Blackwolf Copper and Gold Ltd. (" Blackwolf ", or the " Company ") (TSXV: BWCG, OTC:BWCGF) and Optimum Ventures Ltd. (" Optimum ") (TSXV: OPV) are pleased to announce that they have completed their previously announced plan of arrangement, pursuant to which the Company acquired all the issued and outstanding shares of Optimum, and, in exchange, shareholders of Optimum received 0.65 of a common share of Blackwolf for each Optimum share held (the " Transaction "). In addition, Andrew Bowering, mining entrepreneur, a founder of Optimum, has joined the Company's board of directors, replacing Don Birak, who stepped down effective September 12, 2023.
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Optimum Ventures: Exploring High-grade Gold in Renowned Golden Triangle
Optimum Ventures (TSXV:OPV, Frankfurt:41Q, OTC:OPVLF) focuses on its high-grade gold asset in the prolific Golden Triangle. The company’s flagship asset, the Harry property, is located between two large mineralized systems: sulphurets hydrothermal system (SHS) and premiere hydrothermal system. An experienced management team and board of directors lead Optimum Ventures toward bringing the asset to production.
The Harry property has surface samples with high-grade assays reaching upwards of 285.4 g/t gold and 1,949 g/t silver. An exploratory drill program at the property was recently completed by the company in 2022. Two notable drill holes produced up to 3.10 g/t gold, 690.1 g/t silver, and an additional 1,833 g/t silver equivalents.
Company Highlights
- Optimum Ventures is an exploration and development mining company focusing on its high-grade gold asset within the famed Golden Triangle in British Columbia.
- The Golden Triangle is globally recognized as one of the most prolific gold-producing regions in the world.
- The company’s flagship Harry property is ideally located between two major mineralized systems and has already produced high-grade gold and silver assays, including up to 3.10 g/t gold, 690.1 g/t silver, and an additional 1,833 g/t silver equivalents.
- Optimum Ventures has an option agreement with Teuton to acquire an 80 percent interest in the property and enter into a JV agreement.
- An experienced management team led by Andy Bowering, who was instrumental in numerous discoveries including the Silver Coin deposit with Ascot Resources (TSX:AOT)
This Optimum Ventures profile is part of a paid investor education campaign.*
Blackwolf Completes Acquisition of Optimum Ventures; Andrew Bowering Joins the Board of Directors
Andrew Bowering is a renowned venture capitalist with over 30 years of experience in global mineral exploration and development and a track record of building shareholder value. He has founded, funded, and led teams in the pursuit of various metals, from initial exploration to production. Mr. Bowering has held senior management roles, overseeing asset acquisitions, sales, and raising over $250 million in development capital. He was a founder of Millennial Lithium Corp (acquired by Lithium Americas) and is actively involved in other publicly traded companies in the battery metals and precious metals sectors, such as Prime Mining Corp and American Lithium Corp.
Morgan Lekstrom, CEO and Director of the Company, stated, " With the acquisition of Optimum, Blackwolf has become a top developer of precious and strategic metal projects in Alaska and British Columbia's Golden Triangle. We are excited to welcome Optimum shareholders and our new board member, Andrew Bowering. This merger has brought exciting projects and expertise to Blackwolf, and we believe it will contribute significantly to our goal of creating value for our shareholders. "
Rob McLeod, Executive Chairman of Blackwolf, said, " We are proud to welcome Andrew Bowering as a new director of Blackwolf. Andy is one of Canada's top mining entrepreneurs, and we have a history of working together in the Golden Triangle since 1995. We are looking forward to working together again. Also, on behalf of the rest of the Blackwolf Team, I want to thank Don Birak for his valuable service to the Company and wish him the best in his future endeavours. "
Delisting of Optimum Shares and Information for Optimum Shareholders
The Optimum shares are expected to be delisted from the TSX Venture Exchange at the close of trading on September 14, 2023, and Optimum intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.
Further information about the Transaction is set forth in Optimum's management information circular dated July 31, 2023 relating to the annual general and special meeting of securityholders of Optimum (the " Circular "), which is available under Optimum's SEDAR+ profile at www.sedarplus.ca . Information regarding the procedure for exchange of Optimum shares for Blackwolf shares is provided for in the Circular. In order to receive Blackwolf shares in exchange for Optimum shares, registered shareholders of Optimum must complete, sign, date and return the letter of transmittal that was mailed to each registered Optimum shareholder along with the Circular. For those shareholders of Optimum whose Optimum shares are registered in the name of a broker, investment dealer, bank, trust company or other intermediary or nominee, they should contact such intermediary or nominee for instructions and assistance in depositing their Optimum shares.
Advisors and Counsel
In connection with the Transaction, Fiore Management and Advisory Corp. was issued 567,299 common shares of the Company in consideration for advisory services provided to the Company.
DuMoulin Black LLP acted as legal counsel to Blackwolf. Boughton Law Corporation acted as legal counsel to Optimum.
Upon closing of the Transaction and the issuance of shares for advisory services the Company's issued and outstanding common shares is 108,957,568.
About Blackwolf Copper and Gold Ltd.
Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. The Company holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska as well as six Hyder Area gold-silver and base metal properties in southeast Alaska and northwest British Columbia in the Golden Triangle, including the Cantoo and Harry properties. For more information on Blackwolf, please visit the Company's website at www.blackwolfcopperandgold.com .
On behalf of the Board of Directors of Blackwolf Copper and Gold Ltd.
"Morgan Lekstrom"
CEO and Director
For more information, contact:
Morgan Lekstrom 250-574-7350 (Mobile) 604-343-2997 (Office) mll@bwcg.ca | Liam Morrison 604-897-9952 (Mobile) 604-343-2997 (Office lm@bwcg.ca |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Statements
This news release contains "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian securities legislation (collectively herein referred to as "forward-looking information"). Wherever possible, words such as "expects", "expected", "strategic" and similar expressions or statements that certain actions, events or results "will" or "may" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking information. Forward-looking information contained herein includes, but is not limited to, the anticipated benefits of the Transaction, and discussion of future plans, projects, objectives, estimates and forecasts and the timing related thereto, the timing of the delisting of Optimum, Optimum ceasing to be a reporting issuer.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual results, actions, events, conditions, performance or achievements to materially differ from those expressed or implied by the forward-looking information, including, without limitation, risks related to exploration and potential development of the Company's projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and such other risks as are identified in the public disclosure documents of the Company filed on SEDAR+ at www.sedarplus.ca (the "Disclosure Documents"). This list is not exhaustive of the factors that may affect any of our forward-looking information. Although we have attempted to identify important factors that could cause actual results, actions, events, conditions, performance or achievements to differ materially from those contained in forward-looking information, there may be other factors that cause results, actions, events, conditions, performance or achievements to differ from those anticipated, estimated or intended.
Our forward-looking information is based on the assumptions, beliefs, expectations, and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond our control. In connection with the forward-looking information contained in this news release, we have made certain assumptions about, among other things, the Company's ability to achieve the business and operational synergies expected as a result of the Transaction and explore and develop its projects as currently anticipated. Although we believe that the assumptions inherent in forward-looking information are reasonable as of the date of this news release, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained in this news release.
Additional information about the risks and uncertainties concerning forward-looking information and material factors or assumptions on which such forward-looking information is based is provided in the Disclosure Documents. Forward-looking information is not a guarantee of future performance. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Forward-looking information involves statements about the future and is inherently uncertain, and our actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in this news release and the Disclosure Documents. For the reasons set forth above, readers and prospective investors should not place undue reliance on forward-looking information.
We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law.
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Optimum Ventures Ltd. Announces Court Approval of Acquisition by Blackwolf Copper and Gold Ltd.
Optimum Ventures Ltd . ("Optimum" or the "Company" ) (TSXV: OPV) is pleased to announce that, further to its news release dated September 1, 2023 the Supreme Court of British Columbia has granted final approval for the Company's acquisition by Blackwolf Copper and Gold Ltd. ("Blackwolf") (TSXV: BWCG, OTC: BWCGF) (the "Transaction"). For comprehensive details regarding the Transaction, please refer to the Company's press releases dated June 20 and July 7, 2023.
The Transaction is anticipated to be completed on or around September 12, 2023, subject to the receipt of final acceptance by the TSX Venture Exchange ("TSXV") and the fulfillment of customary conditions. In conjunction with the impending closing of the Transaction, Optimum is set to be delisted from the TSXV prior to the closing of the Transaction.
About Optimum
Optimum Ventures Ltd. is a Canadian based mineral exploration company actively seeking opportunities in the resource sector. Its properties and projects are all located in British Columbia and the extensions of the "Golden Triangle" area of northern British Columbia into Alaska. The company has an option agreement with Teuton Resources Corp. pursuant to which Teuton has agreed to grant to Optimum the option to acquire an up to 80-per-cent interest in the Harry and Outland Silver Bar properties, located near Stewart, B.C. For more information visit www.optimumventures.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events including, among others, assumptions about future prices of gold, silver, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining government approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact of the COVID-19 pandemic, availability of equipment, availability of drill rigs, and anticipated costs and expenditures. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Optimum's ability to complete all payments and expenditures required under the Option Agreement; and other risks and uncertainties relating to the actual results of current exploration activities, the uncertainty of reserve and resources estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; risks relating to grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with adjacent properties and the Company's expectations; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); metal price fluctuations; environmental and regulatory requirements; availability of permits, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, political risks, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks involved in the mineral exploration and development industry, and those risks set out in the filings on SEDAR made by the Company with securities regulators. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.
FOR FURTHER INFORMATION PLEASE CONTACT: Tyler Ross Optimum Ventures Ltd Tel: (604) 428-6128 info@optimumventures.ca
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Optimum Ventures Announces Securityholder Approval of Plan of Arrangement With Blackwolf Copper and Gold Ltd.
Optimum Ventures Ltd. ("Optimum" or the "Company") (TSXV: OPV) is pleased to announce that Blackwolf Copper and Gold Ltd.'s (" Blackwolf ") proposed acquisition of all of the outstanding securities of the Company by plan of arrangement (the " Arrangement ") was overwhelmingly approved at the Company's annual general and special meeting of securityholders held on August 31, 2023 (the " Meeting ").
At the Meeting, Optimum securityholders were asked to consider and approve a special resolution regarding the proposed Arrangement (the " Arrangement Resolution "). No dissents were received by the Company and the Arrangement Resolution was approved by 100% of the votes cast by Optimum securityholders at the Meeting.
Pursuant to the terms of the Arrangement, Blackwolf will acquire all of the issued and outstanding common shares of Optimum (" Optimum Shares "), and, in exchange, shareholders of Optimum will receive 0.65 of a common share of Blackwolf (" Blackwolf Shares ") for each Optimum Share held. For complete details of the Plan of Arrangement, interested persons are directed to Optimum's Information Circular filed on SEDAR+ ( www.sedarplus.ca ) on August 4, 2023 by Optimum under its company profile.
Closing of the Arrangement remains subject to court approval as well as other customary closing conditions. Assuming the timely completion of these conditions, Optimum expects the Arrangement to close on or about September 12, 2023.
About Blackwolf
Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. Blackwolf holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska as well as five Hyder Area gold-silver and VMS properties in southeast Alaska and northwest British Columbia in the Golden Triangle, including the high-priority wide gold-silver veins at the Cantoo Property. For more information on Blackwolf, please visit the their website at www.blackwolfcopperandgold.com .
About Optimum
Optimum is a Canadian-based mineral exploration company actively seeking opportunities in the resource sector. Its properties and projects are all located in British Columbia and the extensions of the Golden Triangle area of Northern British Columbia into Alaska. The Company has an option agreement with Teuton Resources Corp. pursuant to which Teuton has agreed to grant to Optimum the option to acquire an up to 80-per-cent interest in the Harry and Outland Silver Bar properties, located near Stewart, B.C.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tyler Ross
Optimum Ventures Ltd.
Tel: (604) 428-6128
info@optimumventures.ca
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has either approved or disapproved of the contents of this news release.
None of the securities to be issued pursuant to the Arrangement have been or will be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and any securities issuable in the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". These forward-looking statements or information may relate to the Arrangement, including statements with respect to the expected timing for closing of the Arrangement and completion of the consolidation.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although Optimum has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in Optimum's most recent annual management's discussion and analyses, and in Optimum's management information circular dated July 6, 2023, which have been filed with the Canadian securities regulators and are available on the Company's profile on SEDAR+ at www.sedarplus.ca. Optimum does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Such statements represent the current views of Optimum with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Optimum, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: treatment of the Arrangement under applicable competition laws and the Investment Canada Act; delays or risks associated with Optimum obtaining final court approval for the Arrangement; regulatory determinations and delays; any impacts of COVID-19 on the business of the Company; stock market conditions generally; demand, supply and pricing for gold and silver; and general economic and political conditions in Canada and other jurisdictions where the Company conducts business.
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Optimum Ventures Announces Mailing of Materials, Receipt of Interim Order and Conditional Approval
Optimum Ventures Ltd. ("Optimum" or the "Company") (TSXV: OPV) is pleased to announce that it has filed and mailed materials to the securityholders of Company (the " Optimum Securityholders "), including the management information circular dated July 31, 2023 (the " Circular ") and related documents for the annual general and special meeting of Optimum Securityholders to be held on August 31, 2023 (the " Meeting ").
The Meeting is being held in connection with the proposed acquisition by Blackwolf Copper and Gold Ltd. (" Blackwolf ") of all of the issued and outstanding common shares of Optimum (collectively, the " Company Shares ") by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the " Arrangement ") previously announced on July 7, 2023. If the Arrangement becomes effective, Optimum shareholders (other than dissenting Optimum shareholders, if any) will receive 0.65 common shares of Blackwolf (each whole share, a " Blackwolf Share ") for each Company Share held (the " Exchange Ratio ").
Optimum Meeting
The Meeting will be held at the offices of Boughton Law Corporation, Suite 700, 595 Burrard Street, Vancouver, British Columbia, V7X 1S8, at 11:00 a.m. (Vancouver time) on Thursday, August 31, 2023, for the purposes set forth in the Optimum notice of meeting accompanying the Circular. Optimum Securityholders are encouraged to vote in advance of the Meeting, in accordance with the instructions set out in the form of proxy or voting instruction form, as applicable, mailed to Optimum Securityholders together with the Circular. The deadline for Optimum Securityholders to return their completed proxies or voting instructions forms is 11:00 a.m. (Vancouver time) on Tuesday, August 29, 2023. Further details can be found in the Circular in the section entitled " The Meeting and General Proxy Information ".
Approvals and Conditions to Closing
Completion of the Arrangement is subject to the approvals of the Optimum Securityholders and the Supreme Court of British Columbia (the " Court ") and the satisfaction or waiver of other customary closing conditions.
On July 31, 2023, the Company was granted an interim order (the " Interim Order ") by the Court regarding the Arrangement. The Interim Order authorizes Optimum to proceed with various matters relating to the Arrangement and provides notice to the Optimum Securityholders of the date and time of the hearing of the petition to approve the Arrangement. Completion of the Arrangement is conditional upon receipt of a final order by the Court. The Court hearing in respect of the final order is expected to take place at 9:45 a.m. (Vancouver time) on Friday, September 8, 2023 (or as soon thereafter as legal counsel can be heard).
On August 9, 2023, Optimum received conditional approval of the Arrangement from the TSX Venture Exchange (the " TSXV ") and currently expects the effective date of the Arrangement will occur on or around September 10, 2023.
Board of Directors' and Special Committee Recommendations
The Arrangement has been approved by the Boards of Directors of Optimum and Blackwolf. The Board of Directors of Optimum evaluated the arrangement agreement with Blackwolf (the " Arrangement Agreement ") with the Company's management and advisors and, following receipt and review of a unanimous recommendation from the special committee of the Board of Directors (the " Optimum Special Committee "), comprised entirely of directors of Optimum, in favour of the Transaction, the Optimum Board of Directors unanimously determined that the Arrangement is in the best interests of the Company, and unanimously recommends that Optimum Securityholders vote in favour of the Transaction.
RwE Growth Partners, Inc. has provided a fairness opinion to Optimum Special Committee. The opinion stated that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the Arrangement is fair, from a financial point of view, to Optimum shareholders.
Each of Optimum's directors and officers and certain other significant Optimum shareholders have each entered into customary voting and support agreements to, amongst other things, vote in favour of the Transaction at the Meeting. As of the date of the Circular, an aggregate of 15,059,065 Company Shares representing approximately 34.5% of the outstanding Company Shares were subject to the voting and support agreements.
Advisors and Counsel
DuMoulin Black LLP is acting as legal counsel to Blackwolf and Fiore Management and Advisory Corp. has acted as advisor to Blackwolf in connection with the Transaction and will receive a 2% advisory fee payable in Blackwolf Shares on closing of the Arrangement.
Boughton Law Corporation is acting as legal counsel to Optimum. RwE Growth Partners, Inc. provided a fairness opinion to Optimum's Special Committee of the board of directors that the Arrangement is fair from a financial point of view to the shareholders of Optimum subject to the assumptions, limitations and qualifications set out in such fairness opinion.
About Blackwolf
Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. Blackwolf holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska as well as five Hyder Area gold-silver and VMS properties in southeast Alaska and northwest British Columbia in the Golden Triangle, including the high-priority wide gold-silver veins at the Cantoo Property. For more information on Blackwolf, please visit the their website at www.blackwolfcopperandgold.com.
About Optimum
Optimum is a Canadian-based mineral exploration company actively seeking opportunities in the resource sector. Its properties and projects are all located in British Columbia and the extensions of the Golden Triangle area of Northern British Columbia into Alaska. The Company has an option agreement with Teuton Resources Corp. pursuant to which Teuton has agreed to grant to Optimum the option to acquire an up to 80-per-cent interest in the Harry and Outland Silver Bar properties, located near Stewart, B.C.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Completion of the Arrangement is subject to a number of conditions, including but not limited to, TSXV acceptance and shareholder approval. The Arrangement cannot close until the required approvals are obtained. There can be no assurance that the Arrangement will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the Arrangement, any information released or received with respect to the Arrangement may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
Neither the TSX Venture Exchange, Inc. nor its Regulation Services Provider (as that term is defined in the polices of the TSX Venture Exchange) has in any way passed upon the merits of the Arrangement and associated transactions and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Forward Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Important factors that could cause actual results to differ materially from the Company's expectations include risks associated with the business of Optimum and Blackwolf; risks related to the satisfaction or waiver of certain conditions to the closing of the Arrangement including obtaining all required securityholder approvals and third party and regulatory consents; non-completion of the Arrangement due to the exercise of dissent rights by Optimum shareholders; risks related to reliance on technical information provided by Optimum and Blackwolf; risks related to exploration and potential development of Optimum and Blackwolf projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty as to timely availability of permits and other governmental approvals; and those risks set out in the filings on SEDAR made by the Company with securities regulators. In making the forward looking statements in this news release, the Company has applied several material assumptions that the Company believes are reasonable, including without limitation: the Company's ability to complete the proposed Arrangement; and the Company's ability to achieve the synergies expected as a result of the Arrangement. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.
FOR FURTHER INFORMATION PLEASE CONTACT: Tyler Ross Optimum Ventures Ltd. Tel: (604) 428-6128 info@optimumventures.ca
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Optimum Ventures Announces Entry Into Arrangement Agreement With Blackwolf Copper and Gold Ltd.
Optimum Ventures Ltd. ("Optimum" or the "Company") (TSXV: OPV) is pleased to announce that it has entered into an arrangement agreement with Blackwolf Copper and Gold Ltd. (" Blackwolf ") dated as of July 6, 2023 (the " Arrangement Agreement "), pursuant to which Blackwolf has agreed to acquire all of the issued and outstanding common shares of Optimum (collectively, the " Company Shares ") by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the " Arrangement ").
Tyler Ross, CEO of Optimum, stated, "This is a transformational opportunity for Optimum's shareholders to join the vision of Blackwolf in becoming a leading mining company in the Golden Triangle. With experienced leadership under Morgan Lekstrom, strategic investment from Frank Giustra, Rob McLeod leading the Geological programs and the addition of Andrew Bowering to the board of the resulting issuer, the combined entity is well situated to unlock the large-scale potential of these complementary projects in the Golden Triangle."
Summary of the Arrangement
Pursuant to the terms of the Arrangement, shareholders of Optimum (the " Company Shareholders ") will receive common shares of Blackwolf (" Blackwolf Shares ") on the basis of an exchange ratio of 0.65 (the " Exchange Ratio ") of a common share of Blackwolf for each share of Optimum held, resulting in existing Company Shareholders collectively owning approximately 26% of the outstanding share capital of the resulting company upon closing of the Arrangement and all outstanding stock options of the Company will be cancelled. Each of Optimum's directors and officers and certain other significant Optimum shareholders, collectively holding in aggregate at least 41% of the outstanding shares of Optimum, have entered into voting support agreements in favour of the proposed transaction. The proposed consideration for the Arrangement values Optimum at approximately C$0.196 per share, representing a premium of approximately 8.97% to Company Shareholders based on the trailing 10-day volume weighted average price of each company as of the close of trading on June 20, 2023 at the time the proposed Arrangement was initially announced.
The Arrangement is subject to a number of closing conditions, including: the Company having minimum working capital of C$675,000 (net of costs and expenses of the Company in connection with the Arrangement); reconstitution of the board of directors of Blackwolf to consist of six (6) members, five (5) of which will be existing members of the board of directors of Blackwolf or chosen by Blackwolf and one of which will be Andrew Bowering, a nominee of the Company; the approval of the Supreme Court of British Columbia (the "Court"); the approval of the TSX Venture Exchange (the " TSXV ") and all other applicable third party and regulatory consents for the Arrangement; the Company obtaining the requisite approval of its shareholders (the " Optimum Shareholders ") and optionholders; no more than 5% of the Company's shareholders exercising their rights of dissent in connection with the Arrangement, and the satisfaction of certain other closing conditions customary for a transaction of this nature.
The Arrangement Agreement includes customary provisions, including non-solicitation, right to match, and fiduciary out provisions, as well as certain representations, covenants and conditions which are customary for a transaction of this nature. The Arrangement Agreement provides for a termination fee payable by either party in certain circumstances in the event the Arrangement does not close. The Arrangement is an arm's length transaction in accordance with the policies of the TSXV.
Further information regarding the Arrangement will be contained in a management information circular that Optimum will prepare, file and mail to the Optimum securityholders (the " Circular ") in connection with the special meeting of the Optimum securityholders to be held to consider the Arrangement (the " Meeting "). All securityholders are urged to read the Circular once available as it will contain additional important information concerning the Arrangement. The Arrangement Agreement will be filed on SEDAR. Only Optimum Shareholders of record and optionholders of Optimum at the close of business on the record date will be entitled to vote at the Meeting. The Arrangement will require the approval of (i) at least 66⅔% of the votes cast by Optimum securityholders; (ii) at least 66⅔% of the votes cast by Optimum shareholders; and (iii) if applicable, a majority of the votes cast by Optimum shareholders present in person or represented by proxy at the Optimum annual general and special meeting, excluding, for this purpose, votes attached to Optimum shares held by persons described in items (a) through (d) of Section 8.1(2) of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Transaction is anticipated to be completed at or about the beginning of September 2023.The Plan of Arrangement is subject to Court approval by way of receipt of an interim order (the " Interim Order ") and a final order (the " Final Order "). The Interim Order will provide for, among other things, the holding of the Meeting to approve the Arrangement. The Interim Order will also set out other conditions that must be met for the Company to apply for the Final Order of the Court to approve the Plan of Arrangement.
The Blackwolf Shares to be issued under the Arrangement have not been and will not be registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States absent registration or applicable exemption from registration requirements. It is anticipated that any securities to be issued under the Arrangement will be offered and issued in reliance upon the exemption from the registration requirements of the U.S. Securities Act of 1933 provided by Section 3(a)(10) thereof.
Board of Directors' and Special Committee Recommendations
The Arrangement Agreement has been approved by the Boards of Directors of Optimum and Blackwolf. The Board of Directors of Optimum has evaluated the Arrangement Agreement with the Company's management and advisors and, following receipt and review of a unanimous recommendation from the special committee of the Board of Directors (the " Optimum Special Committee "), comprised entirely of independent directors of Optimum, in favour of the Transaction, the Optimum Board of Directors unanimously determined that the Arrangement Agreement is in the best interests of the Company, and unanimously recommend that Optimum securityholders vote in favour of the Transaction.
RwE Growth Partners, Inc. has provided a fairness opinion to Optimum Special Committee. The opinion stated that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the consideration to be paid under the Arrangement is fair, from a financial point of view, to Optimum shareholders.
Strategic Rationale for the Arrangement
- The resulting entity following completion of the Arrangement will provide the Optimum Shareholders a direct interest in a company with a strong base of strategically located high potential projects in the Golden Triangle area in Northern British Columbia and Alaska with significant capital and an experienced management team to pursue further exploration and development of the projects;
- Complementary management teams with a combined skill set of mining development, operations, finance, exploration and community relations experience; locally-based team of miners, drillers and support team; and
- Strong, supportive combined corporate, retail and institutional shareholder base of the resulting issuer providing enhanced market visibility.
Advisors and Counsel
DuMoulin Black LLP is acting as legal counsel to Blackwolf and Fiore Management and Advisory Corp. has acted as advisor to Blackwolf in connection with the Transaction and will receive a 2% advisory fee payable in Blackwolf Shares on closing of the Arrangement.
Boughton Law Corporation is acting as legal counsel to Optimum. RwE Growth Partners, Inc. provided a fairness opinion to Optimum's Special Committee of the board of directors that the Arrangement is fair from a financial point of view to the shareholders of Optimum subject to the assumptions, limitations and qualifications set out in such fairness opinion.
About Blackwolf
Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. Blackwolf holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska as well as five Hyder Area gold-silver and VMS properties in southeast Alaska and northwest British Columbia in the Golden Triangle, including the high-priority wide gold-silver veins at the Cantoo Property. For more information on Blackwolf, please visit the their website at www.blackwolfcopperandgold.com.
About Optimum
Optimum is a Canadian-based mineral exploration company actively seeking opportunities in the resource sector. Its properties and projects are all located in British Columbia and the extensions of the Golden Triangle area of Northern British Columbia into Alaska. The Company has an option agreement with Teuton Resources Corp. pursuant to which Teuton has agreed to grant to Optimum the option to acquire an up to 80-per-cent interest in the Harry and Outland Silver Bar properties, located near Stewart, B.C.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Completion of the Arrangement is subject to a number of conditions, including but not limited to, TSXV acceptance and shareholder approval. The Arrangement cannot close until the required approvals are obtained. There can be no assurance that the Arrangement will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the Arrangement, any information released or received with respect to the Arrangement may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
Neither the TSX Venture Exchange, Inc. nor its Regulation Services Provider (as that term is defined in the polices of the TSX Venture Exchange) has in any way passed upon the merits of the Arrangement and associated transactions and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Forward Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Important factors that could cause actual results to differ materially from the Company's expectations include risks associated with the business of Optimum and Blackwolf; risks related to the satisfaction or waiver of certain conditions to the closing of the Arrangement including obtaining all required securityholder approvals and third party and regulatory consents; non-completion of the Arrangement due to the exercise of dissent rights by Optimum shareholders; risks related to reliance on technical information provided by Optimum and Blackwolf; risks related to exploration and potential development of Optimum and Blackwolf projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty as to timely availability of permits and other governmental approvals; and those risks set out in the filings on SEDAR made by the Company with securities regulators. In making the forward looking statements in this news release, the Company has applied several material assumptions that the Company believes are reasonable, including without limitation: the Company's ability to complete the proposed Arrangement; and the Company's ability to achieve the synergies expected as a result of the Arrangement. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.
FOR FURTHER INFORMATION PLEASE CONTACT: Tyler Ross Optimum Ventures Ltd. Tel: (604) 428-6128 info@optimumventures.ca
News Provided by GlobeNewswire via QuoteMedia
Astral Resources NL (ASX: AAR) – Reinstatement to Quotation
Description
The suspension of trading in the securities of Astral Resources NL (‘AAR’) will be lifted immediately following the release by AAR of an announcement regarding the outcome of an application to court by the Company seeking orders in relation to the Company’s inadvertent failure to lodge a cleansing notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) within the prescribed 5 day period after the issue of shares on 9 April 2024.
Issued by
ASX Compliance
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.
First Diamond Drilling Results at Ricciardo Deliver High-Grade Gold Extensions
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to provide an update on drilling progress and release the first results from diamond drilling undertaken at the Ricciardo deposit within its Golden Range Project, located in the Murchison region of Western Australia (Figure 1).
HIGHLIGHTS:
- Next phase of drilling activities progressing strongly at Ricciardo and M1.
- Approximately 5,030m RC (29 holes) and 1,420m diamond drilling (16 holes) completed to date.
- The first diamond drilling undertaken at the 2.3km long Ricciardo deposit by any operator in ten years.
- Assay results returned for the first four (4) diamond tails (255m) of the program at Ricciardo have seen all holes intersect significant gold intervals, including:
- 19m @ 4.94 g/t Au from 188m (RDRC039 DD) * includes contiguous final RC result of 4m @ 14.49 g/t from 188m
- 12m @ 6.98 g/t Au from 110m (RDRC040 DD) inc. 3m @ 22.12 g/t Au from 112m
- 16m @ 2.30 g/t Au from 243m (RDRC055 DD) inc. 6m @ 3.13 g/t Au from 252m
- 17m @ 2.38 g/t Au from 264m (RDRC055 DD) inc. 8m @ 4.03 g/t Au from 273m
- Delivers further high-grade extensional success to existing Mineral Resource Estimate (MRE) model below the Silverstone North pit (Holes 40, 55) and infill confidence to MRE below northern end of the Ardmore pit (Hole 39).
- These outcomes build on the growth in high-grade deposit margins delivered at Ricciardo from the significant RC program executed earlier this year.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- The ‘Golden Corridor’ is Warriedar’s key exploration focus in 2024.
This is the first diamond drill program at Ricciardo since 2014, when just three (3) diamond holes were drilled by the previous operator.
The results reported in this release are for four (4) (255m) of the 16 (1420m) diamond holes drilled to date. Approximately 2,200m of diamond drilling is planned as part of the current phase of combined RC and diamond drilling at Ricciardo and M1.
The results from these initial four diamond holes extend the high-grade shoot below the Silverstone North pit and infill a previous gap in the high-grade zone of the MRE below the northern part of the Ardmore pit (adding confidence and continuity to the MRE in this area).
These outcomes, while stemming from only a small part of the overall current phase of drilling, continues to demonstrate the outstanding MRE growth potential that exists at Ricciardo and along the broader ‘Golden Corridor’ trend.
Figure 1: The Golden Range and Fields Find Projects Mines and projects within trucking distance of the Warriedar tenure are shown. The location of the Ricciardo deposit within the 25km-long ‘Golden Corridor’ at the Golden Range Project is annotated
The Ricciardo gold system (within the Golden Range Project) spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current Mineral Resource Estimate (MRE) of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 The oxide material at Ricciardo has been mined by previous operators.
Click here for the full ASX Release
This article includes content from Warriedar 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.
Top 5 Junior Gold Stocks on the TSXV in 2024
2024 has been a storybook year for gold. Gold prices saw significant gains through the first half of 2024 and set an all time high of US$2,450.05 on May 19.
Prices were supported by strong central bank buying, particularly by China, Turkey and India, along with resilient retail purchases that came despite high prices. Further momentum was carried as sentiment for the precious metal helped stem outflows from western exchange-traded funds in March and April.
Although gold experienced a slight pullback at the end of Q2, prices have remained elevated, continuing to trade above US$2,300 level. Despite gold’s solid performance at the end of 2023 and continued high prices in 2024, it wasn’t until after gold’s dramatic breakout that some of the major gold stocks saw some upward momentum.
How have these gains affected small cap gold stocks on the TSXV? These five gold companies are the biggest movers so far this year. Data for this article was retrieved on June 26, 2024, using TradingView's stock screener, and only companies with market capitalizations greater than C$10 million are included.
1. Adyton Resources (TSXV:ADY)
Year-to-date gain: 1100 percent; market cap: C$23.8 million; share price: C$0.12
Adyton Resources is working to advance the Feni Island and Fergusson Island gold projects in Papua New Guinea.
The Feni Island site has seen historic exploration, with 212 holes drilled over 18,813 meters. While limited work has been conducted by Adyton, a 2021 resource estimate reported an inferred quantity of 1.46 million ounces of gold on site. The company has been working to expand its gold resource and explore for copper at greater depths than previous exploration.
Shares of Adyton saw gains following news in late April that it had closed on C$1.5 million in financing and restarted exploration at Feni Island. The company said the initial focus will be to reprocess and reinterpret historical data with modern geophysical algorithms in order to provide optimized locations for detailed follow-up programs.
Adyton’s reached a year-to-date high of C$0.16 on May 5.
The most recent update from Feni came on June 26 when it reported that it had identified new drill targets following an analysis of historical airborne magnetic and radiometric data. The company said it was preparing for follow-up field work and to fast-track drilling of the targets.
While Feni Island has been the company's primary focus, Adayton has also been working to raise capital for its Fergusson Island project. On May 13, the company announced it had entered into a binding investment and development agreement with East Vision International Holdings. The deal will see East Vision contribute US$8.5 million in funding for project costs and US$1 million to Adyton in exchange for a 50 percent stake in the project.
The project consists of two advanced exploration licenses for the Wapolu and Gameta targets, which host combined indicated resources estimated at 173,000 ounces of gold from 4 million metric tons grading 1.33 grams per metric ton (g/t), and additional inferred resources of 540,000 ounces from 16.3 million metric tons at a grade of 1.02 g/t.
2. Black Mammoth Metals (TSXV:BMM)
Year-to-date gain: 958.82 percent; market cap: C$25.11 million; share price: C$0.90
Black Mammoth Metals is a gold explorer working to advance its US properties in Nevada, Idaho and California.
Its Happy Cat gold property is located in the Ravenswood Mining District in Ladner County, Nevada. The site covers approximately 1,213 hectares and hosts an approximately 4 square kilometer area where the company has identified a potential alteration zone. Black Mammoth completed ground gravity and magnetic surveys at the site in 2023.
The company also owns the Blanco Creek gold property in the Elk Creek Mining District in Central Idaho. The site hosts three historic mines along 3,550 meters of strike length.
In January, Black Mammoth acquired the America Mine property as part of its acquisition of IDA Mining. The site hosts a historical open-pit heap leach gold and silver mine and is located in San Bernardino, California.
On March 28, the company announced that its subsidiary, Antelope Creek, had entered into an option agreement with Gold Royalty (NYSE:GROY) subsidiary Nevada Select Royalty, which is optioning its Quito gold property in Nevada to Antelope Creek for payments totaling US$900,000 over four years.
On May 16, Black Mammoth announced it had closed a private placement for gross proceeds of C$2.8 million. The company said it would use the funding for purposes including advancing projects throughout its portfolio and eliminating long-term debt.
Shares in Black Mammoth reached a year-to-date high of C$1.25 on June 12.
3. PPX Mining (TSXV:PPX)
Year-to-date gain: 175 percent; market cap: C$39.45 million; share price: C$0.055
PPX Mining is a precious metals company that is focused on its Igor project, which contains the operating Callanquitas underground mine, located in the Otuzco province of Northern Peru.
In a prefeasibility study for Igor, which was amended in January 2022, the company indicates that the 1,300 hectare site previously hosted small-scale mining operations and hosts a 50 metric ton (MT) per day gold-processing plant from the 1980s. PPX is currently working to upscale processing at the site through the construction of a 350 MT per day carbon-in-leach and flotation plant that will be used to process oxide and sulfide ore from Callanquitas.
An updated resource estimate for Callanquitas released by the company this past January shows measured and indicated resources as oxides of 81,090 ounces of gold and 2.92 million ounces of silver. The inferred resource as sulfides stands at 20,760 ounces of gold and 2.07 million ounces of silver.
PPX has continued to explore the property through the start of 2024 and has delivered several rounds of assay results. The most recent came on May 13, when the company reported an underground channel sampling was carried out which resulted in grades of 22.13 g/t gold and 718 g/t silver over 0.7 meters.
The company also announced on June 13 that it received its water availability accreditation for water use rights from the government of Peru. The accreditation, which confirms that there is sufficient water in the area, is a critical step for the permitting of the flotation plant.
In addition to its exploration efforts, PPX has been working to raise capital, securing a US$6 million debt facility reported on January 2, a US$2.5 million silver royalty with Silver Crown Royalty announced on March 12 and a C$1.35 million private placement closed on April 18.
Shares in PPX reached a year-to-date high of C$0.075 on April 22.
4. East Africa Metals (TSXV:EAM)
Year-to-date gain: 170.59 percent; market cap: C$45.81 million; share price: C$0.23
East Africa Metals is a gold exploration company focused on its Adyabo and Harvest projects in Ethiopia’s Tigray region.
Its principal asset is the Adyabo property, in which the company holds a 30 percent net profit interest, with Tibet Huayu Mining (SHA:601020) owning the remaining 70 percent. The 195.2 square kilometer site hosts two mining licenses, Mato Bula and Da Tambuk, located in an area known for high-grade gold and copper mineralization.
East Africa Metals also owns a 70 percent share of the Harvest polymetallic project, which hosts the Terakimti mining license, as well as a 30 percent streaming interest in the Magambazi gold mine in the Tanga region of Tanzania.
Shares of East Africa saw gains following an announcement on May 10 that Tibet Huayu will be moving forward with mine development activities for the Mato Bula and Da Tambuk mines at the Adyabo property, with construction of roadworks to begin that month.
This was followed by news on May 24 that East Africa Metals had been granted an extension to the development period for the projects. The company says the extension will resolve permitting issues that arose due to regional conflicts in 2023. Mato Bula and Da Tambuk were extended by four years to February 1, 2028, and Terakimti was extended to December 5, 2028.
On June 14, East Africa reported that it had hired Kluane Drilling to commence a drill program to test the Halima Hill prospect at Mato Bula. Shares in East Africa Metals reached a year-to-date high of C$0.27 on June 19.
Since then, the company has continued to make progress at the Adyabo project, announcing on June 27 it had completed the negotiations of the relocation action plan, which assesses a mine’s impact on nearby communities and land. Its completion means mine development activities can begin.
5. TriStar Gold (TSXV:TSG)
Year-to-date gain: 155.56 percent; market cap: C$62.98 million; share price: C$0.23
TriStar Gold is an exploration and development company focused on its flagship Castelo de Sonhos gold project, which is located near the town of Castelo de Sonhos in Northern Brazil's Pará state.
According to a 2021 prefeasibility study, the project hosts an indicated resource of 1.76 million contained ounces of gold from 53.1 million MT at a grade of 1.03 g/t gold. At the time, the company estimated a mine life of 11 years with an annual production rate of 3.6 million MT of ore, as well as a net present value of US$321 million with an internal rate of return of 28 percent and a payback period of 2.8 years.
Shares of TriStar saw gains following a June 12 announcement that the Pará State Environmental Council has approved the site's preliminary license and environmental impact assessment.
The company’s share price reached a year-to-date high of C$0.23 on June 23.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Tartana Minerals
Investor Insight
Tartana Minerals is a new copper producer generating strong cash flow, with a substantial exploration footprint in a tier 1 mining jurisdiction. Tartana Minerals is creating shareholder value through investment in increasing its existing copper, zinc and gold resources and accelerating exploration of key projects within its highly prospective exploration portfolio. Tartana Minerals presents a compelling investment against the backdrop of a strong macroeconomic environment for copper.
Overview
Tartana Minerals (ASX:TAT) is a copper, gold, silver and zinc, producer, explorer and developer in Far North Queensland. Its flagship project is the 100 percent owned Tartana copper and zinc project which comprises four mining leases located north of Chillagoe. The company’s business model has involved refurbishing an existing heap leach - solvent extraction – crystallisation plant which is located on the Tartana mining leases. The refurbishment and commissioning of this plant is now completed and the company is producing copper sulphate pentahydrate which is sold to offtaker, Kanins International. Copper sulphate is priced on a premium plus percentage of the LME copper price and provides investors with leverage to anticipate increasing copper prices.
The company, formerly known as R3D Resources, changed its name to Tartana Minerals in April 2024. Tartana Minerals is based in Sydney, Australia.
Tartana Minerals has reported the following resources:
- 45,000 contained copper at 0.45 percent copper in combined inferred and indicated resources in the Tartana open pit and northern oxide zone
- 39,000 tonnes of contained zinc at 5.29 percent zinc in inferred resources in the Queen Grade project, also located on the Tartana mining leases, and
- 415 koz contained gold at 0.34 g/t in inferred resources at Mountain Maid – subject to a mining lease application.
These copper, zinc and gold resources remain open at depth and along strike and the company has designed drilling programs to expand these resources. In particular, the copper mineralisation and potentially the gold mineralisation have scope to be upgraded through ore sorting.
However, the refurbished heap leach – solvent extraction – crystallisation plant utilises existing copper in the ponds and the heaps and these copper sources will be replenished when we commence mining from the open pit.
The first and second shipments of copper sulphate were sold during the June 2024 quarter with further shipments are currently being prepared. The copper sulphate contains 25 percent copper metal and payment is based on the LME copper price for the preceding month plus a premium. It is one of the few forms of saleable copper where the copper content receives the full LME price.
Exploration
Chillagoe region of Far North Queensland is highly prospective with the discovery and development of a number of key projects over the last few decades including Red Dome (2.5 Moz gold), Mungana (1.2 Moz gold), and King Vol (250 kt zinc). These deposits occur along the Palmerville Fault in a similar location to the Tartana Mining leases.
The mining leases at Tartana contain copper, zinc and gold mineralisation but the company also has significant projects which are both east and west of the Palmerville Fault. In the west it has the Cardross and Mountain Maid copper-gold projects and further north it has the Beefwood project. Mountain Maid has gold resources mentioned above and which are open to the south and at depth while the company is finalising a maiden copper resource for the Cardross project. The Beefwood project comprises a buried geophysical target and surface sampling has recovered samples grading up to 180 g/t Au with no apparent source. Drilling is planned to test this target in the current dry season.
In the east of the Palmerville Fault, the company has the Bellevue/Dry River project, the OK South project and the Dimbulah Porphyry project, all copper projects with historic copper mines and prospects. Like many parts of Far North Queensland, historical exploration has not been systematic and thorough despite many promising expressions of surface mineralisation.
Tartana’s exploration team comprises of experienced exploration geologists with supporting cash flow from their copper production, they expect to be able drill the most promising targets in the short term.
Strong Macroeconomic Environment for Copper
Overall, the macroeconomic environment for copper remains strong. The LME three-month copper price hit US$5.24/lb on May 17, the highest since March 7, 2022, driven by a weaker US dollar, Chinese property stimulus measures, and a short squeeze on the Chicago Mercantile Exchange futures market.
In the near-to-mid term China’s demand for refined copper is expected to grow, due to better-than-expected performances from key consumer segments, including the power grid, solar installations and electric vehicle and air conditioning appliance sales. On the supply side the copper concentrate market is expected to remain in a significant deficit due to the estimated delay in the Cobre Panama mine restart but will be partially offset by the higher projected production from smelters in China. As a result, we see further demand growth and supply tightening for the copper market as positive for base metal equities who maintain significant leverage to increasing prices.
Company Highlights
- Tartana Minerals is producing copper sulphate pentahydrate from its heap leach – solvent extraction – crystallisation plant in Chillagoe with a 100 percent offtake agreement with Kanins International.
- Copper sulphate is priced at a premium plus percentage of the LME copper price, providing exposure to the booming copper market
- With copper, zinc and gold resources in separate projects and all within granted or soon to be granted mining leases, the company is investigating processing options which can potentially utilise available infrastructure.
- Near-term catalysts include targetted drilling programs to increase the JORC resource and expand on metallurgical test work, increasing the resource grade and estimate
- With the copper sulphate plant fully commissioned and in production, the company is now accelerating its exploration activities. The company has a range of prospects from advanced brownfields projects near existing historical mines to many prospects containing ‘ore grade’ surface mineralisation which have not been tested at depth.
- The company’s exploration portfolio includes the Beefwood/Bulimba, Bellevue, Dimbulah, Cardross and Maid projects. The exploration team is focused on target generation, particularly with the addition of critical minerals within its existing tenure and elsewhere.
Management Team
Jihad Malaeb – Non-executive Chairman
Jihad Malaeb is an experienced entrepreneur across a number of industries, including hospitality and construction, as well as having significant experience in mineral exploration and mining operations – both as an active investor and company director. He currently owns and operates a portfolio of hospitality businesses and real estate across Australia, which have been established over the past 30 years. Malaeb was previously a non-executive director of Critical Resources (ASX:CRR), where he helped steer CRR through the past few years as one of its largest shareholders and as a board member.
Dr Stephen Bartrop - Managing Director
Steve Bartrop’s professional experience spans more than 30 years covering periods in both the mining industry and financial sector. With a geology background, Bartrop has worked in exploration, feasibility and evaluation studies and mining in a range of commodities and in different parts of the world. In the financial sector, he has been involved in research, corporate transactions and IPOs spanning more than 20 years, including senior roles at JPMorgan, Bankers Trust and Macquarie Equities.
Bartrop is also a director of Southwest Pacific Bauxite (HK), a company developing a bauxite project in the Solomon Islands and chairman of Breakaway Research.
Bruce Hills – Executive Director
Bruce Hills is an accountant and is currently an executive director of Breakaway Investment Group, which operates the Breakaway Private Equity Emerging Resources Fund. Hills is a director of a number of unlisted companies in the mining and financial services sectors including The Risk Board and Stibium Australia. Hills has 35 years’ experience in the financial sector including 20 years in the banking industry primarily in the areas of strategy, finance and risk.
Dr Alistair Lewis – Non-executive Director
Dr Alistair Lewis is a successful entrepreneur and highly experienced medical doctor with over 40 years’ experience. For the past 10 years Lewis has been involved in the management of mining and exploration companies. In 2017, Lewis established Oosen Lewis Mining in North Queensland. He financed the aggregation of a substantial portfolio of gold, tin, tungsten and antimony assets and instigated subsequent extensive exploration programs. These assets now form part of the QSM portfolio.
Michael Thirnbeck – Independent Non-executive Director
Michael Thirnbeck is an experienced geologist with over 25 years in managing numerous mineral development projects in Papua New Guinea, Indonesia and Australia. He has been a member of the Australasian Institute of Mining and Metallurgy since 1989 and holds B.Sc (Hons.) degree from University of Queensland.
Endeavour Pours First Gold at Lafigué Mine, Looks for More Côte d’Ivoire Opportunities
Endeavour Mining (LSE:EDV,TSX:EDV,OTCQX:EDVMF) said on Monday (July 2) that it has completed the first gold pour at its Lafigué mine in Côte d’Ivoire ahead of schedule, 21 months after construction began.
“We are proud to have achieved our first gold pour at Lafigué, which, alongside the first gold pour at the Sabodala-Massawa BIOX expansion that we achieved in April, marks the successful completion of the recent phase of investment and growth that we started in Q2-2022,” said CEO Ian Cockerill in a release shared by the company.
“We now begin a new phase of increased free cash flow generation, de-levering and enhanced shareholder returns."
Lafigué is Endeavour's fifth project built in West Africa in the last decade, and according to the company was discovered for US$31 million, a low cost compared to other discoveries in the industry.
The mine is expected to produce 90,000 to 110,000 ounces of gold during the company's 2024 fiscal year at an all-in sustaining cost of US$900 to US$975 per ounce. Output is expected to increase to around 200,000 ounces in Endeavour's 2025 fiscal year, with that level of output anticipated to continue for at least 13 years.
The first gold pour included gold from both gravity and carbon-in-leach circuits, yielding approximately 380 ounces of gold. The company expects the asset to reach commercial production during its fourth fiscal quarter this year.
Currently 1.8 million metric tons of ore grading 1.37 grams per metric ton are stockpiled at Lafigué.
From 2021 to 2025, Endeavour is aiming to discover 1.2 million to 1.8 million ounces of indicated resources at the Lafigué mining permit and the wider Fetekro exploration permit. It has achieved 50 percent of the target's lower end so far.
The company is also looking at other areas of the country in hopes of further success.
"We believe this level of value creation is repeatable in West Africa," noted Cockerill. "We have already identified the Assafou deposit on the Tanda-Iguela property in Côte d’Ivoire, where we have delineated a top tier resource and another potential cornerstone asset, which will underpin our next phase of organic growth in a few years time."
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Exploration Success, Capital Investment and Reserve Growth to Sustain Kibali's Production Profile
All amounts expressed in US dollars unless stated otherwise
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Africa's largest gold mine, Kibali, continues to deliver growth as its strong record of replenishing reserves and resources, and further investment in technology and capacity, position it to sustain its 750,000 ounces annual production past the current 10-year horizon to 15 years and beyond.
Speaking to media and other stakeholders today, Barrick president and chief executive Mark Bristow said Kibali was not only Africa's largest gold mine but also its most automated and, thanks to its three hydropower stations, a leader in renewable energy. When its back-up solar power plant and battery storage system are commissioned next year, the renewable component of its energy mix will increase to 85%.
"When we started building Kibali 14 years ago, this was one of the DRC's most underdeveloped regions. The value we created and the infrastructure we built here have since transformed it into a new economic frontier and a flourishing commercial hub, with a community that has grown from 30,000 to over 500,000 people. We've promoted this growth through investment in community development and partnering with local businesses we have mentored. Our Azambi power station, for example, was built by an all-Congolese team. Since 2010, Kibali's payments to local contractors and suppliers have amounted to almost $2.7 billion (CDF 7.6 trillion)," Bristow said.
"In addition, Kibali has written a new chapter in Barrick's long support for Africa's biodiversity by partnering with African Parks and the DRC Government to re-introduce a sustainable population of white rhino to the DRC's Garamba National Park, which the mine also supports in other ways. This means that, together with the Barrick coffee project in the Haut-Uele region aimed at revitalising the once vibrant Robusta coffee industry which Isiro was once renowned for, we are not only looking after our host countries in the present but also to their national heritage in the future."
Bristow said Kibali was built on partnerships with its stakeholders, notably the government and its host communities. Based on its success, Barrick was ready to invest in new gold and copper opportunities in the DRC, provided the government continued to build alongside it.
Enquiries:
DRC country manager
Cyrille Mutombo
+243 812 532 441
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information:
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "on track", "value-creating", "perform", "transform', "expect", "continue", "increase", "commitment", "grow", "will", and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the anticipated benefits from Kibali's local procurement initiatives and investment in local partnerships and communities; Barrick's investment in community programs and projects; and Barrick's commitment to the DRC and potential further growth opportunities.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in the DRC and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; changes in mineral production performance, exploitation, and exploration successes; the possibility that future exploration results will not be consistent with the Company's expectations; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations to related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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