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Golden Metal Resources #GMET – US Funding Strategy
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, announces the Company’s strategy relating to funding opportunities that are available through the US Government. The Company intends to pursue this strategy with a particular focus on seeking non-dilutive government supported grant funding for its flagship 100% owned Pilot Mountain Project (“Pilot Mountain” or the “Project”).
Highlights:
– The Company considers that Pilot Mountain hosts the largest known undeveloped tungsten resource in the US.
– The US is currently without any domestic primary tungsten production with their largest import partner for the critical defense metal being China. Beginning January 2026, the US Department of Defense (DOD) is banning the use of mined tungsten from China, Russia, North Korea and Iran in defence procurement.1
– Golden Metal recently signed a tungsten concentrate off-take letter of intent with Global Tungsten & Powders LLC, a leading United States supplier of tungsten powders and semi-finished parts.
– As a result of the above, the Company believes it is in a strong position to seek out non-dilutive grant funding. If Golden Metal were to receive such funds, it would enable exploration and development at Pilot Mountain to be accelerated.
– Golden Metal is actively working with Mrs. Chang Turkmani, who on 5 June 2023 was officially engaged as Strategic United States Government Advisor, on how to shape its general strategy as it relates to further increasing the profile of Golden Metal Resources and Pilot Mountain within the US and abroad.2
Next Steps:
– Golden Metal has commenced the application process for a short list of relevant grant programmes identified by the Company’s management team, alongside Mrs. Turkmani, from the available Company-eligible funding opportunities.
– Some grants targeted by the Company are applied for by way of an unsolicited application process, meaning Golden Metal can neither disclose which grants have or will be applied for nor the expected timing of an award.
– Securing non-dilutive financial support for Pilot Mountain remains a priority of the Company, and all endeavours are being made in this respect to give Golden Metal the best chance of achieving this goal.
– As soon as it is possible to do so, Golden Metal will provide the market with updates as it relates to progress made towards securing non-dilutive grant funding, which would allow the Company to fast-track exploration and development at its flagship Pilot Mountain Project – with the ultimate goal of establishing Pilot Mountain as the only domestic US primary mined source of tungsten.
Oliver Friesen, CEO of Golden Metal, commented:
“While at this time we cannot disclose many details about our strategy as it relates to government funding opportunities, the recent appointment of Mrs. Turkmani should clearly signify to the market the endeavours we are making on this front.
“The time for the United States to reduce its reliance on other countries for their imports of critical and defence metals is now, and we at Golden Metal strongly believe that as 100% owners of what we consider is the largest undeveloped tungsten deposit located on US soil, we can be a part of this urgent process.
“Targeting non-dilutive funding is a critical focus of the Company. However, minimal updates will be given for the time being, as such disclosure may interfere with our ongoing endeavours in this regard. However, it is important for our investors to know that, while this key part of the business ticks away in the background, we will continue pushing forward exploration and development across the portfolio at pace.”
Notes and References
1https://www.jdsupra.com/legalnews/department-of-defense-expands-scope-of-8754647/
2https://www.londonstockexchange.com/news-article/GMET/appointment-of-strategic-advisor-issue-of-shares/15985547
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
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Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
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Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
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First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
#TYM Tertiary Minerals PLC – Chairman’s AGM Statement
I look forward to welcoming shareholders at our AGM today where, after the close of formal business, I will be giving a presentation on the Company’s projects. This presentation is now live on the Company’s website.
Our focus is fixed firmly on copper exploration in Zambia and Nevada, USA. Copper is the number one energy transition metal, yet, being an established industrial metal, it is often overlooked in the scramble for other battery metals such as lithium. Copper is the workhorse of the energy transition where its properties of high conductivity, ductility, efficiency and recyclability are essential in wind turbines, solar energy installations, energy storage and, of course, electric vehicles. It is our view that copper is most likely to survive the evolution of battery technologies which may be at the expense of some of the more novel commodities.
To underline this view, we were pleased to see late last year the Gates, Bezos and Branson backed Breakthrough Energy Ventures company Kobald Metals announce a £150m investment at the end of 2022 into the development of the Mingomba copper deposit adjacent to our Konkola West Project in Zambia.
Konkola West is one of five copper projects in Zambia where Tertiary has an interest and is targeting deep down-dip extensions of the contiguous Musoshi-Lubambe-Mingomba-Konkola copper deposits which host the Musoshi Mine in the Democratic Republic of the Congo and the Lubambe Mine and Konkola mines in Zambia. Together these deposits define a continuous zone of mineralisation over 15km long with a pre-mining endowment of over 775 million tonnes grading 2-3% copper.
The Company’s interests in Zambia have been acquired in an agreement with local Zambian company, Mwashia Resources Ltd. The portfolio includes the Jacks Copper Project where the Company completed soil sampling and drilling in 2022 and where further drilling is planned in 2023. It also includes the Mukai and Mushima North project areas where the Company has a Data Sharing and Technical Cooperation Agreement with major Zambian and global copper producer First Quantum Minerals (“FQM”).
FQM has now completed the transfer to the Company of its extensive and valuable historical data for these two projects and we are set to benefit from FQM’s extensive and in-depth country experience, gained over many years of exploration and mine development in Zambia.
The Mukai Project Exploration Licence is located in Zambia’s North-Western Province and is directly adjacent to FQM’s Trident Project, which includes the large Sentinel Copper Mine and the recently opened Enterprise Nickel Mine. The Mushima North Exploration Licence, in the Kasempa District, is also in an active FQM exploration area and is prospective primarily for iron-oxide-copper-gold (IOCG) mineralisation.
Now that we have started work to evaluate the FQM datasets, a number of exciting exploration targets are emerging. We hope to reveal more about this in the near future and in the meantime we are busy planning field programmes to start within the next couple of months as soon as the wet season ends.
The Zambian government has big ambitions for its copper industry and is instigating a more attractive fiscal regime to promote these ambitions. As a result, a number of other major mining companies, such as Anglo-American and Rio Tinto, are once again exploring in Zambia.
In Nevada our focus in 2023 is on our drill-ready Brunton Pass Project. Here low-grade copper values occur over substantial widths together with gold indicator elements and define a target for copper skarn and porphyry copper mineralisation, as well as epithermal gold.
We believe that companies exploring for copper offer excellent value in the market compared with companies involved in other battery metals and with multiple drill programmes budgeted for 2023 we anticipate strong news flow.
We also believe that the Company is well positioned to achieve a substantial rerating for shareholders, and we look forward to seeing shareholders at the AGM and to reporting on further progress.
Patrick Cheetham
Executive Chairman
For more information:
Website: www.tertiaryminerals.com
Contacts:
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Tertiary Minerals plc: |
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Patrick Cheetham, Executive Chairman |
+44 (0) 1625 838 679 |
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SP Angel Corporate Finance LLP Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Harry Davies-Ball |
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Peterhouse Capital Limited Joint Broker |
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Lucy Williams |
+ 44 (0) 207 469 0930 |
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Duncan Vasey |
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#TYM Tertiary Minerals – Exploration Update – Nevada, USA
Tertiary Minerals plc is pleased to provide the following updates on its Brunton Pass & Pyramid Projects in Nevada, USA.
Brunton Pass Copper Project (100% owned)
- Trenching Programme to commence on or around 20 July 2022.
- Programme to comprise up to 950m of trenching in 11 separate trenches to test:
- Areas of outcrop containing up to 6.84% copper and 1.75 grammes/tonne (g/t) gold in separate chip samples.
- Multiple copper and gold soil geochemical anomalies defined in association with extensive skarn and hornfels alteration.
- Mercury soil geochemical anomalies in areas showing additional potential for epithermal gold and silver.
Pyramid Silver-Gold Project
- Project terminated following review of the drill results released on 13 April 2022 and in view of other project priorities.
- Termination will result in cash savings of over US$33,000 in lease and claim fees for the remainder of 2022 and over US$75,000 in 2023.
- Accumulated costs to be impaired (£361,379 as at 31 March 2022).
Commenting today, Executive Chairman Patrick Cheetham said: “We are continuing to focus on exploration for copper, the most widely used battery metal. The decision to terminate the Pyramid Project in Nevada was made in light of the impressive and recently reported drill results from our Jacks Copper Project in Zambia, the reporting of negative drill results from the Pyramid Project earlier this year and following a recent review of the Company’s priorities for expenditure in Nevada and Zambia. The funds saved will be applied to a trenching programme at our Brunton Pass Copper Project in Nevada where our systematic exploration to date has highlighted multiple soil geochemical anomalies and zones of copper-skarn mineralisation that require further evaluation. We remain committed to exploring in both Zambia and Nevada as this project and country diversification allows us to work year-round, with exploration access in Zambia being restricted during the southern hemisphere summer wet season.”
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cheetham, Executive Chairman | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLP
Nominated Adviser and Broker |
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| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital Limited
Joint Broker |
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| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||