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*QP: Dr. Derek H.C. Wilton, P.Geo., FGC, Independent Consultant to CRI
Price and Volume (1-year)
Portfolio Summary
CRI’s near-term focus is advancing the Black Raven antimony–gold project
In addition, the company owns two high-grade nickel prospects — Taylor Brook and Florence Lake — both with potential to host nickel sulfide deposits, a key source of Class 1 nickel used in lithium-ion batteries
Black Raven Antimony (Sb)-Gold (Au) Project
CRI can acquire a 100% interest in the property by issuing 12M shares, making staged cash payments totaling $120k, and committing $1.2M toward exploration expenditures. The property spans 31.25 km², and is located 60 km northwest of Gander in central Newfoundland.
Excellent infrastructure: Trans-Canada Highway access, deep-water ports, power, and skilled labor
Located 100 km south of the former Beaver Brook antimony mine
Black Raven hosts two former gold mines, Frost Cove and Stewart, along with multiple mineral occurrences, including gold, antimony, silver, copper, zinc, and lead
Underground operations at these mines ran between 1890 and 1918
A recent due diligence sampling program returned exceptional results, with grades of up to 35.1% antimony, 35.50 g/t gold, and 1,118 g/t silver; significantly higher than the typical global range of 0.1% to 1.0% antimony for most deposits.
A subsequent prospecting program returned significant values of antimony, gold, silver, lead, and zinc
CRI has traced an 800 m antimony-gold vein at the Frost Cove mine, and a 600 m gold vein at the Stewart mine
Upcoming Catalysts
Drilling is set to begin shortly
Overall, we believe these preliminary results are highly encouraging, and justify comprehensive, property-wide exploration. Management has initiated metallurgical studies on vein samples from the Frost Cove mine, and is planning:
The following sections briefly summarize recent work on the company’s other two projects, although management has no near-term plans to advance them, as the focus remains on Black Raven.
Taylor Brook Polymetallic Project (100% interest)
This project hosts high-grade nickel sulfide mineralization with associated copper and PGEs, similar to the Voisey’s Bay area of Labrador, one of the largest nickel deposits in the world
Pre-resource stage. Located near the Trans-Canada Highway, with access to power and ports
Taylor Brook hosts two mineralized zones: the Taylor Brook Gabbro Complex, and the Layden Intrusive. Past drilling has returned promising nickel and copper values
Florence Lake Ni-Cu-PGE Project
Located in central Labrador. 70 km from the towns of Postville and Hopedale
The project hosts ultramafic, volcanic-hosted massive, and disseminated sulfide mineralization, similar to the high-grade Raglan nickel deposits in Northern Quebec. Several targets identified
A 2024 surface sampling program returned low- to medium-grade nickel and cobalt values, ranging from 0.2% to 0.32% Ni and 0.01% to 0.076% Co. The program delineated a 7.5 km by 1.0 km nickel-cobalt zone
As mentioned above, CRI has no near-term plans for this project.
Financials
Subsequent to Q3-FY2025 (May 2025), CRI raised $0.70M through an equity financing, and is currently pursuing a $3M financing (fully committed).
Can raise up to $1.30M from in-the-money options
Valuation
As the company’s projects remain at an early stage, we continue to refrain from assigning a valuation or rating at this time. While we believe both Taylor Brook and Florence Lake have potential for hosting nickel deposits, near-term catalysts and focus will be directed toward the upcoming drill program at Black Raven. We believe this strategic shift allows CRI to diversify its portfolio beyond nickel, and align with a critical mineral that is attracting growing attention. Early exploration results are highly encouraging, supporting a comprehensive drill program funded by a fully committed $3M equity financing.
Risks
We are maintaining our risk rating of 5 (Highly Speculative)
We believe the company is subject to the following risks:
