Battery metal demand is rising, and the trend will continue
New properties are in demand- Producers provide leverage to the metal prices, and exploration companies turbocharge the gearing- Location is critical
Lithium Americas (LAC) looks to pick up a property
Nevada Copper (NEVDF)- The trend is your friend, and increasing demand for EVs supports a continuation of the rally
Noram Lithium (NRVTF)- An undervalued battery metal play in Nevada, a desirable jurisdiction
In real estate, a property’s value always reflects its location. Any real estate professional understands that the three leading value factors are location-location-location.
Commodity producers face many regional issues. Raw materials can occur in local regions where political or economic forces make extraction challenging. The cost of production reflects local tax, royalty, logistical, and other factors.
Over the past year, the ascent of metals prices has caused many of the world’s leading producers to scramble to find new mining projects to meet the growing demand. One of the world’s leading diversified commodity producers, BHP is currently in talks with Ivanhoe Mines to acquire part of the Western Foreland exploration area in the Democratic Republic of the Congo (DRC). While DRC is the largest copper producer in Africa with the most substantial reserves, the country has a long history of corruption that has impeded its growth. The DRC is not an ideal location for mining companies, but the growing need for new output has put BHP in a position to consider the project. It takes up to ten years to bring a new copper mine into production, and producers are scouring the earth for projects that will meet the increasing demand.
Goldman Sachs called copper “the new oil” because of its role in decarbonization. Three-month LME copper was trading at the $9,518 per ton level on November 5, with the December COMEX copper futures at the $4.3430 per pound level. Goldman projects that copper prices could rise to the $15,000 per ton level by 2025, putting COMEX copper futures north of the $6.80 per pound level.
Meanwhile, lithium is another commodity that is experiencing growing demand. The success of addressing climate change through decarbonization relies on ample supplies of battery metals that can replace fossil fuels.
While BHP is looking to the DRC for new copper deposits, other mining and exploration companies are developing battery metal deposits. Friendlier and less challenging jurisdictions are likely to attract significant premiums over the coming months and years.
In the US, Nevada, the silver state, has a long history as one of the most favorable mining jurisdictions on the earth. When it comes to location, it does not get much better than Nevada.
Battery metal demand is rising, and the trend will continue
Climate change is not a US issue; it is a worldwide trend. Addressing climate change involves replacing the hydrocarbons that currently power the world with alternative, renewable energy sources. While batteries power only around one percent of the cars on roads today, the demand for EVs is growing by leaps and bounds. Hertz recently announced they are purchasing 100,000 Tesla model-3 EVs in a $4.2 billion deal. EVs will make up 20% of the Hertz fleet by the end of 2022. Hertz will also install thousands of charging stations in its locations in the US and Europe.
EV’s require twice the copper as internal combustion engines. The batteries require other metals and minerals including, lithium, nickel, cobalt, zinc, aluminum, manganese, graphite, and potassium. Tesla’s batteries currently use lithium-nickel-cobalt-aluminum chemistry. However, the company is working on a set of cobalt-free or reduced batteries drawing on lithium-iron-phosphate technology and chemistries that rely more heavily on nickel. The three-month nickel price on the London Metals Exchange closed 2020 at the $16,600 per ton level. As of November 4, the price was over $19,400 after reaching over $20,500 during the year. Copper futures on COMEX may have corrected from the May 2021 all-time high at nearly $4.90 per pound, but they remain appreciably higher than at the end of 2020.
Source: CQG
The monthly chart shows that copper closed 2020 at the $3.52 level. At the $4.3430 per pound level in early November 2021, copper futures were over 23% higher. The price action in the lithium carbonate market has been even more bullish.
The chart shows the rise from below $33,000 per ton in 2020 to the current price at the $194,500 level, an increase of nearly six times. Lithium’s ascent is more like a cryptocurrency than a commodity as the demand for the metal for EV production grows.
New properties are in demand- Producers provide leverage to the metal prices, and exploration companies turbocharge the gearing- Location is critical
Mining companies make substantial capital investments to extract raw materials from the earth’s crust. The leading mining companies profit handsomely when market prices exceed production costs, creating leverage. Mining companies often outperform the commodities they produce on the upside but underperform when prices decline.
Meanwhile, exploration companies provide even more leverage. Since rewards are always a function of the risks, companies that search for commodities tend to experience incredible gains when they find them and begin production or sell the properties to the more established mining companies that can take projects to the next production and processing levels.
The mining industry reflects economies of scale. The leading companies like BHP, Rio Tinto, Anglo American, Glencore, and others have made significant capital investments and spread production risks over a diversified portfolio of mining properties. They tend to allow exploration companies to make the finds and then take the mining properties to the next steps.
When it comes to investing, exploration companies can offer attractive returns that often outpace the underlying commodity and the established miners on a percentage basis. If the BHP’s offer leverage, exploration companies turbocharge that gearing.
Lithium Americas (LAC) looks to pick up a property
Lithium Americas Corporation (LAC) operates as a resource company in the United States. The company explores for lithium deposits. LAC owns interests in the Cauchari-Olaroz Project in the Jujuy province of Argentina and the Thacker Pass project in north-western Humboldt County, Nevada. Thacker Pass recently increased its Phase 1 capacity to target 40,000 tpa lithium carbonate.
LAC announced it submitted an unconditional offer to Millennial Lithium Corporation to acquire all of the outstanding shares for approximately $400 million.
Source: Barchart
The chart shows LAC’s ascent from a low of $1.92 per share in March 2020 to its most recent high of $33.42 on November 4. At the $32.67 per share level, LAC’s market cap was over $3.919 billion. An average of over five million shares changes hands each day. Lithium has been a hot commodity that has moved nearly six times since 2020. LAC shares have moved over seventeen times higher over the period as the successful mining company turbocharged the commodity’s percentage gain.
Nevada Copper (NEVDF)- The trend is your friend, and increasing demand for EVs supports a continuation of the rally
Nevada Copper is an exploration company in the silver state of Nevada. The company owns a 100% interest in the Pumpkin Hollow property that contains copper, gold, and silver reserves. The most recent operations update highlighted accelerated stope turnover rates, management team changes that strengthened the company, productivity improvements, and processing of ore averaging approximately 1.5% copper delivered to the mill. Since the May high, copper’s price has dropped at nearly $4.90 per pound on the nearby COMEX futures contract. NEVDF is an exploration company, so its share performance tends to outperform the commodity on the upside and underperform on the downside. Copper rose from $3.52 per pound at the end of 2020 to a high of $4.8985 in May or 39.2%. On November 5, the price was at the $4.3430 level, 11.3% below the May peak. NEVDF shares closed 2020 at the $1.14 level.
Source: Barchart
The chart highlights that NEVDF shares reached a high of $2.71 when copper peaked and traded at 67.00 cents per share on November 5. NEVDF shares rallied by 137.7% and from the end of 2020 to the May 2021 high and were 75.3% lower than the peak as of November 5. Like many exploration companies, NEVDF turbocharged the price action in copper, outperforming the metal on the upside and underperforming on the downside.
As the demand for copper will rise over the coming years, and Goldman Sachs expects the price to increase dramatically, now could be the perfect time to consider this exploration company.
Noram Lithium (NRVTF)- Another battery metal play in Nevada, a desirable jurisdiction
Norman Lithium (NRVTF) is an exploration company that develops mineral properties in the United States. The company owns interests in the Zeus Lithium Project in Clayton Valley, Nevada. Noram’s property is next door to Albemarle Corporation’s (ALB) Silver Peak Lithium Mine in Nevada.
A 70% increase in measured and indicated resources
A 369% increase in inferred resources
Deposits near the surface, reducing production costs
The potential to increase the deposit size via deeper drilling
An environmentally friendly footprint
A Preliminary Economic Assessment (PEA) in the coming weeks – Advancing the project closer to its’ production target
At the 67.15 cents per share level, NRVTF has a market cap at the $50.701 million level. An average of 56,780 shares changes hands each day.
Source: Barchart
The chart shows NRVTF shares closed at the 40.26 cents level on December 31, 2020. At 66.87 on November 5, they were 66.1% higher. NRVTF shares reached a high of 98.78 cents on January 14, 2021, which is the stock’s current technical target. The shares have traded in a bullish trend since mid-April 2021.
With the spotlight on lithium, Norman could be an excellent exploration company to consider. Success in the Zeus project could attract interest from companies like Lithium Americas Corporation (LAC) that is currently buying Millennial Lithium Corporation’s shares for $400 million, nearly eight times higher than NRVTF’s current market cap.
Exploration companies are risky, but the potential for substantial rewards always involves an elevated risk level. Meanwhile, Nevada Copper and Noram Lithium have location on their sides as Nevada is a highly desirable mining jurisdiction in a world hungry for copper and lithium supplies.
Written By: Andrew Hecht, on behalf of Maurice Jackson of Proven and Probable.
Any investment involves substantial risks, including, but not limited to, pricing volatility, inadequate liquidity, and the potential complete loss of principal. This document does not in any way constitute an offer or solicitation of an offer to buy or sell any investment, security, or commodity discussed herein, or any security in any jurisdiction in which such an offer would be unlawful under the securities laws of such jurisdiction.
Vancouver, British Columbia – (November 11, 2021) – Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (“Rover” or the “Company”) has received an update from ALS Canada and expects to be fully reported on the results of its Summer 2021 Phase 2 Drill Program, at its Cabin Gold Project, by the end of November. The Company anticipates issuing a news release on the results in early December.
About the Cabin Gold Project In September 2020, Rover kicked-off its first exploration drilling program at the historic Cabin Gold Project. The exploration program included both confirmation and expansion drilling of historical high grade gold drill intercepts in the “Arrow Zone” area of the historic Bugow Iron Formation. The Bugow Iron Formation is the controlling structure for the gold mineralization on the property and is over 15 km in at or near surface length. In Q4-2020, the Company reported an intersection of 32 meters of continuous gold averaging 13.6 grams per ton Au from the Arrow Zone. Rover’s 2020 expansion drilling included the discovery of what it believes to be a primary gold bearing ore shoot at the Arrow Zone. The Arrow Zone remains open at depth, underneath Cabin Lake, and is only accessible for expansion drilling in the winter months. Rover’s 2020 drill program was the initial step towards confirming and expanding the historic 100,000 tons at 0.30 Oz/ton Au* historic resource estimate, reported for the Arrow Zone, towards a NI 43-101 compliant mineral resource estimate. The Arrow Zone will see expansion drilling commencing in Q1-2022, as soon as the ice drill pads and ice road to site have been constructed.
In July 2021, Rover commenced a Phase 2 Exploration Program at the Cabin Gold Project. The goal of the Phase 2 Exploration Program was the discovery and definition of new, near surface, gold bearing zones along the Bugow Iron Formation. The Company focussed on five known historic targets areas: (1) the Beaver; (2) the Andrew South; (3) the Andrew North; (4) the Camp South; and (5) Camp North. As of the date hereof, the Company is still waiting on results of its summer exploration program. Any new discoveries will form part of the Company’s Phase 3 Winter Exploration Program slated to begin in Q1-2022.
(*) As per Section 2.4 of NI 43-101, Aber Resources Ltd. reported a mineral inventory (that does not compare to the current CIM Definitions Standards mineral resource categories) of 100,000 tons at 0.30 ounces per ton gold at the Cabin Lake Gold Zone on the north limb of the folded Bugow Iron Formation in their 1986 and 1987 annual reports. The parameters used for the resource calculation are unknown. These results are relevant as to delineate a larger zone of gold mineralization at the Cabin Lake Gold Zone, but further drilling is needed to bring that up to CIM Definition Standards. The reader is cautioned that a Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources and Rover Metals is not treating the historical estimates as current mineral resources. Technical information in this news release has been approved by Raul Sanabria, M.Sc., P.Geo., Technical Advisor and shareholder of Rover Metals Corp. and a Qualified Person for the purposes of National Instrument 43-101.
About Rover Metals Rover is a precious metals exploration company specialized in North American precious metal resources, that is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel). The Company commenced Phase 2 Exploration at its Cabin Gold Project in the summer of 2021, and is planning to commence Phase 3 Exploration in Q1-2022.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements be prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
When I spoke with 321gold founder Bob Moriarty a couple months ago he was vocal that a market crash was going to occur by the end of October. October came and went and stocks continued moving higher. Trends tend to trend after all. However, as we turned our clocks back an hour Sunday morning the market picture has quickly changed, as evidenced by TSLA’s sharp ~20% drop since its founder and CEO Elon Musk announced that he would sell 10% of his shares.
In this month’s conversation Bob and I discuss extreme sentiment, why a market crash is coming, tax loss opportunities in junior mining shares, and more importantly why natural resources are the ‘cheapest motel in town’. Without further ado, Energy & Gold’s November 2021 conversation with Bob Moriarty….
Goldfinger: There is a lot to talk about today Bob. Let’s start with the stock market, the broader stock market and what you’re seeing there in terms of sentiment, price action and what the Fed announced on Wednesday.
Bob Moriarty: Okay, did you go to 321gold today? Have you read my latest piece?
Goldfinger:I am just reading it now Bob, and I see the DSI for the Nasdaq and S&P 500 are both at 93 as of yesterday’s close.
Bob Moriarty: Okay, it’s a short piece, and strange enough, it’s going to answer many of your questions.
Goldfinger: So what does that mean? So you were just early? The crash is going to happen now?
Bob Moriarty: Interestingly if you read the piece entirely, that’s exactly what you can conclude. Now, bear in mind that when I started talking six to nine months ago about there being highs in August or early September and then a crash in late October, I was throwing darts at a dartboard that was 50 meters away. Now, I have access to a lot of the information and I’ll just flat tell you, the Dow is up 300 points today, the Nasdaq is up 90 points today, the S&P’s up 33 points.
The Nasdaq and the S&P, had a reading of 93 yesterday. If this holds, obviously it’s going to go up. If we had a reading of 95 or 96, I would say you could set your watch, because in 15 minutes it’s going to crash. So what I’m going to say is, I think that I was wrong. I just wasn’t wrong by very much. I think it will happen fairly soon, I believe we’re going to have a crash. The VIX is very low and the S&P and Nasdaq are at extremes that indicate a crash is coming.
Goldfinger:The Fed announced the start of the tapering process. Everybody expected that, but the main takeaway from it is that he’s not worried about inflation, it seems, and says that we have more work to do on the jobs front.
Bob Moriarty: You and I approach predicting from different directions. I totally ignore the Fed. I mean, face it, the Fed has been wrong about everything they’ve ever done. They are the cause of the economic chaos in the United States. I mean, they’re so stupid, why would you listen to stupid people? So I ignore what they do, but I’m just going to flat out tell you, sentiment is the single most important element in predicting the near-term future. And the sentiment in the Fear & Greed Index is 85, on the upside it’s 93, VIX is very low. We’re going to have a crash very soon.
Goldfinger:So it’s always interesting to say, “We’re going to have a crash very soon.” And it’s another thing to make money from it, and that’s the reality of the situation. It’s very easy to sit up and make calls, but it’s another thing to trade them. Do you have any insights on how you would trade this?
Bob Moriarty: Yeah, I mean, well here’s what I would say, in the general market I would go to 100% cash. Do remember, cash is an investment.
Goldfinger:So zero exposure to large cap US stocks, hold a lot of cash, and then where would you still have investments?
Bob Moriarty: That’s a really good question, I believe if the resource stocks are the antithesis of Tesla, the antithesis of Bitcoin, the antithesis of the S&P and the Nasdaq, and when the market crash comes, I believe there’s to be a lot of money poured into resources because quite bluntly, they’re the only cheap motel in town.
Goldfinger:Okay, so would you be more weighted towards precious metals, base metals, towards energy?
Bob Moriarty: Okay, and again, that’s a really good question. Now, can we agree that commodities in general, with the exception of gold and silver, have an absolute run? The ratio of gold and silver to commodities in general is the worst that it’s ever been, but commodities have gone up. Are we in agreement there?
Goldfinger:Yes.
Bob Moriarty: Okay, what has happened to the resource stocks in copper and lead and zinc and moly is in the energy stocks. What has happened to them?
Goldfinger: Well, energy stocks have done pretty well. Some of the base metal stocks have not done as well.
Bob Moriarty: Absolutely, and when you consider the increase in energy across the board, the stocks have not done well at all. So the commodities are doing great but the shares behind them are not. One of the points that I make in “Nobody Knows Anything” is that if you have a list of 15 different investments, if you sold what has gone up the most lately and you bought what had gone down the most lately, you would make money every time.
I say something that’s so contrary to every other advisor that investors ignore me, but they ignore me at their peril. You have to buy what’s cheap and you have to sell what’s expensive. And because that’s so simple, people don’t get it.
Goldfinger:So what’s cheap today? Can you give me any names more specifically?
Bob Moriarty: Good question. Okay, again, do we agree that if we’re going to go to green energy, that electric vehicles and what goes into electric vehicles has to go a lot higher in price? Are we in agreement there?
Goldfinger:Yes.
Bob Moriarty: Okay, batteries are the key to green energy, period. If you have solar farms and if you’ve got wind farms, they are worthless without batteries as storage, and everybody’s been looking at electric vehicles instead. There’s been $300 billion that these major automobile companies have said they’re going to have to invest in electric vehicles, but strangely enough, copper hasn’t gone up, nickel hasn’t gone up.
I ran into a stock that was so cheap I simply couldn’t believe it. When you’re making a battery for electric vehicles, what commodity do you need the most of?
Goldfinger:I know we need a lot of different metals including copper, nickel, graphite, and lithium. Even iron ore.
Bob Moriarty: Graphite.
Goldfinger:That’s interesting.
Bob Moriarty: Yeah, I didn’t know that. That was a total shock to me. Graphite is 53% of the cost of the battery for electric vehicles. I had no idea that was true. And when you look at the projections for 2020 to 2030 or from 2020 to 2050, I think the demand for graphite is going to go up 400% between 2020 and 2030. Somebody contacted me and they have a graphite project in Brazil, and in comparison to the other companies, the industry at the same stage, they are 15 to 25 times cheaper.
The company symbol is simple, it’s Sierra-Tango-Sierra (TSX-V:STS), and I’ll give you the name here in just a minute. But it’s so cheap I couldn’t believe it. When I started investing in it, they had a $15 million market cap. They have about a $20 million market cap now, the company is South Star Battery Metals. It’s very cheap and I wrote a piece a week ago and I said that it has 20-fold potential. I actually lied because I think the potential is a lot higher than 20-fold.
It’s the single best stock that I’ve seen in 20 years. It is so cheap and it’s so much demand for the basic commodity. It’s going to go a lot higher.
Goldfinger: Interesting. And they have a project in Alabama, too.
Bob Moriarty: Yeah, they just picked up the project in Alabama. Now I’ve actually been to that project. I don’t know what the average investor thinks about Alabama, but I went to Alabama and boy, where the project was, was absolutely in the boondocks. I mean, there’s been no issue whatsoever with Not In My Backyard there. The local area is depressed and they’re going to be very eager to have money come in.
And strange enough in comparison to what they have in Brazil, the grade in Alabama is higher. So they’ve got a good resource in Brazil. They’re building a pilot plant. They’re starting shortly, they’re going to do 5,000 tons in a year, and they’re going to build a phase two plant that I think has 25,000 tons a year capacity. But it’s just a great stock and I welcome the move into a project in Alabama because it’s going to add a lot more depth to the company.
STS.V (Daily)
Goldfinger:Let’s talk about gold, so gold has been pinned to this $1,800 level it seems for so long, but as of this moment on a Friday morning, we’re $1,804.80 and it seems like it wants to go higher. What are your thoughts on gold here, in the final two months of 2021?
Bob Moriarty: Okay, think of gold as a teeter totter. You’ve got Tesla on one end of the board, you’ve got gold on the other. And you and I have spent a lot of time talking about Tesla. The market cap of Tesla is higher than the next 10 automobile companies combined. That is simply patently absurd. I’m not going to say people haven’t made money. They’ve made a lot of money on it, but that’s an absolute disaster waiting to happen.
Bitcon, same story. I mean, I think there’s 7,000 variations of Bitcon now. We’re in financial Never Never Land, and we’re about to go back to reality very soon.
Goldfinger:So reality is bullish for gold?
Bob Moriarty: True, absolutely. Well, here’s why and the comment that I just made, if you made a list of 15 different investments and you sold what had gone up the most, and you bought what had gone down the most, gold and silver would be right there at the bottom, and Tesla, the S&P and the Nasdaq would be up there at the top. The market cap of Tesla is simply insane.
Now I’m not saying it won’t go higher, but it has gone curvilinear and market crashes start when any investment goes curvilinear. And gold’s going to do it someday, but today the greatest short in the world is going to be Tesla.
Goldfinger:All right, so let’s talk about some companies we’ve discussed before. Let’s start with Novo Resources. Obviously this has not gone well in 2021. They put out a couple of news releases recently. The first one was they were doing maintenance on the crusher and now this morning they put out, “Processing has resumed after a one-week shutdown for maintenance.” I mean, it seems like startup problems are sort of par for the course in the mining industry, but the market isn’t even going higher today on this news with gold actually above 1,800, so what’s going on here?
Bob Moriarty: Well, the teeter totter is still in the favor of Tesla and the S&P and Bitcon and the Nasdaq. And when the teeter totter moves, which I’m absolutely convinced is very soon, gold is going to go up a lot and Novo is going to go up a lot more. For some reason, there’s a very small group of people on the chat boards that absolutely hate Novo. And somebody on the inside has been passing information on to one of the guys who was the vendor of Comet Wells in Western Australia. He’s just got this giant attitude towards Novo now,and he’s posted a lot of inside stuff that’s totally illegal to do.
In a startup operation, that’s where you’re supposed to have problems, okay? I’m never concerned. Somebody starts up a gold mine and a mill and a crusher breaks, it’s down for a week. Come on, give me a break! I mean, are you kidding? It’s machinery. It’s supposed to break, but let me give you an analogy. I’m going to tell you something that’s going to scare the pants off you.
I’ve got a bakery that I go to four or five times a week, and I went in the other day about 5:30 and they were mopping the floor, and there wasn’t a piece of pastry in the shop. Now these guys close at 7:30 and they said, “Okay, we’re closing early today.” I said, “Oh, okay.” I came back the next day and as it turns out it was about five o’clock and they were preparing to close.
And I said, “What’s up?” And they said, “Well, we have 14 people who work here and nine of them are out sick.” I have never heard, in my life, of any industry, any company anywhere, where two thirds of the people are out sick. That scares me.
Goldfinger:Why were they out sick? I mean, that seems not a coincidence. Is this a vaccine thing?
Bob Moriarty: Yeah. There are emergency rooms and hospitals all over the world that are filled with patients with all kinds of complaints, but it’s not COVID, okay? I have been absolutely straight up for 18 months. The whole COVID thing is bullshit. It is bullshit. It’s a bad flu and they’ve been playing it like a harp, pretending it’s the Black Death. Well, it’s not the Black Death.
If you’re not over 70, in fact, you’re okay. Some of the things that they’re doing today are so criminal, I hope they end up in war crimes trials. They’re giving the jab to 5- to 11-year-old kids. Now 5- to 11-year-old kids are at zero risk from COVID. Yes, they can catch COVID, but it’s a flu. They get over it, and it’s absolutely unequivocal. There’s no question the jab is killing people and it’s killing a hell of a lot more people than anybody realizes.
A good friend of mine and her husband just drove back from the UK and their daughter’s 32 and she has a room-mate. It’s not in any kind of sexual way, but she has a male room-mate who’s 38. He went out for a job, came back, couldn’t breathe, laid down, didn’t wake up. There are people keeling over in every country with very high vaccination rates, and dying. And the death rate is probably five to 10 times higher than the CDC is admitting.
If you’re going to go into the VERIS system at say statistic, there’s a 6- to 12-page report that has to be filled out. I don’t give a damn what the CDC says about the number. We know the number is actually far higher. The CDC says that they believe that 1% of actual cases get reported to the VERIS. Now, I don’t think it’s 1% in terms of vaccine deaths, but I think that it could be 5% to 10% very easily, which could mean hundreds of thousands of people have already died in the United States from the vaccine.
Goldfinger:Yeah, so we kind of went off on a tangent there from the question about Novo Resources (TSX:NVO). And I do want to talk about the vaccine and the virus, but let’s talk about Novo a little bit more because you were very bullish on it early in the year, and obviously it had a tremendous run from 60 cents to over $8. The Pilbara projects were such a focus of the company for a couple of years and now those seem to have really been put on a back burner.
And they’re trying to basically mine this so-so project at Beatons Creek which is having startup issues. What happened to the Pilbara nuggety gold story?
Bob Moriarty: It’s very interesting that you ask that because I was going to get into it. My point about two thirds of the people who are sick in this bakery, the single biggest problem with Novo right now, and every small resource company in Western Australia, is COVID. Now, it’s not the flu that’s the problem. It’s the government reaction. Australia has literally been closed for the last 18 months. Quinton hasn’t been over there for 21 months.
One of the things that Quinton wanted to do a lot of years ago, and Novo should have been in production five or six years ago when I wrote about it. It’s in the book. They had an opportunity to pick up the Jundee Mine and they would be a near $2 billion company right now if that deal had actually gone through, but it didn’t.
The iron ore companies are throwing money at people and because Australia’s been totally locked down, nobody can go into the country, including Australians. The labor problem is absolutely enormous. It’s gotten so bad that even the people working for the government departments are quitting and they’re going to work for the iron ore companies.
Well the iron ore price, I think, shot up to $188 or something like that and it’s below $100 now. The reaction to COVID has caused total chaos in the world. Three weeks ago, the price of natural gas in Italy went up 30% in one day. It’s up threefold in Europe in the last year. There are shortages of food, there are shortages of truck drivers, there are shortages of energy, and Novo has gotten absolutely whacked by this.
They lost their grade control guy, who was a good guy and doing a professional job. And they were right on track up until July. He quits, goes and gets a job at 50% higher pay with the iron ore companies. They had to bring in a couple of brand new, young geologists, who unfortunately didn’t have the background or the skill or the training to be able to do grade control, so they lost control of what they were feeding to the mill and they went from producing eight or 9,000 ounces a month to 4,000 ounces a month.
Now, again, it’s a startup. This is when you’re supposed to screw up. And if you’re a young geologist and they throw you in the shit, you have to get your act together PDQ, and they will. I’m absolutely confident of it, but one of the things that everybody needs to remember is that there’s a relationship between banded iron formations and gold.
And if you have the largest banded iron formation in the world, which the Pilbara does, you’re also going to have the largest gold operation in the world, which the Pilbara does. So yes, they haven’t moved nearly as fast as I would love to see them, but it’s not a function of bad management. It’s a function of bad government.
NVO.TO (Daily)
Goldfinger:So Novo is definitely a tax loss opportunity candidate here in the next few weeks. I’m going to ask you a tough question. If you had to just choose three tax loss, silly season stocks to buy in the next month, what would they be?
Bob Moriarty: Irving (CSE:IRV) , same situation with them. 100% of the problem is the government’s reaction to COVID. Novo Resources, which is the cheapest they have ever been in real terms, and Labrador Gold (TSX-V:LAB), which is another New Found Gold, but it’s six months behind New Found Gold.
Goldfinger: Okay, and speaking of New Found Gold (TSX-V:NFG), they announced some potentially troubling news this morning. Seems there’s some bias in how they’re sampling the core and sending it to the lab. The stock is down 20% as I speak. Do you have any comments on that?
Bob Moriarty: That’s a really interesting situation and it goes back to my comments about Tesla, Bitcoin, the S&P. The market is so irrational on both ends of the teeter totter. Here’s what happens. You understand the problem of nuggety gold, okay? You’ve got a diamond core drill and you drill 50 meters and you got a lot of VG, and you can see the VG. You got to split the core and how do you do it so that you get an actual, accurate, representative sample from both sides of the core?
And the answer is, you can’t. Measuring nuggety gold is always, always, always, always a problem, and literally their QP looked at it and said, “Hey, look, I mean, we’ve got all these extraordinary results. However, are we getting accurate measurements?” So what they’ve come up with is this process of the Chrysos PhotonAssay where they do a 100% assay, literally assay the whole thing. This is a tempest in a teaspoon. When you have thousands of samples, any error tends to be rounded out. New Found has the gold.
And it’s a good solution, so if you ask for four tax loss, silly season stocks, I would have to talk about New Found. New Found down to two bucks is patently absurd. New Found’s going to be a $10 Billion company.
Goldfinger: Speaking of electric vehicles, battery metals, and tax loss silly season opportunities. We have spoken about Bitterroot Resources (TSX-V:BTT, OTC: BITTF) before and the share price recently dipped to a new 52-week low. Bitterroot is exploring for copper/nickel conduit-hosted massive sulfides in Michigan’s Upper Peninsula and they have had some nice sniffs of high-grade copper/nickel sulfides. They are on a break from drilling until after the Holidays but I think this could be a good one to pick up on any tax loss related weakness. (Update: Interview With Bitterroot Resources CEO Michael Carr).
Bob Moriarty: Bitterroot is a great story and you got in at the bottom, good move. I own a bunch.
BTT.V (Daily)
Goldfinger:Thank you, I think you also bought Bitterroot at a pretty good price. So going back to the vaccines and COVID, there’s a large segment of the population, I mean, really it’s one out of three people in the US at least, that don’t want to be vaccinated, that aren’t vaccinated. And their lives are made much more difficult in many ways by these vaccine mandates, either by governments or corporations that they work for, and that’s creating … I mean, we’ve seen it in the airline industry.
It’s creating major labor shortages, causing flights to be canceled. It seems to me and we discussed it before, making people inject something into their body is not constitutional. It shouldn’t be mandated. It should be a personal choice. I think that we can both agree on that. I don’t agree with you as much about the deadliness of the vaccines.
I think the vaccines do have some side effects for certain people for sure, the same way that COVID itself can wreak havoc on a certain people subset of the population. Like you said, if you’re over 65, if you’re morbidly obese, if you have diabetes or what have you, COVID’s going to be a problem, the same way that the vaccine might be a problem for certain people. So it needs to be weighed carefully, the risks and the potential benefits, right? It shouldn’t be forced upon anyone.
Bob Moriarty: Well, what’s the potential benefit for 5- to 11-year-olds, and I’m going to tell you. Zero!
Goldfinger:No, I think that’s wrong. I think that they should not vaccinate children under 16. I think that the data is very clear. The risk of vaccination is actually greater than the risk of COVID for young people.
Bob Moriarty: Okay, let me give you another perfect analogy. There was a doctor, I think her last name is Lee and she’s done some great reports. She was a Navy surgeon. She has access to all the Navy medical information. She did a study on it. And at the time she did the study in the entire US military, 2.2 million people, there were only 20 people who had died of COVID in eighteen months. They are a very low risk category.
They did studies comparing the adverse effects from the vaccine on people the same age, and her conclusion was the vaccine would kill 50 to 60 times as many people as it would save. I have seen a lot of reports that have indicated that it kills either one or two per person, say there are five or six or seven in this case. In the military you’ve got the youngest and the healthiest group in the United States, who are at very low risk.
They’re not obese, they’re not over 70 and there’s no risk from the COVID. And her conclusion as a Navy doctor, was 50 to 60 times so many people were killed. I’m going to tell you, and I’m absolute on this and I’m absolutely correct on this. Everything you’re being told is a lie. There was a flight surgeon from Alabama who had a bunch of helicopter pilots, and she saw her pilots that she was giving physicals to, having terrible physical effects, and she was having to ground two or three people a day.
And she reported it and they said, “You got to shut up, okay? We can’t allow you to say that.” They’re lying about the numbers. They’ve been lying about this bullshit from the very beginning. This thing was supposed to kill 66 million people. Even with them faking the numbers, it’s one tenth of that, okay? The CDC came out and admitted that 94% of the people that they had written up as COVID deaths actually died from co-morbidities, and there was only six% of the people who died from COVID.
People died from the flu every fucking year. Get over it, it’s no big deal, okay? We know how to prevent it. You prevent it with Vitamin D and Vitamin C and zinc. And we know how to cure it, and you cure it with ivermectin or HCQ, and you’re not allowed to say that. If you say that if we were doing a video right now, it would be yanked from YouTube. You’re not allowed to say HCQ and ivermectin will cure it. Well, they will fucking cure it.
The British government just released death results for 24 million people in the group studied. Having the “vaccine” resulted in 1.8 times as many deaths from anything as the unvaccinated group. The CDC actually had to change the definition of “vaccine” in early September because the jab clearly does not prevent the disease or produce immunity. The new definition says the jab produced protection from a specific disease. You could probably get away with saying washing your hands, brushing your teeth and wearing clean underwear also provides “protection.” What the hell does that even mean?
Goldfinger:So final point, unless you have something you’d like to add. We had this climate change conference among these global leads where they flew in 400 private jets to this meeting so they could virtue signal about getting off of fossil fuels. And basically the main takeaway from this is that the global economy is going to be steered aggressively away from fossil fuels over the next decade.
What do you think the result of that is going to be? And it seems to me, if the supply of something like crude oil or natural gas that the world consumes in massive quantities every single day, if the supply of that is jeopardized, basic economics tells you the price of it is going to go way higher.
Bob Moriarty: I’m trying to find one of the comments from the COP26 and I can’t actually find it. Let me see which section it’s in. Oh, okay, beautiful. This was on mining.com so anybody can look it up, see if I’m a liar. Antonio Guterres came out and said, “We face a stark choice. We either stop it before it stops us. It’s time to say enough, enough of treating nature like a toilet, enough of burning and drilling and mining our way deeper. We are digging our own grave.”
Now here’s what’s totally crazy. If you believe in green energy, and hell, you’re free to believe in it if you want to, even though it’s total bullshit. If you believe in green energy, you need more graphite, you need more copper, you need more nickel, and this guy is saying “Enough of mining. We’re digging our own graves.” Those people are utterly, totally, absolutely clueless.
And they are part of the Davos crowd that Bill Gates and the Faucis and the Soros, who are quite comfortable with killing people off in order to save the trees. Well, great idea. We’ll kill a few billion people with the goddam vaccine that doesn’t work. We’re in for the damnedest change in the world economy. We’re about to go into the Dark Ages 2.0. The vaccine is far more deadly than anybody is letting on.It’s killing people left and right and it’s killed hundreds of thousands of people already.
There’s a video that I literally just played when you first called, of one of the premiers, I think for Victoria, and he was complaining that the emergency rooms and the emergency wards were totally filled up and they can’t figure out what’s causing it. People were coming in with all kinds of terrible problems. Well, what they’re coming in with is ADE, okay?
It’s a reaction to the vaccine. It is exceptionally dangerous. The guys who invented the goddamn thing had come out and begged the CDC and the NIH to stop shooting people up with the jab because it’s killing people. In Germany, 1,000 lawyers and 10,000 doctors are suing their health agency, saying “This is fucking dangerous. You have to stop.” And they’re correct.
You’re not hearing any of this in the news media. The news media lies about everything. So this brain-dead idiot at COP26 says “We got to stop mining.” Well, let me tell you, son, if you want to start heating your house with firewood, that’s what the choice is going to be. And you know of course, I can’t think of what the agency is in the United States that controls what you can’t and can sell, but you can no longer have a cast iron stove in the US. It’s illegal. You can’t walk into a department store and buy a stove.
Goldfinger:If funding is completely cut off or largely cut off to the oil and gas industry and the mining industry is attacked globally, then the price of all these raw materials, whether it’s copper, whether it’s oil, whether it’s tungsten, all these crazy, obscure metals, is going to go through the roof. Like you said, you mentioned graphite earlier in the conversation.
And graphite is not talked about much, and it’s in high demand. It’s in high demand, just like copper. The grades of copper deposits around the world continue to decline. The costs are going up.
Bob Moriarty: The price of every commodity is going to go up and we are seeing the effects of this so-called transition to green energy. We’re seeing the effects right now with the price of oil and gas and natural gas going through the roof. I mean, get used to a really bizarre economic future, because it’s going to be bad, and the idiots in charge are making it worse. I mean, regardless of how you feel politically about Trump or Biden or Kamala Harris, we’re governed by brain-dead idiots.
Goldfinger: We have seen a notable pick-up in M&A across the gold mining sector and most of the major stocks in the sector have begun to move higher in spite of the tax-loss season headwinds. One has to wonder if most of the tax loss selling has already been completed and the Thanksgiving/Christmas seasonal tailwinds will prevail over the next couple months.
Thank you for your time and insights as always Bob, it was a pleasure.
Disclosure: Author owns shares of Bitterroot Resources at the time of publishing and may choose to buy or sell at any time without notice. Author has been compensated for marketing services by Bitterroot Resources Ltd.
The article is for informational purposes only and is neither a solicitation for the purchase of securities nor an offer of securities. Readers of the article are expressly cautioned to seek the advice of a registered investment advisor and other professional advisors, as applicable, regarding the appropriateness of investing in any securities or any investment strategies, including those discussed above. The companies mentioned in this article are high-risk venture stocks and not suitable for most investors. Consult company’s SEDAR profiles for important risk disclosures.
EnergyandGold.com, EnergyandGold Publishing LTD, its writers and principals are not registered investment advisors and advice you to do your own due diligence with a licensed investment advisor prior to making any investment decisions.
This article contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “believes”, “aims to”, “plans to” or “intends to” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, standard transaction risks; impact of the transaction on the parties; and risks relating to financings; regulatory approvals; foreign country operations and volatile share prices. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the EnergyandGold website do not necessarily reflect the views of Energy and Gold Publishing LTD, publisher of EnergyandGold.com. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on www.SEDAR.com for important risk disclosures. It’s your money and your responsibility.
VANCOUVER, BC / ACCESSWIRE / November 10, 2021 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the retention of SGS Geological Services (‘SGS”) to provide an updated National Instrument 43-101 mineral resource estimate on the Company’s Carmacks copper-gold-silver deposit in the Minto Copper Belt located in central Yukon, Canada.
Granite Creek will be incorporating drilling completed in 2017, 2020 and 2021 into an updated resource estimate which will build on the existing NI 43-101 compliant resources last published in 20171,2. Resource expansion drilling completed in 2021 consisted of 22 diamond drill holes primarily targeted at sulfide mineralization in Zones 1, 2000S and 13 and is expected to add to the existing sulfide resource (see news release dated October 28, 2021).
Table 1. Current Mineral Resource Estimate on the Carmacks Copper Project
Category
Tonnes (000)
Cu (%)
Au (g/t)
Ag (g/t)
Oxide & Transition Mineralization
Measured
6,484
0.86
0.41
4.24
Indicated
9,206
0.97
0.36
3.80
M&I
15,690
0.94
0.38
3.97
Inferred
913
0.45
0.12
1.90
Sulphide Mineralization
Measured
1,381
0.64
0.19
2.17
Indicated
6,687
0.69
0.17
2.34
M&I
8,068
0.68
0.18
2.33
Inferred
8,407
0.63
0.15
1.99
About SGS Geological Services
SGS Geological services has a very strong team, with valuable experience, known, renown and respected in the international mining industry. The team has considerable experience in estimation and modeling of deposits of all types and practical and theoretical experience having realized hundreds of assessments for clients. A multidisciplinary group of qualified persons with a strong understanding of the disclosure requirements for Mineral Resources set out in the NI 43-101 Standards of Disclosure for Mineral Projects (2016), CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014) and a strong understanding of the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines 2019.
Resource Road Update
On November 8th the Yukon government announced the following road construction update that directly effects Granite Creek’s Carmacks Project.
“Whitehorse based company Pelly Construction has been awarded the contract for the Carmacks Bypass Project, a $29.6 million investment to construct a new road and bridge near Carmacks. This project is a key component under the Yukon Resource Gateway Program and a collaborative effort between the Government of Yukon and Little Salmon/Carmacks First Nation.
The project, which is anticipated to be complete in 2024, will allow industrial vehicles to bypass the community of Carmacks, creating an enhanced and safer flow of traffic for residents. It will also improve access to mining activities while enabling the Little Salmon/Carmacks First Nation to benefit from contracting, education and training benefits associated with the project.
The Yukon Resource Gateway Program improves infrastructure to Yukon’s most mineral-rich areas. The Carmacks Bypass project is jointly funded by Canada and the Yukon and is the first project to be awarded under the program.”
Granite Creek President & CEO, Tim Johnson, commented, “We are very pleased to have engaged with a top calibre firm like SGS on this key milestone in the Company’s relatively short history. With the amount of highly targeted new drilling we have completed, we anticipate a robust update to the existing resource estimate and that this, along with the mine planning and trade-off studies being developed by Sedgman and Mining Plus, will have a significant impact on the project economics. In our continuing development of Carmacks, the recent announcement by the Yukon government of the start of construction on the Carmacks Bypass is extremely good news. The incremental improvement in access represented by this road upgrade is welcomed and this, combined with an updated resource estimate, will pave the way for and even more extensive exploration program in 2022.”
[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.
[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
YERINGTON, Nev., Nov. 10, 2021 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to announce that it has filed a preliminary short form prospectus with the securities commissions in all provinces of Canada, except Quebec, in connection with a marketed public offering (the “Offering”) of units (the “Units”) of the Company seeking to raise aggregate gross proceeds of approximately C$75,000,000. The Company’s largest shareholder, Pala Investments Limited (“Pala”), has committed to purchase, on a private placement basis, an aggregate number of Units to maintain its current shareholding percentage in the Company (the “Private Placement”) after giving effect to both the Offering and the Private Placement (the “Purchased Units”) at the price per Purchased Unit determined in connection with the Offering.
Each Unit will consist of one common share of the Company (each a “Common Share”) and one-half of one common share purchase warrant (each full warrant, a “Warrant” and collectively the “Warrants”). Each Warrant will be exercisable for one Common Share at any time for a period of 18 months following closing of the Offering. Final pricing of the Units, the Warrant exercise price and the determination of the number of Units to be sold pursuant to the Offering will be determined following marketing. The Offering will be conducted on an overnight marketed “best efforts” basis by a syndicate of underwriters to be formed and led by Scotiabank, as lead underwriter and sole-bookrunner (collectively, the “Underwriters”).
The Company intends to grant the Underwriters an option, exercisable in whole or in part, at the sole discretion of the Underwriters, at any time for a period of 30 days from and including the closing of the Offering, to purchase from the Company up to an additional 15% of the Units sold under the Offering, on the same terms and conditions of the Offering to cover over-allotments, if any, and for market stabilization purposes (the “Over-Allotment Option”). The Over-Allotment Option may be exercised by the Underwriters to purchase additional Units, Common Shares, Warrants or any combination thereof.
As announced on October 12, 2021, the Company entered into amendments to its amended and restated credit facility (the “KfW Facility”) with its senior project lender, KfW-IPEX Bank, for a significant deferral and extension of its debt facilities, providing substantially greater balance sheet flexibility and support for the completion of the ramp-up of its underground mining operations and subsequent advancement of its open pit project and broader property exploration targets. The Company expects the effectiveness of the deferral and extensions agreed under the KFW Facility to occur upon the closing of the Offering and the Private Placement.
Additionally, in connection with the Offering, the Company and Pala have agreed to amend the existing non-binding term sheet as previously announced on October 12, 2021 to provide for a binding commitment (the “Binding Term Sheet”) in respect of certain amendments to the credit facility entered into between Company and Pala on February 3, 2021 (as amended, the “Amended Credit Facility”). The Amended Credit Facility will consolidate all outstanding loans owing to Pala and the maturity date will be extended by two years from 2024 to 2026. Net proceeds raised in the Offering will replace the new tranche of up to US$41 million that was contemplated by the non-binding term sheet, which will be a significant improvement to the Company’s balance sheet. See the Company’s October 12, 2021 news release for additional details on the terms of the Amended Credit Facility.
The Company intends to use the net proceeds of the Offering for: (i) the development and ramp-up of the underground mine at the Company’s Pumpkin Hollow project (the “Underground Mine”); (ii) the repayment of bridge loans advanced under the promissory note issued by the Company to Pala on October 1, 2021, as amended and restated on November 1, 2021; and (iii) general corporate purposes. The net proceeds from the Private Placement will be utilized to retire and prepay an equivalent portion of the existing loans outstanding under the promissory note issued by the Company to Pala on June 10, 2021, as amended and restated (the “JunePromissory Note”), such that Pala will continue to maintain its current shareholding percentage in the Company after giving effect to the Offering and the Private Placement. The balance of the June Promissory Note will be consolidated and extended under the Amended Credit Facility in accordance with the Binding Term Sheet.
The Offering is expected to close on or about November 29, 2021, or such other date as the Company and the Underwriters may agree. Closing of the Offering is subject to customary closing conditions, including, but not limited to, the execution of an underwriting agreement and the receipt of all necessary regulatory approvals, including the approval of the securities regulatory authorities and the Toronto Stock Exchange. The Private Placement is conditional on the closing of the Offering.
The preliminary short form prospectus is available on SEDAR at www.sedar.com. The Company has also today filed on SEDAR its condensed interim financial statements and the related management’s discussion and analysis for the quarter ended September 30, 2021.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
NEVADA COPPER CORP. www.nevadacopper.com
Randy Buffington, President and CEO
For further information contact: Rich Matthews, Investor Relations Integrous Communications rmatthews@integcom.us +1 604 757 7179
Cautionary Language
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the completion of the Offering and the Private Placement and the timing in respect thereof, the entering into of the Amended Credit Facility and the use of proceeds of the Offering and the Private Placement.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; requirements for additional capital and no assurance can be given regarding the availability thereof; the impact of the COVID-19 pandemic on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; failure to obtain the effectiveness of extensions under and amendments to the KfW Facility; failure to enter into the Amended Credit Facility; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2020 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 18, 2021. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. The forward-looking information or statements are stated as of the date hereof. Nevada Copper disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding Nevada Copper’s business contained in Nevada Copper’s reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper’s filings that are available at www.sedar.com.
Nevada Copper provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Vancouver, British Columbia–(Newsfile Corp. – November 10, 2021) – Playfair’s (TSXV: PLY) (FSE: P1J1) (OTC Pink: PLYFF) extensive drill program on its large (201 square kilometers) 100% RKV Copper Project in South Central Norway has successfully completed seven short holes totaling 385.1 metres to test the Storboren target identified by using a combination of Artificial Intelligence (CARDS) and Mobile Metal Ion (MMI) geochemistry. Drilling at Rødalen was reported in Playfair’s October 8, 2021 News Release.
At Storboren drillhole STB-21-07 encountered at least 6 sulphide zones ranging from 20 cm to 1.5 metres wide within a previously unknown ultramafic intrusive. Sulphides are mostly pyrrhotite with lesser pyrite and chalcopyrite.
NQ core with sulphides in drillhole STB-21-007 at Storborenhttps://s.yimg.com/rq/darla/4-9-0/html/r-sf-flx.html
Samples have been cut and sent for analysis. Preparation will be at the Malå, Sweden ALS laboratory with analysis at the Loughrea, Ireland ALS laboratory. ALS Minerals is internationally recognized as the global leader in providing geochemical sample preparation, analytical procedures, and data management solutions, with its European hub lab based in Loughrea, Co. Galway.
A total of 99 samples have been submitted and comprised 36 core samples from Rødalen, 60 core samples from Storboren and 3 rock samples.
Playfair will consider future exploration at Rødalen and Storboren once analytical results have been received. Drill testing of the remaining five targets will resume in the Spring.
Promin AS, a Trondheim-based consultancy with extensive experience in the Norwegian Mining industry, provides logistical support and experienced geologists. Helge Rushfeldt assisted greatly in the start-up of the drill program. Kjell Nilsen, one of Norway’s most experienced field geologists who discovered Nussir, Norway’s largest known copper deposit, and Jonas Dombrowski are directly supervising the drilling, core logging and analysis.
Geologists Kjell Nilsen and Jonas Dombrowski examining drillcore
The man portable drill team is supervised by Canadian drillers (No Limit Diamond Drilling) for Arctic Drilling (based in Finnmark). Local “Muskelgutta” (Muscle Guys) have risen to the challenge of moving the man portable drill. Local community support is greatly appreciated.
In keeping with Playfair’s intent to minimise the impact of its exploration on the natural environment Playfair is using a lightweight drilling machine which can be disassembled and hand-carried to the drill sites. Although lightweight the drill is capable of drilling to 150m depth using BQ sized rods (36.5 mm or 1.437 inches core diameter) and to 100m depth using NQ sized rods (47.8mm or 1.872 inches core diameter).
All seven drill targets show compelling coherent MMI Cu anomalies with multiple MMI Cu values greater than 6,000 ppb. The highest value recorded was 53,300 ppb MMI Cu. A short MMI Report by SGS states that values greater than 6,000 ppb MMI Cu “are likely to be associated with weathering copper sulphides”.
Hillside drill collar location for SB-21-07 at Storboren
Overall management and execution of Playfair’s RKV drilling program is provided by Ronacher McKenzie Geoscience Inc., an independent consulting group, who, as part of their supervision, will ensure that appropriate quality assurance/quality control (QA/QC) protocols are in place. RMG follows the Canadian Institute of Mining, Metallurgy and Petroleum’s (CIM) Best Practices.
In Norway, Reidar Gaupås, Playfair’s representative, continues to assist Playfair within the local community and enhance Playfair’s profile in Norway.
The drill targets are MMI (Mobile Metal Ion) copper anomalies discovered by sampling target areas generated by Windfall Geotek (TSXV: WIN) (OTCQB: WINKF) using their proprietary Computer Aided Resources Detection System (CARDS).
The seven drill targets were described previously: Storboren (November 07, 2019, and December 05, 2019, News Releases), Sæterfjellet, (January 06, 2021, News Release), Kletten North and Kletten South (January 28, 2021, News Release), Røstvangen Northeast and Røstvangen Southwest (February 17, 2021, News Release) and Rødalen (March 11, 2021, News Release).
A presentation on the drilling plans can be found at this direct link or on Playfair’s website.
The technical contents of this release were approved by Greg Davison, PGeo, a qualified person as defined by National Instrument 43-101.
The road to a cleaner environment includes electric vehicles. Electric vehicles need copper, nickel, and cobalt. There is no green future without minerals.
Forward-Looking Statements: This Playfair Mining Ltd News Release may contain certain “forward-looking” statements and information relating to Playfair which are based on the beliefs of Playfair management, as well as assumptions made by and information currently available to Playfair management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC, Nov. 9, 2021 /PRNewswire/ – Dolly Varden Silver Corporation (“Dolly Varden” or the “Company“) (TSXV: DV) (OTC: DOLLF), is pleased to announce that Andrew Hamilton, P.Geo. has joined the Company as Senior Geologist.
Dolly Varden Silver Corp Logo (CNW Group/Dolly Varden Silver Corp.)
Mr. Hamilton is an exploration geologist with over 30 years of mineral exploration experience, primarily in British Columbia, Nunavut, the Yukon and Mexico, with a focus on gold and copper-gold projects. He brings additional grass roots to advanced stage mineral exploration experience to Dolly Varden with a focus on drill program design and management, mineral resource modelling and estimation, QAQC and data management.
Andrew has been part of technical teams of multiple successful explorers that have transitioned from exploration to production as well as company sale, including Wheaton River Minerals’ Golden Bear Mine, Cumberland Resources’ Meadowbank Project and IDM Mining’s Red Mountain Project. He was mostly recently the Exploration Manager for White Gold Corp. for their Yukon projects.
As an Independent Qualified Person, he has co-authored numerous NI 43-101 Reports and Resource Estimates, as well as audits and reviews of producing Companies Mineral Resources and Reserves and QA/QC. Mr. Hamilton has been lauded in the mining industry for his conservative and balanced approach.
Shawn Khunkhun, Dolly Varden’s CEO, commented: “I am pleased to welcome Andrew to Dolly Varden. His advanced exploration experience in the Golden Triangle, expertise in the design of drill programs for resource delineation and expansion, as well as critical project evaluation skills will complement our current technical team and benefit the Company as we look to dramatically grow in the next two years.”
Mr. Hamilton holds a Bachelor of Science degree in geological sciences from the University of British Columbia and a Bachelor of Arts degree in anthropology from the University of Victoria. He is a registered professional geoscientist (P.Geo.) in the province of British Columbia.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential” and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, completion of the Offering, Exchange approval of the Offering, the use of proceeds with respect to the Offerings, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our beliefs about the unexplored portion of the property. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A”), which is available on SEDAR at www.sedar.com. The risk factors identified in the MD&A are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
VANCOUVER, British Columbia, Nov. 08, 2021 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) is pleased to announce it has signed a binding letter agreement (“Letter Agreement”) with Mine Discovery Fund Pty. Ltd. (“MDF”) concerning its El Batamote porphyry copper exploration project in Mexico. MDF is a private Australian company. In good faith, MDF has made an initial US$50,000 cash payment upon signing the Letter Agreement. A definitive agreement (“Definitive Agreement”) has been prepared will be signed immediately following the formation of a Mexico subsidiary company by MDF. MDF has placed Batamote into a wholly-owned subsidiary company called Latin America Copper Limited(“LatCopper”) along with other assets in Chile. MDF indicates it has commenced compliance documentation for a potential ASX or TSX listing in the first half of 2022.
Millrock President and CEO Gregory Beischer commented: “Batamote has excellent potential to discover a porphyry copper deposit. We know already that breccia-style and porphyry copper mineralization is present. We are particularly excited to drill-test beneath what appears to be a leach cap alteration zone at a prospect called El Choclo NW. The project is situated within a belt that has produced very large porphyry copper deposits being mined by others as evidenced by the Cananea and La Caridad mines.”
Latin American Copper Director Joseph Webb commented: “With the addition of El Batamote, LatCopper has three exceptional cornerstone exploration assets with evidence of Tier 1 scale potential in the globally significant copper belts of Latin America. El Batamote is 25 kilometers northwest of Grupo Mexico’s La Caridad copper mine (5.98 billion tonnes at 0.34% copper equivalent) with an untested leach cap identified along strike from known mineralisation. This indicates potential for supergene mineralisation at Choclo. The Bata Sur definitive mineralised porphyry system intersected by historic drilling remains open along strike.”
Under the terms of the Definitive Agreement, LatCopper will have the option to purchase a 100% interest in the concessions that underlie the Batamote copper project. To earn the interest, LatCopper will have to make cash payments totalling US$1,000,000 over five years, execute US$6,000,000 dollars in exploration work, and pay Millrock US$250,000 in shares when LatCopper becomes a publicly listed company. In the event that LatCopper exercises the option to purchase the Batamote project, annual advanced minimum royalty (“AMR”) payments will be triggered. The first payment will be US$50,000 and the payment will increase by US$50,000 each year until a cap of US$500,000 is reached. Annual payments will then remain at the capped level until a mine reaches commercial production. At that point, a Net Smelter Return production royalty of 1.0% will be triggered. Any AMR payments made by LatCopper can be credited against production royalty payments.
About the El Batamote Project
The project is located 100 kilometers south of the Sonora – Arizona border and 140 kilometers north of the mining hub of Hermosillo in northeastern Sonora State, Mexico. The project is fully accessible by road and covers nearly 4,000 hectares. Millrock previously purchased the concessions and historical exploration data from a subsidiary of Teck Resources Ltd., as announced by Millrock in a November 2015 press release. The project is situated within the Cananea-La Caridad Copper Porphyry belt (Figure 1). This district-scale structural trend is situated within the larger North American porphyry copper province containing over 20 copper-molybdenum deposits and mines in Arizona, New Mexico, and Sonora.
El Batamote contains alteration and geochemistry characteristics of a Cu-Mo porphyry system. Important historical work has been conducted on the property by large companies such as Phelps Dodge, BHP, Noranda, Peñoles, and Teck. Abundant information was generated by prior workings in the south and central part of the claim block and includes regional and semi-detail mapping, geochemistry, petrography, spectrometry, geophysics and drilling with more than 10,000 meters of diamond core having been drilled.
The exploration led to the discovery of several key prospects: Bata Sur, El Choclo NW and El Choclo West (Figure 2). Review of the historic data has led Millrock geologists to make new exploration observations, conclusions, and recommendations. Preliminary plans include geophysical surveys at El Choclo NW, where a possible leach cap is situated adjacent to known porphyry mineralization. No drilling has been done beneath the alteration zone. At the Bata Sur prospect, breccia pipe style mineralization has been intersected by prior drilling. Drilling is recommended to test for higher grade and to test previously untested geochemical anomalies. Millrock has drilling permits in hand.
The lithology and alteration at Batamote are similar to that found at the La Caridad and Cananea mines. The mining concession covers Late Cretaceous Laramide age intermediate composition volcanic sequences which are intruded by a large, multi-phase batholith with multiple, mineralized porphyry pulses along a northwest-trending structural corridor. Porphyry dikes cut the system and are followed by later, mid-Tertiary post-mineral tuffaceous rocks, all of which are cut by long-lived northeast-trending and north-south fault structures. Intermediate volcanic rocks are the main host to copper mineralization. These rocks contain strong hydrothermal alteration related to porphyry-type systems in a three-kilometer by six-kilometer area that on the west side, is truncated by north-west to north-south trending post-mineral faults. Quaternary gravels cover bedrock west of these faults, but porphyry mineralization may be concealed below as potentially indicated by geophysical surveys at Choclo W.
Qualified Person The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, Felix Gold, Tocvan, and now Mine Discovery Fund.
About Mine Discovery Fund Mine Discovery Fund (MDF) is a private investment vehicle backed by some of the industry’s leading technical advisors and professional mining investors. MDF focus is on Tier 1 orebody discovery in the jurisdictions that provide the highest probability of exploration success (in the most fertile Tier 1 Belts and in areas with clear pathways for development potential.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Melanee Henderson, Investor Relations Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to mount further exploration including drilling in 2021 and 2022, and the intention to enter a definitive agreement with Mine Discovery Fund. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
YERINGTON, Nev., Nov. 08, 2021 (GLOBE NEWSWIRE) — Yerington, NV – November 8, 2021 – Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) today provided a further update on positive October operational performance at the Company’s underground mine at its Pumpkin Hollow Project (the “Underground Mine”).
October Operational Highlights
Consistent Progress on Stoping
Stoping rates continue to accelerate, with four stopes mined in H2 2021, including the most recent stope with an estimated grade of over 2% Cu.
Mining of the higher-grade Sugar Cube zone is planned to begin next month. This will be the first stope mined in the East North area which is expected to have significantly larger stope sizes.
Dike Heading Progressing
The lateral development beyond the completed first dike crossing is progressing at targeted rates. The geotechnical information learned from this crossing has been implemented on the second dike heading, which is now advancing well. This and the first heading will provide access to additional stopes adding to the Company’s growing stope inventory in H1 2022.
Surface Ventilation Fans
The surface ventilation fans are scheduled to arrive in late Q4 of this year and are expected to be commissioned on time in line with the requirements of the mine plan as Underground Mine development progresses towards completion of the ramp up.
Hiring Nearing Completion
The Company is nearing completion of hiring key mining technical positions, with a new mine manager now onboarded and a technical services manager expected to be hired in November.
A Project Management Office has now been established on site in order to efficiently complete the remaining key infrastructure items, including the surface ventilation fans and an additional ore pass.
Randy Buffington, President and Chief Executive Officer, commented: “I am very pleased with the progress the team has made through the end of October and to date. The accelerated stope delivery we are starting to see should increase as we continue to benefit from the improving contractor performance levels which has been facilitated by key management hirings and the implementation of enhanced management systems at Pumpkin Hollow.”
Qualified Persons
The technical information and data in this news release was reviewed by Greg French, C.P.G., VP Head of Exploration of Nevada Copper, and Neil Schunke, P.Eng., a consultant to Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
NEVADA COPPER CORP. www.nevadacopper.com Randy Buffington, President and CEO
For further information contact: Rich Matthews, Investor Relations Integrous Communications rmatthews@integcom.us +1 604 757 7179
Cautionary Language
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to mine development, production and ramp-up objectives and equipment installation.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; requirements for additional capital and no assurance can be given regarding the availability thereof; the impact of the COVID-19 pandemic on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; failure to obtain the effectiveness of extensions under and amendments to the Company’s amended and restated senior credit facility with KfW IPEX-Bank; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2020 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 18, 2021. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. The forward-looking information or statements are stated as of the date hereof. Nevada Copper disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding Nevada Copper’s business contained in Nevada Copper’s reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper’s filings that are available at www.sedar.com.
Nevada Copper provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Vancouver, British Columbia–(Newsfile Corp. – November 8, 2021) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company“, or “EMX“) is pleased to announce that it has completed the first tranche of its C$ 21.45 million private placement of 6.5 million units by the issuance of 6,337,347 units at C$ 3.30 each for gross proceeds of C$ 20,913,245. The units consisted of one common share of the Company and one-half of one transferable warrant. Each whole warrant entitles the purchase until November 6, 2023 of one common share at C$ 4.00 in the first year and C$ 4.50 in the second year.
EMX paid a 6.0% cash commission and issued that number of non-transferable compensation warrants equal to 6.0% of the number of units sold to investors introduced by the following eligible finders: Sprott Global Resource Investments, Ltd. (C$ 257,505 and 78,032 compensation warrants), Sprott Capital Partners LP (C$ 38,313 and 11,610 compensation warrants), Canaccord Genuity Corp. (C$ 119,295 and 36,150 compensation warrants), Haywood Securities Inc. (C$ 41,877 and 12,690 compensation warrants) and Richardson Wealth Ltd. (C$ 1,980 and 600 compensation warrants). Each compensation warrant entitles the purchase until November 7, 2022 of one common share of the Company for C$ 3.50.
The shares issued and issuable upon the exercise of warrants in the first tranche are subject to a four month restricted resale (hold) period expiring on March 6, 2022.
All of EMX’s directors, as well as certain officers, purchased units in the first tranche. Each of their subscriptions constituted a ‘related party transaction’ under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. There was not sufficient time between such subscriptions and the closing of the first tranchefor the Company to file a material change report disclosing such related party transactions with the applicable Canadian Securities Administrators not less than 21 days before the closing. Each of such related party transactions was exempt from the disinterested shareholder approval and valuation requirements of MI 61-101 as the fair market value of each of their subscriptions was less than 25% of the Company’s market capitalization.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any U.S. state securities laws and may not be offered or sold within the “United States” or to “U.S. Persons” (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable U.S. state securities laws, or an exemption from such registration is available.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol EMX, as well as on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 979-6666 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding completion of the transaction, perceived merits of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “upside” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors. It is possible EMX may not complete the transaction, as a result of failure to fulfill conditions of closing, unavailability of financing or for other reasons EMX cannot anticipate at this time.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2021 and the year ended December 31, 2020 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
