By Peter Kennedy

Gunnison Copper Corp. [GCU-TSX, GCUMF-OTCQB, FSE-3XS0] (“Gunnison” or the “Company”) is pursuing a multi-asset copper production strategy in the United States, a country that is offering incentives to the mining sector in a bid to boost domestic supply of the strategic red metal.

Gunnison’s two key assets, the recently started Johnson Camp mine and flagship Gunnison project, are both located just 2 miles apart in the Cochise Mining District in Arizona, where the company also controls 10 known satellite deposits.

Having recently begun production at Johnson Camp, the company is establishing itself as a pure-play copper company, one that is led by an experienced management team, headed by CEO Stephen Twyerould, who has to 30 plus years of experience in the mining industry. and Craig Hallworth, Senior Vice-President and Chief Financial Officer, who previously led all financial aspects of Hudbay’s [HBM-TSX, NYSE] Copper World Project, which is also located in Arizona. “We are extremely bullish on copper,” Hallworth told Resource World during a recent interview. “The price can only go higher long term,” he said. Optimism is based on copper’s designation as a critical mineral and the key role the metal is expected to play in the electrification of the global economy.

The company’s Johnson Camp Mine is backed by Nuton LLC (“Nuton”), a division of Rio Tinto Plc [RIO-NYSE], and the U.S. Department of Energy, which has granted Gunnison US$13.9 million worth of tax credits to help the company expand “Made in America” copper production at Johnson Camp.

The 48C tax credit is part of the US$10 billion in funding under the Inflation Reduction act of 2022 to intensify clean energy manufacturing and recycling, industrial decarbonization and critical materials projects in the United States.

Nuton, fully funded construction at Johnson Camp, which will be the first mine in history to operate as a demonstration of its sulfide heap leaching technology.

Nuton holds an extensive portfolio of advanced copper leaching technologies targeted at primary sulfide minerals (including lower grade mineral deposits), which could not otherwise be processed economically using traditional leaching or sulfide processing technologies.

One of the key differentiators of Nuton is the potential to deliver leading environmental performance, including more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing mine waste.

The result of over 30 years of research, Nuton provides Gunnison with the ability to produce copper cathodes that are readily available on site, a scenario that has enabled the company to comply with the U.S. government’s critical minerals strategy by supplying copper directly into the U.S. market.

Gunnison began production at Johnson Camp ahead of schedule with an exceptional safety record. The plant has capacity to produce 25 million pounds of copper annually. It is worth noting that copper was trading at US$4.46 a pound on August 18, 2025.

Gunnison is also working to develop a second key copper asset, the flagship Gunnison Project which was previously promoted as a low-cost in-situ recovery copper extraction project but is now being developed as a conventional operation with open pit mining, heap leach, and SX-EW refinery to produce finished copper cathode on site with a direct rail link.

The previous pursuit of in-situ mining and the recent pivot to open pit mining, announced with a PEA last November has created an incredible opportunity for investors that are new to the story as the company trades at a low price to net asset value vs its peers.

The Gunnison project has a measured and indicated resource containing over 831 million tons with a total copper grade of 0.31%. That includes a measured resource of 191.3 million tons at 0.37% copper and an indicated resource of 640.2 million tons at a grade of 0.29% copper. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

Production at the Gunnison project is targeted to start around the end of this decade. However, before that happens, Hallworth said it is highly likely that Gunnison will bring in a strategic partner to help develop the project.

In a press release on November 2024, the company announced the results of a preliminary economic assessment (PEA) for the Gunnison project, which has been described as one of the most substantial copper projects in the U.S., one that could potentially account for 8% of refined copper production in the U.S based on 2024 statistics.

The PEA envisages average annual copper cathode production of 83,700 tons (167 million pounds) over the first 16 years and total production of 2.7 billion pounds over the entire 18-year mine life at an average cash cost of US$1.42 a pound and sustaining cash cost of US$1.94 a pound. The November PEA pegs the after-tax NPV (8%) at $1.3 billion, using a copper price of $4.10/lb, and after-tax payback period of 4.1 years. The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized.

However, the company is working to complete an updated PEA, likely to be released early in 2026, which will include the results of the High-Value-Add work programs underway that are expected to deliver improved economics, including a lower capital cost.

As it stands, the company says Gunnison will benefit the local community and greater Arizona economy, creating over 650 direct jobs. Indirect jobs will also be created in addition to the ~US$280 million in revenues to local, state and federal tax.

Other significant deposits controlled by Gunnison in the Cochise Mining district have the potential to be economic satellite feeder deposits for Gunnison Project infrastructure. They include Strong and Harris and nine other deposits. Additionally, an exploration partnership with Rio Tinto (in relation to potentially finding the porphyry source of the satellite deposits) is currently being considered.

Meanwhile, the PEA announcement and the abandonment of the in-situ recovery development plan has helped to boost the share price from around 14 cents last November (2025) to a recent high of 40 cents. On September 2, 2025, the shares were trading at 26 cents in a 52-week range of 44 cents and 10 cents, leaving Gunnison with a market cap of C$97 million based on 360 million shares outstanding. Greenstone Resources LP, a private equity fund, currently holds about 40% of the shares outstanding, along with a growing number of institutions from recent financings.

To learn more about Gunnison Copper, subscribe to their news at www.gunnisoncopper.com and follow them on social media.

For additional information on the Gunnison Project, including the PEA and mineral resource estimate, please refer to the Company’s technical report entitled “Gunnison Project NI 43-101 Technical Report Preliminary Economic Assessment” dated effective November 1, 2024 and available on SEDAR+ at www.sedarplus.ca. Dr. Stephen Twyerould, Fellow of AUSIMM, President and CEO of the Company is a Qualified Person as defined by NI 43-101. Dr. Twyerould has reviewed and is responsible for the technical information contained in this report.

Juggernaut Exploration Ltd. [JUGR-TSXV, JUGRF-OTCQB, 4JE-FSE] is a company that offers an investment window on one of the most significant new grass roots gold-silver discoveries in British Columbia’s Golden Triangle area in recent years.

“This is a unique situation that is backed by $12.5 million in funding and a strategic investment by Crescat Capital and Dr. Quinton Hennigh (who are 19% shareholders of Juggernaut and are providing technical support the company)” said Juggernaut CEO Dan Stuart.

Juggernaut’s flagship Big One property is situated in a region that is well known for hosting world class precious metal and porphyry deposits, including Newmont Corp.’s [NGT-TSX, NEM-NYSE, ASX, PNGX] nearby Galore Creek project, which is estimated to host 12.2 million ounces of copper, 9.4 million ounces of gold and 174.08 ounces of silver.

Aside from Galore Creek, Big One is thought to be part of the same forces that gave rise to large gold deposits at Seabridge Gold Inc.’s [SEA-TSX, SA-NYSE] KSM project and Newmont’s Brucejack mine.

The new discovery at Big One has yielded assays up to 79.01 g/t gold and 3,157 g/t silver from over 200 gold-silver-copper-rich polymetallic veins measuring up to 8.0 metres wide and striking for 500 metres that remain open. These veins were identified along the newly discovered 11-kilometre Highway of Gold surrounding the Eldorado gold system on the Big One property.

Extensive high-grade veining confirmed at surface may indicate the presence of a common buried gold-silver-copper rich porphyry feeder source at depth, the company has said.

The discovery is located in an area of glacial and snowpack abatement and is accessible year-round via helicopter from the Glenora/Telegraph Creek Road at the Barrington mine (33 kilometres to the northeast), as well as the Galore Creek Road (15 kilometres to the southeast). The Canadian government committed $20 million to extend and improve the road to within 12 kilometres of the Big One property, which is 2.0 kilometres from the Scud River airstrip, which was use in the early days of Galore Creek.

In late July, 2025, Juggernaut launched a surface exploration program that was designed to systematically advance and expand upon five inaugural, drill-ready targets and to generate additional new targets for a fully-funded maiden drill program that is scheduled for 2026.

In an interview with Resource World, Juggernaut Stuart said the program has gone so well this year that it is being extended for an extra week into early September.

Stuart is leading an exploration team that is taking advantage of glacial abatement in the Golden Triangle region, a phenomenon caused by global warming, which is creating opportunities for companies like Juggernaut, by exposing mineralized systems that were previously inaccessible.

“I just flew in a helicopter [over the exploration area] and I could see glaciers melting everywhere,” said Stuart.

One of the most exciting discoveries at the 33,693-hectare Big One property is the Highway of Gold, an 11-kilometre stretch of newly exposed rock on the edge of the Geology Ridge Ice Field and the Decker Creek Glacier. It is part of a larger system known as the Eldorado System, covering about 7.5 square kilometres. It is located an area that contains over 200 gold-silver-copper-rich polymetallic veins measuring up to 8.0 metres wide and striking for up to 500 metres.

The Whopper vein, for example, is exposed on surface for 100 metres and remains open along strike where it goes under snowpack and ice. Grab samples from the 5.0-metre-wide quartz-sulphide vein hosted in an eight-metre-wide mineralized shear zone returned 13.12 g/t gold, 169.99 g/t silver, as well as 10.62 g/t gold, 206.32 g/t silver, 6.01 g/t gold and 121.97 g/t silver.

The company has said the high-grade Whopper vein’s geochemical and geophysical signatures are indicative of a porphyry source at depth. “This target is drill ready,” the company said in a press release.

It is worth noting that exploration at the Big One is led by Project Manager Bill Chornobay and Chief Consulting Geologist Lele Lazzarotto. Both were instrumental in the development of Goliath Resources Ltd.’s [GOT-TSXV, GOTRF-OTCQB, B41F-FSE] Surebet gold discovery, which is also located in the Golden Triangle and where a 60,000-metre program is currently underway (with nine rigs active).

“This Discovery was made by an exploration group with a proven track record. We have done it before and we are doing it again,” said Stuart. “Stay tuned for more exploration results.”

Stuart said the company’s strategy is clear: “Our goal is to develop a resource, as major mining companies have already shown a willingness to back the project through the next stages of exploration.”

However, he acknowledged the exploration season is short (June to early September) and it could take three to five years to outline a resource. Even so, he remains optimistic. “The sheer scale of the system, with over 200 mineralized veins exposed at surface by glacial abatement, all point towards a powerful, district-scale mineralized engine at depth,” Stuart said.

Quinton Hennigh, an economic geologist who has worked for a raft of global mining companies, has said the The Big One gold-silver project has a very similar feel to Goliath Resources Ltd.’s [GOT-TSXV, GOTRF-OTCQB, B41F-FSE] Surebet gold discovery.” “Early indications suggest there is a genetic association of veins with late-stage magmatism in the area, an association seen at Surebet,” Hennigh said. In the 2025 exploration season, he predicted that Juggernaut would have a clear mandate to follow up on these results with detailed mapping and channel sampling, much like Goliath did during the early days of the Surebet discovery. “The company’s mission is to get as many targets as possible ready for drill testing either late season or for 2026,” he said. “I am very eager to see if a new “Surebet” type discovery is in hand.

On the markets, Juggernaut maintains a tight structure with 29.4 million shares outstanding. As of August 19, 2025, the stock was trading at $0.90 within a 52-week range of $1.25 to $0.45. With gold at US$3,336.18 per ounce on August 14, Stuart believes the macro backdrop is favorable. “I think we could see US$5,000 an ounce by the first quarter of 2027,” he said.

The shutdown of the CATL lithium mine in Jiangxi province China has triggered significant reactions across the global lithium market. In the immediate aftermath of the announcement, lithium prices surged dramatically, reflecting the broader concerns about supply shortages. Stocks of major lithium producers shot up, with companies like Tianqi Lithium Corp. and Ganfeng Lithium Group Co. witnessing increases of up to 21%. U.S. lithium producers also benefitted in the premarket trading, with shares of Albemarle Corp. and Piedmont Lithium Inc. jumping over 10%.

The CATL mine, which is a crucial contributor to the global lithium supply, accounted for approximately 6% of total output. Market analysts speculate that the mine closure may be indicative of looming supply chain issues and potential further cuts in production across Chinaâ€s lithium sector. The uncertainty surrounding the operation has heightened fears about a broader pullback from lithium mining, sparking investor caution.

As a direct consequence of the mine’s closure, lithium carbonate futures exhibited a substantial spike on the Guangzhou Futures Exchange, climbing by the daily limit of 8%. Prices surged from 75,000 yuan per ton to 81,000 yuan, showcasing the heightened demand amid tightening supply. Historical price data indicates that lithium prices have been volatile, influenced by a mixture of oversupply and increased demand, particularly in the electric vehicle (EV) sector.

Analysts have posited that while the immediate impact of CATL’s shutdown may inflate prices, longer-term dynamics will depend on how supply and demand balance out. Several experts believe that this event could catalyze a rebalancing of the lithium market over the coming months, as stakeholders reevaluate their supply strategies and pricing models.

The implications of CATL’s mine shutdown extend beyond immediate market reactions, pointing to potential regulatory changes in China’s lithium mining sector. Observers suggest that the government may impose stricter regulations as part of its broader anti-involution strategy, which aims to address overcapacity and promote sustainable growth. This initiative has already prompted scrutiny of several mining operations in regions like Yichun, where non-compliance in registration and approvals has been reported.

The regulatory environment could drastically affect future mining operations, potentially leading to decreased production capacities in the long run. Analysts speculate that if additional mining closures occur, the resulting limitations on lithium output will further escalate prices, compelling manufacturers to adapt their strategies accordingly.

The global ramifications of CATL’s mine closure have not gone unnoticed in the Australian lithium market, where stocks rallied significantly. Producers such as PLS Ltd. and Liontown Resources Ltd. experienced share price increases of 20% and 25%, respectively. This Australian response highlights the interconnectedness of global lithium markets, with domestic producers poised to capitalize on supply constraints stemming from China.

The rally in North American stocks coincided with a re-evaluation of the competitive landscape, wherein local producers could fill the anticipated supply gap left by the Chinese market disruptions. This has resulted in optimism regarding increased interest in lithium projects in North America, as stakeholders strive to capitalize on the shifting dynamics.

Nevertheless, the future outlook remains contingent upon ongoing developments not only within the Chinese supply chain but also regarding global demand trends, particularly as electric vehicle production continues to rise.

The Republic of Liberia, a West African country with strong ties to the United States, remains one of the most geopolitically stable environments in Africa. It has had democratically elected governments since 2006. Its mining laws are based upon the well-established Australian system and pro-mining government.

Liberia was thrust into the spotlight recently when U.S. President Donald Trump met with several African leaders at the White House in Washington, D.C.

Trump made headlines when he complimented Liberian President Joseph Boakai on his English speaking and asked him where he went to school.

The Liberian leader laughed at the question but did not mention that English is the official language of Liberia, which ranks as Africa’s oldest republic. The country was brought to its knees by two civil wars (1989 to 1997 and 1999 to 2003) and then the devastating Ebola epidemic of a decade ago.

Liberia’s ties to the U.S. stem from the fact that it was founded by freed African-American slaves in 1822 before declaring independence in 1847. Thousands of black Americans and liberated Africans – rescued from transatlantic slave ships – settled in Liberia during the colonial era. Ten of Liberia’s 26 presidents were born in the U.S.

Liberia’s capital, Monrovia, was named in honour of America’s fifth President, James Monroe, who was a strong supporter of the American Colonization Society (ACS). The ACS was the organization responsible for resettling freed African-Americans in West Africa, which eventually led to the founding of Liberia. The city’s main hospital is called the John F. Kennedy Medical Centre, named after the former U.S. President.

Liberia is situated on the coast along the southwest corner of West Africa, bordered by Sierra Leone, Guinea, and Cote d’Ivoire.

Mining industry officials say the mining sector in Liberia is not as mature as industries in other West African countries such as Burkina Faso and Mali. There are only 10 mining companies (active in Liberia) of any substance, one mining executive said.

However, Liberia has rich mineral deposits, including iron ore, gold and diamonds. Historically mineral extraction has been a leading export and a key contributor to the gross domestic product. According to the U.S. International Trade Administration, minerals are generally exported in raw or semi-finished forms. Iron ore and gold are mined on an industrial scale while diamond deposits, which are widespread throughout the country, are primarily exploited via alluvial and artisanal mining. Iron ore mining plays a significant role in the economy accounting for 27% of total export earnings in 2022, the U.S. International Trade Administration said.

Turkish mining company Avesoro Holdings has five main operational gold mines in Liberia.

ArcelorMittal, which has had a mineral development agreement with the government since 2005, has invested heavily in the sector and has iron ore, and metallurgical coal reserves in the Mount Nimba range. Arcelor Mittal restored and operates a 243-kilometre rail line connecting its Tokadeh mine in northern Liberia to the Port of Buchanan. The company produces and exports iron ore to customers in Europe and Asia.

Pasofino Gold Ltd. [VEIN-TSXV, EFRGF-OTCQB, NO7A-FSE] CEO Brett Richards describes Liberia as one of the most collaborative and jurisdictions for mining in all of Africa. “I have worked in 12 countries and Liberia is by far the best,” said Richards during a recent interview with Resource World.

Pasofino’s flagship asset is the Dugbe gold project in southern Liberia. It is located within the southwest corner of the Birminian Supergroup, which is host to most of West Africa’s gold deposits. Pasofino recently hired Australian company MineScope Services Pty Ltd to prepare a roadmap of work streams required to fully update and optimize a feasibility study that was released in 2022.

The work will form the first phase of a two-phase process to deliver an updated feasibility study, likely within the next several months.

In a press release containing the results of the feasibility study, the company said the Dugbe Gold Project is now a significant, viable and economically robust gold project, with substantial upside potential to improve upon the already large 4.0-million-ounce resource base.

To date, two deposits have been identified at Dugbe. They are Dugbe F and Tuzon. They were discovered in 2009 and 2011 respectively. A mineral reserve estimate was declared, based on the open pit mining of both deposits.

The feasibility study estimates that 2.27 million ounces of gold can be produced over a mine life of 14 years. Average annual production is forecast at 200,000 ounces for the first five years. The estimates are based on a mineral reserve of 66 million tonnes at a grade of 1.30 g/t gold or a total of 2.76 million ounces. An additional inferred resource of 67,000 ounces located within the FS pit and immediate sidewalls is not included in the reserve estimate.

The start-up capital cost is pegged at US$435 million, excluding owners’ costs for a 5.0 million-tonne per year processing plant. Life-of-mine all-in-sustaining costs are expected to be US$1,005 an ounce.

The operating expenditure estimated in the 2022 feasibility study illustrates a highly economic project at US$1,700 an ounce, the company has said. However, it is worth noting that gold is currently trading well above that level at US$3,425.16 an ounce (July 22, 2025). “At this gold price the project will generate US$450 million in annual cash flow, Richards said. However, it is not expected that the current update to the 2022 feasibility study will change the throughput rates that are estimated in the study.

Pasofino holds a 100% interest in the Dugbe gold project, subject to a 10% carried interest held by the government of Liberia. Nioko Resources Corp., a unit of an investment company incorporated by Coris Bank International of Burkina Faso, controls the 50.8% equity stake in Pasofino that was previously owned by Hummingbird Resources Plc. Hummingbird is now a wholly owned subsidiary of Nioko.

On July 24, 2025, the shares were trading at 54 cents in a 52-week range of 80 cents and 37.5 cents.

“Given the recent completion of the co-operation agreement with our major shareholder Hummingbird Resources/Nioko Resources, Pasofino is well positioned to and well-funded to commence updating the 2022 feasibility study in an effort to expedite the Dugbe gold project towards final feasibility study, project financing, construction and ultimately commercial production,” Richards said.

Critical Minerals, including rare earth elements, have been described as the foundation on which modern technology is built. They are used in a wide range of essential products from mobile phones, and solar panels to electric vehicle batteries and medical applications. Anything with a microchip requires rare earth elements.

Canada released its first Critical Minerals List in March 2021, and made a commitment to review minerals identified as critical every three years. In 2024, Canada updated the number on the list to 34 from 31 by adding high-purity iron, phosphorous, and silicon metal.

China has been the dominant player in the critical minerals supply chain globally.

The EU sources all of its supplies of heavy rare earths from China and 97% of its supplies of magnesium, according to the European Commission. That kind of market share has provided Beijing with diplomatic leverage, prompting many countries, including the United States and Canada to try to reduce their reliance on China.

U.S President Donald Trump recently invoked wartime powers to boost the production of critical minerals and rare earths in the United States.

The Group of 7 countries (G7} also launched a G7 Critical Minerals Action Plan, building on a five-point plan for critical minerals security established during the Japan’s G7 Presidency in 2023 and advanced by Italy in 2024.

The Action Plan will focus on diversifying the responsible production and supply of critical minerals, encouraging investments in critical mineral projects and local value creation, and promoting innovation.

“We recognize that non-market policies and practices in the critical minerals sector threatens our ability to acquire many critical minerals, including the rare earth elements needed for magnets, that are vital for industrial production,” the G7 said in a statement.

Industry officials say the move is another sign that the Western World is waking up to the fact that critical minerals are essential to maintaining a leadership position in technology and national security. As global geopolitical tensions continue to rise, industry officials warn that North America has been left exposed by China’s dominance of rare earth element production from mining to refining.

It is worth noting that after U.S. President Trump imposed additional tariffs on Chinese products, Beijing recently tightened export controls on 25 rare earth minerals shipments, dealing a blow to the U.S. military industrial complex, which is one of the biggest buyers of such minerals. The fact that the U.S. is so dependent on China for rare earths is widely viewed as an economic and security risk

It is a scenario that spells opportunity for a company like Ucore Rare Metals Inc. [UCU-TSXV, UURAF-OTCQX], which has received US$22.4 million in backing from the U.S. Department of Defense and U.S. Army Contracting Command-Orlando.

Ucore, has rights to a transformational rare earth separation technology, RapidSX. The company is currently undertaking heavy and light rare earth element (REE) separation at demonstration scale at its RapidSX Commercialization and Demonstration Facility in Kingston, Ont. Participants in this project include the U.S. Department of Defense and Canadian Government as Ucore implements its technology transfer plan from demonstration scale to commercial scale at its prospective Louisiana SMC.

Barksdale Resources Corp. [BRO-TSXV, BRKCF-OTCQX, 2NZ-FSE] is planning to drill an undefined copper porphyry deposit and near surface chalcocite target, at its flagship Sunnyside project in Arizona.

In an interview, Barksdale CEO William Wulftange said mineralization at Sunnyside is part of the same geological system that supports critical minerals deposits that are being developed by South32 Ltd. [S32-ASX] on its adjacent Hermosa property.

South32 says Hermosa has the potential to become a globally significant producer of critical metals and is now developing its zinc-lead silver Taylor sulphide deposit, while continuing to progress studies on a second deposit, the zinc manganese silver Clark oxide deposit. The land package also includes the copper-lead-zinc Peake exploration target.

South32 said a pre-feasibility study envisages Taylor as a sustainable, highly productive underground mine with a conventional processing plant. The 65 million tonne reserve, grading 4.35% zinc, 4.9% lead, and 82 g/t silver is expected to support the first 19 years of a projected 28-year mine-life. First production is expected from Taylor in the second half of 2027.

Wulftange says underground development at Hermosa is bound to add value to Sunnyside by providing underground access to porphyry deposits. Sunnyside is also located in the Patagonia Mountains about 80 kilometres south-east of Tucson, Arizona. While South32 continues its work, Barksdale has completed the required 7,620 metres of drilling and $6 million of defined expenditures that entitles it to acquire an initial 51% interest in the Sunnyside project.

The company has elected to increase its ownership at Sunnyside to 67.5% and expects to complete another 7,620 metres to surpass the Phase 2 earn-in requirements with vendor Regal Resources, a privately-owned Vancouver company. Drilling is expected to resume after the rainy season this year and be completed before year-end.

Sunnyside covers 21 square kilometres. It is cored by a large intrusive complex that is thought to have driven a large hydrothermal system that created a classically zoned copper porphyry and associated distal deposits. Until recently, Barksdale’s primary exploration target was a skarn located in on the northeast margin of the intrusive complex that is likely to host copper-zinc-lead-silver mineralization that is interpreted to be the extension of South32’s Taylor deposit. Drill results released in December, 2024, and January 2025, have already shown that South32’s Taylor and Peake deposits extend onto the Sunnyside property.

However, due in part to deep drilling challenges, Barksdale has shifted its focus at Sunnyside to an undefined copper porphyry deposit and near surface chalcocite target. “A review of the historical drilling by ASARCO (the U.S. mining and smelting company now owned by Grupo Mexico) revealed both the near surface and deeper copper/base metal targets that returned very impressive intercepts of copper mineralization, which have largely been ignored until now,” Wulftange said. When ASARCO was active on the property, copper was trading at under US$1.00 a pound. Copper is currently trading at over U$5.00 a pound. Barksdale currently has $1.4 million in the treasury to fund exploration and will likely tap the market for additional funding (potentially up to $5 million) in the near future.

Meanwhile, on July 14, 2025, Barksdale shares were trading at 12 cents in a 52-week range of 21 cents and $0.055.

]]> https://resourceworld.com/south32-hermosa-progress-lifts-prospects-for-neighbouring-barksdale-resources-project/feed/ 0 https://resourceworld.com/lafleur-minerals-targets-near-term-gold-production-with-beacon-gold-mill-restart-in-the-heart-of-canadas-best-gold-producing-region/?utm_source=rss&utm_medium=rss&utm_campaign=lafleur-minerals-targets-near-term-gold-production-with-beacon-gold-mill-restart-in-the-heart-of-canadas-best-gold-producing-region https://resourceworld.com/lafleur-minerals-targets-near-term-gold-production-with-beacon-gold-mill-restart-in-the-heart-of-canadas-best-gold-producing-region/#respond Fri, 04 Jul 2025 12:43:42 +0000 https://resourceworld.com/?p=94657 By Peter Kennedy

The Abitibi Greenstone belt, which stretches through the Canadian shield from Wawa, Ontario, to Chibougamau, Quebec, is recognized as one of the most prolific gold-producing regions in the world. It continues to be a major focal point for exploration and investment.

The region’s gold mining heritage is reflected in the names of some of the key towns in the Abitibi area, including Val-d’Or, which means Valley of Gold. Timmins, Ont., now a major support centre for mining in the region was founded in 1912, following the Porcupine Gold Rush.

Since mining began in the early 1900s, more than 124 mines have been established in the Abitibi, and at least 15 have yielded over 2.5 million ounces of gold. The total gold content of the belt, including past production and current reserves and resources, exceeds 300 million ounces.

The majority of the Abitibi’s rich gold deposits lie along fault lines in major deformation zones such as the Cadillac-Larder Lake zone and Destor-Porcupine zone. These deposits are the foundations of gold camps that boast historical production numbers in excess of 10 million ounces of gold.

Major mining operations in the Abitibi region include several significant mines and producers such as Agnico Eagle Mines Ltd., a leading producer with operations like the Canadian Malartic and the LaRonde Complex, Newmont Corp. (Porcupine Gold Mines) and Kirkland Lake Gold (now part of Agnico Eagle, with Macassa and Detour Lake Mines). The Detour Lake Mine, owned by Agnico, is one of the largest gold-producing mines in Canada. Numerous other gold deposits are being developed by junior exploration companies (See Figure 1)

Figure 1: Lafleur Minerals’ Swanson Gold Deposit located 50 km from the Beacon Gold Mill, and surrounding

Deposits

LaFleur Mineral’s Swanson Gold Deposit and Beacon Gold Mill is strategically located in the midst and surrounded by these gold deposits:

LaFleur Minerals Inc. [LFLR-CSE, LFLRF-OTCQB] is on the cusp of becoming a gold producer in a buoyant bullion at their Beacon Gold Mill and Swanson Gold Deposit in Val-d’Or, Quebec.

When LaFleur acquired ownership of the Beacon Gold Mill in November 2024, $20 million had already been spent on upgrades by the previous owner, Monarch Mining, making Beacon Gold Mill an exceptional near-producing asset. LaFleur shas stated that it has developed a comprehensive mill restart plan, which includes improvements of $3.8 million for mill equipment and maintenance, and tailings storage facility repairs of $1.8 million. The company said it anticipates achieving production at the Beacon Gold Mill by early 2026, once the restart tasks and ramp-up period are complete. Initial production is expected to begin by the end of this year and will represent a significant shift from gold explorer to gold producer in a Tier 1 jurisdiction in Quebec,Canada.

The Beacon Gold Mill is capable of processing 750 tonnes per day and is located along existing rail and road infrastructure with direct access to the Swanson Gold Deposit and other gold projects in the region at various stages of development. It is also permitted to process up to 1.8 million tonnes of tailings, with additional capacity if required, making it a prime facility to cater to nearby deposits for custom milling.

“We are very excited to have put together a district scale gold project at the heart of the Abitibi Gold Belt in Quebec,” said LaFleur Minerals CEO Paul Teniere. “Our Swanson Gold Deposit is located only 50 kilometres away from the Beacon Gold Mill and is now over 16,000 hectares in size with a current mineral resource estimate of 123,400 gold ounces in the indicated category and 64,500 gold ounces in the inferred category, completed in accordance with CIM and NI 43-101 standards,” he said. “Adding the Beacon Gold Mill in an area surrounded by numerous other gold deposits opens up numerous opportunities for LaFleur Minerals to explore the potential of eventually putting the Beacon Gold Mill back into production, especially with the current gold price setting all time price records and reaching over US$3,365.51 per ounce.”

Lafleur Minerals says geological, and engineering planning continues for a large bulk sampling program at Swanson. The plan includes the extraction of an up to 100,000-tonne surface bulk sample at Swanson for processing at the Beacon Mill. Meanwhile, the company aims to complete at least 5,000 metres of diamond drilling, starting in July 2025, using existing flow-through funds. Over 50 promising drill targets have been identified, in addition to other highly prospective historical outlined targets at Bartec, Jolin, and Marimac gold targets.

Lafleur Minerals (CSE:LFLR, OTCQB:LFLRF, FSE: 3WK01) is in advanced discussions with institutional and private equity groups, as well as exploring non-dilutive funding options with several commodity trading and debt financing firms to fund the Beacon Mill’s restart.

Standard Uranium Ltd. [STND-TSXV, STTDF-OTCQB, 9SU-FWB], is heading back to its flagship Davidson River project, targeting a high-grade uranium discovery in the southwest Athabasca Basin of Saskatchewan. The Company is launching the first ExoSphere Multiphysics survey ever to be conducted in the province’s southwest Athabasca region which ranks among the world’s leading uranium districts for exploration and mining.

The surveys will be completed in partnership with Fleet Space Technologies Canada Corp. across three prospective uranium exploration corridors at the company’s flagship Davidson River Project in May and June of 2025.

Standard said high-priority target areas across the three conductor corridors will be significantly derisked with high-resolution 3D imaging of basement structures and alteration zones, providing key targeting information for follow-up drilling that is expected to start this summer.

The company has a portfolio of 13 exploration projects across the Athabasca Basin region covering 94,475 hectares. But its main focus this year is on the flagship Davidson River project. The project is located in the southwestern Athabasca Basin and covers the inferred extension of the structural trend that hosts Paladin Energy Ltd.’s [PDN-ASX, PALAF-OTCQX] Patterson Lake South property, which contains the high-grade Triple R uranium deposit (102.4 million pounds of 2.10% U308, indicated), and NexGen Energy Ltd’s [NXE-TSX, NYSE, NXG-ASX] Rook 1 property, which hosts the Arrow Deposit (256.7 million pounds of 3.10% U308 measured and indicated).

Davidson River covers 30,737 hectares and lies 75 kilometers south of the past-producing Cluff Lake uranium mine and is also in the vicinity of F3 Uranium Corp.’s [FUU-TSXV] JR Zone uranium discovery.

The exploration effort is led by Standard CEO Jon Bey and Sean Hillacre, Standard’s President/Vice-President of Exploration. Hillacre was part of a technical team that progressed NexGen Energy’s Arrow uranium deposit towards production and completed his Master of Science research on the deposit. Arrow is located just 25 kilometers east of Davidson River project.

Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, the project remains largely untested by drilling. Still recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected, the company has said.

From the summer of 2020 to 2022, 16,561 metres of drilling were completed in 39 drill holes at Davidson River. That work targeted four main conductive corridors – the Warrior, Bronco, Thunderbird and Saint trends. All four geophysical corridors contain several target areas that are favourable for high-grade basement-hosted uranium mineralization.

In a press release on April 10, 2025, Standard said it has formed a strategic partnership with Fleet Space Technologies Canada to advance uranium exploration at Davidson River, using Fleet Space’s Exosphere Multiphysics surveys. Fleet Canada is a subsidiary of Fleet Space Technologies, Australia’s leading space exploration company.

Exosphere is transforming how exploration is conducted by reducing uncertainty in drill targets and enabling faster, smarter decision making across the exploration process. In keeping with that goal, the company plans to undertake three ExoSphere survey grids across the Warrior, Bronco and Thunderbird conductors on the project in the spring of 2025.

“We are extremely excited to get back on the ground at our crown jewel project, Davidson River,” said Hillacre. “Integrating the 3D density and velocity models to image alteration systems in the basement rock could provide the key data we’ve been looking for to vector into a discovery at Davidson River,” he said. “We have been hard at work developing targets across the project since 2022 and armed with the new datasets from the Multiphysics system, we aim to expedite discovery of new basement-hosted uranium system with drilling this year.”

The company and Axiom Exploration Group Ltd. mobilized to deploy the survey grids on May 26, and the survey is anticipated to take approximately 35 days to complete. These surveys will be the first of their kind in the southwest Athabasca Basin uranium district and mark a significant step towards discovery on the project, the company has said.

Following post-survey data analysis and integration, the company plans to execute a diamond drill program to begin testing the highest priority targets across all three conductor corridors surveyed. Drilling is planned to be completed this summer, marking the first drill program on the project since 2022. Positive results from previous drill campaigns will be integrated into drill targeting with the newly acquired Multiphysics data.

Meanwhile, the company said it has struck a deal with the underlying owners of the Davidson River project to amend the timeline for completion of the remaining payments owing for the company completing the acquisition of a 90% stake in the project. To exercise the option, the company is now required to complete four annual payments totaling $550,000 by July 2028. In consideration for the amendment, the company has agreed to issue 1.0 million common share purchase warrants to the optionors.

In an interview, Bey said “Armed with the Fleet Space exosphere data, the timing is perfect for drilling Davidson River. The global nuclear and uranium markets are on an upswing again and support is growing to build new large and small reactors which will all need more uranium.” However, as the company’s shares traded at $0.115 on May 30, 2025, in a 52-week range of 22 cents and $0.045, Standard Uranium offers investors a relatively low risk window on high-grade uranium exploration in this world class region.

Aside from exploration results at Davidson River, the company has said catalysts that could drive the stock may include further exploration programs at the Sun Dog, Corvo, and other Eastern Basin projects, which cover 42,384 hectares of prospective land holdings.

Standard Uranium has built a unique project generator business that drives exploration across several of their tier two projects. Standard typically stakes the project, spends time and capital advancing the project with early-stage exploration while completing Exploration Agreements with their First Nations partners and acquiring the exploration and drill permits from the Saskatchewan government. Once all permits and agreements are in place, Standard lines up expert vendors to drill the projects and they operate the projects with their own in-house team of uranium specific geologists. This model allows the team at Standard to advance multiple 100% owned projects forward while collecting cash, shares and operator fees from their JV partners.

Standard currently has JV agreements in place with Aero Energy Ltd. [AERO-TSX, AAUGF-OTCQB, UU3-FRA] on the Sun Dog project and with Aventis Energy Inc. [AVE-CSE, VBAMF-OTCQB, C0O0-FRA] on the Corvo project. With the uranium market gaining momentum again, Standard is in discussions on several of their other projects and they plan to announce further agreements in 2025. The Company encourages other exploration companies to reach out to Sean Hillacre to enquire about projects available for JV opportunities. Standard has five projects in the eastern Athabasca region, including Ascent, Canary, Atlantic, Corvo and Rocas which are all ready for exploration and drilling.

With the conference season in full swing, Bey and Hillacre can be found meeting new investors, current shareholders and potential JV partners across Canada and the USA prior to drilling Davidson River this summer. Watch for the STND team in Quebec City, Montreal, Toronto and New York this June.

Vista Gold Corp. [VGZ-TSX, NYSE American] is generating renewed interest in its Mt Todd gold project in Australia by completing a new feasibility study that will dramatically reduce the cost of development.

The new feasibility study (FS), which is expected to be released in July 2025, will be an update on an earlier FS completed in 2022, with material project costs updated in 2024, demonstrating strong economics for development of 50,000 tonnes per day, nominally 17.5 million tonnes per annum operation. The 2024 study pegged the development cost at over $1.0 billion, a target that deterred major gold industry players who might have been mulling a joint venture interest.

In December 2024, Vista launched a new Mt Todd feasibility study that aims to increase the reserve grade to 1 g/t gold using a higher cut-off grade and reduce the initial capex by 60% to about $400 million while achieving annual gold production ranging from 150,000 to 200,000 ounces from throughput rate of 15,000 tonnes per day or 5.2 million tonnes annually.

By using contract mining, third-party power generation, and construction practices commonly used in Australia, the company believes there is an opportunity to maintain high capital efficiency at this project scale.

“We believe the release of the 15,000 tpd feasibility study results will be well-timed in the current gold cycle and serve as a catalyst to accelerate value creation,” said Vista Gold President and CEO Fred Earnest. “Mt Todd has tremendous leverage to gold. If prices were to go higher, it would be a tremendous thing for shareholders.” Earnest has been CEO since 2012 and a senior officer at Vista since 2006.

Vista has previously said its 100% owned Mt Todd project is positioned to be one of Australia’s largest and lowest cost new gold producers. Located in Northern Territory, about 250 kilometres southeast of Darwin, Mt Todd contains more than 7.8 million ounces of gold resources in the measured and indicated categories. The project is in an area that the company has described as one of the world’s most attractive mining jurisdictions.

Former owner/operator Pegasus Gold built an 8.0 million tonnes per year flotation carbon-in-leach plant to improve recoveries from the Batman Deposit that were achieved by a heap leach operation. The plant was commissioned in November 1996 but was shut down in mid-1997 when the price of gold fell below US$300 an ounce.

Vista Gold acquired Mt Todd in 2006 through a series of contracts with Pegasus Gold Australia, the Jawoyn Aboriginal Association Corp. (JAAC), the Northern Territory Government (NGT). The JAAC are the freehold owners of the surface land in the area of the Mt Todd project.

Completion of the new 15,000 tonne per day feasibility study is key to creating long term value for shareholders. It aims to demonstrate an achievable path for project development through a joint venture partnership. However, the company believes the project could be advanced on a stand-alone basis under the right market conditions.

Speaking in an interview from his Colorado office, Earnest said the Mt Todd project has a lot going for it, including existing infrastructure that he believes will reduce the development risk and shorten the production timeline. They include paved roads to the mine site, connection to the electric grid and a natural gas pipeline to the site.

“Mt Todd is a permitted, ready-to-build development opportunity in the current environment of a strong gold market and diminishing major deposit discoveries,” Earnest said.

However, he said the company has had to grapple with the fact that major industry players tend to choose projects that offer immediate cash flow. “Presently this suggests that producers view operational risk as being easier to overcome than development risk,” he explained.

However, it is worth noting that ready-to-build projects like Mt Todd are positioned as valuable assets in an environment of decreasing major gold discoveries. Since 2020, there have been only five major discoveries with a total of 17 million ounces of gold, according to S&P Gold Market Intelligence, August 8, 2024. Recent discoveries are scarce and smaller in size with an average of 3.5 million ounces compared to the 5.5-million-ounce average from 2010 to 2019.

As a result, Earnest takes the view that scarcity of new discoveries will drive greater focus on optimizing existing projects and acquiring advanced stage projects.

Watching the situation closely will be Wheaton Precious Metals Corp. (WPM-TSX, WPM-NYSE) which agreed in December 2023, to spend $20 million to acquire a royalty interest in the Mt Todd project.

Under the agreement, Wheaton pledged to acquire a royalty equal to 1.0% of gross revenue from the sale or disposition of minerals from the project, subject to certain adjustments. In return for the asset, Wheaton agreed to provide Vista with $20 million to advance Mt Todd and for general corporate purposes.

The royalty is at a rate of 1.0% of gross revenue from the project if completion objectives for the project are achieved by April 1, 2028. Thereafter, the royalty shall increase annually at a rate of 0.13% to a maximum of 2.0%. Any annual increases after April 1, 2028 shall be reduced on a pro rata basis to the extent that Mt Todd has initiated operations but has yet to achieve agreed upon completion objectives.

The Mt Todd project contains proven and probable reserves of 280.4 million tonnes with a grade of 0.77 g/t gold or 6.98 million ounces of gold. The measured and indicated resource stands at 299.1 million tonnes with a grade 0.82 g/t gold or 7.87 million ounces. That material is located in the Batman deposit, Heap Leach pad, and Quigley’s deposit. Measured and indicated resources in the Batman Deposit currently stand at 7.36 million ounces of grade 0.82 g/t gold.

The company has said it sees district-scale exploration potential on its 1,581 square kilometres of exploration licenses. It said prior drilling within the boundaries of its mining licenses identified four promising targets on the 24-kilometre Batman Driffield Trend with potential to add 1.8 million to 3.5 million gold ounces to the resource base.

It is expected that the new feasibility study will be accompanied by a revised resource estimate that considers the higher cut-off grade.

On May 28, 2025, the shares traded at US$1.22 on NYSE American in a 52-week range of US$1.30 and US$0.46.

Canada’s mining sector has become a focal point for resource stock investors amid a global scramble for critical minerals. The country boasts a rich mineral endowment and a stable, mining-friendly jurisdiction, making it a natural arena for new exploration. At the same time, surging demand for “energy transition” metals and government efforts to secure supply chains are heightening interest in Canadian mining projects. Investors are closely watching how Canada’s global mining standing, critical mineral demand, regulatory constraints, and infrastructure factors will influence the risk, value, and opportunity profile of exploration equities. In essence, Canada offers both significant upside potential – as one of the world’s top mining nations – and notable challenges such as lengthy permitting and remote logistics. Understanding these dynamics is key to evaluating Canadian mineral exploration stocks in today’s market.

Canada is consistently ranked as a top-tier mining country by output and investment. The nation is home to over 200 operating mines producing everything from gold, iron and coal to diamonds and potash. Mining is a major contributor to Canada’s economy – in 2022, mineral exports reached $153 billion, accounting for about 21% of Canada’s total merchandise exports. Canada also plays an outsized role in global exploration: 19% of all worldwide mineral exploration spending in 2023 was invested in Canada, making it the number one national destination for exploration dollars that year. This long-standing strength is reinforced by Toronto’s stock exchanges, which host a large share of the world’s mining companies and raise substantial capital for the sector.

Importantly, Canada has vast potential in the critical minerals needed for clean energy technologies – such as nickel, copper, lithium, cobalt, graphite, and rare earth elements. It is already among the top global producers of several of these (for example, a leading producer of nickel and cobalt). However, industry reports note that Canada’s output of some key transition metals has stagnated or declined over the past decade, causing the country to lose ground in global rankings. In fact, Canada is “no longer a top producer” of certain minerals vital to a low-carbon economy (like copper and nickel) and is producing many minerals at lower levels than ten years ago. This erosion of market share underscores the urgency for new discoveries and mine development. Capturing a larger slice of the critical minerals supply chain will require a pipeline of new mines and processing facilities in Canada – a point echoed by industry leaders who stress that bringing new mines into production is essential to meet rising demand. For investors, Canada’s global mining stature means a robust base of opportunities, but the gap between resource potential and actual production in emerging critical minerals signals plenty of room for growth (and a need for capital) in those areas.

The demand trajectory for critical minerals is sharply upward, driven by the worldwide push for electrification and decarbonization. Clean energy technologies – from electric vehicle batteries to solar panels and power storage – require large quantities of minerals, and demand is accelerating. The International Energy Agency projects that achieving global climate targets will require at least 71% more critical minerals by 2040 than are currently produced. Recent trends already reflect this shift: from 2021 to 2023, demand for many key minerals increased significantly, with the clean energy sector accounting for a growing share of total demand for metals like copper, nickel, graphite, and cobalt. In other words, a larger portion of these commodities is being absorbed into batteries, electric vehicles, wind turbines, and other clean technologies, on top of traditional uses.

This surging demand has strong implications for exploration activity. Elevated commodity prices and the looming supply shortfalls have spurred a wave of exploration targeting critical mineral deposits. In Canada, exploration spending for the 31 minerals on the government’s Critical Minerals List has been rising in recent years, fueled partly by anticipated clean-energy demand. Notably, battery metals such as copper, nickel, and zinc have seen substantial increases in exploration spending, together accounting for a major share of exploration expenditures. Smaller-market critical elements like cobalt, graphite, and rare earth elements, while starting from lower bases, have also experienced sizeable percentage growth in exploration investment. This shift indicates that junior mining companies are pivoting to the materials of the future. Investors in Canadian exploration equities are thus finding a rich set of targets in the battery and critical metals space – from new nickel sulfide targets in historically mined camps, to frontier lithium brine and hard-rock prospects in provinces like Ontario, Quebec, and Saskatchewan. The expectation is that global supply will struggle to keep up with demand, potentially rewarding successful Canadian explorers with valuable deposits.

However, heightened demand does not automatically translate into quick profits for investors; it takes time and favorable conditions for discoveries to turn into producing mines. The investment thesis for many critical mineral exploration stocks hinges on a supportive environment that can accelerate projects. In this regard, Canada’s policies (discussed later) are incentivizing critical mineral exploration. But investors remain attentive to execution risk – will these exploration projects advance fast enough to catch the critical minerals supercycle? The answer partly depends on Canada’s regulatory and permitting framework.

One of the most significant risk factors affecting mining project value in Canada is the lengthy and complex regulatory process. By industry estimates, it takes over 17 years on average for a mining project in Canada to progress from initial discovery to first production. This timeline – which spans mineral exploration, resource delineation, environmental assessment, permitting, construction, and commissioning – is among the longest in the world and is a critical drag on project economics. For investors, such drawn-out development cycles can erode net present value and delay potential returns far beyond typical investment horizons. A deposit that is discovered today might not generate revenue until the late 2030s under the status quo, introducing uncertainty about future commodity prices and requiring companies to raise substantial interim financing.

The causes of these delays are multifaceted, but a key factor is the regulatory and permitting regime. Mining projects in Canada often undergo rigorous federal and provincial environmental assessments, Indigenous consultations, and permitting steps that, while aimed at high standards, can involve overlapping processes and administrative bottlenecks. Companies frequently cite duplicative reviews and lack of coordination between federal and provincial authorities as adding unnecessary time to approvals. Additionally, protracted timelines for things like mine permitting, water licenses, or impact assessments can significantly increase holding costs and deter investment if not managed effectively.

Encouragingly for investors, both industry and government recognize the need to streamline the process. The Mining Association of Canada has called for a regulatory regime that “does not create barriers” but rather enables mines to proceed in a timely way. In line with this, the federal government released a Critical Minerals Strategy and recent budget measures aimed at improving permitting efficiency. Initiatives are underway to address duplication, enhance inter-governmental coordination, and shorten project review timelines. For example, in 2023-24 Canada issued a Cabinet Directive on Regulatory Innovation, which includes directives to modernize and expedite approvals for critical mineral projects. If these efforts succeed, the risk premium on Canadian projects could be reduced – shorter timelines mean lower development risk and faster time to cash flow, which would positively impact project valuations. Until clear results materialize, though, investors will continue to price in permitting risk. Choosing exploration companies with advanced, derisked projects or those in mining-friendly provinces can be a way to mitigate some of this regulatory uncertainty.

Beyond permitting, infrastructure access is another material driver of mining project viability in Canada. The country’s greatest mineral potential often lies in remote and sparsely populated regions – areas that lack basic infrastructure like roads, rail links, or grid power. As a result, many Canadian exploration and mining projects must contend with expensive logistics. Some sites in the far north, for instance, can only be supplied by air, water, or seasonal ice roads. Building a mine in such an environment means factoring in the cost of building all-weather roads, airstrips, or even power generation on-site, which can dramatically raise the required capital expenditure. These infrastructure challenges directly influence exploration economics: a rich deposit might still be uneconomic if the cost to build infrastructure and ship the product out is prohibitive.

Canada’s overall logistics network is vital to its mining sector’s competitiveness. The country’s transportation supply chain is critical to moving mined and refined products efficiently to domestic and international markets. For example, bulk commodities like iron ore, coal, potash, and base metals rely on rail and port capacity to reach global buyers. Over half of all freight volume carried by Canada’s railways is composed of crude or processed mineral products, and roughly 46% of the Port of Vancouver’s throughput by tonnage is tied to mining exports (e.g. coal, potash, metals). Any bottlenecks or cost increases in these systems can squeeze miner margins. In recent years, rail freight costs have climbed – the main freight rail price index was ~17% higher in 2022 than in 2019, with costs for shipping metals and minerals rising even faster. Likewise, limited port capacities or delays in expanding transportation infrastructure can constrain export growth.

For exploration companies and their investors, infrastructure considerations translate to project risk and cost. A discovery located near existing roads, railheads or power lines in mining-friendly districts (say in Ontario’s Abitibi region or near established mining camps) will generally command a premium valuation over an equally sized discovery in an isolated tundra with no infrastructure. The latter might require hundreds of millions in infrastructure investment or government support to develop. Recognizing this, the Canadian government has launched initiatives to help de-risk infrastructure for critical mineral projects. One notable program is the new Critical Minerals Infrastructure Fund, which will allocate up to $1.5 billion over seven years to build or upgrade roads, ports, and clean energy facilities needed to unlock critical mineral deposits. Such funding could significantly improve the economics of certain remote projects by sharing the cost of infrastructure. Investors should pay close attention to which exploration companies might benefit from these infrastructure investments or public-private partnerships. Overall, while Canada’s vast geography can be a challenge, targeted infrastructure development is a positive catalyst that can turn previously stranded mineral assets into viable opportunities.

Exploration spending in Canada has been on an upswing, bolstered by strong commodity markets and supportive public policy. In 2022, mineral exploration and deposit appraisal expenditures in Canada totaled roughly $4.1 billion, a notable increase from prior years. This upward trend has been driven by high metal prices (e.g. multi-year highs in gold, copper, lithium) and supply concerns that make new discoveries more valuable. External factors such as supply disruptions (for instance, the war in Ukraine creating shortages in certain commodities) have also prompted increased exploration budgets, a trend that was expected to continue into 2023. Canada’s status as a top exploration destination remains intact, and global miners and juniors alike have been funneling capital into both traditional commodities (gold, base metals) and the newer critical mineral targets.

Crucially, Canada’s tax policy has been a powerful enabler of exploration investment. The country offers unique investment incentives that lower the effective cost of funding high-risk exploration programs. These measures have a direct influence on exploration spending and are a key reason Canadian junior mining equities attract interest from investors. Some of the major tools include:

• Flow-Through Shares: Canada’s flow-through share financing mechanism allows exploration companies to pass eligible exploration expenses to investors for tax deductions. In practice, the initial investor in flow-through shares can write off the amount invested against their income. This “made-in-Canada” financing tool contributes nearly 70% of all capital raised on Canadian exchanges for mineral exploration – a testament to how effective it is in channeling funds into the ground. For companies, it means access to risk capital; for investors (often high-net-worth or institutional in Canada), it means a combination of equity upside and tax benefits.

• Mineral Exploration Tax Credit (METC): In addition to the base flow-through deductions, the federal government provides a 15% tax credit on flow-through investments related to grassroots exploration. This METC is a non-refundable credit that investors can apply against federal taxes owed, further enhancing the appeal of flow-through shares. The METC has existed for years as a temporary measure and was most recently extended through March 2025 (having been extended repeatedly due to its importance in sustaining exploration). Essentially, an investor in a qualifying flow-through share gets both a 100% deduction and an extra 15% credit, significantly reducing the after-tax cost of the investment.

• Critical Mineral Exploration Tax Credit (CMETC): Announced in the 2022 federal budget, the CMETC doubles the federal tax credit rate for specified critical minerals. Investments in flow-through shares for qualifying critical mineral projects receive a 30% tax credit, in place of the usual 15%. This incentive applies to minerals deemed critical (for example, lithium, cobalt, nickel, graphite, rare earths, copper among others) and is slated to last for a five-year period (through 2027). The introduction of the CMETC has made critical mineral exploration projects even more attractive to investors, effectively giving a larger tax refund for backing these strategic commodities.

It is worth noting that several provinces offer additional incentives on top of these federal programs. For instance, Quebec’s flow-through regime allows investors to deduct up to 120% of certain exploration costs, and provinces like Ontario and British Columbia provide their own flow-through tax credits. These layers of incentives can substantially improve the economics of investing in exploration, thereby encouraging higher exploration spending in Canada than might otherwise occur.

From an investor’s perspective, the net effect of these policies is that Canada is one of the most favorable jurisdictions in the world for financing early-stage mineral exploration. Exploration companies benefit by raising capital on better terms (often at a premium share price because of the tax deductions attached), and investors benefit by sharing in exploration upside while mitigating downside risk through tax relief. This virtuous cycle has kept Canada’s exploration sector vibrant. It also means that even during periods of market uncertainty, Canadian juniors can often tap domestic financing to continue work – an important consideration when assessing the longevity and financial health of these companies. Looking at recent data, the increased exploration outlays on critical minerals (partly attributable to the new 30% tax credit) confirm that tax policy is effectively steering capital into the commodities Canada deems strategically important.

Ground-breaking studies by leading experts say 6.2 trillion tonnes of natural hydrogen gas lies buried in rocks and underground reservoirs located beneath the earth’s surface.

Experts say that just a fraction of that amount has the potential to break our dependence on fossil fuels for 1,000 years. Industry data suggests that natural hydrogen can be extracted cleanly and sold for under US$1 per kilogram while leaving no carbon polluting footprint.

It helps to explain why investment in hydrogen projects is forecast to reach US$407.34 billion by 2050 (Source IEA (2021), Global Hydrogen Review. Hydrogen has the potential to be the fuel of the future because it is light, storable, energy-dense and can be developed to provide clean energy.

It also helps to explain the growing investor interest in white hydrogen, a naturally occurring hydrogen that accumulates naturally underground, generated by geological processes. It can be produced using proven engineering practices with minimal environmental impacts and has a small footprint compared to other exploration activities. As a replacement for carbon-based fuels, naturally occurring hydrogen offers significant cost and emissions advantages relative to other sources of hydrogen production.

Australia’s Gold Hydrogen Ltd. [GHY-ASX] was one of the first companies in the world to prove that high levels of both natural hydrogen and helium exist underground. This has been achieved at its Ramsay Project on the Yorke Peninsula in South Australia, a 100% owned exploration project covering 75,000 square kilometres of permitted tenement.

The two sites drilled so far were identified after South Australian State Department geologists’ reports were uncovered from the 1920s and 1930s. This showed natural hydrogen, which they had no use for back then, had been found while exploring for oil. More than a century later, the company has looked at those results with a new understanding that naturally occurring hydrogen could be the key to unlocking a revolutionary low-cost fuel source with huge implications for net zero carbon goals. In 2023/24, the company reported finds of natural hydrogen up to 95.8% purity and helium up to 36.9% purity. In a major boost to the company, traces of the extremely rare and valuable variant Helium3 were found in the latest samples. Data from the two test sites has been matched with seismic and other survey results to identify up to five new sites that will be drilled in 2025. Successful results will lead to completion of a pilot project with the aim of commercializing both gases.

Meanwhile, one of the world’s richest men – Bill Gates – is continuing to back the hunt for natural hydrogen with another significant investment in a start-up. Gates’ Breathrough Energy Ventures has joined a US$3.4 million fundraise in French company Mantle8, one of a cohort of companies racing to find natural hydrogen. Interest in the sector is ticking up. In January, natural hydrogen startup Snowfox, a spinout from the University of Oxford, said it had raised an undisclosed sum from mining conglomerate Rio Tinto Plc [RIO-NYSE], and oil and gas major BP. In the U.S., Koloma, raised US$245 million in 2023 – the industry’s largest round to date – including backing from Gates’ Breakthrough Energy Ventures.

Quebec Innovative Materials Corp. [QIMC-CSE, QIMCF-OTC, 7FJ-Frankfurt] is advancing its ambitious U.S. natural hydrogen strategy through the creation of Orvian Natural Resources I LLC, a special purpose vehicle dedicated to developing clean, naturally occurring hydrogen projects across the United States. In partnership with Swiss company Black Tree Energy Group [BTEG], the initiative leverages QIMC’s proprietary expertise, proven exploration methodologies, and successful track record in identifying and securing natural hydrogen reserves in Ontario, Quebec, and Nova Scotia.

Natural hydrogen is a clean and cost-effective alternative to fossil fuels that has increasingly attracted attention from investors due to its potential to significantly lower global carbon emissions. Recent industry data highlights the economic viability of naturally occurring hydrogen, which can be produced at under US\$1 per kilogram, offering substantial competitive advantages over conventional hydrogen production methods.

The aim is to utilize the global reach and industry connections of BTEG which is involved in multi-billion-dollar projects (mostly natural gas) in the energy space in Croatia, Albania and the United States. As a joint equity partner with QIMC in Orvian Natural Resources, BTEG would aim to attract global energy companies who are willing to fund hydrogen exploration in return for a share of future revenue.

Following the announcement of the partnership, investor confidence was evident, with QIMC’s shares rising notably from 14 cents to 18 cents. The company continues to build momentum, underpinned by its ongoing 5,000-metre drilling campaign in St.-Bruno-de-Guigues, Quebec, strategically designed to characterize key geological structures critical to natural hydrogen accumulation and migration.

The U.S. expansion plan comes after QIMC has already secured the rights to hydrogen claims in Quebec, Ontario and Nova Scotia based on the advice of the Institut National de la Recherche Scientifique (INRS) following years of research by Professor Richer-LaFleche, Scientific Head of Applied GeoScience Laboratory at INRS.

Professor Richer-LaFleche indicated to QIMC, which areas his research model pointed to, based on research papers that had come from Australia where he noticed a lot of similarities in terms of rock type and fault systems.

There are three large main claim groups in Quebec that match the criteria [established by Professor Richer-LaFleche’s research] and QIMC has staked them all. They include the Ville Marie Hydrogen Project, the Lac St Jean Hydrogen Project, and the Gaspe Bay Hydrogen Project.

The company said the Phase 1 program will consist of strategically planned shallow 30 to 35 degrees stratigraphic drilling reaching vertical depths of 500 to 800 metres. This approach aims to maximize geological insights by extensively sampling and documenting local sedimentary rock formations. Key objectives of the drilling include thoroughly characterizing geological features, investigating the local faulting and fracturing systems that lack surface visibility due to a thick layer of overburden, and critically assess permeability and porosity within fractured geological formations. The company said these fractures are considered essential conduits for the advective migration and accumulation of natural clean hydrogen.

QIMC CEO John Karagiannidis highlighted the importance of this strategic milestone: “Our proprietary hydrogen model and unique exploration methodologies have demonstrated considerable success. Partnering and utilizing collective resources positions QIMC to rapidly scale and replicate our exploration achievements in the highly promising U.S. market.”

Russia plans to increase the production of graphite in years to come, that will take place through more active development of some of the country’s largest fields and the discovery of new ones.

As part of the plans is the development of Taiginskoye flake graphite deposit, one of Russia’s largest graphite fields, which is located in the Chelyabinsk Region, and which is being developed by a local Quarry LLC.

At present up to 89% of natural graphite production in Russia accounted for Taiginskoye field, while the remaining 11% came for the Kureyskoye amorphous graphite deposit (Krasnoyarsk Region), which is being developed by Krasnoyarskgrafit JSC.

At the same a further increase of production is expected to be achieved by the development of the Soyuznoye deposit, which is another major graphite field in Russia. It is located in the Jewish Autonomous Region and has the capacity of 40,000 tons of natural graphite per year. At present, the Far Eastern Graphite LLC enterprise is preparing for the industrial development of the Topolikhinsky section of the Soyuznoye deposit, the reserves of which are estimated at 12.4 million tons (48.2% of the total reserves of the Russian Federation).

At the same time, the Russian government continues a search of investors for a number of other domestic graphite fields. Among them are the Noginsk amorphous graphite deposit (Krasnoyarsk Krai), which is characterized by a high graphite content in its ores (79.6%), as well as three crystalline graphite deposits: Murzinskoye (Sverdlovsk Oblast), Bezymyannoye (Irkutsk Oblast), and Nadezhdinskoye (Yakutia).

Still, according to earlier statements made by Anatoly Nikitin, executive director of the association “NP “Mining Industrialists of Russia”, the biggest hopes of Russia in its graphite sector are related with Soyuznoye field.

Anatoly Nikitin comments:

“In terms of production potential, Soyuznoye ranks second in the world with reserves of 120 million tons, and a mineral content of almost 15%. Its graphite reserves will be enough for almost 300 years”.

According to him, the field has already been connected to the power grid, and the construction of the infrastructure necessary for the start of production has been completed at the quarry. The launch of production is scheduled for 2026, while the total investment volume is estimated at 9 billion rubles.

Most of future output from Soyuznoye will be sent for exports. That will be important, given the recently imposed restrictions on the supplies of graphite and other critical minerals to the global market by China.

In the meantime, the Russian government, from its side, plans to provide support to domestic graphite miners.

According to recent statements of Alexander Temnov, Deputy Director of the Department of State Policy and Regulation in Geology and Subsoil Use of the Russian Ministry of Natural Resources and Environment, that involves the introduction of licensing of critical deposits, the development of preferential regimes for companies involved in graphite mining and processing activities and stimulation of domestic graphite demand.

As Temnov has also added, Russian graphite miners and processors should use the experience of China, where local manufacturers (which overall number exceeds 70 enterprises, providing almost 70% of the global supply of graphite), in recent years have consolidated their position and developed the common rules of a game. That ensured their active development in both global and domestic markets.

Temnikov continued:

“As for Russian manufacturers, so far, they have not yet been able to present a clear development program. There are certain ideas, developments, but we have not yet seen any systemic work that would deserve our attention also in terms of state co-funding. We will probably have to formulate it together”.

It is expected, successful implementation of these plans will allow Russian graphite producers to completely meet the domestic demand for graphite and to increase its exports.

In recent years Russia has significantly reduced its graphite exports, which declined from 4,000-5,000 tons per year in the last decade to only 1000-1500 tonnes at present. In contrast, imports have significantly increased and amounted to about 5,000 tonnes. The main exporter of natural graphite in Russia is Taiginsky GOK.

The economic policies of the Trump Administration appear to be the gift that keeps on giving to the global gold market. Gold has recently been on a volatile run after hitting a record high above US$3,500 an ounce on April 22, 2025. Gold sector explorers and developers have reaped the benefits by announcing oversubscribed financings and impressive stock price gains.

The ride to record territory coincided with news that U.S. President Donald Trump had threatened to fire U.S Federal Reserve Board Chairman Jerome Powell, a move that, analysts say, would send markets into a tailspin, further eroding confidence in U.S. government bonds, which are needed to fund U.S. debt. A reversal in the price of gold followed an about face from the President, who had previously called Powell “a loser,” saying he has been too slow to lower interest rates.

Aside from the Federal Reserve controversy, analyst say the yellow metal is benefitting from mounting confusion over the Trump tariffs, which have sparked a flight to safety assets amid mounting confusion over his tariff agenda. Gold has long been considered a safe haven in times of uncertainty.

Trump’s trade policies have sowed deep uncertainty, after he paused import levies on a suite of consumer electronics, including smart phones to memory chips, a move that delivered temporary respite for stock markets.

However, published reports say one corner of the market suggests that the gold rally is showing signs of exhaustion. It’s a reference to the fact that investors pulled US$1.27 billion from the SPDR Gold Shares ETF on April 22, 2025, its biggest one-day outflow since 2011. That came just as bullion touched an all-time high, signaling that some profit taking may have been at play. The SPDR Gold Shares ETF is one of the world’s largest physically backed gold ETFs and often serves as a proxy for institutional demand in U.S. markets. Sudden shifts in its assets tend to offer a reliable read on sentiment in the broader gold trade. A similar outflow in 2011 coincided with gold’s previous super-cycle peak, marking the start of a prolonged consolidation period that bullion only broke out of in 2020.

Still, the gold rally has undoubtedly been good for gold equities such as Freegold Ventures Ltd. [FVL-TSX], G2 Goldfields Inc. [GTWO-TSXV, GUYGF-OTCQX], Founders Metals Inc. [FDR-TSXV] and Skeena Resources Ltd. [SKE-TSXV, SKREF-OTCQX, RXFB-FRA]. Novagold Resources Inc. [NG-TSX, NYSE American] jumped 36% (April 22, 2025) on news that the company is teaming up with billionaire investor John Paulson to purchase partner Barrick Gold Corp.’s [ABX-TSX, GOLD-NYSE] 50% stake in the Donlin Creek Gold project in Alaska for US$1.0 billion in cash. Paulson is a renowned gold bull. Paulson & Co has interests in NovaGold, Seabridge Gold Inc. [SEA-TSX, SA-NYSE] and Equinox Gold Corp. [EQX-TSXV, EQXGF-OTC].

Juggernaut Exploration Ltd. [JUGR-TSXV, JUGRF-OTCQB, 4JE-FSE] CEO Dan Stuart sees more upside for gold. “We should see US$4,000 an ounce this year,” he said. Stuart believes gold will be driven higher by U.S. tariffs, lower interest rates and global instability. “The world is upside down four times over,” he said.

The prediction comes as glacial abatement, a phenomenon caused by global warming, is creating opportunities for Juggernaut, an explorer and generator of precious metals projects in the prolific Golden Triangle of northwestern British Columbia.

Due to strong demand from institutions and accredited investors, Juggernaut recently said it is aiming to raise over $9.5 million from an upsized financing that is backed by a strategic investment by Crescat Capital Funds LLC and technical support from Dr. Quinton Hennigh,

Proceeds of the financing will be used to fund exploration at Juggernaut’s Big One property where early-stage discoveries, including the “11-kilometre Highway of Gold,” have been uncovered in an area of glacial and snowpack abatement next door to gold-rich porphyry systems at Newmont Corp.’s [NGT-TSX, NEM-NYSE, ASX, PNGX] Galore Creek property.

The 33,693-hectare Big One property is getting attention for a number of key reasons. It is known to contain over 200 gold-silver copper-rich polymetallic veins measuring up to 8.0 metres wide and striking for up to 500 metres.

Rock samples extracted from some of the veins assayed up to 79.01 g/t gold, and 3,157.89 silver.

Secondly, exploration at the Big One is led by Project Manager Bill Chornobay and Chief Consulting Geologist Lele Lazzarotto. Both were instrumental in

Goliath Resources Ltd.’s [GOT-TSXV, GOTRF-OTCQB, B41F-FSE] Surebet gold discovery, which is also located in the Golden Triangle.

With Juggernaut shares trading at 76 cents (on April 25, 2025) in a 52-week range of $1.30 and 45 cents, investors are betting that as the glaciers melt, they are going to reveal some incredible mineral discoveries.

It is why the company is planning to spend about $6.0 million to drill high some of the high-grade veins located on the Big One property.

Exploring on a glacier is a tough and expensive proposition. But now that the glaciers are receding, vast new areas are opening up and exploration is becoming a lot more feasible.

One of the most exciting discoveries at Big One is the Highway of Gold, an 11-kilometre stretch of newly exposed rock on the edge of the Geology Ridge Ice Field and the Decker Creek Glacier. It is part of a larger system known as the Eldorado System, covering about 7.5 square kilometres. It is located an area that contains over 200 gold-silver-copper-rich polymetallic veins.

It is worth noting that the Big One property does not exist in isolation. it is part of the same forces that gave rise to large gold deposits at Galore Creek, KSM and Brucejack. In an interview, Stuart said the property is right beside an airstrip and the Federal Government is spending $45 million to build a road to the Galore Creek project. The road is located just 12 kilometres from the Big One property.

Meanwhile, Juggernaut said it welcomes strategic investment from Crescat Capital and technical support from Dr. Hennigh.

“The Big One gold-silver project has a very similar feel to Goliath Resources’ Surebet gold discovery,” Hennigh said. “Early indications suggest there is a genetic association of veins with late-stage magmatism in the area, an association seen at Surebet,” Hennigh said. “This season has a clear mandate to follow up on these results with detailed mapping and channel sampling, much like Goliath did during the early days of the Surebet discovery,” he said. “The company’s mission is to get as many targets as possible ready for drill testing either late season or for 2026,” he said. “I am very eager to see if a new “Surebet” type discovery is in hand.