As the push for green energy gathers more momentum, demand for the metals that go into zero-emission technologies is rising while uranium spot prices have seen a steady climb since January. Here’s a list of the top ten Canadian-headquartered base metal and uranium juniors with no production. The ranking is based on the companies’ market capitalization as of June 1, as compiled by Mining Intelligence.
1 Filo Mining – Market Cap: $2.6 billion
Filo Mining (TSXV: FIL) traded spots with NexGen Energy (TSX: NXE; NYSE: NXE) for the top spot this year even though Filo’s market cap fell by more than 11%. A member of the Lundin Group of companies, Filo’s flagship project is its Filo del Sol copper-gold project in South America. The high-sulphidation epithermal copper-gold-silver deposit is associated with a large porphyry copper-gold system.
Filo del Sol is in Argentina’s San Juan province and the adjacent Atacama region of northern Chile, straddling the border of the two countries. The project hosts proven and probable reserves of 259.6 million tonnes grading 0.39% copper, 0.34 gram gold per tonne and 16 grams silver for 2.2 billion lb. copper, 2.8 million oz. gold and 133.3 million oz. silver, according to an updated prefeasibility study in February.
The study gave the project a US$1.3 billion after-tax net present value (NPV) at an 8% discount and an internal rate of return (IRR) of 20%. Initial capital costs are forecast at about US$1.8 billion, with sustaining costs of $140 million over a 13-year mine life.
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