Trilogy Metals Reports Fiscal 2022 Year End Results and Updated Technical Reports the Arctic and Bornite Projects

Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy Metals", "Trilogy" or "the Company") announces its financial results for the year and fourth quarter ended November 30, 2022 . Details of the Company's financial results are contained in the audited consolidated financial statements and Management's Discussion and Analysis in our annual report on Form 10-K which will be available on the Company's website at www.trilogymetals.com on SEDAR at www.sedar.com and on EDGAR at www.sec.gov . All amounts are in United States dollars unless otherwise stated.

The Company has also updated its disclosure for the Arctic and Bornite Projects as specified in Subpart 1300 of Regulation S-K ("S-K 1300") by filing updated reports for its mineral projects effective at as our fiscal year ended November 30, 2022 with the U.S. Securities and Exchange Commission. Concurrently, the Company has updated its technical reports for Arctic and Bornite under National Instrument 43-101 ("NI 43-101") and filed reports with the Canadian securities commissions.

Highlights

  • Arctic NI 43-101 Feasbility Study and Bornite NI 43-101 Resource Report Filed in Canada
  • Arctic S-K 1300 Technical Report Summary and Bornite S-K 1300 Technical Report Summary Filed in the United States
  • Ambler Metals with $80.8 million Cash Dedicated to Advancing the Projects
  • Trilogy with $2.6 million Cash for Head Office Operations

Outlook for 2023

The Company has approved a budget for Ambler Metals LLC ("Ambler Metals"), the joint venture operating company owned equally by Trilogy and South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY), for fiscal 2023 in the amount of $9.2 million for advancing the UKMP and $1.0 million for the Ambler Access Project of which the entire amount is funded by the Joint Venture. Ambler Metals had $80.8 million of cash as at the fiscal year end on November 30, 2022 . The main focus of this year's budget is to support advancing engineering efforts and resource estimation at the Arctic Project along with preparations for the submission of mine permits.

The Company has approved a 2023 cash budget for corporate, head office, activities of approximately $4.0 million (2022 - $5.5 million ). The corporate budget consists of personnel and related costs of $0.9 million (2022 - $2.1 million ), professional fees of $1.5 million (2022 - $0.9 million ), investor relations and marketing costs of $0.2 million (2022 - $0.6 million ), office related costs of $0.4 million (2022 - $0.5 million ), insurance costs of $0.6 million (2022 - $0.5 million ), regulatory costs of $0.3 million (2022 - $0.3 million ) and exploration activities of $0.1 million (2022 - $0.15 million ). Trilogy had $2.6 million of cash at the fiscal year end on November 30, 2022 . The Company intends to finance its future requirements through a combination of debt and/or equity issuance.

Annual Financial Results

The following selected annual information is prepared in accordance with U.S. GAAP.

in thousands of dollars,
  except for per share amounts

Selected financial results

Year ended

November 30,
2022

$

Year ended

November 30,
2021

$

Exploration expense

47

143

General and administrative

1,287

1,517

Investor relations

183

602

Professional fees

998

818

Salaries

984

2,007

Salaries & directors fees – stock-based compensation

3,427

3,472

Share of loss on equity investment

17,360

13,082

Comprehensive loss for the year

(24,257)

(21,660)

Basic loss per common share

(0.17)

(0.15)

Diluted loss per common share

(0.17)

(0.15)


For the year ended November 30, 2022 , we reported a net loss of $24.3 million (or $0.17 basic and diluted loss per common share) compared to a net loss of $21.7 million (or $0.15 basic and diluted loss per common share) in fiscal 2021. The $2.6 million increase in comprehensive loss in the current year, when compared to fiscal 2021, is due to the increase in our share of losses of Ambler Metals of $4.3 million partially offset from overall savings of $1.7 million in general and administrative expenses, investor relations, professional fees and salaries when compared to prior fiscal year 2021. The increase in our share of losses of Ambler Metals of $4.3 million is mainly due to an increase in mineral property expenses over the comparative to prior fiscal year 2021 from higher drilling and project support cost as well as higher pre-development costs for the Ambler Access Project.

Liquidity and Capital Resources

We expended $3.9 million on operating activities during the 2022 fiscal year with the majority of cash spent on corporate salaries, professional fees related to our annual regulatory filings, annual insurance renewal, annual fees paid to the Toronto Stock Exchange and the NYSE American Exchange and with the American and Canadian securities commissions.

At November 30, 2022 , we had $2.6 million in cash and working capital of $2.4 million . Management continues with cash preservation strategies to reduce cash expenditures where feasible, including but not limited to reductions in marketing and investor conferences and office expenses. In addition, the Company's Board of Directors have agreed to take all of their fees in shares of the Company in an effort to preserve cash and increase share ownership. The Company's senior management team are also taking a portion of their base salaries in shares of the Company to preserve cash.

All project related costs are funded by the Joint Venture. Ambler Metals is well funded to advance the UKMP with $80.8 million in cash and $77.7 million in working capital as at November 30, 2022 . There are sufficient funds at the Joint Venture to fund an operating budget of $9.2 million and $1.0 million for the Ambler Access Project for fiscal 2023. Trilogy does not anticipate having to fund the activities of Ambler Metals until the current cash balance $80.8 million is expended.

Future cash requirements may vary materially from current expectations. The Company will need to raise additional funds in the future to support its operations and administration expenses. Future sources of liquidity are likely in the form of an equity financing but may include debt financing, convertible debt, exercise of options, or other means. The continued operations of the Company are dependent on its ability to obtain additional financing or to generate future cash flows. There is no assurance that the Company will be able to obtain such financings or obtain them on favourable terms. These uncertainties rise substantial doubt about the Company's ability to continue as a going concern.

Arctic Feasbility Study

The Company also announces an updated feasibility study technical report for the Arctic Project and will be filing a National Instrument 43-101 technical report today with the Canadian securities regulators. The technical report is titled "Arctic NI 43-101 Technical Report on Feasibility Study" with an effective date of January 20, 2023 and a release date of February 14, 2023 . The Company will also be filing a S-K 1300 technical report summary with the United States Securities and Exchange Commission with an effective date of November 30, 2022 .

The reports have been prepared by independent consultant, Ausenco Engineering Canada Inc. of Vancouver, Canada . The Company also engaged Wood Canada Limited to complete mine planning, SRK Consulting ( Canada ) Inc. to complete tailings and waste design and hydrology, and Brown and Caldwell to complete water management studies.

A separate press release has been issued by the Company earlier today describing the economic results of the Arctic report.

Bornite Technical Report

The Company also announces an updated resource for the Bornite Project and will be filing a National Instrument 43-101 technical report today with the Canadian securities . The technical report is titled "NI 43-101 Technical Report on the Mineral Resource Update of the Bornite Project, Northwest Alaska, USA " with an effective date of January 26, 2023 and a release date of February 14, 2023 . The Company will also be filing a S-K 1300 technical report summary with the U.S. Securities and Exchange Commission with an effective date of November 30, 2022 .

The requirements under S-K 1300 and NI 43-101 are different with regards to disclosing cobalt as a mineral resource. Cobalt is a byproduct that reports to a pyrite concentrate and we are required under S-K 1300 to provide support for reasonable prospects of economic extraction. The industry continues to work on research and development to extract cobalt economically but at this time, technological advancements are required to support a cobalt resource under S-K 1300 reporting. The Company has not included cobalt in its NI 43-101 resource statement for consistency.

The reports have been prepared by independent consultant, Wood Canada Limited of Vancouver, Canada .

Mineral Resources for the Bornite Deposit

Class

Type/Area

Cut-off  
(Cu %)

Tonnes  
(Mt)

Average  
Grade  
Cu (%)

Contained  
Metal  
Cu (Mlb)

Inferred

In-Pit

0.5

170.4

1.15

4,303


Outside-Pit
South Reef

1.79

22.0

3.48

1,690


Outside-Pit
Ruby Zone

1.79

10.4

2.28

521

Total Inferred



202.7

1.46

6,514

Notes:

(1)

The effective date of the mineral resource is January 26, 2023. The QP for the mineral resource is an employee of Wood.

(2)

Mineral Resources are prepared in accordance with CIM Definition Standards (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019).

(3)

Mineral resources are constrained by: an open pit shell at a cut-off grade of 0.5% Cu, with an average pit slope of 43 degrees; and underground mining shapes with a cut-off grade of 1.79% Cu. The cut-off grades include the considerations of a $4.05/lb Cu price, process recovery of 87.2%, open pit mining costs of $3.21/t mined, underground mining cost of $73.62/t mined, process cost of $19.14/t processed, G&A cost of $4.14/t processed, treatment, refining, sales cost of $0.73/lb Cu in concentrate, road use cost of $8.04/t processed, 2% NSR royalty.

(4)

Figures may not sum due to rounding.

(5)

See technical report titled "NI 43-101 Technical Report on the Mineral Resource Update of the Bornite Project, Northwest Alaska, USA" with an effective date of January 26, 2023 and a release date of February 14, 2023.


Qualified Persons

Richard Gosse , P.Geo, Vice President Exploration for Trilogy Metals Inc., is a Qualified Person as defined by National Instrument 43-101. Mr. Gosse has reviewed the technical information in this news release and approves the disclosure contained herein.

About Trilogy Metals

Trilogy Metals Inc. is a metals exploration and development company which holds a 50 percent interest in Ambler Metals LLC which has a 100 percent interest in the Upper Kobuk Mineral Projects in northwestern Alaska . On December 19, 2019 , South32, which is a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy. The UKMP is located within the Ambler Mining District which is one of the richest and most-prospective known copper-dominant districts located in one of the safest geopolitical jurisdictions in the world. It hosts world-class polymetallic VMS deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits which have been found to host high-grade copper and cobalt mineralization. Exploration efforts have been focused on two deposits in the Ambler mining district - the Arctic VMS deposit and the Bornite carbonate replacement deposit. Both deposits are located within land package that spans approximately 172,636 hectares. The Company has an agreement with NANA Regional Corporation, Inc., a Regional Alaska Native Corporation that provides a framework for the exploration and potential development of the Ambler mining district in cooperation with local communities. Our vision is to develop the Ambler mining district into a premier North American copper producer.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, proposed advancement of the Ambler Road Project, planned activities at the UKMP, the Outlook for 2023, the Company's anticipated budget for corporate activities and the Company's ability to fund its operations and the requirement for additional funding at Ambler Metals, resource estimates, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the uncertainties involving the outcome of pending litigation, success of exploration activities, permitting timelines, requirements for additional capital, risks pertaining to the outbreak of the coronavirus (COVID-19), government regulation of mining operations, environmental risks, prices for energy inputs, labour, materials, supplies and services, uncertainties involved in the interpretation of drilling results and geological tests, unexpected cost increases and other risks and uncertainties disclosed in the Company's Annual Report on Form 10-K for the year ended November 30, 2022 filed with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission and in other Company reports and documents filed with applicable securities regulatory authorities from time to time. The Company's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.

Cision View original content: https://www.prnewswire.com/news-releases/trilogy-metals-reports-fiscal-2022-year-end-results-and-updated-technical-reports-the-arctic-and-bornite-projects-301745924.html

SOURCE Trilogy Metals Inc.

Cision View original content: https://www.newswire.ca/en/releases/archive/February2023/14/c5592.html

News Provided by Canada Newswire via QuoteMedia

TMQ:CA,TMQ
The Conversation (0)
TSX:TMQ

Trilogy Metals Reports High Grade Copper and Zinc from Drilling at its Arctic Deposit

VANCOUVER, Oct. 27, 2016 /PRNewswire/ – Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ), formerly NovaCopper Inc., is pleased to announce drill results and provide a project update from its 2016 summer field program at the Arctic poly-metallic volcanogenic massive sulphide (VMS) deposit, part of the Upper Kobuk Mineral Projects (UKMP) located in the Ambler mining district of Northwest Alaska. All amounts are in United States dollars unless otherwise stated.

The majority of this year’s project budget of US$5.5 million was spent on a drilling program at the Arctic Project that included 3,058 meters of drilling for geotechnical, hydrological, waste rock characterization and metallurgical studies as well as further resource definition. In addition to the drilling program, a series of environmental studies were conducted over the UKMP. The LiDAR survey that was incomplete last year due to weather conditions was also completed during the summer. This site investigation work will form the basis for completing a future pre-feasibility study on the Arctic deposit.

Keep reading...Show less
Company News

Mining News: Enter Trilogy Metals

What does a name say about a company? Management of NovaCopper Inc. feels that its corporate moniker does not say enough about the diversity of metals present in the high-grade deposits encompassed by its Upper Kobuk Minerals Projects in the Ambler mining district of Northwest Alaska.
Arctic, the most advanced UKMP deposit, actually hosts more zinc than it does copper. And, while copper remains the dominant metal in terms of value, zinc supply shortages are closing the price gap between these two metals. Additionally, strong gold and silver prices have increased precious metals contributions to Arctic’s value this year.
“The Ambler district is more than just copper – it is copper; it’s zinc; (and) it’s precious metals,” NovaCopper President and CEO Rick Van Nieuwenhuyse explained in a recent interview.
As such, when markets open in Toronto and New York Sept. 8, NovaCopper Inc. will be no more. In its place, Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ), will grace the boards of the Toronto Stock Exchange and NYSE-MKT.
NovaCopper shares under the previous symbol, NCQ, will seamlessly transition to Trilogy Metals shares, requiring no action for current shareholders.
Transition to Trilogy
Spun out of Novagold Resources Ltd. in 2012 to continue the exploration of Arctic and Bornite, two of the highest grade un-mined copper deposits in the world, NovaCopper was a natural choice for the Ambler mining district focused exploration company.
In the months leading up to the formation of NovaCopper, Van Nieuwenhuyse, who was then president and CEO of Novagold, forged a partnership with NANA Regional Corp. that brought together a large package of Novagold-owned mining claims blanketing a 70-mile- (110 kilometer) long belt of high-grade copper-lead-zinc-gold-silver deposits with an adjacent package of NANA-owned lands known for hosting exceptionally high-grade copper.
The alliance provides the Inupiat-owned Alaska Native regional corporation with the opportunity to benefit from the exploration and eventual development of the world-class Arctic deposit and other similar volcanogenic massive sulfide prospects across the Ambler belt. In return, NovaCopper was given the opportunity to investigate Bornite, a copper-rich deposit situated about 16 miles (26 kilometers) southwest of Arctic, and explore other mineral prospects across a large highly prospective swath of NANA lands in the Upper Kobuk region.
Over the ensuing four years, the partnership and the mineral endowment found on the 353,000 acres of UKMP lands has grown.
Today, the Arctic and Bornite deposits together are believed to host roughly 8.4 billion pounds of copper; 2.6 billion lbs. of zinc; 610,000 oz. of gold; 45.3 million oz. of silver; as well as significant quantities of lead and cobalt.
It is the natural diversity this broad range of metals – especially the zinc and precious metals components of Arctic, the UKMP deposit nearest to a production decision – that prompted the transition to the new name of Trilogy Metals.
Arctic focus
Over the past two years, the rebranded company has focused its field work on gathering the last bits of information needed to complete a pre-feasibility study that will outline plans to develop an open pit mine at Arctic.
A roughly 3,000-meter drill program at Arctic was the biggest ticket item of this year’s field program.
Prior to a similar infill drill program completed last year, Arctic hosted 23.85 million metric tons of indicated resource averaging 3.26 percent (1.71 billion lbs.) copper, 4.45 percent (2.34 billion lbs.) zinc, 0.76 percent (400 million lbs.) lead, 0.71 grams per metric ton (550,000 oz.) gold, and 53.2 g/t (40.8 million oz.) silver.
This VMS deposit also contains an estimated 3.63 million metric tons of inferred resource averaging 3.22 percent (239 million lbs.) copper, 3.84 percent (285 million lbs.) zinc, 0.58 percent (43.2 million lbs.) lead and 0.59 g/t (60,000 oz.) gold.
“What is so spectacular about Arctic is it hosts really fantastic grades,” said Van Nieuwenhuyse.
Drilling over the past two seasons has focused on upgrading much of the inferred resources to the higher confidence measured and indicated categories; some pit expansion drilling; and holes targeted to collect pit slope stability, hydrology and metallurgical information.
Thanks in part to great weather at Arctic this year, the 2016 program came in under the US$5.5 million budgeted for the field work.
Trilogy Metals is expected to release results from this drilling and the other field work in October.
Advancing Ambler
When Trilogy Metals returns to the Ambler district in 2017, the company plans to complete the geotechnical work needed to further refine locations for a power plant, mill, waste rock pile, stockpiles and tailings facilities for the Arctic mine plan to be detailed in the prefeasibility study.
The renamed company also would like to resume drilling at Bornite, a copper-rich carbonate replacement deposit that is reminiscent of those found in the African Copper Belt of southern Africa and the Mt. Isa district of Queensland, Australia.
Using a 0.50 percent copper cutoff grade, Bornite now hosts an estimated 40.5 million metric tons of in-pit indicated resources averaging 1.02 percent (913 million pounds) copper; and 84.1 million metric tons of inferred resources averaging 0.95 percent (1.8 billion lbs.) copper.
Additionally, at a 1.50 percent copper cutoff grade, Bornite is estimated to contain 57.8 million metric tons of below-pit inferred resources averaging 2.89 percent (3.7 billion lbs.) copper.
While already world-class in terms of both size and grade, the various zones of Bornite are open to expansion in several directions. The most compelling area is a 1,000-meter-wide stretch of continuing high grades along the northern front.
Hole RC13-0220, the most northeasterly hole drilled at Bornite cut three very high-grade intervals from 877 to 923 meters (at a 2.0 percent cutoff): 5.9 meters of 6.66 percent copper; 9.9 meters of 2.48 percent copper; and 19.7 meters of 2.24 percent copper.
Hole RC13-0224, drilled about 800 meters west of hole 220, cut five high-grade intercepts from 579 meters to 755 meters along this northern front: 19.5 meters of 3.02 percent copper; 16.8 meters of 2.36 percent copper; 39.5 meters of 2.37 percent copper; 8.6 meters of 3.26 percent copper; and 6.5 meters of 7.7 percent copper.
Trilogy believes that continued expansion in this direction could put the grades and size of its Ambler deposits on par with Mount Isa, where more than 400 million metric tons of ore grading 2.12 percent copper has been mined over the past 75 years.
Financial footing
An innovative financing completed last year puts Trilogy Metals in a good position to finish the pre-feasibility work at Arctic and continue exploration at Bornite.
In mid-2015, the company closed the buyout of Sunward Resources Ltd., a fellow exploration company with roughly US$20 million in the bank but a market cap hovering around US$13 million.
In exchange for the cash and Sunward’s Titiribi gold-copper project in Columbia, NovaCopper issued 43.1 million shares to Sunward shareholders.
When Trilogy Metals lights up the boards of the TSX and NYSE-MKT exchanges, it will have nearly US$10 million of this cash remaining in its treasury.
Adding to this strong financial footing, the company cut a deal in mid-August to sell the Titiribi property to Brazil Resources Inc., an exploration company with a growing portfolio of gold and copper properties in South America and Alaska.
In exchange for the Columbia gold-copper property, Trilogy will hold 5 million Brazil Resources shares. With a 50-day moving average of C$2.60 per share, these shares are currently worth about C$13 million.
“While we believe the Titiribi property has excellent exploration potential and a strong local team, the sale allows NovaCopper (Trilogy) to focus on its high-grade copper, zinc and precious metals projects located in Northwest Alaska,” said Van Nieuwenhuyse.
Connect with Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ) to receive an Investor Presentation.

Lobo Tiggre, copper bars.

Lobo Tiggre: Copper is My Highest-Confidence Trade for 2025 — Here's Why

Lobo Tiggre, CEO of IndependentSpeculator.com, gave the Investing News Network his updated thoughts on the US economy, as well as his outlook for gold, silver and uranium in 2025.

However, he said his highest-confidence trade for next year is copper.

"I think that it's easier to see — and highly likely to see — copper moving higher next year," Tiggre explained.

Keep reading...Show less
Large chunk of copper.

29Metals Shares Feasibility Study and Final Investment Decision for Gossan Valley Project

29Metals (ASX:29M) has announced a feasibility study and final investment decision for the Gossan Valley project at its Golden Grove volcanic-hosted massive sulphide mine in Western Australia.

The feasibility study is an update to the 2022 version of the document. It outlines production of 4,000 tonnes of copper and 20,000 tonnes of zinc annually at Gossan Valley over an initial mine life of seven years.

CEO James Palmer said the development of Gossan Valley is the "next logical development option" when it comes to moving forward at Golden Grove, which was first discovered in 1971.

Keep reading...Show less
Somerset Minerals Logo

Acquisition of High-Grade Copper Project Adjacent to White Cliff Minerals

Somerset Minerals Ltd (“Somerset” or the “Company”) (ASX:SMM) is pleased to advise that it has entered into a conditional agreement to acquire 100% of the issued capital of Sentinel Resources Pty Ltd (“Sentinel”), which, through its local subsidiary, holds the Coppermine Project (the “Project”) in Nunavut, Canada.

Importantly, the Coppermine Project hosts 1,055 km2 of the prospective Copper Creek Formation basalts, and is interpreted to include the strike extensions to White Cliff’s high priory targets of Vision, Stark, Thor and Rocket (Figure 2 & 3), with the prospectivity of the wider project area also supported by extensive surface sampling and historic exploration (Table 1). Importantly, Somerset holds the ground entirely around and along strike from White Cliff’s recently acquired Danvers prospect which contains a non-JORC or NI 43-101 resource of 4.16Mt @ 2.96% Cu.

Keep reading...Show less
US$100 bills.

Lundin Mining to Divest Neves-Corvo and Zinkgruvan Operations for US$1.52 Billion

Lundin Mining (TSX:LUN,OTC Pink:LUNMF) has entered a definitive agreement to sell its Neves-Corvo operation in Portugal and Zinkgruvan operation in Sweden to Boliden (STO:BOL) for up to US$1.52 billion.

The sale, announced by the company on Monday (December 9), will see Boliden acquire full ownership of Somincor, the company operating Neves-Corvo, as well as Zinkgruvan Mining Aktiebolag and its associated entities.

Lundin expects to receive upfront cash consideration of US$1.37 billion at closing, based on financial conditions as of August 31, 2024. Interest will accrue at 5 percent annually until the closing date.

Keep reading...Show less

Lundin Mining Announces Sale of Neves-Corvo and Zinkgruvan for Total Consideration of up to $1.52 Billion

Lundin Mining logo (CNW Group/Lundin Mining Corporation)

TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") announces today it has signed a definitive agreement to sell its Neves-Corvo operation in Portugal and Zinkgruvan operation in Sweden to Boliden AB (OM: BOL) ("Boliden") for up to $1.52 billion in total consideration (the "Transaction"). Unless otherwise stated, all numbers are presented in United States dollars.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Business handshake.

Rio Tinto and Sumitomo Partner to Advance Winu Copper-Gold Project

Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has signed a term sheet with Sumitomo Metal Mining (TSE:5713) for a joint venture to advance the Winu copper-gold project in Western Australia.

The partnership, announced on Wednesday (December 4), seeks to develop both companies’ exploration initiatives.

Sumitomo will acquire a 30 percent equity stake in the Winu project for US$399 million, including an initial payment of US$195 million and US$204 million in deferred considerations tied to project milestones and other conditions.

Keep reading...Show less

Latest Press Releases

Related News

×