Could you introduce Holder Resources?

HRI has a three-tier approach: an asset rich and cash-generative timber operation, multiple alluvial gold mining operations and now launching a third pure-exploration critical minerals vertical.

During the pandemic, mining operations came to a halt, but in 2022, we saw an opportunity in the EU’s agreement to source timber from Guyana instead of Russia. We founded Holder Resources (named after our great-grandfather) in 2023, as a resource company with both a mining portfolio and a timber operation. Our thinking is simple: it is a lot easier to prove what is on top of the ground (trees) than it is what is under the ground (gold), so we pivoted into sustainable logging with a shorter pathway to revenue generation and as a way to de-risk our gold mining operations. HRI has also recently engaged IBK Capital to scale up mining operations. Could you elaborate?

HRI has two alluvial gold projects (with hard-rock potential), as well as a river project that we are looking to fund through IBK Capital’s marketing partnership. We have mining licenses on all three properties and can move into production right away. Rather than taking the capital-intensive route of drilling and defining a 43-101 or equivalent resource, we prefer to start by lower-level studies to prospect where the gold is and mine it out. What are some of the misconceptions people tend to have about Guyana?

Guyana is greatly overlooked. At a recent Mines and Money event, I was asked how we operate in a country that is still figuring out its regulations. Actually, Guyana has a very well-put-together regulatory framework guided by the 1989 Mining Act, well ahead of other Latam countries. Other times, people simply confuse Guyana with Guinea or Ghana in West Africa. Many people do not realize Guyana is the only English-speaking country in South America, it is a Commonwealth country and operates under Canadian Business Law. Doing business in Guyana is like doing business in Canada, only the processes are more analog than digital.

The one similarity Guyana does have with Africa is its geology, the two having once been connected in early geologic time (Pangea supercontinent). In fact, one of the minerals we found is tantalite, which is found in the Congo Basin. Given Africa’s history of conflict as well as China’s dominance of rare earth processing, Guyana could emerge as a much-needed alternative. In May, we launched a new vertical on critical minerals exploration within Guyana, hoping to unlock opportunities in tantalite, niobium, gallium, and other materials, with a long-term vision of becoming a leader in critical minerals exploration in the country. What is Guyana’s current relationship with the US and what opportunities stem from this relationship?

Three American secretaries of state, including most recently Marco Rubio, along with other US’s top diplomats, have visited Guyana in recent years. For a country of just over 800,000 people, this is a big deal. The US–Guyana relationship enjoys strong bipartisan support, with both Republicans and Democrats recognizing the country’s importance. As an oil producer independent of OPEC and Venezuelan oil, with Exxon itself being an American company, Guyana is strategic for the US. Guyana is coming to the world stage in a big way, after years of being a place few knew about.

In our 30-year history in the country, we know how to do business in Guyana. I always urge investors looking to operate in Guyana to truly understand and work within the existing frameworks - such as the Forestry Act of 2009 and the Mining Act of 1989 - rather than trying to bypass them with money or influence. We've brought on ThinkEquity as our strategic advisors, to position HRI as a key conduit for companies entering this emerging market. Our goal is to help others succeed in Guyana, leveraging both our local knowledge and international perspective. At this point, we see ourselves as both fully Guyanese and fully American. In fact, some of our family members have even become dual citizens of Guyana and the United States, underscoring our deep commitment to the country. What is the strategy for HRI moving forward? Are you considering a potential IPO?

One of the things that we're looking to do now is create different verticals within Holder Resources, exploring options for public market pathways within each of the different verticals. Right now, we see public markets as a more viable funding route since going public would enhance transparency, which is key for investors looking at a frontier jurisdiction. Do you have a final message?

We’ve been active in the country for over 30 years. This insider understanding is critical. While many new entrants focus on high-profile names or public figures, we know who the decision-makers are. As early movers, we’ve built strong, trusted relationships with the people and institutions that actually get things done.

One investor we’re speaking with values what he calls the “convergence of opportunities”—and that’s exactly what we’re seeing in Guyana right now. On one hand, Guyana has entered into a Voluntary Partnership Agreement with the European Union, effectively giving the EU approval to its forestry practices as sustainable and ethical. On the other hand, Guyana is the fastest-growing economy in the world.

Still, for many potential investors, Guyana remains under the radar. We’re working to change that by educating the market: helping people understand Guyana’s governance, its mining and forestry laws, its alignment with Canadian business practices, and its openness to investment from Western partners.