The Minto Mine

Minto Explorations Ltd, a 33% owned and 100% controlled subsidiary of Pembridge Resources, operates the underground copper-gold-silver mine located in central Yukon, approximately 240 kilometres north of the capital Whitehorse along the Klondike Highway. In excess of US$350 million of capital expenditure has been invested into Minto operations since site construction began in 2006. The Minto mine was in continuous production between 2007 and 2018, when the mine was placed onto temporary care and maintenance. Pembridge acquired Minto from Capstone Mining Corporation in June 2019 and recommenced operations in October 2019.

Overview

Yukon, Canada attracts significant mining investment
Over 10 years of production history, with all key infrastructure and facilities in place
Significant high-grade existing copper resource base
Exploration potential property-wide includes multiple underground, high grade exploration targets in close proximity to existing operations
Cashflowing operations
Latest investor presentation

At A Glance

Ownership 33% economic interest / 100% voting rights
Metals Copper (Cu), Gold (Au), Silver (Ag)
Resources

15mt Measured & Indicated at 1.4% Cu, 0.5g/t Au, 4.8g/t Ag

6mt Inferred at 1.4% Cu, 0.5g/t Au, 4.8g/t Ag (May 2019)

Mineralisation Bornite, Chalcopyrite, Chalcocite
Mining Method Modified room & pillar, long-hole stope retreat
Reserve Grade 1.7% Cu, 0.6g/t Au, 6g/t Ag (May 2019)
Mill Capacity 4,000tpd
Concentrate Grade circa 40% Cu
Export Terminal Skagway, Alaska
Streaming Agreement Wheaton Precious Metals (Au & Ag)
Offtake Agreement Sumitomo Corporation, Japan
   

History

Minto Explorations Ltd. was incorporated in 1993 and acquired the Minto Project from a syndicate consisting of ASARCO LLC and Falconbridge Ltd., in the early 2000s. Sherwood Copper Corporation later acquired Minto Explorations Ltd. in 2005 and financed the development of the project into an operating mine. The first copper concentrate was shipped in the summer of 2007, and just over 12 months later in November 2008 Capstone acquired Sherwood Copper Corporation.

The Minto Mine started out as an open-pit operation, supported by concurrent underground operation from 2014. The open pit operations were then permanently closed in Q2 2018 with ore now being exclusively mined from underground. In October 2018, the operations were placed on temporary care and maintenance. In June 2019, Pembridge Resources completed the acquisition of Minto and 4 months later, in October 2019, recommenced operations.

Yukon

Mining in Yukon

Ranked #15 by the Fraser Institute for Investment Attractiveness1
Mining, quarrying and oil and gas account for ~13% of Yukon's GDP2
Federal and Territorial governments have committed more than $360m in combined funding to improve road access in mineral-rich areas3
  1. Fraser Institute Annual Survey of Mining Company, 2017. Published in February 2018. 91 jurisdictions ranked
  2. Yukon Economic Outlook April 2017. Yukon Department of Finance. Data for 2015
  3. Publicly available news articles

Recent Yukon Mining Transactions

  • Purchased Kaminak Gold Corporation and principal asset Coffee for C$530M
  • Committed C$674M of capital for construction
  • Purchased the properties from Kinross for C$45M
  • Fully funded exploration budget of C$11M to be spent through 2018-2019
  • Ownership of 19.9% of White Gold Corp for a total investment of ~C$24.8M



  • Acquired Yukon Zinc's Wolverine zinc and silver mine from for an undisclosed figure
  • C$369M capital spend with fully committed C$505M funding package including debt facility, royalty and equity
  • Recently announced a further $30m in funding to complete construction phase of Eagle Mine