The Conversation (0)
March 26, 2025
St-Georges Eco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE: 85G1) announces that it has received preliminary results from surface sampling and early-stage mineralogical analysis on its Notre-Dame Critical Minerals Project, located within the Nitassinan, the traditional and ancestral territory, of the Innu First Nation of Mashteuiatsh in Québec. The results have confirmed the presence of niobium, tantalum, gallium and rare earths in multiple samples collected from a channel at surface and select drill intervals.
These results support the Company’s initial exploration hypothesis and reinforce the project's growing potential to host valuable technology and energy transition metals. The discovery stems from detailed earlier geochemical assays conducted over the past several months. The past and recent sampling reveal consistent anomalous values of niobium, tantalum, gallium and other rare earth minerals occur in multiple targets throughout the Notre-Dame Project. This new data confirms the presence of these critical elements in concentrations that warrant further investigation and support expanding exploration activities in the upcoming field season.
"These initial findings validate our ongoing efforts on the Notre-Dame Project and underscore the potential significance of this underexplored region," said Herb Duerr, CEO of St-Georges Eco-Mining. “(…) it is particularly encouraging to identify a carbonatite body that appears to extend at least 75 meters in length and up to 20 meters in width, based on limited early drilling. Even more significant is the surface mineralization, which can be traced consistently to depths ranging from 16 to 36 meters. Notably, every drill hole targeting the lens observed at surface successfully intersected the expected geological structure and encountered niobium mineralization at depth, with several intercepts over meaningful widths. Drilling has outlined 75 meters of strike along a shallow-dipping system that remains open at depth and begins virtually at surface (…)."
The company will initiate additional fieldwork this spring, including trenching, detailed mapping, and expanded sampling, to delineate mineralized zones and better understand the geological controls behind these critical metal occurrences. Further metallurgical testing will also be undertaken to assess the extractability of niobium, tantalum, gallium and the suite of rare earth minerals under the company’s eco-friendly approach.
The mapping, drilling, and sampling works carried out at the Notre-Dame Project in 2024 confirmed the presence of a carbonatite dike measuring 75 meters by 20 meters that is open in several directions and at depth, inside which anomalous REE, and Nb-Ta elements were found. Some analysis triggered the analysis overlimit threshold and will be sent to the labs for further analysis. The Company is providing the available preliminary results in the table below.
The Company’s surface sampling, taken from one channel of 8 meters at surface, yielded the following results with the lower number considered as a background value on the project:
Niobium (Nb) – from 100 to 2,360 ppm (143ppm to 3,376 ppm or 0.3376% of niobium pentoxide (Nb₂O₅)
Tantalum (Ta) – from 10 to 60 ppm
Gallium (Ga) – from 15 to 48 ppm
Total Rare Earth (TREEs) – from 200 to 4,000 ppm
The exploration drilling campaign yielded the following results in the table below on one of the targeted zones adjacent to the project access road. These values contained intervals of Nb that exceeded the assay detections limit of 2,500 ppm (in excess of 3,578ppm or 0.3578% of niobium pentoxide or Nb₂O₅)
Drill Hole # | From (m) | To (m) | Interval (m) | Nb ppm* | Ta ppm | Ga ppm | TREE ppm |
24-02 | 20.0 | 24.0 | 4.0 | >2,215** | 103.0 | 15 | 1,390 |
24-04 | 19.0 | 20.0 | 1.0 | 1,085 | 38.0 | 19 | 578 |
24-05 | 13.4 | 15.0 | 1.6 | 335 | 11.0 | 13 | 3,023 |
and | 15.0 | 21.0 | 6.0 | 845 | 22.0 | 15 | 1,008 |
24-06 | 13.0 | 16.0 | 3.0 | 470 | 18.0 | 9 | 1,320 |
and | 18.0 | 20.0 | 2.0 | 1,240 | 30.0 | 18 | 786 |
24-09 | 47.0 | 50.0 | 3.0 | >1,907** | 106.0 | 24 | 449 |
24-12 | 7.3 | 8.2 | 0.9 | 1,250 | 36.0 | 17 | 1,842 |
24-13 | 36.0 | 37.0 | 1.0 | 715 | 6.0 | 21 | 1,199 |
24-14 | 4.0 | 6.0 | 2.0 | 1,405 | 35.4 | 18 | 1,069 |
Channel-1*** | 0.0 | 8.0 | 8.0 | 670 | 17.0 | 15 | 1,217 |
included | 2.0 | 3.0 | 1.0 | 2,124 | 39.2 | 25 | 1,615 |
* | Geochemistry done via Li Borate Fusion Method with ICP-MS finish (ALS, ME-MS81) | ||||||
** | Assay value of some samples is greater than 2500 ppm Nb (over limit) and results could increase or decrease after further analysis | ||||||
*** | Mineralization in channel sampling conducted at surface intersected the same carbonatite at depth via drilling |
DRILL HOLES | |||||||||
Hole Name | UTM-X* | UTM-Y | Elev | Az(°) | Dip (°) | Length | Qty | From | To |
NDL24-02 | 682578E | 5441883N | 224 | N225 | -45 | 81 | 24 | L273389 | L273412 |
NDL24-03 | 682578E | 5441883N | 224 | N225 | -70 | 48 | 26 | L273363 | L273388 |
NDL24-04 | 682578E | 5441883N | 224 | N265 | -45 | 78 | 22 | L273341 | L273362 |
NDL24-05 | 682578E | 5441883N | 224 | N265 | -70 | 51 | 26 | L273315 | L273340 |
NDL24-06 | 682578E | 5441883N | 224 | N290 | -45 | 87 | 21 | L273294 | L273314 |
NDL24-07 | 682598E | 5441843N | 218 | N215 | -45 | 60 | 25 | L273269 | L273293 |
NDL24-08 | 682598E | 5441843N | 218 | N310 | -45 | 150 | 30 | L273239 | L273268 |
NDL24-09 | 682551E | 5441882N | 219 | N60 | -45 | 54 | 51 | L273188 | L273238 |
NDL24-10 | 682551E | 5441882N | 219 | N60 | -60 | 30 | 0 | No sample taken | |
NDL24-11 | 682551E | 5441882N | 219 | N140 | -38 | 21 | 13 | L273175 | L273187 |
NDL24-12 | 682564E | 5441874N | 218 | N315 | -45 | 54 | 13 | L273162 | L273174 |
NDL24-13 | 682564E | 5441874N | 218 | N50 | -45 | 69 | 50 | L273112 | L273161 |
NDL24-14 | 682564E | 5441874N | 218 | N235 | -45 | 51 | 11 | L273101 | L273111 |
Quality Control
An 8-meter surface channel was cut directly above the mineralized carbonatite intersected in drilling. The channel was sampled at 1-meter intervals, with cuts 20 cm deep and 2 cm wide. Each sample was geo-referenced, described, tagged, sealed, and placed in identified transport bags. These were securely shipped to Magnor Exploration Inc.’s warehouse in Saguenay, Québec, and then forwarded to ALS Laboratories for analysis. No company-inserted standards, blanks, or duplicates were included. Instead, ALS Laboratories added certified reference materials (OREAS L11, OREAS 232b, and OREAS 243), blanks, and duplicates upon receipt. Results were verified by an ALS geochemist.
All recovered drill core was stored in NQ-sized boxes, labeled, sealed, and securely stored before shipment to Magnor’s facility. The core was logged, measured, and geologically characterized. Selected intervals were tagged, split in half, sealed, and sent via secure transport to ALS Laboratories in Val-d'Or, Québec. Samples were crushed to 70% passing <2 mm, split by riffle splitter, then pulverized to 85% passing <75 µm. Geochemical assays were performed for 36 trace elements (including REEs) by lithium borate fusion with ICP-MS (ME-MS81). A separate analysis using four-acid digestion with ICP-MS was conducted for 60 trace elements, including lithium.
The technical information contained in this report has been reviewed by Jean-Paul Barrette Géo/ P.Geo, is is an independent project geologist and consultant. Mr. Barrette is a member of the Ordre des Géologues du Québec (OGQ, # 619). Mr. Barrette has sufficient experience (40 years) relevant to the style of mineralization and the type of deposit under study and the activity undertaken to qualify as a competent person as defined by NATIONAL INSTRUMENT 43-101, Standards of Disclosure for Mineral Projects. Mr. Barrette carried out several geological reconnaissance works in the Notre-Dame sector and recently made a of compilation of historical works.
ON BEHALF OF THE BOARD OF DIRECTORS
‘Herb Duerr’
HERB DUERR
President & CEO
About St-Georges Eco-Mining Corp.
St-Georges develops new technologies and holds a diversified portfolio of assets and patent-pending Intellectual Property within several highly prospective subsidiaries including: EVSX, a leading North American advanced battery processing and recycling initiative; St Georges Metallurgy, with metallurgical R&D and related IP, including processing and recovering high grade lithium from spodumene; Iceland Resources, with high grade gold exploration projects including the flagship Thor Project; H2SX, developing technology to convert methane into solid carbon and turquoise hydrogen; and Quebec exploration projects including the Manicouagan and Julie (CSM) projects on Quebec’s North Shore, and Notre-Dame niobium Project in Lac St Jean.
Visit the Company website at www.stgeorgesecomining.com
For general information: public@stgeorgesecomining.com
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or
the accuracy of the contents of this release.
SX:CNX
27 March
Generation Mining Announces Feasibility Study Report Update for the Marathon Copper-Palladium Project
Generation Mining Limited (TSX: GENM; OTCQB: GENMF) (“Gen Mining” or the “Company”) is pleased to announce positive results on the updated Feasibility Study (“2025 FS” or the “Feasibility Study”) for the Marathon Copper-Palladium Project (the “Project”) located near the Town of Marathon in Northwestern Ontario. All dollar amounts are in Canadian dollars (“$” or “C$”) unless otherwise stated. All references to “Mlbs” are to millions of pounds and “Moz” are to millions of troy ounces and “koz” are to thousands of troy ounces.
Highlights:
- Robust Base Case economics1: An after-tax NPV6% of $1.07 billion, IRR of 28% and 1.9 year payback period based on the 3-yr trailing average metal prices at the effective date2
- Strong critical mineral production during pre-production and the first three years of commercial operation: 151 Mlbs of payable copper, 720 koz of payable palladium and 156 koz of platinum
- Initial Capital: C$992 million3
- Attractive AISC:Life of mine (“LOM”) all-in sustaining costs (“AISC”) of US$2.05/CuEq lb or US$781/PdEq oz3
- At recent long-term consensus prices2: An after-tax NPV6% of $876 million, IRR of 24% and 2.2 year payback period, with 41% of payable metal revenues attributable to copper and 41% attributable to palladium
- At recent spot prices2: An after-tax NPV6% of $749 million, IRR of 21% and 2.4 year payback period, with 44% of payable metal revenues attributable to copper and 37% attributable to palladium.
- Average annual payable metals: 42 Mlbs copper,168 koz palladium, 38 koz platinum, 12 koz gold and 240 koz silver over approximately 13 years of mine life
- Jobs: Creation of over 800 jobs during construction and over 400 direct permanent jobs during operations
- The Next Critical Mineral, Shovel-Ready Project: Fully Permitted for Construction federally and waiting for approval on last permit from the Government of Ontario.
The 2025 FS incorporates the results of the Project optimization work reported by the Company in a news release entitled “Generation Completes Optimization Work for the Marathon Project with Improved Mine Plan and Reduced Capex” issued on November 20, 2024, which focused on two key aspects: 1) optimization of the mine plan to maximize metal production and defer waste stripping in the early years of operations in order to improve early cash flows and reduce the payback period (“Mine Plan Optimization”); and 2) optimization of the process plant design and layout, including sizing of key equipment, plant footprint and foundations, in order to reduce the initial Project capital costs (“Initial Capital Optimization”, and together with the Mine Plan Optimization, the “Optimization Work”).
The Optimization Work has now been further updated to incorporate changes to Mineral Resources, Mineral Reserves, the Life-of-Mine (LOM) mining plan and operating and capital costs, using the same metal price assumptions which formed the basis of the November 20, 2024 news release.
The 2025 FS was prepared by Ausenco Engineering Canada ULC (“Ausenco”), along with contributions from Moose Mountain Technical Services (“MMTS”), Knight Piésold Ltd. (“KP”), P&E Mining Consultants Inc. (“P&E”), and JDS Energy and Mining, Inc (“JDS”).
The 2025 FS outlines the operation of an open pit mine and process plant over a mine life of 12.5 years and replaces the Company’s previous feasibility study entitled “Amended Feasibility Study Update, Marathon Palladium & Copper Project, Ontario, Canada” dated May 31, 2024.
Jamie Levy, President and CEO of the Company, commented, “The updated Feasibility Study for the Marathon Copper-Palladium Project clearly underscores its potential to be Ontario’s next producing critical mineral mine. The project not only benefits from a strong commodity mix of critical metals but also stands as a strategic Canadian response to growing threats in the global mineral supply chain.
The Marathon Project’s significant exposure to copper and palladium positions it as a uniquely attractive opportunity in the critical mineral space in North America. With copper facing long-term supply constraints and persistent supply risks from the primary palladium producers in Russia and South Africa, the Marathon Project is well positioned to support North American and European smelters. The Project’s advanced development and permitting is also a key differentiator, which positions us to bring metal to market faster than any other North American copper project not yet in construction.”
Kerry Knoll, Executive Chairman of the Company commented, “Anticipating the final permit approvals from the provincial government in the near future, the Marathon Project is on track to become the next major shovel-ready critical metal project in Ontario and Canada. The potential backing from provincial and national critical metal funds, combined with support from banks, private equity, institutional investors, and retail shareholders, provides a strong foundation for securing full financing in the near term.”
Economic Analysis
The updated Feasibility Study underscores the continued economic robustness of the Marathon Project with an after-tax NPV6% of $1.07 billion, IRR of 28% and 1.9 year payback period based on the 3-yr trailing average metal prices as of November 1, 2024.
The following table presents the key outputs of the economic analysis for the 2025 FS using 3-year trailing average metal prices, together with the same analysis performed using spot and consensus metal prices, and foreign exchange rate assumptions:
| Item | Units | 2025 FS(c) | March 25, 2025 Spot(d) | March 2025 long-term consensus(e) |
| Key Assumptions | ||||
| Exchange rate (C$/US$) | C$/US$ | 1.35 | 1.44 | 1.37 |
| Palladium Price | US$/oz | 1,525 | 965 | 1,133 |
| Copper Price | US$/lb | 4.00 | 4.43 | 4.52 |
| Platinum Price | US$/oz | 950 | 1,003 | 1,240 |
| Gold Price | US$/oz | 2,000 | 2,983 | 2,511 |
| Silver Price | US$/oz | 24.00 | 33.68 | 31.19 |
| Revenue Split (a) | ||||
| Palladium | % | 52 | 37 | 41 |
| Copper | % | 34 | 44 | 41 |
| Platinum | % | 7 | 9 | 10 |
| Gold | % | 5 | 9 | 7 |
| Silver | % | 1 | 2 | 2 |
| Economic Results (b)(f) | ||||
| Pre-Tax Cash Flow (undiscounted) | $M | 3,009 | 2,291 | 2,576 |
| Pre-Tax NPV6% | $M | 1,660 | 1,189 | 1,375 |
| Pre-Tax IRR | % | 1.7 | 2.0 | 1.8 |
| Pre-Tax Payback | years | 35.1% | 27.6% | 30.6% |
| After-Tax Cash Flow (undiscounted) | $M | 2,032 | 1,554 | 1,744 |
| After-Tax NPV6% | $M | 1,070 | 749 | 876 |
| After-Tax IRR | % | 1.9 | 2.4 | 2.2 |
| After-Tax Payback | years | 27.6% | 21.4% | 23.8% |
| Notes: | ||||
| (a) Totals may not add to 100% due to rounding. Splits presented before adjustments for the impact of the Precious Metals Purchase Agreement (“PMPA”) with Wheaton Precious Metals Corp. (“Wheaton”). | ||||
(b) The economic analysis was carried out in real terms (i.e., without inflation factors) in Q4 2024 Canadian dollars, assuming no project construction financing but inclusive of mining equipment leasing. | ||||
(c) Metal price assumptions are based on the adjusted 3-year historical trailing averages as of November 1, 2024 for each of the metals. The 3-year averages are as follows: Palladium - US$1,523/oz, Copper at U$4.02/lb, Platinum at US$964/oz, Gold at US$1,995/oz and Silver at US$24.02/oz. | ||||
(d) March 25, 2025 spot prices of US$965/oz palladium, US$4.58/lb copper US$981/oz platinum, US$3,020/oz gold, US$33.68/oz silver and exchange rate of C$1.43 : US$1.00, source: Bloomberg | ||||
(e) Long-term consensus pricing provided by Haywood Securities as of March 24, 2025. | ||||
(f) See Non-IFRS Financial Measures, below, for additional information on Pre-Tax and After-Tax Cash Flows. |
Sensitivities
The Project has significant leverage to palladium and copper prices. The after-tax valuation sensitivities for the key metrics are shown below.
After-Tax NPV6% Results | Palladium Price Sensitivity (US$/oz) | ||||||||
800 | 1,000 | 1,250 | 1,500 | 1,525 | 1,750 | 2,000 | 2,200 | ||
Copper Price Sensitivity (US$/lb) | 2.50 | (291) | (9) | 308 | 612 | 643 | 916 | 1,214 | 1,466 |
3.00 | (120) | 145 | 452 | 758 | 788 | 1,057 | 1,368 | 1,606 | |
3.50 | 41 | 296 | 598 | 899 | 929 | 1,211 | 1,509 | 1,746 | |
4.00 | 194 | 438 | 741 | 1,040 | 1,070 | 1,352 | 1,649 | 1,886 | |
4.50 | 337 | 582 | 883 | 1,195 | 1,225 | 1,492 | 1,788 | 2,023 | |
5.00 | 484 | 723 | 1,023 | 1,335 | 1,365 | 1,632 | 1,927 | 2,165 | |
5.50 | 625 | 866 | 1,178 | 1,475 | 1,505 | 1,771 | 2,067 | 2,306 |
After-Tax IRR Results | Palladium Price Sensitivity (US$/oz) | ||||||||
800 | 1,000 | 1,250 | 1,500 | 1,525 | 1,750 | 2,000 | 2,200 | ||
Copper Price Sensitivity (US$/lb) | 2.50 | - | 5.7% | 13.5% | 19.9% | 20.5% | 25.5% | 30.7% | 34.5% |
3.00 | 2.8% | 9.6% | 16.4% | 22.4% | 23.0% | 27.8% | 32.7% | 36.4% | |
3.50 | 7.0% | 12.9% | 19.2% | 24.8% | 25.4% | 30.0% | 34.7% | 38.3% | |
4.00 | 10.5% | 15.8% | 21.7% | 27.1% | 27.6% | 32.1% | 36.6% | 40.1% | |
4.50 | 13.6% | 18.5% | 24.1% | 29.3% | 29.8% | 34.1% | 38.5% | 41.9% | |
5.00 | 16.4% | 21.0% | 26.4% | 31.4% | 31.9% | 36.0% | 40.3% | 43.6% | |
5.50 | 19.0% | 23.5% | 28.6% | 33.4% | 33.8% | 37.8% | 42.1% | 45.3% |
After-Tax Payback | Palladium Price Sensitivity (US$/oz) | ||||||||
800 | 1,000 | 1,250 | 1,500 | 1,525 | 1,750 | 2,000 | 2,200 | ||
Copper Price Sensitivity (US$/lb) | 2.50 | - | 7.8 | 4.3 | 2.5 | 2.5 | 2.0 | 1.8 | 1.5 |
3.00 | 10.4 | 5.6 | 3.3 | 2.3 | 2.2 | 1.9 | 1.5 | 1.4 | |
3.50 | 6.8 | 4.9 | 2.9 | 2.1 | 2.1 | 1.8 | 1.5 | 1.4 | |
4.00 | 5.6 | 4.2 | 2.4 | 2.0 | 1.9 | 1.6 | 1.4 | 1.3 | |
4.50 | 5.0 | 3.0 | 2.1 | 1.9 | 1.8 | 1.5 | 1.4 | 1.3 | |
5.00 | 4.2 | 2.4 | 2.0 | 1.6 | 1.6 | 1.4 | 1.3 | 1.2 | |
5.50 | 3.0 | 2.2 | 1.9 | 1.5 | 1.5 | 1.4 | 1.3 | 1.2 |
After-Tax Results | OPEX Sensitivity | ||||
+30% | +15% | 0% | -15% | -30% | |
NPV6% ($M) | 669 | 871 | 1,070 | 1,282 | 1,479 |
Payback (yrs) | 2.3 | 2.1 | 1.9 | 1.8 | 1.6 |
IRR (%) | 21.2% | 24.6% | 27.6% | 30.5% | 33.1% |
After-Tax Results | CAPEX Sensitivity | ||||
+30% | +15% | 0% | -15% | -30% | |
NPV6% ($M) | 860 | 966 | 1,070 | 1,173 | 1,277 |
Payback (yrs) | 3.0 | 2.3 | 1.9 | 1.5 | 1.2 |
IRR (%) | 19.6% | 23.1% | 27.6% | 33.8% | 42.7% |
After-Tax Results | FX Sensitivity | ||||
1.25 | 1.30 | 1.35 | 1.40 | 1.45 | |
NPV6% ($M) | 840 | 955 | 1,070 | 1,199 | 1,313 |
Payback (yrs) | 2.2 | 2.0 | 1.9 | 1.9 | 1.6 |
IRR (%) | 23.7% | 25.7% | 27.6% | 29.5% | 31.3% |
Capital Costs
The initial capital costs for construction and ramp-up, together with expected sustaining capital and closure costs, are presented in the table below:
Capital Area | 2025 FS ($M) |
Mobile Equipment for Construction(a) | 74 |
Processing Plant | 280 |
Infrastructure | 88 |
TSF, Water Management and Earthworks | 97 |
EPCM, General and Owners Cost | 198 |
Preproduction, Startup, Commissioning | 169 |
Contingency | 87 |
Initial Capital | 992 |
Preproduction revenue(b) | (184) |
Total | 809 |
Sustaining Capital | 565 |
Closure and Reclamation Costs | 72 |
Notes: | |
| (a) Mobile equipment acquired for Construction is presented as the cost of equipment deposits and lease payments during the construction and pre-production period. The remainder of the equipment leasing costs are incurred during operations and included in sustaining capital. | |
| (b) Revenue net of Related Off-Site Costs (Transport, Smelter, and Royalties) and working capital adjustments. See Economic Analysis, above, for additional information on the metal price assumptions used in the 2025 FS. |
Operating Costs
The Project operating costs have been updated and are reflected in the table below.
Description | Units | Operating Cost |
Mining(a) | $/t processed | 12.93 |
Processing | $/t processed | 8.57 |
General & Administration | $/t processed | 2.62 |
Concentrate Transport Costs | $/t processed | 1.96 |
Treatment & Refining Charges | $/t processed | 2.38 |
Royalties | $/t processed | 0.10 |
Total Operating Costs | $/t processed | 28.56 |
Average Operating Cost | US$/oz PdEq(c) | 663 |
Average All-in Sustaining Cost (b) | US$/oz PdEq(c) | 781 |
Average Operating Cost | US$/lb CuEq(c) | 1.74 |
Average All-in Sustaining Cost (b) | US$/lb CuEq(c) | 2.05 |
Notes: | ||
| (a) Mining cost per tonne mined is C$3.49/t . | ||
| (b) All-in sustaining cost excludes the impact of the Wheaton PMPA. | ||
| (c) See Non-IFRS Financial Measures, below, for additional information on Operating Costs, AISC, PdEq and CuEq. |
Mine Plan
The life of mine plan has been updated and the production details are summarized in the table below.
Units | 2025 TR | |
LOM Throughput | ||
Peak Process Plant Throughput | tpd | 27,700 |
Mt/year | 10.1 | |
Peak Mining Rate | tpd | 164,000 |
Mt/year | 60 | |
Mine Production (LOM) | ||
Total Mined | Mt | 489.7 |
Total Waste Mined | Mt | 361.4 |
Total Ore Mined | Mt | 128.3 |
Strip Ratio | waste:ore | 2.8 |
Payable Metal (LOM) | ||
Palladium | koz | 2,161 |
Copper | Mlbs | 532 |
Platinum | koz | 488 |
Gold | koz | 160 |
Silver | koz | 3,051 |
Mineral Resources
The Mineral Resource Estimate below is for the combined Marathon, Geordie and Sally Deposits. The Mineral Resource Estimates for Marathon, Geordie and Sally were prepared by P&E.
Pit Constrained Combined Mineral Resource Estimate for the Marathon, Geordie and Sally Deposits (Effective date November 1, 2024)
Mineral Resource Classification | Tonnes | Pd | Cu | Pt | Au | Ag | |||||
Mt | g/t | koz | % | Mlbs | g/t | koz | g/t | koz | g/t | koz | |
Marathon Deposit | |||||||||||
Measured | 164.0 | 0.56 | 2,973 | 0.20 | 712 | 0.18 | 970 | 0.07 | 358 | 1.7 | 9,089 |
Indicated | 38.1 | 0.39 | 476 | 0.18 | 153 | 0.13 | 159 | 0.06 | 71 | 1.6 | 1,896 |
Meas. + Ind. | 202.0 | 0.53 | 3,449 | 0.19 | 865 | 0.17 | 1,129 | 0.07 | 429 | 1.7 | 10,985 |
Inferred | 2.9 | 0.36 | 34 | 0.16 | 10 | 0.13 | 12 | 0.06 | 6 | 1.2 | 112 |
Geordie Deposit | |||||||||||
Indicated | 17.3 | 0.56 | 312 | 0.35 | 133 | 0.04 | 20 | 0.05 | 25 | 2.4 | 1,351 |
Inferred | 12.9 | 0.51 | 212 | 0.28 | 80 | 0.03 | 12 | 0.03 | 14 | 2.4 | 982 |
Sally Deposit | |||||||||||
Indicated | 24.8 | 0.35 | 278 | 0.17 | 93 | 0.2 | 160 | 0.07 | 56 | 0.7 | 567 |
Inferred | 14.0 | 0.28 | 124 | 0.19 | 57 | 0.15 | 70 | 0.05 | 24 | 0.6 | 280 |
Total Project | |||||||||||
Measured | 164.0 | 0.56 | 2,973 | 0.20 | 712 | 0.18 | 970 | 0.07 | 358 | 1.7 | 9,089 |
Indicated | 80.1 | 0.41 | 1,066 | 0.21 | 379 | 0.13 | 339 | 0.06 | 152 | 1.5 | 3,814 |
Meas. + Ind. | 244.1 | 0.51 | 4,039 | 0.20 | 1,091 | 0.17 | 1,309 | 0.06 | 510 | 1.6 | 12,903 |
Inferred | 29.8 | 0.39 | 370 | 0.22 | 147 | 0.10 | 94 | 0.05 | 44 | 1.4 | 1,374 |
| Notes: | |||||||||||
| a. Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council. | |||||||||||
| b. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. Mineral Resources are reported inclusive of Mineral Reserves. | |||||||||||
| c. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. | |||||||||||
| d. The Marathon Mineral Resource is reported within a constrained pit shell at a NSR cut-off value of $13.6/t. | |||||||||||
| e. Marathon NSR ($/t) = (Cu % x 111.49) + (Ag g/t x 0.73) + (Au g/t x 80.18) + (Pd g/t x 56.02) +(Pt g/t x 36.49) – 2.66 | |||||||||||
| f. The Marathon Mineral Resource Estimate was based on metal prices of US$1,550/oz Pd, US$4.250/lb Cu, US$1,100/oz Pt, US$2,300/oz Au and US$27/oz Ag, and a C$:US$ exchange rate of C$1.35 to US$1.00. | |||||||||||
| g. The Sally and Geordie mineral resources are reported within a constraining pit shell at a NSR cut-off value of $13/t. | |||||||||||
| h. Sally and Geordie NSR ($/t) = (Ag g/t x 0.48) + (Au g/t x 42.14) + (Cu % x 73.27) + (Pd g/t x 50.50) + (Pt g/t x 25.07) – 2.62 | |||||||||||
| i. The Sally and Geordie Mineral Resource Estimate was based on metal prices of US$1,600/oz Pd, US$3.00/lb Cu, US$900/oz Pt, US$1,500/oz Au and US$18/oz Ag, and a C$:US$ exchange rate of 1.30 C$ to 1.00 US$. | |||||||||||
| j. Contained metal totals may differ due to rounding. |
Mineral Reserves
The Mineral Reserve estimate for the Project includes only the Marathon Deposit. The Mineral Reserve Estimate was prepared by MMTS.
Marathon Project Open Pit Mineral Reserve Estimates
(Effective Date of November 1, 2024)
Mineral Reserves | Tonnes | Pd | Cu | Pt | Au | Ag | |||||
Mt | g/t | koz | % | M lb | g/t | koz | g/t | koz | g/t | koz | |
Proven | 115.5 | 0.66 | 2,434 | 0.22 | 549 | 0.20 | 754 | 0.07 | 264 | 1.7 | 6,242 |
Probable | 12.7 | 0.47 | 193 | 0.20 | 56 | 0.15 | 61 | 0.06 | 26 | 1.6 | 635 |
P & P | 128.3 | 0.64 | 2,627 | 0.21 | 605 | 0.20 | 815 | 0.07 | 291 | 1.8 | 6,877 |
Notes: | |||||||||||
| a. The mineral reserves estimate were prepared by Marc Schulte, P.Eng., who is also an independent Qualified Person, reported using the 2014 CIM Definition Standards, and have an effective date of November 1, 2024. | |||||||||||
| b. Mineral reserves are a subset of the Measured and Indicated Mineral Resources Estimate that has an effective date of November 1, 2024. Inferred class Mineral Resources are treated as waste. | |||||||||||
| c. Mineral Reserves are based on the 2024 Marathon Project Feasibility Study Update mine plan. | |||||||||||
| d. Mineral Reserves are mined tonnes and grade; the reference point is the process plant feed at the primary crusher. Process Plant feed tonnes and grade include consideration of mining operational dilution and recovery. | |||||||||||
| e. Mineral Reserves are reported at a cutoff grade of $16/t NSR. The NSR cut-off assumes Pd Price of US$1,525/oz, Cu price of US$4.00/lb, Pt Price of US$950/oz, Au price of US$2,000/oz, Ag price of US$24/oz, at an exchange rate of 0.74 US dollar per 1.00 Canadian dollar; payable percentages of 95% for Pd, 96.5% for Cu, 93% for Pt, 93.5% for Au, 93.5% for Ag; refining charges of US$24.5/oz for Pd, US$0.079/lb for Cu, US$24.5/oz for Pt, US$0.50/oz for Ag; minimum deductions of 2.875 g/t for Pd, 1.1% for Cu, 2.875 g/t for Pt, 1.0 g/t for Au, 30.0 g/t for Ag; treatment charges of US$79/t and transport and off-site costs of US$125/t concentrates, concentrate ratio of 90.9%; metallurgical recoveries are based on variable grade dependent metallurgical recovery curves. | |||||||||||
| f. The NSR cut off-value covers process costs of $8.27/t, general and administrative (G&A) costs of $2.63/t, sustaining and closure costs of $3.13/t, ore mining differential costs of $0.57/t, and stockpile rehandle costs of $1.40/t. | |||||||||||
| g. Numbers have been rounded, which may result in summation differences. Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions) were used for Mineral Reserve classification. |
Qualified Persons
The news release has been reviewed and approved by Daniel Janusauskas, P.Eng., Technical Services Manager of Generation PGM Inc., a wholly-owned subsidiary of the Company, and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects.
The 2025 FS was prepared through the collaboration of the following consulting firms and Qualified Persons, each of whom has reviewed and approved the technical information in this news release which was within their primary area of responsibility:
Consultant Company | Primary Area of Responsibility | Qualified Persons |
Ausenco Engineering Canada ULC | Overall integration, capital cost estimation compilation, process plant capital and operating costs, economic analysis, recovery methods, mineral processing and metallurgical testwork | Tommaso Roberto Raponi, P. Eng. |
JDS Energy and Mining, Inc. | Infrastructure, and earthworks capital cost estimates, and project execution plan | Jean-Francois Maille, P.Eng. |
Knight Piésold Ltd. | Tailings Storage Facility, water balance, geotechnical studies (mine rock storage piles, open pit and local infrastructure and foundations) | Craig N. Hall, P.Eng. |
Moose Mountain Technical Services | Mineral Reserves, mining methods, mining operating and capital cost estimate | Marc Schulte, P. Eng. |
P&E Mining Consultants, Inc. | Property description and location, accessibility, history, geological setting and mineralization, deposit types, exploration, drilling, sample preparation and security, data verification, Mineral Resource Estimates and adjacent properties | Eugene J. Puritch, P.Eng., FEC, CET Jarita Barry, P.Geo. Fred H. Brown, P.Geo. David Burga, P.Geo. William Stone, PhD, P.Geo. |
NI 43-101 Technical Report
The 2025 FS was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves adopted May 19, 2014, and in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Gen Mining intends to file the 2025 FS referenced in this news release as an NI 43-101 Technical Report on or before March 31, 2025. Readers are encouraged to read this Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.
About the Company
Gen Mining’s focus is the development of the Marathon Project, a large undeveloped copper-palladium deposit in Northwestern Ontario. The Marathon Property covers a land package of approximately 22,000 hectares, or 220 square kilometers. Gen Mining is dedicated to fostering a greener future by promoting sustainability, empowering communities, and delivering value to our stakeholders.
About Ausenco
Ausenco is a global company redefining what's possible. The team is based out of 21 offices working across 5 continents to deliver services worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting, studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors (www.ausenco.com).
Non-IFRS Financial Measures and Other Measures
The Company has included certain financial measures in this news release, including initial capital cost, operating costs, AISC, and Pre-Tax and After-Tax Cash Flows, which are not measures recognized under IFRS and do not have a standardized meaning. These non-IFRS financial measures are included in this document because these statistics are measures that management will use to monitor future financial performance, and to plan and assess the overall effectiveness and efficiency of future mining operations. The Company does not have historical non-IFRS financial measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non-IFRS financial measures may not be reconciled to the nearest comparable measures under IFRS. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.
Non-IFRS performance measures used herein are defined as follows:
- Initial Capital includes all costs incurred from the effective date of the 2025 FS (excluding historical sunk costs) until the point where commercial production is achieved, including expenses related to engineering, equipment purchase and installation, process plant and mine infrastructure construction, and any other costs associated with putting the Project into operations.
- Operating Costs includes mining, processing, general and administrative and other, concentrate transportation costs, treatment and refining charges, and royalties. Costs related to the Wheaton PMPA are excluded.
- AISC includes Operating Costs, closure and reclamation costs, and sustaining capital.
- Pre-tax Cash Flow includes total revenue less Operating Costs, working capital adjustments, equipment financing, initial capital, sustaining capital, closure costs. Costs related to the Wheaton PMPA are included.
- After-tax Cash Flow includes Pre-tax Cash Flow less income taxes payable.
The Marathon Project is a polymetallic deposit. For purposes of estimating the Company’s anticipated costs and future financial performance, the Company discloses certain financial measures herein based on estimates of future palladium equivalent (“PdEq”) and copper equivalent (“CuEq”) metal production. The Company’s estimated PdEq and CuEq are calculated using the payable metals estimates derived from the Company’s LOM, as follows:
- Palladium Equivalent ounces uses the formula PdEq oz = Pd oz + (Cu lb x 4.00 US$/lb + Pt oz x US$950/oz + Au oz x US$2000/oz + Ag oz x US$24.00/oz) / US$1525 Pd/oz.
- Copper Equivalent pounds uses the formula CuEq lbs = Cu lbs + (Pd oz x US$1,525/oz + Pt oz x US$950/oz + Au oz x US$2000/oz + Ag oz x US$24.00/oz) / US$4.00 Cu/lb.
Information Concerning Estimates of Mineral Reserves and Resources
The Mineral Reserve and Mineral Resource Estimates in this press release have been disclosed in accordance with NI 43-101, which differs from the requirements of the U.S. Securities and Exchange Commission (the “SEC”), and information with respect to mineralization and Mineral Reserves and Mineral Resources contained herein may not be comparable to similar information disclosed by U.S. companies.
The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. Under the SEC Modernization Rules, the historical property disclosure requirements for mining registrants included in Industry Guide 7 under the U.S. Securities Act of 1933, as amended, will be rescinded and replaced with disclosure requirements in subpart 1300 of SEC Regulation S-K. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources.” In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be “substantially similar” to the corresponding standards under NI 43-101. While the SEC will now recognize “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, U.S. investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of Mineral Resources or into Mineral Reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any Measured Mineral Resources, Indicated Mineral Resources, or Inferred Mineral Resources that the Company reports are or will be economically or legally mineable. Further, “Inferred Mineral Resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the “Inferred Mineral Resources” exist. There is no assurance that any Mineral Reserves or Mineral Resources that the Company may report as “Proven Mineral Reserves”, “Probable Mineral Reserves”, “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under NI 43-101 would be the same had the Company prepared the Reserve or Resource Estimates under the standards adopted under the SEC Modernization Rules.
Mineral Resources are not Mineral Reserves, and do not have demonstrated economic viability, but do have reasonable prospects for economic extraction. Measured and Indicated Mineral Resources are sufficiently well defined to allow geological and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the Mineral Resource. Inferred Mineral Resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred Mineral Resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as Mineral Reserves. There is no certainty that Mineral Resources of any classification can be upgraded to Mineral Reserves through continued exploration.
The Company’s Mineral Reserve and Mineral Resource figures are estimates and the Company can provide no assurances that the indicated levels of mineral will be produced or that the Company will receive the price assumed in determining its Mineral Reserves. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that these Mineral Reserve and Mineral Resource Estimates are well established and the best estimates of the Company’s management, by their nature Mineral Reserve and Mineral Resource Estimates are imprecise and depend, to a certain extent, upon analysis of drilling results and statistical inferences which may ultimately prove unreliable. If the Company’s Mineral Reserve or Mineral Reserve Estimates are inaccurate or are reduced in the future, this could have an adverse impact on the Company’s future cash flows, earnings, results or operations and financial condition.
The Company estimates the future mine life of the Marathon Project. The Company can give no assurance that its mine life estimate will be achieved. Failure to achieve this estimate could have an adverse impact on the Company’s future cash flows, earnings, results of operations and financial condition.
Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, including statements related to mineral resource and reserve estimates; proposed mine production plans; projected mining and process recovery rates (including mining dilution); estimates related to reclamation and closure costs; the timing for receipt of government permits, sufficient financing or to commence construction of the Marathon Project, metal prices and other economic assumptions (including currency exchange rates); projected capital and operating costs (including the AISC); the timing and volume of payable metal production and revenues; and the economic analysis and results (including cash flows, IRRs, NPVs and payback period).
Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the timing for a construction decision; the progress of development at the Marathon Project, including progress of project expenditures and contracting processes, the Company’s plans and expectations with respect to liquidity management, continued availability of capital and financing, the future prices of palladium, copper and other commodities, permitting timelines, exchange rates and currency fluctuations, increases in costs, requirements for additional capital, and the Company’s decisions with respect to capital allocation, and the impact of COVID-19, inflation, global supply chain disruptions, global conflicts, including the wars in Ukraine and Israel, the project schedule for the Marathon Project, key inputs, staffing and contractors, continued availability of capital and financing, uncertainties involved in interpreting geological data and the accuracy of Mineral Reserve and Resource Estimates, environmental compliance and changes in environmental legislation and regulation, the Company’s relationships with Indigenous communities, results from planned exploration and drilling activities, local access conditions for drilling, and general economic, market or business conditions, as well as those risk factors set out in the Company’s annual information form for the year ended December 31, 2023, and in the continuous disclosure documents filed by the Company on SEDAR+ at http://www.sedarplus.ca/.
Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on the Company, investors are encouraged to review the Company’s public filings on SEDAR+ at www.sedarplus.ca.
| Footnotes: |
| 1 Unless otherwise noted, the economic analysis includes the impact of the WPM PMPA |
2 See Economic Analysis, below, for metal price and exchange rate assumptions |
3 See Non-IFRS Financial Measures, below, for additional information on Initial Capital, AISC, PdEq and CuEq. |
Contacts
For further information please contact:
Jamie Levy
President and Chief Executive Officer
(416) 640-2934 (O)
(416) 567-2440 (M)
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24 March
Trump Invokes Wartime Powers to Boost US Critical Minerals Production
US President Donald Trump has signed an executive order invoking the Defense Production Act to accelerate domestic production of critical minerals, aiming to reduce reliance on foreign sources — particularly China.
The order, signed on March 20, identifies mineral production as a national security imperative and authorizes the Department of Defense, in coordination with the International Development Finance Corporation, to facilitate financing, permitting and investment support for mining and processing essential minerals.
It also directs the Department of the Interior to expedite permits and prioritize mining operations on federal land.
"Our national and economic security are now acutely threatened by our reliance upon hostile foreign powers’ mineral production," the order states. "It is imperative for our national security that the United States take immediate action to facilitate domestic mineral production to the maximum possible extent."
The Defense Production Act, a Cold War-era law originally enacted in 1950, grants the government the authority to direct private industry toward national security objectives. In recent years, the law has been used to ramp up production of defense materials, medical supplies and renewable energy components.
Trump's use of the act signals a strong shift toward prioritizing domestic resource extraction to counteract China's dominance in the supply chain and dependence on other nations.
US reliance on foreign minerals
Despite possessing significant reserves, the US remains heavily dependent on mineral imports.
According to the US Geological Survey, the country imports at least 15 critical minerals in large quantities, with 70 percent of America's rare earths coming from China.
The US also relies on imports for nearly 50 percent of its lithium, 90 percent of its gallium and nearly 100 percent of its graphite, all essential for defense applications and the growing electric vehicle industry.
The move to boost domestic production comes amid growing concerns over China's tightening export controls.
Beijing has recently begun restricting shipments of germanium, gallium and antimony — materials that are vital for semiconductors and defense systems. In response, US policymakers have pushed for strategic stockpiles and expanded domestic production to reduce vulnerability.
Mixed market response to executive order
Industry leaders have applauded the order, calling it a necessary step toward securing a stable supply chain.
Some US mining companies have also issued statements in support of the executive order.
Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF), which is currently working with the Department of Defense on rare earth elements processing technology, called the order a move that "underscores the urgent need to establish robust, domestic rare earth processing capabilities" in a recent press release.
CEO Pat Ryan noted that the Trump administration's efforts align with Ucore’s plans to commercialize its refining technology, which would help reduce the country's dependence on Chinese processing facilities.
Similarly, American Tungsten (CSE:TUNG,OTCQB:DEMRF) praised the initiative, citing the need for an independent tungsten supply chain. "This Executive Order is a clear endorsement for America’s mining industry. We believe our tungsten project, the IMA Mine, is a core example of why critical mineral production in the U.S. must be prioritized and addressed without delay," commented CEO Murray Nye in a statement.
However, environmental groups have criticized the order, warning that it could weaken safeguards meant to protect public lands from excessive mining activity. "Yet again, President Trump is trying to ignore the law and dictate that our national public lands be handed over to private companies for extraction and profit above all else," Bloomberg quotes Rachael Hamby, policy director at the Center for Western Priorities, as saying.
Many environmental advocates prefer stronger regulations, and have long warned that increased mining activity, particularly on federal lands, could lead to pollution, habitat destruction and water contamination.
The order directs federal agencies to produce a list of US mines that could be quickly approved, and to assess which federal lands, including those managed by the Pentagon, could be used for mineral processing.
It also mandates the creation of a centralized forum for buyers and sellers in the critical minerals industry.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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18 March
Almonty Industries Secures Strategic Partnership Agreement with American Defense International
Prominent Government Relations Firm to Support Almonty’s Position as a Leading Allied Supplier of Tungsten to the American Defense and Technology Industries
Almonty Industries Inc. (TSX: AII) (ASX: AII) (OTCQX: ALMTF) (Frankfurt: ALI) (“Almonty” or the “Company”), a leading global producer of tungsten concentrate, is pleased to announce that it has entered into a strategic partnership agreement (“Agreement”) with American Defense International, Inc. (“ADI”), a prominent government relations and business development firm based in Washington, D.C.
This partnership represents a significant step in strengthening Almonty’s strategic positioning within the critical metals sector to support the U.S. federal government as well as the American defense and technology industries. Alongside the Company’s ongoing redomiciling to the United States, the collaboration with ADI will enhance engagement in the U.S. market by reinforcing the Company’s alignment and support of government policies and industry priorities.
Founded in 1995 and supported by a team of former senior government officials, military officers, and congressional aides, ADI has a strong track record of assisting companies in securing key government relationships, advancing strategic initiatives, and facilitating global expansion. Representing over 100 organizations – including prominent companies such as SpaceX – across 11 countries, ADI’s influence and reach will be instrumental in further positioning Almonty within the growing demand for secure and sustainable tungsten and Molybdenum supply chains to supply the needs of the U.S. defense and technology sectors.
Lewis Black, President & CEO of Almonty, commented: "We are thrilled to announce our partnership with American Defense International, which will help position Almonty as a leading allied supplier of tungsten and molybdenum for American interests. As we move to finalize our redomiciling to the United States, ADI’s expertise and relationships, forged through working with industry-leaders such as SpaceX, will position us to strengthen relationships with key stakeholders in a rapidly evolving global landscape. We look forward to working closely with their team in the months and years to come as we strive to create sustainable, long-term value for my fellow shareholders.”
About Almonty
Almonty Industries Inc. is a diversified and experienced global producer of tungsten concentrate in conflict-free regions. The company is currently mining, processing and shipping tungsten concentrate from its Panasqueira mine in Portugal. Its Sangdong tungsten mine in Gangwon Province, South Korea is currently under construction. The Sangdong mine was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, and has significant upside potential from an underlying molybdenum deposit. Additional development projects underway include the Valtreixal tin/tungsten project in northwestern Spain and Los Santos Mine in western Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s profile at www.sedarplus.ca.
Legal Notice
The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. These statements and information are based on management’s beliefs, estimates and opinions on the date that statements are made and reflect Almonty’s current expectations.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Almonty to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: any specific risks relating to fluctuations in the price of ammonium para tungstate ("APT") from which the sale price of Almonty’s tungsten concentrate is derived, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which Almonty’s operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty’s business, credit and liquidity risks, hedging risk, competition in the mining industry, risks related to the market price of Almonty’s shares, the ability of Almonty to retain key management employees or procure the services of skilled and experienced personnel, risks related to claims and legal proceedings against Almonty and any of its operating mines, risks relating to unknown defects and impairments, risks related to the adequacy of internal control over financial reporting, risks related to governmental regulations, including environmental regulations, risks related to international operations of Almonty, risks relating to exploration, development and operations at Almonty’s tungsten mines, the ability of Almonty to obtain and maintain necessary permits, the ability of Almonty to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support Almonty’s mining operations, uncertainty in the accuracy of mineral reserves and mineral resources estimates, production estimates from Almonty’s mining operations, inability to replace and expand mineral reserves, uncertainties related to title and indigenous rights with respect to mineral properties owned directly or indirectly by Almonty, the ability of Almonty to obtain adequate financing, the ability of Almonty to complete permitting, construction, development and expansion, challenges related to global financial conditions, risks related to future sales or issuance of equity securities, differences in the interpretation or application of tax laws and regulations or accounting policies and rules and acceptance of the TSX of the listing of Almonty shares on the TSX.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, no material adverse change in the market price of ammonium para tungstate (APT), the continuing ability to fund or obtain funding for outstanding commitments, expectations regarding the resolution of legal and tax matters, no negative change to applicable laws, the ability to secure local contractors, employees and assistance as and when required and on reasonable terms, and such other assumptions and factors as are set out herein. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary.
Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD- LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
Contacts
Company Contact
Lewis Black
Chairman, President & CEO
+1 647 438-9766
info@almonty.com
Investor Relations Contact
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(949) 259-4987
ALMTF@mzgroup.us
www.mzgroup.us
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11 March
Condor Energies Secures Second Critical Minerals Mining License in Kazakhstan
Energy transition company Condor Energies (TSX:CDR,OTC Pink:CNPRF) said on Tuesday (March 10) that it has secured its second critical minerals mining license in Kazakhstan.
The Kolkuduk license, awarded to the firm by the Kazakh government, grants Condor exclusive rights to explore and mine solid minerals across a 6,800 hectare site for a six year term.
Kolkuduk is situated near Condor’s existing 37,300 hectare Sayakbay critical minerals license, with both sites located in a geothermally active region known for its rich mineralized brine deposits.
According to data from the Kazakh geology ministry, a previously drilled well in the Kolkuduk territory encountered brine deposits containing lithium concentrations of up to 130 milligrams per liter. Historical wireline logs and core samples indicate a 1,000 meter brine reservoir, suggesting significant potential for resource development.
Additional minerals identified in the region include rubidium, strontium and cesium.
“Condor’s focus on developing critical minerals in Kazakhstan aligns with the strategic focus of multiple countries to accelerate the development of diverse, secure, and sustainable supply chains of critical minerals," said Condor President and CEO Don Streu in the company's release, emphasizing the strategic significance of its licenses.
“Kazakhstan is one of the select group of minerals-producing countries identified as strategic to these efforts."
Critical minerals have emerged as a cornerstone of global energy security and economic policy, with countries seeking to secure reliable sources for technologies such as batteries, renewable energy infrastructure and advanced manufacturing.
Condor’s expansion into critical minerals exploration complements its existing natural gas production operations in Uzbekistan and its liquefied natural gas (LNG) transportation fuel business in Kazakhstan.
Last year, the company signed its first LNG framework agreement with Kazakhstan Temir Zholy National Company (KTZ), the country’s national railway operator, and Wabtec (NYSE:WAB), a US-based locomotive manufacturer. The deal lays the groundwork for using LNG to fuel Kazakhstan’s rail locomotive fleet, a major step in reducing reliance on diesel fuel.
KTZ and Wabtec have been working to retrofit existing locomotives and incorporate LNG into new builds as part of a broader fleet modernization initiative. Under the agreement, Condor will serve as the primary LNG supplier and distributor, coordinating production volumes with the rollout of LNG-powered rail locomotives.
The LNG initiative is also poised to play a critical role in the expansion of the Transcaspian International Transport Route, a vital corridor for freight movement between Asia and Europe. Condor has already completed front-end engineering for its first modular LNG facility, with detailed engineering slated to commence soon.
The facility, to be built near Aktobe, Kazakhstan, will have an annual production capacity of 120,000 metric tons of LNG, equivalent to 450,000 liters of diesel per day.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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26 February
NioBay Metals Intercepts Up to 22% Titanium (TiO₂) in its Drillings on Zone 1 of the Foothills Property
NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) (OTCQB: NBYCF) is proud to announce that it has intercepted titanium in several of the surface drill holes carried out in Zone 1, on the Foothills Property, located on the lands of the Séminaire de Québec.
The Company had filed an application for authorization for impact projects with the Ministry of Natural Resources with the aim of carrying out a drilling campaign as soon as authorization is received. Below, the Company provides the results of the TiO2 mineralized zones of interest, from the fall 2024 exploration campaign.
The Foothills project is located north of Saint-Urbain, 100 km north of Québec City and 90 km south of Saguenay (La Baie region), Québec. The project covers an approximate area of 285 km2 and includes five separate claim blocks. It covers most of the contact of the intrusive zone known as the Saint-Urbain anorthosite.
It should be noted that the drilling work generated 32.14 tonnes of CO2 equivalents. A donation was granted to Carbone Boreal (Université du Québec à Chicoutimi) as compensation.
Table of Results
Intersections calculated for a cut-off grade of 8% Ti, a minimum length of 1 m and a maximum internal dilution of 1 m.
| Drill Hole | From (m) | To (m) | Length (m) | Dilution (m) | TiO2 (%) |
| 1625-24-002 | 89.75 | 153.00 | 63.25 | 1.00 | 10.57 |
| 1625-24-002 | 185.00 | 186.80 | 1.80 | 0.00 | 17.09 |
| 1625-24-002 | 220.80 | 226.55 | 5.75 | 0.00 | 22.36 |
| 1625-24-003 | 135.25 | 149.00 | 13.75 | 0.00 | 12.62 |
| 1625-24-003 | 151.00 | 156.00 | 5.00 | 0.50 | 19.13 |
| 1625-24-003 | 172.30 | 180.00 | 7.70 | 0.00 | 14.44 |
| 1625-24-004 | 154.10 | 158.40 | 4.30 | 0.00 | 14.73 |
| 1625-24-006 | 16.50 | 18.80 | 2.30 | 0.00 | 9.22 |
| 1625-24-006 | 25.00 | 30.45 | 5.45 | 0.70 | 11.76 |
| 1625-24-006 | 37.00 | 38.00 | 1.00 | 0.00 | 8.01 |
| 1625-24-006 | 48.00 | 49.00 | 1.00 | 0.00 | 14.60 |
| 1625-24-007 | 44.20 | 47.00 | 2.80 | 0.00 | 11.14 |
| 1625-24-007 | 49.00 | 62.65 | 13.65 | 0.00 | 10.56 |
June 2024 prospecting area and sample locations
Map 2: Location of Drill Sites
Message from the President
“We are finally able to present our results from Zone 1. We were pleasantly surprised by the grade in certain holes. The next step will be to drill on a section of Zone 3. The application for authorization for this zone have been filed. Remember that sector 3 has demonstrated very good surface values in titanium (Press release of August 7, 2024)”, concluded Mr. David.
PDAC 2025
NioBay will be at PDAC again this year from March 2nd to the 5th inclusively, at the Toronto Convention Centre. Come meet us at booth 3015.
Qualified Persons
This press release has been reviewed and approved by Mr. Mikael Block, P.Geo., a Qualified Person under National Instrument 43-101. Mr. Block is a Project Manager employed by IOS Services Géoscientifiques.
About NioBay Metals Inc.
NioBay aims to become a leader in the development of mine(s) with low carbon consumption and responsible water and wildlife management practices while prioritizing the environment, social responsibility, good governance, and the inclusion of all stakeholders. Our top priority, which is critical to our success, is the consent and full participation of the Indigenous communities in whose territories and/or on ancestral lands we operate.
In addition to others properties, NioBay holds a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the Moose Cree Traditional Territory of the James Bay Lowlands in Ontario. NioBay also holds a 72.5% interest in the Crevier Niobium and Tantalum project located in Québec and on the Nitassinan territory of the Pekuakamiulnuatsh First Nation. The Company has also the option to acquire an 80% interest in the Foothills project, a titanium-phosphate project located near the former St-Urbain mine site in Quebec.
About Titanium
Titanium (Ti) is as strong as steel, but much less dense. It is therefore important as an alloying agent with many metals, including aluminum, molybdenum and iron. These alloys are mainly used in aircraft and spacecraft because of their low density and ability to withstand extreme temperatures. They are also used in sports equipment, laptops, bicycles and medical prostheses. Recently, this metal has been used in some battery components.
Cautionary Statement
Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws including statements about the Company's plans. Such statements are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date the statements are made and are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
FOR MORE INFORMATION, CONTACT:
NioBay Metals Inc.
Jean-Sébastien David, P.Geo., MPM
President & CEO
jsdavid@niobaymetals.com
www.niobaymetals.com
Kimberly Darlington
Investor Relations
kimberly@refinedsubstance.com
Tel: 514-771-3398
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/29b6747d-ce60-40ad-b263-edd85dcc6921
https://www.globenewswire.com/NewsRoom/AttachmentNg/79550acc-c4ce-4e20-ae0d-13463ccafa16
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