The Conversation (0)
June 14, 2021
GALENA MINING LTD. (ASX:G1A) announces that Abra Mining Pty Limited ("AMPL"), the joint-venture company for the Abra Base Metals Project ("Abra" or the "Project") has made the final investment decision ("FID") to complete the full development of Abra, with first production of its high-value, high-grade lead-silver concentrate scheduled for the first quarter of 2023 calendar year. The FID decision has been made following the satisfaction of key conditions to draw in excess of US$30 million under the Taurus Debt Facilities.
HIGHLIGHTS:
- Final investment decision (FID) made to complete full development of Abra Base Metals Project, with first production scheduled for Q1 CY2023
- Underground decline development and on-site plant construction expected to commence Q3 CY2021 and Q4 CY2021 respectively
- Remaining project works funded by US$110M Taurus Debt Facilities, final A$40M Toho equity tranche to be received, and existing cash
- A$40M Toho equity plus US$30M initial drawdown under Taurus Debt Facilities expected to be received within 3-4 weeks
- Continued strong support from Project partner and 40% off-taker, Toho Zinc of Japan
- Managing Director role to transition to Tony James, a Mining Engineer with considerable senior underground development and operational experience
Galena is also pleased to announce that with Abra's accelerated progress towards production, its transitioning the Managing Director role to Anthony (Tony) James. Mr James is a Mining Engineer with considerable senior underground operational and development experience. The Company's current Managing Director, Alex Molyneux will remain a Director with responsibility for key corporate development initiatives and strategic relationships.
Managing Director, Alex Molyneux commented, "I'm ecstatic that everything is now in place and we've been able to make the final investment decision for Abra. Galena is now poised to join the ranks of high margin Australian producers, benefitting from buoyant base metals markets. I'd particularly like to thank our hard-working team who have achieved so many project milestones to get to this point and will soon be joined by approximately 260 more colleagues over the construction phase."
Commenting on the management transition, Chairman, Adrian Byass said, "As a board we've worked as a team to prioritise the needs of our flagship Abra Base Metals Project. Alex and Tony have worked hand-in-hand to date to achieve significant technical and corporate milestones, and with Abra moving to production I'm pleased we can make a transition that moves our senior mining engineering capability to the fore. We thank Alex for his significant contributions thus far and wish Tony every success going forward."
Abra Base Metals Project and schedule
Abra is poised to join the ranks of high margin Australian base metals producers. The Project is 17% complete as at 31 May 2021, based on A$27.4 million of Project works which were pulled forward and executed ahead of FID. Completed Project works include: construction and commissioning of a 280-unit mine site village; mining of the box-cut; box-cut ground support works; installation of production water infrastructure (bores, pumps and water reticulation); installation of site communications; and various site clearing, roadworks and civil works. As a result, Abra is largely prepared for the deployment of key contractors for the construction of the plant and ancillary infrastructure, and deployment of the underground mining contractor.
In addition, 90% of contracts (by value) covering the Project's remaining full development works are executed or awarded, further advancing on the completion of permitting, native title arrangements and offtake achieved in 2019. Among the key contracts, an engineering, procurement and construction contract has been executed with GR Engineering Services Limited for the supply of Abra's 1.2 million tonne per annum lead sulphide flotation process plant and ancillary infrastructure under a guaranteed maximum price arrangement to the value of approximately A$75 million. The underground mining services contract has been awarded to a tier one Australian mining contractor.
Under the current Project schedule, procurement of certain long-lead time items will take place immediately. The underground mining contractor is expected to initiate the portal and decline development in the 3rd quarter of 2021 calendar year and physical on-site plant construction is expected to commence in the 4th quarter of 2021 calendar year. First production of Abra's high- value, high-grade lead-silver concentrate is scheduled for the first quarter of 2023 calendar year.
Funding package
The FID decision has been made following the satisfaction of certain key conditions to draw in excess of US$30 million under the Taurus Debt Facilities (see Galena ASX announcement of 12 November 2020 for more information on the terms of the Taurus Debt Facilities).
Remaining project development works are funded by more than A$200 million of funds, sourced from:
- US$110 million of Taurus Debt Facilities (equivalent to A$142 million at current exchange rates), made up of:
- US$100 million Project Finance Facility; and
- US$10 million Cost Overrun Facility;
- A$40 million final equity investment tranche from Galena's project partner, Toho Zinc Co., Ltd. ("Toho"); and
- the Company's existing cash resources (A$20.0 million as at 31 May 2021).
The Company has also made an initial drawdown request under the Project Finance Facility of US$30 million, which is expected to be received by the end of June. The Taurus Debt Facilities are secured against Abra Project assets and over the shares that each of Galena and Toho own in AMPL, and drawdowns remain subject to satisfaction of customary conditions precedent.
Management transition
With Abra's accelerated progress towards production, Galena is transitioning its Managing Director role to currently serving Non-Executive Director Anthony (Tony) James. Mr James is a Mining Engineer with considerable senior underground operational and development experience. He joined Galena's board in October 2018 and has been actively involved in Abra Project development initiatives, having also served on the board of directors of AMPL since the establishment of the active joint-venture with Toho in 2019.
The Company's current Managing Director, Alex Molyneux will remain a Director with responsibility for corporate development initiatives and strategic relationships. Since commencing as Managing Director in August 2018, Galena made a full transition from exploration to a company capable of building and operating a successful base metals mine. Under his guidance, Abra passed through: outstanding pre-Feasibility and Feasibility Studies; completed permitting, native title arrangements and offtake; executed major project contracts; and completed 17% of construction activities. However, Mr Molyneux's key contribution has been to assemble approximately A$300 million in development funding from a mixture of strategic equity (Toho Investment Agreement and the investment in Galena by Mr Timothy Andrew Roberts' Warburton Portfolio Pty Ltd), debt (Taurus Debt Facilities) and public equity.
Mr James has been actively involved in both technical and corporate initiatives for the Company since the second half of 2018. Prior to Galena, Mr James' experience includes having previously worked as Managing Director of various ASX-listed companies, including: Carbine Resources; Atherton Resources; and Mutiny Gold. At Atherton Resources he achieved a favourable outcome for shareholders which culminated in a cash takeover by Auctus Minerals. At Mutiny Gold he led the implementation of a revised development strategy for the Deflector copper-gold deposit in WA prior to the merger of that company with Doray Minerals. Currently, Mr James serves as a Non- Executive Director of Apollo Consolidated, Wiluna Mining and Medallion Metals. Prior to Mr James' Managing Director and Non-Executive Director roles, he held a number of senior executive positions with international gold producer Alacer Gold, including President of its Australian operations. He also played a key role in Avoca Resources' initial growth and success, leading the feasibility, development and operation of its Higginsville Gold Mine.
G1A:AU
12 December 2022
Abra Construction At 97% Complete – First Ore Stockpiled For January Processing
GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that the construction progress at its Abra Base Metals Mine (“Abra” or the “Project”) has reached 97% complete as of 30 November 2022. Processing plant commissioning is progressing quickly with practical completion now expected in December 2022. Ore currently being mined from underground is being stockpiled in readiness for processing to begin in January 2023. Concentrate production will commence January 2023.
Managing Director, Tony James commented, “Record underground development in November with delivery of the first 9,000t of ore to the ROM pad along with successful plant commissioning to date puts Abra on the verge of a quick transition into production. Recruitment and other operational readiness activities are well advanced in preparation for January production”.
Figure 1 – First material being tipped into the crusher during commissioning (Photo 26 November).
Figure 2 – Crushing and screening plant commissioning (Photo 26 November).
The following link will show a short video of the Abra crusher commissioning. https://youtube.com/shorts/iSG58MiW_3o
Update on Abra Project progress
Overall progress continues as planned, with first concentrate production expected in Q1 CY2023, following ore commissioning in January 2023. Practical completion of the processing plant is now expected ahead of schedule in December 2022. The processing plant engineering, procurement and construction has reached 99% complete. Piping and electrical works have made significant progress and at the end of November were 96% and 92% complete, respectively. Mechanical items installation is almost complete at 99%.
In November, the first material was crushed and screened as part of the staged commissioning process. The crushing plant ran at design capacity and all commissioning milestones were successfully achieved. Dry commissioning also progressed in most areas of the plant including water and air services, tailings and concentrate thickening, grinding and reagents. Dry commissioning of the remaining areas will be completed in December. Water commissioning commenced in the tailings and concentrate thickening areas of the plant and the remaining areas are expected to be wet commissioned by the end of December. The remaining commissioning schedule is unchanged from the last update and is shown below in Table 1.
Click here for the full ASX Release
This article includes content from Galena Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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16 November 2022
Abra Construction At 92% Complete – Reaches First Ore Underground
GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that the construction progress at its Abra Base Metals Mine (“Abra” or the “Project”) has reached 92% complete as of 31 October 2022. Underground mine has reached the first ore (seeASX announcement 14 November 2022) and plant commissioning continues in several key areas with the project focussed on achieving first concentrate production in Q1 2023.
Managing Director, Tony James commented, “Reaching first ore underground is extremely rewarding for everyone involved in the project. To see for the first time what we have predicted and interpreted as the Abra orebody delivers a significant step forward for the project. Record development metres in October has taken the mine to the ore and we continue to establish key underground infrastructure with the completion of the 6m diameter surface rise that will be the primary return airway.”
Update on Abra Project progress
Overall progress continues to remain in line for Project completion, with first commercial production expected in Q1 CY2023. The processing plant engineering, procurement and construction has reached 97% complete. Structural steel has been completed in October and mechanical installations are at 96% complete. Piping at 80% and electrical at 71% complete continue to progress quickly.
Pacific Energy’s Hybrid 10MW LNG/solar power station completed full integration with the solar power supply, dry commissioning of the crushing and screening areas was completed in early November and first rock crushing is scheduled for late November. Grinding section dry and wet commissioning will commence in the second half of November and is planned for completion by mid-December. The remaining commissioning schedule is unchanged from the last update and is shown below in Table 1.
Mine decline development continued during October. A total of 311m was developed with the decline reaching 1,284mRL. October represents the highest individual development month since the first cut was fired in the portal in October 2021. The decline location is 266m vertically below the surface and is 29m vertically below the original top of the orebody (1313mRL). Underground drilling has now identified mineralisation as high as 1330mRL which is currently being reviewed for potential extraction. The 1300mRL ore access drive reached first ore in early November (See ASX announcement 14 November 2022).
The 1290mRL horizon is a significant work area for development as underground infrastructure for pumping, ventilation, second means of egress and power are all distributed from this level outwards into the development network. All this infrastructure is currently being established and will result in an increased focus on lateral development and lower decline development in the short term.
Click here for the full ASX Release
This article includes content from Galena Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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13 November 2022
Abra Mine Reaches Ore
GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that the underground development at its Abra Base Metals Mine (“Abra” or the “Project”) has reached the Abra orebody. Commissioning has commenced in several key areas of the processing facility and the Power Station (Pacific Energy) completed full integration of the hybrid gas/solar/battery energy storage system (BESS) power station on 10 November. The project remains on track for first concentrate production in Q1 2023.
Managing Director, Tony James commented, “Reaching first ore underground delivers another significant step in bringing the Abra project on-line. The first cut in the portal was taken in October 2021, and now 2,949m later and 250m below surface we have reached the orebody. Special acknowledgement needs to be given to Byrnecut and the Abra mining team for achieving this milestone, and everyone involved should be very proud of what they have achieved. It’s also important to acknowledge Pacific Energy and the Abra project team for the faultless commissioning of the power station and completing the full integration of the solar system”.
First ore heading underground has been reached on the 1300mRL access drive. Project to date (PTD) underground development to this point in time was 2,949m and first ore is 250m below the surface. Figure 2 below shows the mine development completed to the end of October 2022. The second underground development Jumbo has commenced at Abra in line with multiple headings being established and underground development is expected to increase accordingly. Underground grade control drilling continues and the 6m diameter return airway shaft drilling has been completed in November through to the surface.
On 20 October, the site changed over to mains power station with the commissioning of the Pacific Energy hybrid 10MW gas/solar/BESS power station. On the 10 November the system was fully integrated with the successful integration of the 6MW solar panels. The mine and general site infrastructure is running on mains power and plant commissioning to date includes the energisation of the crushing/screening sections.
Click here for the full ASX Release
This article includes content from Galena Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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31 October 2022
Galena Mining Activities Report For Quarter Ended 30 September 2022
GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) reports on its activities for the quarter ended 30 September 2022 (the “Quarter”), primarily focused on construction of its 60%- owned Abra Base Metals Mine (“Abra” or the “Project”) located in the Gascoyne region of Western Australia.
Highlights
- Abra Project 87% complete at end of the Quarter (14% of construction works completed during the Quarter). Project focus remains on underground access to the orebody and completion of the processing plant and remaining surface infrastructure.
- Underground development achieved 771m advance during the Quarter remaining on schedule with the decline reaching 1,300mRL. The decline is 13m below the top of the orebody and 250m below the surface.
- Overall processing plant construction has reached 93% complete. Plant engineering and drafting work is 100% complete and site construction work is 90% complete.
- All key overseas supplied equipment has arrived on site.
- Completed oversubscribed placement to raise A$17.2M.
- US$25M final debt drawdown was completed under the Taurus Debt Facilities.
- Cash balance at Quarter-end A$60.5M.
ABRA BASE METALS MINE (60%-OWNED)
Abra comprises a granted Mining Lease, M52/0776 and surrounding Exploration Licence E52/1455, together with several co-located General Purpose and Miscellaneous Leases. The Project is 100% owned by Abra Mining Pty Limited (“AMPL” the Abra Project joint-venture entity), which in turn is 60% owned by Galena, with the remainder owned by Toho Zinc Co., Ltd. (“Toho”) of Japan.
Abra is fully permitted and under construction. First production of its high-value, high-grade lead- silver concentrate is currently scheduled for the first quarter of 2023 calendar-year.
Click here for the full ASX Release
This article includes content from Galena Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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26 June
Rapid Successfully Undertakes $10.5M Capital Raising to Fund Acquisition of the Webbs and Conrads NSW Silver Projects
Rapid Critical Metals Limited (‘Rapid,’ ‘RCM’ or ‘Company’) is pleased to announce that the Company has received firm commitments from institutional, sophisticated and professional investors for the placement of 437,500,000New Fully Paid Ordinary Shares (New Shares) at an issue price of A$0.024 per new share (post 12-for-1 consolidation) to raise gross proceeds of A$10.5 million (Placement). The Placement comprises two tranches:
- Tranche 1 to raise A$10 million via the issue of approximately 416,666,667¹ million New Shares subject to the approval of shareholders (resolution 1) at the Extraordinary General Meeting scheduled for 7 July 2025 (EGM); and
- Tranche 2 to raise A$0.5 million via the issue of 20,833,334 million New Shares subject to shareholder approval to be sought at an EGM of the Company expected to be held in August 2025 for participation of a current major shareholder Strata Investment Holdings.
Highlights
- A$10.5m secured through a Placement, following receipt of firm commitments at an issue price of A$0.024 per share (post 12-for-1 consolidation).
- Strong support was received from existing & new institutional, sophisticated and professional investors.
- Existing major shareholder and board member Strata Investment holdings has participated with taking $500k of the placement to be voted on in an expected EGM in August.
- Proceeds from the Placement, together with existing cash, will be used to fund the acquisition of 100% of the Conrad and Webbs Silver Projects in the New England Fold Belt of NSW and to unlock the potential of the Projects rapidly. Rapid will rapidly implement programs at Webbs Silver Project with a focus to expand and upgrade the existing JORC Mineral Resource Estimate1 with targeted geophysics, drilling and metallurgical studies beginning in June 2025.
Proceeds from the Placement, together with existing cash, will be used to fund the acquisition ofthe Conrad and Webbs Silver Projects, currently owned by Silver Metal Group Limited (SMG) (for full details of the transaction refer ASX announcement of 22 May, 2025). Following completion of the acquisition, Rapid will own 100% of the Conrad and Webbs Silver Projects in the New England Fold Belt of NSW.
The opportunity exists to unlock the potential of the Projects rapidly, as neither have had any modern exploration or drilling done in the last decade. Exploration for new, parallel and blind structures can deliver new silver discoveries in the district.
Rapid will rapidly implement programs at Webbs Silver Project with a focus to expand and upgrade the existing JORC Mineral Resource Estimate with targeted geophysics, drilling and metallurgical studies beginning in June 2025.
Commenting on the success and level of interest in the Placement, Martin Holland, Rapid’s Managing Director, said:
“The Rapid team is pleased to have secured the funds which will be strategically used for the acquisition of the SMG silver projects in NSW. I would like to thank all existing and new shareholders who participated in the Placement for supporting the Board’s strategy.”
The Placement was strongly supported by new and existing shareholders, including Strata Investment Holdings Plc (Strata), the Company’s largest shareholder, whose participation is subject to shareholder approval to be sought at an EGM to be held in late August.
The Placement was conducted at a price of A$0.024 per New Share, which represents a:
- 0.00% discount to the last close price of A$0.002 on 23 June, 2025; and
- 0.00% discount to the 5-day Volume Weighted Average Price of A$.002 (pre consolidation)
All New Shares issued under the Placement will rank pari passu with the existing ordinary shares on issue in the capital of the Company.
Click here for the full ASX Release
This article includes content from Rapid Critical Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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25 June
Hawthorn Announces Closing of C$4 Million Subscription Receipt Financing
Hawthorn Resources Corp. (CSE: HWTN) ("Hawthorn" or the "Company") is pleased to announce that it has closed its previously announced subscription receipt (the "Subscription Receipts") offering (the "Offering").
Under the Offering, the Company issued an aggregate of 14,807,315 Subscription Receipts at a price of $0.27 per Subscription Receipt for aggregate proceeds of $3,997,975.05 (the "Subscription Proceeds").
Each Subscription Receipt, upon the satisfaction of certain conditions (the "Escrow Release Conditions") related to the Company's previously announced proposed acquisition of Stampede Metals Corporation (the "Acquisition") on or before the escrow release deadline of July 31, 2025 or such later date as the escrow agent and the Company agree (the "Escrow Release Deadline"), will be automatically converted, without payment of any additional consideration and without any further action on the part of the holder thereof, into a unit (a "Unit"), comprised of one post 1:0.75 consolidation (the "Consolidation") common share of the Company and one-half of one share purchase warrant. Each whole warrant will be exercisable to acquire a post-Consolidation common share at a price of $0.40 per share until December 23, 2026, subject to acceleration in the event that the post-Consolidated common shares of the Company trade at or above $0.60 for ten consecutive trading days. If the Escrow Release Conditions are not met by the Escrow Release Deadline, the aggregate Subscription Proceeds will be returned to subscribers without deduction.
President Ralph Shearing, P.Geol. of Hawthorn Resources, commented: "With nearly $4 million in financing received, upon completion of our acquisition of the Prince Silver Project, Hawthorn is fully funded to execute on our 2025 exploration priorities. We're excited to advance the Prince Silver Project — a near-surface CRD deposit with historic production, strong silver-gold-zinc-manganese mineralization identified in over 129 historic drill holes with excellent exploration expansion potential.
In connection with the Offering, upon conversion of the Subscription Receipts into the underlying Units, the Company will pay finders fees of $98,309.98 to eligible registrants assisting in the Offering and issue an aggregate of 420,111 broker warrants (each, a "Broker Warrant"), with each Broker Warrant entitling the holder to acquire one post-Consolidated common share of the Company at a price of $0.40 per share for until December 23, 2026.
All securities issued under Acquisition and in the Offering will have a hold period of four months and one day pursuant to applicable securities laws and CSE policy. In accordance with CSE policies, the Company has obtained written shareholder approval for the issuance of the aggregate post-Consolidated common shares to be issued pursuant to the Acquisition and the Offering.
Completion of the proposed Acquisition is subject to a number of conditions, including, but not limited to, completion of the concurrent financing, satisfaction by the parties of all applicable filing requirements pursuant to the policies of the Canadian Securities Exchange (the "CSE"), and acceptance and receipt of all applicable regulatory, corporate and shareholder approvals.
About Hawthorn Resources Corp.
Hawthorn is a silver exploration company focused on advancing the Prince Silver Project in Nevada, USA. Mineralization is open in all directions and is near surface. Hawthorn also holds option interest in Broken Handle Project, an early-stage mineral exploration project located southern British Columbia, Canada.
For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca).
On Behalf of the Board of Directors,
Ralph Shearing, Director, President
Tel: 604-764-0965
Email: info@hawthornresources.ca
Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: completion of the Acquisition and related transactions, completion of the Initial Private Placement, appointments of directors and officers of the Company and regulatory and corporate approvals. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, dependence on key personnel, and compliance with property option agreements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, failure to obtain regulatory or corporate approvals, exploration results, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
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 disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities 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 U.S. Persons (as defined under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The CSE has neither approved nor disapproved the contents of this press release and the CSE does not accept responsibility for the adequacy or accuracy of this release.
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20 June
Editor's Picks: Silver Price Hits 13 Year High, Gold Takes a Breather
Gold was on the decline this week, closing just below US$3,370 per ounce, after tensions in the Middle East pushed it past the US$3,430 level toward the end of last week.
All eyes were on the US Federal Reserve, which in a widely expected move left interest rates unchanged on Wednesday (June 18) following its two day meeting. The central bank cut rates in December 2024, but has kept them steady for its last four gatherings.
US President Donald Trump wasn't pleased, calling Powell "too late" in a Thursday (June 19) post on Truth Social. While speculation that Trump will fire Powell has died down, the president did recently say he intends to announce his next pick for the Fed leader position "very soon."
Of course, Fed meetings are never just about rate decisions — experts often look to Powell's post-meeting commentary to read between the lines of what's said (and not said).
Tariffs were definitely in focus this time around, with Powell emphasizing that it's still soon to tell how much of an impact they will have and how the Fed should react.
"We have to learn more about tariffs. I don’t know what the right way for us to react will be. I think it’s hard to know with any confidence how we should react until we see the size of the effects" — Jerome Powell, US Federal Reserve
Chris Temple of the National Investor, who offered another perspective on Powell's comments.
He noted that while Powell didn't say the Fed is going to abandon its 2 percent inflation target, it may be leaning in that direction. This is what he said:
The consensus still — although it was extremely close — is barely still for two 25 basis point rate cuts in the balance of 2025. Whether we get them or not, who knows, (but) that's the current snapshot, which may well change. But that's against a backdrop of admitting for the second SEP, summary of economic projections ... in a row that inflation is going to continue to move back higher — that we've seen the best numbers for inflation — at the same time that GDP slows a bit.
So okay, you just told us that your favored inflation number, which is a lot of smoke and mirrors to begin with, is going to go back up to north of 3 percent, which is what they said yesterday. And yet you still — the consensus is you're going to lower interest rates twice in 2025? So he did everything but come right out and admit that the 2 percent inflation target isn't going to be reached.
Stay tuned to our YouTube channel for the full interview with Temple.
Bullet briefing — Silver hits 13 year high, SPUT raising US$200 million
Is silver's price rise real?
Gold has stolen the precious metals spotlight in 2025, but this month silver is shining.
The white metal has been on the rise since the beginning of June, and this week it broke the US$37 per ounce mark for the first time in 13 years.
While silver is known to lag behind gold before playing catch up, it's also known for its volatility. Its move has created excitement, but market participants are also wary of a correction.
When asked what factors are driving silver, Peter Krauth of Silver Stock Investor he said he sees a "perfect storm" emerging. Here's how he explained it:
You've got the macroeconomic picture that is I think certainly bullish for silver, like it is for gold and a lot of the other commodities. But I think at the same time you've got the market kind of coming to terms with the fact that silver is in a deficit, (and) it's unlikely to be able to rectify that deficit for several years — in fact, the Silver Institute thinks we're going to see record deficits at some point over the next five years.
And silver supply is unable to grow. We saw a peak 10 years ago in mined silver, and overall silver supply is essentially flat.
So flat supply, growing demand — demand that's nearly 20 percent above supply — and our ability to meet those deficits is shrinking because we're tapping into these aboveground stockpiles that have shrunk by about 800 million ounces in the last four years, which is the equivalent of an entire year's mine supply. So it's the perfect storm, it's really all coming together. And I think that the market's realizing that.
But does that necessarily mean silver is ready for a big breakout? Krauth has a target of US$40 by the end of 2025, but said silver could potentially go 10 percent above that.
For his part, Jeffrey Christian of CPM Group attributes the silver price boost to increased demand from investors, especially when it comes to exchange-traded funds and wholesale products.
He's projecting a bumpier path forward for the metal:
You also have — the last time I looked it was like 490 million ounces of open interest in the July Comex futures contract. And that's two weeks from first delivery. So most of the people (who) have those shorts - those are hedges of their physical inventories. They keep those hedges in place, but they roll them forward. So they'll be buying back their Julys and selling September futures to keep that hedge in place with the next active futures contract. That buying back of the Julys could push silver prices higher.
So if you really want to talk granular prices, we wouldn't be surprised to see the price of silver fall to US$33, US$34 an ounce, and go up to US$40 an ounce and then back to US$33 an ounce over the next four weeks.
Click the links above to watch the interviews with Krauth and Christian.
SPUT raising US$200 million
The uranium spot price made moves this week after the Sprott Physical Uranium Trust (TSX:U.U,OTCQX:SRUUF) announced a US$100 million bought-deal financing on Monday (June 16).
It was bumped up to US$200 million the same day due to strong demand.
Spot uranium has been in a consolidation phase since hitting triple-digit levels in early 2024, creating frustration among those who are waiting for the industry's strong long-term fundamentals to be better expressed. This week's move past US$75 per pound has helped reinvigorate investors.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And 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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18 June
Hawthorn Resources Announces Fully Subscribed Private Placement and Planned Name Change to Prince Silver Corp.
Hawthorn Resources Corp. (CSE: HWTN) (OTC Pink: HAWWF) ("Hawthorn" or the "Company") is pleased to announce that, in connection with the recently executed agreement for the acquisition of Stampede Metals Corporation (the "Stampede Acquisition") owner of the Nevada located Prince Silver Project and Stampede Gap Project and previously announced consolidation (the "Consolidation"), the Company will change its name to Prince Silver Corp. (the "Name Change").
The Name Change and Consolidation are expected to take effect within the coming weeks. Upon completion, prior to giving effect to the Stampede Acquisition, the Company will have approximately 16,054,125 shares outstanding and will begin trading under its new name with a new CSE ticker symbol to be disclosed upon acceptance by the CSE.
"Rebranding as Prince Silver Corp. marks a transformative step as we align our corporate identity with the Prince Silver Project, a large-scale silver asset located in one of the world's premier mining jurisdictions," stated Ralph Shearing, P.Geo., President of the Company. "With an impressive previously disclosed Exploration Target and silver prices reaching multi-year highs, we believe this is a great opportunity to unlock significant value for our shareholders."
Fully Subscribed Private Placement
Hawthorn is pleased to report that the private placement of subscription receipts as previously disclosed has been fully subscribed to approximately $4 million (rounded), the maximum raise agreed to within the Stampede Acquisition Agreement. Closing of the private placement subscription receipts is expected to occur within the coming days.
Majority Shareholder Consent Obtained
The Company has obtained shareholder consent letters from shareholders representing over 55% of the issued and outstanding shares of Hawthorn approving the Stampede Acquisition transaction.
Corporate Strategy
The Company's corporate focus is centered on advancing the Prince Silver Project in Nevada, guided by the following strategic pillars:
- District-Scale Silver Focus: Advancing a large-scale silver asset in the heart of Nevada, one of the world's most mining-friendly jurisdictions.
- Significant Exploration Target: With mineralization that is near-surface and open in all directions. (see press release dated June 9, 2025, for further information on the Exploration Target)
- Drill-Driven Growth: Active exploration to expand higher-grade zones, confirm historic drilling results and define the scale of the Prince Silver Project mineralized system. A reverse circulation drill program is expected to be initiated on the Prince Silver Project, late July 2025.
- Strategic Partnerships: Actively seeking a joint venture or option partner to explore and develop the Stampede Gap Porphyry Copper-Gold Project, which has been identified as a large-scale Cu-Au system and the BC located greenfield Broken Handle exploration project.
The Company will provide further updates on exploration plans and key milestones in the coming weeks.
About Hawthorn Resources
Hawthorn is a silver exploration company focused on advancing the Prince Silver Project in Nevada, USA. Mineralization is open in all directions and is near surface. Hawthorn also holds option interest in Broken Handle Project, an early-stage mineral exploration project located southern British Columbia, Canada.
On Behalf of the Board of Directors
Ralph Shearing, Director, President
Tel: 604-764-0965
Email: info@hawthornresources.ca
Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: completion of the Acquisition and related transactions, completion of the proposed financing, proposed drill programs, amendments to the Company's website, property option payments and regulatory and corporate approvals. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, dependence on key personnel, completion of satisfactory due diligence in respect of the Acquisition and related transactions, and compliance with property option agreements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, failure to obtain regulatory or corporate approvals, exploration results, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
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 disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities 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 U.S. Persons (as defined under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The CSE has neither approved nor disapproved the contents of this press release and the CSE does not accept responsibility for the adequacy or accuracy of this release.
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18 June
10 Silver ETFs for Every Investing Style in 2025
Investors looking for exposure to the silver price and silver-mining companies should consider silver exchange-traded funds (ETFs).
Spurred by moves in the gold market, safe-haven buying as well as increasing demand from industrial sectors, silver saw strong price movements in the first half of 2025, breaching US$37 per ounce for the first time since 2011.
While silver has often been seen as a more approachable precious metal owing to its lower per ounce price, its performance has lagged gains seen in the gold price over the past few years. However, silver stole some of the spotlight in the second quarter of 2025 as it saw significant gains on the back of geopolitical tension and economic uncertainty from the US trade and tariff policy.
Like gold, investors can gain exposure to silver in several ways that each offer their own pros and cons, along with differing costs and risks. For example, investors can purchase physical silver bars or coins, or invest in silver futures.
Another way for investors to diversify their portfolio with silver is to invest ETFs. These products work similarly to mutual funds in that they pool investor resources into an asset. However, as their name suggests, ETFs are traded on exchanges like stocks, making them more accessible to investors.
While ETFs aren’t without risk, they can offer a more stable investment compared to individual stocks thanks to their diversification and the fact that they are often managed and rebalanced.
Silver ETFs come in several forms, such as ones that hold physical silver and ones that hold silver mining, royalty and exploration stocks. Investors looking to start trading silver ETFs should be aware of the options available to them to determine which silver ETF will best suit their precious metals investing needs and risk tolerance.
Here's a brief look at 10 of the top silver ETFs by total assets. The first five ETFs offer exposure to the price of silver, while the last five provide exposure to silver-mining stocks.
Assets and prices for these silver ETFs were collected on June 17, using data from the funds' web pages, and performance data is accurate for the end of Q1 2025.
5 ETFs for exposure to the silver price
1. iShares Silver Trust (ARCA:SLV)
Total assets: US$17.21 billion
Unit price: US$33.06
The iShares Silver Trust provides investors with access to the silver price performance, using the London Bullion Market Association silver price as its benchmark.
As the iShares Silver Trust’s web page warns, it is not an investment company registered under the Investment Company Act of 1940, or a commodity pool under the Commodity Exchange Act. Because of this, it is not subject to the regulatory requirements that apply to mutual funds or ETFs.
This trust holds 471 million ounces silver bullion and has a five year average annual total return of 18.99 percent.
2. Sprott Physical Silver Trust (ARCA:PSLV,TSX:PSLV)
Total assets: US$7.12 billion
Unit price: US$12.84
The The Sprott Physical Silver Trust is an option for investors looking for the security of physical silver without the need to find secure storage.
The ETF is backed by 191.12 million ounces of silver held in trust in fully allocated London Good Delivery silver bars. Additionally, the ETF is fully convertible into physical silver, should investors decide they want the precious metal on hand. However, the fund states that holders "must have enough units to equate to ten 1000 oz silver bars."
The average annual five-year return based on net asset value for the Sprott Physical Silver Trust is 11.67 percent.
3. Aberdeen Standard Physical Silver Shares ETF (ARCA:SIVR)
Total assets: US$1.92 billion
Unit price: US$34.68
The Aberdeen Standard Physical Silver Shares ETF's investment objective is for its shares to reflect the performance of the silver price less the expenses of the trust's operations. It has an expense ratio of 0.3 percent.
This ETF comes with the same warnings as the iShares Silver Trust.
The fund is backed with 45.51 million ounces of silver held with JPMorgan Chase Bank in London in a secured vault. Its five year average annual return comes in at 13.12 percent based on net asset value.
4. ProShares Ultra Silver ETF (ARCA:AGQ)
Total assets: US$717.99 million
Unit price: US$48.69
Set up in December 2008 by ProShares, the ProShares Ultra Silver ETF was designed to offer daily investment results that correspond with twice the daily performance of the Bloomberg Silver Subindex. Because of this, the ETF is aimed at investors who are bullish on silver and able to monitor their investments on a daily basis.
The fund uses derivatives such as futures contracts to invest in silver and has an expense ratio of 0.95 percent.
While designed for short-term investment, the ETF's average annual five year return based on net asset value stands at 19.98 percent. Investors looking for a more accurate picture of its day-to-day performance can find a chart on the fund's page.
5. ProShares UltraShort Silver ETF (ARCA:ZSL)
Total assets: US$32.87 million
Unit price: US$25.30
Alongside the creation of the ProShares Ultra Silver ETF in late 2008, ProShares launched its ProShares UltraShort Silver ETF. This fund was designed to provide investors with a hedge against declines in the silver market.
It also has an expense ratio of 0.95 percent.
Because the fund is built around providing results at a negative two times daily performance of the Bloomberg Silver Subindex, it is meant for traders who have a high capacity for risk and who are willing to monitor their positions on a daily basis. The fund should be treated in the same way as the Ultra Silver ETF.
This high-volatility fund has an average annual total return of -44.93 percent based on net asset value over the previous five year period. However, as the fund is only meant to be held for very short intervals, this metric is less useful than for other funds. A more accurate picture of its day-to-day performance can be found on the fund's page.
5 ETFs for exposure to silver-mining stocks
1. Global X Silver Miners ETF (ARCA:SIL)
Total assets: US$1.97 billion
Unit price: US$48.66
The Global X Silver Miners ETF gives investors access to a basket of silver-mining and royalty stocks. The ETF benefits from the fact that these companies can climb when the silver price is rising. It also allows investors to avoid the risks associated with individual companies and lets them add geographical diversity to their portfolios.
This ETF has an expense ratio of 0.65 percent, and its top holdings include streaming company Wheaton Precious Metals (TSX:WPM,NYSE:WPM) at a weight of 21.22 percent, Pan American Silver (TSX:PAAS,NYSE:PAAS) at a weight of 12.98 percent and OR Royalties (TSX:OR,NYSE:OR) at 6.1 percent.
The five year average annualized total return for the fund is 11.75 percent.
2. Amplify Junior Silver ETF (ARCA:SILJ)
Total assets: US$1.42 billion
Unit price: US$14.97
The Amplify Prime Junior Silver ETF bills itself as the "first and only ETF to target small cap silver miners." The index provides a benchmark for investors to track public small-cap companies in the silver space.
The ETF has an expense ratio of 0.69 percent and its holdings span Canada, the US and the UK, with key silver companies such as Coeur Mining (NYSE:CDE) at 13.22 percent, First Majestic Silver (TSX:AG,NYSE:AG) at a weight of 10.61 percent and Hecla Mining Company (NYSE:HL) at 8.34 percent.
Over the last five years, the fund's average annualized total return based on net asset value is 3.99 percent.
3. iShares MSCI Global Silver and Metals Miners ETF (BATS:SLVP)
Total assets: US$314.25 million
Unit price: US$17.96
The iShares MSCI Global Silver and Metals Miners ETF tracks an index composed of global equities of companies primarily engaged in silver exploration or metals mining.
The ETF has the lowest expense ratio of the three ETFs focused on silver stocks at 0.39 percent.
The large majority of companies in its holdings, about 69 percent, are traded on Canadian exchanges, and companies on US and Mexican exchanges combine for 27 percent.
The top three holdings for the iShares MSCI Global Silver Miners ETF are Pan American Silver at a weight of 22.98 percent, Industrias Peñoles (BMV:PE&OLES) with a weight of 12.6 percent and Hecla Mining at 8.74 percent.
The fund's total return over the last five year period is 16.2 percent.
4. Sprott Silver Miners & Physical Silver ETF (NASDAQ:SLVR)
Total assets: US$99.9 million
Unit price: US$30.83
Unlike the other silver-mining ETFs on the list, the Sprott Silver Miners & Physical Silver Fund includes a combination of physical silver holdings as well as equities. The fund launched in January 2025, making it one of the newest entries to the list. Its management fee is 0.65 percent.
This ETF's top holding is its counterpart Sprott Physical Silver Trust, which provides investors exposure to physical silver, at a 15.26 percent weight. Its next-largest holdings are MAG Silver (TSX:MAG,NYSEAMERICAN:MAG) at 13.64 percent and Aya Gold & Silver (TSX:AYA,OTCQX:AYASF) at 7.61 percent.
Since its inception in January 2025, the fund has a total return of 24.98 percent.
5. Sprott Active Gold and Silver Miners ETF (NASDAQ:GBUG)
Established in February 2025, the Sprott Active Gold and Silver Miners ETF is designed to provide investors broad access to both gold and silver equities. Additionally, as an active fund, it will see more frequent rebalancing to increase the potential of better returns for investors. Its management fee is 0.89 percent.
The fund's top holdings consist of Coeur Mining weighted at 5.13 percent, OR Royalties at 5 percent and Torex Gold Resources (TSX:TXG,OTCQX:TORXF) a at 4.82 percent.
Since its inception in February, the fund has seen a total return of 27.13 percent.
This is an updated version of an article originally published by the Investing News Network in 2014.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold an investment in Sprott Active Gold and Silver Miners ETF.
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17 June
Silver Price Surges to US$37, Highest Value Since May 2011
After being overshadowed by gold early in the year, silver has been in the spotlight in recent weeks.
The white metal broke through the US$37 per ounce mark on Tuesday (June 17) for the first time since May 2011.
Recent economic and geopolitical events have raised analysts’ expectations of a September rate cut from the US Federal Reserve, helping to fuel safe-haven buying of silver and gold.
The central bank has held its benchmark rate at 4.25 to 4.5 percent since November 2024.
Silver price, June 10 to June 17, 2025.
Chart via the Investing News Network.
CME Group's (NASDAQ:CME) FedWatch tool shows more than half of market respondents predict a 0.25 percent cut at the Fed's September meeting, while just 8 percent are expecting the Fed to make a deeper 0.5 percent cut.
The central bank is widely expected to leave rates unchanged at its June and July meetings.
Silver's price surge also comes amid escalating tensions between Israel and Iran. The two countries have come closer to war in recent days, with Israel striking nuclear and military targets deep in Iran.
On Monday (June 16), US President Trump took to Truth Social to urge a complete evacuation of Tehran ahead of planned strikes on targets in the city. He also urged Iran to abandon its nuclear ambitions.
On the economic front, the US Bureau of Labor Statistics released its May consumer price index figures on June 11. The data shows inflationary growth, with the all-items index ticking up to 2.4 percent from 2.3 percent in June.
Growth was tempered mainly by falling prices at the pumps. Additionally, retail prices have yet to feel the full impact of US tariffs as retailers continue to work through stockpiles acquired earlier in the year.
Elsewhere, gold and equity markets weren’t faring as well on Tuesday.
Gold was flat, trading at US$3,385 per ounce. It has surged more than 25 percent this year, setting a slew of new price records, and has continued to trade in elevated territory, fueled by the same conditions as silver’s recent run. However, silver benefits from a lower entry point for investors looking for more affordable safe-haven investments.
The S&P 500 (INDEXSP: INX) was down on Tuesday, recording a 0.78 percent decline to 5,986. The Nasdaq-100 (INDEXNASDAQ: NDX) was also down, falling 0.89 percent to 21,744, and the Dow Jones Industrial Average (INDEXDJX: .DJI) slipped 0.68 percent to 42,222.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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