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Table of Contents
Quick Takeaways
Short on time? Here is the week in three lines.
Franco Nevada: Bought 10 million Kenorland shares at $2.22 each, a 12.42% stake worth $22.2 million.
Barrick: Tanzania renewed the North Mara special mining licences for 15 years.
Critical Metals: Greenland approved the Tanbreez mining and closure plans for 19 elements through Sept 2050.
The News: Franco Nevada (TSX, NYSE: FNV) bought 10 million Kenorland Minerals (TSXV: KLD) shares at $2.22 each from John Tognetti and CEO Zach Flood.
Why It Matters: The shares came from existing holders, so Kenorland got no new cash, but a royalty leader taking a double digit stake endorses a generator holding a 4% royalty on the Frotet project.
Outlook: Franco Nevada has no current plan to buy or sell more, and early warning reports will be filed on SEDAR+.
The News: Tanzania renewed the special mining licences for Barrick's North Mara gold mine for another 15 years, Barrick announced Oct 5.
Why It Matters: The renewal removes tenure risk at a mine whose first half output fell 47% to 68,000 ounces, with all in sustaining costs up 79%, according to Mining.com.
Outlook: North Mara needs 132,000 to 162,000 ounces in the second half to hit its 200,000 to 230,000 ounce guidance.
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The News: Greenland approved the Mining Plan and Closure Plan for Critical Metals Corp.'s Tanbreez project, covering 19 elements through Sept 8, 2050.
Why It Matters: Critical Metals trades on the Nasdaq (CRML), not a Canadian exchange, but this clears a major permitting gate for one of the larger heavy rare earth projects outside China.
Outlook: Construction needs further operating permits and posted financial security, and the company gave no timeline.
Other Important News
Perseverance Metals (TSXV: PMI): Closed an $11.8 million placement at $0.65 per share with Teck and Altius Minerals among the buyers.
Canoe Mining Ventures (TSXV: CLV): Closed a C$9.1 million upsized subscription receipt financing, beating its C$6.2 million minimum.
NovaGold (TSX: NG): Mailed its circular for a Nov 3 vote to lift its Donlin Gold stake from 60% to 100%.
Omai Gold Mines (TSXV: OMG): Filed the technical report behind its Aug 19 PEA, which shows a $4.0 billion after tax NPV at $3,600 gold.
Disclaimer: This article is published by Mining Front for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. This commentary is independent and has been prepared without compensation from any of the companies mentioned, and neither Mining Front nor its contributors hold positions in the securities discussed as of the time of this publication, unless explicitly disclosed. Investing in the mining sector is highly speculative and involves substantial risks, including the potential loss of principal; forward looking statements, resource estimates, and production projections are subject to material market and technical uncertainties and should not be relied upon as guarantees of future performance. Readers should conduct their own independent due diligence and consult with a licensed financial advisor before making any investment decision; please read our full legal disclaimer at our Disclaimer Page for further information.
