (up to 12 m thick and grades > 1%, locally > 20%).
Tatiggaq West has 5 to 12 narrower, lower grade lenses (up to 35 m thick in total, grades ~0.1%, locally >1%).
Due to the discreet structurally hosted nature of the mineralization at Tatiggaq and the northwest trending network of cross faults, future drilling at close step-outs will be required.
Table 1 2024 Drill Hole Data for the Tatiggaq Main and West areas. (UTM collars are in datum WGS84 Zn 14N)
Hole ID
Target
Easting
Northing
Elev.
Depth
Orient.
Comment
TAT24-005
West
548837
7135330
187
293.0
-65° / 320°
Elevated (184 ppm), altered - proximal
TAT24-006
Main
548986
7135471
188
230.0
-66° / 308°
Mineralized
TAT24-007
West
548799
7135365
187
227.0
-64° / 316°
Mineralized
TAT24-008
West
548782
7135389
187
236.0
-66° / 309°
Elevated (100 ppm), altered - proximal
TAT24-009
Main
548997
7135453
187
275.0
-65° / 314°
Elevated (108 ppm), altered - proximal
TAT24-010
Main
549032
7135475
187
238.3
-65° / 310°
Elevated (39 ppm), altered - proximal
TAT24-011
West
548772
7135316
189
236.0
-66° / 310°
Mineralized
TAT24-012
Main
548927
7135447
187
248.0
-69° / 317°
Mineralized - High Grade
TAT24-013
West
548732
7135311
187
239.0
-66° / 314°
Mineralized
TAT24-014
Main
548927
7135447
187
176.0
-75° / 315°
Hole lost in High Grade Mineralization
TAT24-015
West
548732
7135311
187
230.0
-73° / 310°
Mineralized
Table 2 - U3O8 assay results for mineralized drill holes at Tatiggaq West and Main using a 0.01% cutoff.
Hole ID
From_m
To_m
Interval_m
U3O8_%
TAT24-006
Upper Lense
157.9
160.9
3.0
0.13
including
158.3
159.2
0.9
0.30
including
160.0
160.3
0.3
0.32
Lower Lense
163.7
166.0
2.3
0.07
including
164.5
164.8
0.3
0.19
including
165.5
166.0
0.5
0.11
TAT24-007
Main Lense
99.8
101.5
1.7
0.17
including
100.3
101.0
0.7
0.40
TAT24-011
Entire Interval
144.2
179.5
35.3
0.11
Subdivided Into Lenses
148.2
149.5
1.3
0.11
152.4
153.5
1.1
0.17
161.4
162.8
1.4
0.26
including
162.4
162.6
0.2
1.18
165.0
166.3
1.3
0.20
170.9
172.5
1.6
0.68
including
171.2
171.6
0.4
1.24
including
172.0
172.3
0.3
1.12
173.7
175.6
1.9
0.13
175.8
176.9
1.1
0.29
178.8
179.0
0.2
1.30
TAT24-012
Upper Lense
151.4
151.7
0.3
0.15
Middle Lense
169.1
171.5
2.4
1.15
including
169.7
170.0
0.3
3.33
including
170.4
170.9
0.5
2.77
Lower Lenses
187.7
188.1
0.4
0.19
196.1
196.3
0.2
0.13
199.1
199.6
0.5
0.12
TAT24-013
Entire Interval
144.0
171.9
27.9
0.07
Subdivided Into Lenses
144.0
148.1
4.1
0.11
including
146.3
146.5
0.2
0.47
155.0
157.0
2.0
0.27
including
155.0
155.9
0.9
0.51
including
156.9
157.0
0.1
0.91
170.8
171.9
1.1
0.11
TAT24-014
Entire Interval
157.9
175.8
17.9
0.62
Upper Lense
157.9
164.0
6.1
0.11
including
158.9
159.4
0.5
0.16
including
161.8
163.5
1.7
0.18
Middle Lense
164.0
171.6
7.6
1.31
including
164.0
165.2
1.2
2.40
including
166.4
166.6
0.2
4.56
including
167.1
167.6
0.5
1.35
including
169.1
169.6
0.5
4.30
including
171.2
171.6
0.4
4.81
max grade
171.4
171.6
0.2
8.15
Lower Lense
171.6
175.8
4.2
0.09
including
172.7
172.9
0.2
0.14
including
174.2
174.6
0.4
0.19
including
175.4
175.8
0.4
0.33
Hole was lost in mineralized interval
TAT24-015
Upper Lense
148.4
161.7
13.3
0.08
Subdivided Into Lenses
149.5
151.0
1.5
0.16
including
149.7
149.8
0.1
0.37
152.0
152.4
0.4
0.35
158.0
160.4
2.4
0.12
Lower Lense
183.8
186.4
2.6
0.11
including
183.8
184.8
1.0
0.16
*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.
Figure 1 Property map with the locations of the 2024 diamond drilling program on the Aberdeen Project.
Figure 2 The location of the 2024 Tatiggaq drilling within the southwest part of the overall anomaly, historical drilling and Forum's 2023 drill holes. We are presenting results from drill holes TAT24-005 to TAT24-015. Note: TAT23-001 and TAT23-002 have the same collar (2023 drill holes)
Figure 5 TAT24-014 drill core from the mineralized section at approximately 166.5 - 176.0 m. The uranium mineralization is largely hosted in steep brittle structures within a psammopelitic and granitic unit. Scintillometer readings are written on the core boxes in counts per second and were measured using a digital, hand-held CT-007M scintillometer by Environmental Instruments Canada Inc.
Forum implemented a robust QA/QC program for its 2024 drill program, expanding upon the program used in 2023. 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.
Downhole Radiometric Probing Method
Of the 30 holes completed in 2024,18 were successfully radiometrically probed 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 (cps), may not be directly or uniformly related to uranium grades and are only an indication of the presence of radioactive minerals. We do not calculate equivalent radiometric grades at this time (eU3O8).
Sample Collection Methods
Forum geologists mark sample intervals and sample types to be collected based on geological features in the core and on radioactivity measured with the CT-007M from Environmental Instruments Canada Inc.
in counts per second (cps). Several types of drill core samples are collected: systematic basement (Syst_B), composite sandstone (Comp_S), spot (Spot_B or Spot_S), and Assay. Systematic basement samples consist of a split-core sample, approximately 10 cm long, collected every 10 m in non-mineralized basement rock. One half of the core is collected for geochemical analysis while the remaining half is returned to the core box for storage on site. Composite sandstone samples are comprised of a chip or disk of core collected from the start of each row in the core box over 10 m intervals in non-mineralized sandstone. Split-core spot samples are collected from non-mineralized but geologically significant alteration, structures, or features in basement and sandstone. Spot samples vary in size depending on the feature being sampled but are generally 0.1 m in length. Assay samples are collected continuously through zones of radioactivity above 250 CPS, as measured by the CT-007 microR meter. Assay samples are between 0.1 and 0.5 m in length and are dictated by the level of radioactivity, where similar counts per second are grouped together. One half of the core is collected for geochemical analysis while the remaining half is returned to the core box for storage on site. Shoulder assay samples are collected for 1-2 metres above and below mineralized zones.
All depths and intervals reported in this release are drill hole depths and intervals and do not represent true thickness unless otherwise stated.
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.
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.
For more information about S&P Dow Jones Indices, please visit www.spdji.com
ABOUT S&P DOW JONES INDICES
S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500 ® and the Dow Jones Industrial Average ® . More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has become home to over 1,000,000 indices across the spectrum of asset classes that have helped define the way investors measure and trade the markets.
S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com .
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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.
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Gianni Kovacevic: 3 Copper Stocks for Speculators, Watch These Metals Under Trump
Investor and author Gianni Kovacevic shared his thoughts on copper market dynamics, saying that while the long-term trend is up, speculators can create significant shorter-term prices moves.
He also mentioned three copper companies he's interested in right now: CopperNico Metals (TSX:COPR,OTCQB:CPPMF), Entree Resources (TSX:ETG,OTCQB:ERLFF) and Horizon Copper (TSXV:HCU,OTCQX:HNCUF).
In addition to copper, Kovacevic spoke about the growing opportunity he sees in lithium, highlighting how major miners like Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) are increasing their exposure to this important battery metal.
"We are going to have a supply shortage. Not in the distant future — in the next 18 to 36 months it'll be a front-page story, and it will be dovetailed with ... oil and gas. And with that comes the oil and gas investor," he said.
Explaining his view, Kovacevic said oil and gas companies are becoming interested in direct lithium extraction.
"(The oil and gas investors) are the ones that are going to really take the speculation in lithium to the next level once again. It'll be 'lithium mania 3.0' coming to a screen near you," he told the Investing News Network.
Watch the interview above for more from Kovacevic on copper and lithium, as well as Donald Trump's second term.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) introduced its Xplor 2025 cohort on Monday (January 6), choosing eight out of hundreds of applicants worldwide.
Under Xplor 2025’s terms, each of the companies is entitled to receive an equity-free grant of up to US$500,000 and access to a network of BHP and external industry experts to build out and accelerate their exploration concepts.
The selected companies and the countries they focus on are as follows:
“As the energy transition gathers pace it becomes more urgent that we can identify, develop and commercialize the discoveries required to support the transition,” BHP’s Group Exploration Officer Tim O’Connor said. “The 2025 Xplor cohort are the sorts of explorers that naturally embrace innovation in bringing promising new projects to life.”
BHP opened applications for the 2025 Xplor program last September, once again “seeking visionary teams focused on uncovering new sources of critical minerals crucial for a sustainable future.”
The eight successful applicants are focused on critical metals needed for electrification, with many targeting copper.
Now in its third edition, Xplor helps accelerate the work of promising mineral companies.
The program is often set on a six-month period, with each of the companies collaborating with BHP Xplor to expedite their geological concepts and position the projects for potential further investment and partnership with BHP.
“We were delighted with the strength of applications — the quality of exploration projects was extremely high … Successful applicants demonstrated strong leadership, a commitment to innovation in their exploration programs, and a willingness to push industry boundaries in applying new concepts, data and testing techniques,” BHP Xplor Head Marley Palin said.
According to BHP, this edition holds the most geographically diverse cohort yet. Xplor 2024 had teams focused on Botswana, Australia and Kazakhstan, while Xplor 2023 included companies working in Africa, Australia, Canada, Mongolia, Norway and Finland.
Xplor 2025 also has the highest number of successful applicants at eight; Xplor 2023 included seven companies and 2024 had six.
This month, the 2025 cohort is set to gather in Perth for Bootcamp Week. BHP said the bootcamp will teach them key strategy, operational and technical frameworks that will set them up for success over the next six months.
Filo Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) (" Filo " or the " Company ") is pleased to announce that the deadline for registered shareholders (the " Registered Shareholders ") of the issued and outstanding common shares of Filo (the " Filo Shares ") and for holders of stock options of Filo (the " Optionholders ") to make elections in respect of the consideration receivable pursuant to the Arrangement (as defined below) is 5:00 P.M. (Toronto Time) on January 9, 2025 (the " Election Deadline "). PDF Version
The letter of transmittal and election form (the " Letter of Transmittal ") outlines the necessary documentation and information required to be sent to the depositary for the Arrangement, Computershare Investor Services Inc. (the " Depositary "), by each Registered Shareholder and Optionholder in order to receive the consideration to which they are entitled under the Arrangement, and make an election with respect to the form of consideration they wish to receive. For complete instructions, please refer to the Letter of Transmittal previously mailed to Registered Shareholders and Optionholders on December 12, 2024 and also available under Filo's profile on SEDAR+ at www.sedarplus.ca and on the Company's corporate website at http://filocorp.com/investors/corporate-filings/ .
All elections and deposits made under a Letter of Transmittal are irrevocable and may not be withdrawn. However, an election made under a Letter of Transmittal on or prior to the Election Deadline may be changed by depositing a new Letter of Transmittal with the Depositary on or prior to the Election Deadline. Should the Arrangement not proceed for any reason, the deposited certificates and/or DRS advices representing Filo Shares (if applicable) and other relevant documents shall be returned.
The Letter of Transmittal is for use by Registered Shareholders and Optionholders only. Beneficial (nonregistered) shareholders whose Filo Shares are registered in the name of a broker, investment bank, bank, trust company, custodian, nominee or other intermediary (each, an " Intermediary ") should contact that Intermediary for instructions and assistance in making an election.
Shareholders who hold Filo Shares directly or indirectly through the central securities depository in Sweden run by Euroclear Sweden AB (" Euroclear Holders ") do not need to submit a Letter of Transmittal. For complete instructions for Euroclear Holders, please refer to the press release of the Company dated December 11, 2024 .
Filo is also pleased to announce that it has obtained all key regulatory approvals required to complete the previously announced arrangement involving, among others, the Company, BHP Investments Canada Inc. (" BHP "), a wholly-owned subsidiary of BHP Group Limited, and Lundin Mining Corporation (TSX: LUN) (OMX: LUMI) (" Lundin Mining ", and together with BHP, the " Purchaser Parties "), pursuant to which the Purchaser Parties will, among other things, acquire all of the Filo Shares not already owned by the Purchaser Parties and their respective affiliates (the " Arrangement ").
Subject to the satisfaction or waiver of the remaining conditions to implementing the Arrangement, it is expected that the Arrangement will close on or about January 15, 2025 .
Following completion of the Arrangement, the Filo Shares will be delisted from the Toronto Stock Exchange and the Nasdaq First North Growth Market. An application will also be made for the Company to cease to be a reporting issuer in the applicable jurisdictions following completion of the Arrangement.
About Filo Corp.
Filo is a Canadian exploration and development company focused on advancing its 100% owned Filo del Sol copper-gold-silver deposit located in San Juan Province, Argentina and adjacent Region III, Chile . The Company's shares are listed on the Toronto Stock Exchange and Nasdaq First North Growth Market under the trading symbol "FIL", and on the OTCQX under the symbol "FLMMF".
Additional Information
The Company's certified adviser on the Nasdaq First North Growth Market is Bergs Securities AB, +46 8 506 51703, rutger.ahlerup@bergssecurities.se .
The information contained in this news release was accurate at the time of dissemination, but may be superseded by subsequent news release(s).
The information was submitted for publication by the contact persons below on January 6, 2025 at 1:00 am EST .
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This press release may contain certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, the consummation and timing of the Arrangement; the satisfaction of the conditions precedent to the Arrangement; the expected timing of closing of the Arrangement; and the expected timing of delisting from stock exchanges, may be forward-looking information. Forward-looking information is frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved.
Forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from the Company's expectations include failure to satisfy or waive the closing conditions to the Arrangement; changes in laws, regulations and government practices; government regulation of mining operations; environmental risks; and other risks and uncertainties disclosed in the Company's periodic filings with Canadian securities regulators and in other Company reports and documents filed with applicable securities regulatory authorities from time to time, including the Company's Annual Information Form available under the Company's profile at www.sedarplus.ca . The Company's forward-looking information reflects the beliefs, opinions, and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking information or beliefs, opinions, projections, or other factors, should they change, except as required by law.
Cygnus Metals and Doré Copper Mining said on Wednesday (January 1) that they have completed their merger.
The combined entity will be a critical minerals explorer and developer with two core assets in Québec, Canada.
Cygnus acquired all of the issued and outstanding common shares of Doré on Tuesday (December 31) through a Canadian statutory plan of arrangement, finalizing the deal. Cygnus shares are listed on the ASX under the symbol CY5, and are expected to start trading on the TSXV under the symbol CYG on or about Friday (January 3).
The company has also applied to list on the OTCQB under the ticker symbol CYGGF.
The merger of equals between Cygnus and Doré was announced this past October, with the companies emphasizing at the time that the deal would create value for shareholders on both sides. Under the agreement, each former Doré shareholder will receive 1.8297 Cygnus shares for each share they held before the transaction was finalised.
"By combining the proven exploration and management skills of the Cygnus team with the high-grade resource and immense upside at the Chibougamau Copper-Gold Project, we have the potential to unlock substantial value," Cygnus Executive Chair David Southam said at the time, adding that plans for "aggressive exploration" were in the works.
The new company's two main assets are the Chibougamau copper-gold project and the James Bay lithium project.
Chibougamau currently has a measured and indicated resource of 3.6 million metric tons at 3 percent copper equivalent, and an inferred resource of 7.2 million metric tons at 3.8 percent copper equivalent.
James Bay's Pontax project holds a resource of 10.1 million metric tons at 1.04 percent lithium oxide.
Doré brought the Chibougamau asset to the table, and in Wednesday's release former President and CEO Ernest Mast said the Cygnus team has the ability to maximize the value of the project.
“This merger will provide the funding, additional expertise and the strategy aimed at generating superior shareholder returns with an exciting exploration program at Chibougamau,” he noted.
Southam will now act as executive chair of the new company, while Mast will hold the position of president and managing director in Canada. The board will also have two non-executive directors from each of the merged companies.
Cygnus said that results from a pre-Christmas drill program at Chibougamau are expected to be released early this quarter. Following on from that, the company will begin a drilling and geophysics program at the site.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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