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Rights Issue Prospectus
LAURION Announces Start of Second Phase 2020 Drilling at Ishkoday Project, Ontario
Newmont Completes $20 Million Global Community Support Fund, Partnering with Communities for Greater Resilience Post-Pandemic
Global Community Support Fund demonstrates commitment to social responsibility and strengthening community engagement
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) proudly announces the successful completion of the $20 million Global Community Support Fund (the Fund), established in April 2020 in response to the unprecedented challenges posed by the global pandemic. The objective of this fund was to provide critical financial resources to host communities where Newmont operates, targeting funds to address immediate impacts of the global pandemic while catalyzing long-term resiliency and future community development.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240404566254/en/
"After almost four years since its launch, we are pleased to announce the successful closure of the Global Community Support Fund, which reflects our ongoing commitment to partnering with the communities where we operate," said Suzy Retallack, Chief Safety and Sustainability Officer at Newmont. "The Fund's impact has been far-reaching, contributing to the collective efforts of communities to overcome the challenges posed by the pandemic and innovate for greater resilience in the future."
Over the past 3.5 years, Newmont has partnered with more than 420 local governments, medical institutions, charities, and non-governmental organizations to strategically allocate funds effectively. The $20 million Fund has been instrumental in supporting a wide range of initiatives, focused on health, food security and economic resilience:
- $1.4 million donated to the Regional Hospital of Cajamarca, providing ventilators, incubators, monitoring equipment, COVID-19 tests and personal protective equipment (PPE).
- $500,000 donation matched by the Colorado Health Foundation resulting in a $1 million total donation to the Colorado Community Support Fund to support community health and prevention for underserved populations in the state.
- $300,000 donated to the American Red Cross Global Disaster Preparedness Center to support research and local-level grants for emergency response community resilience.
- $304,000 donated to the Cree Trappers' Association in Quebec to provide food security to vulnerable people and employment for traditional harvesters in the nine communities of Eeyou Istchee.
- $734,000 donated to the Kumasi Centre for Collaborative Research in Ghana to establish two new laboratories in the host communities of Ahafo and Akyem along with COVID-19 tests and testing equipment to expand their testing capacity for COVID-19 and other infectious diseases.
- $968,000 donated to Suriname's Ministry of Health to launch the Recovery and Resilience Project in partnership with Crown Agents to strengthen Suriname's health system, reduce non-communicable diseases (NCDs) and COVID-19 burdens, and enhance emergency response capabilities.
"As part of our commitment to addressing the challenges posed by non-communicable diseases (NCDs) and the impact of COVID-19 in Suriname, Crown Agents, the Ministry of Health and Newmont formed an impactful partnership on the Recovery and Resilience Project. Together, we worked to strengthen Suriname's health system, alleviate the burden of NCDs and COVID-19, and enhance emergency response capabilities," says Sarah Hepworth, Chief Programmes Officer at Crown Agents. "Our focus on strengthening NCD services, promoting vaccination uptake, and addressing healthcare worker hesitancy underscores our dedication to improving the well-being of the people of Suriname. Crown Agents is proud to collaborate with Newmont and the Ministry of Health to contribute to the health and resilience of Suriname."
Newmont remains committed to its core values of safety, sustainability, and responsibility, and the successful implementation of the Global Community Support Fund underpins the company's purpose to create value and improve lives through sustainable and responsible mining.
About Newmont
Newmont is the world's leading gold company and a producer of copper, zinc, lead, and silver. The company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the company has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20240404566254/en/
Media Contact
Jennifer Pakradooni
Globalcommunications@newmont.com
News Provided by Business Wire via QuoteMedia
Outstanding New High-Grade Hits Extend Kamperman Strike Length to 350 Metres
Recent RC drilling at Kamperman has successfully in-filled the Prospect to the south and extended the known mineralised strike by a further 100 metres to the north.
Astral Resources NL (ASX: AAR)(Astral or the Company) is pleased to report assay results from the remaining 15 holes of a recently completed 19-hole RC drilling program at the Kamperman Prospect, part of its 100%-owned Feysville Gold Project (Feysville), located approximately 14km south of Kalgoorlie in Western Australia (Figure 1).
HIGHLIGHTS
- Assay results received from the remaining 15 holes of a 19-hole/2,459 metre Reverse Circulation (RC) drilling program at the Kamperman Prospect (Feysville Gold Project), with best results including:
- 13 metres at 3.95g/t Au from 35 metres including 1 metre at 45.6g/t Au from 41 metres in FRC279;
- 24 metres at 2.67g/t Au from 49 metres including 1 metre at 31.7g/t Au from 59 metres in FRC272;
- 15 metres at 3.12g/t Au from 23 metres including 1 metre at 13.9g/t Au from 24 metres in FRC271;
- 33 metres at 1.21g/t Au from 31 metres in FRC273;
- 1 metre at 5.25g/t Au from 83 metres and 5 metres at 5.94g/t Au from 90 metres including 2 metres at 12.7g/t Au from 90 metres in FRC280;
- 5 metres at 3.11g/t Au from 73 metres including 1 metre at 10.7g/t Au from 73 metres in FRC270;
- 14 metres at 1.09g/t Au from 21 metres and 12 metres at 0.87g/t Au from 40 metres in FRC276;
- 5 metres at 2.02g/t Au from 157 metres to bottom-of-hole in FRC278; and
- 3 metres at 2.59g/t Au from 33 metres and 3 metres at 1.97g/t Au from 79 metres in FRC281.
- Extensional drilling has successfully increased the strike length of the Kamperman Prospect to 350 metres with the mineralisation remaining open to both the north and south.
- A follow up 2,500 metre RC program is planned at Kamperman to extend the strike length a further 160 metres targeting high-grade shear-hosted gold mineralisation.
- With 14 of the 19 holes drilled in this latest campaign intersecting significant gold mineralisation, Kamperman continues to advance towards a potentially very valuable source of high-grade satellite ore for the Mandilla Process Plant contemplated in the September 2023 Scoping Study1.
Astral Resources’ Managing Director Marc Ducler said: “This Kamperman Prospect continues to deliver. The results from the remaining 15 holes of the 19-hole RC drill program have now been returned and the program has successfully delivered on both of its key objectives – extending the strike length to the north and in-filling the prospect to the south.
“14 of the 19 RC holes drilled in this latest program returned significant assay results, with this high success rate continuing to demonstrate that Kamperman has the potential to be a meaningful contributor of high-grade satellite ore into the Mandilla process plant contemplated in the September 2023 Scoping Study.
“Following on from the strongly supported capital raising completed in late March 2024, Astral is now well funded to continue on with its aggressive exploration programs, including further drilling at Kamperman.
“A 2,500-metre follow-up RC program is planned to commence this month to further extend known mineralisation at Kamperman beyond the current 350-metres strike length.”
Figure 1 – Mandilla and Feysville Gold Projects location map.
FEYSVILLE GOLD PROJECT
The Feysville Gold Project is located within the north-north-west trending Norseman-Wiluna Greenstone Belt, within the Kambalda Domain of the Archaean Yilgarn Craton.
Feysville hosts a Mineral Resource Estimate (MRE) of 3Mt at 1.3g/t Au for 116koz of contained gold2 at the Think Big deposit, providing a foundation to potentially become a source of satellite ore feed to a future operation based on the Company’s flagship Mandilla Gold Project.
Significant gold and nickel mineralisation occurs throughout the belt, including world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Limited (ASX:NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited.
Locally, Feysville has been interpreted to contain upthrust ultramafics, emplaced within a sequence of volcanic sediments (the Black Flag sediment group), granitic intrusions, mafic basalts, gabbro and andesite.
A map identifying tenements and deposits/prospects on local area geology is set out in Figure 2.
Click here for the full ASX Release
This article includes content from Astral Resources, 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.
Partially Underwritten Renounceable Rights Issue to Raise up to $2.5 Million
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to announce that it is undertaking a one-for-two renounceable rights issue (“Rights Issue”) at 3 cents per share to raise up to approximately $2.5 million (before costs). For every two new shares subscribed, eligible shareholders will receive one free attaching new option with an exercise price of 7.5 cents and expiring 30 months from the date of issue. The Company will apply for the quotation of the new options on the ASX.
Highlights
- One-for-two Renounceable Rights Issue to raise up to $2.5 million, partially underwritten to $750,000
- Issue attractively priced at 3 cents per share
- Discount of 30% to the calculated ex entitlement price
- With every two New Shares, shareholders receive one free attaching New Option
- New Options will have Exercise Price of 7.5 cents, term of two and a half years and are proposed to be listed
- Shareholders can trade their rights and apply for additional shares and options
- Rights to start trading from 12 April 2024
- Funds to be used primarily to advance the Company’s Trafalgar gold discovery in Northeast TasmaniaFor further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/7PRJoP
The Rights Issue is open to all eligible shareholders who have a registered address within Australia or New Zealand, and who hold Shares on the Record Date. The Rights Issue will close on 30 April 2024 (unless extended), and eligible shareholders can apply for shortfall in excess of their entitlement. Shareholders can also trade their rights from 12 April 2024.
The Rights Issue is partially underwritten to $750,000 by Lead Manager and Underwriter Mahe Capital Pty Ltd (ACN 634 087 684) (AFSL 517246). Directors may participate in the Rights Issue to the extent of their entitlement.
Managing Director and CEO, Neil Marston commented,
“In very short time Flynn has advanced its Trafalgar discovery at its Golden Ridge Project in Tasmania from a one-hole intercept to a significant gold system with an open strike length of 400m and open depth of 350m. We are now ready to take the next step …”
This fundraising is a major step forward in the value creation journey for the Company and we look forward to continued shareholder support as we advance our exciting gold projects in northeast Tasmania. Funds will be applied primarily towards additional drilling at our Golden Ridge Project, with the aim of advancing our recent gold discoveries to the next level and delivering value for shareholders.”
Funds raised under the Rights Issue will be applied to exploration activities at the Company’s projects in Tasmania and Western Australia and to working capital requirements including meeting the costs of the Offers.
All New Shares issued will rank equally with existing shares on issue and the Company will apply for quotation of the New Shares and Options.
A prospectus in relation to the Rights Issue was lodged with ASIC on 4 April 2024 and, together with a personalised entitlement acceptance form, will be sent to eligible shareholders shortly after the Record Date.
Eligible shareholders should consider the prospectus in deciding whether to acquire securities under the Rights Issue and will need to follow the instructions on the entitlement and acceptance form that will accompany the prospectus.
Click here for the full ASX Release
This article includes content from Flynn Gold, 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.
Rights Issue Prospectus
A renounceable pro-rata rights issue offer of one (1) fully paid ordinary new share (New Share) for every two (2) fully paid ordinary shares (Shares) held by shareholders with a registered address in Australia or New Zealand as at the Record Date (Eligible Shareholders) at an issue price of $0.03 (3 cents) per New Share to raise up to approximately $2.46 million before costs.
Every two (2) New Shares will be accompanied by one (1) free-attaching option (New Option), with each New Options with an exercise price of $0.075 (7.5 cents), expiring 30 months from issue and which, upon exercise, entitle the holder to one fully paid ordinary share in the Company.
The offer of New Shares and free-attaching New Options is referred to as the Rights Issue.
The Rights Issue is partially underwritten by Mahe Capital Pty Ltd [ABN 91 634 087 684] [AFSL 517246] (Underwriter) for $750,000 before costs (Underwritten Amount). A summary of the material terms of the Underwriting Agreement between the Company and the Underwriter is set out in Section 1.2.
This Prospectus also contains an offer of up to a maximum of 4,924,227 New Options to the Underwriter (and/or its nominee(s)) as part fees for underwriting the Rights Issue (Underwriter Option Offer).
The Rights Issue and the Underwriter Option Offer are collectively the Offers.
Click here for the full ASX Release
This article includes content from Flynn Gold, 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.
Gold Price Reaches New All-time High of Over US$2,300, Experts Say it's Not Done
The gold spot price hit another record high, touching US$2,313.50 per ounce on Wednesday (April 3).
Ongoing tensions in the Middle East and elsewhere, plus growing expectations that the US Federal Reserve is on track to cut interest rates in the second half of the year, are providing bullish momentum for the gold market.
This latest surge represents a continuation of a week-long rally stoked by fresh economic data.
Fed interest rate cuts bullish for gold
While geopolitical concerns and strong central bank buying have helped put a floor under the gold price, many experts believe it will really start to move once the Fed starts lowering interest rates.
Lobo Tiggre, CEO of IndependentSpeculator.com, told the Investing News Network (INN) in March that he's closely watching the Fed's upcoming rate-cutting cycle, which is likely to be positive for gold.
“That portends very bullish things for not just the metal, but for the associated equities," he said.
Brien Lundin, editor of Gold Newsletter, echoed Tiggre’s sentiment on the impact that the Fed's upcoming turnaround is having on gold. “The big picture is that the market is now trying to price in a Fed pivot,” he said.
However, he noted that expectations keep shifting as to when the Fed's first cut will come, which has caused some volatility in the space. But investors can be rest assured that it will be this year.
“I think the markets are missing the big picture largely, and that’s the fact that the Fed will have to pivot this year because of the cost of servicing the federal debt at these interest rate levels,” Lundin explained. “The Fed will have to pivot and other central banks will follow suit. When that happens gold will do very well.”
Gold appears to be moving in anticipation of a Fed turnaround, and it wasn't dampened by Fed Chair Jerome Powell's Wednesday speech at the Stanford Graduate School of Business. In it, he said that the central bank is in no rush to start easing monetary policy, and will keep looking for inflation to cool further.
“We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2%,” he commented. “Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy.”
However, Powell did intimate that lowering interest rates is still on the table for 2024. "If the economy evolves broadly as we expect, most (Federal Open Market Committee) participants see it as likely to be appropriate to begin lowering the policy rate at some point this year," he said. As Bart Melek, global head of commodity strategy at TD Securities, noted, that's positive for gold as it means the Fed will cut rates before it's reached its inflation target.
As of Wednesday, CME Group's (NASDAQ:CME) FedWatch tool showed a 98.8 percent likelihood that the Fed will leave rates unchanged in May, and a 61.7 percent probability that it will cut to the 5 to 5.25 percent level in June.
Looking at just how far gold could rise, Chris Blasi, president of Neptune Global, said he thinks the precious metal is in the third leg of a two decade bull market. "This leg is going to show the returns that a lot of people in this community of precious metals investors have been expecting for over a decade," he told INN in an interview.
When will gold stocks finally move?
With the gold price historically high, market participants are hoping much-beleaguered gold equities are next.
Commenting on the wide gap between the yellow metal and gold stock values, Rick Rule, proprietor at Rule Investment Media, told INN, “I have not seen as great a disconnect between the gold price and the gold stocks in my career.” And yet, he believes that “the fact that nobody wants to be in gold equities is their greatest asset.”
Tiggre agrees. “Gold stocks are still not getting any love,” he acknowledged. “Of course, I see that as an opportunity.”
In terms of timing when to get into gold stocks, the experts suggested positioning before the Fed makes its first rate cut. As Lundin pointed out, undervalued gold stocks can be had at bargain prices right now.
“I think the money is going to flow, and I think that will very quickly lead to a big rally in the mining stocks," he said.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, 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.
Steppe Gold
Overview
ATO gold mine in Mongolia
Steppe Gold (TSX:STGO) is a gold producer and precious metals explorer headquartered in Mongolia, with a global resource of 4.5 million ounces (Moz) gold equivalent, a leadership team with a strong track record in resource development, and a capital structure backed by industry leading investors.
The company owns the Altan Tsaagan Ovoo (ATO) and the Uudam Khundii (UK) gold projects, both in Mongolia, and the Tres Cruces gold project in Peru.
Steppe Gold commenced Phase 1 gold production at its 100 percent owned flagship ATO project in April 2020. The asset, which consists of four significant deposits including the high-grade Mungu deposit, has a current resource of more than 1.7 Moz gold equivalent, of which 1.32 Moz will be recovered in 14 years.
In January 2024, Steppe entered into an agreement to acquire Boroo Gold, a leading gold producer in Mongolia, with an average production of 60,000 oz per year with a mine life beyond 2030. Once complete, the acquisition will bring Steppe's Phase 1 annual gold production from 30,000 to 90,000 oz.
ATO's Phase 2 expansion project is fully funded, following a $150-million financing deal with the Trade and Development Bank of Mongolia. Commissioning and production for Phase 2 is expected to begin in the final quarter of 2025. With 1.23 Moz in gold equivalent resource to be recovered over 12 years, this second phase is expected to produce more than 100,000 oz of gold equivalent annually, generating $2.2 billion in revenue.
The UK gold project is a first-of-its-kind joint venture between Steppe Gold and the Bayankhongor Provincial Government, wherein Steppe Gold owns 80 percent of the 14,400-hectare property. Initial results from trenching at the Milky Way and the Altan Soum prospects highlighted a mineralized system of at least 700 meters in length and up to 12 meters wide with individual meter sampling results up to 1.49 grams per ton (g/t) gold, 450 g/t silver, 2.98 percent copper, 3.98 percent lead and 0.31 percent zinc.
Steppe Gold is continuing to assess a number of additional opportunities to acquire exploration licenses and mining projects across Mongolia, led by a management team with a track record of success in the country.
With an eye for opportunities beyond Mongolia, Steppe completed the acquisition of Anacortes Mining in 2023, which positions the company for more growth with the development of the high-grade Tres Cruces oxide project in Peru. The project is located approximately 10 kilometers from the Lagunas Norte mine. Total gold production at Tres Cruces is expected at 481,000 ounces over a 7-year mine life, with a US$158-million after-tax NPV (5 percent) at US$1,700, and after-tax IRR at 30.9 percent.
Company Highlights
- Precious metals producer based in Mongolia with a total resource of 4.5 Moz gold equivalent
- Currently in Phase 1 production at 100 percent owned ATO gold mine, and fully funded for Phase 2 expansion
- Game-changing 2024 acquisition of Boroo Gold, effectively increasing current production from 30,000 to 90,000 oz per year and making Steppe Gold one of the leading gold producers in Mongolia
- A joint venture partnership is in place for the UK project with the Mongolian government
- Management has a proven track record of success in Mongolia
- Following the acquisition of Anacortes Mining on June 28, 2023, Steppe Gold added the Tres Cruces gold project to its growing portfolio. PEA results for this project were announced in August 2023.
- Holds one of the largest exploration land packages in Mongolia and one of the world’s highest-grade deposits in Peru
Key Projects
Mongolian Assets
ATO Gold Mine
The multi-phase, 5,493-hectare ATO gold-silver project is located in the Dornod province of eastern Mongolia and fully permitted for 30 years. Steppe Gold commenced gold production at the ATO project in April 2020. The ATO deposit contains mineral reserves of 29.1 Mt at 1.13 g/t gold and 12.42 g/t silver. It contains approximately 1.7 Moz gold equivalent in reserves, of which 1.32 Moz will be recovered over 14 years, including oxide. To date, the mine has produced 100,166 oz of gold and 151,000 oz of silver. Additional exploration programs focusing on oxides are on-going.
Exploration
Centerra Gold (TSX:CG), the prior operator and owner of the ATO project, spent over US$25 million on exploration, including the completion of 67,000 meters of drilling and 28,421 meters of trenching. Since acquiring the property, Steppe Gold has completed an additional 20,000 meters of drilling.
ATO 4 and Mungu Discovery
The Mungu discovery is located northeast of the current resource from the ATO 4 deposit. The discovery is located on a 20-kilometer-long structurally controlled, north-trending, mid-sulfidation epithermal gold-silver system. Steppe Gold believes that the ATO 4 deposit may be semi-continuous to the mineralization at the Mungu discovery. The ATO 4 Deposit currently remains open along strike to the north and at depth.
UK Gold Project
The 14,397-hectare Uudam Khundii property consists of one exploration license and is located 800 kilometers southwest of Ulaanbaatar, Mongolia. The property is an 80/20 joint venture with the Provincial Government of Bayankhongor.
Initial results from 18 trenches for 933 meters at the Milky Way Prospect and the Altan Soum Prospect highlighted a mineralized system of at least 700 meters in length and up to 12 meters wide with individual meter sampling results up to 1.49 g/t gold, 450 g/t silver, 2.98 percent copper, 3.98 percent lead and 0.31 percent zinc.
The property is located between Erdene Resource Development Corporation’s (TSX:ERD) Bayan Khundii gold discovery and the Altan Nar epithermal gold deposits.
Management Team
Bataa Tumur-Ochir - Chairman, CEO and Member of the Board
Bataa Tumur-Ochir is responsible for new business acquisitions, development, government and community relations and daily operations in Mongolia. He has strong relationships with all levels of government in Mongolia and was recently appointed independent advisor to the Ministry of Mining and Heavy Industry responsible for foreign investment and promotion.
He is currently a director at GCD Mongolia and CEO and executive director of ASX-listed Wolf Petroleum. Under his guidance, Wolf Petroleum was awarded the “Operator of the Year Award” from the Petroleum Authority of Mongolia, and today, Wolf Petroleum is recognized as the fastest-growing petroleum exploration company with the largest petroleum exploration acreage in Mongolia. He holds a bachelor’s degree in business administration and graduate certificates in international business and marketing from Australia and Singapore.
Tumur-Ochir is a founding director of Steppe Gold and he has led the company as CEO since December 2019. He is also now the largest shareholder of the Company, on a partially diluted basis.
Byambatseren Tsogbadrakh - President
Byambatseren Tsogbadrakh is a founding member of Steppe Gold. A Mongolian national, she has held progressively senior positions in the company over the last few years.
Jeremy South - Senior VP and CFO
Jeremy South has been a director of Steppe Gold since March 2017. He has over 33 years of experience in M&A, capital markets and private equity in Europe, North America and Australia, including senior positions in investment banking at Deutsche Bank, NatWest Markets and Deloitte. For 10 years, he was a Global Leader and Mining M&A Advisor at Deloitte.
Based in Beijing for four years, he advised leading Asian trading houses and financial investors on mining M&A, financing and strategy, and he has worked with some of Asia’s largest companies. He acted as chairman of Aldridge Minerals Inc. up until its recent sale to Trafigura Ventures. South is a chartered accountant and holds a Bachelor of Economics from Monash University (Australia). He holds the ICD.D designation as a graduate of the Institute of Corporate Directors.
Enkhtuvshin Khishigsuren - VP Exploration
Enkhtuvshin Khishigsuren has over 30 years of Mongolian mineral exploration experience. He spent the first 10 to 12 years of his career at Central Geological Expedition doing regional geological mapping in various areas of Mongolia, followed by seven years as senior exploration manager on the exploration of precious metal in Mongolia for Harrods Minerals.
Since 2005, he has been running his own company, Erdenyn Erel, which provides exploration and consulting services to western exploration and mining companies. He is responsible for identifying targets and properties based on his knowledge and experience. His experience has resulted in the discovery of several prospective gold and copper deposits in Mongolia; such as the multimillion-ounce gold deposit Olon Ovoot, the Zuun mod molybdenum porphyry deposit and the Shand copper porphyry deposit. He holds a bachelor's degree in geological exploration from Azerbaijan State University and a Master’s in geological science from Shimane University, Japan.
Patrick Michaels - Director
Patrick Michaels is the Chairman of Zuri-Invest AG and the Chairman of Asty Capital AG in Zurich, Switzerland. He has been involved in numerous financings of gold mines in North America, among others. He is a well-respected financial adviser and fund manager throughout Europe.
Michaels has extensive experience in the fields of mining finance, fund management and asset allocation. He has a background in law and economics and did his training in the areas of private banking and investment research at UBS in Zurich. Additionally, he attended post-graduate courses at the Colorado School of Mines in Golden, Colorado.
Dr. Batjargal Zamba - Director
Dr. Batjargal Zamba has over 35 years of experience working for the government in Mongolia, dealing with issues of environmental protection and climate change. He was the Minister of the Environment of Mongolia from 1990 to 1996 and Director General of the National Agency for Meteorology, Hydrology and Environmental Monitoring from 1996 to 2001. Dr. Batjargal has experience in working outside of Mongolia due to his engagement in international bi-and multilateral cooperation activities.
He was the Ambassador of Mongolia to Japan from 2001 to 2005. Between 2005 and 2011, he worked in New York as a Representative of the World Meteorological Organization (WMO) to the UN. Since 2014, he has served as an independent consultant on climate change and the development of green policy for public institutions and non-profit organizations. He was also an advisor at the Office of the President of the United Nations Environmental Assembly (UNEA) in Ulaanbaatar (2014 to 2016). He received his Ph.D. in physics and mathematics in 1978 from the Hydrometeorological State University, St.Petersburg, Russia.
Batukhuu Budnyam - Director
Batukhuu Budnyam is a successful entrepreneur and financial expert who has extensive experience in the banking and finance sectors in Mongolia. Until recently, Budnyam served as Advisor to Chinggis Khaan Bank. Prior to joining Chinggis Khaan Bank, he was Managing Director of Organic Solutions Mongolia LLC and previous to that, he was Managing Director of MFS Capital LLC. Budnyam is a Mongolian native and speaks fluent English, Russian and German. He has a Bachelor’s Degree in Economics from the National University of Mongolia.
Sereenen Jargalan - Director
Sereenen Jargalan has been a professor at the Mongolian University of Science and Technology since September 2003 and head of the Department of Mineral Exploration since 2011 where she teaches ore geology and metallogeny to bachelors, masters and doctorate students and supervises Ph.D. student research projects. She has a Ph.D. and Master’s in Earth Science from the Institute of Mineralogy, Petrology and Economic Geology at Tohoku University in Japan, focused on petrology of igneous rocks and a Bachelor of Mineral Exploration from the Mongolian Polytechnical University.
She completed postdoctoral work focused on the REE potential in Mongolia at the Mineral Resources Research Group, Institute for Geo-Resources and Environment and the National Institute of Advanced Industrial Science and Technology, Japan. She has co-authored or contributed to over 50 academic books, articles and other publications. She has been the recipient of numerous academic awards and honors in both Magnolia and Japan.
Steve Haggarty – Director
Steve Haggarty is the Managing Director of Haggarty Technical Services Corporation and a registered member of the Professional Engineers Ontario. He has over 35 years of industrial experience both on-site and at a corporate level, involving several precious metal and copper producers, with a background in project design, commissioning, start-up, metallurgy, process optimization, project management, reclamation and closure.
With a mining career spanning nearly four decades, Haggarty’s industry experience includes 24 years in operations and 14 years in corporate and EPCM-related roles. Most recently, he was Senior Director for the Metallurgy at Barrick Gold Corp. In this role, he was responsible for operational performance improvements, defining GeoMet models, processing strategy and risk mitigation. Haggarty has worked at multiple mine sites around the world, including as General Manager of Barrick Gold’s Veladero heap leach project in Argentina. He is considered a technical leader in heap leach processing, implementation and optimization.
Maria Lerner – Director
Maria Lerner has operated a private tax accounting firm since 1986 and possesses an expertise in domestic and foreign tax planning, financial forensics, fraud prevention and dispute resolution. She is a certified public accountant, certified financial forensic, certified forensic accountant homeland security level V, and a graduate of the American College of Forensic Examiners. Lerner is a member of the American Institute of Certified Public Accountants, American College of Forensic Examiners, National Association of Certified Fraud Examiners, Institute of Business Appraisals, National Conference of CPA Practitioners, and National Association of Tax Preparers.
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