Rubicon Minerals

Website: www.rubiconminerals.com
Primary ticker: TSX:RMX
Stage of development: Development
Commodity: Gold
Project to promote: Phoenix Gold Project
Project location: Canada
Company presentation: click here
Company video: click here

Live financials

Cash: CAD$14M
Debt: CAD$12M

Major shareholders:
Franklin Resources – 11%
Canadian Pension Plan – 10%
Sun Valley – 9%
Donald Smith – 5%
Libra – 5%
Management Ownership – 1%

Rubicon Minerals Corporation is an advanced gold exploration company that owns the Phoenix Gold Project, located in the prolific Red Lake gold district in northwestern Ontario, Canada. Additionally, Rubicon controls the second largest land in Red Lake consisting of over 285 square kilometres of prime, strategic exploration ground, and more than 900 square kilometres of mineral property interests in the emerging Long Canyon gold district that straddles the Nevada-Utah border in the United States. Rubicon’s shares are listed on the Toronto Stock Exchange (RMX) and the OTCQX markets (RBYCF). For more information, please visit our website at www.rubiconminerals.com.

Management Profile

George Ogilvie, P.Eng. – President and CEO

Mr. Ogilvie is a Professional Engineer, with more than 30 years of management, operating, and technical experience in the mining industry. Previously, George was the CEO of Kirkland Lake Gold Inc., where he and his team improved operations at the Macassa Mine and elevated the company’s profile with the acquisition of St. Andrew Goldfields. Prior to this, Mr. Ogilvie was the CEO of Rambler Metals and Mining PLC, where he and his team guided the evolution of the company from grassroots exploration to a profitable junior producer. Mr. Ogilvie began his mining career in 1989 with AngloGold in South Africa working in the ultra-deep, high-grade, gold mines in the Witwatersand Basin. In 1997, he was the Mine Superintendent at the Ruttan Mine in Northern Manitoba for HudBay Minerals Inc. (formerly Hudson Bay Mining and Smelting Co. Ltd.). In 2004, George joined Dynatec Corporation as their Area Manager for the Sudbury Basin and later worked at the McCreedy West Mine as Mine Manager. In 2007, George joined Rambler as Chief Operating Officer, later becoming President and CEO. Mr. Ogilvie received his B.Sc. (Hons.) in Mining and Petroleum Engineering from Strathclyde University in Glasgow, Scotland and holds his Mine Managers Certificate (South Africa).


What is your rationale for attending 121 Mining Investment?

Rubicon is looking to broaden its investor base. We believe our stock is undervalued and look to reach out to investors to tell our story.


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

August 2019: Delivered a 2019 Preliminary Economic Assessment (“2019 PEA”) for the Phoenix Gold Project, demonstrating an after-tax IRR and NPV5% of 40.2% and C$135.2 million, respectively, based on a US$1,325 per ounce gold price assumption. Other highlights include the potential for conceptual life of mine after-tax free cash flow of C$191.5 million, total cash costs of US$624 per ounce and all-in sustaining costs of US$882 per ounce. See news release on August 19, 2019 (Link to news release: https://rubiconminerals.com/Investor-News/News/Press-release-details/2019/Rubicon-Minerals-Delivers-New-PEA-Demonstrating-a-402-After-Tax-IRR-and-C191-million-Free-Cash-Flow-Potential-of-the-Phoenix-Gold-Project/default.aspx) and the Company’s technical report for the Phoenix Gold Project dated January 3, 2020 (the “2020 Technical Report”) which is available under the Company’s profile at www.sedar.com and on its website at
https://rubiconminerals.com/Exploration-Projects/Phoenix-Gold-Project/default.aspx.

January 2020: Updated 2020 Mineral Resource Estimate shows expansion of Measured and Indicated Resource Estimates to 811,000 ounces of gold and Inferred Mineral Resource Estimate of 464,000 ounces. See the 2020 Technical Report

H2/2020: On schedule to deliver a Feasibility Study for the Phoenix Gold Project in H2/2020.


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

3 Months:

Deliver drilling results from our McFinley and Pen Zone targets

6 Months:

Deliver Positive Feasibility Study for the Phoenix Gold Project

12 Months:

Secure financing and commence construction of the Phoenix Gold Project


In a sentence, what do you think makes your company such a compelling investment?

The Phoenix Gold Project is set to deliver an after-tax IRR and NPV of 91% and C$370M at current spot CAD$ gold prices, which dwarfs the market cap of the Company

Analyst Insight – provided by Independent Investment Research

Rubicon Minerals Corporation is a TSX-listed, advanced gold exploration company that owns the Phoenix Gold Project, located in the prolific Red Lake gold district in north-western Ontario, Canada. The Phoenix Gold Project is located in the Red Lake Greenstone Belt, of the Superior Province of the Canadian Precambrian Shield, one of Canada’s preeminent gold producing districts with more than 26 million ounces of gold produced since the 1930s.

Additionally, Rubicon controls the second largest land in Red Lake, consisting of more than 285 sq km of prime, strategic exploration ground, in addition to more than 900 sq km of mineral property interests in the emerging Long Canyon gold district that straddles the Nevada-Utah border in the United States.

During August 2019, the company announced a 2019 Preliminary Economic Assessment for the Phoenix Gold Project, demonstrating an after-tax IRR and NPV5% of 40.2% and C$135.2 million, respectively, based on a US$1,325 per ounce gold price assumption. Other highlights include the potential for conceptual life of mine after-tax free cash flow of C$191.5 million, total cash costs of US$624 per ounce and all-in sustaining costs of US$882 per ounce. The company remains on schedule to deliver a Feasibility Study for the Phoenix Gold Project during H2 2020.

During January 2020, the company announced an updated 2020 Mineral Resource Estimate that resulted in an expansion of Measured and Indicated Resource Estimates to 811,000 ounces of gold grading 6.45g/t Au and Inferred Mineral Resource Estimate of 464,000 ounces grading 6.97g/t Au.

The company believes there is an opportunity to enhance the project through the potential expansion of mineral resource estimates at depth and along strike. It has identified Explore Target areas of approximately 0.9 to 1.2 million tonnes of sparsely-drilled mineralized material grading 5.0 to 7.0 g/t Au that could potentially be added to the mineral resource estimates with future infill drilling.

Rubicon during May 2020 intersected 130.6 g/t Au over 4.0 m at the F2 Gold Zone of the Phoenix Gold Project. The 2020 drilling program at the 610 m and 685 m Levels are focused on expanding the current Measured, and Indicated Mineral Resource estimate.