
July 31, 2024
Tartana Minerals Limited (ASX: TAT) (the Company), is pleased to announce that copper sulphate pentahydrate (copper sulphate) production continues to increase with sales totalling 97.5 tonnes during the quarter, representing $411K in revenues. This combined with the $201K received this Quarter from earlier sales of zinc slag, brings the total to $612K for the Quarter.
Highlights:
- Sales revenue increasing: cash receipts of $612K including $411K on 97.5 tonnes of copper sulphate pentahydrate during the quarter and receipt of $201K from earlier sales of zinc slag.
- Process optimisation is underway to reach a target production of at least 5 tonnes per day.
- Metallurgical hole D15 assays and testing are underway.
- Tartana Copper project (45,000 t Cu at 0.45% Cu using a 0.2% Cu, further details below)1 studies are underway to establish copper flotation recoveries, concentrate grades and Tomra ore sorting upgrades on a 650 kg bulk sample.
- New EPM 29067 application (Bottle Bird) adjacent to the Tartana Copper project lodged.
- Landholder Standard Conduct and Compensation Agreement (SCCA) executed on Beefwood EPM 26399, Maid EPM 27735 and mining lease applications for Mountain Maid gold and Cardross copper.
- Ms Shuyi (Kiara) Wang appointed as a director on 17 July 2024.
- Significant financings completed in the quarter: repayment of a A$1 million convertible note, raising $1.5 million in a rights issue and shortfall placement at $0.05, and borrowing $0.3 million from another party.
- Name change completed from R3D Resources Limited to Tartana Minerals Limited.
Assaying and metallurgical testwork have commenced on PQ and HQ core from D15. D15 was drilled to 300 m below TRC098 which was drilled in 2022, reporting 72.1 m at 0.63% Cu from 15.6 m2. D15 is located in the central portion of the Tartana Copper project and provides samples of typical mineralisation applicable across the orebody.
The testwork will provide estimated key metallurgical parameters necessary for commercial development of primary copper resources within Tartana’s open pit.
Tartana Minerals lodged a new EPM (29067) application covering an area adjacent to Tartana mining leases which also covers prospective ground near the Company’s Nightflower Silver project.
Elsewhere, the Standard Conduct and Compensation Agreement (SCCA) covering Beefwood EPM 26399 has been finalised as the Company progresses early work on this site. This follows finalisation of SCCAs over Maid EPM 27735, including the Mountain Maid Gold project3 and the Cardross Copper project. Tartana is in progress of finalising a Native Title Agreement with the Wakaman Kung Kung Aboriginal Corporation, following this drilling will commence.
Click here for the full ASX Release
This article includes content from Tartana Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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The Conversation (0)
20 February
Tartana Minerals
Investor Insight
Tartana Minerals is a new copper producer with strong cash flow and a substantial exploration footprint in a tier 1 mining jurisdiction. Tartana Minerals is creating shareholder value through investment in increasing its existing copper, zinc and gold resources and accelerating exploration of key projects within its highly prospective exploration portfolio. Tartana Minerals presents a compelling investment against a strong macroeconomic environment for copper.
Overview
Tartana Minerals (ASX:TAT) is a copper, gold, silver and zinc, producer, explorer and developer in Far North Queensland. Its flagship project is the 100 percent owned Tartana copper and zinc project which comprises four mining leases located north of Chillagoe. The company’s business model has involved refurbishing an existing heap leach - solvent extraction – crystallisation plant which is located on the Tartana mining leases. The refurbishment and commissioning of this plant is now completed and the company is producing copper sulphate pentahydrate which is sold to offtaker, Kanins International. Copper sulphate is priced on a premium plus percentage of the LME copper price and provides investors with leverage to anticipate increasing copper prices.
The company, formerly known as R3D Resources, changed its name to Tartana Minerals in April 2024. Tartana Minerals is based in Sydney, Australia.
Tartana Minerals has reported the following resources:
- 45,000 tonnes of contained copper at 0.45 percent copper in combined inferred and indicated resources in the Tartana open pit and northern oxide zone
- 39,000 tonnes of contained zinc at 5.29 percent zinc in inferred resources in the Queen Grade project, also located on the Tartana mining leases, and
- 415,000 oz contained gold at 0.34 g/t in inferred resources at Mountain Maid – subject to a mining lease application.
These copper, zinc and gold resources remain open at depth and along strike and the company has designed drilling programs to expand these resources. In particular, the copper mineralisation and potentially the gold mineralisation have scope to be upgraded through ore sorting.
However, the refurbished heap leach – solvent extraction – crystallisation plant utilises existing copper in the ponds and the heaps and these copper sources will be replenished when we commence mining from the open pit.
Copper sulphate contains 25 percent copper metal and payment is based on the LME copper price for the preceding month plus a premium. It is one of the few forms of saleable copper where the copper content receives the full LME price.
Sprinklers operating on the lower heap. Note the presence of copper (blue).
Tartana Minerals completed the acquisition of Queensland Strategic Metals with drilling planned to commence in 2025 that includes the Daisy Bell tin-tungsten project where historical drilling and our mapping have identified a potentially tin-rich zone.
Company Highlights
- Tartana Minerals is producing copper sulphate pentahydrate from its heap leach – solvent extraction – crystallisation plant in Chillagoe with a 100 percent offtake agreement with Kanins International.
- Copper sulphate is priced at a premium plus a percentage of the LME copper price, providing exposure to the booming copper market
- With copper, zinc and gold resources in separate projects and all within granted or soon to be granted mining leases, the company is investigating processing options which can potentially utilise available infrastructure.
- Near-term catalysts include targeted drilling programs to increase the JORC resource and expand on metallurgical test work, increasing the resource grade and estimate
- With the copper sulphate plant fully commissioned and in production, the company is now accelerating its exploration activities. The company has a range of prospects from advanced brownfields projects near existing historical mines to many prospects containing ‘ore grade’ surface mineralisation which have not been tested at depth.
- The company’s exploration portfolio includes the Beefwood/Bulimba, Bellevue, Dimbulah, Cardross and Maid projects. The exploration team is focused on target generation, particularly with the addition of critical minerals within its existing tenure and elsewhere.
Exploration
The Chillagoe region of Far North Queensland is highly prospective with the discovery and development of a number of key projects over the last few decades including Red Dome (2.5 Moz gold), Mungana (1.2 Moz gold), and King Vol (250 kt zinc). These deposits occur along the Palmerville Fault in a similar location to the Tartana Mining leases.
The mining leases at Tartana contain copper, zinc and gold mineralisation but the company also has significant projects which are both east and west of the Palmerville Fault. In the west it has the Cardross and Mountain Maid copper-gold projects and further north it has the Beefwood project. Mountain Maid has gold resources mentioned above and which are open to the south and at depth while the company is finalising a maiden copper resource for the Cardross project.
The Beefwood project comprises a buried geophysical target and surface sampling has recovered samples grading up to 180 g/t gold with no apparent source. Drilling is planned to test this target in the current dry season.
In the east of the Palmerville Fault, the company has the Bellevue/Dry River project, the OK South project and the Dimbulah Porphyry project, all copper projects with historic copper mines and prospects. Like many parts of Far North Queensland, historical exploration has not been systematic and thorough despite many promising expressions of surface mineralisation.
At the Nightflower project, Tartana has upgraded its exploration target after reviewing its earlier estimation, in light of the recent increases in the antimony price. Nightflower is a high-grade silver-lead deposit with previously overlooked significant antimony credits. Nightflower exploration target includes 2.75 Mt @ 364 g/t silver equivalent for 32 Moz silver equivalent to 5.36 Mt @ 270 g/t silver equivalent for 47 Moz silver equivalent (the exploration target is conceptual in nature only and there is no guarantee that further exploration will define a resource). Drilling is now being planned to test the target and upgrade previously identified mineralisation to JORC 2012 reporting standards.
Tartana’s exploration team comprises experienced exploration geologists with supporting cash flow from their copper production, they expect to be able to drill the most promising targets in the short term.
Strong Macroeconomic Environment for Copper
Overall, the macroeconomic environment for copper remains strong. The LME three-month copper price hit US$5.24/lb on May 17, the highest since March 7, 2022, driven by a weaker US dollar, Chinese property stimulus measures, and a short squeeze on the Chicago Mercantile Exchange futures market.
In the near-to-mid term, China’s demand for refined copper is expected to grow, due to better-than-expected performances from key consumer segments, including the power grid, solar installations and electric vehicle and air conditioning appliance sales. On the supply side, the copper concentrate market is expected to remain in a significant deficit due to the estimated delay in the Cobre Panama mine restart but will be partially offset by the higher projected production from smelters in China. As a result, we see further demand growth and supply tightening for the copper market as positive for base metal equities to maintain significant leverage to increase prices.
Management Team
Jihad Malaeb – Chairman
Jihad Malaeb is an experienced entrepreneur across a number of industries, including hospitality and construction, as well as having significant experience in mineral exploration and mining operations – both as an active investor and company director. He currently owns and operates a portfolio of hospitality businesses and real estate across Australia, which have been established over the past 30 years. Malaeb was previously a non-executive director of Critical Resources (ASX:CRR), where he helped steer CRR as one of its largest shareholders and as a board member.
Dr. Stephen Bartrop - Managing Director
Steve Bartrop’s professional experience spans more than 30 years covering periods in both the mining industry and financial sector. With a geology background, Bartrop has worked in exploration, feasibility and evaluation studies and mining in a range of commodities and in different parts of the world. In the financial sector, he has been involved in research, corporate transactions and IPOs spanning more than 20 years, including senior roles at JPMorgan, Bankers Trust and Macquarie Equities.
Bruce Hills – Non-executive Director
Bruce Hills is an accountant and is currently an executive director of Breakaway Investment Group, which operates the Breakaway Private Equity Emerging Resources Fund. Hills is a director of a number of unlisted companies in the mining and financial services sectors including The Risk Board and Stibium Australia. Hills has 35 years’ experience in the financial sector including 20 years in the banking industry primarily in the areas of strategy, finance and risk.
Dr. Alistair Lewis – Non-executive Director
Dr. Alistair Lewis is a successful entrepreneur and highly experienced medical doctor with over 40 years’ experience. For the past 10 years, Lewis has been involved in the management of mining and exploration companies. In 2017, Lewis established Oosen Lewis Mining in North Queensland. He financed the aggregation of a substantial portfolio of gold, tin, tungsten and antimony assets and instigated subsequent extensive exploration programs. These assets now form part of the QSM portfolio.
Michael Thirnbeck – Independent Non-executive Director
Michael Thirnbeck is an experienced geologist with over 25 years in managing numerous mineral development projects in Papua New Guinea, Indonesia and Australia. He has been a member of the Australasian Institute of Mining and Metallurgy since 1989 and holds B.Sc (Hons.) degree from the University of Queensland.
Shuyi (Kiara) Wang – Non-executive Director
Shuyi (Kiara) Wang was appointed a director of Tartana Minerals on July 17, 2024. Wang is an accomplished, emerging leader with a strong academic and professional background. She holds a Bachelor of Arts majoring in Philosophy from The University of Melbourne and is currently pursuing a Juris Doctor at the prestigious Melbourne Law School.
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Copper, gold, silver and zinc, producer, explorer and developer in Far North Queensland, Australia
13 May
Director led financing and change of Chairman
30 April
Quarterly Activities/Appendix 5B Cash Flow Report
24 April
Beefwood Project Clarification and Drilling Update
15 April
Retraction re Mungana Processing Plant Capacity
15 April
Tartana receives $275k Beefwood Copper Gold CEI Grant
2h
Gold Price, Markets Trade Flat After US Strikes on Iran
An escalating conflict between Israel and Iran drew military inolvement from the US over the weekend, marking a significant ratcheting up of tensions in the region.
On Saturday (June 21), US B-2 bombers flying out of Whiteman Air Base and a US submarine stationed in an undisclosed location launched strikes against three sites in Iran. The targets were Iranian nuclear facilities at Fordo, Natanz and Isfahan that the US alleges were being used to enrich uranium to create a nuclear bomb.
Both Israel and the US have been adamant that Iran should not be allowed to have nuclear weapons.
The attacks mark the first time the US has used its 30,000 pound Massive Ordnance Penetrator in a combat role.
Prior to the strikes, the US had been working for several months to create a new nuclear deal with Iran.
President Donald Trump had given a deadline for the end of May, and had previously stated that if the Iranian regime did not give up its nuclear ambitions in that timeline, there would be “all hell to pay.”
Iran has retaliated against US bases in the Middle East, with US defense officials confirming an attack at the Al Udeid Air Base in Qatar on Monday (June 23). The base is the headquarters for US Central Command in the region.
In 2020, Iran carried out a similar retaliatory attack against a US base in Iraq following the assassination of Qasem Soleimani, who was head of the Quds Force, a special operations unit of the Islamic Revolutionary Guard.
The US received a warning prior to that attack, and no personnel were killed. The parties used the incident to de-escalate tensions in the region. It’s unclear whether this latest strike by Iran was intended to produce the same results.
Iran is currently considering blocking the Strait of Hormuz, a crucial shipping route for traffic in and out of the Persian Gulf. On Monday, the country's parliament approved a motion to close the strait; however, implementation would require approval from Iran's national security council, and experts suggest such a move would hurt more than help Iran.
If approved, the closure could send ripples through global oil markets, with some analysts predicting Brent crude could surge to over US$110 per barrel. A prolonged closure could also exert significant inflationary pressures.
Commodities and markets stay calm
Market reactions to the weekend's attacks have largely been muted.
Brent crude was down 6.5 percent by 3:00 p.m. EDT on Monday, trading at US$70.68. The gold price put on a relatively flat performance, breaching US$3,390 per ounce, but pulling back to the US$3,370 level.
The silver price was also unchanged, gaining just 0.07 percent to US$36.31 per ounce.
Gold price, June 23, 2025.
Chart via the Investing News Network.
US equities saw moderate gains, with the S&P 500 (INDEXSP:INX) climbing 0.8 percent to 6,014.6, the Nasdaq-100 (INDEXNASDAQ:NDX) rising 0.88 percent to 21,817.35 and the Dow Jones Industrial Average (INDEXDJX:.DJI) gaining 0.75 percent to 42,519.63.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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3h
Utah’s Antimony Resource: A Strategic Investment Play in Critical Minerals
Utah may be best known for its copper and gold legacy, but hidden beneath its rugged terrain lies one of the most overlooked critical mineral opportunities in the US: antimony.
With global supply heavily concentrated in China and export restrictions tightening, Utah’s underexplored antimony deposits are gaining new relevance. For investors, this presents a timely and potentially undervalued opportunity to get ahead of a domestic supply chain revival, with early movers leading the way.
Once home to scattered historic antimony production, Utah is now re-emerging as a strategic hotspot for this essential element.
Growing demand for antimony
Antimony is increasingly recognized as a mineral of strategic importance due to its broad industrial and defense applications. Used in flame retardants, semiconductors, lead-acid batteries, military-grade alloys and solar energy systems, it plays a vital role in modern manufacturing and national security.
The US government lists antimony as a critical mineral, emphasizing the risk posed by concentrated foreign supply. Notably, China currently controls 83 percent of global production and 55 percent of reserves.
The geopolitical implications are significant. China has imposed export bans on antimony in recent years, raising alarm over Western access and increasing pressure on governments and industries to secure domestic sources. Growing demand, driven in part by renewable energy and military applications, underscores the urgency of diversifying supply.
Utah: A re-emerging antimony source
Utah is globally known and well-established as a mining-friendly jurisdiction, with a history that dates back to the 19th-century silver and copper booms. Today, it remains a top-tier destination for mineral investment providing an ideal blend of regulatory clarity, skilled workforce and robust infrastructure — including highways, rail and energy networks.
The Utah Geological Survey has identified critical minerals as a top exploration priority, encouraging public-private collaboration and supporting legislative initiatives to streamline permitting processes and promote investment.
This pro-mining posture is timely, as the global push for critical mineral security has spurred renewed interest in Utah’s subsurface wealth — such as antimony, which has been documented in the state since the early 1900s.
Geologically, Utah sits at the convergence of highly prospective belts that stretch across eastern Nevada and western Utah. These belts are known for polymetallic mineral systems, including antimony associated with gold, silver and tungsten. Historic antimony production and showings have been identified in several regions, including Antimony Peak, Coyote Knoll, Beaver County, Thomas Range and Wah Wah Mountains.
Current projects advancing Utah’s antimony potential
Multiple exploration and early-stage development efforts are underway in and around Utah, reflecting growing recognition of the state’s antimony potential. Among these, Trigg Minerals’ (ASX:TMG,OTCQB:TMGLF) Antimony Canyon project stands out for its high-grade resource and potential to become a near-term domestic producer.
United States Antimony (NYSEAMERICAN:UAMY) is working to revive legacy production through its Bear River mill operations in southern Idaho, which historically sourced ore from Utah and surrounding districts. This project underscores the infrastructure advantage and historic production potential still present in the region.
Meanwhile, Perpetua Resources (TSX:PPTA,NASDAQ:PPTA) is advancing its Stibnite gold project in neighboring Idaho, notable for its large, integrated antimony-gold resource. Although geographically outside Utah, the project has spotlighted the strategic co-production of antimony in the broader Intermountain West.
Closer to home, historical antimony-rich areas such as Coyote Knoll and Antimony Peak in Utah continue to attract interest from juniors aiming to validate and expand on legacy mineralization through modern exploration. These projects, though in earlier stages, point to a pipeline of potential that complements advanced projects and reinforces the state’s growing role in the domestic antimony supply chain.
Investment case: Trigg Minerals
Trigg Minerals is a critical minerals exploration company strategically focused on high-grade antimony and gold assets. Known for its advanced portfolio in New South Wales, Australia — including the flagship Achilles Project — Trigg has expanded its footprint into the US with the acquisition of the Antimony Canyon project in Utah.
This move marks a significant strategic shift that positions the company to play a central role in the revitalization of domestic antimony production.
The Antimony Canyon project is regarded as one of the most prospective antimony assets in the US. Early data suggest it could host the highest-grade undeveloped antimony deposit in the country, giving Trigg a potential first-mover advantage in a market where the US has had no primary production in over two decades. Located in western Utah, the project benefits from proximity to existing transport corridors and infrastructure, enhancing the potential for a streamlined development pathway. This logistical advantage complements the state’s mining-friendly regulatory framework, which includes expedited permitting processes and potential eligibility for federal support under critical minerals programs.
Geologically, Antimony Canyon shares characteristics with Trigg’s Achilles Project, where the Wild Cattle Creek deposit in Australia has demonstrated a mineralized breccia system enriched in antimony, gold and tungsten. Trigg brings significant technical expertise from these analogous systems, which it can leverage in Utah to accelerate exploration and de-risk development. The company’s broader strategy is to establish a portfolio of scalable, high-grade antimony projects that can supply Western markets as geopolitical pressures continue to disrupt existing supply chains.
For investors, Trigg Minerals offers exposure to a scarce and strategically vital commodity, underpinned by high-grade geology, jurisdictional strength, and a clear path to becoming a near-term domestic supplier.
As the antimony market experiences supply shocks and pricing pressure due to Chinese export restrictions, Trigg’s entry into the US sector represents a compelling opportunity to invest in one of the few publicly traded companies poised to deliver critical mineral security in a North American context.
Investor takeaway
Utah offers a rare but essential combination of critical mineral prospectivity, supportive policy and infrastructure availability. In the current geopolitical climate, projects that can deliver reliable, domestic supplies of critical minerals — particularly those underpinned by strong grades and early exploration success — stand to benefit from government incentives and investor interest.
Investments in Utah-based antimony projects are further de-risked by transparent permitting processes, opportunities for federal funding, and a growing demand for local, ESG-compliant supply chains.
As such, early movers like Trigg Minerals are well-positioned to unlock long-term value for shareholders by capitalizing on the national push for critical mineral independence.
This INNSpired article is sponsored by Trigg Minerals (ASX:TMG,OTCQB:TMGLF). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Trigg Mineralsin order to help investors learn more about the company. Trigg Minerals is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Trigg Minerals and seek advice from a qualified investment advisor.
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3h
Utah Asset Acquisition Marks Triumph Gold’s Entry into US Silver Space: Exec
Triumph Gold’s (TSXV:TIG) acquisition of the Coyote Knoll property in Utah marks the company’s entry into the silver space, in an area that's “geopolitically and geographically and geologically fantastic,” Executive Chairman John Anderson told the Investing News Network.
Anderson said while Triumph Gold’s main asset is the Freegold Mountain gold-copper project in Yukon, Canada, “the real interest was in the US.”
“We've been looking at projects in the silver space for quite some time,” he explained. “There's very little investor interest in Canada for resource companies, believe it or not. The capital of mining exploration and venture capital is Canada, but for some reason there's just not a lot of interest.”
The Triumph Gold executive also noted that it makes sense to have a project in the US since most of the company's trading volume comes from the US.
“It's also the ability to get things done and permitted, especially in the state of Utah, which the Fraser Institute just named the number one place in North America for mining and mining exploration. This, again, checked all the boxes, and we can work 12 months a year there. We're not subject to seasonality, which we are in BC and the Yukon,” Anderson said.
While the Coyote Knoll project has historically been mined, it remains underexplored using modern technologies, which offers significant exploration potential, Anderson added.
Watch the full interview with Triumph Gold CEO John Anderson above.
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6h
FinEx Metals
Investor Insight
With a disciplined exploration strategy and a high-grade discovery focus, FinEx Metals is poised to become one of the most compelling new gold exploration companies in Europe. The company is led by a technically experienced and locally embedded team, backed by a tight share structure and strategic investor alignment.
Overview
FinEx Metals (TSXV:FINX) is an exploration-stage company focused on discovering Finland’s next high-grade gold deposit. Backed by NewQuest Capital Group, FinEx is strategically positioned near Europe’s largest gold mine, the Agnico Eagle’s Kittilä Mine, and sits within one of the most prospective but underexplored terrains globally – the Central Lapland Greenstone Belt.
FinEx has defined a 2.7-kilometer-long anomalous gold zone through a combination of trenching, rock sampling, and top-of-bedrock (ToB) drilling. The ToB campaign yielded 29 samples with assays ranging from 0.1 to 4.2 grams per ton (g/t) gold and revealed broad pathfinder anomalies in tellurium, bismuth, silver and arsenic, highlighting a robust geochemical footprint consistent with orogenic gold systems.
Additionally, 263 grab samples were collected from trench exposures, 52 of which returned values above 1 g/t gold, including 19 samples exceeding 10 g/t gold. The highest grade recorded to date is 95.1 g/t gold from a quartz-carbonate vein system, located within a zone extending over 250 meters. Ruoppa is fully permitted and drill-ready, with the maiden core drilling campaign scheduled to begin in August 2025. With an experienced local team, high-grade mineralization and proximity to active operations, FinEx offers a unique opportunity to invest in an early-stage gold explorer positioned for rapid value creation.
Company Highlights
- High-grade Gold Focus in a Tier-one Address: Flagship Ruoppa project lies within 17 km of Agnico Eagle’s Kittilä Mine, the largest gold-producing mine in Europe.
- Large, 100 percent Owned Land Package: FinEx controls a 100 percent owned, royalty-free portfolio of projects across the Central and Eastern Lapland greenstone belts.
- Drill-ready Flagship Asset: The Ruoppa project is fully permitted and will commence its maiden diamond drill program in Q3 2025.
- Exceptional Gold Grades: Rock grab samples from Ruoppa returned up to 95.1 g/t gold, with 52 samples over 1 g/t gold and 19 samples exceeding 10 g/t gold.
- Strong Local Technical Team: Deep exploration experience in Finland with former Agnico Eagle, FQM and Anglo-American personnel leading geological efforts.
Flagship Project
Ruoppa Gold Project
The Ruoppa project is FinEx Metals’ flagship exploration asset, situated approximately 17 kilometers from Agnico Eagle’s Kittilä Mine, the largest primary gold producer in Europe. Located within Finland’s Central Lapland Greenstone Belt (CLGB), Ruoppa lies on the same structural and geological trend that hosts other major gold systems like Rupert Resources’ Ikkari discovery. The project is fully permitted and drill-ready, with a maiden diamond drill program scheduled to commence in Q3 2025.
The anomalous gold zone identified at Ruoppa extends over 2.7 kilometers and remains open in all directions. Ten trenches totaling 641 meters have been excavated across the highest-priority geophysical and geochemical anomalies, confirming both the lateral continuity and high-grade potential of the gold-bearing structures. This robust dataset has defined a compelling sulphide-rich gold target at depth, which will be tested during the upcoming diamond drill program.
Notably, the project will see its first-ever diamond drilling in Q3 2025. Ruoppa benefits from excellent access to infrastructure, including all-season roads, grid power and 5G connectivity.
Over the past four years, FinEx has conducted extensive early-stage exploration, including ToB drilling, trenching and rock sampling. A total of 263 rock grab samples have been collected from trench exposures, with 52 samples returning assays greater than 1 g/t gold and 19 samples exceeding 10 g/t gold. The highest recorded sample yielded 95.1 g/t gold, hosted in quartz-carbonate vein systems. ToB drilling, an efficient shallow drilling method ideal for glacially covered terrains, revealed additional gold potential with assays up to 4.2 g/t gold and strong pathfinder element anomalies in tellurium, bismuth, silver and arsenic.
Additional Projects
Luova Gold Project
The Luova project is located within the thickest core portion of the CLGB, less than 10 kilometers from the Kittilä Mine and adjacent to key exploration prospects such as Hanhimaa and Hakokodanmaa. This underexplored project shows all the hallmarks of a classic orogenic gold system, including thick sequences of Fe-tholeiitic basalts, large-scale shear zones acting as fluid conduits, and favorable trap rocks such as graphitic tuffs and banded iron formations.
Historical base-of-till sampling conducted by Outokumpu and Agnico Eagle revealed anomalous gold and copper values, including results up to 0.38 g/t gold and 0.49 percent copper. Despite these encouraging results, the Luova project remains undrilled, representing a significant near-surface gold discovery opportunity. Ionic leach soil samples and detailed magnetic surveys are planned to refine drill targets, with a focus on zones where interpreted thrust faults intersect favorable host rocks.
Kero Gold Project
The Kero project, explored in the early 2000s by the Geological Survey of Finland (GTK), is another advanced gold target in FinEx’s portfolio. GTK completed an extensive dataset that includes 7.7 kilometers of diamond drilling, trenching, bedrock mapping and multiple geophysical surveys (including IP, VLF-R and ground magnetics). Historic drill intercepts at Kero include 1.05 meters at 12.6 g/t gold and 3.3 meters at 2.3 g/t gold, while surface grab samples returned up to 25.6 g/t gold from carbonate-sulphide veins.
The gold mineralization is associated with hydrothermal alteration and complex structural settings, including fold hinges and lithological contacts. A 1.2-kilometer-long gold anomaly has been defined, and the structural complexity – characterized by multiple deformation orientations – indicates strong potential for structurally controlled high-grade zones. Kero is accessible year-round via gravel roads and is a strong candidate for follow-up trenching and re-logging of the historical core.
Tulppio Ni-PGE Project
Located in the Eastern Lapland Granite-Greenstone Belt, the Tulppio project represents FinEx’s entry into critical mineral exploration, specifically targeting nickel sulphides and platinum group elements (PGE). The project is positioned adjacent to the Sokli project, a world-class phosphate, iron and REE deposit operated by Finnish Minerals Group. Tulppio contains a large (5 km x 2 km) ultramafic intrusive complex, with a gravity signature suggesting the body extends to 2 kilometers in depth.
Historic shallow drilling (less than 100 meters depth) has already intercepted 3 meters at 1.12 g/t platinum+palladium and 0.49 percent nickel (including 1.5 meters at 1.54 g/t platinum+palladium), and 24 meters at 0.33 percent nickel with sulfur content up to 4,600 ppm. Ionic leach soil sampling across the project has identified multiple significant nickel-cobalt-copper-palladium-gold anomalies, underscoring the project’s polymetallic potential. According to the Geological Survey of Finland (2010), Tulppio’s PGE and nickel potential should be factored into future development of the Sokli region.
Ukko Gold-Copper Project
The Ukko project targets orogenic and potentially metamorphosed epithermal gold systems in an Archean greenstone setting. The geology comprises komatiites, mafic volcanics, massive sulphide lenses and mica schists – favorable hosts for both gold and base metal mineralization. Historical drilling by Outokumpu in 1985 intersected 2.05 meters at 2.25 g/t gold. Recent soil sampling has revealed a new gold-copper anomaly in the southeastern portion of the property, coinciding with high magnetic and conductive geophysical zones. Further geochemical and IP surveys are planned to constrain the structure and assess the potential for deeper epithermal or orogenic systems.
Management Team
Tero Kosonen – Chairman and CEO
A seasoned venture capitalist and natural resources investor, Tero Kosonen brings more than 30 years of experience in private equity and management. As co-founder of NewQuest Capital, he has led numerous early-stage ventures across energy and mining. He provides strategic leadership and capital markets expertise to FinEx.
Dr. Petri Peltonen – Chief Geologist
A globally respected exploration geologist with over 30 years of experience in gold, nickel and iron ore exploration, Dr. Petri Peltonen is the former exploration manager – Europe for FQM. He is an Associated Professor at the University of Helsinki. Peltonen ensures technical rigour and exploration success at FinEx.
Sandra Wong – CFO
With over 20 years in financial leadership roles across publicly listed companies, Sandra Wong brings deep experience in accounting, compliance and governance – critical for a newly listed entity with aggressive exploration goals.
Eetu Jokela – Project Manager
A local geologist with direct exploration experience with Agnico Eagle, Eetu Jokela is responsible for day-to-day field operations and geological planning, combining practical know-how with deep regional knowledge.
Olli Silvonen – Exploration Geologist
Experienced in regional greenfields exploration, Olli Silvonen supports mapping, sampling and trenching programs with a strong focus on gold and nickel-copper-PGE systems within the CLGB.
Jukka Jokela – Senior Advisor
The former CEO of Anglo American Sakatti Mining, Jukka Jokela offers more than 35 years of exploration and ESG leadership in the Nordic region, adding valuable permitting and stakeholder engagement capacity.
Dr. Pasi Eilu – Senior Advisor
With 40 years in academic and field exploration, Dr. Pasi Eilu is a recognized expert on greenstone-hosted gold and critical minerals in Finland. His work has shaped much of the geological understanding in Lapland.
Phil Smerchanski – Senior Technical Advisor
Phil Smerchanski brings more than two decades of experience in nickel and gold systems. A former senior technical lead at Oxygen Capital and Anglo American, he provides technical guidance across project pipeline development.
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19 June
Jeffrey Christian: Gold, Silver, PGMs — Short-term Prices and Key Drivers
Jeffrey Christian, managing partner at CPM Group, shares his latest thoughts on gold, silver and platinum-group metals, outlining potential price scenarios for the months ahead.
He also discusses his broader outlook for the US economy.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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19 June
Mali Court Seizes Control of Barrick Gold Mine Amid Escalating Dispute
A court in Bamako has ordered the temporary transfer of operational control of Barrick Mining's (TSX:ABX,NYSE:B) Loulo-Gounkoto gold-mining complex to a state-appointed administrator for six months.
The ruling, handed down on Tuesday (June 17) by the Tribunal de Commerce, empowers former health minister and certified accountant Soumana Makadji to run one of Barrick’s most lucrative global assets.
The company has described the move as “unjustified” and “unprecedented.”
According to Judge Issa Aguibou Diallo, the ruling was made under Article 160-1 of the OHADA corporate law framework, which allows a court to appoint a provisional administrator when the regular functioning of a company becomes impossible. The administrator, Makadji, is tasked with reopening the mine site, participating in negotiations with Barrick and reporting to the court on a quarterly basis — though not to the government.
Makadji is seen in Bamako as a technocrat with strong ethical credentials. His appointment is intended to stabilize operations at Loulo-Gounkoto, which Barrick suspended in January 2024 after the Malian government physically removed unsold gold from the mine and froze the company's ability to export.
Despite the administrative change, Barrick maintains that its subsidiaries remain the legal owners of the mine.
In a statement released on Monday (June 16), the company emphasized that its “ongoing efforts to reach a constructive and sustainable resolution” have been met with escalatory actions by the state.
“While the company has made a number of good-faith concessions in the spirit of partnership, it cannot accept terms that would compromise the legal integrity or long-term viability of the operations,” Barrick said.
Arbitration and legal fallout
Barrick has already launched international arbitration proceedings at the World Bank’s International Center for Settlement of Investment Disputes, as per a May 29 Reuters article.
The company has asked the tribunal to declare that its Malian subsidiaries are protected under longstanding mining conventions, which it argues are not subject to retroactive legislative changes. Mali, however, contends that the convention covering Loulo expired in April 2023, subjecting it to the updated mining code.
The arbitration tribunal has now been formally constituted, and Barrick has filed a request for provisional measures to prevent Mali from further intervening until the dispute is resolved.
A disputed settlement
In February 2024, a tentative settlement appeared close. According to Jeune Afrique, Barrick had agreed in principle to pay 225 billion West African CFA francs (roughly US$396 million) in instalments, recognize the new 2023 mining code and convert Mali’s 20 percent equity stake in Loulo-Gounkoto into “priority shares.”
The government would in turn release the seized gold and free the detained executives.
But the deal collapsed. A Malian negotiator later claimed Barrick had signed the “wrong” agreement and warned the government had “the right to take control of the mines” if the company failed to resume operations.
The ruling junta, led by Colonel Assimi Goïta, has made resource nationalism a hallmark of its post-coup economic strategy. Since coming to power in 2020, the military-led regime has shown a willingness to pressure foreign firms to comply with state priorities, especially in strategic sectors like mining.
The Loulo-Gounkoto dispute is now emblematic of the wider uncertainty surrounding foreign investment in Mali, a country where gold accounts for over 70 percent of export earnings.
Future implications
Loulo-Gounkoto is a cornerstone of Barrick’s global portfolio.
In 2023, the complex produced 723,000 ounces of gold, second only to Barrick’s Carlin mine in Nevada. It boasts remaining reserves of 7.3 million ounces, making it one of the largest high-grade gold systems in the world.
The financial implications of the shutdown are significant. Analysts warned in December that continued disruptions at the site could cut 11 percent from Barrick’s projected 2025 EBITDA.
Morningstar had earlier projected that Loulo-Gounkoto would contribute 250,000 ounces to Barrick’s output this year — an estimate now scrapped from the company’s 2025 guidance.
Further complicating matters, the permit for the Loulo section of the complex is set to expire in February 2025, just weeks after the six month provisional administration period ends. Barrick said it applied for a renewal four months ago, but has received no response from the government. The Gounkoto permit remains valid for another 17 years.
Barrick has said it remains committed to reaching a “mutually acceptable solution” and has appealed the court’s decision. But with no public comment from the Malian government and the provisional administrator now in place, a quick resolution appears unlikely.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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