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![True North Copper](https://investingnews.com/media-library/true-north-copper.png?id=34708691&width=1200&height=800)
Noosa Mining Investor Conference
STRATEGY
- To become a significant copper producer and critical metals supplier centered on North-West Queensland
- Execute mining restart at Cloncurry Copper Project to establish profitable operating platform
- Generate cash & fund extensive exploration on Cloncurry and Mt Oxide tenements
- Seek further growth opportunities in the region
- Become a preferred employer in the region and establish a strong reputation within the community
This presentation (Presentation) has been prepared by True North Copper Limited ABN 28 119 421 868 (the Company) and relates to information The Presentation has been prepared as at 03 May 2024.
NOT AN OFFER
The information contained in the Presentation is for information purposes only. The Presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law. The Presentation also does not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities. In particular, the Presentation does not constitute an offer to sell or a solicitation to buy, securities in the United States of America.
NOT INVESTMENT ADVICE
The information contained in the Presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing the Presentation, the Company has not considered the objectives, financial position or needs of any particular recipient. The information contained in the Presentation is not a substitute for detailed investigation or analysis of any particular issue and does not purport to be all of the information that a person would need to make an assessment of the Company or its assets. Current and potential investors should seek independent advice before making any investment decisions in regard to the Company or TNC or its activities.
SUMMARY INFORMATION
The Presentation does not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company. The Presentation contains summary information about the Company and its activities which is current as at the date of the Presentation. The information in the Presentation is of a general nature and does not purport to contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement or other offering document prepared in accordance with the requirements of Australian law or the laws of any other jurisdiction, including the United States of America.
Click here for the full ASX Release
This article includes content from True North Copper, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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True North Copper
Overview
True North Copper (ASX:TNC) is entering a transformative and exciting phase as we become Australia’s next copper producer. It’s 2024 and we’re ready to mine our Cloncurry copper project - low-cost, low-risk, fully funded and permitted.
Our next mine is the Vero resource at our Mt Oxide project. We are committed to developing and understanding this phenomenally mineralised project. Exploration and mining studies are underway.
Copper demand is rising, in a market of diminishing supply. The global surge in artificial intelligence, electric vehicles, decarbonisation initiatives, and broader macro trends is intensifying the demand for copper.
True North Copper is ready.
Company Highlights
True North Copper is preparing to become Australia’s next copper producer.
True North Copper's two principal assets are located in northwest Queensland, Australia - a Tier 1 Jurisdiction:
- Cloncurry Copper Project (CCP) - IOCG and ISCG copper-gold deposits proposed for open pit mining operations, with extensive surrounding exploration tenure.
- Mt Oxide Project (Mt Oxide) – IOCG high-grade, globally significant, copper-cobalt-silver deposit subject to re- optimisation studies, and exploration in surrounding tenure.
Cloncurry Copper Project (CCP)
- Mining restart study confirms positive CCP project economics - AU$367 million with free cash flow of AU$111 million, and a pre-tax NPV10 of AU$88 million over a 4.6 year mine life, at US$8,500 per ton copper price and US$1,850 per ounce gold price (0.7 AU$:USD exchange rate).
- Wallace North Mine preparation and mobilisation. Wallace North is scheduled as the first open pit (one of four – Wallace North, Great Australia Mine [GAM], Taipan and Orphan Shear) to be mined as part of the mining restart at the CCP.
- Mining ramp-up will initially build ore stockpiles, with mining expected to start Q4 FY24(AUS). Oxide copper-gold ore will be transported by road train to the Cloncurry Operations heap leach. Sulphide ore will be transported to a nearby concentrator for toll treatment under TNC's toll-milling agreement with Glencore.
- CCP’s total reserves increased. TNC’s Cloncurry Copper Project (CCP) total reserves currently include 4.7Mt probable ore reserves grading 0.80 percent copper and 0.13g/t gold, containing 37.5 kiloton of copper and 20.0koz of gold.
Figure: Cloncurry copper project and Cloncurry operations hub
Mt Oxide Project
- Highly prospective and underexplored. Phenomenally mineralised system.
- Exploration results from True North Copper's maiden diamond drill program across MT Oxide’s Vero Resource not only returned outstanding and globally significant grades but also showcase the expanding nature of the Vero high-grade ore body including:
- 66.50 metres @ 4.95 percent copper, 32.7g/t silver and 685 ppm cobalt from 234.00 metres
- [inc.] 20.60 metres @ 10.51percent copper, 63. g/t silver and 1,149 ppm cobalt from
234.60 metres and - [inc.] 8.55 metres @ 6.03 percent copper, 51.6 g/t silver and 98 ppm cobalt from
290.15 metres
- [inc.] 20.60 metres @ 10.51percent copper, 63. g/t silver and 1,149 ppm cobalt from
- 66.50 metres @ 4.95 percent copper, 32.7g/t silver and 685 ppm cobalt from 234.00 metres
- Vero Resource re-estimation and mining studies 2024.
- Vero Resource under tested to depth and along strike.
- Multiple exciting future exploration programs and high-priority potential targets along the 10 kilometres long mineralised trend that hosts Vero.
Figure: Cross-section of MOXD217 (10 metres clipping window) showing the location of geological and grade composites as well as the updated interpretation of copper grade domains based on the results from MOXD217
Funding and Strategic Partnerships
- AU$42 million (US$28 million) USD-denominated senior secured loan facility (loan facility) with Nebari Natural Resources Credit Fund II LP (Nebari)1. The Loan Facility is provided in two tranches. Drawdown of Tranche 1 – US$18M (approximately AU$25.5 million) on 9 February 2024.
- Binding offtake and toll-milling agreements with Glencore International AG(Glencore) for 100 percent of copper concentrate from TNC’s Cloncurry copper project (CCP) and toll-milling services of up to 1Mt of ore per year for the CCP’s Life of Mine (LoM).
Figure: Visual representation of Vero Resource within surrounding Mt Isa Inlier.
TNC 2024 Exploration Program
- Aggressive discovery strategy targeting transformative discoveries across TNC’s more than 850 sq km of tenure package within the Mt Isa Inlier.
- Significant potential for transformative discoveries of
copper-gold cobalt-silver) in three districts. - Numerous high-quality copper-gold-cobalt-silver targets located with mineralised structural corridors within the eastern & western fold belts such as:
- Cloncurry Fault Corridor 🡪 Host to the GAM and Mt Norma Resources
- Ernest Henry Corridor 🡪 Ernest Henry, E1 Camp and Monakoff
- Mt Gordon Corridor 🡪 Capricorn Copper and Vero
- Mt Roseby Corridor 🡪 Little Eva and Blackard.
- 12.55 Mt @ 0.82 percent copper (indicated and inferred resources).) and multiple prospects located within a 30-kilometre radius of the company's Cloncurry copper project represent near-term production advantage. Recent JV over highly prospective tenements with CMG deal increase TNC’s land position at the core of its Cloncurry copper project.
- TNC awarded the Queensland Government Collaborative Exploration Initiative (CEI) Grant. The CEI grant will be used towards delivery of leading edge MIMDAS induced polarisation, resistivity and magnetotellurics geophysical surveys at the Mt Oxide. The exploration aims to identify massive and disseminated sulphide mineralisation and deliver an improved understanding of the large-scale structural architecture that controls mineralisation throughout the Mt Oxide exploration leases.
Figure: Summary of exploration and development pipeline across all TNC projects.
Projects
Cloncurry Copper Project
Our Cloncurry copper project (CCP) hosts iron oxide copper-gold (IOCG) and iron-sulphide-copper-gold (ISCG) deposits with extensive surrounding exploration tenure. It is built on a strong economic basis and low-risk cost structure.
The CCP currently incorporates two reserves where mining will commence including – the Wallace North maiden resource and the Great Australia mine reserve (GAM):
- GAM includes GAM, Orphan Shear and Taipan deposits) totalling 4.7Mt grading 0.80 percent copper and 0.13g/t gold containing 37.5kt of copper and 20 koz of gold – upgrade to be announced mid-2024.
- Wallace North ore reserve totals 0.7Mt (probable) grading 1.01 percent copper and 0.46g/t gold for 6.8kt copper and 10 koz gold.
TNC’s CCP expansion is ongoing with exploration progressing and advanced projects in strategic locations surrounding the existing CCP operation, promising long-term growth prospects.
Our strategic partnerships, including a binding offtake and toll-milling agreements with Glencore International AG, supported by debt funding secured with Nebari, underscore our operational readiness and position TNC to capitalise on an extremely favourable copper market.
Mining operations will kick-off at the Wallace North open cut pit, targeting higher-grade ores (~1 percent copper) from surface mining. Ore will undergo primary crushing at the Cloncurry operations hub and the toll treatment facility, located within a 40km radius, with a predominant focus on sulphide ores.
All necessary permits for mining are secured across the CCP, bolstered by an established environmental monitoring network with a robust historical database.
TNC's operational strategy involves a phased approach to mine development, with plans to commence mining operations in 2024 and manage capacity ramp-up throughout 2025.
Cloncurry Operations Hub
The Cloncurry operations hub is strategically located to the CCP’s four open pit deposits including: Great Australia, Orphan Shear, Taipan and Wallace North.
The COH is located 2 kilometres from the township of Cloncurry and provides essential infrastructure, technical systems and support to all of TNC’s project operations. An active oxide heap leach and solvent extraction (SX) processing plant, mine buildings, site administration facilities, workshops, open pit mine facilities, onsite explosive magazines, site storage, water management systems and existing site power supply are located at the COH.
Cloncurry Copper Project – Project Economics
- Mining 4.8Mt of ore over an initial 4.6 year mine life, at a low strip ratio of 4.2, delivering 35kt copper and 29 koz gold contained metal (based on existing JORC reserves)
- Anticipated mine revenue of AU$367 million with free cash flow of AU$111 million, and a pre-tax NPV10 of AU$88 million, demonstrating strong operating economics at US$8,500/t copper price and US$1,850/oz gold price (0.7 AU$:USD exchange rate).
- Payback expected within six months post mining restart, driven by favourable commodity prices and low all-in sustaining cost (AISC) of US$2.65/lb copper.
- Low up front capex of AU$1.5 million leverages existing infrastructure, while peak operating expenditure is estimated at AU$2.2 million.
- Sulphide and oxide ore production – two copper products. copper sulphide (LoM approx. 90 percent) + copper sulphate (LoM approx. 10 percent).
- Mineral concentrate grade 22-26 percent copper (with gold/silver credits).
- Sulphide Ores more than88 percent expected recovery.
- Transitional Ores more than 77 percent expected recovery.
- Very low deleterious elements in mineral concentrate.
Cloncurry Copper Project – Exploration 2024
- CCP expansion and exploration focused on rapid copper-gold-ore source growth.
- With more than 80 prospects located within a 30-kilometre radius of the CCP, TNC is focused on significant expansion and the exploration potential for additional copper-gold-cobalt-silver mineralisation to be brought into the production fold including large-scale company transformative major discoveries.
- Thanks to our successful 2023 Exploration Program we have identified through a systematic approach, and analysis at a mineral system scale, the following new targets:
- Cloncurry Copper Project - eight new drill targets at Greater Australian and Copperhead in new Induced Polarisation.
- Salebury and Rocklands South - Compelling untested geophysical anomalies in historic data.
- Mt Norma- untested surface anomalies and down plunge resource extension targets on mining lease within 30 kilometres of the Cloncurry operations hub.
- Wynberg, Notlor, Marimo Trend and Tanbah limited historic exploration significant copper-gold in surface sampling and drilling, limited testing.
Figure: High priority exploration targets at the CCP
Figures above: Anomalies generated from TNCs 2023 induced polarisation program and structural analysis of the GAM Project.
Mt Oxide Project
The Mt Oxide project hosts the Vero resource of 15.98 Mt @ 1.43 percent copper(measured, indicated and inferred) a Mt Isa style sediment-hosted copper-silver-cobalt system. Analogues include Capricorn copper and Mt Isa copper.
The Vero resource at our Mt Oxide project is our next mine. We are focused on understanding this phenomenally mineralised system.
Mt Oxide’s Vero Resource 2023 exploration program returned outstanding and globally significant grades. The program included our 2023 maiden drilling program across the Vero resource and results showcased the expanding nature of the Vero high-grade ore body.
During 2024, TNC will be exploring multiple, exciting high-priority exploration targets along a 10 kilometres mineralised trend that hosts Vero.
We will also be delivering during 2024 the Vero Resource re-estimation and mining optimisation and feasibility studies.
Vero Resource maiden drilling program
In 2023, TNC completed an initial 12-hole diamond drilling program at Mt Oxide designed to confirm historical high-grade intersections and test the depth and strike extensions to the existing Vero Resource.
2023 Vero resource drilling highlights included (* = Estimated True Width):
MOXD217 returned phenomenal results that placed the drill hole in the top globally ranked copper drill holes of 2023 including :
- 66.50 metres (48.00 metres*) @ 4.95 percent copper, 32.7 g/t silver and 685 ppm cobaltfrom 234 metres.
- 11 metres (8.19 metres*) @ 3.06 percent copper, 34.2 g/t silver and 682 ppm cobalt from 357.50 metres.
- 8.55 metres (8.55 metres*) @ 6.16 percent copper, 45.9 g/t silver and 140 ppm cobalt from 172.50 metres.
MOXD221 intercepted a wide interval of high-grade shallow dipping mineralisation as well as a second deeper intercept, providing indications of rapidly increasing grade and widths of mineralisation to the south including:
- 42.10 metres (41 metres*) @ 1.66 percent copper, 13.5 g/t silver and 1,083 ppm cobalt from 154.90 metres.
- [including] 4 metres (2.24 metres*) @ 7.65 percent copper, 57.3 g/t silver and 1,164 ppm cobalt from 191.20 metres.
MOXD226A returned three key zones of strong mineralisation including a broad interval of 69.95 metres and further intervals of up to 11.19 percent copper.
Highlights include:
- 69.95 metres (42.85 metres*) @ 1.91percent copper, 17.7g/t silver and 675 ppm cobalt from 224.55 metres
- [including] 9.65 metres (5.89 metres*) @ 2.74 percent copper, 24.1g/t silver and 993 ppm cobalt from 239.50 metres
- [including] 18.15 metres (11.07 metres*) @ 3.23 percent copper, 26.8g/t silver and 585 ppm cobalt from 276.35 metres
- 16.75 metres (16.75 metres*) @ 5.30 percent copper, 44- g/t silver and 120 ppm cobalt from 165.25 metres
- [including] 4.65 metres (4.65 metres*) @ 11.19 percent copper, 93.9g/t silver and 136 ppm cobalt from 172.55 metres
Figure: Location of geological and grade composites as well as the updated interpretation of copper grade domains based on the results from MOXD226A
Mt Oxide Discovery Strategy
TNC is committed to unlocking Mt Oxide’s underexplored high-quality targets.
- Mt Oxide lies adjacent to a large crustal scale structure - the Mt Gordon Fault Zone. Splays off this structure (Dorman Fault) host Vero.
- Mt Oxide has evidence of large-scale fluid flow, big mineral system potential.
- Copper-silver-cobalt mineralisation interpreted to have been formed near surface and upper parts are preserved.
- Excellent depth potential of mineralisation in the Mt Oxide project.
- Limited systematic modern exploration outside of the Vero resource.
- Significant opportunity to apply leading-edge mineral exploration to build a larger copper inventory in a well-endowed mineral system.
- More than 10 kilometres trend along Dorman fault zone of intermittently outcropping gossanous / silica breccias, virtually no drilling, surface sampling or effective geophysics.
- Multiple untested targets with significant alteration-mineralisation footprints.
- No application of tried and tested geophysics or systematic surface rock chip geochemistry and mapping.
- Low cost highly effective exploration techniques to filter and prioritise drill targets.
Multiple exciting future exploration programs and high-priority potential targets along 10km long mineralised trend that hosts Vero including:
- Aquila & Mt Gordon
- Ivena North
- Camp Gossans
- Cave Creek
- Big Oxide
Figure: Multiple exciting future exploration programs and high-priority potential targets along the 10-kilometre long mineralised trend that hosts Vero resource’s Mt Oxide project.
Management Team
Ian McAleese - Executive Chairman
Ian McAleese worked as a mine geologist at Mt Isa, Jabiluka and Bougainville for 15 years before moving into copper concentrate marketing on Bougainville. On returning to Australia in 1987, he worked initially as a mining analyst and subsequently as a portfolio manager specialising on investment in mining companies for a number of large investment institutions. McAleese then returned to the mining industry in business development and investor relations roles for a number of coal mining companies, including Macarthur Coal and Whitehaven Coal. After retiring from Whitehaven Coal in late 2020, he joined Duke Exploration as a non-executive director just prior to the Duke Exploration IPO. In December 2022 he became the non-executive chair of True North Copper.
Bevan Jones - Managing Director
Bevan Jones is a seasoned operations officer offering nearly 30 years of experience in mine management across a diverse range of commodities and has a proven track record in directing business improvement initiatives and operational transformation. Jones’ previous roles include chief operating officer at Karora Resources (TSX:KRR), as well as general manager of Gold Fields Limited’s (JSE:GFI) St Ives Gold Mine in WA, where he executed transformative growth strategies and delivered exceptional operational results. Most recently, Jones was the managing director at Brisbane-based Extra Mining Solutions, where he played a leading role in establishing the company focusing on business transformation and operational excellence. Jones gained international operational experience as chief operating officer of BCM Group International in West Africa, general manager of the Wetar Copper Mine in Indonesia and general manager of the Hidden Valley Mine in Papua New Guinea, as well as mining manager of Barrick Gold’s Lumwana Copper Mine in Zambia.
Craig Gouws - Chief Financial Officer
Craig Gouws, a chartered accountant, has extensive Australian and international experience as a CFO and board of director with a demonstrated history of successfully leading financial operations across diverse industries and international markets. Gouws holds a Bachelor of Commerce and a Post Graduate Diploma in Accounting from the University of Cape Town and is a fellow of the Institute of Chartered Accountants in England and Wales and a member in South Africa.
Marty Costello - Executive Director, Business Development
Marty Costello is recognised as one of Australia’s leading project development and sustainability strategists across the resource sector, with more than 20 years of professional experience.
After working for several companies and government departments (domestic and international) managing, developing and implementing environment, sustainability and risk (ESR) programs and policies he established his own environmental consultancy – Northern Resource Consultants (NRC).
In the space of nine years, Costello developed NRC into an industry specialist with more than 25 employees focusing on environmental management and sustainability solutions for the resource sector. NRC delivered agile, best practice ESR strategies and multi-disciplinary environmental and sustainability services for clients like Evolution Mining, Futura, Sojitz, Adani, Red River Resources, CU River Mining, and others.
In 2018, NRC was acquired by SLR, a global leader in environmental and sustainability solutions. The acquisition facilitated considerable additional capability and geographic coverage to SLR’s existing mining and minerals in Asia Pacific business. During his consulting life, Costello was retained by Evolution Mining over an eight-year period to provide strategic project development, ESG advice to the board and executive management team.
Costello holds a Bachelor of Applied Science (environmental management) and Diploma of Applied Science.
Peter Brown - Chief Operating Officer
Peter Brown has held senior management roles in the resources sector, both domestically and internationally, including recent positions at Round Oak Minerals and Diatreme Resources where he oversaw project development and operations. Brown has diverse experience and an impressive track record that demonstrates his ability to successfully deliver projects and foster positive relationships with all project stakeholders.
He has managed discovery programs for gold, copper and chromite in South America, Japan, Vietnam and Indonesia, including government and community relations. He also drove improvements and provided training in mine geology, resource evaluation and mine technical services at prominent mines such as Mt Muro Gold Mine, George Fisher Mine and Peak Gold Mines. Additionally, Brown played a significant role in reviving abandoned satellite projects at Peak Gold Mines.
Other achievements include successfully re-permitting and constructing the 1-Moz Toka Tindung Gold Mine in Indonesia as director of Indonesian companies and general manager at Archipelago Resources; leading the permitting, engineering redesign and construction of the 0.8-Moz Mt Carlton Gold Mine in Queensland; the successful development of Mt Carlton and Pajingo projects, which contributed to the establishment of Evolution Mining; and recommissioning and developing several mining projects in the Mount Isa and Cloncurry region.
Sven Sewell - Sustainability & Net Zero Manager
Sven Sewell has over 25 years’ experience working in a range of environmental fields, including environmental consulting, environmental regulation and within the industry.
For the 15 years prior to joining TNC, Sewell held senior environmental positions at several operating mines across northern Australia. At those operations, he was generally the most senior environment, responsible for all aspects of permitting, compliance, rehabilitation and general environmental management. Sewell's experience in northern Australian mines includes several new and established gold, uranium and bauxite operations.
Sewell holds a BSc (with honours) in environmental science.
Mark Brown - General Manager, Cloncurry Operations
With more than 30 years of domestic and international mining industry experience, Mark Brown offers a comprehensive skill set grounded in practical resource sector execution and invaluable leadership experience. His career journey has been marked by a commitment to safety, operational excellence, and fostering positive work cultures.
Brown has held a variety of senior leadership operational roles throughout his career, overseeing various aspects of mining operations. He has extensive experience across all mining regulatory and compliance aspects and has expertise in health and safety management including emergency response, crisis management, contractor management, and comprehensive incident investigations.
Michelle Ellis - Cloncurry Projects Exploration Manager
Michelle Ellis retains over 15 years’ mineral exploration, resource and mining experience predominantly in iron-oxide-copper-gold deposits and terrains across South Australia and Northwest Queensland.
Over the past 11 years, she has actively explored a range of commodities and deposit styles throughout the Mount Isa Inlier.
Ellis has an MSc in economic geology, MSc in environmental management and BSc in applied science - geoscience, and is a member of the Australasian Institute of Mining and Metallurgy.
Rhonda Freeman - Group Manager (Human Resources)
Rhonda Freeman has more than 18 years’ experience attracting top talent, fostering employee development and helping organisations develop safe and supportive work environments. She has worked extensively across the resource sector, including for large national-wide drilling companies.
Freeman has worked for mining companies across a variety of geological settings including brown coal, black coal, uranium, mineral sands and oil & gas. She brings a diverse skill set specific to the resource sector, having worked across all commercial aspects of drilling operations including as an exploration manager.
High-Grade Copper, Lead and Silver Results from New Gascoyne Project
Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to announce high-grade results from sampling completed during an initial reconnaissance field trip to the Company’s new “Chain Pool” Project, in the Gascoyne region of Western Australia.
- High-grade copper, lead and silver results from “Joy Helen” prospect
- Assay results up to 5.48% Cu, 54.5% Pb and 73.48g/t Ag
- Non-Renounceable Entitlement Offer closing 5:00pm (WST) Thursday, 18 July
Samples collected from around the “Joy Helen” prospect returned high-grade results including:
- 5.49% Cu, 42.0% Pb and 73.48g/t Ag (CP003)
- 5.43% Cu, 36.7% Pb, 36g/t Ag and 0.27% Zn (CP002)
Miramar’s Executive Chairman, Mr Allan Kelly, said the Company’s Gascoyne region projects had potential for various commodities and deposit types but have been under-explored previously.
“For example, there has not been any modern and/or systematic exploration or driling at the Joy Helen Prospect despite the presence of high-grade base metal mineralisation,” he said.
“We look forward to getting this tenement granted and uncovering the potential of the Project,” he added.
Figure 1. Sample CP003 (5.49% Cu, 42%Pb, 73.48g/t Ag) showing malachite (green), galena (shiny grey) and sphalerite (grey-brown).
Joy Helen
The “Joy Helen” Cu-Pb-Zn-Ag occurrence is located approximately 275km northeast of Carnarvon in the Gascoyne region of Western Australia, and contains historic workings and costeans over a strike length of approximately 400 metres.
Mineralisation is hosted in fine-grained dolomite of the Irregully Formation, towards the base of the Proterozoic Edmund Basin, and is interpreted to be sub-horizontal.
The mineralisation-style is interpreted to be “Mississippi Valley Type” with similarities to the Abra Pb-Zn- Ag deposit, which is also hosted in the Irregully Formation.
There is no outcrop and the geology and structure of the Joy Helen occurrence is therefore not well understood.
There has been no modern and/or systematic exploration of this prospect.
Historic drilling completed in the 1960’s intersected lead and copper mineralisation, including 1.5m @ 13.7% Pb and 1.6% Cu, however the locations of the drill holes are not recorded (WAMEX report a567).
In the 1990’s, CRA Exploration collected a limited number of rock chip samples around the workings and completed a regional stream sediment sampling programme further to the northeast, in the area now covered by the Barlee Range Nature Reserve.
In the period 2006-2009, Quadrio Resources Pty Ltd, a subsidiary of Dominion Mining Limited, conducted exploration for SEDEX gold and base metal mineralisation within their “Edmund Project” which covered the area now held as E08/3676 (WAMEX Reports a075044, a077849 and a081694).
Quadrio collected rock chip samples, including around the Joy Helen workings which returned significant copper, lead and silver results.
Miramar recently conducted a brief site visit to the Joy Helen prospect as part of a wider Gascoyne field trip and collected a limited number of samples from amongst the workings which contained varying amounts of malachite, azurite, galena, sphalerite, cerussite and possibly also barite.
Click here for the full ASX Release
This article includes content from Miramar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling to Commence at Evelyn
- Diamond rig mobilised to Evelyn, targeting high-grade copper mineralisation
- First drilling at Evelyn since 2022 when RC hole 22AER005B intersected 13m @ 4.46% Cu, 3.10% Zn, 1.61 g/t Au and 45 g/t Ag1
- Programme to test for down-plunge extensions and increased drill density
- Up to 1,700m of extensional and resource drilling planned
Anax’s Managing Director, Geoff Laing, commented“We continue to focus on project growth through the planned extension drilling at our high-grade Evelyn deposit in parallel to the Pilbara consolidation program. Our strategy remains to position Anax to become a significant copper producer and key player in consolidating base metal production in the Pilbara.”
Figure 1: Whim Creek Project location
In mid-2022, the Company drilled two RC holes at Evelyn. The initial hole was abandoned due to excessive deviation and despite also experiencing substantial deviation, the second hole, 22AER005B, intersected 13m @ 4.46% Cu, 3.10% Zn, 45 g/t Ag and 1.61 g/t Au from 204m (Figure 2).1
Figure 2: Massive sulphide mineralisation (dark samples) intersected within 22AER005B
The primary purpose of the programme will be to test for down-plunge extensions of high-grade copper below 22AER005B with a further two holes planned to increase drill density in the vicinity, which may allow for conversion from Inferred to Indicated Resources.
Diamond drilling will be used due to the excessive deviation experienced in the previous RC programme. The core holes will undergo geotechnical logging which will add to the existing geotechnical database and increase confidence in the geotechnical assessment. Mineralised intersections will also be retained for metallurgical variability testing.
Click here for the full ASX Release
This article includes content from Anax Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
ASX Copper Stocks: 5 Biggest Companies in 2024
Copper saw sinking prices toward the end of 2023, but things began to shift in early 2024 as treatment charges at Chinese refiners dropped to single digit lows causing some to cut production.
This led to increased momentum in the price of copper as refined product supply became increasingly tight for consumers of the base metal. In April, the price broke the US$10,000 per metric ton and set new all time highs on both the London Metals Exchange and the Chicago Mercantile Exchange.
Copper has since retreated and has been trading in the US$9,500 to US$9,800 mark in June and July. Despite recent pullbacks, copper prices are still up significantly year-to-date and markets are expected to see supply deficits over the next several years as demand from energy transition sectors continue to grow.
Australian investors wanting to benefit from surging copper prices don’t need to look any further than the ASX, which hosts some of the largest copper companies in the world. Learn about the five biggest copper companies on the ASX by market cap below. All market cap and share price information was obtained on July 15, 2024, using TradingView's stock screener.
1. BHP (ASX:BHP)
Market cap: AU$220.04 billion; share price: AU$43.67
BHP is a global copper producer with operating copper mines in Australia, Chile and Peru, as well as the Resolution copper project in the US. In addition to its copper operations, BHP is a significant producer of a variety of resources including iron ore, nickel, metallurgical coal, potash and uranium.
The company’s Australian copper mine is the massive Olympic Dam operation in South Australia, which also produces gold and uranium as by-products. In 2023, BHP acquired South Australia-based OZ Minerals, which owned the Prominent Hill and Carrapateena copper mines, strengthening BHP's Australian copper portfolio.
In Chile, the company operates the 57.5 percent owned Escondida mine — the world’s largest copper producer — and the wholly owned Pampa Norte operations. BHP also owns 33.75 percent of the Antamina copper-zinc mine in Peru, although it is not the operator.
This past April, BHP made a US$39 billion bid for rival Anglo American (LSE:AAL,OTCQX:AAUKF), which would have created the largest mining company in the world. Due to the complexities of the deal, BHP proposed spinning out Anglo American’s South African properties into a separate company.
However, Anglo said the terms of the proposal significantly undervalued the company and the bid was officially rejected on May 29. Although this doesn’t necessarily mark the end of BHP’s acquisition attempts, the company will need to wait until November before it can launch a subsequent takeover bid.
2. Capstone Copper (ASX:CSC)
Market cap: AU$8.51 billion; share price: AU$11.53
Newly listed on the ASX in February 2024, Capstone Copper is a mining company with a portfolio of assets located in the US, Mexico and Chile. The company is also listed on the TSX.
Capstone's 100 percent owned Pinto Valley copper mine in Arizona, US, is fully permitted until 2039 and is expected to produce 58,000 to 64,000 tonnes of copper in 2024. Capstone acquired Pinto Valley from BHP in 2013, and the mine has produced more than 4 billion pounds of copper since it began operating in 1972.
It also is the sole owner of the Cozamin copper and silver mine in Zecatacas, Mexico, which boasts a 1,000 tonne per day throughput and is projected to generate 22,000 to 24,000 tonnes of copper in 2024, as well as the Mantos Blancos copper mine in Antofagasta, Chile, which underwent an expansion in 2021 to extend its mine life significantly.
The company also owns a 70 percent stake in the Mantoverde mine in the Atacama region of Chile, with the remaining 30 percent owned by Mitsubishi Materials (OTC Pink:MIMTF,TSE:5711). The mine is currently in the process of ramping up to commercial production, and Capstone announced on June 25 that it produced its first saleable copper concentrate. Capstone expects to achieve nameplate operating rates during Q3 of 2024.
3. Sandfire Resources (ASX:SFR)
Market cap: AU$4.13 billion; share price: AU$9.21
Sandfire Resources is a copper mining and developing company with a global portfolio of assets. Sandfire's DeGrussa copper-gold operations in Western Australia were depleted in 2022 and entered care and maintenance in 2023, with the company now working to rehabilitate the site.
Sandfire's primary production now comes from its the MATSA copper, lead and zinc mine in the province of Huelva, Spain. The site boasts a processing capacity of 4.7 million tonnes per annum, and in the March quarter produced 115,099 tonnes of copper concentrate.
Sandfire also owns the Motheo operations in the Kalahari Copper Belt in Botswana. The asset consists of multiple open pits and is currently in the advanced stages of ramping up to production from its A4 open pit and mill. In the March quarter, Motheo produced 36,597 tonnes of copper concentrate and achieved a mill rate of 1.18 million tonnes of ore.
In addition to its producing assets, Sandfire also has been working to advance its Black Butte project in Montana, US. Work on the project stalled in 2021 after a district court revoked a Department of Environmental Quality mining permit for the site. The company subsequently filed a claim against the Department, and on February 26 of this year, it announced the decision was overturned by the Montana Supreme Court and permits for the site were reinstated.
Sandfire is working to improve Black Butte's economics as it works towards a final investment decision. The most recent update from the project came on April 30, when the company released an exploration update that highlighted high-grade copper intercepts of 7.4 percent copper over 9.54 metres, including an intersection of 10.7 percent over 6.26 metres.
4. Metals Acquisition (ASX:MAC)
Market cap: AU$1.6 billion; share price: AU$21.20
Another newcomer to this list of biggest copper companies, Metals Acquisition is focused on acquisitions in the metals and mining industry for assets that are critical to the energy transition.
The company dual listed on the ASX through an oversubscribed initial public offering that closed in February. The AU$325 million in funds raised by the IPO were the highest for a mining company on the ASX since July 2021, according to its press release.
As for its operations, Metals Acquisition's first acquisition came in June 2023, when it purchased the CSA copper mine in New South Wales from Glencore (LSE:GLEN,OTC Pink:GLCNF). The mine is one of the oldest operating copper mines in Australia with production dating back more than 150 years, and it is one of the deepest at 1.9 kilometres.
In the company’s March quarter update, it said that it had significantly extended the life of the CSA mine from 6 to 11 years. Metals Acquisition also released production guidance for the next three years indicating a steady increase from 38,000 to 43,000 tonnes of copper in 2024, 43,000 to 48,000 tonnes in 2025 and 48,000 to 53,000 tonnes in 2026.
5. Develop Global (ASX:DVP)
Market cap: AU$547.07 million; share price: AU$2.10
Unlike the other companies on this list, Develop Global is not yet a producer of copper; instead, it is developing its three copper projects in Australia with the goal of supplying the clean energy transition.
Develop is working towards a potential mine restart for its past-producing Woodlawn zinc-copper project in New South Wales, which closed in 1998. In August 2023, the company reported the discovery of significant high-grade mineralisation, saying it will be incorporated into an updated resource estimate slated for release in the first quarter of 2024. The updated mineral resource estimate will inform the final mine plan.
Its two other projects are located near Port Hedland, Western Australia. The first is its Sulphur Springs project, a near-term volcanogenic massive sulphide project that contains copper, zinc and silver across its Sulphur Springs and Kangaroo Caves deposits.
Its final project is the past-producing Whim Creek copper-zinc project, which Develop owns through a 20/80 joint venture with Anax Metals (ASX:ANX). The site hosts refurbished heap infrastructure for mineral processing.
On May 30, 2024, the two companies provided an update on a scoping study investigating processing ore from Sulphur Springs using heap leaching at the nearby Whim Creek project. In the announcement they said tests had demonstrated excellent leaching abilities with high grade transitional and oxide copper recoveries between 80 and 95 percent along with high grade zinc recoveries between 95 and 99 percent.
FAQs for ASX copper stocks
How much is copper worth?
The copper price is tracked in two ways: COMEX copper and London Metal Exchange (LME) copper. The COMEX and LME are both options and futures metal exchanges, with the former being headquartered in New York and the latter in London. COMEX copper is priced by the pound, while LME copper is priced per tonne.
In 2022, copper saw historically high prices. In Q1 and most of Q2, copper prices on the COMEX ranged between US$4.10 and US$4.89 — an all-time high. For the same time period on the LME, copper moved between US$9,000 and US$10,730.
What are the uses of copper?
Copper is used in many industries, from construction to electronics to medical equipment. In fact, in 2021, 32 percent of copper globally was used in equipment manufacturing and 28 percent in building construction.
Two other growing sectors for copper are the burgeoning electric vehicle and green energy industries. Electric vehicles require a significant amount of the red metal per vehicle.
How to invest in copper on the ASX?
Investors have access to a wide variety of Australian copper companies on the ASX, from copper miners to copper explorers. This means that investors can choose what kind of company matches their risk appetite and portfolio.
When looking for a copper company to invest in, be sure to do your due diligence and learn about the company, its team, its finances and the geology of its projects. Once you’ve selected a company or companies to invest in, you can buy copper stocks using trading apps with access to ASX stocks, as well as with the help of stock brokers.
Click here to learn which ASX-listed copper stocks have gained the most year-to-date.
Is there a copper ETF on the ASX?
In November 2022, the ASX welcomed its first copper ETF: the Global X Copper Miners ETF (ASX:WIRE). It is designed to track the performance of companies that have, or are expected to have, significant exposure to the copper industry.
This is an updated version of an article first published by the Investing News Network in 2018.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Investment Opportunities in the Growing Copper Sulphate Market
Used in industrial and agricultural sectors, the copper sulphate market offers investors an exciting opportunity amid an expanding demand dynamic. Copper is an essential mineral commonly found in our environment, foods and water. The recommended dietary amount of copper for adults is 900 micrograms per day.
Copper sulphate is produced by heating copper and sulphuric acid. The four most popular formulations are basic copper sulphate, copper sulphate monohydrate, copper sulphate anhydrous and copper sulphate pentahydrate.
Copper sulphate pentahydrate — often referred to simply as “copper sulphate” — is the most common formulation, comprising 25.47 percent copper, 38.47 percent sulphate and 36.06 percent water. It dissolves in water and methanol, but not in ethanol.
Uses of copper sulphate pentahydrate
Products containing copper sulphate are employed across various verticals, including industrial applications in batteries, petroleum, ink, textiles, leather, paint and metal.
The mining industry applies it in the froth flotation process, primarily in lead, zinc and gold mines, and the metal industry uses copper sulphate for copper plating.
In its anhydrous form, copper sulphate is a drying agent. It’s also added to fertilisers and feeds as an animal and soil nutritional supplement. It’s an effective algaecide, bactericide and fungicide.
When calcium hydroxide and copper sulphate are combined, the result becomes Bordeaux mixture.
Copper sulphate in agriculture
The agricultural industry represents the largest use of copper sulphate, especially as a fertiliser that helps to raise the copper content of soil.
Its fungicidal properties permit its use on fruit fungal infections like those that develop on grapes and melons. Copper sulphate also contributes to the nail and foot health of bovine animals.
In agricultural and non-agricultural locations, copper sulphate is applied as a herbicide, root killer, algaecide and fungicide. It is also used as an antimicrobial solution and as a molluscicide.
In the USA, its use began in the 1700s. The Environmental Protection Agency (EPA) registered it for use in 1956, with EPA reregistration completed in 2009.
A copper sulphate caution
While at diluted levels it is safe, its ability to kill fungi, microbial and mollusks can make it dangerous in concentrated amounts. The EPA has canceled the use of some pesticides containing copper sulphate monohydrate and/or copper sulphate anhydrous. However, this does not apply to basic copper sulphate or copper sulphate pentahydrate.
Copper sulphate is a potentially toxic heavy metal. Short exposure contact can lead to first-degree burns, while prolonged exposure can cause second-degree burns.
It is absorbed through pores and stays in the body because humans cannot eliminate heavy metals without outside supplementation.
Those handling products containing it must always read and follow instructions, wear gloves and long sleeves, and when mixing a solution, respirators.
Often used in small amounts to remove algae in swimming pools, in large amounts copper sulphate is not to be dumped where it can enter groundwater, reservoirs, lakes, rivers and oceans. Even its fumes contain trace amounts of copper sulphate.
Despite such potential dangers, products that contain copper sulphate in small amounts are used in organic agriculture.
Market outlook: What’s driving the increased demand for copper sulphate?
The copper sulphate market is segmented by region, form and application. The regions are North America, Europe, Asia-Pacific and Latin America.
The growing demand from agriculture, construction and healthcare industries in the Asia-Pacific has made it the largest regional market, followed by North America and Europe.
The global copper sulphate market is segmented into anhydrous, pentahydrate and other forms depending on crystallisation and chemical composition.
Applications include electronics, chemicals, agriculture, construction, healthcare, mining and metallurgy.
Rising appetites for material resources have increased the demand for copper sulphate, used in mining as a flotation reagent in concentrated ores.
Copper sulphate is a base material of naphthenate and other copper compounds used as anti-fouling agents in the paint industry.
These and the previously mentioned applications provide excellent growth opportunities for the copper sulphate market.
Current demand and market opportunities for copper sulphate
As demand for electrical and electronic products increases so does the demand for copper sulphate, as a liquid resistor.
The seemingly ever-rising need for energy storage devices in both small- and large-scale electronic projects is directly proportional to the increasing demand for copper sulphate all around the planet.
In industries involving refining, electroplating and battery improvement, copper sulphate is an electrolyte.
As developing nations increase investments in their diverse, capital-intensive projects, they require copper sulphate in greater quantities, and these activities push the market growth.
Market players
Some of the companies selling copper sulphate pentahydrate are Lapischem, Bisley International, Sulfozyme Agro, Millipore Sigma and the Chemical Company.
Sumitomo Metal Mining (TSE:5713) is one of the larger global producers of copper sulphate, with an established mining, processing and materials development business.
Australia-based Tartana Minerals (ASX:TAT) presents an exciting opportunity for investment in copper sulphate pentahydrate mining and processing.
The Australian company has approximately 45,000 tonnes of contained copper at its Northern Oxide Zone property. In the ground it is about 0.5 percent copper. Once mined copper enters the Tartana plant, new processing methods upgrade that to 1 percent copper.
The new refining process, when combined with the growth in demand for copper sulphate in the developing world, depicts an investment opportunity worth considering.
Further, Tartana offers immediate exposure to the copper market through its copper sulphate production which fully captures the value of the contained copper and is priced on the LME copper price plus a premium.
Investor takeaway
With an expanding market opportunity for copper sulphate in the agriculture sector, and the seemingly ever-rising need for energy storage devices in both small- and large-scale electronic projects, the prospects for copper sulphate as a raw material have never been greater, creating significant investment opportunities.
Dave Chapelle is a freelance writer based in Ontario.
This INNSpired article is sponsored by Tartana Minerals (ASX:TAT).This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Tartana Mineralsin order to help investors learn more about the company. Tartana Minerals is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Tartana Minerals and seek advice from a qualified investment advisor.
Mining M&A Heats Up as Rio Tinto and BHP Seek New Opportunities
Major mining companies are intensifying their search for new deals and projects.
Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and BHP (ASX:BHP,LSE:BHP,NYSE:BHP) are both reportedly exploring potential acquisitions to expand their portfolios, people familiar with the companies said last week.
Sky News said on July 12 that the former is currently evaluating a list of potential takeover targets, including Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK). Rio Tinto has reportedly approached banks for financing options.
Teck is a Canadian mining company that recently sold its steelmaking coal unit to Glencore (LSE:GLEN,OTC Pink:GLCNF), another mining behemoth, for US$6.9 billion; Teck is valued at nearly C$35 billion.
Meanwhile, BHP, in the wake of its failed US$49 billion acquisition of rival Anglo American (LSE:AAL,OTCQX:AAUKF), is exploring a joint bid with Lundin Mining (TSX:LUN,OTC Pink:LUNMF) for copper miner Filo (TSX:FIL,OTCQX:FLMMF).
Reuters states that discussions are at an early stage, and there is no guarantee the companies will proceed with a bid.
Filo's market cap stands at US$2.52 billion. A potential merger between Lundin's Josemaria project and Filo's Filo del Sol project is under consideration, with the cost of combining infrastructure estimated at US$5 billion to US$8 billion.
Through its unsuccessful bid for Anglo American, BHP was aiming to secure the company's copper assets in Latin America. Copper is key metal for the global shift toward clean energy and electric vehicles.
The deal collapsed due to structural complexities and regulatory risks, particularly in South Africa. BHP's offer required Anglo American to divest its South African platinum and iron ore businesses, which the latter deemed too risky.
This M&A activity highlights the growing preference among major miners to acquire rather than develop new assets.
Lundin's possible collaboration with BHP also reflects the growing copper sector crunch as miners seek to secure supply amid reports of an impending shortage of the red metal through 2050.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
5 Top Weekly TSXV Stocks: Solis Rises 75 Percent on Copper Exploration Update
The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 7.94 points last week to close at 593.70.
Federal Reserve Chairman Jerome Powell met with lawmakers this past week, addressing the US Committee on Banking, Housing and Urban Affairs on Tuesday (July 9) and the House Financial Services Committee on Wednesday (July 10).
In his testimony on Tuesday, Powell repeated the Fed’s stance that it would continue to wait for more data that inflation was sustainably moving to the 2 percent target rate. He also acknowledged that the labor market was weakening, but said the unemployment rate remained at historically low levels.
Louisiana Senator John Kennedy pressed Powell on when the Fed would be making cuts. However, Powell maintained he would not send “signals about the timing of any future actions.”
The Bureau of Labor Statistics released its June consumer price index data on Thursday (July 11). In the report, the agency indicated that all items consumer inflation continued to cool, growing 3.0 percent on an annualized basis and decreasing 0.1 percent on a monthly basis. The decline represents the first monthly fall in CPI figures since May 2020.
Markets saw increased volatility during the week, with the S&P 500 closing in positive territory with a .76 percent gain to 5,615.34 points. The Nasdaq 100 Index saw midweek gains erased closing the week down 0.31 percent at 20,331.49 points.
Meanwhile, the Dow Jones saw the largest gains of these US indexes, climbing 1.45 percent to 40,000.91 points. In Canada, the TSX posted even higher gains, ending the week with a 2.84 percent gain to close at 22,673.52 points.
Commodities were mixed with the S&P GSCI losing 2.09 percent to US$573.91. While silver ended the week down 0.75 percent at US$30.97, gold posted a 1 percent gain to end the week back above the US$2,400 mark.
How has this week’s events impacted juniors on the TSX Ventures Exchange? Keep reading to discover the top 5 gainers.
1. Solis Minerals (TSXV:SLMN)
Weekly gain: 75. percent; market cap: C$10.98 million; share price: C$0.14
Solis Minerals is a copper and lithium exploration company focused on the advancement of properties in South America.
The company’s primary focus for 2024 has been on its Cinto Copper project in Peru. The site is composed of seven tenements covering 3,200 hectares in the Peruvian copper belt. The project has seen limited exploration that has primarily consisted of grab samples and satellite imaging.
Shares in Solis surged this past week following an exploration update on Tuesday. It reported that it had completed an initial geochemical program, which identified copper mineralization over a 200 meter by 100 meter area at Cinto, including high-grade surface grab samples grading up to 7.14 percent copper.
The company signed an access agreement with the Carumbraya community to fast-track the next phase of its exploration program. Solis said it has already deployed drones to collect magnetometer readings and would be using geological mapping to guide drill permitting at the site.
2. Trailbreaker Resources (TSXV:TBK)
Weekly gain: 42.11 percent; market cap: C$21.89 million; share price: C$0.54
Trailbreaker Resources is a Canada-focused mineral exploration company and project generator with a portfolio of projects in British Columbia and the Yukon, Canada. Its flagship project is the Atsutla gold project in Northern British Columbia.
Earlier this year, Trailbreaker acquired the Liberty copper project, a 5,054 hectare property located in the Cariboo mining district in BC. The site has previously hosted limited exploration in the 1960s, with more extensive workings occurring in the late 1990s to early 2010s.
The company’s most recent news release came on June 10 in which the company announced it completed a diamond drill program at Liberty. In its report, the company said the program consisted of seven holes for a total of 2,442 meters and was focused on testing a copper, molybdenum, gold and silver anomaly 300 meters south of its previous drilling at Liberty.
The company has not released news in the past week.
3. Africa Energy (TSXV:AFE)
Weekly gain: 37.5 percent; market cap: C$91.51 million; share price: C$0.055
Africa Energy is a South Africa-focused oil and gas exploration and development company.
Its flagship asset is block 11B/12B located approximately 175 kilometers off the south coast of South Africa. The block covers an area of 18,734 square kilometers and depths between 200 meters and 1,800 meters.
Africa Energy holds a 4.9 percent stake in the joint venture project through its 49 percent ownership of Main Street 1549, which itself owns 10 percent of the asset. The remaining partners are project operator TotalEnergies (NYSE:TTE), which holds a 45 percent stake; Qatar Petroleum, which has a 25 percent stake; and CNR International (TSX:CNQ,NYSE:CNQ), which has a 20 percent stake.
In December 2020, the company announced testing at the site had reached 33 million cubic feet per day of natural gas, 4,320 barrels of condensate per day and 9,820 barrels of oil equivalent per day, but said the figures were limited due to surface equipment limitations.
Africa Energy’s most recent news came on July 1 when the company released an update from its Block 11B/12B operations. In the announcement, the company said that CNR International had advised the joint venture partners that it would be withdrawing from its 20 percent stake.
The remaining partners now have 30 days to review their options and decide if they would like to withdraw as well, and Africa Energy stated it had been advised that TotalEnergies will be reviewing its options. Africa Energy stated it would not withdraw. Interest from withdrawing partners will be assigned to the remaining parties proportionately free of charge.
4. Imagine Lithium (TSXV:ILI)
Weekly gain: 37.5 percent; market cap: C$15.24 million; share price: C$0.55
Imagine Lithium is an exploration company working to advance its Jackpot lithium project in the Georgia Lake area of Ontario, Canada.
The 18,000 hectare site has hosted exploration dating back to the mid-1950s with historic estimates of 2 million metric tons of lithium oxide. Imagine has been focused on the expansion of historic resources with drilling programs that started in 2018.
Since that time the company has identified several significant zones in addition to the Jackpot Main zone, including the Casino Royale, Salo (SW), 500 and Point lithium zone.
The most recent update from the project came on May 28 when the company announced drilling at the site encountered the highest lithium grades to date at the Jackpot West Extension. The company highlighted an interval of 0.92 percent lithium oxide over 35.1 meters, which included an intersection of 1.76 percent lithium over 4.3 meters.
Although the company didn't release news last week, its share price was up significantly.
5. Northisle Copper and Gold (TSXV:NCX)
Weekly gain: 35.21 percent; market cap: C$98.02 million; share price: C$0.048
Northisle Copper and Gold is a mineral exploration company working to advance its North Island project on Vancouver Island, British Columbia, which hosts deposits of copper, gold, molybdenum and rhenium.
The property is located near Port Hardy and is composed of 214 mineral claims across 34,000 hectares. The site contains three primary occurrences, Hushamu, Red Dog and Goodspeed, and Pemberton Hills.
The most recent news from the project came this past Tuesday when Northisle provided an exploration update from the Goodspeed target near Red Dog. In the announcement, the company said it has completed 3,077 meters of drilling since it began the program in May, and encountered porphyry copper mineralization over an 800-meter strike length.
Preliminary assays from the first hole produced a highlighted intercept of 0.28 percent copper and 0.384 grams per metric ton of gold over 68 meters. According to Northisle, the hole encountered copper and gold mineralization over 200 meters starting at a depth of 9 meters.
FAQs for TSXV stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, while the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of September 2023, there were 1,713 companies listed on the TSXV, 953 of which were mining companies. Comparatively, the TSX was home to 1,789 companies, with 190 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Data for this 5 Top Weekly TSXV Performers article was retrieved at 11:00 am PST on July 12, 2024, using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals were considered.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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