Key Highlights
- Grid Metals Corporation (“company”, “Grid”) holds an advanced stage nickel-copper-palladium asset in Manitoba (named Makwa-Mayville), and an early stage PGE (platinum group elements) exploration asset (named East Bull Lake / “EBL”) in Sudbury, Ontario.
- Makwa-Mayville has an indicated resource of 201 million pounds (“Mlbs”) nickel, 276 Mlbs copper, and 0.2 Moz palladium.
- A 2014 Preliminary Economic Assessment (“PEA”) returned an After-Tax Net Present Value (“AT-NPV”) of $97 million, and an After-Tax Internal Rate of Return (“AT-IRR”) of 16%, based on a copper price of US$3.4 per lb, and a nickel price of US$8.5/lb.
- Bench scale metallurgical tests conducted on Mayville in 2019 returned a significantly higher 65.1% recovery rate for nickel (versus a 40% recovery used in the PEA), and a 62.5% recovery of cobalt (versus nil in the PEA). These improvements will significantly enhance the project’s robustness. The company has commenced preliminary work to update the 2014 PEA.
- Immediate focus will be on the early stage / relatively untested EBL property in Sudbury, which is a PGM exploration project. The company recently appointed a former VP-Exploration of North American Palladium Ltd. (“NAP”), which was acquired by Impala Platinum (JSE: IMP) in 2019 for $1 billion. Management is planning a 10 – 15 hole drill program.
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