Exore Resources

Website: www.exoreresources.com.au
Primary ticker: ASX:ERX
Stage of development: Exploration
Primary minerals: Gold
Project to promote: Cote d’Ivoire Gold Project
Project location: Cote d’Ivoire
Company presentation: Click here

Live financials

Cash: A$13M
Debt: NIL

Major shareholders:
Yi Weng –  6.5%
HSBC Custody Nom – 11.4%
Clayton Hollingsworth – 3.4%
Citicorp Nom – 4.8%
Management ownership – 6%

Exore Resources Limited is an Australian based resources company listed on the Australian Securities Exchange (ASX:ERX).

Exore’s Cote d’Ivoire Gold Projects cover a combined area of 2,000km2. The majority of the project area is positioned on the convergence of two of West Africa’s most prolific gold belts, the Tongon Gold Belt and the Syama Gold Belt, which extend into northern Cote d’Ivoire from Burkina Faso and Mali respectively.

In May 2020, Exore announced a maiden independent JORC 2012 Mineral Resource Estimate for the Company’s Bagoe Gold Project in northern Cote d’Ivoire, 6.65Mt @ 2.5g/t for 530,000 ounces.

Mineral Resource Estimate extends from surface ~85%-90% within top 50m and includes drilling completed at Antoinette and Veronique over ~14 months of project ownership to February 2020.

Côte d’Ivoire is an established and proven jurisdiction for exploration, permitting and mine development, with an attractive fiscal regime and mining code. The country has seen five gold mines developed over the past 10 years with several recent additional +1Moz gold discoveries at resource definition/feasibility stage

Argonaut Research Report in May 2020

Management Profile

Justin Tremain – Managing Director

Mr Tremain is an experienced mining industry executive. He founded Renaissance Minerals Limited and listed it on the Australian Securities Exchange in June 2010 and served as Managing Director until its takeover by Emerald Resources NL in November 2016. During that time, Mr Tremain oversaw Renaissance’s as a first mover into the frontier jurisdiction of Cambodia and its growth from a grassroots exploration company to a gold development company. Mr Tremain graduated from the University of Western Australia with a Bachelor of Commerce. Prior to founding Renaissance, he had over 10 years investment banking experience in the natural resources sector and held positions with Investec, NL Rothschild & Sons and Macquarie Bank.


What is your rationale for taking part 121 Mining Investment?

Being well funded with $13 million of cash, the company is about to commence an aggressive drilling program and is seeking to grow investor awareness of this emerging gold project where an interim maiden resource of over 0.5Moz was announced.

What recent news would you like to highlight to investors attending?

In May 2020, Exore announced a maiden independent JORC 2012 Mineral Resource Estimate for the Company’s Bagoe Gold Project in northern Cote d’Ivoire, 6.65Mt @ 2.5g/t for 530,000 ounces.
Mineral Resource Estimate extends from surface ~85%-90% within top 150m and includes drilling completed by Exore over just the initial ~14 months of project ownership to February 2020.

What are your key goals for the next 3, 6 and 12 months?

3 Months:

‘+30,000 drilling program at the recently acquired gold project in northern Cote d’Ivoire

6 Months:

Definition of a maiden JORC resource estimate

12 Months:

‘+1Moz gold discovery

What do you see as the key risks and challenges facing your company at the moment and how are you
overcoming these?

Being a new acquisition, the biggest challenge for the company is increasing the market awareness of the company and potential of the project it has acquired. This will be addressed by a steady flow of drilling results over the next 6 months and increased level of promotion of the company.

What do you think makes your company such a compelling investment?

Exore Resources has secured some of the most compelling West African gold exploration ground in the proven jurisdiction of Cote d’Ivoire. The company has defined a significant maiden resource at exceptional grade with potential for substantial growth as demonstrated with recent drilling outside of the resource. The company is extremely well funded for an aggressive resource definition and exploration drilling program.

Analyst Insight – provided by Independent Investment Research

Exore Resources is an ASX-listed company that has recently acquired some of the most compelling gold exploration ground in northern Cote d’Ivoire, located along strike from Randgold’s 4.2Moz Tongon Gold Mine and Perseus’s 1Moz Sissingue Gold Mine.

The Cote d’Ivoire Gold Projects cover a substantial ground position of 2,000 sq km, with a large majority positioned on the convergence of two of West Africa’s most prolific gold belts – the Tongon Gold Belt and the Syama Gold Belt – which extend into northern Cote d’Ivoire from Burkina Faso and Mali respectively.

Since the original granting of the permits at the end of 2014, historical exploration work within the Côte d’Ivoire Gold Projects has been intermittent, with much of the prospective project area remains untested.

The Bagoe Project in northern Cote d’Ivoire covers a total area of 425 sq km, with two large-scale, high-tenor gold-in-soil anomalies within the Bagoe Project area – Antoinette and     Veronique. During May 2020, Exore announced a maiden independent JORC 2012 Mineral Resource Estimate for Bagoe, comprising 6.65Mt @ 2.5g/t for 530,000 ounces. The Mineral Resource Estimate extends from surface, with ~85%-90% within the top 50m, and includes drilling completed at Antoinette and Veronique over ~14 months of project ownership to February 2020.

The Liberty Project covers a total area of 559 sq km. Limited geochemical sampling has defined a 20km long gold-in-soil anomaly along the prolific Tongon structural gold trend. Randgold’s recent Fonondara gold discovery is located immediately west on the permit boundary.

Exore has entered into a Earn-in & Joint Venture on a granted exploration permit, the Tengrela Project, covering 380 sq km adjacent to Exore’s Bagoe Project, in northern Cote d’Ivoire. The exploration permit was granted in November 2017 to local Ivorian company Smart Mineral Exploration Cote d’Ivoire SARL (SMEX).

Exore has the right to earn-in to an 80% interest in the granted permit through expenditure of US$1.0M over 3 years, with a minimum expenditure of US$0.2M in the first year (after which Exore may withdraw at any time). Exore has the right to acquire an additional 10% interest on completion of a DFS to take its joint venture interest to 90%.