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Jason Jessup CEO MAGNA MINING
Can you give an overview of developments and highlights at Magna Mining over the past year?
A huge milestone for Magna in 2023 was the closing of the acquisition of Lonmin Canada. We started diamond drilling at Crean Hill after the transaction closed, and we immediately had great success in the 101-footwall zone and the 109-footwall zone. Following this drilling success, we completed a C$18 million financing in January of 2023, which allowed us to be fully funded for our exploration programs for 2023 and 2024. How de-risked are the Crean Hill and Shakespeare projects, and how do they compare?
We completed a feasibility study on the Shakespeare project in 2022, so Shakespeare is a significantly de-risked project from a technical perspective. At Shakespeare, we have an approved closure plan, and the major permits for the construction of a 4500-ton-per-day open pit, mine mill, and tailings storage facility. We also have an Impacts and Benefits Agreement (IBA) in place with the Sagamok Anishnawbek First Nations, so overall the project is already significantly de-risked.
Magna is currently focusing on our Crean Hill project, as it has many of the attributes that will allow us to move rapidly towards production over the coming year, and it is a perfect fit for our longer-term growth strategy here in the Sudbury mining camp. Crean Hill is a brownfield project that only requires a few amendments to the existing closure plan, and the metallurgy is well understood. Permitting to take water should be completed before the end of 2023. We will then be able to execute advanced exploration and test mining at Crean Hill in early 2024 for a modest amount of capital, and this will be a further de-risking step for the project. Despite the troublesome equity markets at the moment, we have seen a lot of interest in our projects from OEMs and other industry players in the critical minerals space. What are the biggest challenges currently facing juniors?
In today’s tough market, access to capital is a huge challenge for juniors and will remain so over the next 12 months. Juniors like us must be cognizant of our spending, and carefully watch our G&A to ensure that every dollar spent is adding value for shareholders.
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Kristan Straub CEO, Canada WYLOO
Can you comment on the highlights of 2023 at Wyloo?
On the heels of completing the acquisition of Ring of Fire Metals by Wyloo Metals, a new leadership team was introduced for our company at the beginning of 2023. Our primary focus was on redefining our strategy and identifying key priorities, particularly the development of the Eagle's Nest project in northern Ontario’s Ring of Fire. In addition, we continued focusing on outreach and engagement with First Nation communities in the region.
Mid-year, Wyloo Metals successfully acquired Mincor Resources with operations in Australia, becoming a global nickel producer.
In both Canada and Australia, we envision developing processing facilities tied to our respective projects and operations with the objective of producing the cleanest IRA-supplied low-carbon nickel. In Canada, the Eagle's Nest project represents a generational opportunity to supply critical minerals like nickel and cobalt to the battery electric vehicle manufacturing sector in North America.
Recently, Wyloo announced the suspension of operations in Western Australia, due in part to slumping nickel prices. This reflects a current trend in the nickel space, and this decision was made to preserve resources and opportunities for the future. What are your thoughts on the current state, and significance of, the Northern Road Link project?
This link is essential for economic development for both First Nations, who are leading the environmental assessments. In 2023, the terms of reference for the NRL were approved, marking a significant step towards their shared goal of regional development and self-determination. Can you outline the next steps for the Eagle's Nest project?
In 2024, we will ramp up technical definition work and launch an updated feasibility study to further advance the project. Our unique approach involves First Nations as co-leaders in assessments, permitting, and business opportunities, setting a new industry benchmark for sustainability and community engagement. It is not just goodwill but a strategic partnership for the best course of action.