KELOWNA, BC / ACCESS Newswire / January 27, 2025 / Diamcor Mining Inc. (TSX-V:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds is pleased to announce the Company has entered into a non-binding letter of intent for a non-dilutive financing (the “Financing”) of up to USD $5,000,000 with a well-established Dubai based manufacturer and supplier of bridal and anniversary diamonds to the global market. The commercial terms of the Financing will be finalized in the course of negotiating the associated definitive documentation and are expected to include a security interest, an interest component and a revenue participation component. The proceeds of the Financing will be used to expedite the processing of previously stockpiled oversized material, the concurrent deployment of additional assets aimed at significantly increasing processing volumes for the long-term at the Company’s Krone-Endora at Venetia Project (the “Project”), as well as, the continued advancement of the work programmes previously underway, bulk sampling in the greater areas of the Project, and for general corporate purposes. There will be no issuance of any shares or warrants associated with the Financing.
“This financing is the result of long-term relationships we have developed with key associates in Dubai over many years, and the mutual vision our companies share on the merits of building a growing supply of gem quality non-conflict natural rough diamonds for the luxury jewelry sector”, noted Diamcor CEO Mr. Dean Taylor. “While 2024 was a challenging year for everyone in the diamond industry, we believe the factors responsible for this will ultimately begin to stabilize by the second half of 2025, and this financing will help to ensure we are well positioned and ready for this anticipated recovery”.
The Financing is subject to the regulatory approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required.
Results of 2024 Annual General and Special Meeting
The Company also wishes to announce that Shareholders passed each of the resolutions described in the Company’s proxy materials by the required majority of voting at the Company’s Annual General and Special Meeting (the “AGM”) held on December 30, 2024.
The total number of votes cast for each resolution is set out in the table below.
NUMBER OF SHARES
PERCENTAGE OF VOTES CAST
MOTIONS
FOR
AGAINST
WITHHELD/ ABSTAIN
RESTRICTED
NON VOTE
FOR
AGAINST
WITHHELD/ ABSTAIN
Number of Directors
88,320,583
203,568
0
0
0
99.77%
0.23%
0.00%
Dean H. Taylor
86,003,393
0
1,380,398
0
1,140,360
98.42%
0.00%
1.58%
Darren Vucurevich
86,642,334
0
741,457
0
1,140,360
99.15%
0.00%
0.85%
Dr. Stephen Haggerty
86,847,334
0
536,457
0
1,140,360
99.39%
0.00%
0.61%
D. Wayne Howard
87,365,156
0
18,365
0
1,140,360
99.98%
0.00%
0.02%
Appointment of Auditors
88,524,116
0
35
0
0
100.0%
0.00%
0.00%
Amendment to Stock Option Plan
64,644,242
*
2,183,438
0
20,556,111
1,140,360
96.73%
3.27%
0.00%
*Excluding 20,556,111 shares held by Insiders
TOTAL SHAREHOLDERS VOTED BY PROXY: 41
TOTAL SHARES ISSUED & OUTSTANDING: 168,638,937
TOTAL SHARES VOTED: 88,524,151
TOTAL % OF SHARES VOTED: 52.49%
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. The Company’s primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. Well known Luxury Retailer Tiffany & Co provided the Company with financing to expedite the advancement of the Project and holds a first right of refusal to acquire rough diamonds under 10.8 carats in size at then market prices for the life of the Project. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.
About the Krone-Endora at Venetia Project
Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. The Company subsequently announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company is also advancing an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. These deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of an estimated 1,000 vertical meters of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine, which is widely recognised as one of the top producing diamond mines in the world.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither 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.
An employee takes granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo Purchase Licensing Rights
Summary
Companies
Trump took the oath of office at 12:01 p.m. ET
U.S. markets closed for Martin Luther King Jr. Day holiday
Gold hit over a month high last week
Jan 20 (Reuters) – Gold prices edged higher on Monday, bolstered by a weaker U.S. dollar, as markets assessed the potential economic impact of U.S. President Donald Trump‘s second-term policies following his inauguration.
Spot gold added 0.3% to $2,709.09 per ounce as of 1:49 p.m. ET (1849 GMT) with trading volumes thin due to the U.S. markets being closed for the Martin Luther King Jr. Day holiday.
U.S. gold futures fell 0.7% at $2,730.20, reducing the premium over the spot price, after a Trump administration official said that President Trump would issue a broad trade memo on his first day in office that stops short of imposing new tariffs.
The price spread between New York futures and spot prices was inflated in recent weeks as traders priced in possible U.S. import tariffs and boosted deliveries into the CME stocks.
A line chart titled “Spot gold price in USD per oz” that tracks the metric over time.
“I believe Donald Trump (presidency) will result in higher market volatility, while some of his policies might keep inflation higher for longer. This should continue to support safe-haven assets like gold,” UBS analyst Giovanni Staunovo said.
Gold is used as a hedge against inflation, although Trump’s inflationary tariff policies could prompt the Federal Reserve to keep rates higher for longer, diminishing the non-yielding bullion’s appeal.
Trump has talked of tariffs of as much as 10% on global imports as well as 60% on Chinese goods and a 25% import surcharge on Canadian and Mexican products.
“Gold’s status as a financial asset makes it likely exempt from broad-based tariffs, and we therefore assign a 10% probability to a 10% effective tariff on gold being introduced within the next 12 months,” Goldman Sachs said.
Bullion hit its highest since Dec. 12, 2024, last week after cooler core inflation data, Fed Governor Waller’s dovish remarks and reports of gradual tariff introductions led traders to price in two rate cuts this year from just one earlier.
The dollar index (.DXY), opens new tab dropped 0.9%, making gold more attractive to foreign buyers.
Spot silver rose 0.7% to $30.52 per ounce, palladium shed 0.8% to $940.29 and platinum declined 0.2% to $940.70.
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Reporting by Daksh Grover and Sherin Elizabeth Varghese in Bengaluru, additional reporting by Swati Verma; Editing by Christina Fincher and Nick Zieminski
There’s a secrecy to the specifics of our planned rendezvous, when I meet a sharp-suited Egon von Greyerz in Zurich airport’s arrivals hall. Hands shaken, he guides us out of a side entrance towards a car park in a quiet corner of the sprawling complex. Roughly 30,000 people work in and around the site; annually, tens of millions of passengers pass through here. Scarce few are aware of the existence, let alone the precise location, of our intended destination: a high-security, 350sqm vault somewhere deep beneath us. Inside it, vast quantities of gold, much of it belonging to von Greyerz, and a roster of his company’s exceedingly wealthy international clientele.
For more than 25 years, von Greyerz has been in this business: buying, selling and storing precious metals for the super-rich, all the while preaching his golden gospel. “We set certain minimum levels,” he says, “to invest through us: $400,000 to store gold in this Zurich vault, or our similar one in Singapore. We use another deep in the Swiss Alps: you’ll need to invest $5m to have anything there.”
It’s not just the uber-wealthy who are turning to gold: more and more of us are at ie
It’s not just the uber-wealthy who are turning to gold, as its price continues to soar. Whether going big on bullion or nabbing a gold sovereign for a few hundred pounds to pension-plan, more and more of us are at it. Welcome to a new gold rush. Last year, the Royal Mint, which buys and sells gold bars and coins, had a “record year” for customer purchases. Revenues from its gold bullion sales were up 153% year on year. It’s not hard to see why. In 2024, gold prices increased by 28%. From the climate crisis to Trump’s presidency, and increasing geopolitical instability, the world feels ever more uncertain. As we’ve done for millennia, many are turning to gold in search of safety and security.
For a tiny percentage of investors, this vault in Zurich offers gold-plated security and safety. We are buzzed into an unassuming office building – beyond the ground floor lobby, a cargo warehouse for customs checks. Up on the second floor, most doors are adorned with airline emblems, or those of international logistics firms. There’s little remarkable about the small, open-plan space I’m shown into, save for a large television screen in one corner displaying a series of neatly divided squares, each livestreaming one of the countless CCTV cameras in and around the vault below.
Once seated in the office’s neat meeting room, we get to it. Many vaults globally, von Greyerz begins, are in airports: high security, easy export. Geographically, Switzerland is convenient for storage: 50–70% of global gold is refined here. My passport is taken by a smartly dressed staffer for a final identity check. No photos allowed; I’m asked not to share certain security details. “Our business model is streamlined and simple,” von Greyerz says. “We buy gold for our clients direct from refineries, always freshly minted. We handle all the practicalities of storing it safely. It’s the same process in reverse if you want to sell. Gold has a global market value, known as its paper or spot price. The cost of physical gold is always a little higher, taking into account production costs. We add a small mark-up, too.” The vaults used aren’t owned by von Greyerz. “Given we buy and sell, an independent company storing is necessary: our clients, should they wish to, can come and inspect their assets entirely of their own accord.”
‘It’s an investment. Buy it and then forget about it’: Zoe Lyons in the smelting room at Hatton Garden Metals. Photograph: Dan Burn-Forti/The Observer
Once given the green light, we descend, beeped into the restricted customs area with its gun-wielding guards. Codes are entered; passes presented. Down a sterile staircase, along a dim, strip-lit tunnel and through a metal detector. Any issues, the alarm system immediately alerts nearby armed airport police. “We actively don’t have armed guards in the vault,” says von Greyerz, “because they can be a liability and turn on you. Few staff, who you know, are better than an army of people. Americans always expect men with machine guns to be stationed outside. That’s not our way.”
I ask the value of what’s stored ahead of us. It’s confidential. Are we talking millions? Tens of millions? Hundreds of millions? Von Greyerz smiles, but his lips won’t loosen. “All I can say is it’s more than whatever you think.” For context, a standard 12.5kg gold bar, the ones you’ll recognise from films, would set you back about £880,000.
Doors slam shut. I’m directed to remain behind a red line, as a heavy hatch is opened. Beyond a lattice of grills, a 130sqm cavern. Sandwiched between wooden crates are layers of large, exposed bars of silver. That’s standard in storage. The walls beyond are lined with shelves, upon which are piles of sealed grey-and-blue boxes: inside them, the gold. In an adjoining room, various treasures are brought out for our examination. First, britannias: 1oz gold coins stamped with a profile of King Charles. “In 2002,” says von Greyerz, “when we first invested in gold, these were worth £200. Now, it’s £1,850.” That was in June 2024, during my vault visit; as of early January 2025, a Britannia is worth over £2,200. Next, a box filled with 100g bars. Rectangular, with round edges. Finally, a pile of 1kg bars, circa £70,000 a piece.
‘We don’t have armed guards in the vault, as they can be a liability and turn on you’: Egon von Greyerz buys, sells and stores gold for the super-rich in Zurich. Photograph: Scanderbeg Sauer/The Observer
Later, over lunch in Zurich’s old town, von Greyerz sets out his stall. “I’ve always been interested,” he says, “in understanding risk and protecting against downside.” He spent a few years working in the Swiss banking sector before joining a fledgling Dixons in 1972. In London, he was a company man for 17 years, latterly as a board member and finance director. “I resigned at 42, wanting to do my own thing.” He set up shop with a private asset and investment company, advising wealthy families and personal clients.
“Financial risk in the market, then and now, is too high for comfort,” he says. “Global debt today is $315trn; it’s an inescapable bubble. Since the early 1700s, 500 currencies have died, most through hyperinflation. Governments invariably destroy the finances of a country. Empires fall. Global powers change. Today, we’re seeing an acceleration in debts and decline. I think we’re close to another collapse.” He’s written about the subject extensively. A new era, he believes, will be based on commodities, not currency. “So, I turned to wealth preservation and came to the conclusion – obvious, in my opinion – that gold is its ultimate form. Simply put, it’s the only money that has survived through human history. Every other currency, without exception, has failed. In every situation of panic or crisis, people have always looked to gold.”
Convinced, in the late 1990s, von Greyerz took this analysis to a select group of clients. “In 2002, with gold dropping down a little in price, I put everything I had into gold, and suggested those I worked with do the same. It was never meant to become a company selling services or encouraging others to follow. But people kept asking…” Now he has clients in more than 90 countries. “With monetary currency,” he says, “you hold your wealth in something which, with inflation, has a constantly depreciating value. Even with low interest rates, the purchase power of your cash is always going down.”
There’s a distinction, von Greyerz clarifies, between gold and other investments. “I don’t see gold as speculation,” he says, “as something to buy and sell based on market changes. Prices fluctuate, but the trajectory is clear.” In essence, for those he advises – and von Greyerz himself – gold is a hedge; insurance for if and when their other financial assets implode. If the banking system and international order collapses, – say, amid a climate catastrophe – bullion remains tangible when the numbers disappear from our screens. “Our clients are prepared, worried about the world. Entrepreneurs, freethinkers.” Mavericks, maybe. “But they’re not strange people, they’re thinking smartly. Few of our clients invest less than 20% of their wealth in gold. Many invest more, up to 50% even.” Globally, only 0.5% of wealth is stored in gold. “If that goes up to 1.5% even, its value will go up vastly.” Just 3,000 or so tonnes of gold are mined each year; it’s a finite resource, you can’t just, on tap, produce it. Some predict reserves in the ground will run out as soon as 2050. There are other reasons to halt mining before then: emissions and water footprint; and regular reports of the global mining industry’s human rights abuses.
Most of us, von Greyerz concedes, could never dream of purchasing quantities that would qualify for his services. “Still,” he argues, “anything is worth investing. I believe for wealth preservation purposes you should buy gold at any level you can afford. Plus, in the UK, there’s no capital gains tax on any profits made on gold coins that are British legal tender, such as britannias and sovereigns.” In January 1970, 1oz of gold was worth about £14. Today, it’s up more than 15,000%.
Talk of brass tacks alone fails to capture the reality of gold’s enigmatic and enduring allure. Piles of cash, stocks and shares, or say, a lump of copper, would struggle to similarly stir the senses. Other metals are shiny; so why gold? Andrea Ferrero has been a professor of economics at Trinity College, Oxford, for a decade. Previously, he was an economist at the New York Federal Bank. “The starting point of gold’s role,” Ferrero says, “isn’t obvious. Its universal value can be put down to gold having a role in producing luxury goods and other commodities.” Traditionally, gold had few practical applications, its purpose purely cosmetic. “There’s its relative scarcity – we’ve discovered most of the gold, even with active searches. Plus, there are recent commentaries about the role of gold in industry, processors or other chips and technology. Industrial application might be another reason its value is going up.”
We should also look, Ferrero continues, to economic history. For centuries, gold played a major role in both domestic and international monetary systems: the first gold coins were struck on the order of King Croesus of Lydia (today part of Turkey), around 550BC. By the late 19th century, many of the world’s major currencies were fixed to gold at a set price per ounce: the gold standard. “This anchoring allowed for exchange rate stability. Today,” says Ferrero, “we live in the legacy of that system: the main role of gold is still hedging, a safe haven commodity.”
Ready to melt: gold products at Hatton Garden. Photograph: Dan Burn-Forti/The Observer
Contemporary political developments have only compounded gold’s current cachet. “Since the Russian invasion of Ukraine,” he says, “and with developments in the Middle East, there has been a big rise in geopolitical uncertainty. It’s one of the hottest topics in economics. Institutional and international investors are looking to diversify portfolios and allocate bigger shares to safe assets. In that respect, gold feels secure. It’s very libertarian – independent from governments. For states, like individuals, gold is like building a nuclear bunker,” says Ferrero, “preparing for a scenario you hope never materialises, but you’re ready, just in case.” According to the World Gold Council, latest data shows that central banks globally bought 53 tonnes of gold in November.
Just as important, feels historian Dr Stephen Tuffnell, is gold’s place in our cultural psyche. Much of his research has focused on the 19th-century gold rushes, at which stage, he says, gold cements itself as an almost mythical metal. “It’s then,” he says, “that miners see gold as a way to escape the drudgery of waged labour. It’s a bit like gambling, but in nature’s lottery.” In truth, many prospectors found small amounts. “Still, there’s an addiction to chasing gold rushes around the world. Yes, the age of gold underpins a wave of globalisation, but there’s more… There was a narrative then, maybe false, that with hard labour you could secure your own future. The excitement around gold, to this day, remains embedded in Anglo-American culture. It quickens the pulse in a way other metals don’t. There’s an idea that gold is wealth in its purest form.”
Just off the main thoroughfare of London’s Hatton Garden is Zoe Lyons’s family firm, Hatton Garden Metals. Their four-storey building is in the heart of the capital’s jewellery, precious-metal and diamond district, dating back centuries. Downstairs is a shopfront: two counters, a private inspection room and a waiting area, this morning – as on most days – filled with queueing customers. Above it, administrative offices, a boardroom I’m soon shown into and, on the top floor, a smelting lab, where purchased precious metals are melted down.
Lyons has been in the trade for 15 years, following in the footsteps of her South-Manchester pawnbroker and jeweller parents. Her sister also works in the business, as do various cousins. There are no minimums here. “Customers coming to the counter,” says Lyons, “generally have maybe up to £1,000-worth of gold on them. That figure can increase substantially: our trade customers come in with multiples and multiples of that to sell. We actively encourage customers not to make appointments. For the security of our clientele, it’s best that nobody knows who is coming in with what or when.”
A team of four experts buy and sell gold from the counters, each having undertaken six months of intricate training. “They know how to identify hallmarks, how to use acids to ascertain carats. They can identify plated items, strip items from core and base metal, assess if something needs smelting…” The list goes on. “In this industry, a typo or mistake can prove very expensive.” In essence, Hatton Garden Metals operates with the logic of a bureau de change. “There’s a lot of information online for buyers,” Lyons says. “Different companies flog different stocks: collectibles, commemorative items, the gift market. We publicly display our premiums over the spot price – the price we’ll buy, and that we’ll sell for. That changes on our website every 30 seconds. Once the deal is done, the price is locked.”
More collectible gold coins might be retained by the business for resale, but most of what Lyons and her team purchase is smelted down and sold back to the market at a price fixed twice-daily globally; in the UK, overseen by the London Bullion Market Association (LBMA). “We roughly know the volume we have coming in, and so book in a trade with the bank, either morning or afternoon. It means if the market dropped by 50% tomorrow, it doesn’t affect anything we’ve done today.” No risks can be taken. “I can’t hold on to gold in the hope the price goes up later. If the market went the other way, you’d have a problem on your hands.”
They provide a service to “a really eclectic mix of clients,” Lyons says. “Customers who buy a little every month for a pension or rainy day; those selling gold they’ve inherited, or owned for a long time; traders on Hatton Garden; preppers and end-of-worlders. Lots of our customers don’t feel totally secure about their money in the bank. They don’t want cash, not that banks make it easy to access it.”
Red hot: a gold-smelting furnace. Photograph: Dan Burn-Forti/The Observer
Presumably, her own savings are converted into gold? “When I first started,” she replies, “I did buy some sovereigns. Then the market jumped up like, £10, and I sold.” Today, Lyons now refrains from purchasing her own product. “Well, I have a little bit, but nothing significant. It’s something I yell at my parents about still: why didn’t you buy when gold was so cheap? Half-sovereigns were £20 when my parents started. Today, they’re £250. I’m sure my kids and grandkids will say the same. But gold is a long-term investment: you want to buy it and then not look at the prices regularly as it fluctuates. You want to forget about it and live your life.” Difficult, for someone in her line of work. “I don’t have a choice but to constantly monitor the market. If I had any substantial money there, I’d always be obsessing about the ups and downs, and really, I don’t have the time or nerve.”
Each gold-getter I speak to has their own logic: an older, Jewish Londoner who prefers to keep his assets close, a response to a prosecution-filled history. A twentysomething who turned to gold after getting into crypto. Many just see gold as an alternative to traditional ways of saving.
Andy Reid is a regular buyer. A former soldier, today he’s Merseyside-based. He runs a local café, and works as a motivational speaker. For a long time, any spare cash went on premium bonds: a few hundred quid, a few times a year, most often. He’d been watching the Discovery reality show Gold Rush on TV, following gold miners across North America. “I read about how there’s less and less of it left in the ground and the demand for it in modern technology.” Then, a trip to Costco. “I’d been going for years, always noticing the fact they sell gold bars in-store from a glass kiosk…” Yes, really… “It never crossed my mind to buy gold with my scones, then a year or two ago, I started thinking…”
He’s been buying from Hatton Garden Metals ever since. A gold coin each month, if there’s enough cash left in the bank at the end of it. “It’s something you have in your hand. I can go into my safe and hold it. You can also pass it on tax-free.” Britannias and Sovereigns are legal tender, exempt from capital gains tax.
Reid’s children are six and 11. “I want to give them the coins when they’re in their 20s or 30s. I don’t even look at the price, really, when I buy. I’m thinking about the long term. If it goes up by a few quid next year, I’m not going to sell it. I show them what I’ve got so far, sometimes, so they see the results of saving. And it feels real in a way money in an account doesn’t.” He’s aware it’s not a failsafe. Prices do go up and down; no investment is foolproof. “Of course the market could crash,” he says. “I bought a house just before the 2008 financial crisis, and lost £30,000 overnight. I’m not too concerned. It’ll go back up again: just look at history.” And for Reid, at least, it’s about more than a sound investment. “I’m a normal lad from up north,” he says, “who joined the army as a teen with no qualifications. Now I’ve got gold coins in my safe. There’s something special about that you can’t really explain.”
This article was amended on 20 January 2025 because an earlier version mistakenly referred to Geneva, rather than to Zurich, in the subheading and a picture caption.
At Proven and Probable, we dive deep into the latest developments shaping the world of mining, royalties, and resource investments. 📈 Here’s what’s making headlines at EMX Royalty Corporation:
🔹 Strong Financial Results: EMX’s latest financial update showcases robust performance and strategic fiscal management. 🔹 Share Buyback Completion: The successful conclusion of their $5 million share buyback program underscores their commitment to enhancing shareholder value. 🔹 Strategic Divestment: EMX has executed an agreement to sell four projects in the western USA to Pacific Ridge Exploration, streamlining their portfolio. 🔹 Armenia Expansion: The acquisition of royalty interests in Hayasa’s Urasar Project further solidifies EMX’s position in the region. 🔹 Peruvian Opportunity: EMX’s purchase of a royalty on the Chapi Copper Mine highlights their continued focus on high-potential assets globally.
This is a pivotal moment for EMX Royalty, showcasing their strategic approach to growth, value creation, and global asset diversification.
A conversation with Maurice Jackson of ‘Proven and Probable’ and David Cole of EMX Royalty, the Royalty Generator – NYSE: EMX | TSX.V: EMX
Maurice: EMX Royalty is off to a strong start in 2025. For readers, could you briefly introduce EMX Royalty and its unique investment proposition?
David: Certainly. I’ll start by saying royalties are phenomenal financial instruments embedded with huge optionality, and you want to be exposed to a lot of royalties. My fundamental thesis is that the value of mineral rights is only going to go up over time, as it has throughout our lifetimes. The best way to be exposed to mineral rights is through royalty ownership.
We accumulate royalties around the world, spanning 14 countries, and have built a portfolio of over 150 royalties. We do this through two primary mechanisms: acquiring royalties and generating royalties ourselves by acquiring mineral rights, adding value through geological data, selling assets, and retaining royalties.
Additionally, we make strategic investments along the way, which have been quite profitable. By integrating these three aspects into a synergistic business model, we have built a significant portfolio over the past two decades.
Maurice: You just referenced optionality. Could you expand on that term for someone who might be new to it?
David: That’s a fair question, Maurice, and I get asked about optionality often. It’s a common term within the industry. Essentially, optionality refers to the potential for outcomes—both good and bad—associated with an asset over time. There’s value that can be attributed to this potential.
The most significant aspect of optionality, in our view, is the potential for new discoveries. For example, if we generate or acquire a royalty on a project with a known resource—let’s say, a million ounces of gold in reserve with a 1% royalty—and during production, the geologists discover another half a million or even a million ounces, that additional discovery was not factored into our original acquisition price. That’s discovery optionality.
Other aspects of optionality include commodity prices, which can fluctuate. Over the course of my career, I’ve seen prices generally increase. Over time, as geological understanding improves, infrastructure is developed, and engineering and metallurgical techniques advance, the likelihood of additional discoveries and improved project economics increases.
A great example is the Goldstrike Royalty, which Pierre Lassonde of Franco Nevada acquired for $2 million Canadian dollars. Thanks to discovery optionality and other factors, that royalty has now generated over a billion dollars in cash flow and is still paying. It’s a tremendous example of how optionality can create extraordinary returns. Not every royalty turns out that way, of course, but the potential for these outcomes is what makes royalties so compelling.
Maurice: Within your portfolio, you have the Timok investment—$200,000 initially, I believe. I don’t want to steal your thunder, so can you share the numbers with us?
David: Certainly. So far, Timok has paid about $7 million to us. But that’s just the beginning—there’s potentially half a billion dollars or more coming to us over time based on the existing, known resource. And that’s before we fully account for the new MG Discovery. Zijin Mining recently announced in their last quarterly report that they’ve made a significant, high-grade copper-gold discovery within our royalty footprint. This new discovery is called the MG Zone.
We’ve been able to see its location through satellite imagery, but Zijin hasn’t disclosed the tonnage and grade yet. They’ve indicated they’ll provide more details in their next reporting period. We expect their annual report to be released toward the end of the first quarter or early second quarter.
Maurice: That’s a fantastic example. You mentioned commodity price optionality and the cost to shareholders. Could you explain how royalties mitigate those risks and costs?
David: Absolutely. The beauty of a royalty is that we get paid on the top-line revenue of a mine. Most of our royalties are net smelter return (NSR) royalties, which means we earn a percentage—commonly 1%-4%—of the revenue the mine receives from the smelter. As royalty holders, we don’t pay for the mine’s capital expenditures, exploration costs, or reclamation expenses. We simply receive our royalty payment based on production revenue. This structure exposes us to the upside potential of a project—like discoveries or commodity price increases—without the operational risks and costs borne by the mining company.
Maurice: That’s an profitable value proposition. Let’s transition to EMX’s recent developments. The company recently reported $27 million in cash and cash equivalents and $35 million in long-term debt maturing in 2029. How does this financial standing influence your strategic decisions for 2025 and beyond?
David: Capital allocation is one of the most critical decisions we make to benefit our shareholders. With our shares trading at a discount to price-to-net-asset value (PNAV), we’ve focused on buying back stock. Over the past year, we’ve purchased 5 million shares, fully utilizing the allotment permitted by the TSX exchange. We’ll likely apply for approval to buy back more in the coming year. We’re also incrementally paying down debt and acquiring royalties, all while generating cash flow from top assets like Timok, Caserones in Chile, and Carlin Trend in Nevada.
In addition to share buybacks, we plan to incrementally pay down debt, which, by the way, is held by Franco-Nevada—our capital partner and a significant shareholder. They’ve been a great partner in various royalty acquisitions.
Maurice: For shareholders who may not fully understand, how does the share buyback program impact EMX’s financial health?
David: By reducing the number of outstanding shares, we increase each shareholder’s proportional ownership in the company. When shares are trading below NAV, buybacks effectively create value for shareholders. It’s a tax-efficient alternative to dividends and reflects our confidence in the company’s intrinsic value. Of course, we’re also growing the portfolio organically and through strategic acquisitions, as you’ve seen with recent transactions.
Maurice: Speaking of transactions, let’s start with Armenia, where EMX acquired a royalty interest in the Urasar gold-copper project. What motivated this acquisition, and what potential do you see in the project?
David: This acquisition was motivated by two factors: the geology of Armenia and our trust in the project’s steward, Dennis Moore. Dennis has a proven track record of world-class discoveries, and his involvement gives us confidence.
Geologically, Armenia offers excellent mineral potential, which aligns with our strategy of acquiring assets with strong long-term discovery potential. This royalty adds to the base of our portfolio, exposing us to future upside at minimal upfront cost.
Maurice: How does this transaction align with EMX’s broader strategy and portfolio?
David: This fits perfectly with our early-stage royalty acquisition strategy, where we aim to augment the foundation of our portfolio with assets that offer significant long-term potential.
This deal was part of our joint venture with Franco-Nevada, where they provide a premium for royalties we identify and acquire. This partnership not only validates our due diligence but also allows us to achieve a financial “lift” on the transaction.
Maurice: Let’s move to South America, where EMX recently acquired a royalty on the Chapi copper mine in Peru. Could you elaborate on the significance of this acquisition?
David: Certainly. The Chapi copper mine is located in a region with world-class copper endowment. This acquisition gives us exposure to a proven project with immediate cash-flow potential and substantial long-term discovery potential.
This project is being restarted by a team with a solid track record of copper production, and we anticipate cash flow within a couple of years. Beyond the restart, the exploration upside is what excites us most—it’s a classic example of how optionality can transform a royalty into a company-making asset.
Maurice: The optionality in the Chapi copper mine acquisition seems consistent with EMX’s strategy. Can you expand on the timing and significance of securing cash-flowing assets like this?
David: Acquiring cash-flowing or near-term cash-flowing assets is a deliberate part of our strategy. While we excel at generating royalties organically, the reality is that acquiring royalties on producing or development-stage assets can accelerate the financial returns to our shareholders.
The Chapi royalty exemplifies this. It strengthens our portfolio’s cash flow potential while maintaining long-term upside through exploration. By securing a mix of cash-flowing and earlier-stage royalties, we achieve a balanced portfolio that supports near-term financial health and long-term growth.
Maurice: Sticking in Peru, where EMX received an early property payment from Aftermath Silver. Aftermath Silver made an early $2.9 million property payment for the Berenguela project in Peru. How does this early payment impact EMX’s cash flow and plans for similar agreements?
David: EMX is fully supportive of what Aftermath Silver is doing on the ground there. They’re advancing a very interesting manganese and silver deposit, with some copper exploration on the property as well. We’re quite interested in that long-term copper optionality; there’s potential for the discovery of new copper deposits. But the manganese and silver deposit is particularly compelling.
The manganese, of course, is an important metal in the battery business, and this deposit has the potential to be a key source of manganese for batteries. That said, we’ll let them work on that. For us, a nice aspect is that we’re just sitting back here as a royalty holder. There are specific payments that have to be made to us over time. We’ve allowed them some flexibility—one payment was made a little late in exchange for an interest fee, and another was made a little early for a small reduction. We’re supportive of them advancing this asset. I believe it’s being managed by some very capable people.
Maurice: A good symbiotic relationship there. Now, let’s visit the U.S., where EMX announced the sale of four projects to Pacific Ridge Exploration. What benefits does this transaction bring to EMX, and how does it align with your growth strategy?
David: This is right down the alley of EMX’s bread-and-butter royalty generation business. We go out, acquire prospective mineral rights—commonly very inexpensively—consolidate data, collect additional field data, and illustrate prospectivity by building geological models. These models demonstrate the potential for significant gold or copper deposits. We then sell the projects on, often to junior companies, for a combination of commercial terms. These typically include share payments, incremental payments over time, and always a royalty at the end of the day.
This transaction with Pacific Ridge is just another example of what we do repeatedly—roughly 20 projects a year, and we might exceed that this year. These deals build long-term discovery optionality at the base of our portfolio pyramid. At the top, we have producing royalties; at the base, we have exploration assets being advanced using other people’s expertise and money, with EMX as the long-term beneficiary.
Maurice: Diversification seems to be a recurring theme in EMX’s strategy. How does the company ensure that its acquisitions align with its broader objectives?
David: Diversification is indeed one of our core principles. When evaluating acquisitions, we focus on several key criteria: the quality of the underlying asset, the jurisdiction, the operator’s track record, and the potential for long-term upside.
Our acquisitions span various geographies, commodities, and stages of development to reduce risk and enhance returns. For example, our portfolio includes royalties on gold, copper, and polymetallic projects in North and South America, Europe, Asia, and Australia. This global reach allows us to capitalize on opportunities in different markets while mitigating exposure to regional risks.
Maurice: It’s clear that EMX has been strategic in its acquisitions. As we wrap up, what’s next for the company in 2025 and beyond?
David: We’re fortunate to be in a strong position with positive cash flow for seven consecutive quarters. We anticipate this continuing for some time, driven by key assets like our Caserones royalty in Chile, operated by Lundin Mining Corporation. That’s performing nicely, with significant exploration work ongoing.
Zijin Mining is also producing at Timok in Serbia, generating handsome payments. Additionally, our royalty on the Carlin Trend in Nevada—advanced and produced by Barrick as part of their joint venture with Newmont—is generating over $4 million annually.
With these assets delivering robust returns, our focus is on astute capital allocation. This includes paying down debt, buying back shares while undervalued, and pursuing incremental acquisitions like the one at the Chapi Mine in Peru.
Maurice: Has EMX considered changing its logo to a cow surrounded by cash? EMX is quite literally becoming a cash cow.
David: I’ve said for years we’d become one, and we have! We’re thrilled to be in this position, allocating cash strategically to grow the portfolio, buy more royalties, and repurchase shares when the price is low. Managing long-term debt and driving shareholder value remains our priority.
Maurice: You’ve touched on this, but how do you plan to navigate potential challenges in the current market environment?
David: The money is coming in, and our royalties are performing exceptionally well. While metal prices are strong, the natural resource capital markets have been tough. It’s an intriguing bifurcation, but we’re capitalizing on our strengths.
By buying back stock at a discount to our net asset value, we maximize value. Once rectified, we’ll allocate more capital to expand the royalty portfolio. It’s about understanding and deploying our capital effectively in any market.
Our portfolio also boasts exciting developments. For instance, Zijin’s MG Zone in Serbia, with 12 drill rigs on-site, is remarkable. South 32’s Peak Discovery in Arizona could be a game-changer with promising copper-zinc-silver drill results. These discoveries reinforce why owning royalties is so valuable.
Maurice: Absolutely! In closing, what did I forget to ask?
David: Nothing comes to mind, Maurice. Insider buying, share buybacks, strong cash flow, and global discoveries—all make EMX a company worth following.
Maurice: If someone wants to learn more about EMX Royalty, where can they go?
What will the stock market look like in 2025, a year that has started grimly with catastrophic fires burning in California and dangerous snow and ice blanketing the east even before the presidential inauguration?
While interviewing 321gold’s Bob Moriarty this week on CEO & Market Expert Interviews on YouTube, Lucijan Valkovic said his own unofficial private polling found that 95% of people he asked said the market is heavily overvalued and is “about to crash or correct big.”
Moriarty said that while he was a “contrarian,” and it scares him “when 95% of people agree on anything,” the market is “clearly in a bubble.”
“The stock market is a giant bubble in search of a pin,” said Moriarty.
“There are some immense forces in play (and) no one can really predict what’s going to happen,” he said. “However, it’s very easy to predict whatever happens is going to be bad. So, my belief is the stock market’s an accident waiting to happen. And it’s like Bitcoin, you’ve got a lot of people playing musical chairs. And everybody thinks when the music stops, they’re going to be able to reach a chair. And there’s one slight problem with that theory, . . . and that is, what if there’s no chairs?”
Moriarty predicted the fall would be worse than 1929, “much worse.”
“We are going to go through pain, and it’s going to be extreme pain because this economy is so far out of whack,” he said.
Precious Metals as Insurance Policies
How to protect yourself? “You should put your money in something that is not part of the bubble,” Moriarty said.
“I happen to believe the highest value of precious metals is not their investment potential; it’s their potential as an insurance policy against chaos,” he said. “But the cheapest thing in the world right now is resource stocks. They’re literally being given away.”
The world’s central banks have “added significant amounts of gold to their reserves in recent years — and their buying continues even as gold’s price reaches new highs,” Sharon Wu reported for CBS News in December.
“While the precious metal offers unique protections during economic uncertainty, it also comes with challenges,” she wrote. “Storage costs and lack of income generation, for example, make it a complex investment choice.”
However, Valkovic noted that central bank gold purchases are expected to continue this year.
Gold and silver are insurance policies “against financial chaos,” Moriarty told him. “We all need reserves. You need it as an individual. You need it as a family. You need it as a town or city. You need it as a country. And you certainly need it as a bank.”
Moriarty said the banks are looking at the world and the state of the economy and deciding they need extra protection from negative events.
“There are some very dangerous black swans flying, and we need to protect ourselves,” he said. ” And that’s exactly the reason that individuals should be doing the same thing.”
Could Silver Outperform Gold?
Both gold and silver recently hit four-week highs, and gold is expected to have another solid year, but investors should brace for some volatility and temper their upside expectations, Kirill Kirilenko, Senior Analyst at CRU, told Kitco News’ Neils Christensen.
But he predicted gold prices would average around US$2,580 per ounce in 2025 as markets react to Trump’s proposed economic policies. The analyst had more optimism for silver, forecasting an average price of US$31.35 per ounce for the year.
“Silver could slightly outperform gold this year, driven by an increasingly tight fundamental outlook,” he said.
The British research firm expects silver, which as nature’s most conductive metal remains integral to the green energy transition, to remain well-supported.
Moriarty gave another reason for looking at the white metal. “Silver is absurdly cheap,” he said. “My belief is if you’re faced with three or four different alternatives for investing, you should buy what’s cheap, and you should save.”
“Silver has got a long way to run,” Moriarty said. “My opinion is silver will always be the most attractive investment in the resource sector.”
Nuclear: Very Cheap, Very Safe
Moriarty also said he saw uranium stocks performing well as artificial intelligence (AI) and a surging number of data centers recently helped push the price for element, the main fuel for nuclear reactors, to a record high, according to a Yolowire release posted on Barchart.
Prices for enriched uranium rose to US$190 per separative work unit, the commodity’s standard measure, which is up 239% from US$56 three years ago,” according to the report.
“A resurgence of interest in nuclear power has come as governments and companies source carbon-free power to service major industrial facilities and communities,” the release said.
“Nuclear power is a very cheap, very safe form of energy,” Moriarty said. “And we need more of it. … Green energy has been oversold. It is not a solution. It is a very expensive problem.”
But which uranium stocks to invest in? “I think you could walk into a dark room, and you could put the names of the stocks up on a wall. You could shut the light off and throw a dart, and hit something. Uranium is very cheap.”
Moriarty said he doesn’t know which bubble will burst first. But “we’ve got a lot of bubbles, and it is a time for safety, and in a time for safety, you go for what is the least bubbly,” he said.
“The least bubbly, I like that,” agreed Valkovic.
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Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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In 2024, Americans faced several financial challenges that impacted their ability to save and manage their finances effectively. Inflation remained a top concern, leading to increases in the cost of essentials such as housing, groceries, and utilities, and straining household budgets.
Credit card debt also reached record highs. Rising interest rates on credit cards and loans made it harder for consumers to pay down their balances. Additionally, many households depleted the excess savings they accumulated during the pandemic, leaving them with less of a financial cushion.
With all of this in mind, Yahoo Finance partnered with Marist Poll to survey more than 3,000 banked adults in the U.S. (those with at least one checking or savings account) to shed light on the financial struggles and concerns facing households. Here’s what Americans say have been their biggest barriers to saving and how they feel about their finances heading into 2025. (See our full methodology here.)
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Key findings
Only 22% of respondents report being very or completely satisfied with their savings, while 35% are very or completely dissatisfied. Forty percent of women are very or completely dissatisfied with their savings, compared to 28% of men.
Nearly half (48%) of respondents saved less in 2024 compared to the previous year, with only 21% saving more.
Nearly half (47%) of respondents cite the cost of living as their biggest obstacle to saving.
One-third (33%) of respondents couldn’t cover bills for even one month if they lost their income.
44% of respondents believe they will save more in 2025, with optimism highest among Gen Z (63%) and millennials (53%).
60% of respondents say they are more optimistic about their finances for the coming year with Donald Trump as president. This optimism crosses generational lines, with Gen Z (70%) as the most optimistic.
The Yahoo Finance/Marist Poll 2025 national survey on the state of savings
We set out to learn more about how higher costs and competing financial obligations have impacted Americans’ savings. Here’s what we found:
Two-thirds of respondents say the cost of living for the average family in their area is not affordable
In a post-COVID-19 world, the rising cost of living dominated financial news headlines. Many households felt the pinch as inflation reached a 40-year high of 9.1% in June 2022. Though the inflation rate has since tempered (the Consumer Price Index was up 2.7% year over year in November 2024), the sky-high costs of housing, groceries, and other essentials are here to stay for the foreseeable future.
Overall, our survey found that most respondents describe the cost of living in their area as “not very affordable” (45%), while another 22% say it’s not affordable at all.
On the other hand, Gen Z respondents were more likely to describe the cost of living as “very affordable” (9%) compared to other generations: millennials (8%), Gen X (3%), and baby boomers/silent/greatest generations (2%).
Only one-quarter of Americans say they live comfortably
Not only are survey respondents unhappy with the cost of living in their area, but most are struggling to pay for necessities while putting money away for the future.
Just over a quarter of survey respondents say they live comfortably. Older Americans (baby boomer/silent/greatest generations) were more likely to say they live comfortably (40%).
Meanwhile, 31% of respondents are able to meet their basic expenses with a little money left over for extras, while another 30% are just able to meet their basic expenses. And 12% say they don’t have enough money to cover their basic living expenses.
More women are dissatisfied with how much they’ve saved than men
Everyone’s savings goals are different, based on lifestyle, family size, debt obligations, and more. When it comes to whether Americans are satisfied with how much they’ve saved so far, the results are mixed.
Thirty-five percent of respondents in our survey are dissatisfied with the amount of money they’ve saved. Women (40%) are more likely than men (28%) to say that they are very or completely dissatisfied with their savings — perhaps not surprising given the financial challenges that many women face, including the gender pay gap and a higher burden of caregiving responsibilities.
About half of Americans say they saved less in 2024 compared to 2023
This past year proved to be a difficult one for Americans’ savings. Despite historically high deposit account interest rates, consumers were also faced with inflation, skyrocketing interest rates on debt, record-level education costs, and more.
Nearly half of respondents in our survey report they saved less money in 2024 compared to 2023; only 21% reported saving more money. Nearly a third of respondents said they saved about the same amount.
Overall, women were more likely to say they’ve saved less money in 2024 than they did in 2023 (53% versus 42% of men), especially millennial and Gen X women (57% and 59%, respectively).
Younger generations are more optimistic about their savings potential in the new year
With a new year — and a new administration — we sought to find out how Americans believe their savings habits will change in 2025.
It’s not all doom and gloom, especially for younger savers. Younger Americans are more likely to say they will save more: 63% of Gen Z and 53% of millennials versus 44% of Gen X and 25% of baby boomers/silent/greatest generations.
Most likely to save about the same amount in 2025 are those in the baby boomer/silent/greatest generations (44%). Women, however, are more likely than men to say they will save less this year (27% vs. 20%, respectively).
Cost of living has been the most significant barrier to saving
We wanted to learn more about the various challenges savers are facing that are preventing them from reaching their savings goals.
Nearly half of respondents (47%) pointed to cost of living as their biggest obstacle when it comes to saving money. Other common reasons included unexpected bills or expenses (11%), too many financial obligations (10%), and change of income or employment status (10%).
Older Americans were most likely to report they face no challenges to saving money (19%).
Gen Zers and millennials are most likely to ask family and friends for help in a financial emergency
In times of financial distress, there are several avenues you might take to cover your bills — some of which are better for your bottom line than others.
The largest percentage of respondents (26%) say that their solution would be to tap into their savings. Fifteen percent say they’d cut down on their spending, while 14% would pick up an extra job or more hours at work.
Another 10% of respondents say they would ask a family member or friend for help in a financial emergency, with Gen Zers and millennials the most likely to do so (15% for both).
Gen Xers and baby boomers/silent/greatest generations are more likely to put their expenses on a credit card (10%).
A third of households couldn’t cover one month’s worth of bills if they lost their job or source of income
Most experts recommend saving at least three to six months’ worth of expenses in an emergency fund. However, given the many barriers to saving that Americans face, not everyone is able to meet this guideline.
The average length of time respondents could cover their expenses using money that is readily available in their checking or savings account is seven months.
However, about 1 in 3 respondents say they would not be able to cover their bills and expenses for even one month. Gen Z (38%) and millennials (41%) are more likely than other generations to say they could not pay their bills for one month.
In contrast, Gen X and baby boomers/silent/greatest generations (19% for both) are more likely than younger generations to have enough savings to manage for one year or more.
60% of Americans are more optimistic about their finances in the coming year with Donald Trump as president
For better or worse, with a new administration often comes a new economic agenda. And most Americans are expecting positive changes.
A majority of respondents (60%) are more optimistic about their personal finances with Trump as the next president. This was the consensus across generations, with Gen Z being the most optimistic (70%). Baby boomers/silent/greatest generations were the most pessimistic (46%).
This survey of 3,131 adults was conducted Dec. 3 through Dec. 5, 2024, by the Marist Poll sponsored in partnership with Yahoo Finance. Adults 18 years of age and older residing in the United States were contacted through a multi-mode design: By phone using live interviewers, by text, or online. All potential respondents were screened for age.
Probability-based sampling frames include RDD landline plus listed landline, RDD cell phone sample plus cell phone sample based on billing address to account for inward and outward mobility within a state. These samples were provided by Dynata and used to administer the surveys collected via phone and text to web. A sampling frame based on aggregated non-probability online research panels was randomly selected from Cint’s digital insights platform to administer the surveys collected via web.
Survey questions were available in English or Spanish. All samples were selected to ensure that each region was represented in proportion to its adult population. The samples were then combined and balanced to reflect the 2022 American Community Survey five-year estimates for age, gender, income, race, and region.
Results for all adults (n=3,131) are statistically significant within ±2.1 percentage points. Results for banked households (n=2,828) are statistically significant within ±2.2 percentage points. The design effect for this survey is 1.4 which has been incorporated in the calculation of all reported margins of error. The partisan breakdown for this survey among registered voters is 38% Democrat, 36% Republican, and 25% Independent.
We’re diving into the latest developments on the acquisition of the Motherlode Crown Grants—a significant addition to the Greenwood Precious Metals and Battery Metals Project in British Columbia. 🏔️
With historical production of copper, gold, and silver, coupled with promising exploration results, Grizzly Discoveries is well-positioned to play a critical role in meeting the demand for precious and battery metals. 🚀
📹 Watch the video to uncover: ✅ Key highlights of the Motherlode Crown Grants ✅ Exploration updates and high-grade sample results ✅ The strategic potential of this acquisition
💡 Don’t miss this chance to learn about the growth of Canadian resource exploration and its role in powering the future of clean energy!
Vancouver, British Columbia–(Newsfile Corp. – January 17, 2025) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to present its 2025 outlook while highlighting key milestones accomplished during 2024. With a 100% owned portfolio of high-potential exploration projects, a robust financial position, and well-established strategic partnerships, Riverside remains focused on delivering value through a disciplined and exploration-driven approach. The Company is committed to advancing its assets, fostering new opportunities, and positioning itself for sustained growth and success in the evolving resource sector.
The Company is in a strong cash position, with over C$4 million in cash reserves, no outstanding debt, and a tightly managed share structure with fewer than 75 million shares outstanding and no warrants. This robust financial foundation provides Riverside with the flexibility to advance its exploration initiatives and capitalize on emerging opportunities in North America as it continues to build its royalty portfolio of precious and base metals.
With a focus on maintaining fiscal discipline and strategically allocating resources, Riverside is well-positioned to pursue high-potential projects across its diverse portfolio. The Company’s financial stability and its ability to source high-potential projects enhance its ability to attract partnerships and drive shareholder value through exploration success and asset development. These factors, along with Riverside’s proven track record of delivering results, create a strong foundation for growth, the potential spinout of new businesses to shareholders, and continued exploration success in 2025 and beyond.
“Building on the strong foundation progressed in 2024, Riverside is poised to unlock key opportunities in 2025,” said Riverside’s President and CEO, John-Mark Staude. “With a solid financial position, a diverse portfolio of high-quality projects, and strategic partnerships, we are advancing our exploration efforts in Canada and Mexico while capitalizing on royalty opportunities and ongoing transactions to drive value creation.
The first half of 2025 is shaping up to be an active and pivotal period for Riverside. We are moving forward with plans to spin out our Ontario gold assets into a separate exploration company, a strategic initiative designed to unlock additional value for shareholders and provide secondary liquidity potential. Additionally, we are working closely with our partner, Fortuna Mining, on follow-on exploration the drilling success of 2024 with a program at the Cecilia Project in Mexico, on discovering now high-grade mineralization at the system the Company delineated during the 2024 program. Updates on both initiatives will be shared early in the year.
In British Columbia, we are prioritizing exploration for gold and rare earth elements across key properties, including the Deer Park, Revel and Taft projects, to take advantage of growing demand for critical minerals. These projects represent exciting opportunities to expand our resource base and further diversify our portfolio in a stable Canadian jurisdiction with drive up access and easy delivery to markets.
Looking ahead, we are actively evaluating potential acquisitions to grow our property portfolio in another North American jurisdiction. This expansion aligns with our strategy to capitalize on favorable markets and enhance Riverside’s position as a leader in exploration-driven value creation. With these initiatives and a strengthening commodities market, we are confident in our ability to deliver meaningful results and shareholder value in 2025.”
2025 Strategic Goals and Potential Milestones
Advancing Canadian Assets:
In the first half of 2025, Riverside Resources plans to present a proposal to its shareholders for the potential spinout of its Ontario gold properties-Pichette, Oakes, and Duc-into a dedicated exploration company named Blue Jay Gold (Resources). This strategic initiative aims to create a standalone entity that will focus exclusively on advancing these high-potential gold assets, strategically located within the prolific Geraldton-Beardmore Greenstone Belt in Northwestern Ontario. Shareholders previously benefited from the successful spinout of Capitan Mining (TSXV: CAPT) in 2021, as highlighted in Riverside’s press release at the time. Now, shareholders have another opportunity to unlock value through the proposed spinout of Riverside’s Ontario gold assets into a new company. This initiative aims to create a focused exploration entity, providing shareholders with direct exposure to its potential success and unlocking the embedded value within Riverside’s portfolio.
Riverside intends to execute follow-up exploration on its gold and rare earth element properties in British Columbia with a focus on advancing these projects to drill-ready status. Planned work includes detailed mapping, geochemical sampling, and geophysical surveys to refine targets and evaluate resource potential. Riverside aims to capitalize on the growing demand for gold and critical minerals, leveraging its technical expertise to advance these high-potential assets while seeking partnerships to accelerate exploration efforts.
Mexico Exploration and Partnerships:
The Company is collaborating closely with our partner, Fortuna Mining, to design and launch a follow-on exploration program at the Cecilia Project in Mexico. This next phase of exploration will continue to delineate and define the full extent of the mineralized system, building on the results from the successful 2024 drill program. By focusing on key structural zones and high-priority areas identified through geophysical surveys and earlier drilling, we aim to target higher-grade gold zones and large-scale deposits.
This planned program will include additional detailed mapping and geochemical analysis to refine targets and identify areas of significant gold and silver potential. Geophysics is also planned to refine targets ahead of the next 2025 drill program at Cecilia based upon this spring 2025 exploration results. The project exhibits many technical similarities to nearby operations, such as the Santa Elena District, where Coeur Mining recently acquired Silvercrest Metals for over $1 billion USD, and First Majestic’s most productive operation in Mexico. Updates on this initiative, along with the drill results from the 2024 program, are expected to be shared in Q1 2025 as laboratory results are finalized.
Pursue additional joint ventures or sale agreements for key projects such as Union and Ariel to further de-risk and monetize Riverside’s asset base. This strategic approach aligns with the Company’s goal of diversifying beyond Mexico while capturing value from the high-quality assets developed over the past five years.
Royalty and Strategic Opportunities:
Actively advance and expand Riverside’s royalty portfolio to enhance its value as key royalties are developed and progressed through the pipeline by major partners, such as Fresnillo PLC. The portfolio includes significant assets, such as the Net Smelter Return (NSR) royalty on the Tajitos Gold Project in Mexico with Fresnillo, which holds promising potential for future production. Fresnillo is actively advancing development and permitting at Tajitos with the project well-positioned for continued progress toward production, enhancing the royalty’s value. Further, the recent election of Mexico’s new President, who has maintained a pro-business stance bolsters the attractiveness of the Tajitos NSR.
Continue advancing discussions with U.S.-based exploration groups and other partners across the Americas to explore potential generative exploration alliances. These partnerships and portfolios have the potential to strategically enhance value for Riverside shareholders over the coming year.
Corporate Development:
Maintain a strong focus on financial discipline while strategically expanding and upgrading the Company’s portfolio of quality mineral assets. Riverside remains committed to managing its capital prudently, ensuring resources are allocated efficiently to projects with the highest potential for discovery and value creation. This disciplined approach enables the Company to advance its exploration initiatives while safeguarding its robust balance sheet.
As part of this strategy, Riverside will prioritize opportunities to acquire high-quality assets in mining-friendly jurisdictions, leveraging its proprietary databases and technical expertise to identify projects with significant upside potential. In addition to its current focus in Canada and Mexico, the Company is exploring the potential for acquisitions in another mining-friendly North American jurisdiction, further diversifying its asset base and creating new growth opportunities.
Actively engage with the investment community through attending conferences and events, including Vancouver Round Up, PDAC 2025, Swiss Mining Institute, the Rule Symposium 2025
2024 Recap and Highlights
Canada
Ontario Projects:
Riverside transferred its three key projects into a new subsidiary company, strategically positioning them for a potential unlocking of value in 2025.
Pichette Gold Project: through integrating structural geology LiDAR and geochemical data Blue Jay Gold has identified several new zones with mineralization. Recent fieldwork led to the discovery of mineralized banded iron formations, with samples returning assays up to 21 g/t gold. (Press Release, February 29, 2024)
Duc Project: The company completed a Light Detection and Ranging (LiDAR) survey, enhancing the understanding of surface projections and structural features. This data coupled with last year’s magnetics survey has improved the targeting for future exploration, particularly in identifying major shears indicative of Abitibi greenstone-style gold deposits.
Blue Jay Gold (Resources) Spinout: Riverside announced plans to transfer its Ontario gold assets, including Pichette, Oakes, and Duc, into a wholly owned subsidiary, Blue Jay Gold. (Press Release, November 14, 2024) This strategic move aims to unlock shareholder value by creating a focused exploration company dedicated to advancing these high-potential gold projects in the Geraldton-Beardmore Greenstone Belt.
British Columbia Projects:
Deer Park and Sunrise Gold Projects: Riverside has an option to acquire these projects north of Castlegar and the Rossland Gold Camp. Initial exploration identified two main targets: Viking Horde and Cougar Ridge with rock samples returning assays up to 7.07 g/t gold. These acquisitions align with Riverside’s strategy to expand its presence in British Columbia’s prolific mining regions.
Taft Project: The company secured an option to acquire a 100% interest in the Taft Project, covering 3,000 hectares in the Perry River Carbonatite Belt west of Revelstoke. This project is prospective for rare earth elements and gold, aligning with Riverside’s focus on critical minerals essential for renewable energy and advanced technologies.
Mexico
Cecilia Project: Riverside, in collaboration with Fortuna Mining, launched a fully funded 2,250-meter drill program targeting geologic exploration zones: the Agua Prieta Breccia, East Target, and Mayra vein system. This program expanded on previous exploration efforts to delineate and define the strength and continuity of hydrothermal alteration which was supported by geophysical and field data. This partnership highlights Cecilia’s potential as a cornerstone asset in Sonora and demonstrates Riverside’s expertise in leveraging its extensive Mexican database to identify high-quality opportunities that secure partnerships.
Union Project: Riverside has continued to consolidate the Union Project district by securing property agreements and integrating the data from multiple properties. This effort is aimed at developing a comprehensive, district-wide understanding of the geological framework and identifying high-priority exploration targets. The Company signed a Letter of Intent (LOI) with Questcorp Mining Inc. for an option agreement to acquire a 100% interest in the Union Project for which the Company was paid a fee of $12,500. (Press Release, September 6, 2024). The agreement includes $5.5 million in exploration expenditures, cash payments, and share issuances over four years, with Riverside retaining a 2.5% NSR royalty. Exploration efforts in 2024 focused on mapping, sampling, and geochemical surveys, identifying high-grade gold and zinc zones. These findings have positioned the project for further development in partnership with Questcorp.
Ariel Copper-Gold Project: The company has continued to advance the Ariel Project by consolidating landholdings and conducting early-stage exploration. Riverside has identified porphyry copper-gold-molybdenum potential across a 16 km² area. Recent efforts have focused on securing joint venture opportunities to unlock the project’s value.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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.
TORONTO (Reuters) – Canada is preparing a list of potential US retaliatory tariffs and some of those could be on critical minerals, Energy and Natural Resources Minister Jonathan Wilkinson said on Thursday.
Wilkinson said that Canada was looking at points of leverage that will create maximum pressure on the United States to come to table to find a resolution to the tariff issue.
Canada could impose countermeasures on up to C$150 billion ($105 billion), a source familiar with the matter said on Wednesday.
Vancouver, British Columbia–(Newsfile Corp. – January 15, 2025) – West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF) (“West Point Gold” or the “Company”) is pleased to announce the first drill results from its recently completed 1,264m (7 hole) diamond drill campaign focused on the Tyro Main Zone, at its Gold Chain Project in Arizona.
Highlights:
Hole GC24-30 intersected 52.25m of 1.53 g/t Au, including 36.10m of 2.02 g/t Au, from 43.50m.
Hole GC24-31 intersected 50.65m of 0.53 g/t Au, from 51.30m.
Both these holes intersected additional zones in the hanging wall of the deposit – 2.56m of 2.85 g/t Au, from 7.80m (GC24-30) and 4.10m of 2.17 g/t Au, from 23.00m (GC24-31), prompting infill sampling of the holes which is in progress and have the potential to expand the width of the mineralized zone.
Results confirm the exploration target at Tyro of 15.6 to 31.2 Mt at 1.5 to 2.5 g/t Au (*see note on the next page).
Assays are pending for the remaining five holes representing approximately 1,025m.
“This drill program has materially advanced our understanding of the Tyro Main Zone and its structural controls. The grades returned fit West Point Gold’s previously announced exploration target, while the widths, along with the new hanging wall zone, suggest the zone may be wider than first thought,” stated CEO, Quentin Mai. “We look forward to the balance of the results and are preparing for the next phase of drilling which is expected to follow-up on these positive results.”
Figure 1: Preliminary Tyro Main Zone Long Section showing GC24-30 and GC24-31 (center), along with RC drilling, trenches and 200 Level Sampling
All widths shown our down hole; true width is approximately 80% of down hole width
Hole GC24-30 -Infill sampling is underway, assays pending between 10.36 to 16.40m, 20.00 to 24.70m, 25.30 to 43.50m
Hole GC24-31 – Infill sampling is underway, assays pending between 27.10 to 49.99m
Summary The Q4 2024 drill program totaled 1,264m (7 holes), and was designed to improve West Point Gold’s understanding of the Tyro Main Zone, in particular the structural model and controls of the mineralization. Based on these assay results and our observations from the other holes, there are two key findings.
First, as evidenced in these assay results, the zone appears to be either wider or there are additional structures in the hanging wall (east side) of the Tyro Main Zone. It also appears that the Tyro Main Zone most likely dips at 80 degrees to the east versus our previous assumption that the zone was near vertical.
Secondly, the Tyro Main Zone appears to have developed between two near parallel structures whose relative movement is responsible for the ground preparation for subsequent gold-bearing fluids. The footwall boundary appears to be a sharp contact that may control mineralization while the hanging wall remains partially defined.
These initial results from holes GC24-30 and GC24-31 are consistent with the previously announced exploration model, of 15.6 to 31.2 Mt at 1.5 to 2.5 g/t Au* and conform with the existing geologic model based upon drilling, trenching and geologic mapping conducted over the vein system.
*The potential quantity and grades are conceptual in nature. There has been insufficient exploration drilling to define a mineral resource, and it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource.
Hole GC24-30 Drilled to the northwest and perpendicular to the Main Tyro vein system (Figure 4), hole GC24-30 was designed to cross the structure about 50 metres below the Tyro 200 Level which is immediately below the floor of the open pit (Figure 2). The hole is located about 100 metres northeast of hole No. GC23-23 which traversed 44.2 m (approximately 36m true width) at 2.01 g/t Au. A similar complex of veins and veinlets was encountered in hole GC24-30 with the results presented in Table 1. The intercept consists of several discrete banded chalcedony-adularia veins and vein breccia up to 0.8 metres wide within a broader zone 1 to 10 cm veinlets in altered wall rock.
Hole GC24-31 Drilled about 80 metres northeast of hole GC24-30, hole GC24-31 also passed immediately beneath the Tyro 200 Level and about 50 metres below the floor of the open pit (Figure 1). The mineralized envelope, which extends down-hole from 23.00 to 100.55 metres, consists of mostly quartz-chalcedony veinlets with local banded chalcedony-adularia veins and vein breccia up to a couple metres wide.
To date, four holes have been drilled from 20 to 70 metres beneath the Tyro 200 Level over a strike length of about 300 metres indicating widths of the mineralized zone between 25 and 40 metres (true width).
Qualified Person Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has also been responsible for overseeing all phases of the drilling program including logging, core cutting, labelling, bagging and transport from the project to American Assay Laboratories of Sparks, Nevada. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, over limit samples were determined by fire assay and gravimetric finish. Silver plus 15 other elements were determined by Aqua Regia ICP-AES (IM-2A16), over limit samples were determined by fire assay and gravimetric finish. Both certified standards and blanks were inserted on site along with duplicates, standards and blanks inserted by American Assay. Standard sample chain of custody procedures were employed during drilling and sampling campaigns until delivery to the analytical facility.
About West Point Gold Corp. West Point Gold Corp. (formerly Gold79 Mines Ltd.) is a publicly listed company focused on gold discovery and development at four prolific Walker Lane Trend projects covering Nevada and Arizona, USA. West Point Gold is focused on developing a maiden resource at its Gold Chain project in Arizona, while JV partner Kinross is advancing the Jefferson Canyon project in Nevada.
For further information regarding this press release, please contact: Aaron Paterson, Corporate Communications Manager Phone: +1 (778) 358-6173 Email: info@westpointgold.com
FORWARD-LOOKING STATEMENTS: This press release may contain forward-looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business, including any future private placements, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents, which can be found on SEDAR at www.sedarplus.ca. West Point Gold does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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.
