Modern Mining October 2024

Drilling at Oriole Resources’ Bibemi Project, Cameroon.

future that’s made in America if we ourselves are dependent on China for the materials that power the products of today and tomorrow” – a topic that is unlikely to be subject to the whims of post-election policy changes. Power Metal Resources Power Metal Resources has also been inspired to explore new avenues for funding, drawing on a key aspect of the company’s fabric; to deliver forward-thinking approaches to metals exploration. Power Metal utilises a project incubator model, whereby it acquires a portfolio of early-stage assets at a low cost, develops them to increase their value, and either sells them on for profit, or enters into a joint venture to carry them through to production. As part of its global portfolio, the company has a huge landholding in the Athabasca Basin in Canada – the most

shareholder dilution in the future. Furthermore, they linked the coupon of the bonds to the price of copper, protecting them from a price surge. If the coupon increases, it means the copper price will also have increased, which, naturally, benefits Phoenix. These measures were described by AIM Journal as “a now-rare instance of a financial innovation generated in London”. This sentiment is understandably echoed by Phoenix’s management team, who are now “hopeful that our stars are finally aligning”. The Empire mine is currently in the development stage, and the additional funds are likely to bring forward the timeline to production. The success of Empire would not only be momentous for Phoenix, but would also contribute to the US’ national effort to secure domestic critical mineral supply chains. Speaking earlier this year, President Biden emphasised that “we can’t build a

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