Jim's Mining Letter - January 23, 2025

Founders Metals (FDR.V FDMIF 9DL0.F) announced a new high-grade gold discovery at the Van Gogh zone within the Antino gold project in Suriname, offering a substantial increase in gold production. The discovery, 1.8 kilometres west of the Lawa prospect, showed 17.8 meters of 5.68 grams per tonne gold in initial channel sampling, indicating a high-grade gold presence. Assays of additional grab samples ranged from 1.5 grams per tonne to 66.8 grams per tonne, highlighting the potential for high-grade deposits. The new zone is part of an emerging multi-kilometre gold trend parallel to the main Antino structure, with current mapping showing the structure extending over 300 meters along strike. The company has initiated a 60,000 meter drilling program for 2025, focusing on this and ten other high-priority targets, aiming to expand known mineralization and explore new areas. The ongoing exploration and upcoming drilling campaigns are fully funded, positioning Founders Metals for a productive and exciting year of development and potential new gold discoveries…more

Amaroq Minerals (AMRQ.V AMRQ.L AMRQF 72Q.F) announced that it has secured the Johan Dahl Land licence, expanding its footprint in the South Greenland Copper Belt. The addition underscores the region's potential for significant copper-gold mineralization and enhances the company's already substantial land holdings. Amaroq’s land portfolio in South Greenland now totals 6,800 km2, with 3,147 km2 in the copper-rich South Greenland Copper Belt. The new licence includes the promising Ukaleq target, where initial explorations have uncovered high gold grades up to 12.3 grams per tonne gold and copper grades up to 5.1% copper. Geochemical analyses suggests the presence of an intermediate-to-high sulphidation epithermal system, indicating significant potential for copper, gold, and silver extraction. Planned exploration activities for 2025 include detailed geophysical surveys, advanced geochemical sampling, and regional exploration to identify more mineralized systems…more

Greatland Gold (GGP.L GRLGF G8G.F) announced a successful start to production at Telfer with significant gold and copper output in December following completion of its acquisition. The company also executed a major debt finance agreement to support its operations. Last month, Telfer produced 29,864 ounces of gold and 1,189 tonnes of copper, resulting in a gold equivalent production of 33,882 ounces. Dual train processing operations resumed immediately upon acquisition, processing 1,466,000 tonnes of ore in December. Mining activities included 639,000 tonnes of ore from the West Dome Open Pit and 95,000 tonnes from Telfer Underground. Stockpile estimates at the end of December included 10.9 million tonnes of run of mine stockpiles containing 247,000 ounces of gold and 7.600 tonnes of copper, and 24.5 million tonnes of low-grade stockpiles containing 262,000 ounces of gold and 12,200 tonnes of copper. A $100 million syndicated facility agreement was executed with ANZ, HSBC, and ING to enhance liquidity and support continued operations…more

Teck Resources (TECK TECK-A.TSX TECK-B.TSX TPT.F) announced that it plans to invest up to $3.9 billion over the next four years to nearly double its copper output to 800,000 tonnes annually by 2030. The focus will be on expanding the Quebrada Blanca mine in Chile, which contributed significantly to the company’s 50% increase in copper production last year. In Canada, Teck will spend $1.3 to $1.4 billion to extend the life of the Highland Valley copper mine into the mid-2040s. The company is also progressing with the Zafranal project in Peru and the San Nicolás project in Mexico, with potential significant copper and zinc outputs. Teck’s growth strategy includes enhancing low-complexity projects to meet increasing copper demand, aligning with global economic growth and renewable energy sector needs…more

Sovereign Metals (SVM.ASX SVML.L SVMLF SVM.F) announced that it has completed an optimised pre-feasibility study for its Kasiya rutile-graphite project, reaffirming its potential as a leading global supplier of critical minerals. The study, enhanced by technical input from Rio Tinto, projects substantial operational and financial performance. The study projects a total life of mine revenue of $16.4 billion with an operating cost of $423 per tonne and a pre-tax NPV of $2.3 billion. Annual average EBITDA is expected to be $409 million, with a capital expenditure of $665 million required to reach first production. The project anticipates producing an average of 222,000 tonnes per annum of high-grade rutile and 233,000 tonnes per annum of high-purity graphite, positioning Sovereign as a potential global leader in these minerals. The project is highlighted by its strategic importance, with both rutile and graphite designated as critical minerals by the USA, EU, and recently by NATO for defence purposes…more

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