linealdin Posted January 11, 2018 Share Posted January 11, 2018 http://www.yamana.com/English/investors/news/news-details/2018/Yamana-Gold-Provides-Preliminary-2017-Operational-Results-and-an-Update-on-Construction-Activities-at-Cerro-Moro/default.aspx Yamana announces preliminary results for Q4. 34 million pounds of copper produced in Q4, and 127 million pounds total for 2017. Guidance announced in February 2017 had been for 120 million pounds of copper. The optimizations at Chapada are having positive effects. The mini-quarter Chapada royalty revenue should be outstanding again. Yamana did an advance sale of 40.3 million pounds of copper from Chapada, to be delivered in H2 2018 and H1 2019, for proceeds of US$125 million, or US$3.10 per pound, paid tomorrow. A kind of hedging. They want to be cashed up as the big Cerro Morro mine is brought online in the middle of this year. Yamana obviously doesn’t believe the copper price will rise significantly in the next two years. Production guidance for 2018 through 2020 will be released on February 15th. Link to comment Share on other sites More sharing options...
linealdin Posted January 11, 2018 Share Posted January 11, 2018 Evrim Resources bounces to 44 cents this morning. Altius share position worth C$5 million at that level, plus they have 2 million warrants exercisable at 35 cents. Evrim’s JV partner First Majestic Silver hit a couple great drill holes at Ermitaño a while back, and they’ve been signing a lot of great deals with majors recently. It is a prospect generator like Altius so it will be enjoying a lot of free drilling on their land in 2018. Link to comment Share on other sites More sharing options...
petec Posted January 11, 2018 Share Posted January 11, 2018 Did these guys take all $100m of prefs on offer from Fairfax? I seem to remember they came in tranches and the warrants vested with the tranches. Yes indeed. Old news. They took the last C$50 million tranche on November 10th. Thanks - I missed that. Fairfax's warrants are nearly in the money so I am glad to hear it! Link to comment Share on other sites More sharing options...
bizaro86 Posted January 12, 2018 Share Posted January 12, 2018 http://www.yamana.com/English/investors/news/news-details/2018/Yamana-Gold-Provides-Preliminary-2017-Operational-Results-and-an-Update-on-Construction-Activities-at-Cerro-Moro/default.aspx Yamana announces preliminary results for Q4. 34 million pounds of copper produced in Q4, and 127 million pounds total for 2017. Guidance announced in February 2017 had been for 120 million pounds of copper. The optimizations at Chapada are having positive effects. The mini-quarter Chapada royalty revenue should be outstanding again. Yamana did an advance sale of 40.3 million pounds of copper from Chapada, to be delivered in H2 2018 and H1 2019, for proceeds of US$125 million, or US$3.10 per pound, paid tomorrow. A kind of hedging. They want to be cashed up as the big Cerro Morro mine is brought online in the middle of this year. Yamana obviously doesn’t believe the copper price will rise significantly in the next two years. Production guidance for 2018 through 2020 will be released on February 15th. Interesting. Do you (or anyone) know how ALS gets paid? IE will they get there share of the $125 now, or does Yamana deliver their copper to ALS and they sell it themselves at time of production? Or some other arrangement. Link to comment Share on other sites More sharing options...
linealdin Posted January 12, 2018 Share Posted January 12, 2018 Alderon bounced 27% at the end of the trading day to close at 28.5 cents. Altius’s 33 million shares worth C$9.4 million at that level. Link to comment Share on other sites More sharing options...
linealdin Posted January 12, 2018 Share Posted January 12, 2018 China imports 1.075 billion tonnes of iron ore in 2017, up 5% from the previous year. That is exactly the growth rate we want to see for imports. I assume Chinese domestic iron ore production decreased during the year, replaced by high quality imports. Iron ore benchmark at US$78. LIF trading near its 52-week high at C$28.50. Link to comment Share on other sites More sharing options...
linealdin Posted January 12, 2018 Share Posted January 12, 2018 Alderon bounce continues to 34 cents this morning. Altius position worth C$11.22 million at that level. CIA hits a morning high of C$1.47. The iron ore majors have all risen significantly recently, now the good will flows down to the junior developers. Link to comment Share on other sites More sharing options...
linealdin Posted January 12, 2018 Share Posted January 12, 2018 http://www.yamana.com/English/investors/news/news-details/2018/Yamana-Gold-Provides-Preliminary-2017-Operational-Results-and-an-Update-on-Construction-Activities-at-Cerro-Moro/default.aspx Yamana announces preliminary results for Q4. 34 million pounds of copper produced in Q4, and 127 million pounds total for 2017. Guidance announced in February 2017 had been for 120 million pounds of copper. The optimizations at Chapada are having positive effects. The mini-quarter Chapada royalty revenue should be outstanding again. Yamana did an advance sale of 40.3 million pounds of copper from Chapada, to be delivered in H2 2018 and H1 2019, for proceeds of US$125 million, or US$3.10 per pound, paid tomorrow. A kind of hedging. They want to be cashed up as the big Cerro Morro mine is brought online in the middle of this year. Yamana obviously doesn’t believe the copper price will rise significantly in the next two years. Production guidance for 2018 through 2020 will be released on February 15th. Interesting. Do you (or anyone) know how ALS gets paid? IE will they get there share of the $125 now, or does Yamana deliver their copper to ALS and they sell it themselves at time of production? Or some other arrangement. Early word from Altius is that the advance payments Yamana is receiving today should not affect Altius’s usual Chapada stream payments, though they are double-checking with the finance people. Link to comment Share on other sites More sharing options...
linealdin Posted January 13, 2018 Share Posted January 13, 2018 Evrim Resources bounces to 44 cents this morning. Altius share position worth C$5 million at that level, plus they have 2 million warrants exercisable at 35 cents. Evrim’s JV partner First Majestic Silver hit a couple great drill holes at Ermitaño a while back, and they’ve been signing a lot of great deals with majors recently. It is a prospect generator like Altius so it will be enjoying a lot of free drilling on their land in 2018. My understanding is that Evrim is on a run because First Majestic just announced the best drill holes yet at Ermitano: 3 g/t gold and 50 g/t silver over 37 meters 4.7 g/t gold and 277 g/t silver over 12.9 meters Additional considerations: First Majestic has a mine at Santa Elena right next to Ermitano; Evrim and Ermitano have another joint venture at Cumobabi, a neighboring property. There is an opportunity for First Majestic to roll these properties up in order to extend mine life at Santa Elena. Evrim only has 3 properties listed as available for option on its website. 2 of the 3, Llano del Nogal and Cuale, are Altius royalty properties. News of these great drill holes at Ermitaño should draw the attention of potential JV partners. Link to comment Share on other sites More sharing options...
linealdin Posted January 13, 2018 Share Posted January 13, 2018 Alberta hits all-time electricity demand high of 11,697 MW on January 11th (breaking the record highs set in the previous couple of days). Fundamentals are excellent in Alberta power market. Genesee and Sheerness running at max capacity. Link to comment Share on other sites More sharing options...
linealdin Posted January 13, 2018 Share Posted January 13, 2018 http://www.adventuszinc.com/storage/presentations/adzn---corporate-presentation---jan-2018---final-1515687697.pdf New Adventus Zinc presentation. Very well done. Two drill rigs on site at Curipamba. Plan to drill year round, up to 20,000 meters. Will spend $7 million at Curipamba in year 1. Goal to complete one more major acquisition deal in 2018. Drill ready targets at Rathkeale and Buchans. Evaluating whether to drill themselves or farm out to joint venture partners. Link to comment Share on other sites More sharing options...
Williams406 Posted January 13, 2018 Share Posted January 13, 2018 May Curipamba break the VMS model and create a new VSMS deposit type--volcanogenic super-massive sulphide...not that I wouldn't settle for a good old VMS deposit there. A lot of things to keep track of at Altius...thanks again, Linealdin for your work. Link to comment Share on other sites More sharing options...
nostradamus Posted January 15, 2018 Share Posted January 15, 2018 https://www.newswire.ca/news-releases/wolfden-confirms-massive-sulphides-zone-in-maine-and-completes-placement-669339633.html Wolfden Confirms Massive Sulphides Zone in Maine and Completes Placement THUNDER BAY, ON, Jan. 15, 2018 /CNW/ - Wolfden Resources Corporation (WLF.V) is pleased to announce that it has intersected massive sulphide mineralization (VMS) in each of the first two drill holes completed on its wholly owned Pickett Mountain base-metal property, located in Northern Maine, U.S.A. The 10,000 metre definition and expansion drill program is designed to confirm and expand upon historical drill results from the 1970's and 1980's on what was known then as the Mount Chase VMS deposit. Wolfden renamed the project as the main zone of mineralization, comprised of two lenses that span 900 metres in length and up to 800 m deep, is located closer to Pickett Mountain than Mount Chase. Based on the historical drill results, Pickett Mountain is one of the highest-grade undeveloped VMS projects in North America. The project has not been explored in thirty years and remains open at depth and along strike. Wolfden acquired the project last fall with financing from Altius Minerals Corporation (ALS.T), after changes were implemented to the State of Maine's mining code. The 6870-acre property includes all mineral, mining and timber rights. With drilling underway, the 2018 work program will also include during the first quarter, detailed ground and airborne geophysical surveys over the main zone and the favourable package of host rocks. By defining the signature and characteristics of the main zone, the company hopes to identify other lenses of VMS mineralization in the wall rocks and along stratigraphic trend. All work is focused on developing a qualified resource estimate during 2018 that will be sufficient to study the economic potential of an underground mining scenario for the Project. The first two holes intersected massive sulphide mineralization in the West Lens, above and below historical drill hole intersections. These intersections were targeted using the historical drilling information and as expected, exhibit similar widths and appreciable amounts of sulphide (pyrite, sphalerite, galena and chalcopyrite) mineralization. No assay results have been received to date and photographs of these drill intercepts will be available on the company's website www.wolfdenresources.com/pickett.html. The drilling will continue to infill and confirm other holes in order to validate the historical information and to expand the extent of the known mineralization. Assay results will be released in due course. The Company has completed the previous announced non-brokered private placement with Ronald Little, a new and active Director of the Company, for gross proceeds of $217,500. Mr. Little subscribed for 750,000 units at $0.29 per unit, with each unit comprised of one common share and one-half of a 60 month warrant with an exercise price of $0.61 share, for a total of 750,000 common shares and 375,000 warrants. The common shares and warrants issued in connection with the private placement are subject to a four month hold period under applicable securities laws that expires May 16, 2018. The private placement is subject to final acceptance of the TSX Venture Exchange. Link to comment Share on other sites More sharing options...
linealdin Posted January 16, 2018 Share Posted January 16, 2018 http://www.riotinto.com/documents/180116_Rio_Tinto_releases_fourth_quarter_production_results.pdf Rio Tinto announces its Q4 operational data. IOC has 5.404 million tonnes of sales in Q4 (2.655 million tonnes of concentrate, 2.750 million tonnes of pellets). Compare with Q3 sales of 5.027 million tonnes (2.319 million tonnes of concentrate, 2.707 million tonnes of pellets). 7.5% improvement in sales, quarter over quarter. IOC sold some of the product that had been sitting on the wharf due to shipping bottlenecks in Q3. * Guidance for 2018 for Rio Tinto’s 58.7% share of production is 11.5 to 12.5 million tonnes, which translates to total IOC sales of 19.6 to 21.3 million tonnes in 2018. Compare to 2017 IOC sales of 19.006 million tonnes, and 2016 IOC sales of 18.326 million tonnes. Incremental volume expansion continues. Hitting the high end of the 2018 guidance would mean a 12% increase in sales volume over 2017. Hitting the low end of guidance would be a 3% increase. * Potential labor issues at IOC. The union and Rio Tinto have broken off negotiations for their contract which expires at the end of February. Government mediators requested. http://www.theaurora.ca/business/negotiations-off-between-steelworkers-and-ioc-in-lab-west-177556/ Link to comment Share on other sites More sharing options...
linealdin Posted January 16, 2018 Share Posted January 16, 2018 https://www.bloomberg.com/news/articles/2018-01-15/rio-full-year-iron-ore-shipments-rise-to-record-after-rail-boost With Rio Tinto’s guidance set for 2018 we have confirmation there will be no massive wave of new supply from the Big 4 iron ore producers. Each is guiding slight supply growth or flat growth in 2018 in the case of Fortescue. And even that slight supply growth will be offset by declining Chinese domestic iron ore production (low grade ore out of favor with steelmakers). The analysts who predicted $50 iron ore by the end of 2017 were dead wrong. 2018 not looking any better for iron ore bears. Link to comment Share on other sites More sharing options...
linealdin Posted January 16, 2018 Share Posted January 16, 2018 Last strike at IOC was in 2007 and lasted 6 weeks. The strike in 2004 lasted 10 weeks. IOC production was idled during those periods. (Not possible to bring in a thousand skilled scab workers.) So there is a history of tough negotiations and work stoppages. Link to comment Share on other sites More sharing options...
linealdin Posted January 16, 2018 Share Posted January 16, 2018 https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1657-tsx/iron/40727-alderon-iron-ore-reappoints-tayfun-eldem-as-chief-executive-officer.html Tayfun Eldem rejoins Alderon as CEO. Morabito steps down as CEO, becomes non-executive chairman of board of directors. Link to comment Share on other sites More sharing options...
linealdin Posted January 16, 2018 Share Posted January 16, 2018 Thoughts on a bullet dodged (way in the past): In 2009 Altius took an equity position in International Royalty Corp and proposed a merger. They were very lucky to be outbid by Royal Gold who completed the takeover for C$749 million (and delivered Altius a handsome profit for its equity stake). Both Royal Gold and Altius were chasing IRC’s 2.7% Voisey’s Bay royalty and the big royalty on Pascua Lama. Today neither of those “cornerstone” royalties is producing any revenue for Royal Gold, which has survived the pain because it has many other assets. A merger with IRC would have given Altius a mortal wound. Link to comment Share on other sites More sharing options...
linealdin Posted January 16, 2018 Share Posted January 16, 2018 https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1657-tsx/iron/40727-alderon-iron-ore-reappoints-tayfun-eldem-as-chief-executive-officer.html Tayfun Eldem rejoins Alderon as CEO. Morabito steps down as CEO, becomes non-executive chairman of board of directors. Eldem leaves a job as Managing Director of Iron Ore and Coal for Hatch. That is an important and well-paid position (engineering mines for clients like BHP). The move to Alderon only makes sense if Eldem has a strong belief that he can bring Kami into production in this cycle. I don’t think he’s interested in sitting around managing Alderon’s cash preservation program. He is a mine builder. Link to comment Share on other sites More sharing options...
linealdin Posted January 17, 2018 Share Posted January 17, 2018 http://www.evrimresources.com/s/news-releases.asp?ReportID=813415 Evrim announces the last six drill holes from Ermitaño, its joint venture with First Majestic. Looks like an economic deposit. Also details what could end up being a legal dispute with First Majestic, which is supposed to permit Ermitaño and announce a decision to produce. If they don’t fulfill all requirements by early 2019 then the property goes back to Evrim. Problem for First Majestic: it is impossible to obtain production permits in a year (they haven’t begun the environmental permitting process). Link to comment Share on other sites More sharing options...
linealdin Posted January 17, 2018 Share Posted January 17, 2018 Voisey’s Bay litigation update: 1) Judge for the case is David Orsborn, Chief Justice of the St. John’s Trial division. 2) Orsborn ruled on December 13th that expert reports must be presented sequentially. Royal Gold/Altius will present their expert reports in February, Vale will respond with their expert reports by the Spring, then Royal Gold/Altius’s experts will have a chance to make a rebuttal. Our side had wanted the expert reports presented simultaneously so Vale couldn’t “tailor” their expert reports. Orsborn disagreed, stating that the defendants needed to know the specifics they were being charged with (our side’s experts will state their theory of net smelter royalties and the exact cash amount being sought, for instance) before they can prepare a defense. Vale’s experts must tailor, so they aren’t responding to claims that haven’t been advanced by the plaintiff’s experts. * Sounds like a reasonable decision. My understanding is that Orsborn is a very experienced judge who will move the litigation to trial in September as expeditiously as possible. * I found something interesting in the original pleadings. Altius’s side claims that Vale had decided internally by 2012 to deduct the capex/finance costs of the hydromet plant from the Voisey royalty but refused to tell the royalty holders until 2016, despite the royalty holders repeatedly and formally asking Vale how smelter charges would be handled with the new plant. Why be so secretive? Shows Vale’s consciousness of guilt. Link to comment Share on other sites More sharing options...
linealdin Posted January 17, 2018 Share Posted January 17, 2018 http://altiusminerals.com/uploads/2018-01-15-Project-Generation-update-FINAL_2.pdf Project generation update. PG portfolio market value of C$44.1 million at December 31st. (C$36.7 million value at the end of October, so a 20% increase in value.) Not too much new here, except: 1) Mt. Isa zinc/copper project in Australia of 155,000 hectares. 2) Telkwa royalty is now only 1.5% to 3%. It used to be 3% to 4.5% with the previous joint venture operator. 3) A little more detail on the Finland gold projects. Link to comment Share on other sites More sharing options...
linealdin Posted January 17, 2018 Share Posted January 17, 2018 http://www.recyclingtoday.com/article/copper-scrap-imports-china-jiangxi-2018/ China’s top copper producer predicts China will import 500,000 less tonnes of copper scrap in 2018 than it did in 2017. Is 500,000 tonnes a lot? Well, Canada produces about 696,000 tonnes of copper per year, and it is a top 5 producer. It’s a lot. Less imported copper scrap (garbage) -> more imported copper cathode. Link to comment Share on other sites More sharing options...
netnet Posted January 17, 2018 Share Posted January 17, 2018 Has anyone looked the performance of Altius' public stock portfolio and then compared the results to its own stock performance and the TSX mining index? Link to comment Share on other sites More sharing options...
linealdin Posted January 17, 2018 Share Posted January 17, 2018 Most of the PG portfolio is not a result of straight equity investments (the kind of thing Paul van Eeden was doing with the $25 million Altius assigned to Cranberry Capital): 1) Most of the portfolio is shares obtained in property vendout deals: Adventus (partially), Alderon, Allegiance, Antler, Canex, Champion (formerly Mamba Minerals), Century etc. 2) Another big chunk was picked from the Callinan merger: Alianza (formerly Tarsis), Excelsior, Renaissance Gold (takeover of Kinetic Gold), Sokoman Iron (formerly Golden Dory), Evrim, Avrupa etc. That share package was pretty cheap because we were deep in the junior resources bear market in 2015 when the deal happened. 3) There are a few equity positions Altius picked up in larger royalty or property acquisition deals: Bitterroot and Wolfden. 4) Generally Altius is not going to buy shares of a junior resource company unless there is a larger related deal structure (royalty purchase, property purchase, debenture etc) or a very attractive underlying royalty (Virginia). 5) Very hard to compare receiving 33 million shares of a junior in exchange for moose pasture to the performance of the TSX Mining Index. Link to comment Share on other sites More sharing options...
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