Renforth Resources Inc. (CSE:RFR) (CNSX:RFR.CN) (OTC:RFHRF) (FSE:9RR) ("Renforth" or the "Company") is pleased to inform shareholders of the assay results from the 1,203m drilled in 7 holes within the 275m strike length of the stripped area at Victoria West, one of several mineralized areas within our >300 km 2 Surimeau District Property in NW Quebec. SUR-21-28 was drilled for 234m at a dip of -80 as an undercut of SUR-21-26 and SUR-21-27 in the western end of the stripped area, between two historic trenches now within the stripped area. SUR-21-28 assayed 3.46% Ni and 491 ppm Co over 1.5m between 196.5 and 198m down the hole as presented in the table below, within a broad mineralized zone of 170.55m, between 40.9 and 211.45m down the hole which averaged 0.16% Ni and 100.2 ppm Co . Within this broad zone of mineralization there are higher grade sub-zones, as seen in this and other holes drilled in the December program, in this case the zone between 187.5 and 199.5m down the hole, a length of 12m, averaged 0.54% Ni and 138.7 ppm Co , encapsulating the 3.46% Nickel value. Renforth's current interpretation of the mineralization seen at Victoria West is that there are higher grade bands of mineralization within the extent of the mineralized magnetic ultramafic body. The exceptional 3.49% Ni value points to the high grade potential present at Victoria West, which has only seen 5,626m of drilling by Renforth over 2.2km of strike within the known 6km strike length of Victoria West, in the western end of a 20km long magnetic feature also mineralized at its eastern end.
"I am very happy with these results, they support our interest in Surimeau, an interest which only continues to grow. We will soon drill again as we work to define not "whether" there are battery metals within the 6km km long Victoria West area, but instead, answer the question of just how well endowed with battery metals this "hiding in plain sight" discovery really is. We will also be prospecting, following up on the presence of lithium and REEs documented at Surimeau. I expect this property will continue to deliver excitement to Renforth's shareholders for the foreseeable future" states Nicole Brewster, President and CEO of Renforth.
December 2021 Assay Results
Presented below are the assay results for the 7 holes drilled in December. These are colour coded in order to show, in green, the broader, lower grade mineralized intervals. Within these the contained higher grade zones are given, those above an average of 0.2% Ni are in red.
*Assay results are as measured in the core box. Not true width, true widths are not currently known
Technical disclosure in this press release has been reviewed and approved by Francis R. Newton P.Geo (OGQ#2129), a "qualified person" pursuant to NI 43-101.
For further information please contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#Unit 1B - 955 Brock Road, Pickering ON L1W 2X9
Follow Renforth on Facebook, LinkedIn and Instagram!
About Renforth
Renforth wholly owns the ~260 km 2 Surimeau District Property, which hosts numerous areas of polymetallic and gold mineralization, each with various levels of exploration, as well as a significant amount of unexplored ground. Victoria West has been drilled over a strike length of 2.2km, within a 5km long mineralized structure, proving nickel, copper, zinc and cobalt mineralization, in the western end of a 20km magnetic anomaly. The Huston target, during initial reconnaissance, resulted in a grab sample grading 1.9% Ni, 1.38% Cu, 1170 ppm Co and 4 g/t Ag. In addition to this the Lalonde, Surimeau and Colonie Targets are all polymetallic mineralized occurrences which, along with various gold showings, comprise the areas of potential of this NSR free property.
In addition to the Surimeau District battery metals property Renforth wholly owns the Parbec Gold deposit, a surface gold deposit contiguous to the Canadian Malartic Mine property in Malartic, Quebec. In 2020/21 Renforth completed 15,569m of drilling which successfully twinned certain historic holes, filled in gaps in the resource model with newly discovered gold mineralization and extended mineralization deeper. Based upon the success of this significant drill program the Company considers the spring 2020 MRE, with a resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au to be out of date. With the new data gained Renforth will undertake to complete the first ever structural study of the mineralization at Parbec, as well as additional total metallic assay work in order to better contextualize the nugget effect on the gold mineralization.
Renforth also holds the Malartic West property, the site of a copper/silver discovery, and Nixon-Bartleman, west of Timmins Ontario, with gold present on surface over a strike length of ~500m.
No securities regulatory authority has approved or disapproved of the contents of this news release.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'believe', 'anticipate', 'estimate', 'intend' and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company's securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
(TheNewswire)
 | |||||||||
February 23, 2023 TheNewswire - Renforth Resources Inc. (CSE:RFR) (OTC:RFHRF) (FSE:9RR) (" Renforth" or the "Company") would like to invite interested parties to visit our booth, #2136, during the Prospectors & Developers Convention in Toronto, Ontario to be held at the Metro Convention Centre March 5-8, 2023.
News Provided by TheNewsWire via QuoteMedia
EmergingGrowth.com a leading independent small cap media portal announces the schedule of the 50 th Emerging Growth Conference on February 22, 2023.
The Emerging Growth Conference identifies companies in a wide range of growth sectors, with strong management teams, innovative products & services, focused strategy, execution, and the overall potential for long-term growth.
Register for the conference here.
Submit Questions for any of the presenting companies to:
Questions@EmergingGrowth.com
February 22, 2023, Schedule: (Eastern Time)
For updates, follow us on Twitter
8:30
Virtual Lobby opens
Register for the Conference . If you already registered, go back to the registration link and click "Already registered" and enter your email.
9:00
Introduction
9:05 - 9:35
Rail Vision (NASDAQ: RVSN)
Shahar Hania, CEO / Co Founder
9:40 - 10:10
SmartCard Marketing Systems Inc., (OTCQB: SMKG)
Massimo Barone, CEO
10:15 - 10:45
Transition Metals Corp. (OTC Pink: TNTMF) (TSXV: XTM)
Scott Alexander McLean, President / CEO
10:50 - 11:20
Trevi Therapeutics, Inc. (NASDAQ: TRVI)
Jennifer Good, President / CEO,
David Clark, CMO,
Farrell Simon, SVP Commercial and Strategy
11:25 – 11:55
Cloud DX, Inc. (OTCQB: CDXFF) (TSXV: CDX)
Robert Kaul, CEO
12:35 – 1:05
Vivos Therapeutics, Inc. (NASDAQ: VVOS)
Kirk Huntsman, CEO
2:25 – 2:35
Cyngn, Inc. (NASDAQ: CYN)
Ben Landon, VP Business Development
2:40 – 2:50
Regen BioPharma, Inc., (OTC PINK: RGBP) and (OTC PINK: RGBPP)
David Koos, President / CEO & Harry M. Lander, Ph.D. Senior Scientific Consultant
2:55 – 3:05
Renforth Resources Inc., (CSE: RFR) (OTCQB: RFHRF)
Nicole Brewster, President & CEO
3:10 – 3:20
Winning Brands (OTC Pink: WNBD)
Eric Lehner, CEO Winning Brands, Vincent J. Vincent, CEO of GestureTek & Erol Vekil, President of GestureTek
Visit the following link to register. You will then receive an email containing the link and time to sign into the conference.
Register for the conference here.
Submit Questions for any of the presenting companies to:
Questions@EmergingGrowth.com
Replays: subscribe to our YouTube Channel
About EmergingGrowth.com
Founded in 2009, Emerging Growth.com quickly became a leader in its space and has developed an extensive history of identifying emerging growth companies that can be overlooked by the investment community.
About the Emerging Growth Conference
The Emerging Growth Conference is an effective way for public companies to engage with the investment community regarding their Company, new products, services and other major announcements from anywhere, in an effective and time efficient manner.
All sessions are conducted through video webcasts. Our conference serves as a vehicle for Emerging Growth to build relationships with our existing and potential clients. Accordingly, a certain number of the presenting companies are our current clients, and some may become our clients in the future. In exchange for services we provide, our clients pay us fees in the form of cash and securities, and we may currently have, or in the future may have investments in the securities of certain of the presenting companies. Finally, certain of the presenting companies have paid us a fee to secure a presentation time slot or to present generally. The presentations to be delivered by the presenting companies (including any virtual handouts of written materials) have not been approved, endorsed by or otherwise reviewed by EmergingGrowth.com nor should they in any way be construed to have been made in connection with an offer to sell or a solicitation of an offer to buy securities. Please consult an investment professional before investing in anything viewed on the Emerging Growth Conference or on EmergingGrowth.com.
If you believe or know of a company that might fit our audience, contact us here.
Thank you for your interest in our conference, and we look forward to your participation in future conferences.
Contact:
Emerging Growth
Phone: 1-305-330-1985
Email: Conference@EmergingGrowth.com
News Provided by GlobeNewswire via QuoteMedia
Renforth Resources (CSE: RFR) is pleased to announce that the company is presenting a live virtual corporate update hosted by Red Cloud Financial Services on February 15th, 2023 at 2:00 pm ET.
We invite our shareholders, and all interested parties to register for the webinar and participate in the live Q&A session at the end of the presentation moderated by Red Cloud.
The replay will be emailed out to all webinar registrants proceeding the event and will also be available on the Red Cloud website.
For more information and to register: https://redcloudfs.com/rcwebinar-cse/.
Join Nicole to hear the latest on Renforth's Surimeau property and its developing large scale, low grade battery metals systems with surface mineralization, road access and hydroelectrical power on the property in Quebec, contiguous to the Canadian Malartic open pit mine, a good precented for Renforth's uninhabited Surimeau's future development.
Commodities to be covered: Ni, Co, Zn, Cu, Ag, Au
About Renforth Resources
About RenforthRenforth is focused on Quebec's newest battery metals district, our wholly owned ~330 km2 Surimeau District Property, which hosts several known areas of polymetallic "battery metals" mineralization, each with various levels of exploration, as well as a significant amount of unexplored ground. Victoria West has been drilled over a strike length of 2.2km, within a 5km long mineralized structure, proving nickel, copper, zinc and cobalt mineralization, in the western end of a 20km magnetic anomaly. The Huston target, during initial reconnaissance, resulted in a grab sample grading 1.9% Ni, 1.38% Cu, 1170 ppm Co and 4 g/t Ag. Additionally, the Lalonde, Surimeau and Colonie Targets are all polymetallic mineralized occurrences which, along with various gold showings, comprise the areas of potential of this NSR free property.In addition to the Surimeau District battery metals property Renforth wholly owns the Parbec Gold deposit, a surface gold deposit contiguous to the Canadian Malartic Mine property in Malartic, Quebec. In 2020/21 Renforth completed 15,569m of drilling which successfully twinned certain historic holes, filled in gaps in the resource model with newly discovered gold mineralization and extended mineralization deeper. Based upon the success of this significant drill program the Company considers the spring 2020 MRE, with a resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au to be out of date. With the new data gained Renforth will undertake to complete the first ever structural study of the mineralization at Parbec, as well as additional total metallic assay work in order to better contextualize the nugget effect on the gold mineralization.Renforth also holds the Nixon-Bartleman property, west of Timmins Ontario, with gold present on surface over a strike length of ~500m.
About Red Cloud Financial Services Inc.
Red Cloud Financial Services Inc. is a comprehensive capital markets platform that provides a full range of unconflicted corporate access and media related services. Offering these services as a unified platform provides the ultimate value proposition for junior resources companies in their efforts to broaden their capital markets presence.
About Red Cloud Securities Inc.
Red Cloud Securities Inc. is an IIROC-regulated investment dealer focused on providing unique comprehensive capital market services and innovative financing alternatives to the junior resource sector. The company was founded by capital markets professionals with extensive experience in the junior mining industry.
For further information:
Renforth Resources
Nicole Brewster, President and CEO
4168181393
nicole@renforthresources.com
For additional information contact marketing@redcloudfs.com or visit:
www.redcloudfs.com
www.facebook.com/RedCloudFinancialServices
www.twitter.com/RedCloudFS
www.linkedin.com/company/red-cloud-financial-services-inc
www.youtube.com/c/RedCloudFinancialServicesInc
www.instagram.com/redcloudfs
News Provided by Newsfile via QuoteMedia
(TheNewswire)
| |||||||||
November 27 th 2022 TheNewswire Pickering, ON - Renforth Resources Inc. (CSE:RFR) (OTC:RFHRF) (FSE:9RR) ("Renforth" or the "Company") is pleased to advise shareholders that channels cut within the 3 stripped trenches at Lalonde, which are being undercut in the current drill program, did intersect surface battery metals mineralization as measured in the field and confirmed by the assay laboratory.
In addition to this, Renforth wishes to advise shareholders that 3 drill holes, Prop5 (SUR-22-30), Prop4 (SUR-22-31) and Prop2 (SUR-22-31), have been completed at Lalonde in the ongoing Surimeau drill program, successfully intersecting the surface mineralization in the undercutting drill hole. Each hole drilled starting in the sediments to the north, drilled through the mineralized/ultramafic package to the point of contact with the sediments in the south. As each hole intersected the complete package, a second southern or undercut hole was not required (as previously planned), therefore, those metres will be used to the east, based upon the analysis of the 2021 geophysical survey data which Renforth has just received, inserted below.
Lalonde Area Initial Proposed Drill Holes
Click Image To View Full Size
Nickel Values in Trenching
In each of the 3 trenches stripped at Lalonde one channel was cut and sampled, when accessible. Unfortunately, sample gaps occur in Trench 9, within the best mineralized zone, potentially artificially breaking up the mineralized interval due to access issues, namely flooding with water making it impossible to obtain samples.
Click Image To View Full Size
It is Renforth's interpretation that, in each of the 3 channels cut within the trenches that are perpendicular to the magnetic anomaly at Lalonde, each surface mineralized "shoulder" of the anomaly was intersected, successfully yielding ultramafic nickel mineralization.
Geophysical Analysis
Renforth commissioned an analysis and interpretation of the geophysical data obtained during the airborne survey which Renforth flew over the Victoria mineralized system and a portion of the Lalonde mineralized system. One of the products of this analysis was a conductivity map, showing conductive anomalies within the overall magnetic anomaly at Victoria and Lalonde. This sort of analysis is interesting as, for example, copper is conductive but not magnetic, the magnetic anomaly that stretches over ~20km at Victoria, and ~9km at Lalonde, depicts the ultramafic intrusive, which we know to be carrying nickel/cobalt and some amount of PGEs. Additionally, while nickel is conductive it is much less conductive than copper, it is reasonable to assume that copper would perform better in an analysis of conductivity. Within the location of the ultramafic we do see a graphitic shale that is copper/zinc bearing, along with calc-silicate alteration carrying the same mineralization, however, the magnetic anomaly does not reflect these structures, there is potential that the conductivity map does. We will be testing this hypothesis.
Surimeau Conductivity Map (Decay Constant with Picked Anomalies)
Click Image To View Full Size
The map above locates the stripping (at Victoria and Lalonde) and the drilling (at Victoria) to date relative to the conductive anomalies, along with the proposed drill holes. The receipt of this information has caused Renforth's geologists to modify planned, and to add, drill holes targeting the conductive anomaly. It is interesting to note that the stripping, and a lot of the drilling, to date at both Victoria and Lalonde, all of which intersected the ultramafic and some amount of nickel mineralization, has largely missed the conductive anomalies.
Zoomed in Lalonde Detail
Zooming in on the Lalonde section of the map indicates that the conductivity anomaly is strongest where the road intersects Lalonde, this suggests that the stripping and drilling to date was too far west, with regard to conductivity and potential copper mineralization. However, despite the lack of a conductive anomaly, nickel mineralization has been intersected on surface and in drill holes in the area worked. As Renforth works at Lalonde, which has little to almost no useful historical information to guide exploration, it is becoming clear that while the mineralization is very similar to Victoria it is not identical, with possibly more copper/zinc intersected in the current drilling than at Victoria.
Click Image To View Full Size
Technical disclosure in this press release has been reviewed and approved by Francis R. Newton OGQ a "qualified person" pursuant to NI 43-101.
For further information please contact:
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#Unit 1B – 955 Brock Road, Pickering ON L1W 2X9
Follow Renforth on Facebook, LinkedIn and Instagram!
About Renforth
Renforth is focused on Quebec's newest battery metals district, our wholly owned ~330 km 2 Surimeau District Property, which hosts several known areas of polymetallic "battery metals" mineralization, each with various levels of exploration, as well as a significant amount of unexplored ground. Victoria West has been drilled over a strike length of 2.2km, within a 5km long mineralized structure, proving nickel, copper, zinc and cobalt mineralization, in the western end of a 20km magnetic anomaly. The Huston target, during initial reconnaissance, resulted in a grab sample grading 1.9% Ni, 1.38% Cu, 1170 ppm Co and 4 g/t Ag. Additionally, the Lalonde, Surimeau and Colonie Targets are all polymetallic mineralized occurrences which, along with various gold showings, comprise the areas of potential of this NSR free property.
In addition to the Surimeau District battery metals property Renforth wholly owns the Parbec Gold deposit, a surface gold deposit contiguous to the Canadian Malartic Mine property in Malartic, Quebec. In 2020/21 Renforth completed 15,569m of drilling which successfully twinned certain historic holes, filled in gaps in the resource model with newly discovered gold mineralization and extended mineralization deeper. Based upon the success of this significant drill program the Company considers the spring 2020 MRE, with a resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au to be out of date. With the new data gained Renforth will undertake to complete the first ever structural study of the mineralization at Parbec, as well as additional total metallic assay work in order to better contextualize the nugget effect on the gold mineralization.
Renforth also holds the Nixon-Bartleman property, west of Timmins Ontario, with gold present on surface over a strike length of ~500m.
No securities regulatory authority has approved or disapproved of the contents of this news release.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may', ‘will', ‘plan', ‘expect', ‘believe', ‘anticipate', ‘estimate', ‘intend' and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company's securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
| |||||||||
November 23, 2022 TheNewswire - Renforth Resources Inc. (CSE:RFR) (OTC:RFHRF) (FSE:9RR) ("Renforth" or the "Company") announces that the previously announced private placement has closed oversubscribed, with a total of $1,558,100 gross funds raised in a combination of flow through and non-flow through funds. The Company has closed the final tranches of the previously announced non-brokered private placement for additional gross proceeds of C$869,300 from the sale of 580,000 non-flow through units of the Company at a price of C$0.035 per unit and 21,225,000 flow-through units of the Company at a price of C$0.04 per flow-through unit. Each non-flow through unit consisted of one common share of the Company and one common share purchase warrant. Each flow through unit consisted of one common share to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) and one half of one warrant. Each whole warrant entitles the holder to purchase one common share at a price of C$0.06 for a period of 24 months following the distribution date. In connection to this tranche of the financing, the company paid a cash commission of $44,850 and issued 1,207,000 finders warrants. The finders warrants are exercisable at a price of C$0.06 for a period of 24 months.
Renforth is currently drilling on the Company's wholly owned 330 sq km Surimeau District Property with the first drillhole at Lalonde almost completed, Prop5 as noted in the map below. Logging of the first half of the drill hole records visual mineralization near the top of the hole, as anticipated based upon mapping of the stripped area which the drill hole in undercutitng.
Technical disclosure in this press release has been reviewed and approved by Brian H. Newton P.Geo, a "qualified person" pursuant to NI 43-101.
For further information please contact:
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#Unit 1B – 955 Brock Road, Pickering ON L1W 2X9
Follow Renforth on Facebook, LinkedIn and Instagram!
About Renforth
Renforth is focused on Quebec's newest battery metals district, our wholly owned ~330 km 2 Surimeau District Property, which hosts several known areas of polymetallic "battery metals" mineralization, each with various levels of exploration, as well as a significant amount of unexplored ground. Victoria West has been drilled over a strike length of 2.2km, within a 5km long mineralized structure, proving nickel, copper, zinc and cobalt mineralization, in the western end of a 20km magnetic anomaly. The Huston target, during initial reconnaissance, resulted in a grab sample grading 1.9% Ni, 1.38% Cu, 1170 ppm Co and 4 g/t Ag. Additionally, the Lalonde, Surimeau and Colonie Targets are all polymetallic mineralized occurrences which, along with various gold showings, comprise the areas of potential of this NSR free property.
In addition to the Surimeau District battery metals property Renforth wholly owns the Parbec Gold deposit, a surface gold deposit contiguous to the Canadian Malartic Mine property in Malartic, Quebec. In 2020/21 Renforth completed 15,569m of drilling which successfully twinned certain historic holes, filled in gaps in the resource model with newly discovered gold mineralization and extended mineralization deeper. Based upon the success of this significant drill program the Company considers the spring 2020 MRE, with a resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au to be out of date. With the new data gained Renforth will undertake to complete the first ever structural study of the mineralization at Parbec, as well as additional total metallic assay work in order to better contextualize the nugget effect on the gold mineralization.
Renforth also holds the Nixon-Bartleman property, west of Timmins Ontario, with gold present on surface over a strike length of ~500m.
No securities regulatory authority has approved or disapproved of the contents of this news release.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may', ‘will', ‘plan', ‘expect', ‘believe', ‘anticipate', ‘estimate', ‘intend' and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company's securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Under the Entitlement Offer, eligible shareholders were invited to subscribe for one (1) New Share for every four (4) existing Shares held at an offer price of $0.03 per share.
The Company has now closed the retail component of the Entitlement Offer with applications totalling 2,767,788 shares including additional acceptances to be issued at $0.03 on top of the 18,650,023 shares issued under the institutional component of the Entitlement Offer on 15 November 2024. In accordance with the timetable, the New Shares will be issued on or before 4 December 2024.
The retail component of the Entitlement Offer is partially underwritten by Nanjia Capital Limited “(Nanjia”) for the amount of approximately $1.09m. Accordingly, Nanjia will now subscribe for 36,349,900 New Shares in accordance with the underwriting arrangements summarised in section 7.4(b) of the Prospectus and the Company expects to finalise this process within the next week.
Shortfall Share Placement
A total of 74,946,591 New Shares were not taken up under the Entitlement Offer by eligible securityholders or issued to Nanjia as underwriter (“Shortfall Shares’”) The directors will work with the lead manager to the Entitlement Offer and the major shareholders to place the shortfall within three (3) months of the closing date, subject to requirements of the ASX Listing Rules and Corporations Act 20021 (Cth) continuing to be met. Please refer to the Prospectus dated 4 November 2024 for further details on the issue of the shortfall.
Click here for the full ASX Release
This article includes content from Blackstone Minerals, 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.
As FPX Nickel strengthens its position in the critical metals space, investors seeking exposure to the green energy transition may find FPX Nickel an intriguing prospect, given its potential to become a low-cost, environmentally responsible nickel producer in a stable jurisdiction.
FPX Nickel (TSXV:FPX,OTXQB:FPOCF) is an exploration and development company focused on its advanced-development-stage Tier 1 Baptiste project in the Decar Nickel District in central British Columbia. The project has the potential to supply high-concentration nickel and cobalt sulfates suitable for the growing electric vehicle battery industry, as well as more traditional markets for nickel, such as stainless steel.
Nickel plays a vital role in electric vehicle (EV) and battery manufacturing, a sector that sees rapid expansion year after year. Market research projects a growing nickel demand for EVs to reach 1.3 million metric tonnes per annum by 2030, as nickel content in electric vehicles increases to over 40 kilograms per car battery.
Despite its significant role in powering a global shift to greener energies, analysts also project an undersupply of nickel for the next several years due to decreasing production and a lack of new active mines. Mining companies advancing high-margin nickel projects offer investors exposure to a market with great economic growth and success potential.
FPX Nickel’s Baptiste project leverages a 2023 preliminary feasibility study( PFS) and an updated mineral resource estimate that includes total nickel and potential by-product elements, cobalt and iron.
The PFS for Baptiste indicated an after-tax NPV of $2.01 billion and an IRR of 18.6 percent at $8.75-pound nickel for a 29-year mine life producing an average of 59,100 tonnes of nickel per year.
The positive geological interpretation of the Van target at the Decar Nickel District offers further blue-sky potential for the Baptiste project, potentially mimicking the successes of its geographic neighbors in central British Columbia, such as Artemis Gold’s C$1.8 billion Blackwater Gold open-pit project.
The Baptiste project presents FPX Nickel with the potential to produce nickel at a significantly lower carbon footprint than other sources of production in the global nickel industry. Recent leach testing of awaruite nickel concentrates produced from Baptiste achieved nickel recoveries of 98.8 percent to 99.5 percent in producing a high-purity chemical solution containing 69.4 to 70.1 g/L nickel.
In keeping with FPX Nickel’s aim to build a carbon-neutral mining operation at the Baptiste project, the company co-founded a multi-university research program to study carbon capture and storage at mining sites. The program is in collaboration with Anglo-American majority-owned (LSE:AAL,OTCQX:AAUKF) DeBeers, and the Government of Canada.
Metallurgical testing conducted by FPX Nickel for the production of high-grade (> 65 percent nickel) awaruite concentrate has included three campaigns with successful pilot-scale test work. This large-scale pilot test work validates the processing strategy for Baptiste, leveraging awaruite's ferromagnetism, high density, active surface properties, and very high nickel content.
Baptiste’s awaruite mineralization promotes a simple three-stage process for the production of nickel sulphate from concentrate. It has the potential to be more efficient than the typical five-stage process required to convert sulphide and laterite ores into nickel sulphate. Rapid nickel extraction of more than 98 percent in 60 minutes is achieved under mild pressure leaching conditions with significantly lower equipment size/risk, power consumption, pressure and temperature requirements than typical high-pressure acid leach (HPAL) operations.
In January 2024, FPX Nickel closed a C$14.4 million strategic equity investment from Sumitomo Metal Mining. Net proceeds of the private placement will be used to fund exploration and development activities at its Baptiste nickel project, and continue ongoing environmental baseline activities, feasibility study readiness activities, and general corporate and administrative purposes.
FPX Nickel’s partially-owned subsidiary CO2 Lock, specializing in carbon capture and storage (CCS) via permanent mineralization, has completed a comprehensive field program at its SAM site in central British Columbia including the first-ever successful injection of CO2 into a brucite-rich ultramafic mineral project. This achievement marks a significant milestone in the development of CO2 Lock's innovative in-situ CO2 mineralization technology.
FPX Nickel’s management team consists of highly experienced capital markets and mining professionals, including Canadian Mining Hall of Fame member Dr. Peter Bradshaw, and veteran geologist Rob Pease.
The Decar Nickel District covers over 410 square kilometers and is 80 kilometers west of the Mt. Milligan mine, central British Columbia. The property hosts the highly prospective Baptiste nickel project, which is one of the world’s largest development-stage nickel projects. The asset is accessible via logging and paved roads, with railway and hydropower nearby.
Baptiste hosts nickel-iron alloy mineralization, with NI 43-101 compliant indicated resources at an average grade of 0.123 percent DTR nickel for 2.3 million tons and 391 million tonnes of inferred resources with an average grade of 0.115 percent DTR nickel.
In September 2022, the company completed a 2,504-meter step-out drilling program at its Van target, located 6 km north of Baptiste in the Decar Nickel District. The completed holes stepped out aggressively from the initial discovery area, testing the potential for nickel mineralization up to 1 kilometer west of the holes drilled in 2021.
Baptiste Project 2023 PFS
In 2023, the company released the preliminary feasibility study results for the Baptiste nickel project indicating an average production of 59,100 tons of nickel per year in concentrate over a 29-year mine life. The project will be developed in a phased approach, with an initial mill throughput rate of 108,000 tons per day (Phase 1), followed by an expansion to 162,000 tons per day (Phase 2).
In line with the project’s robust economics, FPX Nickel has commenced the development of a standalone nickel sulphate refinery study which will be completed in the first quarter of 2025.
In 2023, FPX Nickel signed a non-binding memorandum of understanding with Japan Organization for Metals and Energy Security (JOGMEC) and the Prime Planet Energy & Solutions (PPES) joint venture between Toyota Motor Company and Panasonic, setting out a framework for FPX and PPES to explore collaborative opportunities for the vertical integration of nickel production at the Baptiste project and the production of nickel sulphate and cathode active materials for the PPES supply chain.
In 2024, FPX Nickel completed pilot-scale hydrometallurgy refinery testwork and produced battery-grade nickel sulphate. This milestone marks the completion of the campaign funded in part by a grant from Natural Resources Canada (NRCan) under the Government of Canada's Critical Minerals Research, Development and Demonstration (CMRDD) program.
Martin Turenne is a senior executive with over 15 years of experience in the commodities industry, including over five years in the mining industry. He has extensive leadership experience in strategic management, fundraising, economic analysis, financial reporting, regulatory compliance and corporate tax. Turenne formerly served as CFO of First Point Minerals Corp. from 2012 to 2015 and in positions at KPMG LLP and Methanex Corporation. He is a member of the Canadian Institute of Chartered Accountants.
With more than 20 years in the industry, Andrew Osterloh is experienced in process engineering, plant metallurgy and project management. He was formerly the project director and head of studies for Fluor Canada, leading feasibility study work for large base metal assets. He was formerly project director and manager of studies for Fluor Canada, where he led feasibility studies for several large base metal assets in the Americas for Glencore, Freeport-McMoRan, Teck and Newmont. Osterloh is a member of the Association of Professional Engineers of British Columbia and holds a Bachelor of Applied Science in mineral process engineering from the University of British Columbia.
Felicia de la Paz started her professional career with KPMG LLP's audit practice in Vancouver, culminating with her role as a senior manager leading large teams in the execution of audit engagements for a variety of large and complex organizations across multiple industries. After joining Equinox Gold as the corporate controller in 2017, she was part of a core financial leadership team overseeing corporate accounting, financial reporting and system development, managing the successful integration of several new acquisitions across multiple jurisdictions, including both operating mines and large-scale development projects. She acted as the vice-president of finance for Vida Carbon, a carbon royalty and streaming company, and has more recently been providing financial and systems advisory services to public companies in the mining sector. She is a chartered professional accountant and holds a Bachelor of Commerce (Honours) from the University of British Columbia.
Dr. Peter Bradshaw is a geologist with more than 45 years of international mineral exploration experience in over 30 countries with Barringer Research, Placer Dome, and Orvana Minerals. He is a member of the Canadian Mining Hall of Fame. Bradshaw’s key discoveries and project involvement include Porgera Gold Mine, Papua New Guinea; Kidston Gold Mine, Queensland, Australia; Misima Gold Mine, Papua New Guinea; Big Bell Gold Mine, Western Australia; Omai Gold Mine, Guyana; Decar Nickel Project, British Columbia, Canada; director of Aquila Resources; co-founder and first chairman of the Mineral Deposit Research Unit, University of British Columbia.
Nigel Fisher brings 20 years' experience leading environmental assessments, permitting and management systems, developing and executing on regulatory strategy and advancing governance and funding agreements with Indigenous governments across British Columbia. He has held progressively senior roles with New Gold, Teck Resources, Woodfibre LNG, and most recently, Skeena Resources as director of environment and regulatory affairs. In his prior roles, he successfully obtained multiple regulatory approvals for large-scale resource projects while maintaining compliance with existing and changing legislation.
Jarett Lalonde is a highly regarded public affairs leader with over 20 years' experience in the natural resources, technology and regulated products sectors. In his most recent role as global head of product policy at Shopify, Lalonde was instrumental in crafting compelling public affairs narratives for the company's diverse product offerings, and spearheading engagement with policy makers across North America and Europe. Before joining Shopify, he worked with Global Public Affairs, a leading government relations and strategic communications firm, where he performed advisory work for numerous companies advancing large-scale natural resource projects in British Columbia and across Canada. Lalonde previously served as chief of staff to the Attorney General & Minister of Justice for the province of British Columbia, and as policy advisor to the Minister of Natural Resources Canada.
Rob Pease is a geologist with more than 30 years of experience in exploration, mine development and construction. He is the former CEO of Terrane Metals, acquired by Thompson Creek for C$650 million. Pease was also the former director of Richfield Ventures, acquired by New Gold for C$500 million. He is a director of Pure Gold Mining Inc. and Liberty Gold.
William Myckatyn is a mining engineer with more than 34 years of experience in the mining industry. Myckatyn is the founder and CEO of Quadra Mining Ltd. He served as chairman and subsequently co-chairman of Quadra FNX Mining until its takeover in 2012. Prior to this, Myckatyn was chairman, president and CEO of Dayton Mining., where he led the restructuring and merger with Pacific Rim Mining. He was the former president and CEO of Princeton Mining and Gibraltar Mines. For over 17 years, he worked for various operations controlled by Placer Dome and its associated predecessor companies, including four separate mines in Australia and the Philippines. He is a director of San Marco Resources and OceanaGold.
Peter Marshall is a mining engineer with 30 years of experience in mine development and construction. Marshall was formerly VP of project development at New Gold and SVP project development at Terrane Metals. He has extensive mine development experience in central British Columbia, including completing the Blackwater gold project feasibility study and development, and early construction of Mt. Milligan copper-gold mine, acquired by Thompson Creek for C$650 million in 2010.
James Gilbert has more than 30 years of investment and transaction execution experience, with more than 20 years focused on the international mining and metals industry. Gilbert held senior management positions with Rothschild, Gerald Metals Inc. and Minera S.A., a private mining investment company. His experience covers mergers and acquisitions, debt and equity financing, off-take and specialty refining agreements, joint venture negotiations and strategic marketing. He was formerly director of AQM Copper Inc., acquired by Teck Resources in 2016.
Anne Currie is a recognized leader in the permitting of major Canadian mining projects, with over 30 years of experience in the private and public sector, including as a former senior partner with leading global consultancy Environmental Resources Management. She was British Columbia's chief gold commissioner, the chief regulatory authority for the Mineral Tenure Act., and has an exceptional track record in steering the environmental assessment and permitting processes for major mining projects in British Columbia, including for the KSM, Brucejack, Kemess Underground and Blackwater projects.
Kim Baird is an accomplished leader and strategic advisor working with indigenous communities, governments, businesses and other organizations. In her prior role as the elected chief of the Tsawwassen First Nation, she negotiated and implemented British Columbia's first modern urban treaty, establishing for the Tsawwassen People ownership and governance over their land and resources.
Dan Apai has over twenty years of mining industry experience in civil engineering and engineering management over a diverse range of projects. In his previous role as a principal civil engineer for Fluor Canada, he led the study and detailed engineering works for numerous large-scale mining projects for clients including Teck, Newmont, BHP, First Quantum, Glencore, Josemaria Resources and Newcrest. Apai's technical expertise includes site layout, earthworks, water management, linear facilities (i.e., roads, powerlines, pipelines), and water supply systems – all elements that strongly influence the capital intensity, permitability, and operability of mining projects. Apai is a member of the Association of Professional Engineers of British Columbia and holds a Bachelor of Engineering from the University of Western Australia.
Tim Bekhuys is a senior mining executive with over 40 years’ experience in community engagement, environmental assessment and permitting. He was formerly VP environment, health, safety and sustainability for SSR Mining, where he led all aspects of sustainability reporting, environmental assessment and permitting activities. He also previously acted as director of environment and sustainability for New Gold, where he successfully led the government, permitting, Indigenous and community relations programs for the Blackwater project in central B.C. Bekhuys was a former member of the boards of directors of the Association for Mineral Exploration British Columbia, the Mining Association of British Columbia, and the Mining Association of Canada.
Keith Patterson is a senior geologist with over 25 years’ experience in greenfield exploration throughout North America, South America, Europe and Asia. He was formerly director of project generation and greenfield strategy with Eldorado Gold where he managed global exploration and project generation. Patterson acted as vice-president of exploration for Jinshan Gold Mines where he was responsible for the execution of exploration programs and project evaluations in China. He is a registered professional geoscientist with the Engineers and Geoscientists of British Columbia and holds a Master of Geological Sciences and a Bachelor of Geological Engineering, both from the University of British Columbia.
The third quarter opened with the price of nickel facing a downward trend that started after it reached a yearly high of US$21,615 per metric ton on May 20. The price on July 1 had fallen to US$17,357. The following week saw a pause in the downward trend and was briefly lifted to US$17,473 before resuming its downward trajectory to US$15,769 on July 25.
Nickel price, July 1 to October 1, 2024.
Chart via Trading Economics.
After bottoming out, the price quickly climbed to US$16,604 on July 31.
Nickel remained largely rangebound between US$16,150 and US$16,500 for the start of August, but saw upward momentum in the middle of the month that pushed the price to US$17,136 on August 27.
The beginning of September saw the price collapse again, reaching a quarterly low of US$15,741 on September 10 and just shy of the year-to-date low of US$15,668 set on February 9. However, pricing pressure wasn’t to last and the price of nickel saw rapid gains through to the end of September reaching a quarterly high of US$17,698 on October 1.
The big story for the last several quarters has been an oversupply of nickel from Asian markets, particularly Indonesia and Q3 2024 was no different.
According to data from S&P Global, mined nickel production from the country increased by 99,000 metric tons during the quarter and is forecast to be in the 2.4 million metric ton range by the end of 2024, representing 57 percent of total global production.
However, due to Indonesia’s permitting and quota system, sourcing consistent supply from the country has presented challenges for Chinese smelters who were forced to temporarily curtail output due to a shortage in feeder supply.
Despite having a large percentage of global supply, refiners in Indonesia have increasingly been turning to nickel imports from the Philippines, the number two nickel supplier, to maintain operations. The first seven months saw imports rise to 3.37 million metric tons versus just 374,454 tons produced in 2023.
Although China remains the biggest benefactor and investor of Indonesia’s nickel industry, Indonesia has been working to distance it economically from its partner as it tries to work out deals with Western partners.
While Indonesia has been working to distance itself from Chinese investment over the past few years to better position its nickel market for Western markets and inclusion under the US Inflation Reduction Act, a new trade pact looks to solidify ties with China.
Multiple cooperation deals were signed following a November 9 meeting between Chinese President Xi Jinping and Indonesian President Prabowo Subianto, which would see China investing more than US$10 billion into strategic sectors including nickel.
Among the investments is $1.42 billion agreement between Chinese battery material producer GEM (SZSE:002340) and Indonesian miner PT Vale (OTC Pink:PTNDF,IDX:INCO) for the construction of a high-pressure acid leaching (HPAL) plant. The new processing facility is necessary for the production of battery-grade nickel.
Additionally, Zhejiang Huayou Cobalt (SHA:603799) is working to raise US$2.7 billion in financing for a nickel refining and smelting project in partnership with Ford Motor Company (NYSE:F) and PT Vale. The project will also use HPAL processing and is expected to produce 120,000 metric tons of mixed hydroxide precipitate for use in electric vehicle batteries.
Even though demand for batteries continues to grow, it hasn’t been able to outpace the oversupply situation, this has largely been due to a weak Chinese economy.
China is the largest consumer of nickel in the world, with a majority of the metal destined to be used in the production of stainless steel, but a beleaguered real estate sector and broad economic deflation have dampened demand.
Nickel found pricing support in September as the Chinese government introduced a raft of stimulus measures that were intended to boost economic growth in the country. Among the measures included a 0.5 percent interest rate cut to existing mortgages and reduce the downpayment to purchase a home to 15 percent from 25 percent.
Although the package was responsible for a surge in nickel prices, in the weeks following the announcement nickel prices retreated, once again approaching yearly lows.
In another attempt to jump-start the economy, China introduced a US$1.4 trillion dollar debt swap on November 11 aimed at tackling “hidden debt” and freeing up funds at the local level by reducing interest payments on debt and helping drive growth.
Additionally, the Chinese government is planning to cut the deed tax for homebuyers to 1 percent from the current 3 percent in a further attempt to prop up the country’s economy.
In Canada, the government pledged C$46 billion for the development of four EV battery production plants that will require more raw materials than the Canadian mining sector can currently supply.
At his address to the Greater Vancouver Board of Trade on September 17, Mining Association of Canada President Pierre Gratton suggested Canada is too focused on downstream development and that in order to meet supply the four EV plants will need the support of 15 new mines.
“That’s only speaking from the standpoint of the four battery factories, to say nothing about all of the other needs that our economy requires, or that the US requires, including its defence industries. Unless we achieve the above, and this is the irony, our reliance on foreign sources for minerals and metals is only going to increase,” he said.
Overall, Gratton believes that there needs to be an additional C$32 billion in financing for mining and midstream processing projects.
In Europe, the implementation of its new Carbon Border Adjustment Mechanism (CBAM) that places a tariff on carbon-intensive products is drawing concern from the industry. The regulation is a complex system designed to balance prices and prevent an exodus of carbon-intensive manufacturing to nations with fewer emission controls.
Some are suggesting CBAM has no benefit for the European stainless-steel industry as it limits pricing to scope 1 emissions and doesn’t include downstream emissions from power generation and transpiration.
European steelmakers have become more dependent on nickel pig iron imports from Indonesia, so far 87,485 metric tons through the first eight months of 2024 versus just 1,006 metric tons in 2023. The increase has come alongside a wave of curtailments as the industry reacts to a flood of Indonesian nickel.
Investors should consider China’s outsized influence over the nickel market, both in terms of control over refined supply and demand from real estate and battery sectors.
Even though the EV sector in China has shown year-over-year growth of 32 percent through the first nine months of 2024, the industry's nickel demand hasn’t made up for shortcomings in the broader economy.
Surplus scenarios are expected to continue over the next few years with a 5.8 percent compound annual growth rate between 2023 and 2028. This will present a challenge for producers who are looking to restart operations in the short term as prices are expected to remain flat.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
