Latest news with #CatalinKilofliski
The Market Online
6 days ago
- Business
- The Market Online
Two gold stocks trending higher thanks to disciplined development
The price of gold has been on a heater as of late, adding about 40 per cent or US$1,000 per ounce year-over-year, increasing the prospectivity of gold exploration, development and production stocks by affording them a more richly priced commodity. The rising tide has by no means lifted all boats, especially among junior miners and developers, where financing difficulties are often more pronounced, but a generalized upswing is taking place and investors are beginning to take notice. To take advantage of this upswing prudently, it's essential to match a stock's stellar performance with the assets and achievements of its underlying company, analyzing whether or not they correspond and offer any insights into future operations. In the newest edition of Stockhouse's Weekly Market Movers, I'll introduce you to a pair of gold stocks that have earned their strong year-over-year returns through value-accretive development. This content has been prepared as part of a partnership with Canagold Resources Ltd. aand Finex Metals Ltd., and is intended for informational purposes only. Canagold Resources First in our gold stock duo is Canagold Resources, market capitalization C$84.67 million, a mine developer focused on bringing its flagship New Polaris project in British Columbia into production. According to its July 2025 feasibility study, New Polaris holds an estimated after-tax net present value of US$793 million at a base case of US$3,300 per ounce of gold, with initial capital costs of only US$181 million, and is expected to average 100,000 ounces in annual production from years 2-8. The project's 2025 mineral estimate details 904,400 ounces in probable reserves, 1,107,000 ounces indicated and 266,000 ounces inferred, representing more than US$7.6 billion in gold in the ground. This is in addition to nearly 7,000 tons of antimony, which is trading at more than US$20,000 per ton, representing more than US$140 million in potential revenue. When we look over press releases from the past 12 months, it's easy to see why Canagold stock (TSX:CCM) has delivered a 64.29 per cent return year-over-year. The positive news flow began with initial high-grade expansion drilling results in July and August 2024, continued on with environmental permitting progress in October, and was followed by the identification of economical antimony on the property in January and February 2025. A C$3.22 million financing followed in March to support New Polaris' path to production, leading us to the aforementioned feasibility study. With a robust project under its control, a soaring gold price, advanced permitting and numerous financing discussions underway expected to reach final decisions in 2026, Canagold's leadership team, awash in related gold mining experience, is set up to carry on with business as usual, nudging the share price higher with New Polaris' next milestones. Catalin Kilofliski, Canagold's chief executive officer (CEO), joined Stockhouse's Lyndsay Malchuk to offer insights on New Polaris' new feasibility study. Watch the interview here. Our second upward-trending gold stock worth highlighting is Finex Metals, market capitalization C$18.53 million, a gold explorer operating a royalty free, 100-per-cent-owned portfolio in Finland's Central Lapland Greenstone Belt. Finex's flagship Ruoppa project is adjacent to Agnico Eagle's Kittilä mine, the largest gold mine in Europe, and resides near the land that hosts Rupert Resources' recent US$1.7 billion Ikkari discovery, backing up its own prospectivity with trench samples as high as 95.1 grams per ton (g/t) of gold, as well as 2,700 metres of anomalous gold featuring multiple high-grade targets. About 70 per cent of Ruoppa remains unexplored. The rest of Finex's portfolio – including the Luova, Kero, Tulppio and Ukko projects – boasts historical sampling or drilling meriting follow-up exploration, granting Finex's leadership team, de-risked by robust gold Finland-based experience and 39 per cent insider ownership, plenty of fuel to drive positive news flow. A summer field program at Ruoppa is now underway, following a C$4.3 million financing in April and a recently completed ~140 km² drone magnetic survey to aid in targeting and geological interpretation. Remaining tasks on the docket include: Surface sampling (~500 samples). Top-of-bedrock drilling (~500 samples). Trenching (~1,200 metres). Diamond core drilling (2,500 metres) beginning in early August to test zones of high-grade quartz veining discovered in 2024. The program follows a 2024 exploration campaign that yielded 1,986 top-of-bedrock drilling samples revealing numerous priority targets, with assays coming in as high as 4.2 g/t gold (including widespread pathfinder elements), as well as 52 of 263 grab samples from trenches over known anomalies that returned more than 1 g/t gold, including the 95.1 g/t sample cited earlier. With multiple avenues to increase Ruoppa's attractiveness to the market and the ability to deliver results over the near term, Finex is in a strategic position to capitalize on high gold prices through exploration upside. The market has recognized this position by rewarding investors in Finex stock (TSX:FINX) with a 34.78 per cent return to date, even though the company only listed on June 18, setting an optimistic tone for the summer. Tero Kosonen, Finex Metals' chairman and CEO, sat down with Lyndsay Malchuk to speak about ongoing exploration at the Ruoppa gold project. Watch the interview here. Thanks for reading! I'll see you next week for a new edition of Weekly Market Movers, where I delve into companies that sat down with Stockhouse for an interview over the past week. Here's the most recent article, in case you missed it. Join the discussion: Find out what investors are saying about these gold stocks on the Canagold Resources Ltd. and Finex Metals Ltd. Bullboards and check out the rest of Stockhouse's stock forums and message boards. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.
National Post
21-07-2025
- Business
- National Post
Canagold Announces Positive Feasibility Study Results for the New Polaris Project
Article content Article content VANCOUVER, British Columbia — Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA) ('Canagold' or the 'Company') is pleased to announce positive results of the Feasibility Study ('FS') for its 100% owned New Polaris gold-antimony project located in northwest British Columbia, Canada. All dollar figures are in Canadian dollars unless otherwise indicated. The Company expects to file a technical report relating to the FS, prepared in accordance with National Instrument 43-101 ('NI 43-101'), within 45 days. Article content Feasibility Study Highlights Article content Robust Project Economics Article content 'The Feasibility Study results demonstrate exceptional economics, low Capex and low AISC for the New Polaris Gold-Antimony Project,' stated Canagold's Chief Executive Officer, Catalin Kilofliski. 'Even at a $2,500 Gold Price, the projected cash flow and economics are outstanding. While we continue to refine and optimize the Project aimed at unlocking additional revenue from antimony metal and reduction of power costs and emissions through potential run-of-river green power generation, our primary focus is now shifting toward completing the permitting process, in order to advance New Polaris toward a construction and production decision. I would like to express our sincere appreciation to the Taku River Tlingit First Nation for fostering a respectful and inclusive open dialogue every step of the way. I also want to thank all our shareholders for their patience and confidence.' Article content TRTFN's Spokesperson, Charmaine Thom, says, 'Canagold's land acknowledgement of Taku River Tlingit First Nation's traditional territory and the willingness to work toward a partnership through a Consent Based Agreement, is a true testament of what reconciliation looks like.' Article content However, the Feasibility Study does not include any revenue contribution from antimony or estimate an antimony reserve. This is because the process flowsheet outlined in the Feasibility Study is specifically designed to produce a sulphide concentrate. Article content Antimony has been recognized at New Polaris since the early mining operations of the 1940s and 1950s. However, its economic significance has grown substantially in recent years due to global supply shortages and sharply rising prices. Article content The Company is currently undertaking additional metallurgical testing and economic evaluations required to support the inclusion of antimony in the project's financial model. Article content The prospect of including revenue from antimony in future phases, has the potential to improve overall project economics, particularly as the associated mining costs for antimony are largely covered by the gold mining activities. However, there are no guarantees that the future testing will support this prospect. Article content Plans for Unlocking Antimony Value Article content To capitalize on the full economic potential of antimony, the Company is advancing several key initiatives: Article content New Polaris Feasibility Study Article content The Feasibility Study for New Polaris was completed by Ausenco Engineering Canada ULC ('Ausenco'), supported by Moose Mountain Technical Services and JDS Energy & Mining Inc. The study confirms robust economics for an underground mining and milling operation, with a low initial capital cost and a high rate of return. Article content Key Feasibility Study parameters are shown in Table 2. Article content Table 2: New Polaris FS Project Parameters Base Case Economic Assumptions Gold Price (US$/oz) $2,500 Exchange Rate (C$/US$) 0.725 Discount Rate 5% Contained Metals Mined Contained Gold (koz) 904 Contained Antimony (tonnes) 5173 Mining Mine Life (years) 8.3 Waste (Mt) 1.8 Total Material Mined (Mt) 4.6 Total Mineralized Material Mined (Mt) 2.8 Processing Processing Throughput (ktpa) 340 Average Diluted Gold Grade (g/t) 9.9 Gold Production Gold Recovery (%) 89.1 LOM Recovered Gold in Concentrate (xoz) 806 LOM Payable Gold Production (koz) 709 LOM Avg. Annual Gold Production (koz) 85.7 Operating Costs Per Tonne Mining Cost ($/t Milled) $135 Processing Cost ($/t Milled) $64 G&A Cost (C$/t Milled) $68 Total Operating Costs ($/t Milled) $267 Other Costs Concentrate Transportation to Smelter ($/wmt) $1,089 Cash Costs and All-in Sustaining Costs LOM Cash Cost (US$/oz Au) $997 LOM All-in Sustaining Cost (US$/oz Au) $1,247 Capital Expenditures Pre-production Capital Expenditures ($M) $250 Sustaining Capital Expenditures ($M) $225 Closure Expenditures ($M) $21 Economics After-Tax NPV (5%) ($M) $425 After-Tax IRR % 30.9 After-Tax Payback Period (years) 2.4 After-Tax NPV / Initial Capex 1.7 Pre-Tax NPV (5%) ($M) $667 Pre-Tax IRR % 38.4 Pre-Tax Payback Period (years) 2.3 Pre-Tax NPV / Initial Capex 2.7 LOM After-tax Free Cash Flow ($M) 649 Article content Cash costs are inclusive of mining costs, processing costs, site G&A, off-site charges and royalties AISC includes total cash cost, sustaining CAPEX and closure cost All dollar ($) figures are presented in CAD unless otherwise stated. Base case metal price used in this economic analysis is US$2,500 /oz Au. Article content Gold Production Profile Article content Mineral Resource Estimate Article content The Company's current Mineral Resource Estimate ('MRE'), completed by Moose Mountain Technical Services, has an effective date of April 2, 2025 with the mineralization model as the basis for the FS. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability at this time. Article content The New Polaris Mineral Resources for gold and antimony are shown in Table 3 and Table 4. Article content Table 3. New Polaris April 2, 2025 Gold Resource Estimate at 4 g/t cut-off Resource Class Tonnes (000's) Au (g/t) Au Metal Ozs (000's) Indicated 2,965 11.6 1,107 Inferred 926 8.5 266 Article content Table 4. Antimony Resource Estimate within the Base Case Au Resource Resource Class Tonnes (000's) Sb (%) Sb Metal (Tonnes) Indicated 860 0.65 5,630 Inferred 100 1.2 1,195 Article content Notes on the Resource Tables Article content About the Mineral Resource Estimate Article content Mineral Reserve Estimate Article content The mineral reserves are summarized in Table 5. Article content Notes on the Reserve Table Article content Mining Overview Article content The New Polaris mine is designed as a modern, fully-mechanized underground operation, targeting the safe and cost-effective extraction of mineral reserves over an estimated 8.3 year mine life. The plan anticipates delivering approximately 2.8 million tonnes (Mt) of mill feed at an average grade of 9.9 g/t gold. Article content A total of 1.8 Mt of waste rock will be generated during LOM underground development. Of this, the majority will be used as backfill material within the mine to support mined-out areas, with the remaining volume placed on surface in the integrated tailings and waste rock storage facility. Article content The mineral reserves are located beneath the historic workings of the Polaris-Taku mine, which operated from 1938 to 1951 and produced 740,000 tonnes at an average grade of 10.3 g/t gold. The new underground access will be established via a ramp extending from the existing New Polaris portal, reaching an ultimate depth of approximately 780 meters. The primary ore body, known as the 'C' zone, accounts for nearly 90% of total reserves, extends up to 500 meters along strike, and dips at an average angle of 50 to 60 degrees. Article content Geotechnical assessments indicate favorable rock conditions, with typical ground control measures and associated costs anticipated. Article content To optimize recovery and minimize costs, two main mining methods will be employed: Article content Mine development and early construction activities will be carried out by an experienced underground mining contractor, with operations transitioning to an owner-operated model upon commencement of production. The underground mine is expected to employ approximately 190 personnel, sustaining an average production rate of 950 tpd throughout the mine's operating life. Article content New Polaris Mine Image Article content Processing Overview Article content Processing will occur in a 1000 tpd crushing, grinding and flotation plant to produce a bulk sulphide flotation concentrate which will be shipped off site for final processing at an independent processing facility. Article content Crushed ore is ground to 80% minus 74um and fed into a flotation circuit consisting of one stage of rougher flotation with two cleaning stages to produce concentrate grading > 100 g/t Au. Article content Flotation concentrate is thickened, filtered and dried, to a moisture of approximately 5% and flown to Juneau, Alaska, which is located approximately 60 km from site, then barged to Seattle for loading onto ocean going ships for transportation to third-party smelters worldwide. Article content A portion of the process tailings will be fed to a backfill plant and used for filling underground mining voids, the balance will be filtered and trucked to a dry-stack storage facility located about 1 km from the plant site. Waste rock not used for underground backfilling will also be trucked to this facility for storage with the tailings. Article content Concentrate Marketing Study Article content An independent concentrate marketing study for the New Polaris Project, evaluating marketability and treatment terms for its gold concentrate has been completed as part of the FS. The study confirms that the New Polaris gold concentrate, targeted at a grade exceeding 100 g/t Au, and an average 12% As, is marketable under current global conditions. Article content The report identifies potential outlets for the sale of New Polaris gold concentrate, including: Article content Traditional gold roasters in Asia, which represent an established and high-capacity processing route Blending facilities, where the concentrate can be mixed with other materials prior to shipment to smelters Asian gold roasters, copper smelters, or lead smelters Direct sales to international metal trading firms, which offer flexible and liquid off-take arrangements Pressure oxidation (POX) plants Article content Based on indicative commercial terms provided by several prospective buyers, the marketing study validated the project's financial modeling assumptions related to treatment charges and gold payability. The analysis concluded that an average net smelter return (NSR) of 87.9% for gold is reasonable over the LOM and reflects treatment charges associated with the presence of As in the concentrate. Article content Capital Costs Article content The initial capital cost is estimated at $250M (US$181M) and shown in Table 6. Article content Table 6: Project Capital Cost Estimates ($M): Initial Sustaining LOM Total Mining ($M) $63.3 $196.1 $259.4 Processing ($M) $43.0 – $43.0 Tailings ($M) $7.4 $4.7 $12.1 Onsite Infrastructure ($M) $38.5 – $38.5 Offsite Infrastructure ($M) $9.4 – $9.4 Indirects ($M) $42.3 – $42.3 Project Delivery ($M) $9.8 – $9.8 Owner's Costs ($M) $7.8 – $7.8 Total excluding Contingency ($M) $221.5 $200.8 $422.3 Project Contingency ($M) $28.8 $24.2 $53.0 Closure ($M) – – $20.5 Total ($M) $250.4 $225.0 $495.8 Article content Note: Totals may differ slightly due to rounding Article content The LOM Total Cash Cost is US$997/oz Au payable while the LOM AISC is US$1,247/oz Au payable. Article content Unit Operating costs are shown in Table 7. Article content Financial Analysis Article content At a US$2,500 base case gold price and a C$:US$ exchange of 0.725:1, the Project generates an after-tax NPV (5%) of $425 million and IRR of 30.9%. Payback on initial capital is 2.4 years. Article content The Project Financials are shown in Table 8. Article content Regulatory and Environmental Assessment Process Article content The Project is subject to a range of regulatory approvals, including a consent decision from the Taku River Tlingit First Nation (TRTFN) and an Environmental Assessment Certificate (EAC) under British Columbia's Environmental Assessment Act. Once the environmental assessment process is completed, the necessary construction and operating permits may be applied for and issued in accordance with applicable provincial and federal legislation. Article content The project formally entered the BC Environmental Assessment (EA) process in 2023. In September 2024, the British Columbia Environmental Assessment Office (BCEAO) issued a Readiness Decision, concluding there is sufficient information to proceed with the Environmental Assessment Application. Canagold's consulting team is currently preparing the required technical studies and supporting documentation, with the EA application targeted for submission in the fourth quarter of 2025. Article content The ongoing involvement, input, and support of the TRTFN have been instrumental in ensuring that their interests are recognized and addressed throughout the process. Their collaboration continues to play a critical role in helping advance and streamline the regulatory review. The New Polaris Project is located within the territory of the Taku River Tlingit First Nation (TRTFN). Article content Canagold has maintained a long-standing and respectful relationship with the TRTFN, having operated within their traditional territory since 1990. Over the years, the Company has built a strong foundation of collaboration and trust with the Nation. A formal engagement framework is in place, guiding communication, consultation, and permitting activities in alignment with TRTFN values and governance structures. Article content In February 2023, Canagold and the TRTFN established a Technical Working Group (TWG) to facilitate focused collaboration on the New Polaris Project. Bi-weekly meetings have been held consistently, allowing for in-depth discussions on all aspects of the project. In addition, several open houses and community engagement sessions have been conducted to ensure transparent and inclusive dialogue with TRTFN citizens. Article content Canagold remains firmly committed to continuing meaningful engagement with Indigenous communities, both in Canada and Alaska, as the project progresses. Article content Opportunities to Enhance Project Value and Reduce Carbon Footprint Article content The 2025 FS clearly demonstrates that New Polaris is an economically viable project. Article content Several key opportunities have the potential to significantly increase the economic value of the New Polaris Project while simultaneously reducing its environmental impact: Article content Antimony Recovery Optimization: Ongoing metallurgical test work aims to optimize flotation and refining conditions for antimony. Successful antimony recovery and processing could unlock substantial additional revenue Renewable Energy Integration: An engineering study is underway to assess the feasibility of constructing a run-of-river hydroelectric facility on-site. This project could replace a significant portion of diesel-generated power, leading to a major reduction in CO₂ emissions and a corresponding decrease in energy costs—ultimately contributing to lower operating expenses Resource Expansion Potential: The mesothermal gold deposit remains open at depth and along strike, offering potential for resource expansion beyond the current 8.3-year mine life outlined in the Feasibility Study. In addition, 2024 drilling north of the historic mining area intersected multiple mineralized veins, further supporting the opportunity to increase the defined resource base Article content Qualified Persons Article content In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Garry Biles, P. Eng., President & COO is the Qualified Person for the Company and has prepared, validated, and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting activities on its projects. Article content Sue Bird, Article content M Sc., Article content V.P. of Resources and Engineering at Moose Mountain Technical Services, an independent Qualified Person as defined by NI 43-101. Sue has also reviewed and approved the technical information about the 2025 MRE resource contained in this news release. Article content Tommaso Roberto Raponi, P. Eng., Article content Principal Metallurgist with Ausenco Engineering Canada ULC., is an independent Qualified Person as defined by NI 43-101 and has reviewed and verified the contents of this news release. Mr. Raponi is responsible for mineral processing and metallurgical testing in the technical report. Article content Kevin Murray, P. Eng., Article content Principal Process Engineer for Ausenco Engineering Canada ULC., is an independent Qualified Person as defined by NI 43-101 and has reviewed and verified the contents of this news release. Mr. Murray is responsible for processing, process and infrastructure capital and operating cost estimation, financial analysis and marketing in the technical report. Article content James Millard, P. Geo., Article content Director, Strategic Projects with Ausenco Sustainability ULC., a wholly owned subsidiary of Ausenco Engineering Canada ('Ausenco') is an independent Qualified Person as defined by NI 43-101 and has reviewed and verified the contents of this news release. Mr. Millard is responsible for the sections and subsections related to environmental, permitting, and social and community aspects in the technical report. Article content Jonathan Cooper, MSc., Article content ., Article content Water Resources Engineer with Ausenco Sustainability ULC., a wholly owned subsidiary of Ausenco Engineering Canada ('Ausenco') is an independent Qualified Person as defined by NI 43-101 and has reviewed and verified the contents of this news release. Mr. Cooper is responsible for the sections and subsections related to site-wide water management in the technical report. Article content Dino Pilotto, P. Eng., Article content General Manager, Technical Services with JDS Energy & Mining Inc., is an independent Qualified Person as defined by NI 43-101 and has reviewed and verified the contents of this news release. Mr. Pilotto is responsible for mining methods in the technical report. Article content Mike Levy, P. Eng., Article content Geotechnical Manager with JDS Energy & Mining Inc., is an independent Qualified Person as defined by NI 43-101 and has reviewed and verified the contents of this news release. Mr. Levy is responsible for the underground geotechnical assessment in the technical report. Article content About Canagold Article content Canagold Resources Ltd. is an advanced development company dedicated to advancing the New Polaris Project through feasibility, permitting, and production stages. Additionally, Canagold aims to expand its asset base by acquiring advanced projects, positioning itself as a leading project developer. With a team of technical experts, the Company is poised to unlock substantial value for its shareholders. Article content Article content Article content Article content Article content Contacts Article content Catalin Kilofliski, Article content Article content
Associated Press
29-01-2025
- Business
- Associated Press
Canagold Receives Process Order to Proceed with Environmental Assessment Application for Permitting the New Polaris Project
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan 29, 2025-- Canagold Resources Ltd. ('Canagold' or the 'Company') (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA), is pleased to announce a significant permitting milestone in the advancement of its New Polaris Project ('the Project'), located in the Traditional Territory of the Taku River Tlingit in northwestern British Columbia. The British Columbia Environmental Assessment Office (BCEAO) has issued a process order, enabling the Project to proceed to the Application Development and Review phase of the Environmental Assessment. This marks a crucial step forward in the permitting process for the New Polaris Project. During this phase, Canagold will prepare and submit its application for an Environmental Assessment Certificate while continuing its robust engagement efforts with Indigenous Nations, regulatory bodies, and other stakeholders. Prior to issuing the process order, BCEAO conducted a thorough review process that included feedback from participating Indigenous Nations, the Technical Advisory Committee (TAC), Alaskan Tribes, and the public, facilitated through a public comment period. 'We are thrilled to continue advancing our permitting efforts for the New Polaris Project,' said Catalin Kilofliski, CEO of Canagold Resources. 'This milestone highlights our commitment to responsible mining practices and ongoing collaboration with Indigenous Nations, local communities, and other stakeholders. We look forward to building on this progress and moving the New Polaris Project closer to becoming a sustainable gold mining operation.' The New Polaris Project reflects Canagold's dedication to creating long-term value while adhering to high environmental, social, and governance (ESG) standards. The Company will continue to provide updates as it advances through the permitting process and prepares for the next stages of project development. About Canagold Resources Ltd. Canagold Resources Ltd. is an advanced development company dedicated to advancing the New Polaris Project through feasibility, permitting, and production stages. The Company's flagship asset, the New Polaris Project, is a high-grade gold-antimony deposit located in British Columbia, Canada. Additionally, Canagold aims to expand its asset base by acquiring advanced projects, positioning itself as a leading project developer. With a team of technical experts, the Company is poised to unlock substantial value for its shareholders. For further information about the New Polaris Project and Canagold Resources Ltd, please visit Canagold's website at SOURCE: Canagold Resources Ltd. Copyright Business Wire 2025. PUB: 01/29/2025 05:00 AM/DISC: 01/29/2025 05:00 AM
