29th July 2025 North America Newsletter
Featured News
Stillwater raises C$7M
Stillwater Critical Minerals (TSXV:PGE) closed a C$7M brokered LIFE offering that included company officers. Due to demand, a follow-on non-brokered private placement financing of 1.6M units @ 23c for proceeds of C$379k. Each unit comprises one share and half a warrant exercisable @ 34c for three years. Glencore indicated it intends to exercise its participation rights to maintain its pro rata shareholding. Proceeds will be used for the exploration and advancement of the Stillwater West Ni-PGE-Cu-Co+Au project in Montana, USA.
Fathom Nickel (CSE:FNI) begins summer exploration
FNI mobilised a geological field crew to its Gochager Lake project for the summer field program that had been postponed due to wildfires in the region. The program includes cutting a 100m-spaced grid for a ground geophysical survey, trail cutting, mapping and prospecting, notably, to the NE and SW of the historical Gochager Lake deposit and within the interpreted regional shear. In addition, about 4,000 B-horizon soil samples will be collected along strike to the NW and SW of the area covered by soil geochemistry in 2024.
Of particular interest are three multi-element (Ni-Cu-Co+Cr-Mg) soil geochemical anomalies.“We are very intrigued by the location and the robustness of the soil anomalies defined along the boundaries of our interpreted regional shear. Magmatic Ni sulphide deposits tend to occur in clusters along a common structural feature. The historic Gochager Lake deposit occurs within this interpreted structural feature / possible conduit,” said CEO & VP exploration Ian Fraser.
Fathom Nickel CEO sets out the strategy to prove scale at their high grade Nickel-Copper-Cobalt projects in Saskatchewan, Canada. The project is nestled within the Trans Hudson Orogen, a geological formation hosting numerous world class mining camps such as Thompson (Vale), Raglan (Glencore) & Snow Lake (Hudbay).
Critical Mineral Headlines
Canada Nickel resource estimate
Canada Nickel Company (TSXV:CNC) announced an initial resource estimate for its Mann Central and Texmont Ni sulphide projects in Timmins in Ontario. CNC owns 80% of Mann Central with the remaining 20% by Noble Mineral Exploration. Texmont is owned by CNC. Its Timmins Ni district has six deposits containing M&I resources of 3.9Bt @ 0.24% Ni containing 9.2Mt Ni and 9.5Mt of Ni in inferred resources. “We are very pleased with these two new resources and even more excited by the growing scale of the Timmins Ni district. Mann Central is a mineral resource with significant scale and considerable potential for further testing in the future,” said CEO Mark Selby.
Energy Fuels produces rare earths
Energy Fuels (NYSE-A:UUUU) is in the process of producing Dy oxide, at a minimum purity of 99.5% and potentially exceeding 99.9% purity, at pilot scale at its White Mesa Mill in Utah. It expects to complete production of its first kg of Dy oxide within the next 30 days and continue producing on a pilot scale until the end of September, generating enough residuals to feed its Tb circuit starting in October. The Company expects to have produced 1 kg of Tb on a pilot scale by the end of November. UUUU expects to start producing Sm oxide on a pilot scale in January of 2026. If successful, UUUU could be in a position to produce Dy, Tb and Sm on a commercial scale as early as 4Q26 from existing feed sources. “Energy Fuels is in a unique position to produce the heavy rare earth oxides needed by other US producers to make rare earth metals, alloys and magnets. Piloting of our HREE production is going very well,” said president & CEO Mark Chalmers.
Graphano published graphite resource
Graphano Energy (TSXV:GEL) announces an initial resource estimate for its graphite properties in Québec that incorporate the LAB and Standard properties. It hosts an indicated resource of 1.6Mt @ 7% Cg, containing 115kt Cg and an inferred resource containing 111kt Cg at 3% Cg cut-off. GEL said the next phase of development is a bulk sampling program to advance metallurgical testing, surface extraction cost analysis, and permitting studies. “These results underscore the potential of both LAB and Standard to become a significant source of high-grade graphite in North America,” said CEO Luisa Moreno.
Gold Headlines
AGA to buy Augusta
Gold major AngloGold Ashanti is to buy junior Augusta Gold (TSX:G) for C$152M in an all-cash deal to consolidate ground around its Silicon and Merlin deposits in southern Nevada, which were recently renamed Arthur. AGA will pay $1.70 per share, a 28% premium over the $1.33 per share closing price the night before the transaction. It will also pay $45M of stockholder loans for a total purchase price of $197M. The transaction allows AGA to further consolidate its footprint in the Beatty district by acquiring the Reward and Bullfrog deposits that are adjacent to AGAs claims in the area. AGA said its Beatty district hosts 19.7Moz of resources. A PFS is underway on the Merlin deposit.
Newmont (NYSE:NEM)
Reported three miners were trapped underground at its Red Chris Au & Cu mine in British Columbia after sections of the underground mine caved in as they worked more than 500m beyond the first cave-in. The workers are sheltering in a refuge chamber. The debris blocking access to the underground area is estimated to be 20-30m long and 7-8m high. A remote control scoop, transported from the nearby Brucejack site, has begun removing debris. NEM deployed specialized drones to assess the geotechnical conditions underground. Production at Red Chris has paused to focus on rescue efforts.
Franco-Nevada (NYSE/TSX:FNV)
Acquired an existing 1% NSR on AngloGold Ashanti’s Arthur Au project in Nevada (previously the Expanded Silicon project) from Altius Minerals (TSX:ALS) for US$250M in cash, plus a contingent cash payment of $25M. Arthur hosts 3.4Moz of indicated resources and 12.9Moz of inferred. FNV funded the purchase with cash on hand and $175M from its $1B corporate credit facility. ALS retained a 0.5% NSR. “AGA has been rapidly growing the resource base at Arthur since its initial discovery in 2018. This acquisition will further add to our portfolio of Nevada royalties,” said president & CEO Paul Brink.
Equinox leadership change
Equinox Gold (NYSE-A/TSX:EQX) announced a leadership transition with CEO Greg Smith stepping down and president & COO Darren appointed CEO. Hall brings 40 years of global mining experience. As president & CEO of Calibre Mining, he significantly increased production, lowered costs, and drove disciplined capital allocation, culminating in the merger with EQX June 2025.
Canagold New Polaris FS
Canagold Resources (TSX:CCM) announced a FS for its New Polaris underground Au-Sb project in British Columbia. It will produce 86koz/y for 8.3 years and generate an after-tax NPV of C$425M at a 5% discount rate, an IRR of 30.9% and a 2.4-year payback at US$2,500/oz Au following a $250M initial capital spend. This improves to $793M, 47.3% and 1.7 at spot (US$3,300/oz). The Au at New Polaris occurs dominantly in finely disseminated arsenopyrite, The Au concentrate has a targeted grade exceeding 100g/t Au & 12% As. New Polaris contains 5,630t @ 0.6% Sb, but the FS does not include any revenue contribution from it as the FS process flowsheet is designed to produce a sulphide concentrate. CCM is undertaking additional metallurgical testing and economic evaluations required to support the inclusion of Sb in the financial model. “While we continue to refine and optimize the project aimed at unlocking additional revenue from Sb metal and reduction of power costs and emissions through potential run-of-river green power generation, our primary focus is now shifting toward completing the permitting process, in order to advance New Polaris toward a construction and production decision,” said CEO Catalin Kilofliski.
Freegold expands Golden Summit resource
Freegold Ventures (TSX:FVL) announced an updated resource for its Golden Summit project near Fairbanks in Alaska that increased the number of ounces and improved grades. The indicated resource is now 439.1Mt @ 1.24g/t containing 17.2Moz, a 42% increase in ounces and 15% grade increase from the September 2024 estimate at the same 0.5g/t Au cut-off grade. It also hosts 11.9Moz of inferred resources. Ongoing metallurgical work has demonstrated >90% recoveries with sulphide-oxidizing methods such as BIOX, POX and the Albion Process. A 30,000m drilling program is in progress and a PFS is to commence in late 2025.
New Found Queensway PEA
New Found Gold (TSXV:NFG) announces a PEA for the development of the AFZ Core on its Queensway project in Newfoundland and Labrador. A first phase costing US$155M to produce 69.3koz Au in years 1 to 4 to fund a second phase costing $442M to increase production to 172.2koz in Years 5 to 9. Initial production is targeted for 2027. The project yields a base case after-tax NPV of $743M at a 5% discount rate and IRR of 56% at a $2500/oz Au price, increasing to $1.45B and 197% at $3,300/oz Au. “The PEA reinforces our conviction that Queensway can become a low-cost, high margin, cashflow generating mine,” said CEO Keith Boyle.
Maritime Resources (TSXV:MAE) began civil construction and earthworks at its Hammerdown project in the Baie Verte mining district of Newfoundland and Labrador. The historical ore pad has been excavated and transported to the Pine Cove mill, and funding received from provincial government for a reagent technology pilot project. “Activity at Hammerdown is ramping up with work crews focused on the civil earthworks to prepare the site for mine development, including overburden removal, site road and stockpile pad construction along with the water management systems. Through this work our site team was able to locate and excavate the original Richmont Mines ore pad which has been transported to our Pine Cove mill for processing,” said president & CEO Garett Macdonald.
Tudor seeks to block Seabridge tunnels
Seabridge Gold (TSX:SEA) said Tudor Gold (TSX:TUD) filed a notice of appeal in the British Columbia Supreme Court against the Chief Gold Commissioner of British Columbia and SEA to appeal a decision of the CGC that rejected an application by TUD to rescind the legal mechanism which prioritizes SEAs rights to use land passing through TUDs claims for its KSM project Mitchell Treaty Tunnels. TUD previously applied for a decision from the CGC that KSM’s conditional mineral reserve should not apply to TUD. SEAs conditional mineral reserve requires that “a free miner must not obstruct, endanger or interfere with, or allow any other person to obstruct, endanger or interfere with, the construction, operation or maintenance of” tunnels. TUD is a free miner and argues that SEAs license of occupation for the tunnel gives it a competing claim to minerals in TUDs claims. SEA said it does not claim any rights to the minerals in TUDs Treaty Creek project.
Copper Headlines
World Copper sells Zonia to Plata Latina
Plata Latina Minerals (TSXV:PLA) and World Copper (TSXV:WCU) agreed for PLA to acquire the Zonia project in Arizona for cash and stock. PLA will be renamed Edge Copper upon closing. WCU will receive US$10.5M in cash and 31.3% of PLA stock for total consideration of $22M, which implies a value of 8.5c per share of WCU, a 40% premium. WCU shareholders will receive 0.3930 of a PLA share for each WCU share. Following closing, WCU will retain $500k in cash and 15M PLA shares. WCU shareholders will continue to hold their interest in WCU. PLA plans to undertake a non-brokered private placement @ 10c for proceeds of $17M to fund exploration and development of Zonia. “The acquisition of Zonia is an important and significant step for Plata Latina and positions us well as the U.S. focuses on domestic demand for critical minerals. With Zonia located on private and patented lands, the permitting process is expected to be more efficient and streamlined, enhancing project development certainty,” said president & CEO Letitia Wong.
Gold Drilling
McEwen Inc (NYSE/TSX:MUX)
Announced the discovery of high-grade mineralization 200m W of the Froome mine in Ontario, the current source of production at the Fox Complex, which will extend mining at Froome. Drilling intercepts along the Froome West high-grade plunge featured highlights including 10m @ 36g/t Au in hole G424. Mineralization at Froome West occurs as several sub-vertical, stacked mineralized lenses with a concentration of high grade 15-25m wide.
“We are excited at the potential of what Froome West holds, in an area of our property that is relatively underexplored; our current mineralization model extends to a depth of 250m. … With geology and mineralization styles comparable to those seen at Black Fox, which encountered mineralization as deep as 1,000m, the Froome West area has the potential to lead us to the discovery of a deposit of similar scale and significance,” said chief geologist Rob Glover.
Radisson Mining Resources (TSXV:RDS)
Announced assays from drilling at its O’Brien project in the Abitibi region of Québec. Four of the drill holes reported were wedges from pilot hole 337, the deepest hole ever drilled at the project and the first drilled directly below the historical O’Brien Mine workings. Highlights included 3.7M @ 89.36g/t Au in hole 337W7. RDS has an ongoing 50,000-60,000m drill program at O’Brien with large step outs below the current resources to test the potential extension of the O’Brien mineralizing system to 2km depth. “We are now delineating up to six mineralized zones over hundreds of metres, which appear related to mapped veins at the base of the former mine, and which are outside the scope of conceptual mine plan contained in our recently reported PEA,” said president & CEO Matt Manson.
GFG Resources (TSXV:GFG)
Reported the final assays from the 12-hole, 2,600m phase one program at the Alo project on its Goldarm property in the Timmins district of Ontario. Drilling extended high-grade Au mineralization in the Hanging wall and Main Zones, confirmed broad mineralized envelopes in the Aljo West Zone, and led to the discovery of a new Footwall Au zone. A follow-up 3,000m program is scheduled to begin in the coming weeks. Highlights included 11.1m @ 6.62 g/t in hole 20. “We have not only expanded the Main and HW Zones with significant high-grade mineralization but have also made a discovery at depth in the FW3 Zone – an area previously untested. The near-surface extensions and growing structural complexity support the potential for a sizeable, high-grade Au system,” said president & CEO Brian Skanderbeg.
Dryden Gold (TSXV:DRY)
Reported multiple Au results and additional visible gold intercepts from ongoing drilling on Elora in Ontario. Drilling to date has focused on the Gold Rock target area. The discovery of multiple stacked Au-bearing structures appear to run for 1km of strike from Jubilee to Laurentian. Highlights included 5m @ 5.36g/t in hole 11 at Jubilee. “Local grades continue to be very good with some spectacular grades like what we encountered in hole 3. The emerging theme of multiple stacked structures, with little or no surface expression, is defining a much broader Au-bearing corridor,” said CEO Trey Wasser.
NexGold Mining (TSXV:NEXG)
Announced additional drill results from a 26,854m diamond drill program at its Goldboro open pit project in Nova Scotia designed to infill areas of the open pit resource to improve geological and grade continuity and potentially upgrade areas of inferred and indicated resources. Results for 14 infill holes were reported from the proposed W and E pits. Highlights included 6.65m @ 50.73g/t. A resource update is underway that will form the basis for an updated FS. “The additional drill intercepts within the E and W pits will help us further refine the model going forward,” said president & CEO Kevin Bullock.
NEXG also reported 1.4m @ 108.76g/t in hole 578 at Goldboro. It has now released assays for 111 drill holes (79%) from the infill program. “The numerous high-grade intersections and confirmatory drilling bode well for the resource update currently being prepared,” said Bullock.
Tower Resources (TSXV:TWR)
Reported results from two remaining holes of a four-hole program on the Rabbit North property in Kamloops, British Columbia. Highlights included 18m @ 0.81g/t in hole 61 ~70m above the more favorable Durand diorite host rock of the Blue Sky discovery in hole 55. “Tower’s high-grade Au results have solidified our early-stage exploration into an unrisked phase where scale, grade and strike orientation are no longer theoretical,” said president and CEO Joe Dhami.
Maple Gold Mines (TSXV:MGM)
Reported final assays from 16 additional drill holes from the 12,240m 2025 winter campaign at its Douay project in Québec. Step-out drilling in the 531 Zone and the Nika Zone continues to confirm extensions of high-grade zones below the Douay resource estimate conceptual pit shells, demonstrating the potential for bulk tonnage underground Au mineralization at depth. Highlights included 15m @ 4.87g/t Au in hole 351 in the 531 zone. “Step-out drilling success in multiple zones points to the significant potential for high-grade extensions of the existing Douay deposit. It also validates our improved geological and targeting models and supports further resource growth and new discovery potential,” said president & CEO Kiran Patankar.
Torex Gold Resources (TSX:TXG)
Announced assays from ongoing drilling in the northern extension of EPO aimed at expanding resources to enhance the production profile of the Morelos Complex beyond 2035. TXR said the 2024 EPO drilling program added 233koz AuEq of inferred resources, with highlights of 10.1m @ 5.65g/t AuEq in hole 1041. “We continue to be impressed with the significant exploration potential at EPO. The strong drilling results we see in the northern portion of EPO build on the success we had in that area in 2024 when we added more than 233koz AuEq to inferred resources. … Mineralization encountered in the northern portion of EPO extends over an area of at least 500 x 200m, with vertical continuity of over 100m,” said president & CEO Jody Kuzenko.
Sitka Gold (TSXV:SIG)
Announced assays from an ongoing 30,000m diamond drill program at its RC project in Yukon. Recent results from the Saddle zone returned several intersections of near surface multi-gram gold mineralization within the proposed pit boundary of the Blackjack resource. Highlights included 47.6m @ 2.09g/t. “The high-grade intercepts encountered in the first follow-up holes of the season at the Saddle zone are particularly impressive, with near surface, multigram gold intervals that are about 300m E of the current Blackjack resource and located within the conceptual pit shell of that deposit. Results demonstrate the potential of this area to add significant ounces to our existing gold resources and further supports the possibility that the Saddle Zone could link gold mineralization between the Blackjack and Eiger gold deposits,” said CEO Cor Coe.
West Point Gold (TSXV:WPG)
Announced results from RC drilling over 500m of strike along the Central and Southern parts of the Tyro Main Zone at the Gold Chain project in Arizona. Drilling identified a broad zone of quartz-calcite-adularia veins, veinlets and breccia that are consistently mineralized from surface exposures up to 200m vertical depth. Highlights included 59.44m @ 1.25g/t Au beneath the Tyro pit. “Work is underway to update the geologic model for Tyro and plan the next 10,000m drill campaign that will prioritize testing Tyro at depth and along strike,” said CEO Quentin Mai.
Onyx Gold (TSXV:ONYX)
Announced drill results for five additional step-out holes from the Argus North Zone on its Munro-Croesus project in Ontario. Highlights included 52.2m @ 2.2g/t Au in hole 178 from a cross-section 50m E of the Argus North discovery-hole section. Results demonstrate excellent continuity of wide intervals of strong Au mineralization now defined over 200m vertically and extending to surface. The drill program was expanded from 10,000m to 25,000m. “We are particularly encouraged by the mineralization intersected essentially at surface as this enables mechanical stripping to expose and sample the zone in outcrop,” said president & CEO Brock Colterjohn.
Probe Gold (TSX:PRB)
Reported results from a 50,000m in-fill drilling on its Novador property near Val-d’Or in Quebec designed to support a PFS. Results from 36 infill holes for 8,202m returned gold intercepts from near-surface to about 200m vertical depth in the Bussiere and Creek deposit areas. Highlights included 4m @ 11.7g/t Au in hole 532. “These winter drill results will play a critical role in supporting resource conversion and will be incorporated into the upcoming PFS. … We’re making steady progress across key areas, including permitting, resource growth, and mine plan optimization,” said president & CEO David Palmer.
Copper Drilling
Giant Mining (CSE:BFG)
Reported additional assays from phase one of the Spring 2025 diamond drilling program at the Majuba Hill porphyry Cu-Ag-Au project in Nevada that confirmed strong breccia controls and significant high-grade Cu mineralization. The primary objective was to delineate and better understand the geometry and extent of the Cu-bearing breccia zones. Highlights included 152.4m @ 0.21% Cu in hole 34. “The assay results are very positive and continue to validate the scale and continuity of breccia-hosted Cu mineralization at Majuba Hill,” said CEO David Greenway.
Gladiator Metals (TSXV:GLAD)
Announced results of a three-hole drill program for 515m at its Best Chance prospect in Yukon. It said mineralized intercepts point to an emerging discovery, with highlights of 18m @ 1.1% Cu in hold 9 within 77.25m @ 0.7% Cu. “Hole 9 has significantly broadened the breadth and size of near-surface, high-grade Cu mineralization previously intersected from surface at Best Chance. Best Chance is now showing potential strike and width similar in size to the Cowley Park prospect,” said CEO Jason Bontempo.
FireFly Metals (ASX:FFM)
Announced high-grade assays from infill drilling at its Green Bay Cu-Au project that demonstrates continuity of the VMS mineralization as it works towards a resource estimate update later this year and a FS. Highlights included 11.6m @ 6% Cu & 3.9g/t Au for a 9.3% CuEq) in hole 128. Green Bya hosts M&I resources of 24.4Mt @ 1.9% CuEq for 460Kt CuEq. Two drill rigs continue to test key regional geophysical targets. “These are absolutely superb assays which show why Green Bay is in such an enviable position. … We will have eight rigs drilling as part of our plan to keep growing the resource and upgrading more of it to the indicated category,” said MD Steve Parsons.
Sandfire Resources America (ASX:SFR)
Completed its 2024-2025 drilling program focused on further definition of the Johnny Lee Lower Cu zone. Highlights included 8.11m @ 4.66% Cu in hole 311. “We are pleased with the outcome of the drilling program which has confirmed that the mineralization of the high-grade Johnny Lee Lower Cu zone extends beyond the existing resource boundary. we look forward to incorporating this into the updated technical report in the coming months.”
Vizsla Copper (TSXV:VCU)
Announced the discovery of a Cu-Mo porphyry-related system at the Thira target in British Columbia. The program has been expanded with over 5,000m now planned. Highlights included 499.3m @ 0.28% Cu, 0.02% Mo, 1.01g/t Ag & 0.04g/t Au for a 0.39% CuEq in hole 138 from 10.7m. “Considering the shallow mineralization, large remaining untested anomaly, excellent road access, and gentle topography, this result has extraordinary potential to become a significant discovery in central British Columbia,” said executive chair & CEO Craig Parry.
Osisko Metals (TSXV:OM)
Announced drill results from the Gaspé project in Québec. Highlights included 645m @ 0.28% Cu in hole 1089. “These new results underscore the overall large-scale potential of mineralization at Gaspé, with hole 1082 cutting 853m of continuous mineralization, including the bottom 424m being located immediately below and outside the 2024 resource estimate model. Hole 1088 intersected new mineralization 80m SW of the resource estimate model, said president & CEO Robert Wares.
American Eagle Gold (TSXV:AE)
Reported results from the first four drill holes of its 2025 exploration campaign at its NAK Cu-Au project in British Columbia demonstrate broad, high-grade intercepts that expand the near-surface South Zone S & W. Highlights included 644m @ 0.5% CuEq from surface in hole 41. “It’s possible the South Zone could stand alone as a near-term development opportunity, one that could enable rapid capital payback and unlock the potential for a much larger mining operation across the broader property. Through our offseason technical work and recent drilling, we’ve now outlined a nearly two-kilometer-long mineralized corridor W of the historical Babine porphyry stock,” said CEO Anthony Moreau.
Critical Minerals Drilling
F3 Uranium (TSXV:FUU)
Announced final assays of 2024 JR Zone drilling with a highlight of 13m @ 3.2% U3O8 in hole 184. Hole 187 targeted and intersected the A1 Extension 3.2km along strike from JR Zone, which intersected 8.5m @ 70ppm. A maiden resource estimate is targeted for completion in 2Q25. “This milestone represents a significant achievement for FUU, advancing the JR Zone from discovery to a defined resource,” said VP exploration Sam Hartmann.
Denison Mines (TSX:DML)
Announced the discovery of additional high-grade mineralization 40m outside the estimated mineralized domain associated with the D1 lens of the Gryphon uranium deposit in the Athabasca Basin in Saskatchewan. Highlights included 2.3m @ 1.69% eU3O8 in hole 837AD2 in the down plunge direction from the previously defined D1 lens. Gryphon is 3km NW of DMLs Phoenix ISR development project on the Wheeler River property. “Our 2025 Gryphon delineation program was highly successful and achieved each of the program’s key objectives, including increasing the density of drill testing within the A1 high-grade domain and confirming the geological model, collecting additional geotechnical, metallurgical and hydrogeological samples and information to support future project evaluation efforts, and initial testing of areas identified for possible expansion of mineral resources that are outside of the mine design,” said president & CEO David Cates.
DML also announces intercepts of shallow Ur mineralization at the McClean South zone, with highlights of 5.4m @ 7.51% in hole 77. McClean South is 600m S of the McClean North deposit. Exploration at McClean South aimed to expand the footprint of high-grade mineralization.
CanAlaska Uranium (TSXV:CVV)
Received assays from the winter 2025 drill program on the Pike Zone at the West McArthur project that expanded the high-grade footprint. Highlights included 8.6m @ 34.59% U3O8 in hole 79. CVV advanced step out drilling along the C10S corridor W of Pike Zone, with a highlight of 3.5m @ 1.37% U3O8 in hole 95 extending the strike length of unconformity-associated uranium mineralization to about 250m. “Pike Zone continues to deliver exceptional uranium grades in assay. The geochemical results from the winter exploration program confirm the very high-grade nature of the mineralization,” said CEO Cory Belyk.
NevGold (TSXV:NAU)
Reported Sb metallurgical test work results at its oxide Au-Sb Limousine Butte project in Nevada showing Sb recovery has minimal to no impact on Au recoveries. Acid leaching indicates Sb recovery of 75-92%, sulphidized flotation gives recovery of 61-78% on samples from Resurrection Ridge and Cadillac Valley. These processes will be advanced into the next stage of metallurgical testing and trade-off engineering studies. “The information generated from this program has helped us better understand the metallurgical aspects of the antimony mineralization at the project, and it will guide the design of future metallurgical test work programs,” said CEO Brandon Bonifacio.
Money Movements
MP Materials to raise US$500M
MP Materials (NYSE:MP) announced a US$500M underwritten stock offering that takes advantage of a 276% share price gain over the past year and a $9.3B market capitalization. Proceeds will fund the acceleration and expansion of company operations, including the 10X facility in Fort Worth.
Perpetua raised US$474M
Perpetua Resources (Nasdaq/TSX:PPTA) said National Bank of Canada and BMO Capital Markets exercised in full their overallotment option to purchase 3.7M shares for proceeds of US$49M to bring total proceeds to $474M from its recent financing. Proceeds will finance the development of the Stibnite Au project in Idaho.
Appian provides US$450M Cariboo loan
Osisko Development (NYSE/TSX:ODV) entered into a credit agreement with Appian Capital Advisory for a US$450M senior secured project loan credit facility for the development and construction of its Cariboo Au project in British Columbia. An initial draw of $100M was completed to undertake a 13,000m infill drill campaign to further de-risk mine planning assumptions, fund pre-construction and construction activities, repay an existing outstanding $25M term loan with National Bank of Canada, and to support the project’s working capital requirements. The remaining $350M is available upon a final investment decision being made. ODV announced an optimized FS for a 4900tpd operation at Cariboo in April to produce 190koz/y Au for 10 years at an estimated AISC of US$1157/oz, with 202koz/y for its first five years from the second semester of 2027 following an initial capital cost of C$881M (US$652M). The eight-year credit facility matures in July 2033 and bears interest equal to the 3-month SOFR, plus 0.1% per annum adjustment, and a margin of 9.50% per annum (subject to a 2% SOFR floor). ODV granted Appian 5.6M non-transferrable three-year warrants exercisable at C$4.43 per share. “We are delighted to welcome Appian as a new cornerstone investor, which is a significant endorsement of Cariboo and a major milestone in advancing it towards a construction decision,” said Osisko Development chair and chief executive Sean Roosen.
Almonty raised US$90M
Almonty Industries (TSX:AII) announced an underwritten US public offering of 20M shares @ US$4.50 for proceeds of $90M concurrent with its listing on NASDAQ under the ticker ALM. Proceeds will fund the development of a tungsten oxide facility. “Our US listing reflects our emerging status as America’s tungsten supplier, further supported by our ongoing redomiciling initiatives,” said CEO Lewis Black.
Click here to see Paul interview AII CEO Lewis Black.
Foran raised C$54M
Foran Mining (TSX:FOM) closed the second tranche of a C$350M private placement financing for proceeds of $54M. The first tranche closed in May for proceeds of $296M. The financing is now complete. The second tranche involved the issuance of 18.2M shares @ $3. Proceeds will be used to complete construction at McIlvenna Bay in Saskatchewan.
Meridian to raise C$50M
Meridian Mining (TSX:MNO) entered into a best efforts private placement of up to 64.1M shares @ 78c for proceeds of C$50M. Proceeds will be used to advance a FS feasibility study for its Cabaçal Au-Cu project in Brazil and to continue to advance Santa Helena to an initial resource.
NioCorp raised C$45M
NioCorp Developments (NASDAQ:NB) closed a US public offering of 13.9M shares @ US$3.25 for proceeds of $45M. Proceeds will be used to advance efforts to launch construction of the Elk Creek Nb, Sc and Ti project in Nebraska and move it to commercial operation.
Tembo reduces Arizona Sonora stake
Arizona Sonoran Copper (TSX:ASCU) said Tembo Capital sold 17.5M shares worth more than C$40M to Scotia Capital, which sold them to various institutions in a secondary market transaction. As a result , Tembo’s ownership reduced from 18.8% to 9% and its investor rights agreement with ASCU terminated.
Eldorado invests in Amex
Amex Exploration (TSXV:AMX) announced a non-brokered private placement of 11M charity flow-through shares @ C$2.27 for proceeds of C$25M. AMX may also issue an additional 3.1M shares @ $1.60 for proceeds of $5M. Eldorado Gold (TSX:ELD) intends to make a strategic investment in AMX through the purchase of 11M shares @ $1.60, for proceeds of $17.6M to own 17% of AMX. “ELDs strategic investment significantly strengthens our exploration budget and reaffirms the high-quality potential of the Perron project and the recently acquired Perron West project,” said president & CEO Victor Cantore.
Faraday to raise C$30M
Faraday Copper (TSX:FDY) announced a brokered and non-brokered financing for up to C$30M from strategic and other investors to advance exploration and development of its Copper Creek project in Arizona. It includes a bought deal private placement of 13.6M shares @ C$1.10 for proceeds of $15M and a non-brokered private placement of up to 13.6M shares @ 1.10 to raise up to $15M. The Lundin Family Trusts have indicated their intention of subscribing in the non-brokered offering.
NorthIsle to raise C$35M
NorthIsle Copper and Gold (TSXV:NCX) announced an upsized best efforts private placement of up to C$30M consisting of 9.3M flow-through shares @ $1.6065 and 14.3M non flow through shares @ $1.05. A concurrent non-brokered private placement of 4.8M share @ $1.05 for proceeds of $5M will also be offered. Wheaton Precious Metals (TSX:WPM) indicated its intention to subscribe in the non-brokered offering.
Revival upsizes raise to C$29M
Revival Gold (TSXV:RVG) upsized its strategic placement with EMR Capital to purchase 32M shares @ 48c for proceeds of C$15.4M. EMR’s pro-forma interest in RVG on closing is expected to amount to 11.8%. RVG also upsized the non-brokered private placement to C$13.7M by the issuance of 8.5.2M shares @ 48c as Dundee Corporation exercised its participation right to maintain its equity ownership at 5.3%. “On agreement with EMR we have upsized the total raise to accommodate some of this excess interest,” said president & CEO Hugh Agro.
TDG raised C$28.8M
TDG Gold (TSXV:TDG) closed a bought deal financing for proceeds of C$28.8M through the issuance of 17.2M non-flow-through shares @ 60c for proceeds of $10.3M, 13.5M non-critical mineral charity flow-through shares @ 84c for proceeds of $11.3M and 7.7M critical mineral charity flow-through shares @ 93c for proceeds of $7.2M, and the acquisition of Anyox Copper. “Larger programs require bigger budgets and additional expertise. We can finally explore the full potential of our district-scale mineral tenures in the Toodoggone,” said CEO Fletcher Morgan.
Q2 to raise C$20M
Q2 Metals (TSXV:QTWO) entered into a best efforts private placement of 20M flow-through shares @ C$1 for proceeds of $20M. Proceeds will be used on the Cisco Li project in Quebec.
Graphite One to raise C$18M
Graphite One (TSXV:GPH) entered into a best-efforts private placement to raise C$18M @ 90c. Each unit will comprise one share and half a warrant exercisable @ $1.25 for a year. Proceeds will be used for environmental studies and other permitting activities on the Graphite Creek property in Alaska.
First Mining raised C$12M
First Mining Gold (TSX:FF) closed an over-subscribed offering of 66.7M units @ 18c for proceeds of C$12M. Each unit will consist of one share and half a warrant exercisable @ 27c for three years. FF also announced a non-brokered private placement of up to 55.6M units on the same terms and up to 22.7M flow-through units @ 22c for proceeds of $15M. Proceeds will be used to advance the Springpole and Duparquet Au projects in Ontario.
Titan gets US$15.8M EXIM loan
Titan Mining (TSX:TI) entered into a definitive credit agreement with the US Export-Import Bank for up to US$15.8M towards capital development and expansion at its underground Zn mine in St. Lawrence County, New York. This is EXIM’s first direct mining investment under its Make More in America Initiative. The seven-year loan bears interest at 4.91% per annum plus an upfront fee of 5.97% for an effective interest rate of about 7%. TI restructured a debt agreement with Augusta Investments on $16.5M of outstanding obligations, with repayments beginning in 2026 over three years at 8% per annum.
American RE to raise A$15M
American Rare Earths (ASX:ARR) received firm commitments for a private placement of 46.9M shares @ 32c to raise A$15M. Proceeds will accelerate development of the Halleck Creek REE project in Wyoming.
1911 Gold raised C$13.2M
1911 Gold (TSXV:AUMB) completed a bought deal LIFE offering for C$13.2M, including the exercise in full of the underwriters’ option. The offering consisted of the sale of 3.75M shares @ 20c, 2.9M shares @ 34.2c, 31.2M shares @ 28.8c and 10.2M shares @ 24.6c. Eric Sprott, through 2176423 Ontario, acquired 9.3M shares for $1.9M and now owns 17.2% of the company.
Paul Harris
Paul has more than twenty years’ experience in the mining sector in investor relations, communications, research and news reporting roles. Paul has 16 years’ experience in the Colombia gold sector including investor relations roles with Continental Gold, Gran Colombia Gold and Mineros.
Paul founded the successful Colombia Gold Symposium in 2016 and has written for industry leading publication Mining Journal since 2015. Previously, Paul spent five years in Chile reporting and researching the copper sector for CRU and Metal Bulletin. Paul received a BA in Business Administration from the University of the West of England, UK; and a MA in International Relations from the University of Chile, Santiago Chile. He is fluent in English and Spanish.
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