Latest news with #copper
Globe and Mail
2 hours ago
- Business
- Globe and Mail
Arizona Sonoran Announces Closing of C$51,750,000 Bought Deal Public Offering of Common Shares
Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) ('ASCU' or the 'Company'), is pleased to announce that the Company has closed its previously announced public offering of common shares of the Company (the 'Common Shares'), pursuant to which the Company issued, on a bought deal basis, 25,875,000 Common Shares, including 3,375,000 Common Shares issued pursuant to the exercise in full of the over-allotment option granted to the Underwriters (as defined herein), at a price of $2.00 per Common Share, for aggregate gross proceeds of C$51,750,000 (the 'Offering'). The Offering was completed pursuant to an underwriting agreement dated June 6, 2025 entered into among the Company and a syndicate of underwriters led by Scotia Capital Inc., as sole bookrunner, and including Canaccord Genuity Corp., Paradigm Capital Inc., Raymond James Ltd., Haywood Securities Inc., RBC Dominion Securities Inc., and Stifel Nicolaus Canada Inc. (collectively, the 'Underwriters'). The net proceeds of the Offering will be used to exercise buy-down rights in respect of NSR royalties on the Cactus Project, to fund potential land acquisitions related to the Cactus Project, for the completion of technical and engineering studies, and for working capital and general corporate purposes, all as further described in the Prospectus (as defined herein). It is anticipated that the net proceeds from the Offering will fully fund the Company through to a final investment decision at the Cactus Project, potentially in Q4 2026. The Common Shares were offered by way of a short form prospectus dated June 12, 2025 (the 'Prospectus') filed in each of the provinces and territories of Canada, except Quebec, and offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') and in those jurisdictions outside of Canada and the United States as agreed to by the Company and the Underwriters, in each case in accordance with all applicable laws and such that no prospectus, registration or other similar document was required to be filed in those jurisdictions. The Offering remains subject to the final approval of the Toronto Stock Exchange. Certain directors and officers of the Company subscribed for an aggregate 200,000 Common Shares for aggregate gross proceeds of $400,000. Each director and officer of the Company is considered an 'insider' of the Company and, as a result, their participation under the Offering is considered to be a 'related party transaction' for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. Specifically, the Company is exempt from the formal valuation requirement in section 5.4 of MI 61-101 in reliance on section 5.5(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves insiders, is not more than 25% of the Company's market capitalization. Additionally, the Company is exempt from minority shareholder approval requirement in section 5.6 of MI 61-101 in reliance on section 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves insiders, is not more than 25% of the Company's market capitalization. The securities have not been, and will not be, registered under the U.S. Securities Act, or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction. Neither the Toronto Stock Exchange nor the regulating authority has approved or disproved the information contained in this press release. About Arizona Sonoran Copper Company ( | ASCU is a copper exploration and development company with a 100% interest in the brownfield Cactus Project. The Cactus Project, on privately held land, contains a large-scale porphyry copper resource and a recent 2024 PEA proposes a generational open pit copper mine with robust economic returns. Cactus is a lower risk copper developer benefitting from a State-led permitting process, in place infrastructure, highways and rail lines at its doorstep and onsite permitted water access. The Company's objective is to develop Cactus and become a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders. The Company is led by an executive management team and board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise. Cautionary Statements regarding Forward-Looking Statements and Other Matters Forward-Looking Statements This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Offering, the receipt of regulatory approvals, the use of proceeds of the Offering, the net proceeds of the Offering being sufficient to fund the Company through to a final investment decision at the Cactus Project (including the timing of any such decision) and the future plans or prospects and objectives of the Company (including, but not limited to, those under 'About Arizona Sonoran Copper Company' in this press release). Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: market conditions; future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals; projected cash operating costs; or failure to obtain regulatory approvals. Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information include the risks, uncertainties, contingencies and other factors described in the 'Risk Factors' section of the Company's Annual Information Form dated March 27, 2025, as well as in the technical report for the Cactus Project filed on August 27, 2024 (the '2024 PEA Technical Report') and Management's Discussion and Analysis (together with the accompanying financial statements) for the year ended December 31, 2024 and the quarter already ended in 2025, all of which are available on SEDAR+ at Preliminary Economic Assessments The 2024 Preliminary Economic Assessment (or 2024 PEA) referenced in this press release and summarized in the 2024 PEA Technical Report is only a conceptual study of the potential viability of the Cactus Project and the economic and technical viability of the Cactus Project has not been demonstrated. The 2024 PEA is preliminary in nature and provides only an initial, high-level review of the Cactus Project's potential and design options; there is no certainty that the 2024 PEA will be realized. For further detail on the Cactus Project and the 2024 PEA, including applicable technical notes and cautionary statements, please refer to the Company's press release dated August 7, 2024 and the 2024 PEA Technical Report, both available on the Company's website at and under its issuer profile at
National Post
3 hours ago
- Business
- National Post
Arizona Sonoran Announces Closing of C$51,750,000 Bought Deal Public Offering of Common Shares
Article content TORONTO — Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) ('ASCU' or the 'Company'), is pleased to announce that the Company has closed its previously announced public offering of common shares of the Company (the 'Common Shares'), pursuant to which the Company issued, on a bought deal basis, 25,875,000 Common Shares, including 3,375,000 Common Shares issued pursuant to the exercise in full of the over-allotment option granted to the Underwriters (as defined herein), at a price of $2.00 per Common Share, for aggregate gross proceeds of C$51,750,000 (the 'Offering'). Article content The Offering was completed pursuant to an underwriting agreement dated June 6, 2025 entered into among the Company and a syndicate of underwriters led by Scotia Capital Inc., as sole bookrunner, and including Canaccord Genuity Corp., Paradigm Capital Inc., Raymond James Ltd., Haywood Securities Inc., RBC Dominion Securities Inc., and Stifel Nicolaus Canada Inc. (collectively, the 'Underwriters'). Article content The net proceeds of the Offering will be used to exercise buy-down rights in respect of NSR royalties on the Cactus Project, to fund potential land acquisitions related to the Cactus Project, for the completion of technical and engineering studies, and for working capital and general corporate purposes, all as further described in the Prospectus (as defined herein). It is anticipated that the net proceeds from the Offering will fully fund the Company through to a final investment decision at the Cactus Project, potentially in Q4 2026. Article content The Common Shares were offered by way of a short form prospectus dated June 12, 2025 (the 'Prospectus') filed in each of the provinces and territories of Canada, except Quebec, and offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') and in those jurisdictions outside of Canada and the United States as agreed to by the Company and the Underwriters, in each case in accordance with all applicable laws and such that no prospectus, registration or other similar document was required to be filed in those jurisdictions. The Offering remains subject to the final approval of the Toronto Stock Exchange. Article content Certain directors and officers of the Company subscribed for an aggregate 200,000 Common Shares for aggregate gross proceeds of $400,000. Each director and officer of the Company is considered an 'insider' of the Company and, as a result, their participation under the Offering is considered to be a 'related party transaction' for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. Specifically, the Company is exempt from the formal valuation requirement in section 5.4 of MI 61-101 in reliance on section 5.5(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves insiders, is not more than 25% of the Company's market capitalization. Additionally, the Company is exempt from minority shareholder approval requirement in section 5.6 of MI 61-101 in reliance on section 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves insiders, is not more than 25% of the Company's market capitalization. Article content The securities have not been, and will not be, registered under the U.S. Securities Act, or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction. Article content Neither the Toronto Stock Exchange nor the regulating authority has approved or disproved the information contained in this press release. Article content | Article content ) Article content ASCU is a copper exploration and development company with a 100% interest in the brownfield Cactus Project. The Cactus Project, on privately held land, contains a large-scale porphyry copper resource and a recent 2024 PEA proposes a generational open pit copper mine with robust economic returns. Cactus is a lower risk copper developer benefitting from a State-led permitting process, in place infrastructure, highways and rail lines at its doorstep and onsite permitted water access. The Company's objective is to develop Cactus and become a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders. The Company is led by an executive management team and board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise. Article content Cautionary Statements regarding Forward-Looking Statements and Other Matters Article content This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Offering, the receipt of regulatory approvals, the use of proceeds of the Offering, the net proceeds of the Offering being sufficient to fund the Company through to a final investment decision at the Cactus Project (including the timing of any such decision) and the future plans or prospects and objectives of the Company (including, but not limited to, those under 'About Arizona Sonoran Copper Company' in this press release). Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: market conditions; future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals; projected cash operating costs; or failure to obtain regulatory approvals. Article content Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information include the risks, uncertainties, contingencies and other factors described in the 'Risk Factors' section of the Company's Annual Information Form dated March 27, 2025, as well as in the technical report for the Cactus Project filed on August 27, 2024 (the '2024 PEA Technical Report') and Management's Discussion and Analysis (together with the accompanying financial statements) for the year ended December 31, 2024 and the quarter already ended in 2025, all of which are available on SEDAR+ at Article content The 2024 Preliminary Economic Assessment (or 2024 PEA) referenced in this press release and summarized in the 2024 PEA Technical Report is only a conceptual study of the potential viability of the Cactus Project and the economic and technical viability of the Cactus Project has not been demonstrated. The 2024 PEA is preliminary in nature and provides only an initial, high-level review of the Cactus Project's potential and design options; there is no certainty that the 2024 PEA will be realized. For further detail on the Cactus Project and the 2024 PEA, including applicable technical notes and cautionary statements, please refer to the Company's press release dated August 7, 2024 and the 2024 PEA Technical Report, both available on the Company's website at and under its issuer profile at Article content Article content Contacts Article content For more information Article content Article content Alison Dwoskin, Director, Investor Relations Article content
National Post
4 hours ago
- Business
- National Post
TomaGold Set to Launch Strategic Drilling Campaign on its Chibougamau Projects
Article content Planned 53-hole exploration drilling campaign targeting mainly the Berrigan, Radar, David, Dufault and Obalski properties Article content MONTREAL — TOMAGOLD CORPORATION (TSXV: LOT) (' TomaGold ' or the ' Company ') is pleased to announce the upcoming launch of its 2025 drilling campaign, which will focus primarily on the properties currently under option from SOQUEM and Chibougamau Independent Mines in the Chibougamau Mining Camp, as well as its wholly-owned Obalski Project (the ' Chibougamau Projects '). Article content David Grondin, CEO of TomaGold stated: Article content 'The Chibougamau Mining Camp has recently attracted significant exploration activity, underscoring the region's increasing potential for gold and copper discoveries. Since the beginning of the year, we have compiled project data, advanced preliminary work, identified high-priority targets, and prepared our properties to be drill-ready. Our 53-hole exploration program will focus on our key projects—Berrigan, Radar, David, Dufault, and Obalski—with the objective of uncovering new gold-copper mineralization on well-defined, strategically selected targets. We are eager to commence drilling and build on the momentum in this highly prospective region.' Article content Drill and Work Permits Secured Article content TomaGold has obtained all the necessary drilling and work permits, including the ATI ('Autorisation de Travaux à Impact') and forestry permits, to begin exploration activities across its Chibougamau Projects. Article content Drill Pad Setup and Mobilization Status Article content All access trails to the drill sites have been cleared and secured, and the drill setups are ready for immediate mobilization. A total of 53 drill targets have been identified and are fully permitted. While preparing the sites during the winter, the team also conducted limited and selective surface sampling in select areas. Analytical results from this sampling are currently pending. Article content Geophysical Survey Work on Obalski Article content A downhole resistivity/induced polarization (IP) logging survey was conducted in hole OBS-17-002, which intersected the newly interpreted NE-SW Zone on the Obalski Project. The objective was to determine the in-situ physical properties of this high-grade copper-gold zone to define the most effective geophysical method for the upcoming drilling campaign. The resistivity and chargeability contrasts measured between the host rocks and the NE-SW Zone are up to 10,000 times more conductive and 10 times more chargeable, respectively. To confirm these results, the geophysical properties of hole OBS-23-032 were also measured. This hole was interpreted to have intersected the same NE-SW Zone some 65 m further south. The results again confirmed similar conductive and chargeable contrasts of 25,000x and 10x, respectively. These very high contrasts suggest that electromagnetic (EM) and induced polarization (IP) methods could be successfully applied in this geological context of the Obalski project and possibly the Chibougamau Camp. Article content 3D Modelling and Structural Reinterpretation Article content TomaGold has completed approximately 95% of the geological reinterpretation and 3D modeling of the Obalski project. The updated model incorporates historical and recent data, providing a more comprehensive understanding of structural controls and mineralization trends. Final conclusions and visuals from the model will be presented shortly. Article content The Company has initiated a similar modelling and reinterpretation process across its other projects, leveraging the structural insights gained from the Obalski project reinterpretation. Article content TomaGold has outlined a series of geophysical surveys to be conducted across its Chibougamau Projects in 2025, pending crew availability and seasonal access. These surveys are designed to refine drill targeting and enhance geological modelling across key assets. Article content Summary of Planned Geophysical Work by Project: Article content Project Planned Geophysical Survey Obalski (100% TomaGold) IP survey along the D vein, covering the Wilson and South zones Radar (Under option from SOQUEM) Airborne magnetic survey (50 m line spacing), ground IP surveys on new targets, possible 3D ambient tomography David (Under option from SOQUEM) Downhole IP in historical and recent drill holes, pending casing verification Dufault (Under option from SOQUEM) NW–SE IP survey over the 055° vein corridor; NE–SW IP over the Bourbeau Sill outlet zone Berrigan (Under option from Chibougamau Independent Mines) 2D and 3D modelling under way; geophysical surveys anticipated in subsequent phases Article content These surveys will complement the current structural reinterpretation work and support future drilling campaigns across the portfolio. Article content The technical content of this press release has been reviewed and approved by Jean Lafleur, the Company's Vice President of Exploration and a qualified person under National Instrument 43-101. Article content About TomaGold Article content TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration company engaged in the acquisition, assessment, exploration and development of gold, copper, rare earth elements and lithium projects. Its primary goal is to consolidate the Chibougamau Mining Camp in northern Quebec. In addition to the agreements to acquire 13 properties in the camp, the Company holds interests in two gold properties in the vicinity of the camp: Obalski and Doda Lake. TomaGold also owns a 100% interest in a lithium property and in the Star Lake rare earth elements property, located in the James Bay region of Quebec, as well as a 24.5% interest in the Baird property, located near the Red Lake mining camp in Ontario through a joint venture with Evolution Mining Ltd. and New Gold Inc. Article content Cautionary Statement on Forward-Looking Information Article content This news release includes certain statements that may be deemed 'forward-looking statements'. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the potential results of exploration and drilling activities, market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions, or other factors should change. Article content Article content Article content Article content Article content Contacts
Zawya
8 hours ago
- Business
- Zawya
First Quantum Minerals' Zambian Country Manager Joins African Mining Week (AMW) 2025
Godwin Beene, Country Manager for Zambia at mining firm First Quantum Minerals, will speak at the upcoming African Mining Week (AMW) conference – Africa's premier event for the mining sector. During the event, Beene will join a high-level panel discussion titled Zambia: Accelerating Exploration and Development Through License Allocation and Global Partnerships, where he is expected to share insights into the company's Zambian strategy. Beene's participation at AMW 2025 comes as Zambia intensifies efforts to attract global investment and scale-up copper production to three million tons per annum by 2031. As a key player in the market, First Quantum Minerals plays a pivotal role in driving Zambia's mining sector forward. Beene's participation at AMW 2025 presents an opportunity for the company to engage with potential partners, investors and service providers aligned with the company's long-term strategy. AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@ First Quantum Minerals continues to advance several impactful mining operations in Zambia. At the Kansanshi Mine, the company produced 46,544 tons of copper in Q1, 2025 alone, with a full-year target of 190,000 tons of copper and 110,000 ounces of gold. The Kansanshi S3 Expansion Project is also on track to begin production this year, setting the stage for increased output in the coming years. The S3 Expansion Project comprises an expanded mining fleet and smelter as well as the development of the South East Dome pit and a new processing plant. This will increase the life of mine until 2040. Meanwhile, Sentinel Mine reported 46,361 tons of copper production in Q1, 2025, with aims to reach 230,000 tons by year-end. At the Enterprise Nickel Mine - situated 12 km from the Sentinel copper mine - the company produced 4,649 tons of nickel during Q1, 2025, increasing output by 25% compared to the previous quarter. The company plans to produce 25,000 tons of nickel in 2025 at the mine, with a focus on ore quality and grade control. At AMW 2025, Beene's insights will provide greater understanding of these projects, including their impact on Zambia's mining industry. Held under the theme From Extraction to Beneficiation: Unlocking Africa's Mineral Wealth, the event will serve as a key platform for forging global partnerships, accelerating exploration and promoting sustainable growth across the continent's mining sector. With a session focused on Zambia, industry leaders such as Beene will engage with government officials, financiers and technology providers to shape the future of mining in the country. Distributed by APO Group on behalf of Energy Capital&Power.
Reuters
8 hours ago
- Business
- Reuters
Glencore says Australia copper smelter unviable, asks for government help
MELBOURNE, June 20 (Reuters) - Glencore (GLEN.L), opens new tab has called its Mount Isa copper smelter unviable and is waiting to hear back on its requests for assistance from state and federal governments to keep the facility open amid tough global conditions, it said on Friday. The UK-listed miner has been sounding the alarm in local media about its Mount Isa smelting business in Queensland state as its related mining operations are set to close next month. It will then have to procure copper concentrate to process when excess global smelting capacity has pushed global processing fees to historic lows. "A combination of unprecedented smelting market conditions, high costs like energy, gas and labour, and a shortage of copper concentrates is currently making the Mount Isa copper smelter unviable," Glencore said in a statement. Glencore said it has approached both federal and Queensland state governments for support to keep the copper smelter and refinery operating. Several lawmakers visited the plant on Friday including Australia's industry and science minister, Tim Ayres, and Queensland resources minister, Dale Last. The state and federal governments have engaged extensively with Glencore to explore options for a viable path forward for the smelter, which is a critical asset for regional and state economies, the ministers said in a joint statement. "Any closure of the Mount Isa copper smelter would have a detrimental impact on Australia's sovereign capability and other facilities downstream that rely on the smelter," Ayres said in the statement, without giving any details on what options there might be to provide Glencore with any funding. Glencore said that it had put forward ideas for a "regional solution that would bridge the current economic gap and enable the smelter and refinery to continue operating." "We want to continue operating the smelter and refinery and look forward to hearing feedback from both federal and Queensland governments on a possible way forward,' said Troy Wilson, chief operating officer for Glencore's Australian metals business, in a statement.
