GPT will contribute several balance sheet assets to initiate the Partnership at book value, based on independent valuations as of December 31, 2024, and will maintain a 20 percent co-investment interest. The net proceeds from this transaction, approximately $410 million, will be used by GPT to reduce gearing until they are reinvested.

QuadReal’s total commitment for an 80% stake in the partnership is approximately $400 million.

According to QuadReal’s Managing Director, Asia, Nat Miller, “QuadReal is excited to expand its strategic investments in Australia with a trusted partner like GPT. The transaction has strong market fundamentals and reflects our high conviction investment strategy which seeks to build portfolios that are resilient across economic cycles.”

GPT’s Chief Executive Officer and Managing Director, Russell Proutt, stated, “The formation of GQLT2 aligns with our strategy to meaningfully invest and grow with our partners by designing and pursuing compelling investment programs. We are pleased to have been able to activate the Partnership’s formation by providing a foundational portfolio of assets from our direct property holdings. GQLT2 builds upon the established relationship between our organisations that spans the logistics and living sectors, and we look forward to delivering on its strategy.”

The transaction is not expected to significantly impact GPT’s 2025 earnings. The completion of the transaction is targeted for July 2025 and is subject to FIRB approvals.

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Almonty Industries (ASX:AII) has taken a significant step forward in securing its future revenue stream and strategic relevance. In early May 2025, the company announced a binding three-year offtake agreement with Tungsten Parts Wyoming (TPW), a U.S. defense contractor, and Metal Tech, a tungsten processor based in Israel.

Under the agreement:

Deliveries are expected to begin once Almonty reaches commercial production at its Sangdong mine in South Korea, projected for 2027–2028.

China currently controls approximately 90 per cent of global tungsten production, a dominance that poses a strategic risk to Western industries. Almonty’s Sangdong mine, one of the largest tungsten deposits outside China, is poised to become a critical alternative source.

With geopolitical tensions rising and raw materials increasingly weaponized, Almonty’s conflict-free supply from Portugal, South Korea, and Spain offers a secure and stable alternative. The company is already seeing demand outstrip supply, with Lewis Black, Almonty’s chief executive officer noting that many interested buyers will have to wait their turn.

“This binding offtake agreement represents a significant milestone for Almonty, securing both predictable revenue through a defined hard-floor price and long-term demand tied directly to US defense programs,” CEO Black explained in a statement. “Beyond commercial certainty, the agreement ensures that our tungsten oxide will serve a strategic, high-value end-use – reinforcing Almonty’s position as the key upstream supplier to the defense supply chain of the US and its allies. It reflects our broader commitment to aligning production with national security priorities, while delivering sustainable value to my fellow shareholders and is another customer of Almonty who is happy to commit to our hard-floor pricing terms as a condition of supply.”

Almonty is preparing for a NASDAQ listing, a move that could significantly enhance its visibility and valuation. The company has already secured shareholder approval for a share consolidation, a key step toward meeting NASDAQ’s listing requirements.

The listing is expected to be a major catalyst for the stock, especially as U.S. investors seek exposure to critical minerals aligned with national security interests.

“Listing on NASDAQ provides access to an extensive global investor base including many institutional investors, which are many times prohibited from investing on various other exchanges. This increased visibility and credibility can materially enhance liquidity and facilitate more streamlined capital raising activities,” Hunter Diamond, CFA Diamond Equity Research said.

“The recent offtake agreement is a significant event for shareholders, as this agreement increases the predictability of revenue and cash flows -key drivers of investor confidence,” he continued. “The acceptance of a floor pricing model in the critical defense supply chain of the U.S. signals the confidence the buyer has in the long-term delivery capacity and quality of the asset.”

With production at Sangdong imminent, a NASDAQ listing on the horizon, and a strategic offtake agreement in place, Almonty is in a stable position for continued growth.

Almonty Industries is more than a mining company – it’s a strategic asset in the West’s effort to secure critical mineral independence. The recent offtake agreement with TPW and Metal Tech points to its role in the defense supply chain, while the upcoming NASDAQ listing could unlock significant shareholder value.

For investors, the message is clear: those who control tungsten will control the future of defense and technology. Almonty offers a rare opportunity to invest early in a company at the intersection of geopolitics, national security, and resource scarcity.

Disclosure: Diamond Equity Research LLC is being compensated by Almonty Industries, Inc. for producing research materials regarding Almonty Industries, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. Publicly disclosed fees in accordance with SEC rule 17(b) can be found on our disclosure page.The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

The company’s work has identified several subsidiary structures associated with the Yerda Shear Zone, which underlies a large calcrete gold geochemical anomaly at Tunkillia North. Sipa believes the identification of these structures within the 5km x 5km gold anomaly, located north of Barton Gold’s 1.6Moz Tunkillia Gold Deposit, confirms the prospectivity of the anomaly.

Sipa Resources Managing Director Andrew Muir stated that the integration of the high-quality magnetic data has identified a number of subsidiary structures, associated with the Yerda Shear Zone, underlying the large scale calcrete gold geochemical anomaly at Tunkillia North. “The presence of these zones within the 5km x 5km gold anomaly, just north of Barton Gold’s 1.6Moz gold deposit, confirms the prospectivity of the anomaly, which we will be testing in upcoming drill programs.”

Sipa Resources is actively reviewing historical geophysical and drilling datasets to enhance its understanding of the geology and mineralization within its newly acquired South Australian gold projects. The company is using these datasets to refine drill target selection for future drilling programs.

Sipa is also advancing the approvals process for planned gold drilling programs at Tunkillia North and Nuckulla Hill and expects to provide an update on the timing of these programs soon.

In summary, Sipa Resources’ integration of the historical helimagnetic survey data has improved the definition of structural features at Tunkillia North, enhancing the prospecting of the project and informing upcoming drilling programs. Read full release here. Join the discussion: See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.

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Locksley has formally submitted the drill permit application to the Bureau of Land Management (BLM). The BLM has confirmed it will undertake the necessary Environmental Assessment requirements.  

The company believes the March 2025 Executive Order by President Trump presents a significant opportunity to expedite approvals at the Mojave Project. This order mandates measures to accelerate American mineral production, including expedited permitting, support from the National Energy Dominance Council (NEDC), access to Defense Production Act (DPA) funding, and streamlined NEPA environmental processes.  

Sampling at the Desert Antimony Mine has yielded high-grade antimony and polymetallic results. Rock chip assays show up to 46% antimony, with multiple samples exceeding 17% antimony and 18 samples exceeding 1.4% antimony. Additionally, samples contained 1,022 g/t silver, along with elevated lead, zinc, and copper. The mineralization has been mapped across a 400-meter surface strike length.  

The Mojave Project is located approximately 1.4 km from the Mountain Pass Mine, the only producing rare earth mine in the U.S. The project also has rare earth element (REE) potential, with rock chip assays at the El Campo Prospect reporting up to 12.1% TREO and 3.19% NdPr. Surface mapping identified an 860m mineralized horizon.  

Locksley highlights the strategic value of its claims, noting the federal endorsement of Dateline Resources’ Colosseum Project, located about 10 km north of Mountain Pass. The company aims to leverage the precedent set by Dateline to pursue regulatory alignment and market support.  

The next steps for the Mojave Project include securing drill permit approvals from the BLM, engaging with U.S. federal authorities, and further surface and subsurface exploration. Locksley Resources is focused on advancing the Mojave Antimony & Rare Earths Project.   Sources and related content

Read full release here.

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EBIT increased by 34% to $472.3 million compared to the prior corresponding period. The company reported increased earnings across all regions and segments, driven by strong customer demand, increased contributions from advanced technology offerings, and continued commercial discipline.  

Orica also demonstrated strong cash generation, with net operating cash flow of $244.9 million, up 29% from the prior corresponding period. Earnings per share (pre-SI) rose to 51.5 cents, a 33% increase. An interim dividend of 25 cents per share was declared, representing a payout ratio of 49%.  

The company’s leverage (excluding leases) is 1.45x, which is within the target range of 1.25x-2.00x. Return on Net Assets (RONA) stands at 12.9%. Orica announced that it will recommence its on-market share buy-back of up to $400 million post the results announcement.  

Orica’s Managing Director and CEO, Sanjeev Gandhi, emphasized the company’s commitment to safety, noting that while they achieved their lowest serious injury case rate to date, their focus remains on ensuring the safety of their employees. The company also reported significant progress towards its climate targets, including a milestone of eliminating one million tonnes of greenhouse gas emissions following the deployment of tertiary abatement technology at the Kooragang Island site.  

Orica’s core business in Blasting Solutions continues to deliver strong results. The company highlighted its competitive advantages, including its global network, technology, and comprehensive manufacturing and supply chain. Orica is positioning itself as a global leader in geotechnical and structural monitoring and specialty mining chemicals through strategic acquisitions.  

Looking ahead, Orica expects FY2025 EBIT to increase compared to the prior corresponding period, with improved earnings across all regions and segments.

About Orica:

Orica Limited is an Australia-based mining and infrastructure solutions provider. The Company is engaged in the production and supply of explosives, blasting systems, mining chemicals and geotechnical monitoring to its cutting-edge digital solutions. The Company operates through six segments: Australia Pacific and Asia (APA); North America; Latin America; Europe, Middle East, and Africa (EMEA); Global Support and Digital Solutions. Its products and services include 4D bulk systems, bulk systems, packaged explosives, initiating systems, boosters, digital solutions, blasting services, automation, training, mining chemicals, slope stability, and fertilizer. The Company serves various markets, such as surface coal, surface metal, iron ore, quarrying, underground mining, underground construction, construction, civil infrastructure, oil and gas, and agriculture.

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The Group’s Total sales growth for weeks 1-44 remains unchanged at 4.2 percent. The like-for-like figures in the original announcement also remain unchanged.  

The announcement also provided a trading update for the first 44 weeks of FY25. The Group’s like-for-like sales growth for H2 FY25 to date has improved to +3.1 percent, compared to +1.8 percent in H1 FY25, driven by positive momentum at BCF. Despite a strong Easter trading period, retail conditions were described as subdued, particularly in New Zealand. Group gross margins in H2 FY25 to date are tracking below the prior comparable period, consistent with the year-on-year decline in H1 FY25.  

Conditions in the Auto category in Q3 were consistent with those experienced in H1 FY25, with some stabilization noted in April. Rebel experienced accelerated growth in H2 FY25, even after absorbing a $5 million net sales headwind due to cyclone Alfred. BCF continues to show strong sales momentum, benefiting from strategic investment in stock availability and a solid Easter trading period. Macpac’s performance continues to be negatively impacted by its larger exposure to New Zealand.  

The Group has initiated a project to replace its end-of-life payroll system and build a Human Resources Information Management system (HRIM). The project will be implemented over the next 12 months, with costs reported in the Group and Unallocated segment. The Group also expects to incur duplicated operating expenses and project costs related to the transition from existing distribution centre facilities to the new Victorian distribution centre. Total Group and Unallocated costs in FY25 are expected to be $42 million, compared to $36 million in FY24, including $10 million for the Victorian distribution centre duplication costs. These duplicated operating expenses and the new payroll and HRIM system will total $29 million in FY26 and will be part of the Group and Unallocated segment.

About Super Retail Group Limited:Super Retail Group Limited is an Australia-based company primarily involved in the retail industry. The Company’s principal activities include retailing of auto parts and accessories, tools and equipment, retailing of boating, camping, outdoor equipment, fishing equipment and apparel, and retailing of sporting equipment and apparel. Its segments include Supercheap Auto (SCA), rebel, BCF and Macpac. Its Supercheap Auto (SCA) segment is engaged in retailing auto parts and accessories, tools and equipment. Its rebel segment is engaged in the retailing of sporting equipment and apparel. Its BCF segment is retailing of boating, camping, outdoor equipment, fishing equipment and apparel. Its Macpac segment is engaged in retailing apparel, camping and outdoor equipment. The Company operates in Australia, New Zealand, and China.

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Drilling has successfully extended the RAS ore system to the south and at depth. Drill holes MDD418 and MDD419 both returned high-grade gold mineralization beneath the current pit designs. Key intercepts include:

Geotechnical drilling also intersected mineralized zones outside the current resource model. While these zones are not considered substantial enough for a further pit cutback, they confirm high-grade continuity beyond the modeled resource and could be accessed via short lateral development from existing ramp stages. Drill holes MDD414 and MDD422 intersected the following:

CEO Damian Spring stated, “Due to challenging terrain, RAS South has seen limited drilling to date. However, with each new hole, our understanding of the area’s potential continues to improve. A parallel zone of high-grade mineralisation, offset from the main high-grade core at RAS, is emerging, and notably, it lies outside the current Mineral Resource estimate.”

The company has completed the current phase of infill drilling at RAS South, with assays pending for remaining holes. The focus has shifted to extension and infill drilling of the main RAS high-grade core. Regional exploration and sterilization drilling programs are also ongoing.

Full release can be read here.

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Back in September 2024, Contact revealed that it had formalized a Scheme Implementation Agreement (SIA) to purchase all of Manawa’s shares through a court-sanctioned Scheme of Arrangement. However, the completion of this acquisition is contingent on several outstanding conditions, which are detailed in the SIA.  

These prerequisites include the receipt of an advisor’s report, which independently verifies that the acquisition price is within or exceeds the fair value range. Further conditions involve securing approvals from the High Court and Manawa’s shareholders at a dedicated meeting, alongside other standard procedural requirements.  

Manawa is expected to disseminate additional information about the Scheme, along with a notification for the shareholder meeting, to its shareholders later in the current month. Contact’s current target for finalizing the Scheme implementation is July 2025.

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Breaking down the sales performance across the Group’s segments, homeware sales experienced a 4.66% decline, amounting to $103.6 million. In contrast, the sporting goods segment showed a slight increase in sales, up by 0.47% to $74.7 million.  

Group Managing Director Rod Duke acknowledged the challenges of the first quarter, stating, “This first quarter has proved difficult as we continue to trade within a struggling retail environment. While we’re disappointed not to have matched last year’s Group first quarter sales, the closeness in timing of Easter and ANZAC Day wasn’t ideal for maximising promotional activity and the warmer temperatures compared to last year also impacted sales of heating products. We estimate the negative impact on Briscoes Homeware in relation to heating related products to be more than $2 million compared to last year.  

Duke also noted the positive performance of Rebel Sport, saying, “For Rebel Sport to achieve sales growth is very pleasing with solid sales across most areas but particularly in the categories of women’s apparel, supporters clothing and sporting equipment.  

The report indicates that margins are under pressure, but there has been a recent recovery in gross profit margin. Inventory levels are reported to be well controlled and were lower across both segments compared to the previous year.  

Looking ahead, the company anticipates continued challenges in the New Zealand retail environment throughout 2025. Briscoe Group is focusing on protecting its profitability and is currently targeting a first-half net profit after tax (NPAT) of around $30 million. The Group expects to see a more normalized profit distribution over the year, with the second half’s profit expected to exceed that of the first half.

Full release can be read here.

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The first phase of drilling at Surprise intersected mineralised intervals, including 11m @ 1.8% Cu and 1.3 g/t Au from 68m, with a subset of 4m @ 3.8% Cu from 71m. Field activities that followed identified rock samples from artisanal workings, which will be tested in this second drilling phase, and these samples showed results of up to 26% Cu from Portable XRF analysis.  

In addition to the Surprise Copper Project, the Company plans to explore other Copper-Gold targets, including Conglomerate Creek, during this exploration season.  

The second phase of drilling at the Surprise Copper Project is designed as an extensional drilling program. It will include approximately 1,500m of RC drilling across three main target zones located north of the Surprise Copper mine. The drilling program will test anomalous magnetic, chargeable, and conductive targets identified by the Company’s 2024 geophysical surveys, as well as areas with outcropping copper mineralisation. The drilling will also investigate the extension of mineralisation to the north and west of the historic Surprise pit.  

The Company notes that the magnetic survey highlighted similarities between the magnetic signature in the mineralised zone beneath the Surprise Mine and a larger feature offset to the west. The targets for this drilling phase have not been previously explored through drilling, presenting an opportunity to discover additional mineralisation potential. Upon completion, this drilling phase will have tested targets up to 1.2 km north of the Surprise Copper Mine. Antares Metals also intends to conduct a third phase of drilling later in the season to test additional targets north and south of the mine.  

The announcement includes a statement from Chief Executive Officer, Johan Lambrechts: “We are excited to head to the field and man the rig for this important second phase of drilling on Surprise. We aim to expand the project’s current known mineralised footprint by testing geophysical targets and beneath outcropping copper mineralisation. We look forward to updating our investors with activities and results as we progress.”

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CEO Jason Walbridge says: “The difficult market conditions that businesses like ours – which are reliant on discretionary consumer spending – continue to have a significant impact on both our revenue and earning”

The SkyCity group owns five casinos in Australia and New Zealand: SkyCity Auckland, SkyCity Hamilton, SkyCity Queenstown, SkyCity Wharf Casino and SkyCity Adelaide.

Walbridge continues with “Notwithstanding these challenging consitions, we remain optimistic that as consumer confidence returns and spend begins to lift, SkyCity is well placed to maximise the opportunities in front of us, like the New Zealand International Convention Centre opening in February 2026”

Full release can be here.

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The findings from this drilling program have been significant. They’ve not only confirmed the presence of high-grade gold mineralization but also successfully extended the known mineralized trends. Furthermore, a new mineralized system was discovered to the west of Olive Queen. These results collectively emphasize the substantial exploration potential that exists across the broader Yalgoo Project area.  

Jason Froud, the Managing Director of Premier1 Lithium Limited, expressed his satisfaction with the outcomes of the maiden drilling program at Wadgingarra, noting it was the first drilling effort in over 40 years. He highlighted that the drilling had yielded some of the highest-grade intercepts ever recorded at the project.

The results confirmed high-grade gold at Carlisle, with one intercept showing 10m at 3.1 g/t Au from 19m including 7m at 4.3 g/t Au. At Crescent South, drilling revealed exceptional gold intercepts, including 3m at 31.5 g/t Au from 97m with 1m at 91.9 g/t gold, and another intercept of 1m at 27.2 g/t Au from 83m.  

A new mineralized system was also identified west of Olive Queen, with the first drilling in the area intersecting 1m at 1.5 g/t Au from 96m within 5m at 0.4 g/t Au.  

This new area, along with associated pathfinder element anomalism, presents a new exploration front for the company. Froud noted the strong structural and geochemical support for further discovery in this zone.  

Froud stated, “We are very pleased with the results from our maiden drilling program at Wadgingarra and the first in over 40 years. The drilling has delivered some of the highest-grade intercepts recorded on the project to date…These results underscore the effectiveness of our integrated exploration approach and support our belief that Wadgingarra has significant potential to host multiple gold-bearing structures. We look forward to building on this momentum with follow-up drilling and continued refinement of our geological models as we work towards defining a robust pipeline of targets for future resource development.”

Full announcement results can be seen here.

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This decision follows a previous proposal to divest these assets to Australian Digital Holdings, which was announced on February 27, 2025. However, the final conditions for that transaction were not met, and negotiations with ADH have ceased.  

The sale to SWM will result in SXL’s complete divestment of all television assets, aligning with its “All About Audio” strategy. The proceeds from the sale will be $3.75 million in upfront consideration, matching the upfront consideration proposed in the previous ADH transaction. SCA plans to use these funds to reduce its net debt.  

The total estimated consideration from the sale of SXL’s television assets is projected to be between $19 and $24 million. This represents an EBITDA multiple range of approximately 4 to 5 times on a proforma FY25 basis.

Full release can be read here.

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With approximately $19 billion in funds under management, HMC Capital’s portfolio spans a broad range of sectors including real estate, private equity, energy transition, digital infrastructure and private credit. The company has carved out a strong niche by focusing on complex, large-scale transactions—a strategy that has contributed to rapid FUM growth and a consistent record of delivering strong returns.

The presentation underscores the group’s strategic focus on high-conviction investments and disciplined capital allocation, supported by a deeply experienced team with both investment and operational expertise. HMC has also emphasised its alignment with investors through its track record and performance-driven culture.

While the full presentation details are available through the company announcement released to the ASX, HMC’s appearance at the conference signals its intent to maintain momentum and strengthen relationships with institutional and retail investors alike.

With market appetite increasing for exposure to alternative assets and infrastructure plays, HMC Capital appears well-positioned to benefit from continued investor interest in these sectors.

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As an ow­ner-ma­na­ged com­pa­ny, GBC AG knows the fi­nan­cing needs of Ger­man SMEs and is an in­de­pen­dent and re­lia­ble part­ner for all ca­pi­tal mar­ket is­sues.

Wi­thin the GBC Group, GBC AG of­fers cor­po­ra­te ana­ly­sis and re­se­arch. Lyndsay Malchuk from Stockhouse (HotCopper’s sister site) recently sat down with GBC analyst Matthias Greiffenberger, who has initiated coverage of Almonty Industries with a bullish outlook, projecting a 10x revenue jump over the next few years, and spotlighting Almonty’s Sangdong mine as a geopolitical gamechanger.

The following is a transcription of the above video. The Market Online has edited it for clarity.

LYNDSAY: Well, let’s just kick this off and maybe here’s where we can start with your report. You highlighted the 15 year offtake agreement with Plansee as a core underpinning of Almonty’s valuation. From your perspective, how do you account for counterparty risk in your model, especially with hard floor price that could backfire in a downturn? I mean, really, if Plansee experiences demand softening or financial strain, what’s the downside scenario look like?

MATTHIAS: Well, first let’s have a look at this agreement. So it’s a 15 year offtake agreement with Plansee, which is fantastic for Almonty because, the offtake agreement has a hard floor of 235 MTU and there is no cap on upside.

So this is basically unheard of in the industry. And the reason for this is that Almonty has such a great track record, And also the hard floor is way below the current market price of tungsten, which is currently at, 363 MTU. So basically that alone is a big downside protection. And furthermore, Plansee is not just a customer.

They are also a 14%, shareholder. So their interest and their incentives are very much aligned and that lowers the counter party risk significantly. But, you’re absolutely right. The, the contract or no contract is without risk. So we have accounted for this by discounting the future cash flows of the project accordingly.

So,  the risk is already priced in. And, let’s say, if Plansee were to ever face weaker demand, then we are pretty certain that Almonty could redirect its volumes, especially, because of their low production costs. And that makes, Almonty quite competitive.

I think there are so many other potential alternative buyers in the market, especially in the defensive industry or the semiconductor industry. Especially also, because Almonty is a non-Chinese supplier, so overall be priced in the risk. I think the Plansee contract enhances stability, but Almonty is not overly reliant on them in our opinion.

LYNDSAY: Almonty’s net loss nearly doubled year over year of working capital, it’s materially negative. And the balance sheet, you are showing that there’s still a rise. I mean, you’re betting still to maintain a buy recommendation. So can you walk us through the assumptions behind your confidence in the liquidity runway? How are you weighing dilution or refinancing risk in the broader valuation?

MATTHIAS: Almonty is at an inflection point this year. The company will, in our opinion, transition to a really important tungsten producer, and by that I mean the, the Sangdong asset will come online. So, the Panasqueira mine in Portugal is already producing, but, Sangdong will transform Almonty completely and will make them a really important player in the market.

Our valuation with the buy recommendation, as you mentioned, and the target price of $4.20 Canadian is based on the future cash flows that we expect. And, just for compliance reasons, I have to point out that our catalog of possible conflicts of interest can be found on gbc-ag.de

The sand on the mine is fully funded and near its completion, so we expect production to begin in the middle of the year, and this should lead to significant positive cash flows. And, as you said, the possible refinancing are, the risks in our opinion are manageable. I mean, IMO has the support of the KFW Bank, which is rare in this industry.

Because it’s a German government owned bank and that alone shows the somewhat low risk profile of the project. So we expect Almonty to enter its cash flow phase. And with the current geopolitical development, they have, quite the tailwinds.

LYNDSAY: Now your model assumes a fairly aggressive ramp up at Sangdong as well with throughput doubling just 12 to 18 months after first production.

So it gives you the conviction that this timeline is achievable, especially given the complexities of underground mining and historical delays in similar projects.

MATTHIAS: Well, you’re right, the project is quite ambitious. But in our opinion also achievable. And there are several reasons for this.

So, firstly, this is not a Greenfield project. It’s a redevelopment of a historical producing mine with known geology and existing infrastructure. Secondly, it’s a horizontal ore body, so it makes it easy to use drift mining. So production can grow without needing much expansion on the surface. And thirdly, Almonty has taken a face approach.

So the project is built step by step, and we expect that the experience management can deliver on their plans. Especially if you look at the CEO, Lewis Black and the whole team. They’re really experienced and I think they can pull it off. So, as you said, even if it comes to ramp up delays, the asset should deliver sooner or later really strong returns.

So, worst case there will be delays, but I think the strong returns can be expected nonetheless. So the bottom line is the Sangdong mine is not your typical mine because of all the legacy knowledge. The modern design and the face builds. So we are quite optimistic.

LYNDSAY: Let’s unpack that just a little bit more. You position Sangdong, as a strategic alternative to Chinese supply, but given that South Korea imports over 90% of its tungsten from China, how do you reconcile geopolitical narrative with economic reality? If China exerts pricing pressure once Sangdong comes online, how sustainable is the competitive edge you’ve priced in?

MATTHIAS: Great question and a really important one because yes, the South Korean government currently is getting most of its tungsten from China,  but that’s basically the reason why Sangdong is so important.  That’s not really contradictory because, Sangdong is going to supply South Korea and the South Korean government  wants to secure domestic supply.

Furthermore, this aligns with the EU and US interests because they are all trying, to secure supply away from China. I mean, Almonty isn’t just replacing supply, it’s basically replacing vulnerability regarding China’s pricing power. So that’s a valid concern, but I think Almonty is in a very special situation here.

As we said in the first question. They have a floor price from Plansee, so they have a great contract where they have a floor price. I think the pricing power of China is very limited. And secondly, Tungsten is very, very low in cost. So they are cost competitive and they can deal with the lower prices.

So China already disrupted the markets, but, Western buyers are already actively trying to diversify. So we have applied a risk adjusted discount to the cash flows, and I think this reflects the reality.

LYNDSAY: Let’s look at the forward forecast. The forecast suggests a 10x revenue increase by 2027.

Can you break down how much of that growth is tied to de-risked fully funded production and infrastructure? And how much is based on assumptions still dependent on execution, permitting, or market timing?

MATTHIAS: Yeah, we expect that the management will deliver on the plans and the mine will come online soon. So the first phase is that the Sangdong mine will come online, which is already fully funded, and it’s almost done and it will start production, our opinion mid this year. And this will already lead to a big jump in revenue. Because there’s this off take agreement with Plansee. This should mean steady cash flows, even if there’s price disruptions in the market that we don’t expect.

Then in the second phase, they plan to double their production so that will be easily achievable in our opinion, because there won’t be much new infrastructure needed for that. On top of that, the Panasqueira mine in Portugal is consistently making money and they are already planning to expand the mine, and they don’t need additional permits for that.

So that’s another one. And also the optimal production will start in 2026 or 2027, which also adds to the revenue. So. That alone leads to significant revenue increases. And furthermore, there’s an oxide plan, which should not only increase the revenue, but also increase the margin.

It’s a very phased approach. And because it’s not all done at the same time, I think it’s very realistic to achieve this. And that’s why the, the big revenue jump is expected.

LYNDSAY: It was a great report that you did and there’s a lot of in depth, really insightful information there. We’re going to leave it here for now. Matthias, thank you so much for walking us through this and the thinking behind your coverage of all things Almonty Industries.

You can read the full report at GBC Research.

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In a world where securing critical raw materials is increasingly becoming a geopolitical priority, one company in particular is coming into focus: Almonty Industries Inc. (ASX:AII).

With strategically located mining projects and a clear vision of becoming a leading non-Chinese supplier of tungsten and molybdenum, Almonty offers investors an opportunity for substantial price gains.

A new research report from GBC AG recommends buying the stock – with a target price of C$4.20, representing a price potential of over 100 per cent from the current level.

(A link to the full report is available in this publication.)

Tungsten is essential for high-tech industries – from semiconductors to aerospace and defence. However, the lion’s share of global production comes from China.

This is precisely where Almonty comes in: With the Sangdong mine in South Korea, one of the world’s largest tungsten deposits outside of China, the Company aims to reduce Western dependency and establish a stable, conflict-free supply chain.

With a well-structured development plan and an expected mine life of over nine decades, Sangdong is the cornerstone of Almonty’s strategy. The ore deposit boasts excellent grades and low operating costs. The planned integration of a downstream oxide processing plant and future molybdenum production will further increase value creation.

In addition to its operations in South Korea, Almonty (ASX:AII) has a strong presence in Europe. The Panasqueira mine in Portugal has reliably delivered cash flows for over 100 years. With the Los Santos (reactivation of old material) and Valtreixal (development pipeline in Spain) projects, the Company offers additional growth options – all with moderate capital requirements.

Almonty Industries is more than just a small producer – the Company is on its way to becoming a key strategic supplier for Western industries. For those looking to participate in the de-globalization of critical supply chains and the boom of industrial future technologies, this stock – with 100 per cent upside potential – deserves a closer look right now.

To the research report by GBC AG (Initial Coverage – Recommendation: Buy): Download.

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The company is also a major shareholder in Almonty Industries (ASX:AII), a leading global player in the tungsten space with key projects in Portugal, Spain, and the highly anticipated Sangdong Project in South Korea.

Lyndsay Malchuk from Stockhouse recently caught up with Dr. Thomas Gutschlag, the Founder and Chairman of the Supervisory Board of Deutsche Rohstoff AG. Additionally, Thomas is also a Director on Almonty’s Board giving him unique, firsthand insights into Almonty’s operations, their vision and the critical role tungsten plays in securing the West’s technological and industrial independence.

The following is a transcription of the above video. The Market Online has edited it for clarity.

Lyndsay: I think the best place to start is a bit about Deutsche Rohstoff. This is a company known for its strategic investments in both energy and critical minerals. Having said that, from your perspective, what is the overarching strategic goal of your company? And specifically, how does your stake in Almonty Industries fit the broader vision?

Dr. Gutschlag: Well, I mean basically we are looking for good opportunities in the resources sector. We have been doing that for the last 20 years, and we are trying to be a bit ahead of the crowd in some respect. We were very early in the US shale oil development, for example, and that proved to be a very good move. We’ve grown nicely over the last 15 years in that market. And so, we are trying to find good stories before others find them. And Almonty or the tungsten industry is such a story. I mean, tungsten was overlooked for many years by investors. We invested in that industry early as well, and I think we found the best company possible with Almonty finally and are very happy to be in the sector and also especially in Almonty.

Lyndsay: We’ve learned a lot about Almonty and have seen they hold an impressive footprint within the tungsten projects in Europe and Asia. So in your opinion, what is the geopolitical and industrial significance of these projects, particularly for western nations looking to reduce that reliance on China for critical raw materials?

Dr. Gutschlag: Tungsten is used in a variety of very important and growing industrial applications. It’s not only defense, but also a lot of other important products that are made of tungsten, which has a very high melting point, and you can make very hard steel of it. So, I think the importance of Almonty’s project can hardly be overestimated. I mean, there’s basically very, very few projects that may come into production over the next say five to 10 years. So Almonty ‘s projects in project in Europe, as well as especially Sangdong, are, in my opinion, the major opportunity for the western world to a secure supply of tungsten. And I mean the importance of tungsten is ever growing. We’ve recently seen all the rush to the defense industry. And all these players will need tungsten in their rockets, in their tanks or whatever they want to produce. It always needs tungsten. And so I think we are in a very unique position here with Almonty and happy to have had the chance to co-develop that.

Lyndsay: Let’s dip over to the Sangdong project in South Korea. It has been making headlines as potentially one of the most significant tungsten mines outside of China. Have you been able to visit the site?

Dr. Gutschlag: Yes, twice actually. So, the last time was in November 2024, so a couple of months ago. And it’s quite impressive. I mean, it’s always stunning to visit an underground mine because it’s such an impressive place. The mine is great. It’s ready to produce. I mean basically everything is there and in place so we can immediately start mining. There’s also a lot of ore at the surface, so that’s also a good thing because we can start with that, or we don’t need to really mine right from the beginning. And the processing plant is under construction and is going to plan. It’ll be a very impressive processing plant for a lot of tons to be processed during the year.

I was very impressed. Also, the very good relations to the community. It’s extremely important that the locals support the project the mine. And that’s the case. The team in South Korea and Lewis have done a great job to build these relations and to ever strengthen them. So, I think we are really ready to get started. And it will become a great success. I have no doubt about that.

Lyndsay: Now, Almonty recently announced that it intends to relocate its corporate base to the US and begin collaborating with American Defense International. They also have added to their Board US General Perna. So, what strategic potential do you see in this move, especially with regard to defense supply chains and valuation of the company?

Dr. Gutschlag: Well, obviously the world is quickly changing at the moment. And so, supply chains really are rebuilt in a way especially for critical metals. All the world is looking for critical metals. Tungsten is one of them, but it’s an important one. And I think the United States will be the center of that rebuild. And I think it’s good to be close to that center, close to the decision makers and close to the largest capital market in the world. I think we’ll be able to attract more investment from US investors, and we’ll be close to the decision makers who are deciding about where to supply their tungsten.

Lyndsay: If we look ahead with global demand for tungsten set to rise and governments increasingly recognizing its importance. What role do you envision Almonty and Deutsche Rohstoff playing in the critical mineral space for the next three years?

Dr. Gutschlag: Well, as I said already, I think we’ll be the major non-Chinese supplier and, and there’s not many to be seen over the next years that that could be added to that portfolio. So I think we are in a unique position in that way. I think it’s kind of a once in a lifetime opportunity to be invested in such a company because everything has developed in our favor over the last couple of years.

And the team did a great job to build Sangdong. And it’ll be a fantastic tungsten mine with very good grades and good support by the government and everyone in Korea. And I think there’s still a lot of potential for further development for Sangdong itself for downstream activities, downstream production for molybdenum for example. We know that there’s a large molybdenum reserve below the tungsten reserve, so tremendous potential. And I think we’ll be happy to help to develop that potential as we did in the last 10 years.

You can find Deutsche Rohstoff AG on the Frankfurt Stock Exchange under the symbol DR0.DE.

For more information about the company visit rohstoff.de.

Company shares last traded at €36.50.

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The company recently received shareholder approval to redomicile from Canada to the United States, signalling a major strategic shift.

Then last week, Almonty announced a new collaboration with American Defense International, ADI. And even more recently in Week 13, the company welcomed U.S. General Gustave F. Perna, to its board of directors; a significant move that has turned quite a few heads in the defense and resource sectors.

With trade picking up and tungsten’s price climbing, there’s a lot to talk about.

Lyndsay Malchuk with Stockhouse Publishing recently sat down with Lewis Black, CEO of Almonty to discuss all of these riveting developments.

Lyndsay: Why don’t we actually start with the company’s latest announcements and the growing interest from the defense sector. I think the big question here stands as, is Almonty still purely a resource company or are we now looking at the beginnings of a defense focused enterprise?

Lewis: I’ve done this a long time. I’m the last man standing I’ve been very successful in the tungsten space. Our mines make money and traditionally I was the primary source outside of China and Russia and North Korea for my customers who were best known for building, you know, cars and planes and medical and you know, really making an impact on the planet. But I found myself in the last eight months now being dragged into a geopolitical tug of war that doesn’t just include the US and China, but also you’ve got to throw in the EU into the mix because tungsten is the primary metal for all hardware munitions and armor. And of course, if you have any kind of military program, you of course require munitions and armor. And this is uncharted waters for us as a company and for our sector because now tungsten is no longer commercially desirable as much as it is national security desirable. And given we are the only party in town, we are trying to navigate through lots of people who are being very nice to us right now. But at some point you’re going to have to say no to somebody, and on that basis, you don’t know what their response is going to be. So, in answer to your question in a short answer, we are an involuntary defense stock now.

Lyndsay: There seems to be a significant interest from the United States in securing future tungsten supplies, especially with that partnership with ADI and the addition of General Perna. So do you believe this is raising concerns or even pressure among other nations, particularly in Europe then?

Lewis: I think absolutely. And I mean, one of the reasons we’ve engaged ADI, which is the US’s largest defense lobbyist, and they only do one other mine, which is Mountain Pass. Everyone else in their portfolio of nearly a hundred companies are the biggest defense contractors in the United States. And with General Perna, we have another announcement coming as well shortly to add to that team is because we are trying to fully understand how to correctly integrate into this nexus of defense in the US it’s an extremely complex logistical area and it has been impressed upon us within the United States that we find ways to seamlessly integrate, and it’s much easier to use experts who know really how to navigate through it than trying to do it on our own. As for the EU, yes, the EU are also looking quite anxiously.

And so I suppose in a perfect world, I would like to feel that the output from our Korean project is going to amply provide for the US defense space and our project in Portugal and Spain later on when it’s opened, we’ll provide a defense solution in Europe. And I mean, that’s perfect thinking. That’s on the basis that everybody remains calm and friends. But my initial approach is to follow the direction that’s being intimated to me, to find ways to seamlessly integrate into this. And as I said, Mountain Pass has done it very well. And we’re very fortunate that ADI chose to take us on as only their second line.

Lyndsay: Well, have you seen any early reactions from all of this?

Lewis: From the, the, the US government? Next week I have to go to Washington again. I don’t want to talk too much about all the things that we’re up to because well, I don’t want to start checking under my car every time I sort of leak the house. But I think what we are doing is really important. I mean, to me, despite my accent, actually am American, it’s important to me. And I know in this day and age, it’s unfashionable to do something for the right reason. I know it’s just not considered to be a great idea, but I’m a shareholder first and foremost, I’m seeing great value added to the business because of the fact that we are now a defense stock.

And on top of that, we’re going to do something really important. We are going to provide a solution, a very short term solution, because we are opening in two to three months for a defense dose. And we can provide the same for Europe as well. So, you know, it feels good that we see an accretion of value and we also see that we’re doing something for the right reason, not just, for the free market. We’re doing something I think important and I want to make sure I do it right.

Lyndsay: So what we really want to know is what the actual sentiment is in the tungsten market right now with China’s export restrictions, making those headlines. What are you hearing, what are you experiencing right now within the industry?

Lewis: Well, that’s very interesting. It’s really a kind of a catch-22, the kind of companies that consume tungsten, a very large corporations, and they’re involved in many different areas of the economy, both in their domestic environment and internationally. If you acknowledge publicly that you have a problem, it’s weakness and it tells a competitor potentially with more inventory than you, that your market share can be attacked. So publicly, everything is fine. Nothing to see here. We’re all good. I know that the CCP has restricted the export of tungsten, but not to me, I’ve been buying there for 25 years. Doesn’t count to me. Everyone else. But I went to the wedding anniversary of my suppliers. My children are named after them. And then privately you have an interesting situation.

Privately you have two ways you can go. One, you can tell yourself that everything’s going to be okay. This is just a Trump blip. It’s all going to pass any minute now, you know, everyone’s going to be friends and it’ll be business as usual. And then you can sleep well at night, or you can go into a kind of a very discreet panic because you don’t have a plan B because there no plan B. So it’s one thing if there was a plan B and you knew that a plan B should have existed, but you chose to feed your addiction to the cheap and readily available material from a wonderful supplier, which was China, which is China or has been China. They always had inventory. They worked seven days a week, they didn’t break for summer holidays. If you needed something, they put it on a boat and they even put maybe a small gift in there, a bottle of wine.

And everybody was happy because it was an easy addiction to take. And now that you are looking at the fact that maybe your dealer is not perhaps as available as you would like, you don’t have an alternative source. So in my customers publicly, everyone’s called privately, who knows, some are telling themselves everything will be all right on the night and others have started drinking. But either way, this problem doesn’t go away. Now China has put into a mechanism with these export permits regarding dual use, which is military use, which pretty much covers every customer I have, even if they’re not directly involved with the military, they may supply braking parts for armored vehicles that counts under Chinese rules. So I think China has a mechanism to basically say no tungsten for you if they so choose, and they’ll use our own rules, WTO rules against us. And this must be a terrifying predicaments that some of the biggest corporations on the planet now find themselves in. They got rich from cheap raw materials, and now the source of those raw materials are saying, you know what? You’re not treating us the way we want to be treated, so no more for you. And I think this is outside of my pay grade, but this is not easy for them to be honest.

Lyndsay: So how is that shaping the outlook for producers like Almonty then?

Lewis: We’ve got a lot more friends than we used to, that’s for sure. Until we don’t, because we’re have to say no to somebody at some point. I think the people who got behind us, like the Plansee Group who really supported us from years ago they would say by judgment, some would say by luck. But they called this many years ago, and they gave us an opportunity to build the world’s largest tungsten mine. And they were instrumental in us being able to convince KfW IPEX the premier, tier one project finance lender in the world to back us. And I think for us, geopolitics is a great positive, but there’s also a negative side. And I think it’s always important to look at that negative side. If my customers are starved to death, who do I sell to?

And I think China is a fierce competitor now for Western concentrate. They’re about to change a regulation in China to allow them to also feed from Western scrap the approach now rather than the collapse the price that they did in lithium or rare earths, which is to drive capital out of our sector is in fact to starve my customers from feed. And so it’s great for us. It almost certainly means that we are going to become irresistible to multiple suitors just for their survival. But it’s also quite terrifying that we’ve got ourselves into a place where we don’t have a plan B. And even with Trump’s announcement to develop domestic resources quicker, it takes years. I mean, whether we like it or not, this is not a widget factory. This is a mine. There’s a real process here that you have to respect and follow to build into democracy.

Lyndsay: We’ve reported a lot on one of your projects, the Sangdong Mine is receiving a great deal of attention around the globe and is expected to enter into production in 2025. I mean, the demand is obviously there and you mentioned maybe two to three months. So when exactly do you project actual production to begin from that?

Lewis: I’m an operator. You never want to jinx it. Two to three months you’ll see material coming out of there. And then 12 months after that, you’ll see phase two come online. So phase two is a doubling of our output. A lot of the work for phase two has already been done in phase one. So it’s something we show KfW that you could actually build something bigger for the same money because the cost of grinding circuits is negligible. The difference between 1.2 million tons a year and 640,000 thousand tons a year is pretty much the same. So it took a while to get them over that hurdle because they’ve never actually financed a project that actually was built for a bigger capacity for the same money. But then we’ve always been a bit unorthodox in Almonty.

We’ve always been very nimble. We’ve stayed away from the funds and the traditional ways. We have one of the highest liquidities of a junior in Canada now. We are quoted by every tier one publication. We have guys like ADI and General Perna who are way above our pay grade, you know, who are happily joining us because we are unorthodox. And that’s why we’ve been successful. And I think one of the things I say to everybody, whether people like it or not, and I hate to blow my own trumpet, but I’m quite unique in the junior mining space because I’m a shareholder first and foremost, I put millions of dollars of my own money into this. And so when I get out of bed, I’m getting out of bed as a shareholder. And that’s why our stock has responded so well.

It’s why we have this liquidity, because I’m first and foremost a retail guy. That’s what I am. I mean, yes, I run the company because, well, someone had to do it and I care enough to keep the value. I mean, someone said to me earlier, what they found unique about Almonty was that we did an IPO what, more than 10 years ago in the TSX. And we still have those same shareholders, and they’re all in the money. I mean, normally with juniors 10 years in, you’ve burned through three or four sets of shareholders, but our guys are still there and they’re in the money, which is unheard of. So that’s, I think, a very long-winded answer to your question.

Lyndsay: What about politically speaking? You said that it is a bit of a benefit, but tell us the biggest challenges you’re facing right now and what Almonty is doing to navigate through the never ending moving targets right now.

Lewis: That’s why we’re trying to bring ADI in. We bring ADI in and general Perna to help us and the contacts and that we’re trying to navigate through it. I don’t pick aside in terms of, well, of course, obviously North Korea and China, you know, it’s a bit different. But ultimately, I’m trying to make sure that the defense sectors in the EU and the US have what they need if they want it.

I’m, I’m putting forward a solution that won’t require taxpayer money or risk. I have it, it’s available, it’s not tied to off takes and we’re just trying to find the best mechanism to ensure the distribution of that material to the people that it needs to get to. And this is uncharted waters. I’m going to do it slowly and methodically and correctly, but my plan is that we have a solution for these defense sectors in these territories. We don’t require 10 years to do it. It’s almost instantaneous. And this way it ensures that my legacy when I’m taken out in my pine box at one point in the future is that we at least provided an option for national security defense for a country that I’m a part of in America and the EU where we’ve operated for 136 years in Portugal.

Almonty last traded at $2.35 through this morning.

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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

Speaking to a packed crowd at the International Investment Forum, the company’s CEO, Lewis Black gave details on their flagship project, the Sangdong mine in South Korea, which was once the world’s largest tungsten mine.

(Almonty also operates the Panasqueira mine in Portugal and Valtreixal in Spain.)

The ‘International Investment Forum’ offers insights into investment trends and strategies, featuring perspectives from top executives and managers across diverse industries worldwide.

You can see the entirety of his talk on YouTube here.

This mine, once the world’s largest tungsten mine, was closed in 1993 but has since been revitalized by Almonty. The company also operates one of Asia’s largest molybdenum mines, adjacent to the Sangdong tungsten mine.

Almonty’s share price has seen significant growth over the past 24 months, driven largely by geopolitical factors. AII’s stock value has increased nearly 194 per cent since March 2024. The company’s liquidity has also increased substantially, positioning it well ahead of its competitors in the tungsten sector. This growth is not solely due to recent geopolitical events but is the result of a long-term strategy and consistent performance.

Almonty boasts a diverse shareholder base, having resisted the temptation to rely on a single large investor. Instead, the company has maintained a broad base of long-standing shareholders, many of whom have seen their investments more than double since the company’s IPO. This approach has helped preserve shareholder value and maintain financial stability.

Almonty has received unprecedented support from multiple governments, including direct investments in land and infrastructure from the Korean government. This level of government involvement underscores the strategic importance of Almonty’s projects. The company has also secured a loan from the German State Bank, guaranteed by the Austrian finance ministry, highlighting the confidence in Almonty’s operations.

Almonty has received unprecedented support from multiple governments, including direct investments in land and infrastructure from the Korean government. This level of government involvement underscores the strategic importance of Almonty’s projects.

The company has also secured a loan from the German State Bank, guaranteed by the Austrian finance ministry, highlighting the confidence in Almonty’s operations.

Almonty stands out in the tungsten market by receiving premium prices for its products, a distinction not shared by its competitors. This is due to the reliability, consistency, and desirability of Almonty’s products. The company also secures floor prices on its larger contracts, protecting it from adverse price fluctuations.

Almonty’s price has shown strong performance, driven by more than just geopolitical factors. The company’s consistent focus on value and independence has attracted significant support from investors. Almonty is set to become the only U.S. company currently producing tungsten, further enhancing its market position.

Almonty’s management has decades of experience in operating tungsten mines, consistently turning around projects and generating profits. The company’s low turnover of senior and mid-level staff reflects a stable and committed workforce. Management’s direct investment in the company aligns their interests with those of the shareholders.

Almonty is in the process of redomiciling to the U.S., a move expected to enhance its long-term competitiveness. The company plans to open phase one of the Sangdong project within the next two to three months, with phase two expected to be online within 12 months.

This rapid expansion is facilitated by groundwork already laid during phase one.

Almonty Industries offers a compelling investment opportunity in the critical minerals sector. With strong government support, premium pricing, a proven track record, and ambitious future plans, Almonty is well-positioned to lead the tungsten and molybdenum markets.

“The molly has the potential to make a profound effect on the company. I’d like to describe it that phase one tungsten is ‘X Revenue’ phase two is 2X, the molly mine is 4X. It means that as a company, as a group, we can see a clear path to four times our revenue within assets that we currently own,” CEO Black said in the video.

Investors looking for a stable and growing company in this sector should consider Almonty as a valuable addition to their portfolios.

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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

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A gold explorer, developer, and soon-to-be producer set up to win under this rubric is Quebec-based LaFleur Minerals (CSE:LFLR).

It has a market capitalization of C$15.22 million and its stock has given back 17% since acquiring its flagship Swanson Gold project in July 2024 – even though the company has positioned itself for near-term production as gold hovers near all-time-highs.

Key phases along that timeline include:

Let’s explore LaFleur’s two primary assets to better understand why they hold the potential to deliver significant long-term value.

The 15,290-hectare Swanson project resides in mining-friendly Quebec, specifically in the world-renowned Abitibi Greenstone Belt, which has been a leading contributor to Canadian gold exploration and production for over a century.

Swanson boasts 22 gold showings, as well as critical mineral showings housing silver, copper, zinc, lead, and molybdenum, all near robust infrastructure and situated along a volcanic corridor up to seven kilometres wide and 27km along strike.

Mineralization is hosted by ultramafics (fuchsite), altered mafic volcanics and syenite intrusions, which can indicate the presence of high-grade gold and visible gold.

Swanson’s substantiates its proximity to numerous gold producers (slide eight) including Agnico Eagle and Eldorado, as well as developers such as Probe Gold and O3 Mining, with a value-added 2024 mineral resource estimate that achieved an 8% increase in indicated gold ounces and a 626% increase in the number of inferred ounces compared to a 2021 historical estimate. This doesn’t account for the project’s untapped exploration upside, as highlighted by:

To continue fostering Swanson’s ounce-count and shareholder value, LaFleur recently completed a high-resolution airborne magnetics and very low frequency electromagnetic (VLF-EM) geophysics program over the Swanson gold deposit, with management interpreting the results.

Additionally, assays from soil geochemistry and prospecting programs remain pending, offering a multitude of vectors to define drill targets and clarify the full extent of the deposit’s value proposition.

To this multitude, LaFleur is adding further mapping and prospecting covering the Bartec and Jolin deposits, as well as other prospective areas of the Swanson project’s over 15,000-hectare land package, in addition to an induced polarization-resistivity ground geophysics survey over 166 line-km scheduled between January and February 2025.

Management expects to begin up to 10,000 metres of drilling by mid-2025, contingent on permitting, with the goals of increasing project resources to over one million ounces of gold and continuing ongoing work to update Agnico Eagle’s 2009 preliminary economic assessment (PEA) under an open-pit scenario.

According to Louis Martin, LaFleur’s technical advisor and exploration manager, ongoing exploration efforts position the company to exploit low-hanging fruit – beginning with the Swanson deposit’s surface-level open-pit portion – thanks to its recently acquired Beacon mill, paving the way for self-funding the development of the project’s underground prospectivity.

LaFleur’s go-to-market strategy focuses on the fully permitted Beacon mill and past-producing gold mine, located within 50 kilometres of the Swanson gold deposit and along the southeast contact of the Bourlamaque Batholith near numerous gold mines, including Wrightbar, Beaufor, and Lamaque, many of which lack in-house processing infrastructure.

The mill is equipped to process 750 tons per day (tpd) after undergoing C$20 million in refurbishments by previous owner Monarch Mining in 2021-2022, but has been under care and maintenance since early 2023.

The Beacon land package also includes a tailings management pond, underground installations, a 500-metre shaft and headframe, a ramp and a mechanical shop from the Beacon mine, saving LaFleur tens of millions of dollars compared to building a facility from scratch and enabling the company to more easily scale its way towards lower costs and higher profitability.

The Quebec Government has also authorized the company to process up to 1.8 million tons of tailings, representing about nine years of mineral processing at full capacity, expanding the facility’s revenue generation capabilities.

LaFleur recently initiated high-level pre-feasibility work to restart the Beacon mill with feed from the Swanson project, including Bartec and Jolin, and is partnering with local mining services contractor ABF Mines to refine its approach regarding staffing, ongoing maintenance and repairs, and potential production upgrades.

Initial results from this work, expected in Q1 2025, will inform the path to production, backed by C$2.8M raised in December 2024 for further drilling, advancing economic studies and upgrading resources to reserves.

According to Paul Ténière, LaFleur’s chief executive officer, LaFleur is focused on generating near-term cash flow from Beacon through third-party feed to self-fund it growth plans, including ushering the Swanson deposit towards an open-pit operation over the next 12 to 18 months, working to establish resources at Bartec and Jolin, and continuing to explore the project’s district-scale land package.

Numerous parties at the PEA and PFS level with nearby up to multi-million-ounce deposits are in discussions with the company about processing their ore and potentially funding the mill’s restart.

With its stock last trading at C$0.29, having lost almost one fifth of its value since July 2024, LaFleur’s production and resource expansion upside and gold’s recent run-up to all-time-highs have yet to be priced in.

This dynamic lays the groundwork for a potentially significant share price re-rating contingent on the gold price remaining strong in line with expectations from Goldman Sachs, UBS and Deutsche Bank, among other leading financial institutions, facilitating LaFleur’s path to validating and initiating production, unlocking cash flow and building scale to better capitalize on opportunities regardless of gold market conditions.

From Ténière’s perspective, this re-rating may come in the form of mergers or partnerships, with LaFleur engaged in numerous ongoing discussions with groups as far as Australia to optimize shareholder value creation.

This interest in LaFleur’s assets, according to Martin, is thanks to the company’s diligent development, growing Monarch Mining’s initial two mineral showings to over 25. Further strategic expansion deals are currently being ironed out to enhance exposure to the Swanson project’s mineralized envelope, in which he sees multi-million-ounce potential.

With upcoming prospecting, surveying, drilling and deal flow serving as potential catalysts towards greater market awareness, LaFleur likely won’t be trading under the radar for long.

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