Pembridge Resources PLC continues to build track record of copper production

Pembridge Resources is a London-listed mining company with an investment in Minto Exploration, the company that operates the Minto copper-gold-silver mine in the Yukon, Canada.

The underground copper-gold-silver mine is located around 240km north of the capital Whitehorse along the Klondike Highway. More than US$350mln of capital expenditure has been invested into Minto operations since site construction began in 2006.

The mine was in continuous production between 2007 and 2018, when the mine was placed onto temporary care and maintenance, before Pembridge backed Minto restarted operations in October 2019.

() chief executive Gati Al-Jebouri said he looks forward to the company reaping the benefits of the market recognising the ‘true value’ of the Minto asset.

Al-Jebouri, in the company’s financial statement, highlighted the progress made with Minto in the first half of 2021 which included the spin-out and float of Minto into a Toronto Stock Exchange listed vehicle.

The spin-out followed an important and positive technical report which supported a C$30.5mln equity raise.

“This capital raise has provided a solid foundation for Minto’s continued growth by ensuring that Minto has sufficient working capital to meet all its financial obligations as well as fund an exploration programme that we believe will significantly increase the Minto resource base,” Al-Jebouri said.

() said about C$30.5mln (GBP17.5mln) of capital has been committed to Minto Explorations Ltd ahead of its listing on the TSX Venture Exchange via a reverse takeover.

The capital raising was priced at C$2.60 per share, implying a valuation before listing of C$156.6mln, or C$187.1mln after listing.

() said drilling started on July 20 as planned in the Minto North area of the Minto copper-gold-silver mine in Yukon, Canada.

The exploration drilling programme will explore undeveloped parts of the licensed Minto claims in and around the existing deposits and infrastructure that, based on past geophysical surveys and geochemistry, are highly prospective, Pembridge said.

() () chief executive Gati Al-Jebouri joins Proactive London’s Katie Pilbeam to explain how the C$30.5mln (GBP17.5mln) of capital has been committed to Minto Explorations Ltd ahead of its listing on the TSX Venture Exchange via a reverse takeover.

The capital raising was priced at C$2.60 per share, implying a valuation before listing of C$156.6mln, or C$187.1mln after listing.

Pembridge invested C$3.8mln of this new capital to maintain its shareholding in Minto at 11.1%.