Jim's Mining Letter - December 19, 2024

Amaroq Minerals (AMRQ.V AMRQ.L AMRQF 72Q.F) announced the closing of its fundraising which raised gross proceeds of approximately £27.5 million (C$49.0 million, ISK 4.8 billion) through a placing of 9,150,927 shares pursuant to the UK placing, 20,100,648 shares pursuant to the Icelandic placing, and 2,783,089 shares pursuant to the Canadian subscription. Net proceeds will be used to strengthen the company’s working capital position whilst Nalunaq is in commissioning phase and accelerate growth opportunities within the company’s portfolio of assets in Greenland. Specifically, the net proceeds will be to fund further resource drilling at Nalunaq to expand resource and provide mining flexibility, further exploration drilling at Nanoq to define resource potential and the development opportunity, investments in mining equipment, other facilities and green energy production to further optimise operations in Nalunaq, and advancement of the company’s strategic portfolio, alongside JV partners with further target exploration, and to provide additional working capital. Director Eldur Olafsson participated, acquiring a total of 582,690 shares representing gross proceeds of approximately £0.50 million (C$0.89 million, ISK 88.2 million), director Sigurbjorn Thorkelsson participated, acquiring a total of 1,165,382 shares representing gross proceeds of approximately £1.00 million (C$1.78 million, ISK 176.4 million) and director David Neuhauser also participated, acquiring a total of 116,538 new common shares representing gross proceeds of approximately £0.10 million (C$0.18 million, ISK 17.6 million)…more

Collective Mining (CNL CNL.TSX GG1.F) announced that it has discovered high-grade subzones in Apollo and drilled the best hole ever, intersecting 150.55 metres at 6.16 grams per tonne of gold equivalent within 534.40 metres at 2.70 grams per tonne of gold equivalent. Two additional holes to test the newly modelled high-grade subzones have been completed. Both holes intersected the projection of the newly modelled subzones and cut significant sulphide mineralization over broad intervals with assay results expected in early Q1, 2025. Drilling in 2025 will systematically test the vertical extent of the new modelled high-grade subzones, which cover more than 1,000 vertical metres, as they have the potential to significantly increase the overall grade profile of the Apollo system. The company currently has four drill rigs operating as part of its fully funded and on-schedule 40,000-metre drilling program for 2024. A fully funded 60,000-metre drill program is planned for 2025, which will be the largest drilling campaign in the history of the company…more

Rainbow Rare Earths (RBW.L RBWRF RR1.F) announced that its interim economic study confirms Phalaborwa as one of the highest margin rare earth projects in development today with a post tax NPV10 of $611 million. Updated up-front capital cost is $326 million. The interim study is based on a project life of 16 years, processing an average of 2.2 million tonnes of phosphogypsum per annum. The overall recovery rate of magnet REE is stated at 65% based on the pilot campaign undertaken in 2023 to 2024, with c.1,900 tonnes of magnet REO production annually. Phalaborwa's operating cost is considerably lower than traditional rare earth projects as the phosphogypsum material is already sitting at surface in a chemically cracked form, which eliminates the cost and risk of mining, hauling, crushing, grinding, flotation, and cracking. This favourable profile positions Phalaborwa as the highest margin rare earth project in development today outside of China…more

Lion One Metals Limited (LIO.V LLO.ASX LOMLF LY1.F) reported significant new high-grade gold results from Zone 5 infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. Drill results include multiple bonanza grade gold assays such as 1517.79 grams per tonne, 513.50 grams per tonne, 113.76 grams per tonne, 137.50 grams per tonne, and 115.25 grams per tonne. These results are all located proximal to underground development in the near-surface portion of the mine and drilling was focused on the up-dip and down-dip areas of the UR2 and URW3 lodes…more

Sailfish Royalty (FISH.V SROYF) announced that the company has entered into a share purchase agreement with Advance Metals pursuant to which Sailfish has agreed to sell to Advance all of the issued and outstanding shares of Swordfish Silver, which holds the mineral rights in and to the silver exploration project located in the Municipality of San Dimas, State of Durango, Mexico, known as the Gavilanes property. As consideration, Advance shall make a cash payment to Sailfish in the amount of $50,000, issue to Sailfish 16,800,000 fully paid ordinary shares, issue to Sailfish an additional 16,800,000 shares upon achieving a 30 million ounce resource at 300 grams per tonne silver equivalent or greater from the property on or before 5 years following the closing date, issue to Sailfish a further 16,800,000 shares upon achieving a 60 million ounce resource at 300 grams per tonne silver equivalent or greater from the property on or before 5 years following the closing date, and grant to Sailfish a 2.0% net smelter return royalty in respect of all mineral production from the area within the boundaries of the property. In addition, on and from the closing date until the date which is five years thereafter, Advance has agreed to incur a minimum of $2,000,000 in exploration expenditures on the property.

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