Nova Royalty ( "Nova" or the "Company" ) (TSXV: NOVR) (OTCQB: NOVRF), based in Vancouver Canada focused on copper and nickel royalties today announced that Alex Tsukernik President and CEO, will present live at VirtualInvestorConferences.com on March 30 th @ 11am ET .
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.
About Nova Royalty Nova Royalty is a royalty company focused on copper and nickel – the building blocks of the energy transition from fossil fuels to clean energy. Our business model provides investors with copper/nickel price and optionality while limiting exposure to many of the risks of operating companies. We have acquired royalties on multiple world-class, multi-decade copper/nickel development assets that will form the core of the new energy supply chain. The assets are being advanced by major mining companies including Teck, Newmont, Antofagasta , First Quantum and Rio Tinto. We currently have 18 royalties and keep rapidly growing.
About Virtual Investor Conferences ® Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly-traded companies to meet and present directly with investors.
A real-time solution for investor engagement, Virtual Investor Conferences is part of OTC Market Group's suite of investor relations services specifically designed for more efficient Investor Access. Replicating the look and feel of on-site investor conferences, Virtual Investor Conferences combine leading-edge conferencing and investor communications capabilities with a comprehensive global investor audience network.
As the world continues its transition away from many carbon-based forms of energy, so too does the urgency arise for sustainable sources for the critical components of green technology – primarily copper and nickel. The global energy transition is a massive, coordinated effort that has grown significantly over the last several years. Mandates from governments, corporations, financial institutions and portfolio companies worldwide have not been shy to demonstrate their desire to invest in a greener world.
However, with increased demand for both metals, the world faces significant supply deficits — making major copper and nickel projects among the world’s most strategic mineral deposits.
Nova Royalty (TSXV:NOVR, OTCQB:NOVRF) is the only royalty company focused solely on copper and nickel. Through its royalty model, Nova offers investors direct exposure to not only copper and nickel, but is also an essential investment in the future of greener energy.
Nova has a portfolio of tier one, long-lived royalties on the next generation of the world’s tier one copper projects, with select exposure to strategic nickel deposits. Nova’s royalty portfolio is built on highly-strategic deposits in prolific jurisdictions, owned by some of the world’s leading mining companies who have established track records of success in building and operating mines.
Nova currently has 21 royalties: one producing royalty, seven development-stage royalties and 13 exploration-stage royalties.
As a royalty company, Nova has substantially reduced overall risk with a global portfolio of high-quality assets. Additionally, the royalty model offers direct exposure and optionality to commodity price appreciation and production increases, while protecting investors from direct operating and exploration costs typically associated with a traditional mining business.
Nova Royalty has acquired royalties on proven projects that have major mining companies leading development and exploration. These operators, and their accompanying assets, include First Quantum (TSX:FM) Taca Taca, Teck Resources’ (TSX:TECK.A,NYSE:TECK) and Hudbay’s (TSX:HBY,NYSE:HBM) Copper World and Rosemont, Newmont's (TSX:NGT) NuevaUnion, Aura Minerals’ (TSX:ORA) Aranzazu, Antofagasta's (LSE:ANTO) Twin Metals, Waterton Global's Dumont and Rio Tinto's (ASX:RIO) Janice Lake. With several other exploration assets, Nova Royalty is well-prepared for adding new, near-term cash flow generating royalties to its roster.
Company Highlights
Nova Royalty is a royalty company focused on leveraging the transition to green energy with a direct investment in valuable copper and nickel assets, the building blocks for the energy transition.
The company has an international portfolio of production, development and exploration projects spanning strategic jurisdictions in Chile, Argentina, Mexico, Canada and the US. The region that hosts the Dumont mining project in Quebec has the world's largest emerging reserves of nickel.
As a royalty company, Nova is exposed purely to revenues and is protected from any direct operating, carrying, exploration or development costs. It offers optionality on copper/nickel price appreciation, production expansion and reserve increases without any additional capital or operating costs.
Strategic operators in Nova's portfolio include First Quantum, Teck, Hudbay, Newmont, Antofagasta and Rio Tinto. The company also has several other exploration royalties.
Key Projects
Taca Taca Copper-Gold-Molybdenum Project
This key development project is owned by First Quantum Minerals, one of the world's leading copper producers. This major copper company has helped energize its Taca Taca mining property in Salta province, Argentina and recently said that it is First Quantum's next development priority. The proven and probable reserves currently measure 1.758 billion tonnes at 0.44 percent copper, 0.012 percent molybdenum and 0.09 g/t gold. As exploration continues, there is significant promise for the property for discovering more high-grade base metals.
In November 2020, First Quantum reported a maiden reserve for the property of 7.7 million tonnes of copper. The update guided to a production decision between 2023 and 2024 and an initial expected mine life of 32 years with maximum annual production of 275,000 tonnes of copper.
Nova currently holds 0.24 percent net smelter return (NSR) on Taca Taca over the entire mining plan of the property and recently announced an acquisition of an additional 0.18 percent NSR.
NuevaUnion Copper-Gold Project
The NuevaUnion copper-gold development project in Chile focuses on the highly prospective copper and gold La Fortuna deposit. In a 50/50 joint venture between operators Teck Resources and Newmont, exploration and development are currently underway of proven and probable reserves. These reserves are calculated at approximately 682 million tonnes at 0.51 percent copper and 0.47g/t gold.
In February 2020, Teck and Newmont announced a US$152 million planned drilling program that would focus on deep extensions of the deposit. The Teck Annual Information Form revealed reserve increases from 557 million tonnes at 0.53 percent copper and 0.48 g/t gold, to 682 million tonnes at 0.51 percent copper and 0.47 g/t gold in the same month. This extension is an exciting step for the company and showcases the rapid growth in potential discoveries and yield.
Nova has a 2.0 percent NSR covering all copper royalty revenue from the project's Cantarito block, which comprises approximately 20 percent of the La Fortuna project. Given the deposit's current size and aggressive growth, it is a natural property to bring into production during the upcoming copper cycle. Both Teck and Newmont have the project highly ranked in their development pipelines.
Aranzazu Copper-Gold-Silver Project
The Aranzazu project is an operating mine located in Zacatecas, Mexico. It is owned and operated by Aura Minerals. Aranzazu provides cash flow and upside potential in a top mining jurisdiction.
According to public filings, proven and probable mineral reserves are 6,274 kilotonnes at 1.36 percent copper, 1.02 g/t gold and 18.41 g/t silver, while measured and indicated mineral resources are 12,027 kilotonnes at 1.4 percent copper, 1.12 g/t gold and 20.31 g/t silver.
In Q3 2021 and Q4 2021, Aranzazu delivered record production in each successive quarter of 11.4 Mlbs of copper equivalent and 13.3 Mlbs copper equivalent, respectively.
Nova has a 1.0 percent NSR covering approximately 1,440 hectares, which includes the location of the existing underground mine and the entire mineral resource and reserve estimates.
Copper World and Rosemont Projects
Nova acquired a royalty on Hudbay Minerals’ Copper World and Rosemont development projects in early 2022. These projects are located in Arizona in one of the largest, most strategic copper districts in the US.
According to public filings from Hudbay, Rosemont has proven and probable mineral reserves of 537.1 megatonnes at 0.45 percent copper, 120 g/t molybdenum and 4.48 g/t gold. The initial mineral resource for Copper World is 272 megatonnes at 0.36 percent copper indicated and 142 megatonnes at 0.36 percent copper inferred. In 2021, Hudbay increased the Copper World drill program from 70,000 to 200,000 ft. A preliminary economic assessment (PEA) is expected for Copper World in the first half of 2022 and a preliminary feasibility study (PFS) is expected in the second half of 2022.
Nova has a 0.135 percent net smelter royalty (NSR) on both projects, with a right of first refusal (ROFR) for an additional 0.540 percent NSR.
Dumont Nickel-Cobalt Project
Operating out of the Abitibi mining camp in Quebec, Canada, this is a fully permitted, construction-ready project, which hosts the world's second largest nickel reserve at 2.8 million tonnes. In a feasibility study released during 2019, findings highlighted the project's large scale, low cost and potentially long life. Nickel production in concentrate rose from 33,000 per annum in Phase One, the first five years, to 50,000 tonnes per annum in Phase Two, a period of 25 years.
Nova currently holds a 2.0 percent NSR on approximately 21 percent of the deposit.
Twin Metals Copper-Nickel-Platinum Group Metals Project
The Twin Metals nickel and copper project is currently developing base metal and platinum deposits on a highly prospective property located in Minnesota, US. This historically mined jurisdiction's iron ore and taconite mining have been vital to the US economy since the 1800s. The Duluth Complex, where Twin Metals is located, hosts 95 percent of all US nickel reserves and 34 percent of all copper reserves. In collaboration with operator Antofagasta, the project is currently developing property resources measuring at 1.293 billion tonnes at 0.57 percent copper and 0.18 percent nickel.
Nova currently holds a 2.4 percent NSR on contained copper and nickel metal on a portion of the project that comprises approximately 18 percent of the highly prospective resource. This royalty is payable at one third of the gross value of copper and nickel.
Janice Lake Copper-Silver Project
The Janice Lake property is 55 kilometers southeast of Key Lake, Saskatchewan, and encompasses a 52-kilometer-long district of the Wollaston Copperbelt. With over 20 known occurrences of copper on the property, and a safe jurisdiction, the Janice Lake project is strategically positioned for systematic exploration and a potentially significant yield.
Nova owns a 1.0 percent NSR on the Rio Tinto (ASX:RIO) owned property with buyback currently set at 0.375 percent for C$750,000. In September 2020, Rio Tinto announced the completion of its summer programming, which included drilling, substantial mapping and the construction of an 80-person camp.
Other Exploration Royalties
Nub East (British Columbia): 1.00 percent NSR
Copper King (British Columbia): 1.00 percent NSR
Pinnacle (British Columbia): 1.00 percent NSR
Homathko (British Columbia): 1.00 percent NSR
Dundonald (Ontario): 1.25 percent NSR
Saturday Night (Ontario): 1.00 percent NSR
West Matachewan (Ontario): 1.00 percent NSR
Maude Lake (Ontario): 1.00 percent NSR
Elephant Head (Ontario): 1.00 percent NSR
Bancroft (Ontario): 1.00 percent NSR
Management Team
Alex Tsukernik - President & CEO, Director
Alex Tsukernik co-founded Nova Royalty in 2018. He has over 15 years of experience in metals and mining finance as an executive, investor and corporate adviser. Before Nova Royalty, he spent more than seven years as an independent principal of his own merchant banking and advisory firm, Syntella Partners. In this capacity, he focused on creating value-added investment opportunities in the mining space. Before becoming an independent principal, Tsukernik co-founded the Metals and Mining investment banking group at Rodman & Renshaw. He was director and head of metals and mining and involved with over US$2 billion of completed mergers, acquisitions and capital raising transactions. Tsukernik holds a bachelor’s of arts in math and economics from Cornell University and an MBA from Columbia Business School. Tsukernik is also a CFA Charterholder.
Brett Heath - Non-Executive Chairman
Brett Heath has a comprehensive career in the structured finance, corporate finance and investment management industry. He is the founder, president and CEO of Metalla Royalty & Streaming (NYSE: MTA). He was previously the chairman and CEO of High Stream before Metalla acquired it in August 2016. High Stream was a specialty streaming and royalty consulting company where Heath worked with First Mining Finance, and several other private equity funds, advising and brokering metal streaming transactions. Before that, he was the president of a private streaming company at which he deployed C$11 million in four producing streaming transactions across three separate jurisdictions. He has held a position as the founding principal of KSIR Capital Management, a hedge fund focused on small and micro-cap mining companies. Heath also advised several mining companies in his working capacity with the corporate finance division of KSIR Capital.
Parviz Farsangi - Chief Technical Advisor
Parviz Farsangi has over 30 years of mining industry experience. He was formerly executive vice president and chief operating officer of Vale from 2007 to 2009 and was with Falconbridge from 1987 to 2007 in roles that included general manager of Sudbury Mines. More recently, he held the positions of president, CEO and director of Scorpio Mining.
Farsangi holds a bachelor’s of engineering in mining from Laurentian University, a master’s in engineering in rock mechanics and a doctorate in mining engineering from McGill University and an executive master’s of business administration from Queen's University. He has served on several mining association boards and is a director of several TSX-listed companies.
Bill Tsang - Chief Financial Officer
Bill Tsang is a chartered professional accountant with a bachelor’s of commerce from the University of British Columbia. Tsang has over 10 years of financial accounting and auditing experience in the mineral exploration and mining industry. He has worked in public practice, providing professional services and advice to publicly traded companies on the NYSE, TSXV and OTC markets, on various public reporting services. He also served as the chief financial officer of several companies listed on the TSXV and OTC markets.
Brian Ferrey - Vice President of Corporate Development & Strategy
Brian Ferrey has been involved with the company in an advisory capacity since 2018. He brings a broad network and significant experience across capital markets and mining finance. Ferrey has been involved with over C$2 billion in mining royalty and streaming transactions.
Prior to joining Nova, Ferrey was a director in CIBC Capital Markets Investment Banking in Vancouver, where he specialized in the metals and mining sector. Prior to this, he held positions at Denham Capital Management, focusing on mining investments in North and South America. Ferry previously worked at UBS Securities Canada, where he worked concurrently with Equity Capital Markets and Global Mining Investment Banking. Ferrey holds an honours business administration degree from the Ivey Business School at Western University, where he graduated an Ivey Scholar.
Greg DiTomaso has over 14 years of investor relations and strategic communications experience, predominantly in the mining and energy sectors. Over the course of his career, DiTomaso has advised and supported the senior management teams of over 30 publicly-traded companies regarding investor relations, transaction communications and strategic communications efforts. Prior to joining Nova Royalty, he was senior director of capital markets at NATIONAL Public Relations, and served as director, investor relations for TSX-listed precious metals producer Mandalay Resources. DiTomaso holds honours bachelor’s of administration and master’s of administration degrees from the University of Toronto, and a master's of business administration from the University of Toronto's Rotman School of Management.
Denis Silva - Non-Executive Director
Denis Silva is a corporate and securities partner at law firm Gowling WLG in Vancouver. He has 11 years of experience in corporate, securities, mining and regulatory legal experience. He has acted for various companies listed on Canadian and US exchanges, focusing on mining. Silva holds a bachelor’s of administration from the University of British Columbia, a master’s of public administration from Queen's University and a bachelor’s of law from the University of Windsor.
Andrew Greville - Non-Executive Director
Since 2014, Andrew Greville has been the principal of his own consulting firm, West End Mining & Consulting. From 2005 to 2013, Greville held multiple roles at Xstrata Copper, including executive general manager and business development and strategy. In this capacity he was responsible for all merger and acquisition activity and coordination of strategic planning. From 2000 to 2005, Greville was vice president of Ores & Concentrates for Pechiney World Trade, now Rio Tinto. From 1996 to 1999, he was vice president, commercial for BHP Copper North America with commercial responsibility for BHP's North American operations.
E.B. Tucker - Non-Executive Director
E.B Tucker is director of Midas Capital Partners, a capital markets consultancy firm. He previously held positions including senior analyst and editor of several widely followed financial newsletters, before creating his own. Tucker wrote The Casey Report on behalf of Doug Casey, The Bill Bonner Letter and Stansberry's Investment Advisory. He is the author of “Why Gold? Why Now?”, which details the wealth-creating power of mineral royalties. Tucker was a founding partner of KSIR Capital Management, an asset management firm focused on precious metal equities, and KSIR Capital, a corporate finance advisory firm focused on the precious metal industry. Tucker holds a bachelor’s of science in business administration, with an area of study in finance, from the College of Charleston in South Carolina.
Johanna Fipke - Independent Director
Johanna Fipke is currently a partner at Fasken Martineau DuMoulin, one of Canada's leading law firms, and is a core member of their well-established mining group. Fipke has been recognized for her mining expertise by Lexpert, Who's Who Legal, the Best Lawyers in Canada and the Legal 500. Fipke is a founding and current director of Women in Mining BC. She holds bachelor’s of law, bachelor’s of commerce, and bachelor’s of arts degrees, each with distinction, from the University of Alberta. Fipke was chosen as one of the top 100 Global Inspirational Women in Mining.
Strategic shareholders
Adrian Day - Asset Management
After graduating with honours from the London School of Economics, Adrian Day, native to London, spent many years as a financial investment writer. He gained a large following for his expertise in searching out unusual investment opportunities around the world. Day authored two books on the subject of global investing: “International Investment Opportunities: How and Where to Invest Overseas Successfully” and “Investing Without Borders”.
Day’s latest book, widely praised by readers, is “Investing in Resources: How to Profit from the Outsized Potential and Avoid the Risks”. He is a recognized authority in both global and resource investing. Day is frequently interviewed by the press, both domestically and abroad.
Beedie Capital
Beedie Capital is the family office investment arm of Beedie, a prominent private industrial owner, developer, and property manager in Western Canada.
Stephens Investment Management
Stephens Investment Management is a boutique investment firm that manages a family of financial products. The core of their strategy is based on conducting fundamental research on growing companies and sectors. They are long-term investors, with a focus on value-priced growth companies.
Doug Casey
Doug Casey is a well-known author who graduated from Georgetown University before beginning a career as an author. His title credits include “Strategic Investing”, “Crisis Investing: Opportunities and Profits in the Coming Great Depression” and “Right on the Money”.
Peter Schiff
Peter Schiff is a prolific stockbroker based in Connecticut. He is CEO of Euro Pacific capital and a skilled broker-dealer who possesses extensive experience working with precious metal dealers.
Management, directors and advisors of Nova Royalty own approximately 20 percent of the company.
Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) (“Hot Chili” or “Company”) is pleased to report another outstanding drill result at the Cortadera porphyry deposit, part of the Company’s Costa Fuego, coastal range, copper-gold hub in Chile.
Highlights
More significant results from development study drilling at the Cortadera porphyry discovery, part of the Company’s low-altitude, Costa Fuego senior copper development in Chile
CORMET005 returned 658m grading 0.6% CuEq (0.4% copper (Cu), 0.2g/t gold (Au), 122ppm
molybdenum (Mo)) from 232m depth down-hole, including 134m grading 0.8% CuEq (0.6% Cu,
0.2g/t Au, 181ppm Mo) from 470m depth, and including 130m grading 0.9% CuEq (0.6% Cu,
0.2g/t Au, 253ppm Mo) from 662m depth at the main porphyry (Cuerpo 3)
30m grading 1.4% CuEq (1.1% Cu, 0.5g/t Au, 165ppm Mo) from 690m depth was recorded
outside of the current high grade (+0.6% CuEq) resource model in CORMET005
All three drill holes reported from Cuerpo 3 at Cortadera confirm expansion of the high grade
core ahead of a planned Pre-feasibility study (PFS) and resource upgrade for Costa Fuego later
this year
Drilling underway across three fronts - Cortadera, Productora and Valentina - with further drill
results expected in the coming weeks
Update on PFS workstreams and port negotiations expected shortly
Hot Chili’s Managing Director Christian Easterday stated that Cortadera has a track record of outperforming expectation.
“The PFS in-fill drill programme across Cortadera has collected important geotechnical and hydrogeological information and has also continued to define and expand high grade resources.
“Upgrading our resources with wide drill intersections grading 0.8% to 1.0% copper equivalent is a great outcome, which demonstrates the quality and growth potential of Costa Fuego as one of the only low-altitude, material, copper developments in the world capable of near-term development.”
Latest Significant Drill Results from Cortadera
Latest results from development study drilling at Cortadera have returned further significant intersections.
Diamond drill hole CORMET005 returned 658m grading 0.6% CuEq (0.4% Cu, 0.2g/t Au, 122ppm Mo) from 232m depth, including 134m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 181ppm Mo) from 470m depth, and including 130m grading 0.9% CuEq (0.6% Cu, 0.2g/t Au, 253ppm Mo) from 662m depth.
CORMET005 was drilled across the northern flank to the high grade core within the main porphyry (Cuerpo 3) at Cortadera. Pleasingly, the wide significant intersection again confirmed further extension to the high grade core and included an impressive 30m grading 1.4% CuEq (1.1% Cu, 0.5g/t Au, 165ppm Mo) from 690m depth outside of the current high grade (+0.6% CuEq) resource model.
The latest result follows the previous two outstanding drill results (see announcements dated 4th April 2022 and 29th April 2022) from Cuerpo 3, which also confirmed further growth of the high grade core, notably:
552m at 0.6% CuEq from 276m depth, including 248m at 0.8% CuEq (CORMET003), and
876m grading 0.5% CuEq from 246m depth, including 206m grading 0.9% CuEq (CORMET006)
In addition, diamond drill hole CORMET002 has returned 370m grading 0.4% CuEq (0.3% Cu, 0.1g/t Au) from surface, including 20m grading 0.8% CuEq (0.6% Cu, 0.4g/t Au) from 24m depth, and including 22m grading 1.0% CuEq (0.8% Cu, 0.5g/t Au) from 136m depth at Cuerpo 2. These high grade intersections were also outside the current high grade resource at Cuerpo 2.
A final development study diamond drill hole (CORMET004) is being completed at Cortadera and results are also pending for four metallurgical diamond drill holes completed at Productora.
This article includes content from Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF), 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.
Atico Mining Corporation (the "Company" or "Atico") (TSX.V: ATY | OTC: ATCMF) is pleased to announce that it has received approval of the Environmental Impact Assessment ("EIA") for the construction and operations of its La Plata mining project located in Ecuador (the "La Plata project").
The La Plata project has been identified by President of Ecuador, Guillermo Lasso as a strategic project and a component of the country's reactivation plan. As a part of this plan, President Lasso has committed to accelerating the restart of the country's economy by leveraging the potential of its mining industry while positioning Ecuador as a major mining investment destination in Latin America.
The EIA baseline process started over 3 years ago and involved independent environmental experts as well as qualified professionals mostly from Ecuador, Canada, Peru as well as from our El Roble mine operation which has been recognized as one of the safest mines in Colombia.
The La Plata project plan consists of a 900 tpd underground mining operation with state of the art infrastructure, the most significant infrastructure being the construction of a filtered tailings facility a first of its kind in Ecuador. This technology, already used at our El Roble mine in Colombia, allows for efficient use of water by significantly reducing water consumption through recirculating almost all of the water needs for the processing plant.
Mr. Alain Bureau, President of Atico Mining stated, "Our Team is very pleased to announce the receipt of the EIA approval for the La Plata project. This announcement is the culmination of a lengthy scientific process to identify every aspect of the project that could be optimized and provide solutions allowing for a responsible mining operation. We also wish to acknowledge the extensive efforts of our employees, consultants, surrounding communities and the support from the Ecuadorian environmental authorities."
The approval of the EIA is a key milestone towards allowing the Company to begin construction of the new process plant facility. This approval enables the Company to advance on its normal course in order to complete the underlying licenses and secondary permits necessary. The La Plata project also includes the upgrade of other infrastructures including the upgrade of the access road, a 69kV powerline and a flotation plant with its filtered tailing facilities. The GAD and Water Management Association of the region are presently working on water infrastructures projects. These water projects will permit the upgrade and modernization of the existing water supply facilities providing a better quality of water delivered to operations and the surrounding communities.
Atico Mining's success and culture are based on investing in sustainable development in communities where it operates through responsible mining with a tremendous emphasis on the surrounding environment.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing it's high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. Ganoza CEO Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTCQX: ATCMF
Investor Relations Igor Dutina Tel: +1.604.633.9022
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered 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 in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; and other risks and uncertainties disclosed under the heading "Risk Factors" in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com
For those new to copper investing, keeping track of copper prices can be confusing. Below is a look at the different metals exchanges that copper investors should know about.
Copper traded on the London Metal Exchange (LME), or LME copper, is priced per metric ton (MT), but COMEX copper, or contracts traded on the COMEX division of the New York Mercantile Exchange (NYMEX), are priced per pound.
Both markets provide valuable information for those following the copper market or investing in copper stocks. Here’s a short overview of both LME copper and COMEX copper, and why it’s important for investors to know what they are.
LME copper
As mentioned, LME copper refers to copper traded in London, where options and futures contracts for industrial metals are traded. More specifically, LME copper may refer to spot LME copper prices or prices for futures contracts on the London exchange.
LME copper futures contracts may be set at up to three months with daily expiration dates, or between three and six months with weekly expiration dates. There are also longer contracts of up to 123 months.
Contract prices are quoted in US dollars and are sold in lots of 25 MT. They may be settled via physical delivery between a network of LME-approved warehouses around the world.
For this reason, LME copper may also refer to inventories of copper cathode in LME warehouses. In addition to acting as a futures trading exchange and providing reference prices, the LME acts as a physical market of last resort for producers and consumers of a number of metals, including copper.
In other words, those in the copper industry may sell LME copper during oversupplied markets and draw on LME copper inventories in the event of a copper shortage. Some market watchers look to rising and falling inventory levels on the LME as an indicator of global supply and demand conditions. However, it’s important to note that physical delivery is the exception rather than the norm.
The exchange also publishes daily reference prices for LME copper and other metals that are used by market participants. Overall, the exchange is predominantly used to either hedge or take on price risk.
COMEX copper
Headquartered in New York, with offices all over the world, the COMEX is a commodities futures and options exchange similar to the LME. Both the NYMEX and the COMEX, which merged in 1994, are owned by CME Group (NASDAQ:CME).
Like LME copper, COMEX copper can also refer to spot copper prices and copper contracts traded on the COMEX. As mentioned above, copper contracts are priced per pound on the COMEX, with listed contracts available during the current calendar month, the next 23 calendar months and any March, May, July, September or December within a 60 month period of the current month.
Contracts are also block-trade eligible if the amounts are above minimum thresholds. These types of trades are privately negotiated and executed apart from the public market. They are only open to eligible contract participants as defined by the Commodity Exchange Act.
Copper cathode must conform to specific chemical and physical requirements in order to be traded on the COMEX. COMEX copper futures are settled via physical delivery upon expiration, but COMEX E-Mini copper futures are cash settled.
As with the LME, many banks, trading firms and commercial hedgers use COMEX copper for risk management purposes, and CME Group prides the COMEX on being a “global benchmark for copper prices” used by respected indices such as the Bloomberg Commodity Index.
The importance of commodity exchanges
The LME and the COMEX are far from the only commodities exchanges on which copper is traded. The Shanghai Metal Exchange is another notable example, and with China being the largest consumer of refined copper at around 54 percent of global consumption, it is becoming increasingly important.
Indeed, as Stefan Ioannou of Cormark Securities has noted, it is near impossible to get complete transparency on copper prices. “Information on LME volumes is readily available, but keep in mind, the inventory is only one piece of about a six- or seven-piece pie,” he explained in an interview. “It does give a bit of an indication, but there’s also the COMEX, there’s the Shanghai, there are mine inventories, there’s recycling and then there are all the non-bonded stockpiles as well.”
Still, prices for LME copper and COMEX copper contracts, as well as information on inventory levels, can be a valuable piece of the puzzle for those making investment decisions in the copper space. For example, those investing in copper stocks may want to look at whether a company’s mining project is likely to be economic at current and/or forecasted copper prices.
This is an updated version of an article first published by the Investing News Network in 2015.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no investment interest in any company mentioned in this article.
Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ) ("Turquoise Hill" or the "Company") today announced that the Company and Rio Tinto International Holdings Limited ("Rio Tinto") have agreed to amend the comprehensive funding arrangement to, among other things, provide interim debt funding from Rio Tinto to address the Company's near-term estimated funding requirements and to extend the date by which Turquoise Hill is required to raise additional equity capital.
On March 14, 2022, Rio Tinto announced a non-binding proposal to acquire the approximately 49% of the outstanding shares of Turquoise Hill held by the Company's minority shareholders for cash consideration of C$34.00 per share (the "Proposal"). In response to the Proposal, the Board of Directors of the Company formed a special committee of independent directors (the "Special Committee") to review and consider the Proposal. The mandate of the Special Committee includes responsibility for considering the Company's liquidity needs and financing options pending the Company's consideration of the Proposal.
In light of Rio Tinto's condition in its Proposal that its offer is subject to Turquoise Hill not raising additional equity capital, Rio Tinto invited Turquoise Hill to propose terms for an interim funding facility that would satisfy Turquoise Hill's funding requirements pending the Company's consideration of the Proposal. Following careful consideration by the Special Committee of the financing options available to the Company, including a potential equity offering, on the recommendation of the Special Committee the Company has amended the amended and restated Heads of Agreement dated January 24, 2022 (the "Funding HoA").
Key terms of the amendment to the Funding HoA include:
An extension of the date by which the Company shall have conducted one or more equity offerings for aggregate proceeds of at least US$650 million (the "Initial Equity Offering") to December 31, 2022 (instead of the prior deadline of August 31, 2022);
A commitment by Rio Tinto to provide additional short-term bridge financing directly to the Company by way of one or more secured advances of up to US$400 million expected to be made available to the Company in the coming weeks subject to satisfaction or waiver of certain conditions precedent, and which is to be repaid out of the proceeds of the Initial Equity Offering; and
If Rio Tinto has not publicly withdrawn the Proposal prior to June 30, 2022, automatic removal of the condition that the Company have completed the Initial Equity Offering prior to drawing any short-term secured advances of up to US$300 million (collectively, the "Advances") provided for in the Funding HoA.
In furtherance of its mandate, the Special Committee will continue to consider the Company's liquidity needs and financing options, including potential equity offerings. The Funding HoA does not prohibit the Company from raising additional capital by way of an equity offering, including pending the Company's consideration of the Proposal. However, Rio Tinto has advised the Special Committee that, should the Company proceed with an equity offering, Rio Tinto intends to withdraw the Proposal. Rio Tinto has also advised that if Turquoise Hill proceeds with an equity offering, Rio Tinto intends to exercise its preemptive rights to maintain its pro rata interest.
The Proposal remains non-binding in nature. There can be no assurance that a transaction will result from the Proposal, and, if a transaction does result, whether and when such transaction will be completed or on what terms. Turquoise Hill does not intend to comment on or disclose further developments regarding the Special Committee's evaluation of the Proposal unless and until it deems further disclosure is appropriate or required. As previously disclosed, the Special Committee has retained BMO Capital Markets as its financial advisor and Blake, Cassels & Graydon LLP as its legal counsel. Also, the Special Committee has retained TD Securities as an independent valuator to prepare a formal valuation of the common shares of the Company in accordance with Multilateral Instrument 61-101– Protection of Minority Shareholders in Special Transactions .
In addition, the Company today announced that, following her election to the Company's Board of Directors at the Company's annual meeting of shareholders on May 11, 2022, the Board of Directors appointed Caroline Donally to the Special Committee effective May 11, 2022.
About Turquoise Hill Resources
Turquoise Hill is an international mining company focused on the operation and continued development of the Oyu Tolgoi copper-gold mine in Mongolia, which is the Company's principal and only material mineral resource property. Turquoise Hill's ownership of the Oyu Tolgoi mine is held through a 66% interest in Oyu Tolgoi LLC); Erdenes Oyu Tolgoi LLC, a Mongolian state-owned entity, holds the remaining 34% interest.
Forward-looking statements and forward-looking information
Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company's beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements and information relate to future events or future performance, reflect current expectations or beliefs regarding future events and are typically identified by words such as "anticipate", "believe", "could", "estimate", "expect", "intend", "likely", "may", "plan", "seek", "should", "will" and similar expressions suggesting future outcomes or statements regarding an outlook. These include, but are not limited to, statements and information regarding: the Proposal received by the Company from Rio Tinto, including the terms and conditions of the Proposal and its review and evaluation by the Special Committee; the implementation and successful execution of the updated funding plan that is the subject of the Funding HoA, as such agreement may be further amended or restated, and the amount of any additional future funding gap to complete the Oyu Tolgoi project and the availability and amount of potential sources of additional funding required therefor, all as contemplated by the Funding HoA, as well as potential delays in the ability of the Company and OT LLC to proceed with the funding elements contemplated by the Funding HoA; liquidity, funding sources and funding requirements in general, in particular until sustainable first production is achieved, including the Company's ability to reach agreement with project finance lenders on the re-profiling of existing debt payments in line with current cash flow projections, as well as the Company (or a wholly-owned subsidiary) and OT LLC entering into a pre-paid copper concentrate sale arrangement; the availability and amount of potential sources of additional funding, including the short-term secured advance to be provided by Rio Tinto to the Company under the Funding HoA; the amount by which a successful re-profiling of the Company's existing debt would reduce the Company's currently projected funding requirements; the Company's ability to conduct one or more equity offerings as contemplated by the Funding HoA in light of future and then prevailing market conditions; of the Proposal and the Company's liquidity requirements and financing options by the Special Committee; statements regarding Rio Tinto's intention to withdraw its Proposal and exercise its pre-emptive rights in the event of an equity offering by the Company; and other statements that are not historical facts.
Forward-looking statements and information are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements or information. There can be no assurance that such statements or information will prove to be accurate. Such statements and information are based on numerous assumptions regarding present and future business strategies, local and global economic conditions, and the environment in which the Company will operate in the future, including: the possibility that the Company, its board of directors, the Special Committee and Rio Tinto are unable to come to an agreement on the terms and conditions of a going private transaction or that the terms and conditions of any definitive agreement between the Company and Rio Tinto in respect of a going private transaction will differ from those that are currently contemplated by the Proposal; the implementation and successful execution of the updated funding plan that is the subject of the Funding HoA, as such agreement may be further amended and restated; and the amount of any additional future funding gap to complete the Oyu Tolgoi project and the availability and amount of potential sources of additional funding required therefor.
Readers are cautioned not to place undue reliance on forward-looking information or statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause the Company's actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are included in the "Risk Factors" section of the Company's Annual Information Form, as supplemented by the "Risks and Uncertainties" section of the Company's Management Discussion and Analysis for the first quarter ended March 31, 2022 ("Q1 2022 MD&A").
Readers are further cautioned that the lists of factors enumerated in the Risk Factors section of the Company's Annual Information Form and the "Risks and Uncertainties" section of the Q1 2022 MD&A that may affect future results are not exhaustive. When relying on the Company's forward-looking statements and information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements and information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.
Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce the acquisition of the Eagle Lake property in south-central BC (British Columbia). The property was acquired through a combination of staking and a sale agreement with Teck Resources Limited (“Teck”) on their Takomkane property.
Situated directly adjacent to Consolidated Woodjam Copper Corp.’s Woodjam Cu-Au (copper-gold) porphyry project which hosts an inferred resource of 1.7B lbs copper and 968,100 oz gold with an aggressive 2022 exploration program planned.
Results of limited historic exploration at the Eagle Lake property include a drill intercept of 3.52 g/t Au over 9.9 metres which remains to be followed up.
Covers 18,990 hectares of prospective ground with potential for porphyry copper-gold and mesothermal gold discoveries.
100%-owned by Trailbreaker Resources, with a portion of the claim package subject to a 1% Net Smelter Royalty (NSR) held by Teck.
Located 55 km east of Williams Lake, BC in the Caribou Mining district.
Excellent road accessibility via an extensive network of well-maintained forest service roads.
Situated within the Quesnel terrane which is host to several of BC’s large tonnage Cu-Au porphyry deposits.
Daithi Mac Gearailt, CEO of Trailbreaker, commented, “This is a landmark acquisition for Trailbreaker Resources and we are very thankful to Teck who clearly understood our vision to consolidate this land package and increase our chances of making a new discovery in this underexplored area of BC.”
About the Eagle Lake property
The 18,990-ha Eagle Lake property is an early-stage porphyry copper-gold and mesothermal gold prospect located in the Cariboo Mining district, approximately 55 km east of Williams Lake in south-central BC.
(see Overview Map). The property is road accessible by an extensive network of well-maintained forest service roads. The Eagle Lake property is 100%-owned by Trailbreaker, with a portion of it subject to an underlying 1% NSR to Teck.
The newly consolidated Trailbreaker claims are situated within the Quesnel terrane which is host to several of BC’s large tonnage copper-gold porphyry deposits. These include New Gold’s Afton mine, Imperial Metals’ Mount Polley mine, Taseko’s Gibraltor mine, and Centerra Gold’s Mount Milligan and Kemess mines. The Quesnel terrane also hosts numerous advanced-stage gold projects, such as the Spanish Mountain Gold project (measured and indicated resource of >4.5 M oz Au) located 45 km north of Eagle Lake, and Karus Gold’s FG gold project, located 35 km to the east.
The property is underlain by Late Triassic to Early Jurassic intrusive rocks of the Takomkane Batholith, with minor late Triassic volcanic rocks of the Nicola Group (see Regional Geology Map). The Eagle Lake property is contiguous to the advanced-stage Woodjam Cu-Au project and shares a similar geological setting. The Woodjam project covers a Cu-Au porphyry deposit with an inferred resource of 1.7 billion lbs copper and 968,100 oz gold.
Trailbreaker’s team believes the gold potential of the property has been overlooked in the past, as copper porphyry-style mineralization was the focus of all previous exploration conducted on the property. For example, in 2010, a small diamond drill program targeting Cu-Au porphyry mineralization (the “Moffat zone”) at the south end of the Eagle Lake property encountered significant gold-only mineralization. At the Moffat zone, drilling returned an intercept of 3.52 g/t Au over 9.9 m, (commencing at 253 m) within quartz stockworks and breccias (see Moffat Zone Map). No follow-up work was ever done. A regional-scale till sampling program executed in 2019 demonstrated that anomalous gold-in-till values were returned from the southern portion of the Eagle Lake property hosting this drill hole.
2022 exploration at Eagle Lake
Trailbreaker is planning to focus exploration efforts at the Moffat zone with a detailed mobile metal ion (MMI) soil geochemical survey. MMI geochemistry is a proven surficial exploration technique that has a track record of discovering deeply buried mineral deposits worldwide. Unlike conventional soil geochemical surveys, MMI analysis measures metal ions that travel upward from the bedrock and accumulate in the surface soil, allowing this method to detect deeply buried mineralization and to provide more focused anomalies. The planned MMI survey will be tightly spaced, and is designed to provide focused drill targets for potential future drill campaigns.
Terms of the agreement with Teck
The sale of the claims held by Teck is subject to the following terms:
Trailbreaker shall issue 125,000 common shares within 7 business days of receipt of TSX Venture Exchange approval. Concurrent with the share issuance, Teck will transfer the title of the Property to Trailbreaker
Teck shall retain a 1% NSR on the Property.
For more details and maps on the Eagle Lake property, see the dedicated section on Trailbreaker’s website.
Message from the President
“I am very excited about the addition of the Eagle Lake property to our growing portfolio of projects. We are all looking forward to a busy exploration season that has now been substantially enhanced with the addition of our new southern BC projects. The Eagle Lake property could be a real game changer for Trailbreaker.
There is a lot of ground here to explore, with great access and infrastructure, and with a neighbour like the Woodjam copper-gold project, it’s easy to envision the potential of this area.
As always, stay tuned for further updates!”
ON BEHALF OF THE BOARD
Daithi Mac Gearailt President and Chief Executive Officer
Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Trailbreaker's BC and Yukon exploration projects, and has reviewed and approved the technical information in this release.
For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681-1820 or at info@trailbreakerresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "anticipates", "expects", "understanding", "has agreed to" or variations of such words and phrases or statements that certain actions, events or results "would", "occur" or "be achieved". Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Trailbreaker does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Copper is one of the key commodities that will enable the global energy transition to move the world to a zero-carbon future.
To view the full announcement, including downloadable images, bios, and more, click here.
Key Takeaways:
Copper is one of the key commodities that will enable the global energy transition to move the world to a zero-carbon future
Copper industry faces a range of challenges over the coming decade to meet anticipated demand
Copper Pathway to 2030 is bringing together four of the leading industry players who will be providing solutions
Click image above to view full announcement.
About RFC Ambrian
RFC Ambrian is a respected partner to a range of global mining and resources companies from majors to junior explorers. Our Corporate Finance business provides hands-on assistance for a broad range of transactions by blending technical expertise with commercial acumen. We have a proven track record working with both listed and private companies in various sectors across natural resources, energy, emerging technologies, and infrastructure as well as the related equipment & services. We have been creating substantial wealth and value as a responsible investor and trusted advisor since 1985. RFC Ambrian is passionate about supporting heavy industries as they reduce impact on the environment while continuing to deliver vital resources across the globe.
About Stonegate Capital Partners
Stonegate Capital Partners is a leading advisory firm founded in 1972. We specialize in capital markets advisory with a focus on institutional investor outreach for public and private companies. Our affiliate, Stonegate Capital Markets (Member FINRA/SIPC) provides a full spectrum of investment banking services and equity research.
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.
View original content to download multimedia: http://www.prnewswire.com/news-releases/nova-royalty-to-webcast-live-at-virtualinvestorconferencescom-march-30th--11am-et-301256536.html 
