Paramount Gold Nevada Corp. Secures $15M from Sprott; The Metals Company Ends Offshore Research; Foremost Lithium Launches Drill Program
Top Stories for Dec. 28, 2023
1. The precious metals exploration and development company Paramount Gold Nevada Corporation (NYSE:PZG) announced that it closed a $15 million financing deal with Sprott Resource and Streaming Royalty Corporation.
The financing will be done through the issuance of a non-dilutive secured royalty convertible note, and the proceeds will be used to fund the continued permitting of the proposed Grassy Mountain Gold Mine in eastern Oregon.
"With the receipt of the Notice to Proceed from the State of Oregon, the Grassy permitting process has taken on greater certainty and this financing will allow us to fund our activities through to the receipt of final permits," Paramount CEO Rachel Goldman said. "Sprott Streaming is an ideal financial partner, a flexible and seasoned natural resource investor, providing an important source of patient capital."
2. The Metals Company Inc. (NASDAQ:TMC), an explorer of lower-impact battery metals, announced it concluded its offshore scientific research campaign assessing the ecosystem functioning and recovery one year after its pilot nodule collection system test conducted by its subsidiary Nauru Ocean Resources Inc. (NORI).
The results detail the potential impact of its proposed polymetallic nodule collection operations and will aid NORI’s application for a commercial exploitation contract from the International Seabed Authority (ISA).
"Despite attempts to disrupt our offshore scientific program the data collected is more than sufficient to meet our objectives for the campaign," said The Metals Company’s Environmental Manager, Dr. Michael Clarke. "This new information provides an insight as to the scale of seabed disturbance from nodule collection and how the benthic communities respond over time."
"Using the data collected during our decade-long research program, we can now conduct a robust, data-driven assessment of the impacts of nodule collection on the marine environment. We look forward to presenting the findings of our studies to the ISA and stakeholders in the coming year," he added.
3. The hard-rock lithium exploration company Foremost Lithium Resource & Technology Ltd. (NASDAQ:FMST) announced its plans for a 30-hole, 7,500-meter diamond drill winter program at its Zoro lithium property near Snow Lake in Manitoba.
This drill program is in addition to the 2,500-meter diamond drill program on its Jean Lake lithium/gold property.
CEO and President of Foremost Lithium, Jason Barnard, commented on the program: “This is the most aggressive drill program our company has embarked on to date. With the most recent announcement of drilling on our Jean Lake Lithium/Gold Property, we will be running two winter drill programs on two different projects for a combined 10,000 metres of drilling this winter. We are pleased to be working our first drill program with Dahrouge and feel confident that we will be able to optimize our resource potential on both our Zoro and Jean Lake Properties to increase shareholder value.”
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