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Australian battery minerals explorer, Firetail Resources Limited (Firetail or the Company) (ASX: FTL) is pleased to provide a summary of its activities for the three month period ending 30 June 2023.
Highlights
- Detailed mapping at the Johnson Well, Yalgoo Lithium Project confirmed continuation of fertile pegmaties along strike to the northwest of Johnson Well lepidolite mine.
- Follow-up drilling campaign commenced with a planned drill program of ~1,000m of reverse circulation (RC) drilling.
- Drilling at Mt Slopeaway exceeded historical Ni and Co assay results to confirm JORC 2012 Inferred Resource Estimate1 (MRE) of 4Mt @ 1% Ni, 0.2% Co, 1% Mn.
- Planning of follow-up program for Mt Slopeaway in advanced stage, aimed at improving existing MRE.
- Subsequent to the end of quarter, Firetail signed a binding terms sheet for acquisition of the Picha and Charaque Copper Projects in Peru.
- Several drill‐ready targets across the Picha Copper‐Silver Project area identified in review of previous exploration data.
- The Company is fully funded to progress exploration activities across its projects on completion with firm commitments from sophisticated investors for the Placement of a total of up to $5,000,000.
Commenting on the June Quarter, Firetail's Executive Chairman, Brett Grosvenor, said:
“This has been a very busy quarter for the Firetail team, with exploration activities progressing across our Australian Projects.
“We are very pleased with the commencement of drilling at the Johnson Well target within the Yalgoo Lithium Project, on the back of positive rock chip sampling. The team is looking forward to gaining a better understanding of this prospective pegmatite system.
“The Board is very happy with the receipt of eagerly awaited results from our Mount Slopeaway Nickel-Cobalt Project. These results confirmed the historical grades and we see lots of unexplored potential for our follow-up drill program.
“However, the highlight of the quarter, is the opportunity for Firetail in Peru, where we believe the acquisition of the Picha Copper Project presents large-scale resource potential in an existing mining province. The experienced exploration team is well-progressed with the due diligence planning so that we may start to define this opportunity for our shareholders.”
Yalgoo-Dalgaranga Lithium Project
Geological Mapping Johnson Well2
Detailed geological mapping completed during the quarter confirmed continuation of fertile pegmatites along strike to the northwest of the Johnson Well lepidolite mine. The system extends to the west-northwest where it becomes concealed under colluvial and alluvial cover (See Figure 1).
Figure 1: Yalgoo Project, Johnson Well Area – geology and rock chip sample locations
The Johnson Well pegmatite is intruded into mafic amphibolites, mostly basalt and dolerite. The pegmatite crops out along a northwest-southeast strike for approximately 1,050m, of which at least 100m is within Firetail tenure. NE-trending quartz veins have cross-cut and displaced the pegmatite into at least four major segments. Quartz veins are also observed sub-parallel to the pegmatite vein system and are also observed to lense into pegmatites. The pegmatite system outcrops across the old mine area with varying amounts of zinnwaldite and lepidolite observed (See Figure 2).
Click here for the full ASX Release
This article includes content from Firetail Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Questcorp Mining: Gold, Copper Exploration in Historic, Past-Producing Regions in Canada and Mexico
Questcorp Mining (CSE:QQQ,OTC:QQCMF,FSE:D910) is a Canadian junior explorer advancing two promising projects in mining-friendly jurisdictions: the high-grade La Union gold-silver-lead-zinc project in Mexico’s Sonoran Gold Belt and the North Island copper project in British Columbia, prospective for porphyry and skarn systems.
Focused on near-surface mineralization with proven geologic continuity, Questcorp is strategically positioned near infrastructure in major metal belts. With gold near record highs and a global copper crunch looming, the company aims to unlock outsized value through disciplined exploration and a tightly held share structure.
La Union gold project locationThe La Union gold project is a 2,604-hectare, road-accessible CRD-style target on the edge of Mexico’s prolific Sonoran Gold Belt. Surrounded by major mines like La Herradura (6.7 Moz) and San Francisco (1.4 Moz), the property hosts historic underground production by Peñoles and others, with ~50,000 oz reportedly mined in the 1950s at grades of 7–20 g/t gold.
Company Highlights
- Flagship Asset – La Union Gold Project (Mexico): A high-grade carbonate replacement gold system in the Sonoran Gold Belt, boasting historical production, strong geologic signatures and drill-ready targets with >80 g/t gold surface samples.
- Copper Exposure in Tier-1 Jurisdiction: The North Island copper project lies just north of BHP’s historic Island Copper Mine. It shows promising porphyry and skarn-style mineralization and is adjacent to Northisle’s multi-million-ounce copper-gold deposits.
- Tight Capital Structure and Strategic Investors: ~63 million shares outstanding with approximately 90 percent held by long-term, high-net-worth and international investors with 3-5 year investment window .
- Execution-focused Management: Led by Founding President & CEO Saf Dhillon, a veteran builder of public companies, and geologist Tim Henneberry, with over 45 years of global exploration success.
- Immediate Catalysts: Near-term exploration at both assets with active permitting, drill programs and news flow expected throughout 2025.
This Questcorp Mining profile is part of a paid investor education campaign.*
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Questcorp Mining
Investor Insight
With a tight capital structure, experienced management and strategic gold and copper project locations near major past-producing mines, Questcorp is well-positioned to deliver discovery-driven growth to investors.
Overview
Questcorp Mining (CSE:QQQ,OTC:QQCMF,FSE:D910) is a Canadian junior exploration company focused on unlocking value in two high-potential mineral districts: the Sonoran Gold Belt in Mexico and Vancouver Island in British Columbia.
The company aims to build shareholder value through disciplined exploration of assets with near-surface mineralization and proven geologic continuity. The company operates in mining-friendly jurisdictions, close to infrastructure and within major metal-producing belts. Its flagship La Union gold project offers high-grade gold-silver-lead-zinc potential in Mexico, while the North Island copper project provides exposure to porphyry copper and skarn systems in a district that hosts multi-billion-pound copper resources.
With gold prices near all-time highs and a copper supply crunch emerging, Questcorp is targeting discoveries that can drive exponential value from a tightly held share structure.
Company Highlights
- Flagship Asset – La Union Gold Project (Mexico): A high-grade carbonate replacement gold system in the Sonoran Gold Belt, boasting historical production, strong geologic signatures and drill-ready targets with >80 g/t gold surface samples.
- Copper Exposure in Tier-1 Jurisdiction: The North Island copper project lies just north of BHP’s historic Island Copper Mine. It shows promising porphyry and skarn-style mineralization and is adjacent to Northisle’s multi-million-ounce copper-gold deposits.
- Tight Capital Structure and Strategic Investors: ~63 million shares outstanding with approximately 90 percent held by long-term, high-net-worth and international investors with 3-5 year investment window .
- Execution-focused Management: Led by Founding President & CEO Saf Dhillon, a veteran builder of public companies, and geologist Tim Henneberry, with over 45 years of global exploration success.
- Immediate Catalysts: Near-term exploration at both assets with active permitting, drill programs and news flow expected throughout 2025.
Key Projects
La Union Gold Project – Sonora, Mexico (Flagship Asset)
The La Union gold project is a 2,604-hectare, road-accessible high-grade carbonate replacement deposit (CRD) located at the edge of the Sonoran Gold Belt, one of the richest gold-producing regions in Mexico. The property is located near major mines, including La Herradura (6.7 Moz, measured and indicated) and San Francisco (1.4 Moz, measured and indicated), and boasts historical production from underground operations by Peñoles and others, reportedly yielding ~50,000 ounces of gold in the 1950s at grades of 7 to 20 grams per ton (g/t) gold.
La Union gold project location
Work done to date includes consolidation of seven historical properties into a single district-scale project by Riverside Resources, which invested more than US$2.5 million in geological mapping, sampling and target definition. Sampling has returned high-grade grab samples including 83.2 g/t gold, 4,816 g/t silver, 30 percent zinc, and 19.8 percent lead. Channel sampling and geological work identified eight mineralized zones, three of which – Plomito, La Famosa and La Union – are drill-ready and fully permitted.
Geology and history of La Union
Questcorp executed a definitive agreement with Riverside in May 2025 to earn up to 100 percent interest in the project. The planned Phase I program includes drilling 10 diamond drill holes averaging 300 meters in depth across the three priority targets, alongside geophysical (gravity and EM) surveys to refine targets. Questcorp will also continue surface exploration at the remaining five targets to identify additional drill candidates. The project’s polymetallic nature and porphyry potential at depth suggest significant resource upside. Riverside remains as the operator during the earn-in, bringing proven success in similar deposits such as Alamos Gold’s Mulatos.
North Island Copper Project (NICP) – Vancouver Island, BC
The North Island copper property is an exploration-stage project located on the northern tip of Vancouver Island, approximately 7.5 km northwest of BHP’s historic Island Copper Mine. The Island Copper operation historically produced 1.2 billion kg copper, 35,268 kg gold, 360,800 kg silver, and significant molybdenum and rhenium from 367 million tonnes of ore, underscoring the district’s endowment.
NICP hosts eight documented copper-silver skarn occurrences and displays porphyry-style mineralization associated with the Island Intrusive suite. The property is geologically anchored by two main target areas: skarns associated with Quatsino limestones in the east and a porphyry copper target to the west, known as the Marisa Zone. Historical drilling by previous operators at Marisa intersected broad zones of copper mineralization, including:
- DDH92-01: 0.078 percent copper over 56.39 m, including 0.171 percent copper over 16.17 m
- DDH92-03: 0.041 percent copper over 70.71 m, with increasing grade at depth
Despite promising results, these zones were never followed up. Questcorp intends to revisit and expand on this historic work. The next steps include completing a 3D induced polarization (IP) survey to model chargeability and resistivity anomalies, followed by a focused drill campaign targeting extensions of the Marisa porphyry.
The project benefits from excellent access via the Vancouver Island Highway and logging roads, plus nearby hydro infrastructure, offering low-cost exploration potential. With a favorable neighborhood, including Northisle Copper & Gold Inc. (TSXV: NCX) with a ~$300 million market cap, NICP represents a high-upside copper exploration story in a Tier-1 jurisdiction.
Founding Directors and Management Team
Saf Dhillon – President, CEO and Director
Saf Dhillon has been involved in the development of public companies for over 20 years, holding various positions including investor relations, business development and senior management, as well as board directorships, building an extensive worldwide list of contacts. He was a key member of the Idaho-based U.S. Geothermal’s management team, which grew the company from an approximately US$2 million startup to a successful independent renewable energy power producer with three new power plants operating in the Pacific Northwest. Saf is President & CEO of iMetal Resources (TSXV:IMR), President & CEO of Bayridge Resources Corp. (CSE: BYRG). He is also a founding director of Torrent Gold (CSE:TGLD), a board member of Lake Winn Resources (TSXV:LWR), and provides assistance to several other private and public companies..
R. Tim Henneberry – Director
R. Tim Henneberry is a professional geoscientist with over 43 years of experience in domestic and international exploration and production for base and precious metals and industrial minerals. He founded Mammoth Geological in 1991, providing geological consulting services to numerous private and publicly traded companies. Henneberry has been involved in senior management of several TSX Venture and CSE listed companies over the last 30+ years, serving as director, senior officer or advisor, including the founding of several.
Scott Davis – Director
Scott Davis is a partner of Cross Davis & Company LLP Chartered Professional Accountants, providing accounting and management services for publicly listed companies. His experience includes CFO positions of several companies listed on the TSX Venture Exchange, and his past experience consists of senior management positions, including four years at Appleby as an assistant financial controller. Prior to that, he spent two years at Davidson & Company LLP Chartered Professional Accountants as an auditor, and five years with Pacific Opportunity Capital as an accounting manager.
Forte Minerals Corp. Closes Oversubscribed Private Placement Offering
Each unit consisted of one common share (a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one additional Share at an exercise price of C$0.60 until June 13, 2027.
The Warrants are subject to an accelerated expiry if the Company’s shares close at or above C$0.90 for 20 consecutive trading days, upon which the Company may issue a notice accelerating the term of the Warrants to a period of 30 days following such notice.
All securities issued are subject to a statutory hold period expiring on December 14, 2025, in accordance with applicable Canadian securities laws.
In connection with the Offering, the Company paid total cash finder's fees of C$97,120.00 and issued 231,550 finder’s warrants, on the same terms as the Warrants, to certain eligible parties.
Use of Proceeds: The net proceeds of the Offering will be used to advance exploration and corporate initiatives across Forte’s portfolio, including:
- Pucarini: Inaugural five-hole drill program (1,750m), targeting a high-sulphidation gold system. Set to kick off in July of 2025.
- Esperanza: Magnetotelluric (MT) survey to refine drill targeting.
- Alto Ruri: DIA drill permitting, surface geophysics (IP & CSMAT), sampling, and community agreements.
- Working Capital
Insider Participation: Certain directors and officers of the Company participated in the Offering, subscribing for a total of 50,000 Units. This participation is considered a "related party transaction" under Multilateral Instrument 61-101. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(b).
President and CEO Patrick Elliott commented: “We are proud to have closed this financing above our original target, which validates market interest in Forte’s exploration strategy and our high-impact Peruvian copper-gold portfolio. We look forward to kicking off our summer drill program at Pucarini.”
ABOUT FORTE MINERALS CORP.
Forte Minerals Corp. is an exploration company with a strong portfolio of high-quality copper (“Cu”) and gold (“Au”) assets in Perú. Our strategic partnership with GlobeTrotters Resources Perú S.A.C. (“GTR”) grants us access to a comprehensive project pipeline, enabling us to target the most promising opportunities. This collaboration focuses on historically discovered, drill-ready targets, driving significant value in Cu and Au resource development.
On behalf of FORTE MINERALS CORP.
(signed) “Patrick Elliott”
Chief Executive Officer
For further information, please contact:
Forte Minerals Corp.
office: (604) 983-8847
info@forteminerals.com
www.forteminerals.com
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Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's latest management’s discussion and analysis, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future.
Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Hypromag Achieves Further Technical Milestones as Piloting Ramps Up in Advance of Commercial Rare Earth Magnet Production in The Uk, Germany and USA
HPMS technology was developed by the Magnetic Materials Group at the University of Birmingham ("UoB"), underpinned by approximately US$100 million of research and development funding. HPMS has major competitive advantages over other rare earth magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of extracting magnets from end-of-life scrap streams and only produce rare earth oxides or mixed rare earth carbonates, which require further processing. HyProMag provides the solution, producing a value-added, magnet product for direct sale to domestic customers across multiple jurisdictions.
Over the course of the previous 12 months, HyProMag has made significant technical progress to support its efforts in optimising design criteria, processing different NdFeB scrap feed materials and producing recycled, low carbon, commercial, magnets of different technical grades. To date, the University of Birmingham Pilot plant has produced over 3,500 magnets of commercial grade from various waste streams. Sample magnets have been provided to commercial partners for extensive testing and product verification and will support continued off taker due diligence over the coming 12 months for the UK, Germany and U.S. businesses.
Recent progress and technical milestones for HyProMag include the following:
- Further optimisation of HPMS for different NdFeB scrap sources - HPMS continues to demonstrate very effective removal and recycling of magnets from electric motor rotors, where they are embedded in laminated stacks of transformer steel. HyProMag is engaging with multiple parties in this sector to provide pre-processing and recycling solutions, as well as in other sectors such as e-bikes, medical devices and professional audio units.
- Hard disk drive (HDD) magnets continue to be an important feedstock for HyProMag with HPMS now succesfully demonstrated on at least 18 different morphologies of HDDs and commercial grade N45M and N42M magnets produced from the liberated HPMS powder. These and other magnets produced via HPMS from other scrap sources, ranging in grade from N48 remanence and UH coercivity, are currently being tested in a wide range of applications, including automotive, audio and others.
- In collaboration with ZF Automotive and UoB, HyProMag has recently supplied magnets for prototype testing in automotive ancillary applications which were successfully tested by ZF, with performance nearly identical to magnets made from virgin materials as indicated in the recent press article: https://www.engineerlive.com/content/recycling-and-reusing-motor-magnets .
- As a key partner in the Securing Critical Rare Earth Materials ("SCREAM") project, GKN Automotive was instrumental in delivering simulation and physical testing to verify that the HyProMag magnets produced via short-loop recycling have equivalent performance to primary magnets of the same grade.
- The first production-ready HDD magnet separation system has been built by INSERMA ANOIA SL ("Inserma") [i] and is expected to be delivered to the UK in Q3. The system has been shown to more accurately identify and remove the magnets from HDD for HPMS processing at scale. The addition of a printed circuit board removal module is at an advanced stage of development, which would be transformational for the process and enhances the Information Security requirements of HDD Recycling.
- Increased magnetic performance has been achieved through further optimisation of the HPMS and magnet manufacturing processes, with positive feedback from customers who are currently stress testing magnet prototypes. Further technical details, including magnet grades and performance achieved, are elaborated in a detailed HyProMag technical bulletin, which can be accessed via the following link: https://hypromag.com/executive-summary-of-recent-technical-progress-by-hypromag-ltd-june-2025
- Magnets produced from HPMS generated alloys are the first sintered NdFeB magnets to be produced in the UK since the closure of Philips in Southport in December 2003. This capability for manufacture of sintered, commercial grade magnets need not be confined to producing magnets directly from scrap and can be further enhanced by blending with new cast alloys made from virgin mine-sourced metals or recycled metals.
- Acceleration of research and development (R&D) work on blending recycled HPMS powders with virgin materials (from primary as well as medium and long loop recycled sources) is underway, which will broaden the range to higher magnet grades available for commercial purchase and aligns strongly with incoming thresholds for minimum recycled content under the European Union Critical Raw Materials Act.
- Over 100 different blends of recycled material have been created in the last six months to meet R&D and customer requirements, with magnets derived from both single and blended batches of HPMS powder demonstrating consistent performance and further validating the short-loop recycling and magnet manufacturing process.
- Whether in collaborative projects, such as SusMagPro and REEsilience in Europe and UKRI (United Kingdom Research and Innovation) projects RaRE, REAP, SCREAM, ReREwind and REEmelt, or through other collaborations, HyProMag's development partners remain confident of its continuing progress. A recent article has been published which has acknowledged the quality of magnets produced for rotating machines:https://www.engineerlive.com/content/recycling-and-reusing-motor-magnets .
- Rare earth magnets derived from HPMS will be extremely low in their Product Carbon Footprint (PCF). For further details and breakdown see https://mkango.ca/news/hypromag-usas-iso-compliant-product-carbon-footprint-study-confirms-exceptionally-low-co-sub-2-sub-footprint-of-2.35-kg-co-sub/
Through the abovementioned workstreams, together with further optimisation and development of blending and grain boundary technologies, HyProMag expects to significantly expand the range of commercial grades produced as illustrated below:
Will Dawes, Mkango CEO commented: "HyProMag is going from strength to strength with the support of its excellent and growing team, as well as from the University of Birmingham and its other partners. The company is well placed to capitalise on the increasing demand for more robust supply chains and sustainably sourced magnetic materials - technologies being commercialised by HyProMag will be transformational for the sector, and we look forward to first sales in UK and Germany in the coming months, as well as completion of detailed engineering in the USA in advance of large-scale project development."
Julian Treger, CoTec CEO commented: " We are very pleased with the continued progress of HyProMag in advance of the commissioning of the UK and German plants. The learnings from these plants and the University of Birmingham's pilot plant programme represent a significant opportunity for HyProMag USA to optimise and refine the detailed design phase. Furthermore, the production of a wide range of magnet grades for U.S. customers from multiple scrap feedstocks will support our financing and off take activities."
Nick Mann, HyProMag Limited MD commented: "The improvements on magnetic properties made are down to the increased understanding gained by the metallurgical team on how to process, blend and sinter differing input feed stocks to achieve a consistent grade of magnet. As we begin production at Tyseley we are testing, collaborating and supplying our commercial partners with our magnets against specifications and are demonstrating good alignment with their products."
Sean Worrall, GKN Automotive Chief Engineer Product Sustainability commented: "As the key physical testing and simulation partner, we are pleased to confirm that the recycled magnets replicated expected performance exceptionally closely during testing. This means HyProMag's short-cycled magnets can be reliably used in motor design simulation to deliver real world performance. The HPMS process enables a supply chain of sustainable, competitive, rare-earth magnets, decoupled from the problems of the virgin material supply chain"
2025 University of Birmingham (UoB) Accelerated Pilot Programme
In parallel with commissioning of the commercial plants in UK and Germany, and to support ongoing HyProMag USA LLC ("HyProMag USA") detailed design [ii] , HyProMag has further invested in piloting utilising the UoB infrastructure, onboarded new production engineers and tripled the throughput capacity of the UoB pilot vessel and associated processes. During a six-month period, multiple sources of scrap feeds will be processed with a target of two tonnes of HPMS power produced and converted into commercial grade magnets. HyProMag will provide these samples to potential customers, as well as targeting further improvements in the engineering design criteria, recoveries and magnet making capability to support commercial developments in the UK, Germany and U.S.
The main objectives of the 2025 UoB Accelerated Pilot Programme are to:
- Provide NdFeB block and finished magnet samples to customers , to support product marketing, offtake discussions and scale-up in Europe and North America, and to complement HyProMag's 2025 commercial production of NdFeB alloys, blocks and finished magnets derived from the commercial scale plant being commissioned at Tyseley Energy Park (TEP) by the University of Birmingham.
- Enhanced QAQC planning - Commercial production at TEP is targeted at 600kg batches of HPMS powder that will be analysed by ICP-OE, XRF and gas analysis. These characterised batches will be blended for targeted magnet qualities based on the development know-how from piloting. These batches will be large and consistent in quality; 1.2 tonnes of blended powder can, for example, deliver 50,000 magnets based on a typical 25g speaker application. Sampling QAQC procedures are being developed with end-users.
- Further demonstrate and optimise HPMS , including pre-processing for larger volumes and broader variety of scrap feeds to derive optimal process conditions and estimates of recovery, NdFeB magnet content and yield to short loop recycling for different scrap feeds
- Complete further variability analysis across different HPMS batches of the same type of scrap feed.
- Further demonstrate the ability to blend HPMS powders from different HPMS batches of the same scrap feed with or without virgin feed additions
The Accelerated Piloting Programme targets over 50 additional HPMS runs over a six-month period covering principal scrap feeds containing: separated magnet scrap, VCMs from different sources, pre-processed HDD feed, surface mounted and embedded rotors from electric motors, MRI, wind turbine feed, speaker assemblies and other forms of NdFeB scrap material provided by strategic partners.
About Mkango Resources Ltd.
Mkango is listed on the AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited ("Maginito"), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec, and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies.
Maginito holds a 100 per cent interest in HyProMag and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ("Mkango UK"), focused on long loop rare earth magnet recycling in the UK via a chemical route.
Maginito and CoTec are also rolling out HPMS recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company.
Mkango also owns the advanced stage Songwe Hill rare earths project in Malawi ("Songwe") and the Pulawy rare earths separation project in Poland ("Pulawy"). Both the Songwe and Pulawy projects have been selected as Strategic Projects under the European Union Critical Raw Materials Act. Mkango has signed a letter of Intent with Crown PropTech Acquisitions to list the Songwe Hill and Pulawy rare earths projects on NASDAQ via a SPAC Merger.
For more information, please visit www.mkango.ca
About CoTec Holdings Corp.
CoTec is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange ("TSX- V") and the OTCQB and trades under the symbols CTH and CTHCF respectively. CoTec Holdings Corp. is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector.
For more information, please visit www.cotec.ca.
About HyProMag USA LLC.
HyProMag USA is owned 50:50 by CoTec and HyProMag Limited. HyProMag Limited is 100 per cent owned by Maginito, which is owned on a 79.4/20.6 per cent basis by Mkango and CoTec.
For more information, please visit www.hypromagusa.com
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango and CoTec. Generally, forward looking statements can be identified by the use of words such as "plans", "expects" or "is expected to", "scheduled", "estimates" "intends", "anticipates", "believes", or variations of such words and phrases, or statements that certain actions, events or results "can", "may", "could", "would", "should", "might" or "will", occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, the delivery and effectiveness of the HDD magnet separation system built by Inserma, the results of the Accelerated Pilot Programme at UoB, the availability of (or delays in obtaining) financing to develop Songwe Hill, the Recycling Plants being developed by Maginito in the UK, Germany and the US (the "Maginito Recycling Plants"), governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for Maginito's recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the Maginito Recycling Plants, and Pulawy and future investments in the United States pursuant to the proposed cooperation agreement between Maginito and CoTec, cost overruns, complexities in building and operating the plants, and the positive results of feasibility studies on the various proposed aspects of Mkango's, Maginito's and CoTec's activities. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company and CoTec disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. Additionally, the Company and CoTec undertake no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
For further information on Mkango, please contact:
Mkango Resources Limited
William Dawes Alexander Lemon
Chief Executive Officer President
will@mkango.caalex@mkango.ca
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Jeff Keating, Jen Clarke, Devik Mehta
UK: +44 20 3470 0470
Alternative Resource Capital
Joint Broker
Alex Wood, Keith Dowsing
UK: +44 20 7186 9004/5
For further information on CoTec, please contract:
CoTec Holdings Corp.
Braam Jonker
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braam.jonker@cotec.ca
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This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
Right to Earn Majority Interest in Highly Prospective Chilean Copper-Gold-Molybdenite Porphyry Project and Placement to raise $2.2m
Highlights
- Large Cu-Au-Mo porphyry target untested at depth
- Coincidental datasets suggest substantial copper porphyry system
- Shallow historic drilling confirms porphyry mineralisation above target
- Drilling of targets to commence early Q4 2025
- Oliver Kiddie joins FMR as Managing Director
- Firm commitments received for $2.2m capital raising at $0.16 through a placement to existing and new sophisticated investors
- Mark Creasy to join the FMR register as major shareholder
The Southern Porphyry JV gives FMR exposure to a potential Company-making discovery. Coincidental datasets captured across the Southern Porphyry target area suggest a large, untested copper porphyry system below historic exploration. With proven fertility along a ~6km corridor at Llahuin, including historic shallow copper porphyry mineralisation directly above the Southern Porphyry target, this JV delivers FMR drill-ready targets for Q4 2025. The Company looks forward to updating shareholders as we progress towards maiden drilling of these exciting targets.
In conjunction, FMR is pleased to announce the appointment of Oliver Kiddie as Managing Director. Mr Kiddie is a geologist with over 20 years’ experience across exploration, resource definition, project development, and production throughout Australia and internationally. He has extensive experience in base metal and gold exploration through senior management, executive, and directorship positions, including Dominion Mining, European Goldfields, the Creasy Group, and Legend Mining.
Oliver Kiddie said:“I am very excited to be joining the FMR team as the Company expands its exploration portfolio with the Llahuin Project in Chile. I look forward to leading the Company through the next stage of growth and working with the experienced SUH team as the compelling Southern Porphyry drill targets are tested in Q4 this year, with the clear aim of a Company-making discovery.”
Project Description
Porphyry-style Cu-Au-Mo mineralisation identified to date at the Llahuin Project is largely hosted in three main mineralised zones - the Central Porphyry Zone, Cerro do Oro and Ferrocarril, which occur along a +2.5 km N-S strike (open north and south, with a total strike length of up 6 km). These zones are coincident with a north-south trending valley, potentially reflecting weathering of more regressive units or a structure.
Figure 1. Oblique view of Southern Porphyry Target looking to WNW showing 3D inversion model resistivity shells from magnetotelluric data, Llahuin Project drilling to date and tenements forming the joint venture. Refer to Figures 6 and 7 for location and plan view, and Figure 5 for a sectional view.
Llahuin was initially acquired in July 2011 by SUH through an intermediary from Antofagasta plc. Drilling completed across the project to date comprises 296 holes for 64,503m with a total of 62 holes for 11,927m completed on the JV Tenements, of which 9,156m reports to the Ferrocarril zone and are therefore not relevant to the Southern Porphyry Target. Drilling has resulted in the delineation of Mineral Resources which do not form part of the JV and do not form part of the transaction (see Figures 1 and 7).
In addition to drilling SUH has completed extensive geochemical and geophysical surveys at Llahuin, including detailed magnetics (MAG), induced polarisation (IP), and magnetotellurics (MT). These datasets have indicated a “blind” porphyry-style target at the southern end of the Llahuin Project named the Southern Porphyry Target. This target is defined by a coincident magnetic anomaly, IP resistivity anomaly, and MT resistivity anomaly. The target is modelled as a circular feature 1.5km – 2km in diameter and centred approximately 1,000m below surface (see Figures 1, 2, 3, 4, and 5).
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