1. The economic viability of rare earth element deposits depends more on the host mineralogy, distribution of specific REEs within the deposit, and ability to produce a mixed rare earth carbonate (REC) than on the total rare earth oxide grade alone.
2. Producing a mixed REC for sale to hydrometallurgical processors is less risky for junior mining companies than attempting to process ore all the way to separated rare earth oxide products, due to the extensive capital required for full separation.
3. Bench-scale metallurgical testing of material from Commerce Resource's Ashram deposit achieved above 40% total rare earth oxide concentration with a 97% mass reduction while retaining 70% recovery, allowing for high-purity
This document summarizes South American Silver Corp., which is focused on developing two large-scale mining projects in South America. The company's flagship project is the Malku Khota silver-indium project in Bolivia, which hosts one of the world's largest silver-indium resources. The project is undergoing pre-feasibility and feasibility studies. The company's other project is the Escalones copper-gold-silver project in Chile, which has an inferred resource of over 3 billion pounds of copper. The company aims to become a top primary silver and indium producer globally from its Malku Khota project.
South American Silver Corp. April 2012 Corporate PresentationJinn-Erik Tveita
South American Silver Corp. owns two large-scale silver deposits in South America: the Malku Khota project in Bolivia and the Escalones project in Chile. Malku Khota has one of the world's largest silver-indium resources and the 2011 PEA study estimated production of 13.2 million ounces of silver per year. Escalones has an inferred resource of 3.8 billion pounds of copper and 610,000 ounces of gold. South American Silver aims to advance these projects and grow their significant silver and base metal resources to create shareholder value.
16 09-13 slw presentation final (for web and print)silverwheaton2016
This document is a presentation by The High Margin Precious Metals Company from September 2016. It contains cautionary statements regarding the use of forward-looking statements and notes the risks associated with mineral reserve and resource estimates. Silver Wheaton provides concise 3-sentence summaries.
This document initiates coverage on four silver mining companies - Bear Creek Mining, Coeur d'Alene Mines, Fortuna Silver Mines, and Silver Wheaton Corp. It provides an overview of the silver market, noting growing industrial demand and recent increases in investment and ETF demand. The document establishes an investment framework for analyzing silver equities, including established producers, growing producers, and world-class development projects. Individual analyses and recommendations are provided for each of the four companies.
The document is a presentation by The High Margin Precious Metals Company summarizing Silver Wheaton. It notes that Silver Wheaton has a diversified, high-quality portfolio of streaming agreements, with production expected to grow 45% in gold and 55% in silver over the next five years. However, it cautions readers that forward-looking statements are subject to risks and uncertainties, and to carefully review the risk factors outlined in the presentation.
Iron Road - Managing Director's AGM Presentation 2014Iron_Road_Limited
Central Eyre Iron Project - Paving the Road
Iron Road is advancing the development of Australia’s next major integrated iron supply business on the Eyre Peninsula in South Australia.
The CEIP offers:
•Robust financial metrics for both the DFS and optimised case, with debt service and loan life cover ratios supported at current iron ore prices.
•A manufactured product, resulting in a consistent high quality concentrate for life of mine, during a period of forecast declining quality.
•High quality concentrate with advantageous value-in-use characteristics for customers.
•Tangible benefits for local and regional communities.
Growing a Balanced Gold Mining Company discusses Alexis Minerals Corporation's goal of growing a balanced gold mining company. It provides details on Alexis' three main projects: the Snow Lake Mine in Manitoba, the Lac Herbin Mine in Quebec, and the Lac Pelletier project in Quebec. The document outlines plans to restart mining operations at Snow Lake and increase production at Lac Herbin, as well as exploration efforts to expand resources at all three projects. Reserve and resource estimates are provided for each project, demonstrating the company's aim to increase its mineral holdings.
West Red Lake Gold Mines Inc. - Initiating Coverage - JV with Goldcorp in the...Michael Dehn
Investment Highlights
West Red Lake Gold Mines Inc.’s goal (“company”, “RLG”) is to advance their West Red Lake project to a multi-million ounce gold project over the next two to three years. An initial resource estimate on the project, announced in February 2016, showed a high grade inferred resource of 4.45 Mt at 7.57 gpt for 1.09 Moz of gold.
The project, which hosts three historic gold mines, is located in the Red Lake Gold District of Northwestern Ontario, Canada - one of the richest gold producing regions in the world.
The company has a 60:40 joint venture (“JV”) partnership with Goldcorp Inc. (TSX: G).
The region has several toll milling options, offering the company the potential to quickly advance to production at a significantly low capital budget. Goldcorp’s Red Lake mine is 20 km from the West Red Lake project.
The company has identified several opportunities to expand the resource along strike and to depth. The next phase of drilling commenced in late January.
Management’s background in M&A (mergers and acquisitions), and Ontario based gold projects, is a key advantage.
We are initiating coverage on RLG with a fair value estimate of $0.51 per share.
This document summarizes South American Silver Corp., which is focused on developing two large-scale mining projects in South America. The company's flagship project is the Malku Khota silver-indium project in Bolivia, which hosts one of the world's largest silver-indium resources. The project is undergoing pre-feasibility and feasibility studies. The company's other project is the Escalones copper-gold-silver project in Chile, which has an inferred resource of over 3 billion pounds of copper. The company aims to become a top primary silver and indium producer globally from its Malku Khota project.
South American Silver Corp. April 2012 Corporate PresentationJinn-Erik Tveita
South American Silver Corp. owns two large-scale silver deposits in South America: the Malku Khota project in Bolivia and the Escalones project in Chile. Malku Khota has one of the world's largest silver-indium resources and the 2011 PEA study estimated production of 13.2 million ounces of silver per year. Escalones has an inferred resource of 3.8 billion pounds of copper and 610,000 ounces of gold. South American Silver aims to advance these projects and grow their significant silver and base metal resources to create shareholder value.
16 09-13 slw presentation final (for web and print)silverwheaton2016
This document is a presentation by The High Margin Precious Metals Company from September 2016. It contains cautionary statements regarding the use of forward-looking statements and notes the risks associated with mineral reserve and resource estimates. Silver Wheaton provides concise 3-sentence summaries.
This document initiates coverage on four silver mining companies - Bear Creek Mining, Coeur d'Alene Mines, Fortuna Silver Mines, and Silver Wheaton Corp. It provides an overview of the silver market, noting growing industrial demand and recent increases in investment and ETF demand. The document establishes an investment framework for analyzing silver equities, including established producers, growing producers, and world-class development projects. Individual analyses and recommendations are provided for each of the four companies.
The document is a presentation by The High Margin Precious Metals Company summarizing Silver Wheaton. It notes that Silver Wheaton has a diversified, high-quality portfolio of streaming agreements, with production expected to grow 45% in gold and 55% in silver over the next five years. However, it cautions readers that forward-looking statements are subject to risks and uncertainties, and to carefully review the risk factors outlined in the presentation.
Iron Road - Managing Director's AGM Presentation 2014Iron_Road_Limited
Central Eyre Iron Project - Paving the Road
Iron Road is advancing the development of Australia’s next major integrated iron supply business on the Eyre Peninsula in South Australia.
The CEIP offers:
•Robust financial metrics for both the DFS and optimised case, with debt service and loan life cover ratios supported at current iron ore prices.
•A manufactured product, resulting in a consistent high quality concentrate for life of mine, during a period of forecast declining quality.
•High quality concentrate with advantageous value-in-use characteristics for customers.
•Tangible benefits for local and regional communities.
Growing a Balanced Gold Mining Company discusses Alexis Minerals Corporation's goal of growing a balanced gold mining company. It provides details on Alexis' three main projects: the Snow Lake Mine in Manitoba, the Lac Herbin Mine in Quebec, and the Lac Pelletier project in Quebec. The document outlines plans to restart mining operations at Snow Lake and increase production at Lac Herbin, as well as exploration efforts to expand resources at all three projects. Reserve and resource estimates are provided for each project, demonstrating the company's aim to increase its mineral holdings.
West Red Lake Gold Mines Inc. - Initiating Coverage - JV with Goldcorp in the...Michael Dehn
Investment Highlights
West Red Lake Gold Mines Inc.’s goal (“company”, “RLG”) is to advance their West Red Lake project to a multi-million ounce gold project over the next two to three years. An initial resource estimate on the project, announced in February 2016, showed a high grade inferred resource of 4.45 Mt at 7.57 gpt for 1.09 Moz of gold.
The project, which hosts three historic gold mines, is located in the Red Lake Gold District of Northwestern Ontario, Canada - one of the richest gold producing regions in the world.
The company has a 60:40 joint venture (“JV”) partnership with Goldcorp Inc. (TSX: G).
The region has several toll milling options, offering the company the potential to quickly advance to production at a significantly low capital budget. Goldcorp’s Red Lake mine is 20 km from the West Red Lake project.
The company has identified several opportunities to expand the resource along strike and to depth. The next phase of drilling commenced in late January.
Management’s background in M&A (mergers and acquisitions), and Ontario based gold projects, is a key advantage.
We are initiating coverage on RLG with a fair value estimate of $0.51 per share.
This document discusses North American Palladium as an investment opportunity. It presents NAP as a growth-oriented precious metals producer with palladium and gold mining operations in mining-friendly jurisdictions. It notes that palladium supply is constrained, with NAP operating one of only two primary palladium mines globally. It also discusses increasing demand for palladium from the automotive sector and forecasts growing global light vehicle production in the coming years. Finally, it highlights NAP's strong financial position with over $95 million in working capital to fund development programs.
Iron Road - Central Eyre Iron Project Technical PresentationIron_Road_Limited
This presentation summarises some thought-provoking aspects of our technical journey, challenging the status quo and how these aspects influence the overall design.
Mining
• Understanding the CEIP orebody.
• Transition from owner mining operating traditional truck & shovel, to contract mining managing in-pit crushing & conveying (IPCC).
Ore Beneficiation
• Developing a thorough understanding of the metallurgical behaviour of the CEIP ore.
• Innovative materials handling and the elimination of a conventional tailings storage facility.
• Optimisation and the inclusion of a regrind circuit.
Infrastructure Design Philosophy
• Rotary versus bottom dump rail discharge systems.
• Port facility and high speed ship loading.
• Access and use by third parties.
Protecting the Schedule
• High density, vertically stacked modularisation.
• Parallel process design.
• Wet commissioning off-site in construction yards.
This document discusses North American Palladium as a diversified precious metals producer with its core asset being the Lac des Iles palladium mine in Canada. It notes that palladium supply is constrained by major producers in Russia and South Africa and that demand is growing, driven primarily by the automobile sector. The presentation outlines NAP's investment case as a growth-oriented palladium producer with a pipeline of projects and exploration upside, an experienced management team, and a strong balance sheet.
This document discusses North American Palladium's Lac des Iles palladium mine. It provides the following key points:
1) Lac des Iles is one of only two primary palladium mines in the world and is transitioning to a long-life, low-cost operation through a mine expansion project involving sinking a shaft.
2) Production is expected to increase to 145,000-155,000 ounces of palladium in 2011 and exceed 250,000 ounces annually once mining reaches 5,500 tonnes per day from the shaft in 2015.
3) Cash costs are forecast to decline significantly once shaft mining is established, improving the already strong investment case for North American Palladium as a growth-oriented
The document provides cautionary notes and disclaimers regarding forward-looking statements in Linear Gold's presentations. It notes that estimates and projections are based on limited data and actual results may differ. It also introduces Linear Gold's management team and provides a corporate summary including cash on hand, shares issued, market capitalization, and recent trading range.
Ximen Mining: Hunting for Multi-Million Ounces in British ColumbiaStephan Bogner
Rockstone initiates coverage on Ximen Mining Corp. as the company owns an impressive portfolio of high-grade gold projects in British Columbia and, at least of equal importance, has put together a highly experienced team of miners to bring those projects to the next level.
Back in 2016, Ximen‘s President and CEO, Christopher Anderson, knew that it takes more than a good project to be successful, when he said: “Gold mines are not found, they are made. A few key ingredients consist of persistence, patience and of course the ever essential abundant presence of some high grade gold, topped off with a lucky streak that aligns with Mother Nature.“
Almost 3 years later, Mr. Anderson now leads an impressively well-structured company that is poised for success thanks to the people and joint venture partners that are eager to delineate multi-million ounces of gold equivalents in one of the world‘s safest mining jurisdictions, and most importantly, to fast-track these projects towards production as quickly as possible.
Having Peter Cooper onboard is key for Ximen and its joint venture partners to make the right steps at the right time. He has been involved in 3 successful new gold mine start-ups and has overseen projects from the exploration stage right up to production. Mr. Cooper played a significant role in the exploration, pre-production and development of Kinross‘ Buckhorn Gold Mine located in northern Washington State, close to Ximen‘s Gold Drop Project. For many years, he served as Chief Geologist and then Manager of Operations for Kinross‘ Kettle River operations near the Buckhorn Gold Mine.
This document discusses a company's commitment to providing excellent customer experiences through their knowledge and insights gained from working with multiple lending firms. They strive for integrity and creating synergies to connect with customers.
On September 2, 2010, Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) announced that the Company and its prospecting partners have entered into an
option agreement with Rare Earth Metals Inc. (TSXv: RA) (“Rare Earth”) pursuant to which Rare Earth will acquire a 100% interest in mining claims totaling 508 claim units prospective for rare
earth elements located in the Red Wine/Letitia Lake area of west central Labrador.
November 2013 edition of Zimtu Capital Corp.'s Research & Opinion titled Uranium Exploration in Canada's Athabasca Basin. The report provides an overview of the global uranium market, the attraction for uranium exploration in the Athabasca Basin, and a look at Lakeland Resources Inc. (TSXv: LK).
El documento describe algunas características de la reproducción en grandes alturas. La reproducción se ve afectada a altitudes superiores a los 3000 metros, donde los habitantes desarrollan adaptaciones como la poliglobulia. El embarazo implica un mayor tamaño placentario y fetos más pequeños. La pelvis de los pobladores andinos es más estrecha y redondeada, adecuada para el parto de bebés de bajo peso.
Zimtu Capital Corp announces that it has signed an agreement with Lomiko Metals Inc. whereby Lomiko can earn a 100% interest in the Quatre Milles Graphite Property in Quebec. As part of the transaction, Zimtu will receive $25,000 and 2 million shares over 24 months, and will retain a 2% NSR on the property. Lomiko plans to complete a minimum $200,000 in exploration within 12 months and mount an aggressive exploration campaign on the property going forward.
Zimtu Capital Corp. announces that the company has signed an agreement with GTA Resources and Mining Inc. whereby GTA Resources can earn a 100% interest in two licenses located in central Newfoundland.
Zimtu Capital Corp announces an agreement with Pinestar Gold Inc. for Pinestar to earn a 100% interest in a portfolio of 11 graphite projects covering 533 square kilometers in Australia. The projects include the flagship 174 square kilometer Munglinup Project near an existing graphite deposit, and properties near other known graphite areas. Pinestar will provide cash and share payments to Zimtu and its partner over two years for their participation. No recent exploration has been conducted on the properties, but they are considered highly prospective for graphite occurrences.
Zimtu Capital Corp announces that it has completed an agreement with Rare Earth Metals Inc. whereby Rare Earth can earn a 100% interest in 40 claims totaling 647 hectares of a rare earth element prospect located 80 km east of Sudbury, Ontario. For its participation, Zimtu will receive $100,000 and 1 million shares over 24 months, and its two partners will receive equal consideration. Rare Earth will compile available data and commence work including surveying, mapping, sampling and drilling. Zimtu will continue to evaluate properties to make available for acquisition.
This document discusses a company's commitment to providing excellent customer experiences through their knowledge and insights gained from working with multiple lending firms. They strive for integrity and creating synergies to connect with customers.
This report provides an update on the rare earth industry and predicts future supply and demand dynamics. Key findings suggest rare earth supply, particularly for heavy rare earths, will remain constrained over the next four years due to growing demand from industries like wind turbines. Rare earth prices are expected to further increase given tightening supply and inelastic demand from high-growth industries. The report recommends investing in companies with high heavy rare earth content, refiners and separators, and those positioned for consolidation in the industry.
Objective Capital's Rare Earths, Speciality & Strategic Metals
Investment Summit 2012
Ironmongers' Hall, City of London
13-14 March 2012
Speaker: Robert Mackay, Stans Energy
Rare earths are making a rabble-rousing comeback and Commerce Resources Corp....Stephan Bogner
Most recently, U.S. President Joe Biden and Canadian Prime Minister Justin Trudeau committed to building an EV (“Electric Vehicle“) supply chain between both countries. “The move comes as demand for electrified transportation is set to surge over the next decade“, Reuters noted and added that “Washington is increasingly viewing Canada as a kind of ´51st State´ for mineral supply purposes and plans to deepen financial and logistical partnerships with the country’s mining sector over time, according to a U.S. government source“. In light of China still dominating the rare earth elements (“REEs“) supply chains and a supply gap emerging over the next few years, new REE projects are needed to meet future demand.
This document discusses North American Palladium as an investment opportunity. It presents NAP as a growth-oriented precious metals producer with palladium and gold mining operations in mining-friendly jurisdictions. It notes that palladium supply is constrained, with NAP operating one of only two primary palladium mines globally. It also discusses increasing demand for palladium from the automotive sector and forecasts growing global light vehicle production in the coming years. Finally, it highlights NAP's strong financial position with over $95 million in working capital to fund development programs.
Iron Road - Central Eyre Iron Project Technical PresentationIron_Road_Limited
This presentation summarises some thought-provoking aspects of our technical journey, challenging the status quo and how these aspects influence the overall design.
Mining
• Understanding the CEIP orebody.
• Transition from owner mining operating traditional truck & shovel, to contract mining managing in-pit crushing & conveying (IPCC).
Ore Beneficiation
• Developing a thorough understanding of the metallurgical behaviour of the CEIP ore.
• Innovative materials handling and the elimination of a conventional tailings storage facility.
• Optimisation and the inclusion of a regrind circuit.
Infrastructure Design Philosophy
• Rotary versus bottom dump rail discharge systems.
• Port facility and high speed ship loading.
• Access and use by third parties.
Protecting the Schedule
• High density, vertically stacked modularisation.
• Parallel process design.
• Wet commissioning off-site in construction yards.
This document discusses North American Palladium as a diversified precious metals producer with its core asset being the Lac des Iles palladium mine in Canada. It notes that palladium supply is constrained by major producers in Russia and South Africa and that demand is growing, driven primarily by the automobile sector. The presentation outlines NAP's investment case as a growth-oriented palladium producer with a pipeline of projects and exploration upside, an experienced management team, and a strong balance sheet.
This document discusses North American Palladium's Lac des Iles palladium mine. It provides the following key points:
1) Lac des Iles is one of only two primary palladium mines in the world and is transitioning to a long-life, low-cost operation through a mine expansion project involving sinking a shaft.
2) Production is expected to increase to 145,000-155,000 ounces of palladium in 2011 and exceed 250,000 ounces annually once mining reaches 5,500 tonnes per day from the shaft in 2015.
3) Cash costs are forecast to decline significantly once shaft mining is established, improving the already strong investment case for North American Palladium as a growth-oriented
The document provides cautionary notes and disclaimers regarding forward-looking statements in Linear Gold's presentations. It notes that estimates and projections are based on limited data and actual results may differ. It also introduces Linear Gold's management team and provides a corporate summary including cash on hand, shares issued, market capitalization, and recent trading range.
Ximen Mining: Hunting for Multi-Million Ounces in British ColumbiaStephan Bogner
Rockstone initiates coverage on Ximen Mining Corp. as the company owns an impressive portfolio of high-grade gold projects in British Columbia and, at least of equal importance, has put together a highly experienced team of miners to bring those projects to the next level.
Back in 2016, Ximen‘s President and CEO, Christopher Anderson, knew that it takes more than a good project to be successful, when he said: “Gold mines are not found, they are made. A few key ingredients consist of persistence, patience and of course the ever essential abundant presence of some high grade gold, topped off with a lucky streak that aligns with Mother Nature.“
Almost 3 years later, Mr. Anderson now leads an impressively well-structured company that is poised for success thanks to the people and joint venture partners that are eager to delineate multi-million ounces of gold equivalents in one of the world‘s safest mining jurisdictions, and most importantly, to fast-track these projects towards production as quickly as possible.
Having Peter Cooper onboard is key for Ximen and its joint venture partners to make the right steps at the right time. He has been involved in 3 successful new gold mine start-ups and has overseen projects from the exploration stage right up to production. Mr. Cooper played a significant role in the exploration, pre-production and development of Kinross‘ Buckhorn Gold Mine located in northern Washington State, close to Ximen‘s Gold Drop Project. For many years, he served as Chief Geologist and then Manager of Operations for Kinross‘ Kettle River operations near the Buckhorn Gold Mine.
This document discusses a company's commitment to providing excellent customer experiences through their knowledge and insights gained from working with multiple lending firms. They strive for integrity and creating synergies to connect with customers.
On September 2, 2010, Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) announced that the Company and its prospecting partners have entered into an
option agreement with Rare Earth Metals Inc. (TSXv: RA) (“Rare Earth”) pursuant to which Rare Earth will acquire a 100% interest in mining claims totaling 508 claim units prospective for rare
earth elements located in the Red Wine/Letitia Lake area of west central Labrador.
November 2013 edition of Zimtu Capital Corp.'s Research & Opinion titled Uranium Exploration in Canada's Athabasca Basin. The report provides an overview of the global uranium market, the attraction for uranium exploration in the Athabasca Basin, and a look at Lakeland Resources Inc. (TSXv: LK).
El documento describe algunas características de la reproducción en grandes alturas. La reproducción se ve afectada a altitudes superiores a los 3000 metros, donde los habitantes desarrollan adaptaciones como la poliglobulia. El embarazo implica un mayor tamaño placentario y fetos más pequeños. La pelvis de los pobladores andinos es más estrecha y redondeada, adecuada para el parto de bebés de bajo peso.
Zimtu Capital Corp announces that it has signed an agreement with Lomiko Metals Inc. whereby Lomiko can earn a 100% interest in the Quatre Milles Graphite Property in Quebec. As part of the transaction, Zimtu will receive $25,000 and 2 million shares over 24 months, and will retain a 2% NSR on the property. Lomiko plans to complete a minimum $200,000 in exploration within 12 months and mount an aggressive exploration campaign on the property going forward.
Zimtu Capital Corp. announces that the company has signed an agreement with GTA Resources and Mining Inc. whereby GTA Resources can earn a 100% interest in two licenses located in central Newfoundland.
Zimtu Capital Corp announces an agreement with Pinestar Gold Inc. for Pinestar to earn a 100% interest in a portfolio of 11 graphite projects covering 533 square kilometers in Australia. The projects include the flagship 174 square kilometer Munglinup Project near an existing graphite deposit, and properties near other known graphite areas. Pinestar will provide cash and share payments to Zimtu and its partner over two years for their participation. No recent exploration has been conducted on the properties, but they are considered highly prospective for graphite occurrences.
Zimtu Capital Corp announces that it has completed an agreement with Rare Earth Metals Inc. whereby Rare Earth can earn a 100% interest in 40 claims totaling 647 hectares of a rare earth element prospect located 80 km east of Sudbury, Ontario. For its participation, Zimtu will receive $100,000 and 1 million shares over 24 months, and its two partners will receive equal consideration. Rare Earth will compile available data and commence work including surveying, mapping, sampling and drilling. Zimtu will continue to evaluate properties to make available for acquisition.
This document discusses a company's commitment to providing excellent customer experiences through their knowledge and insights gained from working with multiple lending firms. They strive for integrity and creating synergies to connect with customers.
This report provides an update on the rare earth industry and predicts future supply and demand dynamics. Key findings suggest rare earth supply, particularly for heavy rare earths, will remain constrained over the next four years due to growing demand from industries like wind turbines. Rare earth prices are expected to further increase given tightening supply and inelastic demand from high-growth industries. The report recommends investing in companies with high heavy rare earth content, refiners and separators, and those positioned for consolidation in the industry.
Objective Capital's Rare Earths, Speciality & Strategic Metals
Investment Summit 2012
Ironmongers' Hall, City of London
13-14 March 2012
Speaker: Robert Mackay, Stans Energy
Rare earths are making a rabble-rousing comeback and Commerce Resources Corp....Stephan Bogner
Most recently, U.S. President Joe Biden and Canadian Prime Minister Justin Trudeau committed to building an EV (“Electric Vehicle“) supply chain between both countries. “The move comes as demand for electrified transportation is set to surge over the next decade“, Reuters noted and added that “Washington is increasingly viewing Canada as a kind of ´51st State´ for mineral supply purposes and plans to deepen financial and logistical partnerships with the country’s mining sector over time, according to a U.S. government source“. In light of China still dominating the rare earth elements (“REEs“) supply chains and a supply gap emerging over the next few years, new REE projects are needed to meet future demand.
Major Step Forward: Commerce Resources succeeds in producing marketable mixed...Stephan Bogner
Commerce Resources Corp. has produced a marketable mixed rare earth carbonate (REC) sample from its Ashram Rare Earth and Fluorspar Deposit in Quebec, Canada. The sample meets typical REE market specifications and has a high concentration of neodymium and praseodymium (NdPr) at 21.6%, which is significantly higher than several major global REE producers. Producing this initial mixed REC sample is an important milestone and de-risking step for the Ashram project. Demand for REEs is increasing rapidly due to the accelerating adoption of electric vehicles and wind power, but supply must also grow to avoid potential shortages. Commerce Resources aims to help establish a North American REE supply
Globex Mining Enterprises Inc. owns mineral exploration and mining properties in North America, principally in Quebec, Ontario, and Nova Scotia. It focuses on precious metals, base metals, specialty metals and minerals, as well as royalties and options. Globex has a dominant land position in the Chibougamau mining camp of Quebec with seven former copper-gold mines and exploration targets. It also owns properties with potential for magnesia and talc production to supply the refractory and polymer markets in North America. In addition, Globex has developed a hydrometallurgical precious metals recovery technology to potentially reprocess gold and silver tailings or produce from refractory deposits.
Mineral economics is the study of the business and economic aspects of mineral resource extraction and use. It involves applying economic and financial analysis techniques to issues faced by the natural resource industries. All participants in the mineral industry, including governments, corporations, financial institutions, and consulting firms, utilize mineral economics. Key topics studied in mineral economics include the evaluation of deposits, production and supply concerns, and the economics of plant location relative to mineral raw materials.
South American Silver Corp March 2012 Corporate Presentationsoamsilver
South American Silver Corp's March 2012 Corporate Presentation. Learn about the Malku Khota silver-indium project in Bolivia and the Escalones copper-gold project in Chile.
Rare Earth Metals Recycling Market Set to Cross $422 Million by 2026Future Market Insights
The rare earth metals recycling market is gaining traction as the demand for these critical materials in various industries increases. Recycling technologies are being developed to recover rare earth metals from waste products, reducing dependence on primary mining. The market is driven by growing environmental concerns, government regulations, and the need for a sustainable supply chain.
Ian Chalmers Technical Director
Alister MacDonald General Manager - Marketing
Economics of Rare Earth Projects
This document summarizes the economics of rare earth projects. It discusses the global rare earth market, key applications such as permanent magnets, and demand drivers. It provides an overview of the deposit types, mining and processing requirements, and costs associated with taking a rare earth project from discovery to production. Capital costs can range from $400 million to $2 billion depending on the project. Operating costs and revenues are estimated for different deposit types. Strategic issues are also discussed, including China's dominance of supply and financing challenges for non-Chinese projects.
Objective Capital's Rare Earths, Speciality & Strategic Metals
Investment Summit 2011
Ironmongers' Hall, City of London
17 March 2011
Speaker: Mike Drew, Ram Resources
The document discusses alternatives to critical materials in catalysis and photovoltaics from an industrial perspective. It outlines strategic and critical materials and issues with predicting future demand. Finding alternatives for catalysts faces challenges due to the small amounts of metal needed but large costs of ligands. Rhodium price volatility also impacts refinery catalyst costs. Opportunities exist in emissions catalysis, hydrosilylation, and acetic acid synthesis though some processes may not be suitable for alternatives. Olefin hydroformylation is a large application of homogeneous catalysis using rhodium.
1. Nippon Dragon Resources is developing an innovative mining extraction method called Thermal Fragmentation that uses heat to fracture rock, reducing the need for dynamite. This promises to lower costs by 30-60% through reduced dilution, increased safety, and requiring fewer workers.
2. The company owns the Rocmec 1 gold mine in Quebec, which has over 500,000 oz of gold in reserves. It plans to develop this mine while demonstrating its cost-saving Thermal Fragmentation technology.
3. If widely adopted, Thermal Fragmentation could significantly lower industry-wide mining costs by bringing previously uneconomic deposits into production. This would both generate licensing revenue for Nippon Dragon and potentially lower gold
ENERGY CRITICAL ELEMENTS WITH A SPECIAL EMPHASIS ON REE EXPLORATIONkrishanunath1
Krishanu Nath, a senior geologist, presented on energy critical elements with an emphasis on rare earth element (REE) exploration. Some key points:
- Strategic minerals are essential for economic, defense, and technological purposes. REEs are sometimes labeled critical due to risk of supply issues and importance.
- REEs have many applications including screens, lenses, motors, batteries, and more. They are found in carbonatites and other igneous rocks.
- Exploration of REEs involves geological mapping, sampling, drilling, and analysis to define resources. Case studies in locations like India show REE mineralization in carbonatites.
In the February 25, 2011, the Investor's Digest of Canada featured on its front page Commerce Resources Corp. and its rare metal / rare earth projects.
Similar to Research & Opinion: Commerce Resources Corp.'s Ashram Rare Earth Elements Deposit (October 2014) (20)
Zimtu Capital Corp. has agreed to sell 7,050,000 shares of Voltaic Minerals Corp., representing 18.7% of its shares, to 14 individuals for $211,500. The sale will leave Zimtu owning 16% of Voltaic. Seven of the purchasers are insiders of Voltaic who will take over leadership. Zimtu holds its shares of Voltaic for investment purposes and may increase or decrease its ownership through market transactions or private agreements. Zimtu is a public investment company that invests in and creates natural resource companies.
Zimtu Capital Corp. granted stock options to directors, officers, employees and consultants totaling 1,955,000 shares, of which 950,000 were granted to officers and directors. The stock options are exercisable for up to five years at a price of $0.28 per share and will be subject to a four-month hold period. Zimtu Capital Corp. is a public investment company that invests in and assists natural resource companies.
Zimtu Capital Corp. has signed an agreement with Umbral Energy Corp. for Umbral to acquire a 100% interest in the Tule Valley Project in Utah, which is prospective for lithium. In exchange, Umbral will provide Zimtu with cash and share payments totaling $160,000 and 3 million shares over 12 months. Umbral plans to conduct exploration including geophysics and drilling to evaluate the potential for a lithium brine deposit. Zimtu continues to evaluate and acquire prospective resource properties for sale or joint venture transactions.
Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) announces that the Company has signed a property purchase agreement with Belmont Resources Inc. (TSXv: BEA; FSE: L3L1) whereby Belmont Resources can acquire a 100%-interest in the Kibby Basin Property. The property will be explored for lithium.
As of early 2016, rare earth element prices have mean reverted and though many questions surround the sustainability of China’s economic growth model, the supply chain is only slightly less dominant than it was a few years
ago. As an example, the sole source of dysprosium ore is effectively the South China Clays with no other significant source globally. The price of dysprosium oxide has fallen by over 90% from peak to trough though still remains above its pre-crisis low.
This raises several questions. First, how have recent events altered rare earth supply chains? Second, in this low price environment, is there a need for a non-Chinese focused supply chain? Third, if so, what might it look like?
This paper aims to answer these questions through examining the current supply chain situation and projecting what a non-Chinese supply chain might look like.
Author: Chris Berry
Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the “Company” or “Zimtu”) is pleased to announce that the Company and two of its prospecting partners have signed a property purchase agreement with 92 Resources Corp. (TSXv: NTY) (“92 Resources”) whereby 92 Resources can acquire a 100%-interest in the Hidden Lake Lithium Property.
Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) announced that the Company and two of its prospecting partners have signed an agreement with MGX Minerals Inc. (CSE: XMG; FSE: 1MG) whereby MGX Minerals can acquire a 100%-interest in 12 Metallic and Industrial Mineral Permits and Permit Applications encompassing 96,000 hectares throughout the Province of Alberta. [February 1, 2016]
Zimtu Capital Corp. proposes to sell up to 3,939,087 common shares of Electra Stone Ltd. that it currently owns, reducing its ownership stake in Electra from 19.69% to 13% if the full amount is sold. Zimtu's directors and officers also currently own an additional 6,154,600 shares of Electra, totaling 30.11% ownership for Zimtu and management together. The sale is intended to evaluate and adjust the investment as needed. Zimtu Capital is a public investment company that invests in natural resource companies and provides advisory services to connect companies to mineral properties.
The document advertises an industry conference to be held from November 5-11, 2015 in Frankfurt, Germany where attendees can meet with industry experts, financial analysts, and featured presenters. Registration is available now on the conference website at zimtu.com and private meetings can also be requested.
This document advertises an investment conference to be held from November 5-11, 2015 in Zurich, Switzerland where industry experts and financial analysts such as Chris Berry, Stephan Bogner, and Dave Hodge will present. Attendees can register now on the website Zimtu.com and private meetings can be requested to find out more information and meet the featured presenters.
On November 5-6, 2015, Zimtu Roadtrip 2015 will make a stop in Munich, Germany for the Internationale Edelmetall- & Rohstoffmesse. The event in 2015 will be at the MVG Museum.
Zimtu Research - NICKEL
October 2015
As contrarian opportunities go, nickel could be considered among the most optimal. Throughout much of 2014, nickel market participants were almost universally bullish based on the Indonesian government’s plan to ban exports of nickel-bearing laterite ore. Nickel ore exports from Indonesia account for approximately 15% of global supply, so any curtailment in exports would have a material effect on pricing. It was also believed that other metals including tin would follow suit.
Zimtu Capital Corp. (TSXv: ZC) announces that the company has signed an option agreement with Pistol Bay Mining Inc. whereby Pistol Bay can acquire a 100%-interest in 40 claims (1,000 hectares) in Newfoundland and Labrador, Canada.
Zimtu Capital Corp. (TSXv: ZC) welcomes Chris Grove and Frances Petryshen to the Board of Directors. In addition, the company announced the resignation of Patrick Power.
Zimtu Capital Corp. (TSXv: ZC) announced the commencement of field work on the Munn Lake Property located in the Slave Craton, Northwest Territories. The field work will consist of Kimberlite Indicator Mineral ("KIM") sampling in order to validate the historic sampling work and provide additional insight into the diamondiferous potential of each area.
Zimtu Capital Corp. announces it has closed the second and final tranche of its private placement. The Company has raised a total of $498,286 pursuant to the Offering.
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Research & Opinion: Commerce Resources Corp.'s Ashram Rare Earth Elements Deposit (October 2014)
1. October 2014
1
RESEARCH & OPINION
Summary:1
1. Owing to the extensive processing required, economic mining of a deposit is more likely to be
determined by the host mineralogy, REE distribution, and product simplification (i.e. mixed
REC) for junior public companies developing a resource.
2. Beneficiation of ore into a mixed REC can be sold to various hydrometallurgical processors
– CCE’s strategy. For juniors with limited access to capital, trying to initially process ore
through to separated products (SREO) adds substantial unwarranted business risk.
3. CCE’s material update, dated 19th
of August 2014, improves the metallurgical flow sheet for
Ashram. At bench scale, mineralized material from Ashram was able to achieve above 40%
TREO with a 97% mass reduction while retaining 70% cumulative recovery. This allows for
the rejection of more gangue and problematic elements, ideal for metallurgical processors.
RESEARCH & OPINION
DEREK HAMILL
Research & Communications
Zimtu Capital Corp.
dhamill@zimtu.com
Commerce Resources Corp.’s Ashram Rare Earth Element Deposit:
Checkers Instead of Chess
Rare Earth Elements (REEs)
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
Global Annual Rare Earths Production
2. October 2014
2
RESEARCH & OPINION
Introduction – in through the out door
The rare earth elements (REEs) are a group of 17 chemically similar elements that include lanthanum through
lutetium (atomic numbers 57 through 71), plus yttrium (39), and often scandium (21). In the mineral exploration
industry, scandium is not considered a rare earth element and is not included in grade calculations as it does not
always occur in the ore minerals, and thus, not associated to the same degree as the other REEs.
Although the crustal abundance of some REEs is comparable to copper or zinc for example, they rarely concentrate
into economically exploitable deposits (Table 1). Further, due to their chemical similarities, the separation of the
individual elements from the host mineral presents a material challenge; originally it was this challenge that led to
the term “rare earth”.
Table 1. Rare Earth Elements With Downstream Application
Element Atomic Number Crustal Abundance (ppm) Downstream Sector Application
Lanthanum 57 32 Petroleum cracking catalysts, batteries (NiMH)
Cerium 58 62 Autocatalyst, glass, polishing
Praseodymium 59 9 Magnets, glass
Neodymium 60 33 Magnets (NdFeB)
Samarium 62 7 Magnets, (SmCo)
Europium 63 1.8 Phosphors, nuclear control applications
Gadolinium 64 6 Intravenous contrast agents, phosphors
Terbium 65 0.94 Phosphors
Dysprosium 66 6 Magnets (NdFeB), lasers
Others (Ho, Er, Tm, Yb, Lu) 67-71
Yttrium 39 29 Phosphors, metal alloys
Source: UNCTAD and AIMR 2013
It is the inherent nuances of concentration, REE distribution, beneficiation, extraction, and separation of rare earths
within a deposit that complicate the economic picture well-beyond grade and tonnage. This fact, has become
startlingly apparent as Molycorp (NYSE: MCP) struggles to ramp up production from Mountain Pass while dealing
with numerous operational setbacks, supply constraints for hydrochloric acid in North America, and downward price
pressures for many light rare earth elements (LREE).2
Investment Strokes – the smoking gun
Market structure intricacies for REEs include:
Critical and unique product inputs for many technology and chemical products, i.e. magnets, batteries,
catalysts, and phosphors
China is the dominant player, controlling roughly 85% of the market
REE processes are commonly sensitive and proprietary, making relevant and reliable information difficult
to find.
2
Molycorp 2013 Annual Report, Notes
3. October 2014
3
RESEARCH & OPINION
Fear of Chinese market manipulation and the resulting rare earth oxide (REO) price spikes throughout 2009 to 2012
led to the inception of hundreds of REE projects globally.3
In the case of opaque markets that experience sudden and
violent price volatility, subjective conjecture often masquerades as objective and researched. For rare earths, this
tends to include aggressive demand growth estimates, and new supply assumptions that seem to trivialize
historically relevant technological impediments such as host mineralogy.
The reality of the situation is that many investors may have underestimated the investment of time and capital
required to tailor an economically feasible metallurgic flow sheet and build a sufficient customer base. In practice,
there is no global exchange, and storage of standardized REO and REM (rare earth metals) is not feasible. This
means customers must be sought out and their individual product specifications met.
A good summary statement for rare earth production is provided in the 2013 annual report for Lynas Corporation
Ltd. Chairman Nicholas Curtis wrote, “Commercial production of rare earths is a much more complex and capital-
intensive undertaking than production of many other mineral commodities. In reality, our business is as much about
chemicals processing as it is about mining. Supplying our customers with refined rare earth products is only
possible after an exhaustive process involving mining, crushing and concentration of ore, followed by cracking,
leaching, purification, separation, and final processing to meet specific customer product specifications. Then
follows a qualification process……when the customer concludes their specifications have been satisfactorily met.”4
Mr. Curtis provides a wealth of clarity for an industry seemingly shrouded in subterfuge. Many casual observers of
the mining industry may be inclined to evaluate rare earth deposits in a similar manner to other mined mineral
deposits – size, grade, production output, and required capital investment. In fact, this sort of thinking may even
permeate downstream manufacturers, explaining the current pessimism in the sector. After all, both Mountain Pass
and Mount Weld, hosting significant concentrations of rare earth oxides (REOs), appear economically challenged.
Meanwhile, prices for REOs have fallen materially after exponentially increasing through 2010 and the first half of
2011. Given these parameters and the current state of the rare earth market, potential investors and strategic partners
may find the case for developing Ashram confusing; if Mountain Pass has yet to prove economic feasibility, how
can Ashram with its lower in situ REO grade?
3
Rare Earth Elements, British Geological Survey, November 2011, page 28
4
Lynas, 2013 Annual Report, Chairman’s Letter
Source: British Geological Survey
Mining Other Factors
Crushed Ore REE Distribution
Beneficiation Acid Consumption
REE Concentrate Ore Grade
Cracking
Mixed REE Salts
Separation
Individual REO
Metal Reduction
Mineralogy
Purity
Customer Specifications
Diagram 1. Chemical Processing Is The Holy Grail For REE
4. October 2014
4
RESEARCH & OPINION
The answer lies in the characteristics of the rare earth deposit (outside of just REO concentrations, i.e. grade) and the
significance of metallurgy in producing an economic saleable product (Diagram 1). True, increasing concentration
of the desired commodity means less gangue (waste) and, all else equal, lower operating costs to mine the ore.
However, for REEs, grade matters less than one might think. For example, ion-absorbed deposits, such as those of
the South China Clays, are associated with grades of 0.03-0.35% REO, yet are very economical due to the process of
natural weathering, a distribution skew toward the HREE, and very simple and low-cost metallurgy.5
Arguably, due to the extensive processing required, economic mining of a deposit is more likely to be determined by
the host mineralogy, distribution of specific REEs, and product simplification (i.e. mixed REC) for small capitalized
(junior) companies developing a resource. We believe the last point to be material and often ignored – beneficiation
of ore into a mixed REC can be sold to various hydrometallurgical processors who then can separate into customer
specific REOs. For junior companies with limited access to capital, trying to initially process ore through to
separated oxide products (SREO) adds substantial business risk.
Mineralogy – do not pass go
REEs are a unique type of commodity in that all of them occur together in the same mineral due to their similar
chemical properties. Therefore, one must deal with all of them just to isolate the targeted element(s) as not all have
ready markets. To further complicate matters, REEs occur in over 200 minerals, nearly always in groups that carry
the grade in a deposit, and often do not respond to processing the same. Therefore, rare earth deposits hosted in
minerals not normally associated with economic recovery face significant technical barriers and increased costs, to
achieve commercial production. Simply put, this means mineralogy is paramount as it directly impacts the
economics of metallurgy, and is therefore a foremost determining factor in the viability of the entire project.
Due to these aforementioned attributes of the REEs and their occurrence, current and past commercial processing is
dominated by only three minerals; monazite, bastnaesite, and xenotime. Note that the ion-absorbed clays do not
recover minerals in their processing; only ion-absorbed REEs are liberated and able to be recovered directly,
indicating no REE-bearing minerals are involved. This leads to the conclusion, the largest competitive advantage a
rare earth deposit can have would be its mineralogy.
Almost from inception, Commerce Resources made a conscious decision to allocate material resources toward the
metallurgy of Ashram as it is hosted by these three minerals that dominate commercial processing. The idea being,
demonstrating that the metallurgy was cost effective, thereby significantly de-risking the project from a rare earth
deposit’s most common showstopper; mineralogy (Table 2).
Table 2. Ashram Bench Scale Beneficiation to a Mixed REC
Test Stage
Test 1 Test 2
TREO
Grade
Stage
Recovery
Cumulative
Recovery
Mass
Pull
TREO
Grade
Stage
Recovery
Cumulative
Recovery
Mass
Pull
Whole Rock 2% 100% 100% 100% 2% 100% 100% 100%
Flotation 9% 81% 81% 17% 9% 81% 81% 17%
HCl Leach 18% 100% 81% 8% 17% 100% 81% 9%
WHIMS 44% 88% 71% 3% 41% 87% 70% 3%
Source: Commerce Resources
5
Rare Earth Elements, British Geological Survey, November 2011, page 11
5. October 2014
5
RESEARCH & OPINION
Distribution – Bible on the dash
Though REEs are found together, initially processed together, and for ease generally referred to as a single
commodity, it is important to note they are not the same. Some REEs have little or no practical use, others have
wide applications. Light rare earths (LREE) generally include elements with atomic numbers 57 to 64 (Ce, La, Pr,
Nd, Sm, Eu, Gd), while the heavy elements (HREE) include atomic numbers 65 to 71 (Tb, Dy, Ho, Er, Tm, Yb, Lu).
Occasionally, the literature references a third classification known as the medium rare earths constituting atomic
number 62 to 64 (Sm, Eu, Gd). LREEs are much more common than HREEs; a fact shared by most deposits
globally. However, various minerals will host a unique distribution of the REEs. As the global supply for individual
REEs is unequal and faces different demand frontiers, the threat of oversupply or supply shortage is different for
each usable rare earth. Importantly, HREEs had little or no use prior to the 1990’s, meaning there was little value in
individually separating these elements. The recent growth in applications for HREEs translates into comparative
advantage for deposits with rare earth distributions favoring the heavies.
In the United States (US), the issue of rare earth criticality has been considered by both the Department of Energy
(DoE) and the Department of Defense (DoD). Between them, the REOs most critical to alternative energy
technology and military hardware are neodymium (Nd), europium (Eu), terbium (Tb), dysprosium (Dy), erbium
(Er), thulium (Tm), and yttrium (Y). This is especially true in the face of forecasts sighting material risk of supply
shortfalls for Nd, Tb, and Dy.6
Lynas Corporation released a presentation titled “Rare Earths – we touch them everyday” in May 2014 with current
product demand growth expectations (Table 3). These expectations echo Molycorp estimates as well as various
industry analysts. The magnet industry is currently the largest consumer of REOs and is poised to close out this
decade experiencing nearly a 10% compound annual growth rate.7
Magnets utilizing REOs are found in wind
turbines, automobiles, hybrid and electric vehicles, industrial energy efficient drives, and electronics.8
The NdFeB
magnets are the highest performance permanent magnet materials available, and though Dy and/or Tb do not
represent the majority of total rare earths used, these HREEs are integral for peak performance at elevated
temperatures.
Table 3. Rare Earth Industry Growth
Sector 2014 Demand Est. (tonnes) REE Used CAGR 2018 Demand (tonnes)
Permanent Magnets 29,700 NdPr, Dy, Tb 9.7% 43,011
NiMH Batteries 12,100 La, Ce, Nd 10.1% 17,780
Fluid Catalytic Cracking 14,300 La 8.0% 19,455
Metallurgy 14,300 CeLa 3.0% 16,095
Polishing 12,100 CeLa 4.2% 14,264
Autocatalysts 8,800 Ce 5.9% 11,068
Phosphors 7,700 Eu, Tb, Y, Ce, La -1.2% 7,337
Other 11,000 3.6% 12,678
Total 110,000 6.5% 141,688
Source: Lynas Corporation, UNCTAD, and USGS
6
Commodities At A Glance, Special Issue on Rare Earth, United Nations Conference on Trade and Development (UNCTAD), 2014
7
Rare Earths – we touch them everyday, Lynas Corporation, Capital Raising and Business Update, 5 May 2014
8
UNCTAD, Molycorp, and Lynas Corporation
6. October 2014
6
RESEARCH & OPINION
Considering current price compression for most LREEs, the material growth in catalysts for two sectors in particular
should help mop up the current oversupply of La and Ce. La is used in fracking of oil and gas deposits – an integral
technology helping to reshape the US energy landscape. Ce is used in automotive catalytic converters. The global
automotive industry is experiencing, what could only be referred to as, a renaissance due to continued growth of
Chinese vehicle ownership. In fact, China is on pace to break the 20 million unit mark for new car sales in 2014; in
comparison, the US is on pace to achieve 16 million new car sales this year.
To compare like-with-like, we ignore resource grade and focus on the value of a 1 kg mixed REC (assuming 100%
TREO) prior to separation of individual REOs. Though this is a stylised example, the results of the comparison in
the current pricing environment illustrate the distribution value for Ashram (Table 4).
Purity – dark horse
REE mineralization is frequently associated with radioactive elements – thorium, uranium, and their related
daughter products. While part of the deposit, there is very little risk as the in situ concentration is marginal.
However, during concentration of the REE host minerals the radioactive phases may also be concentrated, posing
health and environmental risks. The procedures and containment necessary to properly handle, secure, and dispose
of this material could potentially represent significant cost. Some have argued that accumulated thorium could
eventually be sold and should be thought of as an asset. However, the international accounting framework defines
an asset as ‘a resource controlled by the entity as a result of past events and from which future economic benefits are
expected to flow to the entity’. Since, there are no commercial thorium cycle reactors worldwide, accumulated
radioactive materials are likely to be treated as a provisional liability.
Looking at REC from producers outside China and excluding Molycorp, we can see how favourably Lynas’
concentrate compares with both Indian Rare Earths Limited (IREL) and SMW of Russia owing to lower thorium and
uranium accumulation (Table 5).9
Similarly to Lynas’ LAMP deposit, Commerce Resource’s Ashram deposit is
dominated by carbonatite-hosted monazite, and is likely to compare most closely to the LAMP concentrate. This
bodes well for the low radioactive element character of future Ashram concentrates.
9
A. Golev et al./ Resource Policy 41 (2014) 52-59, Rare earths supply chains: Current status, constraints and opportunities
Table 4. Distribution and Blended Value of Separated REOs
Separated REO
Oxide 99% min FOB China
Ashram Mountain Pass Mount Weld
Feb 2014 (U$/kg) Sep 2014 (U$/kg)
La 5.70 5.05 24.6% 34.0% 23.9%
Ce 5.25 4.75 45.8% 48.8% 47.6%
Pr 122.0 119.5 4.9% 4.2% 5.2%
Nd 67.50 58.50 17.0% 11.7% 18.1%
Sm 9.00 5.50 2.3% 0.8% 2.4%
Eu 950.0 725.0 0.6% 0.1% 0.5%
Gd 46.50 46.50 1.4% 0.2% 1.1%
Tb 825.0 625.0 0.2% 0.0% 0.1%
Dy 465.0 340.0 0.6% 0.0% 0.3%
Y 20.00 13.50 2.6% 0.1% 0.8%
September REO Basket Price (U$/kg) 32.21 17.22 26.24
Source: Company Filings, AIMR 2013, and Metal Pages
7. October 2014
7
RESEARCH & OPINION
Concluding Remarks – when it just has to work
The market for end-use applications of rare earth oxides (REO) and rare earth metals (REM) is different than many
other mined commodities. The market size, measured by volume, is small at 110,000 tonnes10
in 2013, and operates
without a developed exchange.11
Yet, the contributions of REEs are vast and for certain technologies –
indispensable. Unlike more well-known commodities whose end-users adapt product specifications to utilise the
available processed supply (such as copper wiring), the REO and REM supplied must meet customer specifications.
Therefore, there is a qualification phase between participants along the value chain.
For Commerce Resources, this means being able to provide hydrometallurgical processors with a consistent supply
of high purity mixed REE concentrate that meets the environmental tolerances and downstream required
specifications. This was the significance of the message delivered in Commerce’s update, dated 19 August 2014,
regarding the metallurgical flow sheet for Ashram. At bench scale, mineralized material from Ashram was able to
achieve above 40% TREO with a 97% mass reduction while retaining a 70% cumulative recovery of REEs.12
This
allows for the rejection of more gangue and problematic elements before the material enters downstream processing.
This reduces costs to a potential hydrometallurgical processor seeking to meet customer specifications. Clearly, this
is an important achievement for Commerce Resources as it suggests strong potential for Ashram to produce a high
purity REC ideal for hydrometallurgical processors at competitive operating costs.
10
USGS, Rare Earths
11
China recently initiated a rare earth exchange, Baotou Rare Earth Product Exchange
12
Commerce Resources Updates Metallurgical Flowsheet and Outlines Next Steps for the Ashram Rare Earth Deposit, 19 August 2014
Table 5. Sample of Radioactive Content for Different RECs
Company, Country Mineral Concentrate REO (%) ThO2 (ppm) U3O8 (ppm)
IREL, India Monazite 57 92,000 3,500
SMW, Russia Loparite 31 7,000 200
LAMP (Lynas), Malaysia Monazite-carbonatite 40 1,600 29
Source: A. Golev et al. / Resource Policy 41(2014) 52-59
Source: Commerce Resources
8. October 2014
8
RESEARCH & OPINION
The Ashram Deposit hosts a well-balanced rare earth distribution, plus relatively significant enrichment over all five
of the rare earths considered to be 'critical' (Nd, Eu, Tb, Dy, and Y). Within the overall resource, there exists a zone
of more intense Middle and Heavy Rare Earth Oxide (MHREO) enrichment, termed the 'MHREO Zone'. The 2012
preliminary economic assessment (PEA) for the Ashram stated an Measured & Indicated (M&I) resource of 29.3
million tonnes at 1.90% total rare earth oxide (TREO) and an inferred resource of 219.8 million tonnes at 1.88%
TREO based on 15,692 metres drilled. The PEA is based on a 4,000 tonne per day open-pit operation with a mine
life of over 100 years if the open-pit and underground are developed. These figures include M&I resources from
depths below the proposed pit. Additional infill drilling of over 2,700 metres has likely increased the M&I resource
for the open-pit closer to the 36 million tonne target believed to be necessary for the pre-feasibility study. We view
the latest bench scale metallurgical news as yet another positive indication that CCE’s management team is
executing a proper sequential de-risking of the business case, and so are moving the resource forward in a
responsible value accretive manner.
We look forward to CCE’s stated next steps, including optimizing specific aspects of the mineral processing
flowsheet and initiating downstream processing studies toward the production of a cerium-lanthanum depleted,
thorium free, mixed REC. This is one of many potentially saleable products and is the preferred feed stock for many
REE processors.
Derek Hamill
Research & Communications
9. October 2014
9
RESEARCH & OPINION
DISCLAIMER AND INFORMATION ON FORWARD LOOKING STATEMENTS:
All statements in this Research & Opinion, other than statements of historical fact should be considered forward-looking statements.
These statements relate to future events or future performance. Forward looking statements in this document include, but are not
limited to: “similarly to Lynas’ LAMP deposit, Commerce Resource’s Ashram deposit is dominated by carbonatite-hosted monazite,
and is likely to compare most closely to the LAMP concentrate. This bodes well for the low radioactive element character of future
Ashram concentrates”; “For Commerce Resources, this means being able to provide hydrometallurgical processors with a consistent
supply of high purity mixed REE concentrate that meets the environmental tolerances and downstream required specifications”;
“additional infill drilling of over 2,700 metres has likely increased the M&I resource for the open-pit closer to the 36 million tonne
target believed to be necessary for the pre-feasibility study.” These statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.
Risks include misinterpretation of data, inability to attract and retain qualified people, inability to raise sufficient funds to carry out
our plans or even to continue operations, among other risks. Risks and uncertainties respecting mineral exploration companies and
Commerce Resources Corp. in particular are disclosed in the annual financial or other filing documents of Commerce Resources
Corp. and other junior mineral exploration companies as filed with the relevant securities commissions, and should be reviewed by
any reader of this article. Despite encouraging results, there may be no commercially viable minerals on any properties being explored
by public or private companies within Commerce Resources Corp.’s portfolio, and even if there were, the opportunity to
commercialize them may not exist.
About Zimtu Capital Corp. and Research & Opinion
This Research & Opinion is published by Zimtu Capital Corp. We are focused on researching and marketing public companies in the
resource sector where we have a pre-existing relationship (almost always as shareholder and a provider of services). Nothing in this
article should be construed as a solicitation to buy or sell any securities mentioned anywhere in this Research & Opinion. This article
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Be advised, Zimtu Capital Corp. and its employees are not registered broker-dealers or financial advisors. Before investing in any
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company that isn't well known.
Most companies featured in Research & Opinion, and on our website, are paying clients of Zimtu (including Commerce Resources -
details in disclaimer above). In many cases Zimtu owns shares in the companies featured. As at October 7, 2014, Zimtu owns
3,584,178 shares of Commerce Resources as well as 150,000 share purchase warrants at an exercise price of $0.35. For those
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Because our featured companies pay fees to us for our administration and public relations services and rent and we almost always
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information that we have received, which we assumed to be reliable. We do not guarantee that any of the companies mentioned in this
newsletter will perform as we expect, and any comparisons we have made to other companies may not be valid or come into effect.
Cautionary Note Concerning Estimates of Inferred Resources:
This report may use the term "Inferred Resources". U.S. investors are advised that while this term is recognized and required by
Canadian regulations, the Securities and Exchange Commission does not recognize it. "Inferred Resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any
part of an Inferred Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of "Inferred Resources" may
not form the basis of feasibility or other economic studies. U.S. investors are also cautioned not to assume that all or any part of an
"Inferred Resource” exists, or is economically or legally mineable.
10. C O - S P O N S O R E D B Y
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