Afternoon Briefing! - Ivanhoe Electric's PFS for Santa Cruz and more M&A in Explorers
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Monday, June 23rd.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Revival Gold.
Revival Gold is a pure gold, mine developer operating in the western United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at revival-dash-gold.com
And here’s what you need to know this morning…..
Ivanhoe Electric has posted its preliminary feasibility study results for the Santa Cruz Copper Project in Arizona. The project probable reserves now sit at 136 million tonnes at a grade of 1.08% copper totaling 1.5 million tonnes of contained copper supports a 23-year mine life. The economics of the project according to the study show an after-tax net present value of $1.9B and a 24% Internal Rate of Return with an initial capex of $1.24 Billion. The production profile would rank the project in the first quartile of unit cost of $1.32 per pound of copper, according to the company. Since the 2023 Initial Assessment Study, Ivanhoe Electric has invested more than $100 million in new drilling, advanced testwork, and extensive engineering studies to produce the Preliminary Feasibility Study. The Study incorporates data gathered from an additional 149 drill holes totaling nearly 120,000 meters, more than 250 trade-off studies, and hundreds of hydrogeological and metallurgical tests. (NYSE American: IE) (TSX: IE) News Release
Reyna Silver has been bought by gold producer, Torex Gold. The deal is an all-cash deal of approximately $26M based on an offer price of $.13 per share. Torex says the acquisition provides the company immediate access to new and exciting early-stage exploration projects. In connection with the Transaction, Torex agreed to purchase units of Reyna Silver for a total investment of $1.1 million in a non-brokered private placement that was agreed to concurrently with the execution of the Arrangement Agreement. (TSXV:RSLV) (OTCQ:RSNVF) News Release
Vizsla Silver announced it has entered into a US $100 million bought deal financing with Canaccord Genuity. A more than 33-million common shares at a price $3 per common share on on the book here. In the event that the Over Allotment Option is exercised in full, the total gross proceeds of the Offering will be US$115,002,300. The Company currently intends to use the net proceeds of the Offering to advance the exploration, drilling and development of the Company's Panuco Project, as well as for working capital and general corporate purposes as set out in the Prospectus Supplement. (TSX: VZLA) (NYSE: VZLA) News Release
Collective Mining says they have accelerated its agreement with the vendor of the Guayabales mining license and as a result will affect the transfer of 100% of the mining license into its name. The original agreement for the Guayabales mining license was signed between the Company and the vendor in June 2020 and entitled the Company to earn a 100% ownership in the exploitation phase mining license in 2032 by making a series of scheduled payments and committing to certain exploration expenditures. Under the amendment, the total financial consideration owed to the vendor remains the same as the original agreement, however, the payment schedule has been accelerated. (NYSE: CNL) (TSX: CNL) News Release
Ridgeline Minerals announced the commencement of its 2025 drill program at the Selena Carbonate Replacement project with partners South32. South32 has approved a Year-2 exploration budget of $3,450,000 to drill up to three deep core holes (4,500 metres total) targeting the highly conductive MT anomaly that was identified at the Chinchilla sulfide target. The anomaly plunges roughly 45 degrees north to south and is bound on both sides by a series of east verging thrust faults. (TSXV: RDG) (OTCQB: RDGMF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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