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Sulliden Mining Capital (SMC)

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Sulliden Mining Capital (SMC)

SMC-etc: from 1/2019: 1/2020 ... 10d /

SMC: 0.075, AGG: 0.17, BrPot (priv.):, FURA: 0.14-old, OIC: 0.21, QGR: 0.25, TM: 0.35 / prices @ 1.12.2021

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===

SMC.t / Sulliden Mining Capital (SMC)... All-data: 5yr-L: 3yr-L: 2yr: 1yr: 10d / Last: $0.065, yrL: $0.03, yrH: $0.095

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3yr-L: 2yr: 1yr: 10d / Last: $0.065, yrL: $0.03, yrH: $0.095

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SMC-etc : YTD : fr. 1/2019: 1/2020 : 5yr: 3yr: 1yr: 10d /

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Summary: (as of Oct. 2015)

Sulliden Mining Capital (SMC) was spun-out and created as a result of the takeover the old Sulliden Gold by Rio Alto in 2014. Initially their only asset was cash (about $20 million), and one exploration property.

The shares are currently trading at $0.22 and they have about 37 million shares outstanding (market cap of $8.14 million).

Assets include:

- $15,000,000 cash ($0.43 per SMC share)
- 18,000,000 shares of Belo Sun (BSX) ($0.08 per share)
- 43,000,000 shares of Aguia Res. (AGR-AU) ($0.36 per share)
- 500,000 shares of Falco Res. (FPC)

That’s about $0.90 per share in liquid assets.  (in edit: diminished slowly towards $0.30).)

Past success: In addition to the Sulliden Gold sale, the management team has also sold Central Sun Mining to B2 Gold in 2009, and Desert Sun Mining to Yamana in 2006.

==

> SMC website : http://sulliden.com/

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- 18,000,000 shs of Belo Sun    (BSX)        ($0.08 per share)
- 43,000,000 shs of Aguia Res. (AGR-AU) ($0.36 per share)
-      500,000 shs of Falco Res.  (FPC)

=================

Aguia Res. (AGR-AU) (2015. was $0.36 per share) ... all-data: 5yr: 2yr: 1yr: 10d/ 10/2020: A$0.042 -88.3%

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Belo Sun (BSX) ($0.08 > 0.205, Oct.2015) ... All-data: 5yr: 2yr: 1yr: 10d/ 10/2020: C$1.05, +412%

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Falco Res. (FPC) $0.245, Oct.2015 ... All-data: 5yr: 2yr: 1yr: 10d/ 10/2020: C$0.415, +69.4%

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(In edit - from 2019 Report):

Investments > source

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Biggest Holdings were
====== : shares : - Paid : $-Cost : @6.20 $-Value
TLG,v    : 6.73 M : 0.731: 4.92m : $1.000 : 6.73m > largest shareholder, 7.6%
ERTH.c : 5.55 M : 0.282: 1.57m : $0.320 : 1.76m
FURA.v : 9.33 M : 0.344: 3.21m : $0.150 : 1.40m
QMX     : 4.87 M : 0.112: $544k : $0.140 : $682k
QMX.wt :  577 K : 0.149: $. 86k : $0. ??? : $000k
QGR     : 2.50 M : 0.065:  $163k : $0.230 : $575k
QGR.wt:  2.50 M : 0.035:  $ 87k : $0.??? : $000k
BKI.t.    :  4.77 M : 0.100: $478k: $0.105 : $501k
AAG.v   : 1.08 M : 0.411: $444k : $0.325 : $351k
AAG.wt : 1.48 M : 0.265: $392k : $0. ??? : $000k
=================
Top 7 holdings> $-Cost: 11.01m : ——— > 10.74m

OTHERS:
====== Company.  : shares : - Paid- : $-Cost : @10.02 C$-Value
AGR.au: Aguia Res. :   375K  : $0.260 : $ 97.6k : $0.042: $  15.8k
BSI.h.t  : BlueSkyEgy:  955K. : $0.953 : $ 911.k : $ 0.100: $  95.5k
EMO.t   : Emerita Res: 1.46M : $0.000 : $ 504k : $ 0.345: $503.7k
MCO.t  : Magnolia Co: 4.00M : $0.117 : $ 467k : $ 0.05D: ?200. k
CNQ.c   : Quest Cap. :   846K : $0.067 : $ 56.6k : $0.175: $148.1k
====== : =======================> $2.04M ======> $963K

EMO.t ... 5yr: 2yr: / last: $0.27,  yrH: $0.395

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laarena.jpg

Rio Alto’s La Arena mine which is located 30kms from the former Sulliden’s Shahuindo project (Image: Rio Alto)

The opportunity to buy a $1 bill and pay only $0.50 for it was created earlier this year in the shadow of the largest gold M&A deal of the year.

The $3.6 billion acquisition of Osisko was announced in April when Goldcorp made a hostile offer for the Canadian gold miner and ultimately saw Agnico-Eagle/Yamana jointly outbid Goldcorp to take control of Osisko.

Soon after that deal was announced, Rio Alto (RIO:TSX) the Toronto-based gold miner made a friendly +$300 million all stock offer for Stan Bharti’s Sulliden Gold which would see the two consolidate their Peruvian gold projects.

Sulliden’s Shahuindo gold project located just 30 kilometres from Rio’s La Arena oxide and sulphide gold mine offered Rio the opportunity to extend their heap leach operations as they developed the larger and more expensive sulphide phase of their mine. It provided for operational and financial synergies as well as the opportunity for production growth.

In order to convince Sulliden shareholders to tender their shares, Rio agreed to create a spinout company (SpinCo) that would hold Sulliden’s Quebec asset and be capitalized with $25 million in cash. The asset isn’t anything to write home about, but the cash enables the company to look at opportunities in this suffering sector.

Sulliden shareholders were issued 0.10 of a new share in SpinCo creating Sulliden Mining Capital (SMC:TSX) which has 31,590,893 common shares outstanding and an enterprise value of negative $12.7 million (based on today’s share price of $0.385 and $25 million of cash).

The new Sulliden’s mandate states the company “is a venture capital company focused on acquiring and advancing brownfield, development-stage and early production-stage mining projects in the Americas.”

With a market capitalization that is half of its current cash balance, SMC is looking to make that money work for shareholders.

Justin-Reid_Sulliden-Gold-214x300.jpg

Justin Reid, Sulliden Mining Capital’s President and CEO (Photo: Rio Alto)

The management team at SMC which includes former Sulliden Gold executives Justin Reid and Peter Tagliamonte who were President and CEO of Sulliden Gold, respectively have made two investments since they began trading in August.

Their first, a $530,000 investment in Falco Resources (FPC:TSXV) in early September to take a 1.6% stake in the company. Today that investment is worth $472,000.

This morning, they announced a second and much larger investment; a $2 million private placement into Aguia Resources (an ASX-listed fertilizer development company). After closing, Sulliden will become a 15.7% shareholder in the Brazilian-focused developer.

The deal includes one Board seat for Sulliden as well as a 1% NSR royalty on Aguia’s Rio Grande phosphate project in Brazil (can be repurchased for $1 million anytime over the next 36 months).

Justin Reid, President and CEO of Sulliden Mining Capital, commented, “Our management has completed an extensive due diligence review of Aguia and the Rio Grande project, and we have great confidence in their team’s ability to successfully advance this asset. Our board seat will allow us to take an active role in our investment by overseeing the execution of the project; and if needed, we also intend to offer support to Aguia’s management as the project moves forward.”

SMC is not the only cash box trading well below book value.

Another company like this which we have highlighted in the past is Paul van Eeden’s Kobex Capital (KXM:TSX) which recently changed its mandate to an investment vehicle from a shell company looking for a mining asset.

Kobex has a market cap of $25 million and has $27 million in cash with another $5 million in stock on its balance sheet.

==

> http://ceo.ca/2014/10/20/buy-this-company-for-fifty-cents-on-the-dollar-literally/

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Others:   GZZ .. LRA .. RRI

GZZ: http://ceo.ca/2015/09/09/glenn-mullans-golden-ticket-abitibi-royalties-sept-2015-update/

What Glenn’s saying:

– Abitibi has low overhead and a goal of decreasing shares outstanding through buybacks.

– Yamana ($YRI) and Agnico Eagle’s ($AEM) Canadian Malartic gold mine is the largest in Canada (550k oz Au production annually and 16-year mine life) with exceptional community support. Mr. Mullan lives about 20 minutes away in Val D’or.

– Mullan’s Golden Valley Mines ($GZZ.V) staked a significant area adjacent to Canadian Malartic in 2006 and spun out its interest to Abitibi Royalties in 2011.

– in 2014, Ian Ball, a young mining executive with close ties to Rob McEwen, joined as the company’s president. McEwen has an approximate 8.7% interest in the company. Ball subsequently became CEO in 2015.

– The Yamana-Agnico Eagle JV that operates Canadian Malartic is hosting an analyst tour later this month. Mullan is optimistic the joint venture will release exploration results from the newly discovered Odyssey Zone, which Abitibi holds a 3% NSR royalty on, prior to the site tour (while he makes no guarantees of this)

– Material from Odyssey appears to be 2 g/t gold versus an average of about 1 grams in the current mine. Plus, the results are over significant 40-60 metre widths. Canadian Malartic’s 55,000 ton per day mill has an insatiable appetite for ore, and Mullan is optimistic Odyssey could host 1 million ounces of gold or more. There is no other brownfield exploration taking place at the mine.

– Odyssey will see $3-4 million in exploration this year according to an April news release. Mullan expects the exploration and development of the discovery to play out over 3-5 years.

– The Canadian Malartic JV is serious about Odyssey, having converted Abitibi’s 30% free carried interest into a 3% NSR and issuing $35 million worth of stock in March 2015.

– Abitibi’s royalties on the Canadian Malartic camp, excluding any material from Odyssey, cover an area with approximately 400,000 ounces of gold which will start in approximately 2 years and run for 3 years.

– Glenn previously took Canadian Royalties’ Nunavik nickel project from discovery through to production. Though he never sold his stake, Glenn lost control of the company to a Chinese group. The control losing lesson caused him to spin out the Canadian Malartic assets from Golden Valley Mines for a 51% stake in Newco (Abitibi Royalties). “Anyone who wants to take over Abitibi will have to come through Golden Valley’s front door,” Mr. Mullan said. Mullan is also Golden Valley’s CEO.

– Abitibi is looking to grow its royalty portfolio and is evaluating royalties at all stages, from grassroots – Mr. Mullan’s specialty – to the more advanced stages, including production. The company will consider royalties in any commodity.

– One of the CEO.CA readers asked about a success fee paid to members of Abitibi’s management of about $3.5 million. Mullan explained nobody at the company received compensation from 2011-2014. The fee was comparable to what a financial adviser would have received for structuring the $35-million 3% NSR deal with Agnico Eagle and Yamana. The fee will only be paid out of cash flow when the company has the capacity to pay it, and can’t be paid out of financing proceeds.

– Mullan would prefer to sell Abitibi’s marketable securities to raise cash to acquire royalties rather than issue shares.

– Abitibi is trying to cultivate a shareholder base with faith in management. “Survival is the key to success in mining,” Mullan said.

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Two of Sulliden's investments: Troilus Gold (TLG), Q-Gold Resources (QGR)

TLG -vs: SMC, QGR:  ... update: from 10.1.18 / Tlg-1.25, Smc-0.065, Qcr-0.52

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Sulliden Mining Capital holds stakes in various co's. and trades below NAV

SMC's Biggest Holdings : at end July, Aug. & Sept.

===== : shares : Paid : $-Cost : @7.31 : @8.31: @9.30: $Value
TLG.v* : 6.73 M : 0.731: 4.92m : $1.430 : $1.600: $1.250: $8.41m > $0.139/ SMC sh.
/ SMC  :   - - - - - :   - - - - : $0.081 :   0.159 : $0.176: $0.139:
QGR     : 2.50 M : 0.065: $163k : $0.215 : $0.510: $0.520: 1.30m
===== :  2 co's : : ==== : $5.1m : ===== : $12.0m: $9.71m:
ERTH    : 5.55 M : 0.303: 1.68m : $0.295 : $0.285: $0.215: 1.19m
FURA    : 9.33 M : 0.344: 3.21m : $0.105 : $0.145: $0.150: 1.40m
QMX     : 4.87 M : 0.112: $544k : $0.180 : $0.245: $0.170: 0.83m
BKI.t.    : 4.77 M : 0.100: $478k : $0.150 : $0.120: $0.115: $549k
Top6 holdings, Cost $11.00m> $14.2m: $16.7m: $13.68m: +24.4%, $0.226/ SMC sh
Change from Original Cost.==  >+29.3%: +52.1%: +24.4% :
===== Per SMC sh ( / 60.50 m): $0.235 :  $0.277: $0.226 :
===== SMC share price  ——— >  $0.070 : $0.070:  $0.065 :
===== SMC as % NAV.    ——— >   29.8 % : 25.3 % : 28.8 % :
SMC owns 7.6% of TLG.v

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Aguia Resources (AGR-AU) (2015. was $0.36 per share)

Shares Outstanding 5; 277.4M x 0.042= A$ 11.7 Million / BkValue: A$ 0.23

AGR.t ... all-data: 5yr: 2yr: 1yr: YTD: 10d/ 10/2020: A$0.042 -88.3%

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About Aguia:
Aguia Resources Limited, (“Aguia”) is an ASX listed company whose primary focus is on the exploration and
development of mineral resource projects in Brazil including copper and phosphate. Aguia has an
established and highly experienced in‐country team based in Rio Grande State, Southern Brazil. Aguia has
multiple copper targets. Aguia is also in the pre‐production stage of a low‐cost natural phosphate fertiliser ...

Agreement with Lara Exploration
Aguia signed a Letter of Intent (“LOI”) with Lara Exploration Ltd (“Lara”) for an exclusive option to
acquire up to a 100% interest in Lara’s Potash Projects (‘LPP’) located adjacent and adjoining to
Aguia’s Atlantic Potash Project.
The properties cover an area of 21,483 hectares and border the northern edge of Vale’s project area
that hosts the only operating Brazilian potash mine. The Company announced in January 2013 that
the exploration licenses that comprise the Lara Option Project had been renewed.

Overview of the Company

Aguia Resources Ltd. is an exploration and development company focused on Brazilian phosphate and copper projects to supply the Brazilian agriculture sector. Aguia is listed on the Australian Stock Exchange (“ASX”) under the symbol AGR and has offices in Sydney, Australia and Porto Alegre, Brazil. The Company currently controls over 1,573 km2 of land in the states of Rio Grande do Sul, Paraiba and Minas Gerais containing phosphate mineralization through exploration permits it has acquired from the Brazilian National Mining Agency (“ANM”). The Company seeks to develop its holdings of phosphate deposits into viable mining operations providing phosphate and agricultural limestone to Brazil’s agriculture industry. The Company’s phosphate properties in Brazil include its principal project, Três Estradas in Rio Grande do Sul State. Aguia’s other property is the Lucena Project in Alagoas State. The Três Estradas project represents a significant new phosphate discovery with characteristics similar to existing producers in Brazil. The project is located in the southern region of Brazil where 30% of Brazilian national phosphate consumption is located. There are currently no producing phosphate mines in the region.

Tres Estradas NPV: phosphate concentrate production

On March 20, 2018, Aguia Resources Ltd. completed its bankable feasibility study for its Três Estradas phosphate project in southern Brazil. The BFS financial model indicates a pre-tax IRR of 21% and a post-tax IRR of 18% with a pre-tax NPV of USD 300 million and post-tax NPV of USD 212 million using a 5% discount rate. The Três Estradas project will require an initial capital expenditure of USD 75.6 million (USD 84 million including contingency). The high efficiency of the column flotation circuit translated into an operational cost of USD 51/tonne of phosphate concentrate produced in Phase 1, USD 77/tonne of phosrock plus USD 5/tonne aglime produced in Phase 2 and USD 2/tonne of aglime in Phase 3.

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> http://aguiaresources.com.au/site/wp-content/uploads/MDA.pdf

During the six months ended December 31, 2019, the Company used cash in operating activities of $2,621,747 of which $2,624,913 related to payments to suppliers and employees. The Company spent $1,804,094 on exploration and evaluation activities at the Rio Grande Copper Belt and for the public hearings for the environmental permitting process for Tres Estradas project. During the six months ended December 31, 2019, the Company raised a $6,199,756 (net) from financing activities.

> pg.9 > http://aguiaresources.com.au/site/wp-content/uploads/MDA.pdf

Copper Mineralisation
In 2018, Aguia identified a new zone of copper mineralisation on ground staked within the Rio Grande Copper Belt, as a result of regional exploration activities in the State of Rio Grande do Sul, Brazil. The Company successfully secured a strategic land package along the Rio Grande Copper Belt, totaling 77,500 hectares across 53 tenements and identified six mineralised targets within the belt: Canhada, Big Ranch, Carlota, Passo Feio, Seival and Lagoa Parada. During the March 2019 quarter, Aguia executed an Option Agreement to acquire the Primavera Project which includes the Andrade copper deposit from Referencial Geologia Ltda. The acquisition increases Aguia’s holdings in the Rio Grande Copper Belt by 9,282 hectares for total area of 86,782 hectares. Andrade is located some 5 km southeast of the city of Caçapava do Sul, Rio Grande do Sul State, approximately 17 km to the southwest of Aguia’s Big Ranch target and 65 km north of the Canhada target.
 

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PHOSPHATE ROCK PRICES - weak for years, like AGR. ... update

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AGR etc,  ... All: 10yr: mid-2012: 2015: 2016 / "

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AGR / Quarterly Highlights

Aguia is pleased to report on its activities for the second quarter of its fiscal year ending on June 30, 2020:

 On October 17, 2019 Aguia announced the approval of the Environmental Impact Assessment and the award of the key Preliminary License;

 Different development scenarios and a Project Development Plan for the Três Estradas phosphate project commenced;

 Sampling and trenching continue at Carlota and Passo Feio with results of 13m at 4.2g/t gold at Carlota and 14m at 0.76% copper along the trench at Passo Feio;

 Reprocessing and reinterpretation of historical ground geophysics data using the Induced Polarization method (IP), covering and area about 9x3 km along the Andrade and Primavera trend has generated new targets and confirmed the geophysical signature for copper deposits

 An IP survey totalling about 12 line-km was completed over the Carlota Target to follow up on significant copper- and gold-in-soils anomaly has mapped a prominent chargeability anomaly

 6 line-km of IP was completed over the Passo Feio Target to follow up on the copper geochemical anomalies.

 Drill test of Andrade deposit and these promising geochemical and geophysical anomalies is planned for the March 2020 quarter

Completed capital raising for approximately $1.7 million

 Aguia’s Annual General Meeting was held on 29 November 2019.

All resolutions put forth by the Board were approved by shareholders. During the second quarter, Aguia continued to focus its exploration efforts on the highly prospective copper targets in the Rio Grande Copper Belt while advancing its Três Estradas phosphate project located in the state of Rio Grande do Sul in Southern Brazil. Aguia also announced that it closed two non-brokered private placements raising a total of $1,668,120.

The first private placement closed on November 21, 2019 and raised gross proceeds of $250,000 with the issue of 1,428,571 shares at $0.175 per share and the second private placement closed on December 20, 2019 raising gross proceeds of $1,418,120 with the issue of 9,454,666 shares at $0.15 per share.

> http://aguiaresources.com.au/site/wp-content/uploads/MDA.pdf

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NTR vs AGR etc ... update : xx /x x

C1sz6iM.gif

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SMC's PORTFOLIO +      As at July 31, 2020
===================:  Quantity — :  $ Cost— :  MktValue : Price
African Gold Grp. AGG :  *5,750,000:  1,032,177:   1,667,500: $0.290
                > i . warrants :      7,232,143:  $629,953:   1,128,689: $0.156
Aguia Resources Ltd. shs:    375,000:       97,603:       13,875
                 > ii. Warrants :      1,071,429:       84,919:                -
Black Iron Inc.         BKI :       *175,371:       15,833:       26,306
Blue Sky Energy      shs :      *955,000:      911,770:     138,475
Brazil Potash           shs :      *233,363:     308,903:   1,173,001: $5.03
Earth Renew Inc.    shs  :   *2,048,484:   1,246,701:    604,303
Euro Sun Mining     shs. :        *30,825:        26,213:       16,954
Flora Growth Corp. shs  :      *490,196:     500,000:     420,517
Fura Gems Inc.*.   FURA:   14,168,000:  4,063,502:  1,487,640: $0.105
Halo Labs Inc./  iii.   wts :    1,556,316:     108,942:         1,556
Hornby Bay Mn Ex.  shs :    2,000,000:       75,800:      220,000
                > iv. Warrants :      1,000,000:      24,200:         23,867
Jourdan Res.            shs :   *3,000,000:     189,474:       60,000
  (Magnolia Columbia Ltd. subsequently renamed…
GameSq. Esports.   shs :     4,000,000:     465,550:     128,690
  (formerly OjO Electric Corp…
Last Mile Holdings. shs :       600,000:     300,000:       66,000
Origin Gold Corp.    shs :   *3,750,000:      278,175:  1,200,000: $0.000
Q-Gold Res Ltd.      QGR :   *7,000,000:   1,025,000:  1,750,000: $0.250
QuestCap Inc.          shs :     *986,000:      105,711:      207,060
Trigon Metals Inc.    shs :    4,764,299:     512,761:  2,334,504: $0.490
               > v.  Warrants  :      1,052,988:        50,232:      381,555
Yukoterre Res. Inc.  shs :   *1,950,000:     195,000:      195,000
                   TOTALS ===>                   $12,248,419 $13,245,492
Div. by: 60.55 million Shares OS.             C$0.202:     C$0.218 vs. BkValue: $0.241 +0.016= $0.257

Equity: 14,610,344 / 60.55 M = $0.241

=====

INVESTMENT IN ASSOCIATES: a)Troilus Gold Corporation (“Troilus”)

As at July 31, 2019, the Company owned a 12.5% interest in Troilus Gold Corporation (“Troilus”). Troilus was formerlynamed Pitchblack Resources Ltd. (“Pitchblack”)andislisted on the TSX Venture Exchange (“TSX-V”). Troilus’s primary focus is the mineral expansion and potential mine re-start at the former gold and copper Troilus Mine.As at July 31, 2018, the Company had assessed it had significant influence over Troilus and presented its investment in Troilus as an Investment in associates. During the year ended July 31, 2019, the Company’s interest in Troilus dropped as a result of the issuance of shares by Troilus.As a result, the Company recognized a loss on dilution of $1,571,667.

In addition, the Company disposed of shares of Troilus during the period for gross proceeds of $3,220,020, incurring commissions of $25,000 andrecognizing a loss on disposition of $4,942,212. As a result of the dispositions, on January 24, 2019 the Company’s ownership interest in Troilus dropped to 18.0%. On this date management re-assessed the level of influence that the Company had with respect to Troilusand determined that it no longer had significant influence as its ownership interest was below 20%. As a result, the Company recorded a fair value adjustment of $5,898,616 upon recognition of its retained interest in Troilusas a financial asset. July 31, 2018.   22,007,089 $ Proportionate share of net loss and adjusments (261,433) Loss on dilution of interest (1,571,667) Disposition of 5,000,000 shares at cost (8,137,232) Fair market valuation adjustment to January 24, 2019 (5,898,616) Recognition of financial asset (6,138,141)July 31, 2019 and 2020-$ The Company was not exposed toany additional losses beyond its initial investment amount. No dividends or cash distributions were received by the Company from the associate during 2019.The Company recorded and equity loss of $1,833,100 for the yearended July 31, 2019 of which $261,433 representsthe proportionate share of Troilus’snet loss through the period ended January24, 2019 and $1,571,667 represents the loss on dilution of the Company’s interest in Troilus.

> source: https://sedar.com/homepage_en.htm

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SMC's PORTFOLIO +      As at Jan 12, 2020: charts:  1: 2: 3:

SMC-etc: from 1/2019: 1/2020 ... 10d /

SMC: 0.075, AGG: 0.17, BrPot (priv.):, FURA: 0.14-old, OIC: 0.21, QGR: 0.25, TM: 0.35 / prices @ 1.12.2021

mNVtSLS.gif

===

Top 6-7 Positions

=================== : Quantity :  $ Cost ----------- 7/'20 MktValue: 1/12 MktValue :
African Gold Grp. AGG :   *5,750.0k: $0.180; 1,032,177: 0.290, 1,667.5k: 0.170, $ 977.5k
    > i .  Apr'22  $0.25 wt :   7,232.1k:  $0.087: $629,953: 0.156, 1,128.7k: 0.050, $ 361.6k
Brazil Potash   (Private):     *233.4k:  $1.324:   308,903: 5.030, 1,173.0k: 4,000, $ 933.6k
Fura Gems Inc.*.  FURA:   14,168.0k: $0.287: 4,063,502 0.105, 1,487.6k: 0.140, 1,983.5k > liquidated?
Origin Gold Corp.   OIC :   *3,750.0k:  $0.074:   278,175: 0.320, 1,200.0k: 0.210, $ 787.5k
Q-Gold Res Ltd.     QGR :   *7,000.0k: $0.146: 1,025,000: 0.250, 1,750.0k: 0.250, 1,750.0k
Trigon Metals Inc.   TM :    4,764.3k:  $0.108:    512,761: 0.490, 2,334.6k: 0.350, 1,667.5k
===================
Sub-Total Valuations ---- :  ======== :===:  $7,860.5k: === : $10,741.k: ==: $ 7,561.k
Other Valuations ——— :    ======== :===:  $4,387.9k: === : $ 2,504.k:  ==: $ 2.5M best              
 TOTALS ===>                   ======== :===: $12,248,419 $13,245,492 == $10.06M - 24.0%


===================:  Quantity — :  $ Cost—:  7/20 MktV : Price
Sub-Total Valuations ---- :   ======== : $ XXX.Xk : $ XXX.X k :
                   TOTALS ===>                   $12,248,419 $13,245,492
Div. by: 60.55 million Shares OS.           C$0.202 :     C$0.218 vs. BkVal: $0.241 +0.016= $0.257

===

Brazil Potash is still Private, but is looking to go public, possibly very soon/ $4.00 or more ?

Brazil Potash eyes fundraising round after U.S. elections

Oct 8 (Reuters) - Canada-based Brazil Potash Corp has filed initial documents with U.S. regulators ahead of a $50 million fund-raising round around November that would value the fertilizer venture at about $520 million, Chief Executive Matt Simpson said on Monday...

"If none of those talks come to fruition, he told Reuters that the company, which has already raised $198 million in capital, will proceed with a $4 per share offer that will take it through to a public listing in 12 to 18 months. He declined to say which companies he was in talks with.

Potash is a vital commodity in Brazil, one of the world’s biggest agricultural producers, and Brazil Potash’s Autazes mine is one of several potential projects in a 400-km belt south of the Amazon which the government hopes will end its almost complete reliance on imports of the material. The company, which has pushed its estimate for coming online back to mid-2025 thanks to delays in consultations with indigenous groups, projects initial output from Autazes at around 2.4 million tonnes per annum, sufficient to supply about 20% of Brazil’s Potash needs. Output from the facility, which the company estimates will eventually cost $2.1 billion to bring online with a mine life of 34 years, will eventually be doubled.

Once in production, Brazil Potash is targeting annual earnings before interest, taxes, depreciation, and amortization of $718 million, which could result in a market valuation of as much as $7.2 billion according to its projections. (Reporting by Shariq Khan in Bengaluru; editing by Patrick Graham and Ramakrishnan M.)

> More: https://www.reuters.com/article/brazil-potash-ipo/brazil-potash-eyes-fundraising-round-after-u-s-elections-idUSL4N2GZ3F0

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Uranium Assets, were added to this asset rich co,  SMC.t Sulliden Mining,

SMC.t / Sulliden Mining  ... update: 10d /  Last $0.15

I own some from lower prices... The News release was worth a 30% gain in one day. 

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Sulliden signs agreement to acquire Salt Cay Horizons

Mr. Stan Bharti reports

SULLIDEN MINING CAPITAL INC. ANNOUNCES AGREEMENT TO ACQUIRE MINING CONCESSIONS

Sulliden Mining Capital Inc. has entered into a share exchange agreement dated Oct. 1, 2021, to acquire all of the issued and outstanding common shares of Salt Cay Horizons Ltd. from the shareholders of Salt Cay.

Salt Cay, through its wholly owned subsidiary, holds 22,600 hectares of concessions in an emerging clean and energy metals district in mining-friendly jurisdictions of Peru. The area is host to multiple uranium deposits that are large scale, very near to surface and potentially heap leachable -- giving them what the company believes to be a strong economic case. The region also has several near-surface lithium deposits associated with uranium mineralization in the Yapamayo member formation as well as higher-grade lithium in the underlying Sapanuta member formation.

The concessions are accessed by a series of paved roads from the city of Puno to the town of Macusani, which connects to the Interoceanic Highway, a two-lane, paved highway that passes 14 kilometres northeast of the property.

As consideration for the acquisition of a 100-per-cent equity interest in Salt Cay, Sulliden shall issue 13 million common shares of the company to the shareholders of Salt Cay at a deemed price per share of 10 cents for an aggregate amount of $1.3-million. The completion of the transaction to acquire 100 per cent of Salt Cay is subject to customary closing conditions, including Toronto Stock Exchange approval.

https://www.stockwatch.com/News/Item/Z-C!SMC-3147419/C/SMC

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Sulliden vs McEwen / MUX.to (C$1.34, US$1.06) / SMC.to ($0.15) = r-8.93... 5yr: 2yr: 1yr:  YTD: 10d /

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Ratio: MUX.to (C$1.34, US$1.06) / SMC.to ($0.15) = 8.93

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McEwen Mining. McEwen creates new company to advance Azules copper project ... Southwest US Snapshot: Precious metals, battery metals and uranium activity.

McEwen Copper Inc. Closes $40 million Private Placement with Rob McEwen

TORONTO, Aug. 23, 2021 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE and TSX: MUX) announces that its subsidiary, McEwen Copper Inc., has closed the first tranche of the Series B private placement offering announced on July 6th, 2021 (the “Offering”), issuing 4,000,000 common shares at a price of $10.00 per share for gross proceeds of $40,000,000.

Subscription for the remaining 4,000,000 common shares is available to qualified accredited investors, subject to a $1 million minimum investment and certain other conditions. The securities sold in the Offering are private and subject to transfer restrictions until after such time as shares of McEwen Copper become listed on a public exchange. The second tranche of the Offering is expected to close on or before September 30th, 2021.

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Aberdeen International / AAB.t ... updatew/AMMP:  Last: 0.14 /

(In edit: SWAPPED out of SMC (at 0.15) and into AAB (at 0.14), for even money, picking up a few extra shares in AAB. 

Interesting with AAB having an NAV of $0.38 and so I bought at a 63.2% discount to NAV.)

Book Value Per Share (mrq) $0.38EPS:  $0.098

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Aberdeen International earns $10.9-million in Q2. / 137.1 M= EPS $0.0795 / sh

Aberdeen International Inc. has released its financial results for the second quarter ended July 31, 2021.

For the three months ended July 31, 2021, Aberdeen reported net income of $10.9-million or eight cents per basic share on total revenue of $11.6-million. Revenue comprised $11.5-million from net investment gains and $100,000 from interest income. For the three months ending July 31, 2020, Aberdeen reported net income of $3.1-million or three cents per basic share on total revenue of $3.7-million ($3.6-million from net investment gains and $100,000 from interest income and advisory fees). Quarterly performance represents a 300-per-cent increase in net income per share over the quarter ended April 30, 2021, and a 167-per-cent increase in the quarter ended April 30, 2020.

For the six months ended July 31, 2021, Aberdeen reported net income of $14.2-million or 10 cents per basic share on total revenue of $15.6-million. For the six months ended July 31, 2020, Aberdeen reported net income of $4.6-million or five cents per basic share on total revenue of $5.5-million. Performance for the first half of 2021 represents a 100-per-cent increase in net income per share over the first half of 2020.

The company's investment portfolio gains for the first half of the year were generated by significant contributions from clean energy investments in novel hydrogen and ammonia production technologies, AES-100 Inc. and AmmPower Corp., with the former seeing an $11-million increase in fair market value due to the acquisition of a significant non-controlling stake by a strategic investor. Portfolio investee Flora Growth Corp. also made a marked contribution to earnings as shares saw considerable appreciation in trading on the Nasdaq Stock Market.

> https://www.stockwatch.com/News/Item/Z-C!AAB-3138451/C/AAB

Assets.          Total Less than 1 year 1-3 yearsat April 30, 2021
Cash                              $  222,738. $ 222,737
Public investments         9,152,418  :   9,152,418 -
Amounts receivable           503,073  :     503,073 -
Loans receivable            3,085,380  :   3,085,380 -
Prepaid expenses              699,285  :      691,995 
Private investments.   27,129,464 :  27,129,464
Royalty interest               1,928,200   1,928,200
Total assets - April 30, 2021 42,720,558$ 13,655,604$ 29,064,95

the Company having three positions as at April 30, 2021 that made up of approximately... (out of $41.66M)

28.9%: Brazil Potash Corp. (iii).         2,512,406 com. shs : Cost:  $3,957,921 EV*: 12,040,705/ 68.0% of Private Inv,%
15.0% : Flora Growth Corp. (iii).            3,408,000 com. shs : Cost: $3,421,853, EV.:   6,684,809 / 24.6%   "    "   "

12.6% : AES-100 Inc.                          25,000,000 com. shs : Cost: $5,386,999, E.V.:  5,386,999 / 19.9%   "    "   "
6.33% : African Thunder Platinum Ltd 72,440,807 com. shs : Cost: 15,244,893, E.V.:  2,637,792 /   9.4%   "   "  

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Brazil Potash Corp. offers potassium-based fertilizers. The Company explores and develops potash properties. Brazil Potash serves customers throughout ...
ADDRESS: 65 Queen Street West Suite 815 T...
We are a fertilizer company engaged in the extraction of potash in the Amazon region. Today, Brazil is the second largest consumer of potash in the world, ...
"Over USD 180 million has already been invested on the discovery and development of the project. USD 2 billion will be invested by the time construction is complete."
 
Brazil Potash is a private company whose primary focus is on exploration and development of its significant potash properties in the state of Amazonas, Brazil. The company is well positioned to capitalise on the growing demand for potassium‐based fertilizers needed to grow healthy and sustainable crops in the agricultural sector in Brazil and globally.
 
NTR / Nutrient -etc ... update: Last: $70.19, vs. C$0.145. /. Potash Corp was merged into NTR
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Potash is a vital commodity in Brazil, one of the world’s biggest agricultural producers, and Brazil Potash’s Autazes mine is one of several potential projects in a 400-km belt south of the Amazon which the government hopes will end its almost complete reliance on imports of the material.

The company, which has pushed its estimate for coming online back to mid-2025 thanks to delays in consultations with indigenous groups, projects initial output from Autazes at around 2.4 million tonnes per annum, sufficient to supply about 20% of Brazil’s Potash needs.

Output from the facility, which the company estimates will eventually cost $2.1 billion to bring online with a mine life of 34 years, will eventually be doubled.

Once in production, Brazil Potash is targeting annual earnings before interest, taxes, depreciation, and amortization of $718 million, which could result in a market valuation of as much as $7.2 billion according to its projections. (Reporting by Shariq Khan in Bengaluru; editing by Patrick Graham and Ramakrishnan M.)

> https://www.reuters.com/article/brazil-potash-ipo-idUSL4N2GZ3F0

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