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Base Metals Energy

Higher Uranium Prices Allow Miners to Resume Production

Key Takeaways

  • Physical uranium gained ground in October, while uranium miners declined; most commodities suffered in October but uranium continued to show resilience to macroeconomic factors.
  • YTD, uranium is up 54.16%; senior and junior uranium miners have risen 44.85% and 32.77%, respectively.
  • Uranium demand has been primarily driven by increased utility contracting, which we believe provides strong support and sustainability to higher price level.
  • Looking ahead to 2040, utilities have 1.5 billion pounds of cumulative uncovered uranium requirements.
  • The nuclear fuel supply chain continues to move away from Russia.
  • The strength in the uranium price has improved the revenue and profit for producers and raised the prospects for further mine restarts and new builds.

Performance as of October 31, 2023

Asset1 MO*3 MO*YTD*1 YR3 YR5 YR
U3O8 Uranium Spot Price 11.51%32.50%54.16%42.50%35.72%21.27%
Uranium Mining Equities (Northshore Global Uranium Mining Index) 2-3.67%32.89%44.85%37.11%55.77%43.73%
Uranium Junior Mining Equities (Nasdaq Sprott Junior Uranium Miners Index TR) 3-4.47%35.32%32.77%22.93%57.83%N/A
Broad Commodities (BCOM Index) 4-0.21%-2.54%-7.26%-7.71%13.33%4.69%
U.S. Equities (S&P 500 TR Index) 5-2.10%-8.25%10.69%10.14%10.35%11.00%

*Performance for periods under one year not annualized.
Sources: Bloomberg and Sprott Asset Management LP. Data as of October 31, 2023. You cannot invest directly in an index. Included for illustrative purposes only. Past performance is no guarantee of future results. 

Uranium Hits $74, Standing Firm at 12-Year Price High

The U3O8 uranium spot price gained 1.51% in October, increasing from US$73.38 to $74.48 per pound as of October 31, 2023.1 Uranium has posted a stellar 54.16% year-to-date return as of October 31, 2023, and continued to show strength and diversification relative to other commodities, which declined 7.26% (as measured by the BCOM Index).A higher uranium price is improving the prospects for further mine restarts and new builds.

While other commodities suffered in October largely due to China’s economic weakness, a persistently strong U.S. dollar (USD) and other macroeconomic factors, uranium continues to demonstrate its lower economic sensitivity. U3O8 contracting by utilities in 2023 is not largely dependent on general inflation, rising interest rates, etc. These characteristics may strengthen uranium investments’ uncorrelated performance relative to major asset classes, other commodities and enhance portfolio diversification.

Over the longer term, physical uranium and uranium equities have demonstrated significant outperformance against broad asset classes, particularly other commodities. For the five years ended October 31, 2023, the U3O8 spot price has risen a cumulative 162.28% compared to 25.76% for the broader commodities index (BCOM), as shown in Figure 1.

Figure 1. Physical Uranium and Uranium Stocks Have Outperformed Other Asset Classes Over the Past Five Years (10/31/2018-10/31/2023)

Uranium Performance October 2023

Source: Bloomberg and Sprott Asset Management. Data as of 10/31/2023. Uranium Miners are measured by the Northshore Global Uranium Mining Index (URNMX index); the S&P 500 TR Index measures U.S. Equities; the U308 Spot Price is from TradeTech; U.S. Bonds are measured by the Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU); Commodities are measured by the Bloomberg Commodity Index (BCOM); and the U.S. Dollar is measured by DXY Curncy Index. Definitions of the indices are provided in the footnotes. You cannot invest directly in an index. Included for illustrative purposes only. Past performance is no guarantee of future results.

Uranium Supply: A Sellers’ Market

At the start of October, uranium had appreciated significantly by the end of September, posting its most impressive month since September 2021. The uranium spot price rose to its highest level before the Fukushima Daiichi power plant disaster in 2011, when it was $73 per pound. October saw yet another high, despite intra-month volatility, with the spot price reaching $74.48.

We believe the U3O8 spot price is well supported in holding to higher price levels not seen in over a decade. The World Nuclear Association’s (WNA) biennial Nuclear Fuel Report noted that world nuclear reactor requirements are forecasted to nearly double by 2040, from 171 to 338 MM U3O8e pounds per annum. Understanding of a future demand-supply imbalance is gaining acceptance and is fueling improved sentiment toward uranium.World nuclear reactor requirements are forecasted to nearly double by 2040.

Uranium demand has been primarily driven by increased utility contracting, which we believe provides strong support and sustainability to higher price levels. These end-user utilities have acquiesced to paying higher uranium prices, which has more impact on pricing than outside financial entities.

Utilities and uranium producers generally contract in the term market, representing uranium sold under long-term, multi-year contracts with deliveries starting a year or more after the agreement is made. These term contracts do not generally only have a fixed price associated with the purchase/sale of uranium. The price for the amount bought/sold may include a fixed price, but more recently, they have a variable price with reference to the market price at the time of delivery. These market reference prices generally have floors and caps that are set at the beginning of the contract. Also, the term contracts may vary in quantities, and utilities have had the option to flex the amount they receive either up or down. Industry media have been reporting the evolution of contracting terms, which includes a reduced number of contracts with flexible quantities, increases in the use of market reference pricing versus fixed pricing, and increases in the prices set at the floors and caps. We believe these contract changes between utilities and uranium producers highlight that we are in a sellers’ market and bolster the case for uranium and uranium miners. Furthermore, it is important to note that nuclear power plants require very large capital investments and that fuel costs related to U3O8 are just 4-8% of their ongoing costs.6 Overall, demand for uranium is inelastic, which means that higher prices are not likely to curtail demand.

Contracts on Pace to Reach Replacement Rate

Thus far in 2023, U3O8 term contracting has already surpassed 2022’s full-year contracting level. 2022 had the highest amount of term contracting in a decade, at 125 MM pounds. 2023’s full-year contracting is on track to be the first year in over a decade to reach the annual replacement rate. Term contracting had been below the replacement rate for the past decade as excess global uranium inventories were drawn down. The era of uranium inventory destocking is behind us as utilities are increasingly focused on the security of supply.

Looking ahead to 2040, utilities have 1.5 billion pounds of cumulative uncovered uranium requirements. As a result, we believe we are still in the early innings of the contracting cycle. Geopolitical risks related to the nuclear fuel supply chain remain heightened. French President Macron’s recent visits to Kazakhstan, Uzbekistan and Mongolia in search of uranium partnerships and investments is a prime example of the strategic importance of securing uranium supplies.

Moving Away from Russian Supply Chains

The nuclear fuel supply chain continues to move away from Russia. Orano SA announced that it will spend $1.8 billion to expand its uranium enrichment plant in France by over 30%.7 Russia accounts for 39% of the global capacity to enrich uranium. Although no sanctions have been levied against Russian services to date, utilities are self-sanctioning by not signing any new contracts with Russian entities. In the U.S., the White House also sent Congress an enrichment request for $2.2 billion in October.8 We believe that forthcoming additional capacity in enrichment (and conversion via ConverDyn) coupled with an industry shift in enrichment from underfeeding to overfeeding may allow utilities to focus more on contracting for future uncovered reactors’ uranium requirements.

Uranium Miners Developments

While the price of physical uranium held firm in October, uranium miners retreated. The broad sector of uranium miners fell by 3.67%,2 while junior uranium miners lost 4.47% on profit taking following several months of outsized gains.3 Nonetheless, the strength in the uranium price has improved the revenue and profit for producers and raised the prospects for further mine restarts and new builds. To this end, there were a couple of positive developments in October.

 enCore Energy Corp. (enCore) announced that it had received approval to renew the Radioactive Materials License for its processing plants.9 enCore reaffirmed its plan to resume uranium production at its Rosita plant before the end of November 2023. enCore also plans to restart its Alta Mesa plant in early 2024. These restarts are located in Texas and should help kickstart the revival of U.S. domestic uranium production (see Figure 2). Especially since the U.S.’s domestic uranium production in the first half of 2023 was merely 10,000 pounds of U3O8, relative to annual requirements of approximately 50 million pounds.

Australian uranium miner Boss Energy Ltd. announced its commencement of mining operations at its Honeymoon project10, which has the capacity to produce 2.45 million pounds of U3O8 per year. The project began production in 2011 but was placed on care and maintenance in 2013. This project remains on time and budget for production starting in Q4 2023.

Figure 2. Sources of Uranium for US Nuclear Power Plants 1950 to 2022

U.S. Sources of Uranium

Source: EIA. U.S. Energy Information Administration: Monthly Energy Review, Table 8.2, June 2023 Note: data withheld for U.S. power plant purchases from domestic suppliers in 2019 and for domestic production in 2020 to avoid disclosure of individual company data. Included for illustrative purposes only. Past performance is no guarantee of future results.

Regarding new uranium mines, Global Atomic Corporation announced that it finalized its third Letter of Intent (LOI) for the sale of uranium from its Dasa project in Niger. This brings the total contracted volume to 1.5 million pounds of U3O8 per annum over the project’s first five years of operations. This may be seen as a vote of confidence in the company given that just a few months ago, the coup d’état in Niger forced Global Atomic to announce delays of 6-12 months in the first production at Dasa to early 2026.11

With global uranium mine production well short of the world’s uranium reactor requirements, the supply deficit building over the next decade, a decade of underinvestment in supply, and future supply inhibited by long lead times and capital intensity, we believe that restarts and new mines in development are of critical importance. The uranium price target as an incentive level for further restarts and greenfield development is a moving target, and we believe that we will need higher uranium prices to incentivize enough production to meet forecasted deficits. Over the long term, increased demand in the face of an uncertain uranium supply is likely to continue to support a sustained bull market (Figure 3).

Figure 3. Uranium Bull Market Continues (1968-2023)

Please click here to see an enlarged chart.

Note: A “bull market” refers to a condition of financial markets where prices are generally rising. A “bear market” refers to a condition of financial markets where prices are generally falling. Source: TradeTech Data as of 10/31/2023. TradeTech is the leading independent provider of uranium prices and nuclear fuel market information. The uranium prices in this chart dating back to 1968 is sourced exclusively from TradeTech; visit https://www.uranium.info/. Included for illustrative purposes only. Past performance is no guarantee of future results.

1The U3O8 uranium spot price is measured by a proprietary composite of U3O8 spot prices from UxC, S&P Platts and Numerco. For periods before July 2021 data is from TradeTech LLC.
2The North Shore Global Uranium Mining Index (URNMX) was created by North Shore Indices, Inc. (the “Index Provider”). The Index Provider developed the methodology for determining the securities to be included in the Index and is responsible for the ongoing maintenance of the Index. The Index is calculated by Indxx, LLC, which is not affiliated with the North Shore Global Uranium Miners Fund (“Existing Fund”), ALPS Advisors, Inc. (the “Sub-Adviser”) or Sprott Asset Management LP (the “Adviser”).
3The Nasdaq Sprott Junior Uranium Miners™ Index (NSURNJ™) was co-developed by Nasdaq® (the “Index Provider”) and Sprott Asset Management LP (the “Adviser”). The Index Provider and Adviser co-developed the methodology for determining the securities to be included in the Index and the Index Provider is responsible for the ongoing maintenance of the Index. The Adviser will provide certain services in connection with the Index including contributing inputs in connection with the eligibility and proce
4The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index that tracks prices of futures contracts on physical commodities and is designed to minimize concentration in any one commodity or sector. It currently has 23 commodity futures in six sectors.
5The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
6Source: Ocean Wall, The Case for Uranium, April 2023.
7Source: Bloomberg, 10/20/23. France Plans $1.8 Billion Uranium Plant Expansion to Cut Reliance on Russia.
8Source: Nuclear Newswire, 10/26/23. White House backs HALEU enrichment with a request for $2.2 billion
9Source: Newswire, 11/06/23. enCore Energy Announces License Renewal for the South Texas ISR Uranium Central Processing Plants (CPP).
10Source: ASX Release, 10/11/23. Boss achieves significant milestone with commencement of mining operations on Honeymoon.
11Source: Bloomber, 9/08/23. Orano Halts Uranium Treatment in Niger Because of Sanctions on Junta.

Jacob White
Jacob White, CFA
ETF Product Manager, Sprott Asset Management LP
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Categories
Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Royalty Announces Third Quarter 2023 Results

Vancouver, British Columbia–(Newsfile Corp. – November 13, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended September 30, 2023 (“Q3-2023”). The Company’s filings for the quarter are available on SEDAR at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

HIGHLIGHTS FOR Q3-2023

Financial Updates for the Three Months Ended September 30, 2023

  • Revenue and other income for the three months ended September 30, 2023 (“Q3 2023”) was $12,925,000 (2022 – $7,206,000). Adjusted revenue and other income1 of $14,526,000 (2022 – $9,319,000) included $1,601,000 (2022 – $2,113,000) in revenue for the Company’s share of royalty revenue from the Caserones Mine (effective) royalty interest in Chile.
  • Net income for the three months ended September 30, 2023 was $2,443,000 (2022 – loss of $12,878,000).
  • Cash provided by operating activities for the three months ended September 30, 2023 was $7,527,000 (2022 – $846,000). Adjusted cash1 provided by operating activities for the three months ended September 30, 2023 was $9,268,000 (2022 – $2,719,000).
  • As at September 30, 2023, EMX had cash of $21,587,000 (December 31, 2022 – $15,508,000), investments, long-term investments and loans receivable valued at $12,739,000 (December 31, 2022 – $14,561,000) and loans payable of $41,927,000 (December 31, 2022 – $40,489,000).

Corporate Updates

Execution of Updated Timok Royalty Agreement

EMX executed an amended and restated royalty agreement on September 1, 2023 for its Timok royalty property with Zijin (Europe) International Mining Company Ltd., a wholly owned subsidiary of Zijin Mining Group Ltd (“Zijin”). EMX and Zijin have agreed that the Timok royalty will consist of a 0.3625% Net Smelter Return (“NSR”) royalty that is uncapped and cannot be repurchased or reduced. The royalty covers Zijin’s Brestovac exploration permit area (including the Cukaru Peki Mining licenses), as well as portions of Zijin’s Jasikovo-Durlan Potak exploration license north of the currently active Bor Mine license (see EMX news release dated September 5, 2023). Cukaru Peki represents one of the premier copper and gold discoveries in the world in the past 10 years and is a top tier royalty asset for EMX.

Subsequent to the execution of the amended and restated royalty agreement, EMX received $6,676,000 in royalty proceeds from its Timok royalty property with Zijin which included $1,590,000 from 2021, $3,200,000 from 2022, and $1,890,000 up to June 30, 2023 (see EMX news release dated September 12, 2023). From that point forward EMX will continue to receive quarterly production royalty payments on an ongoing basis.

Execution of Acquisition Agreement for New Royalties with Franco-Nevada

EMX executed a binding term sheet with Franco-Nevada Corporation (“Franco-Nevada”) for the joint acquisition of newly created precious metals and copper royalties sourced by EMX (see EMX news release dated August 1, 2023). Franco-Nevada will contribute 55% (up to $5,500,000) and EMX will contribute 45% (up to $4,500,000) towards the royalty acquisitions, with the resulting royalty interests equally split (i.e. 50/50). The initial term is for three years, or until the maximum contributions totaling $10,000,000 from both companies have been met, and may be extended if mutually agreed by both companies. The agreement allows EMX to direct a large amount of capital towards the royalty generation aspect of its business model, and Franco-Nevada to participate in exploration stage royalty financing opportunities identified by EMX.

Royalty Acquisition and Royalty Generation Updates

During Q3 2023, the Company’s royalty business was active in North America, South America, Europe, Turkey, Australia and Morocco. The Company spent $4,769,000 (2022 – $5,269,000) on royalty acquisition and generation costs and recovered $1,140,000 (2022 – $3,247,000) from partners. Royalty acquisition and generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. Included in revenue and other income was $1,409,000 in option, advance royalty, and other pre-production payments related to existing partnered projects as a result of royalty generation activities. The Company also completed seven new property agreements across the portfolio, including two in Canada, two in Norway, two in Sweden and one in Australia, while continuing to replace partnered properties with new royalty generation projects.

Producing Royalties6
Advanced Royalties11
Exploration Royalties149
Royalty Generation Properties120



Figure 1. EMX’s royalty and mineral property portfolio

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/187260_emxmap1.jpg

Highlights from Q3 2023 include the following:

  • EMX earned approximately $1,955,000 in royalty revenue from the Gediktepe Mine as production continued from the oxide gold deposit. Partner Lidya Madencilik Anayi ve Ticaret A.S. (“Lidya”) also notified EMX that it has completed an internal Feasibility Study for development of the underlying polymetallic sulfide deposit. A decision regarding financing and construction for the sulfide project is pending.
  • The Caserones (effective) royalty distribution for Q3 totaled approximately $1,741,000. Lundin Mining Corporation (“Lundin”), in connection with their acquisition of fifty-one percent (51%) of the issued and outstanding equity of SCM Minera Lumina Copper Chile SpA (see Lundin news release dated July 13, 2023), filed a technical report on SEDAR titled “NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile” that included current mineral resource and reserve estimates. Lundin also provided Caserones H1 production and H2 production guidance.
  • Leeville revenue earned by EMX totaled approximately $773,000 from royalty production that totaled 403 ounces of gold. Q3 2023 marked another strong quarter of Leeville royalty production along with robust gold prices.
  • EMX recognized $568,000 in royalty revenue from the Balya property in Q3 2023 which included $212,000 from Q2 production and $356,000 from Q3 production subsequently received. Production began to ramp up again in Q2 2023 with 99,185 tonnes of mineralized material produced from Balya North. Production continued to accelerate in Q3 2023, with 161,133 tonnes of mineralized material produced according to calculations provided by Esan at the end of Q3.
  • EMX received $134,000 from Gold Bar South for royalty revenue earned in Q1 2023 and Q2 2023, and earned royalty revenue of $59,000 from Q3 2023 production, which was subsequently received.
  • AbraSilver Resource Corp. (“AbraSilver”) reported final results from the Phase III drill program at the Diablillos silver-gold royalty property. Phase III drill holes will be incorporated into an updated mineral resource estimate to be included in the Diablillos PFS scheduled for completion in H2 of 2023. As part of its ongoing PFS work, AbraSilver also reported on positive results from metallurgical optimization test work conducted for the Oculto deposit.
  • Arizona Sonoran Copper continued to report infill drilling results from the Parks-Sayler porphyry copper royalty property. Subsequent to quarter-end, Arizona Sonoran announced updated mineral resource estimates for the Parks-Sayler deposit, which is partially covered by an EMX royalty, as well as other deposits that constitute its Cactus Project.
  • Exploration drilling by South32 at the Hermosa Project’s Peake prospect returned mineralized intercepts covered by EMX’s Hardshell royalty property that included the best copper intercept to date of 139 meters averaging 1.88% copper, 0.51% lead, 0.34% zinc, and 52 g/t silver (true width not reported).
  • EMX’s U.S. royalty generation portfolio progressed with 13 partner-funded work programs consisting of five drill programs, the expansion of properties through the staking of new claims, and the permitting of key projects in preparation for three additional drill programs to be conducted in Q4 2023 and early 2024. EMX has 39 projects in partnership in the western U.S and received various option, AAR, and management fee payments during the quarter.
  • Scout Discoveries Corp. (“Scout”) (a private Idaho company) and EMX closed on an amended transaction, originally announced in Q1 2023 (see EMX news release dated March 8, 2023) for the sale of EMX’s Erickson Ridge, South Orogrande, Lehman Butte, and Jackknife precious and base metal projects to Scout.
  • In Canada, EMX executed two new agreements to partner the Jean Lake property to Canada Nickel Company, and the Ear Falls property to Beyond Lithium. EMX and its partners conducted summer field programs to continue advancing the properties in the portfolio. EMX received $104,000 in cash payments during the quarter from partnered projects.
  • In Chile, Pampa Metals announced assay results from its initial three hole drill program totaling 1,957 meters at the Buena Vista target on the Block 4 property. Anomalous copper, molybdenum and precious metals were intercepted, indicative of shallow levels of a porphyry system. Elsewhere within the portfolio, EMX was notified by Pampa Metals that it was abandoning the Arrieros, Redondo-Veronica, Cerro Blanco, Cerro Buena Aries, and Block 3 properties, resulting in EMX gaining 100% control of each property. These properties are now available for partnership.
  • In Northern Europe the Company continued to develop and advance its portfolio of projects, with summer field programs continuing on numerous properties in Q3 2023. EMX has 37 projects in partnership with other companies in Northern Europe. New partnerships were established for the Bamble and Flåt battery metals projects in Norway (Londo Nickel plc) and the Njuggträskliden and Mjövattnet battery metals projects in Sweden (Kendrick Resources plc).
  • The Company optioned the Copperhole Creek project in Queensland, Australia to Lumira Energy LTD, a private Australian company. The agreement provides EMX with a 2.5% NSR royalty interest, cash and equity payments, work commitments and other considerations. In conjunction with the transaction, Lumira Energy intends to establish a public listing on the Australian Securities Exchange (ASX) by mid-year 2024.
  • Also in Q3 2023 in Australia, partner companies executed drill programs comprising over 5,000 meters on three EMX royalty properties (Yarrol, Mt Steadman and Koonenberry) and field programs continued to advance the Queensland Gold and Copperhole Creek projects.
  • Royalty generation programs continued in the Balkans and in Morocco in Q3 2023, where multiple exploration license applications have been filed by the Company. Surface sampling programs commenced on several new exploration licenses awarded to EMX in Morocco targeting a variety of styles of mineralization. EMX also continued to assess projects and opportunities in the Balkans.

Investment Updates

As at September 30, 2023, the Company had marketable securities of $6,830,000 (December 31, 2022 – $9,966,000), and $5,313,000 (December 31, 2022 – $4,591,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.

OUTLOOK

The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville and Gold Bar South in Nevada, Gediktepe and Balya in Turkey, and Timok in Serbia, and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio.

The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets, and the ongoing monetization of the Company’s marketable securities.

EMX is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.

Marketing Consulting Services

The Company is also pleased to announce that it has entered into an agreement with LFG Equities Corp. (“LFG”), an independent contractor with a business address at 402-9140 Leslie St., Richmond Hill, ON, L4B 0A9. Commencing on September 10th, 2023 for an initial term of six months, under the terms of the Agreement, LFG will provide marketing consulting services to the Company to communicate to the financial community information about EMX by way of newsletters and be paid US$50,000 plus applicable taxes.

QUALIFIED PERSONS

Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on North America, Latin America, and Strategic Investments. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on Europe, Turkey, and Australia.

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”, and also trade 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 CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) 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 perceived merit 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” 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.

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 September 30, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, 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.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.

1Adjusted revenue and other income and adjusted cash provided by operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 24 of the Q3-2023 MD&A for more information on each non-IFRS financial measure.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187260

Categories
Base Metals Dolly Varden Silver Energy Junior Mining Precious Metals

3 Take-Aways from Dolly Varden Silver’s (DV.V) latest drill results

Original Source: https://globalstocksnews.com/3-take-aways-from-dolly-varden-silvers-dv-v-latest-drill-results/

On November 6, 2023 Dolly Varden Silver (TSXV:DV) (OTC:DOLLF) released drill results from the Wolf Vein and – 1.5 kilometers to the north – the Moose Vein.

DV Silver is developing its 100% held Kitsault Valley Project located in The Golden Triangle of British Columbia, Canada, 25kms by road to tide water.

“The Golden Triangle is so named because it hosts some of the richest gold ore bodies in the world, as well as abundant silver, nickel and copper deposits,” confirms BC Business. It has 1.2 billion ounces silver estimated reserves, with 214 million proven and probable.

Three Take-aways from the November 6, 2023 drill results:

1. High grade silver continues at depth
2. Discovery of significant quantities of base metals
3. Moose Vein demonstrating similar metallic profile to Wolf Vein

Wolf Vein Highlights:

DV23-375, Southwest Extension step-out: 461 g/t AgEq* (296g/t Ag, 1.68% Pb, 3.01% Zn) over 26.99 meters, including 2,260 g/t AgEq* (1,475g/t Ag, 10.65% Pb, 12.00% Zn) over 0.50 meter from an 81-meter step-out.

DV23-379, Southwest Extension infill: 287 g/t AgEq* (247g/t Ag, 0.40% Pb, 0.73% Zn) over 18.21 meters, including 1,170g/t AgEq (1,125g/t Ag, 0.14% Pb, 1.09% Zn) over 0.50 meters.

Moose Vein highlights:

DV23-371: 712 g/t Ag over 1.00 meter within a 7.55 meters length interval averaging 269 g/t Ag

1AgEq is calculated using $US1650/oz Au, $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn, assays are uncut

“The results we are seeing from the Wolf Vein continue to demonstrate depth continuity of the high-grade silver mineralization as well as an increase in base metal content,” stated Shawn Khunkhun, President and CEO of Dolly Varden Silver. “Drill hole DV23-375 has extended the plunge length to over 950 meters with increased thickness of the potentially underground bulk-mineable mineralization and it remains wide open for expansion. With over 70 drill holes remaining to be assayed and announced we eagerly await their results.”

When Dolly Varden purchased the Homestake Ridge Property from Fury, the primary objective was to consolidate assets, add size and scale. But Khunkhun and the DV Silver geological team are also exploring a hunch that two metallic zones are connected. DV needed to control both assets to meaningfully explore the hunch.

“What is special about the November 6, 2023 drill results is that these are big intercepts,” Khunkhun told Guy Bennett, the CEO of Global Stocks News (GSN). “We’re talking about an almost 27-meter intercept, grading at 461 g/t of silver equivalent.”

This is the first time during Khunkhun’s tenor as CEO, that DV has reported silver equivalencies.

“Along with 296 grams of silver, we have a significant lead and zinc kicker,” confirmed Khunkhun. “As we go deeper, this base metal zone may continue to add value to the deposit. We believe the Wolf Vein is potentially amenable to underground bulk mining.”

Bulk mining generally has lower mining costs associated with it, allowing for a lower cut off grade bringing in more material, increasing the tonnage per day and number of ounces mined.

“Some of these old, narrow vein deposits don’t work in the modern era,” Khunkhun told GSN. “You don’t want to be chasing narrow veins, hand sorting material. Our goal is that Dolly Varden Silver will be an efficient, highly mechanized mine with a low All-In-Sustaining-Cost (AISC).”

“We’ve already have a kilometer of plunge length at Wolf,” Khunkhun continued. “When we step out, we get solid hits like this. Why did Hecla put in $10 million last week? I suspect they are seeing the same potential we see at Wolf. Hecla’s goal is to increase silver production in Canada.”

About 47% of DV Silver is owned by institutional investors (Fury – 22%; Hecla 15%; Eric Sprott – 9%).

“I audition the institutional shareholders,” KhunKhun explained to GSN. “We have various entities throwing money at us at higher prices. It’s tempting to take the money. But I don’t want some hedge fund spontaneously deciding to rotate out of silver into uranium. It’s valuable to have stakeholders who share our long-term vision – like Hecla, Fury and Sprott.”

On November 6, 2023, Maurice Jackson, Founder and CEO of Proven & Probable conducted an interview with Mr. Khunkhun. Proven & Probable specialises in simplifying geological data. DV Silver sponsors the website, and Mr. Jackson is a long-term shareholder in DV Silver.

“We are very happy to welcome Hecla’s increased ownership stake,” Khunkhun told Mr. Jackson, “Hecla has demonstrated it is a sticky shareholder. They’re looking for the end product. The $10 million strategic investment raised their stake from 10% to about 15%. We’re happy to leverage their financial and technical contributions.”

A total of 51,454 meters was completed during 2023 in 115 drill holes at the Dolly Varden and Homestake Ridge areas with 23,923 of those from the Dolly Varden Project area.

The Contractor’s drills have been demobilized and the exploration camp has been winterized. The November 6, 2023 release includes eight holes from Wolf and four holes from Moose. A total of 31 holes for 15,860 meters were drilled at Wolf in 2023.

Contact: guy.bennett@globalstocksnews.com

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Categories
Base Metals Emx Royalty Energy Junior Mining

EMX Receives Q3 Royalty Payment from Esan

Vancouver, British Columbia–(Newsfile Corp. – November 9, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the receipt of US$356,718 in Q3 royalty proceeds from its Balya North royalty property in Türkiye, which is operated by Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. A.Ş. (“Esan”), a private Turkish company. EMX holds an uncapped 4% net smelter return (“NSR”) royalty on metals production from Balya North, a newly commissioned lead-zinc-silver mine in the Balya Mining District of northwestern Türkiye. The Q3 royalty payment is markedly higher than any previous payment and reflects another quarter of accelerating production at Balya North (see Figure 1).

The Q3 royalty payment was based upon the processing of 161,133 tonnes of mineralized material from Balya North, averaging 1.63% lead, 1.24% zinc and 51 grams per tonne of silver. Production continues to ramp up at Balya North after EMX received its initial royalty payments from the Balya North Mine in September 2022 (see EMX news release dated September 15, 2022).

Balya North Lead-Zinc-Silver Deposit: The Balya North lead-zinc-silver deposit is situated in the historic Balya mining district of northwestern Turkey. Mining at Balya has taken place since antiquity, with several generations of historical operations. The Balya North property contains extensive zones of shear-zone hosted and carbonate replacement style (“CRD”) lead-zinc-silver mineralization developed in and around a series of dacite intrusions emplaced into a limestone-rich sedimentary sequence.

Esan acquired the EMX royalty property at the end of 2019 (See EMX news release dated January 7, 2020) and is a private Turkish company that operates nearly 40 mines and eight processing plants. Esan also operates a lead-zinc mine (“Balya Main”) and flotation mill on the property immediately adjacent to EMX’s Balya North royalty property. The mineralization at Balya North is effectively an extension of the mineralization currently being mined by Esan in the Balya Main deposit.

Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

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 the TSX Venture Exchange under the symbol EMX, and also trade 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) 973-8585
Dave@emxroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@emxroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) 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 perceived merit of properties, exploration results and budgets, mineral reserve 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” 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.

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, 2023 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2022, 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.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.



Figure 1: Royalty payments and production from Balya North Mine by quarter

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/186699_c3594d2954cb691c_002full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186699

Categories
Blog Breaking Junior Mining

Top 10 mining podcasts to follow in 2023

Original Source: https://miningdigital.com/top10/Top-10-mining-podcasts-to-follow-in-2023?utm_id=LinkedIn+Newsletter+

For those wanting to learn more about mining and exploration from experts all across the field.

10. Behind the Scenes with Bryan

This podcast typically centres around the field of engineering and frequently explores topics related to mining, with a particular focus on issues such as mining waste management, geoscience, data management, and touches on ESG aspects such as women in mining.

The host, Bryan Ulrich, has over thirty years of experience in the field of engineering, project management, design, construction, analysis, and site investigation related to mining work, and has worked on a multitude of plant-site projects throughout his career.

9. Deep Insights with Mining Review Africa

Hosted by Laura Cornish, the editor-in-chief of Mining Review Africa, the podcast features interviews with industry experts, mining executives, and other key stakeholders who discuss a range of topics related to the African mining industry.

Reaching an audience of over 50 000 influential mining authorities and key decision makers through a variety of channels, the podcast talks about everything from sustainable development across the mining sector in Africa through articles on project developments and the technology and financial models that drive them.

The podcast has an audience over 50,000 key stakeholders in the industry

8. Mining Minds

Mining Minds is a podcast that focuses on the mining industry in Canada, specifically in the province of Ontario. The podcast is produced by the Ontario Mining Association, a trade organisation that represents the mining industry in the province.

Drawing on their own experiences, the hosts take listeners on a journey through the lives of miners, the communities and companies that sustain them, and the unique lifestyles they embrace. The podcast will explore the vital role mining plays in our world while emphasising the crucial need for responsible mining practices that safeguard our environment and secure our future.

7. Exploration Radio

Hosted by a panel of industry experts, Exploration Radio is a podcast that focuses on the exploration of natural resources, including minerals, oil, and gas, the podcast is produced by a team of geoscientists and mining professionals who are passionate about exploration and the discovery of new resources. 

Hosts talk to explorers about the challenges they have faced, what we stand to learn from them and how we can better prepare for the future.

6. Full Production with Peter Finn

Full Production with Peter Finn is a podcast that focuses on the mining industry in Australia. The podcast is produced by Newton Consulting, a consulting firm that specialises in the mining industry.

The podcast features interviews with industry experts, mining executives, and other key stakeholders who discuss a range of topics related to the Australian mining industry.

5. Network – Women in Mining South Africa

Covering everything from the importance of mentorship for women in mining to learning how to navigate male-dominated environments, the Women in Mining South Africa podcast supports the empowerment of women in the sector. The podcast features conversations with women who are leaders, entrepreneurs, professionals, and pioneers in the mining industry. Through their stories, listeners can gain insights into the challenges and opportunities that women face in the mining sector, and learn about the strategies and initiatives that are helping to promote gender equality and diversity in the industry.

WiMSA creates an empowering network to inspire, support, and develop the progression of women working in the South African mining industry

4. On the Rocks

Emily King, who is the Founder of Prospector, a geologist, and the Chief Innovation Officer for Analog Gold, hosts a podcast where she interviews special guests about the current state and the future of the mining industry.

The conversations take place over cocktails, and topics covered include space mining, deep sea mining, artificial intelligence, the state of the market, and tales of exploring remote mountains.

3. Proven and Probable 

This US-based mining podcast, Proven and Probable, has been running since 2016 and has released hundreds of episodes, covering topics from gold and silver mining to battery metals and uranium.

The podcast is hosted by Maurice Jackson, who is a mining industry expert and the founder of Proven and Probable, a mining and exploration company.

Episodes cover a wide range of topics, including exploration techniques, mining methods, mineral economics, and investing strategies. Guests on the show share their experiences and expertise in these areas, and also provide their perspectives on current events and trends in the industry.

2. The Northern Miner Podcast

The Northern Miner is a pioneering podcast in the mining industry, with a legacy of over 100 years in serving mining and exploration professionals. The podcast is powered by crucial reports produced by the expert writing staff of The Northern Miner, which help inform the decision-making process of thousands of high-performing mining professionals worldwide.

Episodes of the podcast often cover news and events from around the world, including developments in mining hotspots such as Canada, Australia, and South America. Listeners can expect to hear discussions on topics such as new mining projects, mergers and acquisitions, commodity prices, and regulatory changes that impact the industry.

1. Dig Deep: The Mining Podcast

Coming in at number 1 is the Dig Deep Podcast. Episodes provide listeners with valuable information about the mining industry and how it is evolving, also highlighting emerging technologies and mining methods, as well as the impact of global events on the industry.

Hosted by Rob Tyson, mining head-hunter and founder and director of Mining International Ltd, the podcast features interviews with mining professionals, including geologists, mining executives, investors, and analysts, who share their insights and perspectives on the latest industry news and trends.

One of the unique features of the Dig Deep podcast is its focus on safety in the mining industry. The podcast often discusses safety initiatives and strategies, and provides insights into how mining companies are working to create safer working environments for their employees.

TOP 10 MINING PODCASTSMINING PODCASTSMINING NEWS

Categories
Base Metals Dolly Varden Silver Exclusive Interviews Junior Mining Precious Metals

$$$ Mining Bonanza: Dolly Varden Silver Strikes 461 G/T Silver Eq Jackpot!

In this conversation we sit down Shawn Khunkhun the CEO of Dolly Varden Silver which has just announced another impressive discovery, this time on a step-out drill on the high-grade Wolf Vein Deposit, which is one of seven high-grade deposits on the Kitsault Valley Project, located in the prolific ‘Golden Triangle’ in British Columbia. Equally important, viewers will note that Hecla Mining has just increased their strategic position in Dolly Varden Silver with a $10,000,000 investment, which was consummated last week. Find out the details right here!

Categories
Precious Metals

Gold Demand Trends Q3 2023

Q3 gold demand firmly above longer-term average

Central banks gold buying maintained a historic pace but fell short of the Q3’22 record. Jewellery demand softened slightly in the face of high gold prices, while the investment picture was mixed.

Gold demand (excluding OTC) in Q3 was 8% ahead of its five-year average, but 6% weaker y/y at 1,147t. Inclusive of OTC and stock flows, total demand was up 6% y/y at 1,267t.1

Net central bank buying of 337t was the third strongest quarter in our data series, although failed to match the exceptional 459t from Q3’22. Yet, demand from central banks y-t-d is 14% ahead of the same period last year at a record 800t.

Q3 investment demand of 157t, although 56% higher y/y, was weak relative to its five-year average of 315t. Global gold ETFs lost 139t in Q3 – a far smaller outflow than Q3’22 (-244t).

Bar and coin investment declined 14% y/y to 296t, although remained firmly above the five-year quarterly average of 267t. The y/y decline is largely the product of sharp falls in Europe.

OTC investment totalled 120t in Q3. This opaque source of demand was again evident as the gold price found firm support for much of Q3, despite ETF outflows and falling COMEX futures net longs.

Jewellery consumption softened slightly, down 2% y/y at 516t amid continued gold price strength. Jewellery fabrication was marginally more resilient, down 1% to 578t due to inventory build-up.

Fragile consumer electronics demand continued to undermine volumes of gold used in technology, which fell 3% y/y to 75t.

Mine production reached a record 971t in Q3, helping to lift total gold supply to 1,267t (+6% y/y). Recycling was also higher y/y, up 8% to 289t.

Gold demand in Q3: weaker y/y but healthy compared with its 10-year average 

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

Highlights

The LBMA (PM) gold price averaged US$1,928.5/oz during Q3. Although 2% below the record high seen in Q2, this was 12% higher y/y. Several countries saw higher local gold prices due to currency weakness against the US dollar, including Japan, China and Turkey.

Y-t-d, central bank net buying of gold is 14% ahead of 2022. Central banks have bought a net 800t of gold so far this year, the highest on record for that nine-month period. While there is a nucleus of committed regular buyers, the range of countries whose central banks have added to their reserves over recent quarters is broad-based.

Investment demand is mixed y-t-d. Bar and coin investment is broadly in line with Q1-Q3 last year, thanks to H1 strength in the Middle East, Turkey and China. Gold ETFs, in contrast, have seen outflows of 189t so far this year, and have now registered six successive quarters of negative demand.

After a record Q3, mine production also reached a new y-t-d high of 2,744t. This puts a new annual record within reach for 2023. The y-t-d supply of recycled gold is also higher at 924t (+9%). Although this element of supply has been supported by elevated gold prices, it has been capped by economic resilience in the US and a strong investment motive in the Middle East. 

Gold supply and demand

TonnesQ3’22Q4’22Q1’23Q2’23Q3’23 y/y change
Supply      
Mine production949.1946.7860.2912.7971.12%
Net producer hedging-26.8-13.637.1-19.57.2–
Recycled gold268.3290.7312.0322.9288.88%
Total Supply1,190.61,223.81,209.31,216.11,267.16%
        
Demand      
Jewellery fabrication582.6601.9512.4492.8578.2-1%
 Jewellery consumption525.7628.5474.8475.8516.2-2%
 Jewellery inventory56.9-26.737.617.062.19%
Technology77.372.170.170.475.3-3%
 Electronics63.557.956.156.461.1-4%
 Other Industrial11.311.711.611.611.84%
 Dentistry2.52.42.42.42.3-6%
Investment100.5247.4274.3255.7156.956%
 Total bar & coin demand344.2336.6303.0276.8296.2-14%
  Physical Bar demand225.1222.2183.3163.8205.9-9%
  Official Coin86.285.594.987.254.9-36%
  Medals/Imitation Coin33.028.924.725.835.47%
 ETFs & similar products-243.7-89.2-28.6-21.1-139.3–
Central banks & other inst.458.8382.1287.7174.8337.1-27%
Gold demand1,219.21,303.51,144.5993.71,147.5-6%
OTC and other-28.6-79.764.7222.4119.6–
Total Demand1,190.61,223.81,209.31,216.11,267.16%
LBMA Gold Price, US$/oz1,728.91,725.91,889.91,975.91,928.512%

Source: Metals Focus, Refinitiv GFMS, ICE Benchmark Administration, World Gold Council
Note: For an explanation of these terms, please see the Notes and definitions

Source: https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q3-2023