Support for CGS newsletter provided by

Check out the CGS website www.CGSOrg.com

Check out the CGS Linkedin / Instagram / X (Twitter)

Ecuador mining bonanza for next president

Ecuador’s presidential race is going to a run-off in April with incumbent Danial Noboa and challenger Luisa González sharing a statistical tie in the first round on February 9th. Whichever candidate prevails faces the prospect of being in power during a mining bonanza at a time when the country needs investment, income, jobs and other things to shore up its economy. With six projects at the development stage representing at least US$10B in investment coming up for construction decisions during the 2025-2029 presidential term, Ecuador’s next president has an unprecedented opportunity, dependent, of course, on making policy decisions to allow these investments to occur. The project are Silvercorp's (TSX:SVM) El Domo-Curipamba, Lumina Gold's (CVE:LUM) Cangrejos, Dundee Precious Metals’ (TSX:DPM) Loma Larga, Solaris Resources’ (TSX:SLS) Warintza, SolGold's (LSE:SOLG) Cascabel and Atico Mining's (TSXV:ATY) La Plata. SVM also has the Condor Au project maturing.

International lending agencies such as the World Bank (WB) and the International Monetary Fund (IMF) are keen for Ecuador to develop its natural resources and presumably be less dependent on loans. “WB and IMF both recently said that Ecuador should drive mining development,” Maria Eulalia Silva, president of Ecuador’s Mining Chamber told CGS. Silva said that Ecuador is no longer naïve when it comes to mining, and the people can draw on the experience the country has had through the successful developments of Lundin Gold’s (TSX:LUG) Fruta del Norte Au mine and Ecuacorriente’s Mirador Cu mine, which both started production in 20219. “The two mines have had a very positive impact on the country. Mining is no longer a promise but something real,” she said. ‘Something real’ includes thousands of direct and indirect jobs and an estimated $800M in tax in 2024.

Noboa has supported mining throughout his truncated term, being elected in 2023 to serve out the remainder of the term begun by Guillermo Lasso, who chose to resign rather than face impeachment. He has overseen projects obtaining their permits and signed tax stability agreements with a number of companies, including most of those mentioned above. But his work is not done. “Noboa's ability to maintain public support, despite modest progress in reducing unprecedented violence and reviving a weakened economy, underscores his appeal as a relatively new political figure. Many voters seem willing to give him the benefit of the doubt, acknowledging that he has only been in office for 13 months and may need more time to deliver concrete results,” said Ecuadorean political risk consultancy Profitas.

It is not just Noboa who is in favour of mining, with Silva reporting that most of the candidates who participated in the first round of the presidential election reached out to the mining chamber to better understand mining and the opportunity it presents the country. “We are not politically aligned, but many candidates sought us out as they know mining is very important. During the debates, candidates used our figures,” said Silva. González is politically very different from Noboa, with a left-leaning social bent, expressing concern over the state of the economy, power shortages and increasing violence. However, she is the protégé of former president Rafael Correa, during whose tenure (2007-2017) Fruta and Mirador were built. She narrowly lost the first round with 43.95% of the votes compared with 44.15% for Noboa. While Noboa wants to increase rent from mining by increasing mining, González may seek to do so by increasing taxation on miners and possibly revisiting the tax stability agreements Noboa has signed.

“Correismo continues to mobilise a solid base, driven by nostalgia for what many of its followers perceive as a more prosperous era under an effective government. The party's ability to maintain a coherent political narrative, despite changes in political dynamics, underscores its enduring influence on Ecuadorian politics,” said Profitas. Other political factors are at play, which are not friendly to mining, including the indigenous representative group Conaie, although this does not mean all indigenous groups are opposed to mining. There is a perception that Conaie opposes mining to grow its political base, which is reflected that it also opposes the negotiation of a free trade agreement (FTA) with Canada, claiming that it is a mining FTA, even though mining is not mentioned in it. Leonidas Iza, president of Conaie, came in third in the February 9th first round. “The FTA with Canada is a threat to sovereignty and indigenous territories. … [It] only favours transnational mining companies and the private interests of the presidential family,” said Conaie’s governing council in February. “There is no mining chapter in the FTA. It mainly deals with seafood and agricultural products so that they can arrive in Canada without trade barriers or tariffs. There is a chapter on investment, but that is investment in any sector,” said Silva.

Whilst Ecuador has six projects ready to develop, exploration has stagnated as the mining cadastral is closed to new applications for concessions. To his credit, Noboa has taken steps to reopen it, but first, he wants it modernised. A project is underway to develop a digitised cadastral and to clean up the database. Unfortunately for explorers, this process will not be completed until the end of the year, with the president announcing a year ago at the 2024 Prospectors and Developers Association conference in Toronto, Canada, of his intention to reopen it in December 2025. This is a double concern because exploration is viewed as a means to potentially brake the rapid rise of illegal gold mining, and associated environmental destruction and criminality, that record gold prices have occasioned.

Freeport invests in C3

Freeport-McMoRan (NYSE:FCX) entered into an earn-in agreement with C3 Metals (TSXV:CCCM) for the Bellas Gate, Browns Hall and Arthurs Seat exploration licenses in Jamaica. The Cu major has a two-stage option to acquire up to a 75% ownership interest in Bellas Gate by funding cumulative exploration and project expenditures of US$75M. Bellas Gate is immediately adjacent to the CCCM and Geophysx Jamaica 50/50 JV Super Block project. The first stage will see FCX fund $25M of exploration and project expenditures over five years to earn a 51% interest, with C3 the operator. FCX will have the option to become the operator and to fund an additional $50M of exploration and project expenditure over an additional four years to earn an additional 24% interest. “The data we have collected to date suggests the potential for a new and emerging Cu-Au porphyry and epithermal belt. Bellas Gate stretches over 18km with multiple porphyries intersected in our drilling campaigns. It is our view that the geometry of the porphyry prospects identified to date suggests we will require advanced targeting methods and extensive drilling to vector into the core of these systems,” said CCCM president & CEO Dan Symons.

The arrangement is a continuation of a FCX strategy to invest in early-stage projects with district potential. In May 2024, the company signed a similar agreement to invest C$50M in two stages to earn an 80% interest in Max Resources (TSXV:MAX) Cesar sedimentary Cu-Ag district in Cesar, Colombia. In 2023, FCX struck a similar two-stage earn-in agreement with ArcWest Exploration (TSXV:AWX) on the Todd Creek Cu-Au project in the Golden Triangle region of British Columbia, Canada to earn an initial 51% by funding $20M of work over five years, and a total 80% interest with total funding of $50M within 10 years. In 2021, it entered into an agreement with Amarc Resources (TSXV:AHR), which at the start of the year announced the AuRORA Cu-Au-Ag discovery at the JOY property in the Toodoggone region of British Columbia. FCX has a two-stage option to earn up to a 70% ownership interest in JOY over 10 years by funding C$110M of exploration work.

Criminal gold mining threat to Colombia hydrodam

Illegal dredging for gold on the Porce River in Antioquia, Colombia, is threatening the country's largest hydroelectric power generation installation, Hidroituango. Earthworks by criminal miners to create a berm to stem the flow of the river so their backhoes can excavate the riverbed for gold downstream from the Porce III dam have created eddies that force water back into the hydroelectric power plant, threatening their integrity. Power blackouts have occurred due to flooding of the dam’s machine rooms, although the integrity of the structure of the dam structures itself has not been impacted. Authorities are sending a specialised team from the National Unit against Illegal Mining to remove the berm and restore normal water flow. However, there is concern that this might cause a sudden discharge of water or surge, which could impact five downstream municipalities.

Dredging riverbeds for gold is illegal under Colombia's mining code, but it is commonly practised by criminal miners in northern Antioquia in the Baja Cauca region, where the Porce flows into the Nechi River and later the Cauca River, leaving the Andes mountains and entering flatter terrain on their journey to the Caribbean coast. The loss of water velocity causes the rivers to drop the gold they have eroded from the mountains into alluvial and paleoplacer deposits, which criminal miners exploit with backhoes and dredges, resulting in significant environmental degradation. Successive Colombian governments have failed to address the issue, which has seen the increasing presence of illegal armed groups engaged in this illegal activity, particularly as the price of gold has soared. The administration of Gustavo Petro has been addressing this issue by using public forces for seek and destroy missions to eradicate illegal dredges, backhoes and other equipment used in criminal mining.

Colombia produced 67.4t of gold in 2023, according to the World Gold Council. According to the UN Office on Drugs and Crime, about 70% of the country’s gold production was mined illegally in 2020, affecting roughly 64,000 hectares of land. Colombia’s Office of the Comptroller General said in 2023 that 85% of the gold exported by Colombia is the product of illegal mining.

Exploration News

Collective Mining (NYSE:CNL)

Announced assay results for two follow-up drill holes into the recently discovered Ramp Zone in the deeper portion of the Apollo system at its Guayabales project in Caldas, Colombia. Highlights included 51.95m @ 8.38g/t AuEq in hold 103-D2, including 18.05m @ 16.32g/t. The hole is the deepest ever drilled at Apollo, and it bottomed mineralisation at 1,200m below the surface. Drilling expanded the Ramp Zone by 50m along strike and 150m vertically. “Drilling into the Ramp Zone appears to be confirming that not only have we discovered a new high-grade Au system at the deepest drilled depths of the Apollo system, but that we have potentially only drilled the top of it. Without question, the fluids depositing Au at Ramp are more reduced than the top 1,000m of Apollo, with a very strong correlation between Au and bismuth grades. Ramp shares certain geological characteristics with the multi-million-ounce Marmato Deeps deposit but so far has materially higher grades due to the more porous host rock and overprinting late-stage porphyry-related CBM veins,” said executive chair Ari Sussman.

CNL also drilled its best intersection to date at Apollo with a hit of 106.35m @ 9.05 g/t AuEq in hole 104-D5 as part of three drill holes designed to test the potential of newly modelled broad and high-grade sub-zones and fill-in block model gaps within the Apollo system. “We are rapidly building confidence in the high-grade sub-zone model, excited to continue drilling these sub-zone targets for the foreseeable future and confident that this targeted drilling will improve the grade of Apollo. The intercept in drill hole 104-D5 highlights a spectacular high-grade, broad mineralised sub-zone which is still open in all directions,” said Sussman.

Lundin Gold (TSX:LUG)

Updated its reserves and resources estimate as at December 2024 for its Fruta del Norte Au mine in Ecuador to the highest ever published. 2P reserves increased to 22.06Mt @ 7.81g/t for 5.54Moz after 2024 mining depletion of 540koz. M&A resources increased to 30.62Mt @ 7.17g/t for 7.06Moz. Inferred resources increased by 59% to 13.95Mt @ 5.27g/t for 2.36Moz. FDN South was the lead contributor to inferred resource growth with 730koz. “this latest update represents the largest reserve and resource statement in the company's history based on contained Au ounces. In addition to increasing our mineral reserves after mining depletion, our 2024 near-mine exploration success at FDN and mainly FDN South has resulted in notable additions to our inferred resources. With continued conversion and exploration programmes planned for 2025, I am very excited about the potential for further growth,” said president & CEO Ron Hochstein.

LUG also announced high-grade Au and Cu drilling results near Fruta del Norte, including the highest-grade intercepts ever recorded at FDN South. LUG also reported early-stage results at the new Trancaloma target and continued exploration at FDN East. Highlights at FDN South included 8.45m @ 173.98g/t in hole 212, at FDN Ea.st 53m @ 3.15g/t Au in hole Drill hole 200 and at Trancaloma 407.75m @ 0.25% Cu & 0.08g/t Au in hole 195. “The exceptional results at FDNS, the main driver of our recent mineral resource growth, further demonstrate the potential of this key deposit. The ongoing exploration at FDN East has provided encouraging results, highlighting the potential for new discoveries near our existing infrastructure. We are also encouraged by early indications at the Trancaloma target having hit long intersections of low-grade Cu & Au mineralisation and look forward to further exploration in this area,” said Hochstein

Mako Mining (TSXV:MKO)

Provided an update on engineering activities and mine design work at its Eagle Mountain Au project in Guyana. Geotechnical drilling testing the saprolite and fresh rock characteristics in the Eagle Mountain and Salbora deposits intersected 16m @ 2.93g/t Au at Eagle Mountain. At Salbora, hole 24 intersected 31.5m @ 3.73g/t. “The grades and widths received from this programme match or exceed those defined in the resource model from the 2024 PEA. Now that Au prices are nearly $1,000/oz higher, we expect the economics of the project to improve,” said CEO Akiba Leisman.

Omai Gold Mines (TSXV:OMG)

Announced assay results from the first hole drilled at the Gilt Creek Au deposit, one of two orogenic Au deposits at its Omai Au project in Guyana. Hole 95 intersected 774m @ 1g/t of the targeted Au mineralised Omai Stock and extended it 200m laterally beyond the previously drilled limit and still within the intrusion. “Core samples from this hole will be used to advance metallurgical test work, augmenting data from the historical production. This drilling also assists the underground mine design and planning to incorporate Gilt Creek into an updated PEA anticipated in Q3 of this year,” said president & CEO Elaine Ellingham.

Outcrop Silver & Gold (TSXV:OCG)

Announced high-grade results from La Lupe vein, part of La Ye vein system, at its Santa Ana Ag project in Tolima, Colombia. Step-out drilling extended the La Ye vein system footprint to over 500m along the strike, with the La Lupe vein confirmed for more than 200m along the strike. Highlights included 82cm @ 686g/t AgEq in hole 433 in the recently discovered La Lupe vein. Multiple narrow splays from the La Lupe vein show high-grade potential at depth up to 734g/t in hole 435. "The discovery and extension of La Lupe vein within La Ye system is an exciting breakthrough for the Santa Ana project. With intercepts grading 1,233g/t, La Lupe vein not only confirms the high-grade potential of this system but also highlights the scalability of Santa Ana's vein systems," said VP exploration Guillermo Hernandez.

Libero Copper & Gold (TSXV:LBC)

Reported the third diamond drill hole at Mocoa porphyry Cu-Mo deposit in Putumayo, Colomiba that it said confirmed western expansion potential as part of a 14,000m resource expansion programme. Hole 45 returned 1,166m @ 0.46% CuEq from the surface to the end of the hole, including 50m @ 0.75% Cu & 0.07% Mo for 1.02% CuEq from 127m depth. “The consistent, robust high-grade intercepts across three consecutive drill holes not only validate our geological model but also reveal an emerging system of feeders that, even though its ultimate source remains elusive,” said president & CEO Ian Harris.

Orosur Mining (TSXV:OMI)

Reported more drilling results from the Pepas prospect at its Anzá Au project in Antioquia, Colombia, where holes 19 and 20 tested the continuity of mineralisation and recorded intersections of 44.3m @ 1.63g/t Au and 54.65m @ 1.94g/t from the surface. "In some nine weeks, and less than 1000m of drilling, we have moved Pepas from a concept to one of the most exciting exploration stories in the Auspace. It is very early days, but the results obtained thus far, if continued, could see the project advance very quickly,” said CEO Brad George.

Titan Minerals (ASX:TTM)

Advanced resource definition drilling at its Dynasty Au project in southern Ecuador while also expanding exploration into new prospective areas. 21 diamond drill holes for 4,600m were completed in the 10,000m resource definition programme in 2024. Highlights included 4.7m @ 5.7g/t Au & 43.3g/t Ag in hole 117 at the Brecha-Comanche target at the Cerro Verde prospect. “The result has improved the width and grade of mineralisation in this area and will also support an upgrade in resource classification. Pleasingly, it was also successful in intersecting a new vein not previously recognised,” said CEO Melanie Leighton.

Miata Metals (CSE:MMET)

Provided an update on its upcoming 5,000m Phase 1 diamond drill programme at the Sela Creek Au project in Suriname. A sampling programme to complement drill targeting is underway and drilling was expected to commence in February. Initial drilling will focus on the Puma, Stranger, and Golden Hand targets. Mineralisation and saprolite mining occur in a trend over 8km in length across these targets. MMET plans to drill to a maximum vertical depth of 200m with an expected average depth of 150m per drill hole. “Our geologists have been actively ground sampling on Sela Creek and have collected 40 samples from the centre of new exposures in several artisanal mining pits. “Several samples contain visible Au and a substantial amount of sulphides, which is a sign that our targeting efforts are paying off,” said CEO Dr Jaap Verbaas.

Soma Gold (TSXV:SOMA)

Commissioned an airborne magnetic and radiometric geophysical survey over five key exploration projects along the Otu Fault in Antioquia, Colombia. SOMA is confident that the higher-resolution geophysics, achieved through 100m spaced lines, will enhance the structural interpretation of the Otu Fault and its associated higher-order faults that control Au-bearing quartz veins across the property. The five blocks were identified based on early prospecting success in identifying gold-bearing quartz veins and soil anomalies. The survey will total 2,515 line-km covering 22,494 hectares, representing 55% of SOMAs property package. “This survey will provide a comprehensive structural interpretation and help identify drill targets for our ongoing exploration programme,” said VP exploration Chris Buchanan.

C3 Metals (TSXV:CCCM)

Announced Au results from soil and channel sampling at its 50%-owned Super Block project in Jamaica. Surface sampling extended the trend of Au mineralisation to +5,000m. The best soil line results were 60m @ 0.41g/ gold and 103m @ 0.2g/t with samples collected at 5m intervals. A first pass 2,500m diamond drilling programme is planned to commence in the coming weeks. “The soil results are consistent with the Au in soil geochemistry over the former, high-grade Pennants mine, which reported a historical resource at 20.4g/t,” said president & CEO Dan Symons. CCCM is the project operator in a 50/50 JV with Geophysx Jamaica.

Max Resource (TSXV:MAX)

Announced assay results from composite channel samples and expansion of the exploration target footprint at AM-13 at Cesar, Colombia to 1,500 x 100m. MAX also reported the discovery of a new Manto-style target, AM-15 and approval of a 2025 exploration budget of US$4.8M at the Sierra Azul Cu-Ag project in Cesar, Colombia. This is funded by Freeport McMoRan (NYSE:FCX) and will focus on drill target development, district-scale exploration and basin-scale prospectivity analysis. “The 2025 exploration season is off to an exceptional start with the significant footprint expansion at AM-13 of over 30% coupled with the exciting new discovery of AM-15 underscore the potential of large-scale copper silver discoveries within the Sierra Azul Project," said CEO Brett Matich.

Greenheart Gold (TSXV:GHRT)

Provided an update on early-stage exploration at the Igab and Majorodam projects in Suriname. It received positive results from channel sampling of an exposed outcrop at the Lemon Tree prospect at Igab, including 31m @ 1.36g/t Au in sample 003 from a strongly altered deformation zone within a granitic outcrop. Work is ongoing to expand the outcrop extents, and to carry out further channel and/or trench sampling. Property-wide stream sediment sampling indicated two areas of anomalous Au stream sediment samples that represent a target area of 2.5km by 1km and are being referred to as the Mokro prospect. Infill soil geochemical sampling over the Heuvel and Helling targets at Majorodam further expanded and defined them. Heuvel is 3-4km by up to 800m. The Au anomalies at Helling covers 4-5km by 1-2km.

Precipitate Gold (TSXV:PRG)

Announced surface rock sampling results from the ongoing prospecting and sampling conducted over multiple newly identified Au-in-soil anomalies within its Juan de Herrera project in Dominican Republic. A newly discovered early-stage geochemical anomaly, called Centro, has a combined soil sample and IP geophysical anomaly trend measuring up to 1.4km long and about 100m wide with rock samples reporting up to 2% Cu & 2.6g/t Au.

Corporate News

Gold Reserve gets Portugal decision against Venezuela

A Lisbon Court of Appeal judgement supports Gold Reserve's efforts to enforce a 2014 ICSID settlement that Venezuela pay US$740M to Gold Reserve for expropriating the Brisas Au project in 2009, which with interest is now $1.1B. Gold Reserve has obtained attachment orders against multiple bank accounts in Portugal holding over $1.4B, although recovery is not certain.

First Quantum Minerals (TSX:FM)

Said the International Chamber of Commerce arbitration hearing over its Cobre Panama Cu mine in Panama was rescheduled for February 2026. Initially, the hearing was scheduled for September this year, but the government of Panama applied for an extension of its submission dates following the replacement of external legal counsel and on the basis that the new government required time to assess the situation concerning the mine.

LCL Quinchia sale

LCL Resources (ASX:LCL) requested a halt in trading of its shares while it clarified certain matters relating to the sale of its Andes and Quinchia Au projects in Risaralda under a share purchase option agreement with Tiger Gold until two conditions precedent were met or waived. Specifically, the requirement for Tiger to receive a legal opinion on the good standing and validity of the underlying mineral claims. The requirement for LCL to deliver audited financial statements for the Colombian subsidiaries for the year ended December 2024, has been waived as a condition precedent. The remaining condition precedent to Tiger’s obligation to make the initial A$1M payment is receiving formal notice from LCL confirming that all required approvals for the transaction have been obtained.

Pampa to buy Rugby in C$8M deal

Pamp Metals (CSE:PM) is to buy Rugby Resources (TSXV:RUG) in an all-stock deal to create a South American-focused Cu explorer. PM will issue one of its shares for every 6.4 RUG shares, about 49.5M shares @ 16c. Upon closing, RUG Shareholders will hold about 38% of the outstanding shares of PM. PM chair & CEO Joseph van den Elsen will retain that position. RUG president & CEO Bryce Roxburgh will be appointed to the PM board, and the RUG board will resign. PMs main project is the Piuquenes Cu-Au porphyry project in Argentina. PM will recommence drilling at RUGs Cobrasco Cu-Mo porphyry discovery in Chocho, Colombia. PM intends to pursue a post-transaction dual listing on the ASX and the TSXV. Prior to closing, RUG shareholders will receive an interest in a newly-formed spinco to which it will transfer a 20% JV interest in Cobrasco, free-carried to completion of a FS, the El Zanjon and Venidero Au-Ag projects in Argentina, a JV interest in the Georgetown Cu-Au exploration project in Australia, a1.5% NSR over the Mantau IOCG project.

Founders to raise C$30M

Founders Metals (TSXV:FDR) entered into an agreement for a bought deal private placement of 5.7M shares @ C$5.30 for proceeds of $30M. The proceeds will accelerate exploration on the Antino Au project in Surinam.

B2Gold increases Founders stake

B2Gold (TSX:BTO) increased its investment in Founders Metals (TSXV:FDR) by subscribing for an additional 484k shares @ C$5.30 for proceeds of C$2.6M. Together with the ~C$30M bought deal announced on February 4, FDR will raise up to ~C$37M, including the 15% underwriter option. Upon completion, BTO will own 5% of the company. Pursuant to the investor rights agreement, BTO is required to purchase 1.2M shares in the open market during the 12-month period following the initial investment that closed in November 2024.

Omai raised C$25.3M

Omai Gold Mines (TSXV:OMG) closed a bought deal private placement of 84.3M shares @ 30c for proceeds of C$25.3M, including the full over-allotment. Directors and an officer of OMG purchased of 315k shares. The proceeds will be used for exploration and development in Guyana.

Denarius raises US$9M from Trafigura

Denarius Metals (Cboe CA:DMET) finalised a prepayment agreement with commodities trader Trafigura to US$9M to fund the completion of the construction activities at its Zancudo Au-Ag project in Antioquia, Colombia. In April 2024, DMET signed a commercial agreement with Trafigura for the sale at market prices of 100% of the high-grade Au-Ag concentrates to be produced at Zancudo over the next eight years. DMET expects to receive the first advance of $2.5M shortly and will receive the balance in two further tranches as it reaches prescribed construction milestones. The advances will be repaid, with interest, from production and are secured by certain Zancudo assets. DMET agreed to issue 3M three-year warrants @ 74c to Trafigura.

Quimbaya raised C$3M

Quimbaya Gold (CSE:QIM) completed a third tranche of a non-brokered private placement of 3.1M units @ 30c for proceeds of C$941k. Each unit is comprised of one share and a warrant exercisable @ 40c for two years. As part of the private placement, QIM completed debt settlements with certain creditors and issued 484k units in full and final settlement of accrued and outstanding indebtedness of C$146k.

Rugby to raise C$2.5M

Rugby Resources (TSXV:RUG) announced a non-brokered private placement of up to 100M units @ 2.5c for proceeds of up to C$2.5M. Each unit will consist of one share half a warrant exercisable for three years @ 5c. The proceeds will be used for working capital, to advance its exploration properties and to settle outstanding liabilities.

Antilles to raise A$1M

Antilles Gold (ASX:AAU) intends to issue 250M shares @ .04c and 125M options to raise A$1M. $150k has been received from Asean Group Investments, and 37.5M shares and 18.75M options have been issued. The funds raised are expected to cover reduced overheads and advances to the mining joint venture in Cuba over the next three to four months, where the focus is on arranging finance for the construction of the development-ready Nueva Sabana Cu-Au mine.

Aurania extends warrants

Aurania Resources (TSXV:ARU) intends to extend the exercise period for 2M warrants exercisable @ C$1.25 and set to expire in late March 2025 by a year.

Colombia minister Camacho resigns

Andrés Camacho has resigned as Colombia’s mining and energy minister. Camacho is understood to have been unhappy with president Gustavo Petro naming Armando Benedetti as Minister of the Interior, an appointment which has seen other members of Petro’s cabinet resign. He will be replaced by Edwin Palma.

Mineros names Londoño CEO

Mineros (TSX:MSA) named David Londoño as president & CEO, effective April 8. Londoño has more than 35 years of experience in the mining sector, having held technical, operational and management positions in companies such as OceanaGold, Kirkland Lake Gold, AngloGold Ashanti and Barrick Gold. He holds a BSc in mine engineering from Universidad Nacional de Colombia, a MSc in earth and systems engineering from Colorado School of Mines and an MBA from Regis University.

Collective appoints Bertisen

Collective Mining (NYSE:CNL) appointed Jasper Bertisen to its board. Bertisen spent the majority of his career in mining private equity with Resource Capital Funds, overseeing due diligence and strategy execution for investments spanning development-stage to producing assets across various commodities and global markets. He has served on the boards of both private and public mining companies. He is an adjunct professor at the Colorado School of Mines and holds MSc degrees in mining engineering and mineral economics.

Libero appoints Balint

Libero Copper & Gold (TSXV:LBC) appointed Frank Balint as strategic advisor. Balint is a P.Geo with over 40 years of industry experience, including at Inmet Mining.

Aurania names Lasso

Aurania Resources (TSXV:ARU) appointed Carolina Lasso as VP CSR. Lasso has 20 years of experience in corporate social responsibility, public policy, and strategic communications. She holds a bachelor's degree in International Relations, a postgraduate diploma in peacebuilding and armed conflict resolution, and a master's degree in political science.