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A major gold producer just doubled down on a Suriname junior, and financings keep stacking up across Canadian gold and critical minerals. Here's what actually moved this week.
Quick Takeaways
Short on time? Here is the week in three lines.
Founders Metals Inc. (TSXV: FDR) closed a $77 million strategic investment from Gold Fields, taking full ownership of its Antino Gold Project in Suriname.
First Mining's $50 million bought deal to Osisko's new $100 million special warrant raise and Stardust's $12.6 million placement.
Ottawa and Washington both leaned into critical minerals, spotlighting nearly $2 billion in Sudbury nickel investment and a $450 million US tungsten supply chain deal.
The News: Founders Metals Inc. (TSXV: FDR) completed its buyout of the remaining 30% of Lawa Gold from Nana Resources, giving it a full, royalty free interest in the Antino Gold Project in Suriname, and closed a C$77 million strategic investment from Gold Fields.
Why It Matters: Gold Fields now holds close to 20% of Founders after this round, a strong signal of confidence from a senior producer in a land package spanning more than 100,000 hectares, and it leaves Founders well funded to keep drilling.
Outlook: Watch for fresh exploration results across Antino's known targets now that Founders controls the project outright, and for any further moves by Gold Fields to grow its position.
The News: First Mining Gold Corp. (TSX: FF) arranged a bought deal offering with a syndicate led by Haywood Securities, ATB Cormark, and National Bank Financial for gross proceeds of $50 million, expected to close around September 24.
Why It Matters: The financing backstops two of Canada's largest undeveloped gold projects, Springpole in northwestern Ontario, which already cleared its federal environmental assessment, and Duparquet in Quebec's Abitibi region.
Outlook: Watch the closing date and whether underwriters exercise their option for up to 15% more shares, which would push proceeds toward $57.5 million.
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The News: Osisko Metals Incorporated (TSX: OM), through its new subsidiary Osisko Critical Minerals Corporation, launched a private placement of special warrants for gross proceeds of $100 million, led by Canaccord Genuity, with closing expected around November 17.
Why It Matters: The raise is earmarked for exploration across roughly 645 square kilometers of copper prospective ground in New Brunswick, positioning the new company as a well funded entrant in a district with geology comparable to the nearby Gaspe Copper Project.
Outlook: Closing still depends on a final prospectus and TSX Venture Exchange approval, so watch for the go public transaction to complete and for early drill results once the financing closes.
Other Important News
A quick rundown of assay results also released today:
Cadillac Mines Corporation (TSX: CADY): Closes Larder Property acquisition, growing its Abitibi land package past 27,000 hectares.
Natural Resources Canada: Marks a $2 billion investment milestone at Glencore's Craig Mine near Sudbury.
Perseverance Metals Inc. (TSXV: PMI): Upsizes its private placement to up to $10 million for Voyageur project drilling in Michigan.
GoldHaven Resources Corp. (CSE: GOH): Highlights the US Department of War's $450 million tungsten investment in The Elmet Group.
Stardust Metal Corp. (TSXV: ZIGY): Announces up to $12.6 million financing with a lead order from a regional producer.
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