Eagle Mountain Mining
Financials:
Primary ticker: ASX:EM2
Stage of development: Exploration, Development
Primary minerals: Copper
Project to promote: Oracle Ridge Mine
Project location: Arizona
Website: eaglemountain.com.au
Corporate presentation: Click here
Corporate video: Click here
Founded by Charlie Bass, a mining entrepreneur with a track record of major discoveries, Eagle Mountain Mining Limited (ASX:EM2) is a copper focused exploration and development Company with a key objective of becoming a significant, low emission copper producer at its high-grade Oracle Ridge Project (100% owned) in Arizona, USA, to supply the rapidly growing green energy market.
Oracle Ridge was last mined in the mid-1990’s and following recent exploration discoveries, it holds a JORC Resource of 16.5Mt at 1.45% Cu, 15.1g/t Ag and 0.19g/t Au for 240 kt Contained Copper.
The Project has rapid restart potential with an existing underground mine with 18km of underground development, access and roads, a tailings dam (closed), in addition to underground water and electrical services.
The company completed the recommissioning of the underground mine last year and is currently drilling from underground focusing on upgrading the Resource.
Cash: AUD$6.2 M
Debt: AUD$9.1 M
Major shareholders:
Ausbil Investment Management – 6.1%
Board & Management – 33%
Management Profile
Tim Mason is the CEO of Eagle Mountain Mining. Tim is a geotechnical engineer with over 20 years’ experience across a broad range of mine management, project studies, commercial and business development. This experience extends across a range of commodities.
Tim joined as CEO in November 2019 where, under his leadership, Eagle Mountain has seen the discovery of new mineralised zones around their high grade Oracle Ridge Copper Mine in Arizona. Tim has strong passion for energy efficient mining operations and will be a key focus for the Company as they advance towards production.
What is your rationale for taking part in 121 Mining Investment?
Eagle Mountain is seeking to create further awareness and investment opportunities. We are looking for investors that want exposure to US copper developers with low emission credentials.
What recent news would you like to highlight to investors attending?
The Company continue to progress towards copper production at Oracle Ridge.
• Q4 2022 – Updated JORC Resource with strong increase in M+I resources. This MRE was delivered just seven months after the previous update.
• Q4 2022 – Discovery of Rare Earth Elements across a wide selection of holes.
• Further JORC update planned, subject to results received.
• The initial refurbishment of the underground mine was completed in Q1 2023, including ventilation and power services, along with upgrade of ground support throughout the mine.
• Underground drilling commenced Q1 2023 with aim to further upgrade and build mineral resources.
• Strong exploration targets with high grade assays received from historic mines outside the existing mineral resource, over a 2km trend.
• Ongoing technical studies to de-risk a restart of the project.
• Submitting permits necessary for the restart of the project.
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
• Drill testing high-grade copper, silver, gold targets
• Further technical studies, to support economic evaluations
6 Months:
• JORC Resource update
• Drill testing highly prospective geophysical targets below the leatherwood intrusive
• Advancing permitting for restart of the mine
12 Months:
• Advancing permitting for restart of the mine
• Completion of economic studies
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
What do you think makes your company such a compelling investment?
The company is progressing towards restarting the mine, leveraging off recent discoveries and resource growth.
What are the top 3 key investor takeaways?
Teir 1 mining jurisdiction – Arizona
Rapid restart potential
Exploration upside