Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) is a development‐stage company with strategic assets in the Great Lakes Region. The Company’s experienced management team is focused on advancing pre-construction activities for its 100%‐owned zinc‐ and gold‐rich Back Forty Project in Michigan. Back Forty is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral‐rich Penokean Volcanic Belt in Michigan’s Upper Peninsula. Aquila has received all State and Federal permissions required for the construction and commencement of operations at the Back Forty Project. The Company also has earlier stage exploration properties in Wisconsin.
Barry Hildred, President & CEO
Currently a director and Past-Chair of The Children’s Aid Foundation of Canada. Founder and Former President of TMX Equicom. 25+ years of capital markets experience.
Dave Carew, Director of Corporate Development and Investor Relations
Former VP Corporate Development and Investor Relations at a TSX-V listed mining company and previously a mining industry-focused investment banker. 10+ years of capital markets experience.
What is your rationale for attending 121 Mining Investment?
Our focus is evaluating financing alternatives for the project (~$250M capital required) as well as strategic alternatives for the company.
What recent news would you like to highlight to investors attending?
On May 3, 2019, the Michigan Office of Administrative Hearings and Rules issued a Final Decision and Order upholding the Michigan Nonferrous Metallic Mineral Mining Permit for its Back Forty Project in Michigan. Following 30 days of cumulative testimony, the administrative law judge issued a final decision finding “that the proposed mining operation will not pollute, impair, or destroy the air, water and other natural resources, or the public trust in those resources,” in compliance with Michigan’s Nonferrous Metallic Mining Statute.
On May 22, 2019, a draft permit (proposed decision) on the Back Forty Mining Permit amendment was issued. A consolidated public hearing for the Mine Permit and Air Permit amendments was held on June 25, 2019. Aquila expects the amendments to receive final approval in 2019.
What are your key goals for the next 3, 6 and 12 months?
The Company will continue to evaluate a mine expansion design and business case for underground operations. A Preliminary Economic Assessment is expected to be published in a future period.
The Company is also evaluating its strategy and funding alternatives with respect to its exploration projects in Wisconsin in light of the recent repeal of the decades-old moratorium on non-ferrous mining in the state.
During the balance of 2019, the Company will continue discussions with prospective financial partners to secure the required capital to construct the Back Forty Project. Aquila, with the assistance from its advisors, will consider all strategic and financial options available to the Company and the Project.
Pre-construction activities including project set-up will continue to advance at the Back Forty Project.
Permit amendments approved.
Resolve Wetlands Permit contested case (administrative court process).
Structure project financing.
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Resolving Wetlands Case in a timely manner.
Securing the financing to construct the Back Forty project.
In a sentence, what do you think makes your company such a compelling investment?
Aquila owns 100% of the Back Forty Project in Michigan, a well-established and safe mining jurisdiction. The project has favourable exposure to gold and zinc with significant upside potential. Back Forty is also one of only a handful of permitted greenfield projects in the US. The Company is well-funded and is supported by strong shareholders.