BonTerra Resources

Financials:

Primary ticker: TSXV:BTR
Stage of development: Exploration, Development
Primary minerals: Gold
Project to promote: Gladiator and Barry
Project location: Canada
Website: btrgold.com

Bonterra is a brownfields gold exploration company with >3.0Moz’s defined between three, 100% owned, underground deposits within the Abitibi Greenstone Belt in Quebec. 2022 is an exciting year for BTR and we are expecting a PEA on the Barry deposit imminently. Importantly, BTR owns the only permitted mill (800 tpd) in the region which is within trucking distance at all three deposits. Bonterra is two-thirds the way through a three year permitting process to expand the mill to 2,400 tpd. All of these assets combined, along with the regional potential of this new gold camp, provides the company the option for a potential for a hub-and-spoke restart in the near future. Bonterra has ample cash on its balance sheet and trades at an EV/oz of ~US$33/oz, a significant discount to other gold peers with infrastructure.


Cash:
CAD$20M

Debt: Nil

Major shareholders:
Wexford – 19.9%
MMCAP – 8.8%
Agnico Eagle – 7.3%
Fidelity – 5.9%
Ruffer – 4.2%
Management Ownership – 0.5%

Management Profile

Marc-Andre Pelletier – Chief Executive Officer 
Marc-Andre Pelletier joined Bonterra in February 2022 bringing with him a strong track record as COO at Wesdome, where he led a team that increased production by ~110% driving a ~420% equity return from 2017 to 2021. At Wesdome Marc-André was instrumental in the re-start of the Kiena mine and production increase at the Eagle mine to ~100 koz per year.

What is your rationale for taking part 121 Mining Investment?

Looking to broaden our shareholder base and update current investors.

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

3 Months:

PEA on the Barry deposit – open pit

 

6 Months: 

Technical review of Barry Underground and Gladiator
Permitting and design of Gladiator Exploration Ramp
 

12 Months:

Production restart decision at Barry open pit and begin construction
Procurement and development of exploration ramp at Gladiator

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

BTR has a new CEO with a successful track record building and operating gold mines in the Abitibi Greenstone Belt.
The company is currently working on a PEA at its Barry deposit which should outline the fastest and cheapest route to re-start production (starting with open pit).
BTR owns the only permitted mill in the region that it is currently securing permits for to expand the mill to 2400tpd.
BTR owns 38,000 hectares of strategic land in a top tier jurisdiction with access to skilled labour.

What are the top 3 key investor takeaways?

– Over 3 Moz of total gold resources across all categories
– Underexplored camp with close to 10 Moz discovered to date
– Only operational mill in the region