Company: Temas Resources Corp.
Address: 309 – 2912 West Broadway, Vancouver, BC, V6K 0E9
Website: https://temasresources.com/
WKN: A3EMMX
ISIN: CA87975Q2099
Sector: Commodities
Current price: between €0.10 and €0.30
Price target: €1.50 by 30.07.2024, €2.80 by 31.12.2024
Trading platforms
WHY IT IS A GREAT OPPORTUNITY
Buying arguments | Temas Resources
- World-class PEA (Preliminary Economic Assessment)
- 10,000% price potential
- Completely undervalued iron ore/vanadium/titanium explorer
- Projects of this kind foster economic growth, job creation and value creation along the mineral value chain
- First-class management board
- Strong cash position
- Upward trend in the stock transitioning into explosive breakout momentum
- Excellent news flow
- Potential world-class deposits
- Mineral exploration in 2024 is being accelerated
- Takeover rumours
- Solvent players poised for a major entry
URGENT
The best PEA (Preliminary Economic Assessment) results of all time. Groundbreaking news flow ahead!
RE-RATING – RE-RATING – RE-RATING
Here is the kicker: junior explorer is shaking up the titanium/vanadium market completely! Major players are on the verge of getting in.
Industry legend Johnny Parks is thrilled: “I have never in my life seen such a sensational PEA!”
A potential world-class junior aiming to become the market leader — the early bird catches the worm! Whoever gets in now, after these spectacular figures, has the chance of up to 10,000% appreciation in the medium term!
Commodities guru Johnny Parks from Vancouver has, over his impressive 40-year industry career, sat behind every bush. But what he got to see a few days ago made even him drop his knife!
The PEA results of the vanadium/titanium explorer Temas Resources are so outstanding that Parks had to recheck the figures several times: but there is no doubt! “Here we are dealing with the extremely rare case of a world-class mineral company at an absolutely early stage. Yet the numbers allow no other conclusion. “Never before, since 1978, have I seen a higher-quality PEA. And back then the junior explorer Cromwell Minerals was swallowed up by a billion-dollar group within just a few years!” (Johnny Parks)
Is another such coup now on the horizon? We recommend our readers not to wait and to build up larger positions immediately at the extremely low market capitalization level.
We also expect that a new, massive wave of news will soon set in at Temas Resources, which will lead to fabulous price explosions of the company’s heavily undervalued stock on the exchange. Something truly big is taking shape here!!
Our recommendation: Strong Buy
The stock-market boom in the major indices and blue chips will inevitably come to an end, at least for now, in the not-too-distant future. The Dow, DAX and others have more than doubled in a historically uniquely short time interval.
This will be the hour of the small caps, which so far have not really gotten going. When there is nothing more to be gained from the standard stocks, the secondary stocks will explode — it has always been that way and will be so now too, perhaps even as early as April/May.
However, it comes down extremely to intelligent stock picking here! Temas Resources stock makes for an intelligent portfolio addition, because measured by market value (not even €2 million) the upside potential is huge — we are talking here about an incomparable blue-sky level.
Get in quickly, because this promising premium stock from Canada is on the verge of a dramatic rally!
The stock has a solid floor at €0.10/0.15 and could climb to as high as €1 by the end of April! There lies a first resistance cluster, which should however be blasted away when, as expected, financially strong players enter the market on the back of the magnificent PEA results and further top news in prospect.
A breakout up to €1.50 still this summer is entirely realistic, and even that need not be the last word this year. In the event of enormous upward momentum — or, put differently, a bull stampede — a price explosion would, given the markedly low market capitalization level, be almost impossible to prevent. In the support range of €0.09/0.10 a tight safety net stands ready, which in these days points to first-class buy-the-dip opportunities on a test in the short term.
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DETAILED INFORMATION
The PEA results I mentioned are truly breathtaking.
The 100%-owned Ti-V-Fe La Blache project is located in the Côte Nord region of Quebec. The economics of the project were estimated assuming that market demand supports constant prices of US$2,200/tonne (“t”) for titanium dioxide (97.8% purity TiO 2 ), US$14,200/t for vanadium pentoxide (V2O5) and US$125/t iron oxide (Fe2O3). The PEA to be filed on SEDAR contains a full description and a list of assumptions. Capital and operating cost estimates were prepared on the basis of current and expected long-term price assumptions and to an accuracy of +/- 35% at PEA level.
Tim Fernback, President of Temas Resources, comments: “We are extremely pleased with the strong economics presented in this PEA for the La Blache titanium-vanadium-iron project in Quebec. Titanium has been trading well above our assumptions of US$2,200 per tonne for more than three years, above US$3,000 per tonne since August 2022, and we believe this trend will continue due to rising demand for TiO2, as a large global supply reaches end of life, and there is a shortage of both brownfield expansions and new projects being brought into operation in North America. The PEA further strengthens our confidence in the project and demonstrates our proprietary, environmentally friendly extraction technology. At a current market capitalization of CAD 5 million, I look forward to working with all of our stakeholders to unlock the value of this extremely robust project as we continue to advance the asset.”
Highlights
| Parameter | Units | Value |
| Net present value after tax (NPV8) | CAD billion | 6.8 |
| IRR after tax | % | 55.1 |
| Initial capital cost (Capex) (including 15% contingencies) | CAD$ billion | 1.2 |
| Capital repayment from commercial production | Months | 25 |
| Pre-production development | Years | 2 |
| Mine life (“LOM”) | Years | 14 |
| Gross project revenues | CAD billion | 37.2 |
| Net revenue (revenue less off-site transport) | CAD billion | 31.8 |
| EBITDA (operating profit) | CAD billion | 23.1 |
| Net project cash flow (pre-tax) | CAD billion | 21.8 |
| Net project cash flow (after tax) | CAD billion | 15.9 |
| Average annual gross revenue | CAD billion | 2.7 |
| LOM average annual EBITDA | CAD billion | 1.6 |
| Net operating margin | % | 62.0 |
| Average after-tax operating cost per tonne of concentrate | CAD $/t | 278.04 |
| Weighted average revenue per tonne of product (net shipped) | CAD $/t | 633.49 |
| LOM sustaining capital (including 15% contingency) | CAD billion | 0.6 |
| LOM average gross production of concentrate | Million tonnes per year | 3.58 |
| Profitability index (NPV8 / initial capital expenditure) after tax | Ratio | 5.71 |
| LOM capital intensity index (initial investment/ROM tonnage) | CAD$/tpd | 49,801 |
| Average LOM C1 cost per tonne of operating production (incl. royalties, no taxes) | CAD $/t | 79.24 |
| LOM average AISC/tonne run-of-mine production | CAD $/t | 85.05 |
| LOM average C1 cost/tonne of concentrate (incl. royalties, no taxes) | CAD $/t | 170.23 |
| LOM average AISC/tonne of concentrate | CAD $/t | 182.72 |
| Average annual production of TiO2 | Ktpa | 660 |
| LOM mining production (mill feed) | Mt | 108 |
| LOM mining production (mill feed + waste) | Mt | 486 |
| LOM average TiO2 | % | 12.2 |
| LOM TiO2 equivalent at average grade | % | 16.8 |
– – –
Note: All values in this press release are stated in CAD unless otherwise indicated.
Assumed prices for LOM: US$2,200/t TiO2 , US$14,200/t V2O5 , US$125/t Fe2O3 .
Units expressed in metric tonnes.
Mineral resources | Temas Resources
The basis for the PEA is the Mineral Resource Estimate (“MRE”), prepared by Samer Hmoud (P.Geo. PGO), who currently holds a special permit from OGQ, under the supervision of QP Jacques Dumouchel, P.Geo., OGQ.
The updated mineral resource statement for La Blache is as follows:
| Units | Semi-massive oxide | Massive oxide | TOTAL | |
| Resource category | Inferred | Inferred | Inferred | |
| Resource | Mt | 99.7 | 108.8 | 208.5 |
| TiO2 | % | 6.3 | 17.8 | 12.3 |
| V2O5 | % | 0.1 | 0.3 | 0.2 |
| Fe2O3 | % | 22.0 | 59.4 | 41.5 |
| TiO2 eq | % | 8.3 | 24.3 | 16.7 |
| TiO2 contained | Mt | 6.2 | 19.4 | 25.6 |
| Contained V2O5 | Mt | 0.1 | 0.3 | 0.4 |
| Contained Fe2O3 | Mt | 21.9 | 64.6 | 86.5 |
Reported at a cut-off grade of 4.9% TiO2 , at a minimum mining block size of 10 x 10 x 10 meters (“m”), taking into account a stripping ratio of 3.51:1, a bench height of 5 m, a pit slope of 45°, technical processing and sales parameters and cost comparison with similar projects and a selling price of US$2,200/t (TiO2), US$14,200/t (V2O5) and US$125/t (Fe2O3 ). All figures are rounded to reflect the relative accuracy of the estimates. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The contained TiO2 represents the estimated in-ground metal and has not been adjusted for metallurgical recovery and may show discrepancies due to rounding.
An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not confirm geological continuity as well as grade and quality continuity. An inferred mineral resource has a lower level of confidence than an indicated mineral resource and may not be converted into a mineral reserve. It is reasonable to expect that most of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.
SUMMARY OF THE PRELIMINARY ECONOMIC ASSESSMENT
The economics of the project were estimated assuming a constant price of US$2,200/t for titanium dioxide (97.8% purity), US$14,200/t for vanadium pentoxide and US$125/t for iron oxide. The PEA will contain a full description and a list of assumptions. Capital and operating cost estimates were prepared on the basis of current and expected long-term price assumptions and to an accuracy of +/- 35% at PEA level.
In summary, the project shows an after-tax LOM net project cash flow (pre-financing) of CAD$15.9 billion, which yields a pre-tax NPV 8 of CAD 9.4 billion, an after-tax NPV 8 of CAD 6.8 billion and an IRR of 55.1%. The following table shows the summary LOM cash flow resulting from the technical economic model.
| Metric | CAD million | USD $ million |
| Gross revenues | 37,223 | 27,573 |
| Deductions (off-site shipping) | 5,454 | 4,040 |
| Net revenue | 31,769 | 23,532 |
| Operating costs | 8,076 | 5,982 |
| Total LoM project capital excluding closure | 1,638 | 1,214 |
| Start-up project capital excluding working capital | 1,012 | 750 |
| Start-up project capital including working capital | 1,195 | 885 |
| Start-up plant and infrastructure investments | 261 | 193 |
| Commissioning of mine and equipment investments | 186 | 138 |
| Start-up capitalized pre-stripping | 296 | 219 |
| Sustaining capital | 626 | 464 |
| Owners and indirect persons excluding working capital | 339 | 251 |
| Pre-production contingency | 113 | 84 |
| Maintaining investment readiness | 130 | 96 |
| Working capital | 183 | 135 |
| Closure costs | 300 | 222 |
| Project free cash flow (EBITDA) | 23,067 | 17,087 |
| Corporate tax (Canada and Quebec) | 5,868 | 4,346 |
| Royalties | 461 | 342 |
| Net project cash flow (after tax, undiscounted) | 15,887 | 11,768 |
| Net present value 8 (pre-tax, discounted 8%) | 9,454 | 7,003 |
| Net present value 8 (after tax, discounted 8%) | 6,830 | 5,059 |
The following table shows the NPV 8 before and after tax at different discount rates.
The base-case discount rate of 8% yields a pre-tax NPV 8 of CAD 9.4 billion (US$7.0 billion) and an after-tax NPV 8 of CAD 6.8 billion (US$5.0 billion) after tax.
| Discount rate | NPV before tax (in CAD million) | NPV after tax (in CAD million) |
| 5% | $12,726 | $9,241 |
| 8% (base case) | $9,454 | $6,830 |
| 10% | $7,825 | $5,629 |
| 12% | $6,519 | $4,667 |
| 15% | $5,012 | $3,556 |
| Discount rate | NPV before tax (in USD million) | NPV after tax (in USD million) |
| 5% | $9,427 | $6,845 |
| 8% (base case) | $7,003 | $5,059 |
| 10% | $5,796 | $4,170 |
| 12% | $4,829 | $3,457 |
| 15% | $3,713 | $2,634 |
Exchange rate: 1.35 CAD : 1.00 USD
The following table and figure show the impact on the after-tax NPV 8 at different revenue, opex, capex and material price levels (from -50% to +50%):
| Sensitivities: after-tax present value 8 (8% discount rate) | |||||||||||
| (CAD $ 000,000) | |||||||||||
| Variable parameter | -50% | -40% | -30% | -20% | -10% | 0% | 10% | 20% | 30% | 40% | 50% |
| Revenue (all metals) | 0 | 1,393 | 2,762 | 4,125 | 5,478 | 6,830 | 8,182 | 9,524 | 10,854 | 12,185 | 13,515 |
| Opex (all) | 8,524 | 8,191 | 7,851 | 7,511 | 7,170 | 6,830 | 6,490 | 6,149 | 5,809 | 5,464 | 5,116 |
| Mining costs | 7,559 | 7,413 | 7,267 | 7,121 | 6,976 | 6,830 | 6,684 | 6,539 | 6,393 | 6,247 | 6,101 |
| Process costs | 7,664 | 7,497 | 7,331 | 7,164 | 6,997 | 6,830 | 6,663 | 6,496 | 6,329 | 6,163 | 5,996 |
| Shipping costs | 7,824 | 7,626 | 7,427 | 7,228 | 7,029 | 6,830 | 6,631 | 6,432 | 6,233 | 6,034 | 5,836 |
| Capital (all) | 7,289 | 7,204 | 7,118 | 7,033 | 6,936 | 6,830 | 6,725 | 6,620 | 6,516 | 6,411 | 6,306 |
| TiO2 price only | 1,799 | 2,812 | 3,823 | 4,827 | 5,829 | 6,830 | 7,831 | 8,833 | 9,818 | 10,803 | 11,788 |
The following table and figure illustrate the projected after-tax internal rate of return (“IRR”) of the project versus operating cost and capital cost fluctuations.
| Sensitivities: after-tax IRR | |||||||||||
| Variable parameter | -50% | -40% | -30% | -20% | -10% | 0% | 10% | 20% | 30% | 40% | 50% |
| Revenue (all metals) | 8% | 19% | 29% | 38% | 47% | 55% | 63% | 70% | 77% | 84% | 90% |
| Opex (all) | 69% | 67% | 64% | 61% | 58% | 55% | 52% | 49% | 46% | 44% | 41% |
| Mining costs | 63% | 62% | 60% | 58% | 57% | 55% | 54% | 52% | 50% | 49% | 47% |
| Process costs | 61% | 60% | 58% | 57% | 56% | 55% | 54% | 53% | 52% | 51% | 49% |
| Shipping costs | 61% | 60% | 59% | 58% | 56% | 55% | 54% | 53% | 51% | 50% | 49% |
| Capital (all) | 84% | 76% | 69% | 64% | 59% | 55% | 52% | 49% | 46% | 44% | 41% |
| TiO2 price | 22% | 29% | 36% | 42% | 49% | 55% | 61% | 67% | 72% | 77% | 82% |
Mining | Temas Resources
The geometry and depth of the mineralization identified at La Blache is ideal for an open-pit operation with semi-massive mineralization recoverable from rock previously treated as pre-stripping waste rock. It is envisaged that mining will be carried out by conventional means in a single large open-pit operation comprising the following:
- 45° pit slope walls with 5 m benches and a stripping ratio of 3.51:1
- A single large waste dump near the pit.
- A single large tailings storage facility near the waste dump.
The conceptual mine plan underlying the preliminary economic assessment foresees an annual run of mine (“ROM”) averaging 7.7 million tonnes (LOM total 107.7 million tonnes) to produce a total of about 9.2 million tonnes of TiO2, i.e. 40.6 million tonnes, Fe2O3 and 152,000 tonnes V2O5 over the 14-year LOM.
The entire ROM production is to be delivered to the processing plant, where it is crushed and then ground to about 210 microns and subsequently passes through Temas’ proprietary chloride leaching process at low temperature, with which the elements of interest are extracted.
Temas carried out a metallurgical test program for a pilot plant in 2022 (see press release of July 28, 2022), which demonstrated the operational potential of the technology. The recovery rates and contents defined in this pilot plant program are used to define the on-site operational expectations, and the team that carried out the work (Process Research Ortech) assisted with the site design. The process flow diagram consists of crushing, grinding, two-stage leaching in mixed chloride leaching agent, solvent extraction, followed by precipitation and calcination to obtain high-purity TiO2 product.
The iron-rich liquor separated at the start of the process can be recovered by pyrohydrolysis, whereby the chloride leach water is recovered and returned to the process. Similarly, the V2O5 is removed as a by-product through solvent extraction during the final stages of the TiO2 extraction process. The performance of the metals both in the pilot plant and in earlier studies was used to establish the design and performance expectations in the PEA
Capital and OPERATING COSTS | Temas Resources
A breakdown of the capital and operating costs used in the economic analysis is presented in the following tables. Project capital costs versus pre-production and LOM
| Project capital | CAD million | USD million |
| Capital expenditures (excluding sustaining) | 1,312 | 972 |
| Pre-production capital (excluding closure and rehabilitation) | 1,195 | 885 |
| Direct capital expenditures | 744 | 551 |
| Processing plant | 95 | 70 |
| Infrastructure | 166 | 123 |
| Mobile equipment | 186 | 138 |
| Capitalized waste movement | 296 | 219 |
| Owners and indirect persons excluding working capital | 156 | 115 |
| Working capital | 183 | 135 |
| Pre-production contingency | 113 | 84 |
| Maintaining investment readiness | 130 | 96 |
| Closure and rehabilitation | 300 | 222 |
| Total sustaining capital cost | 626 | 464 |
| Contingency-related capital expenditures | 130 | 96 |
| Total overall capital | 1,938 | 1,436 |
Operating costs per unit
Cost category | Units | CAD $ | USD $ |
| Mining | $/t mined | 6.75 | 5.00 |
| Mining (equivalent to a stripping ratio of 3.51) | $/t feed | 30.46 | 22.56 |
| processing | $/t feed | 40.50 | 30.00 |
| G&A costs | $/t feed | 6.75 | 5.00 |
| Shipping costs | $/t feed | 50.63 | 37.50 |
| Shipping costs | $/t concentrate | 108.76 | 80.56 |
| Royalties (2%) | $/t feed | 4.28 | 3.17 |
| Tax | $/t feed | 54.46 | 40.34 |
| Unit cost per tonne of processed run-of-mine mill feed (capex, opex, taxes, royalties) | $/t feed | 143.20 | 106.08 |
| Unit cost per tonne of processed run-of-mine mill feed (capex, opex, taxes, royalties, shipping) | $/t feed | 187.08 | 138.58 |
| Unit cost per tonne of concentrate production (capex, opex, taxes, royalties, shipping) | $/t concentrate | 401.90 | 297.71 |
Key conclusions | Temas Resources
The exploration activities carried out to date, combined with the results of previous exploration work, have revealed significant mineralization. Studies should be conducted to assess the potential of project development and ultimately mine construction.
The PEA reports an inferred mineral resource estimate for the project, consisting of both semi-massive oxide and massive oxide material, equivalent to a total MRE of 208.5 million tonnes with an average grade of 12.3% TiO2 .
The conceptual LOM plan in the PEA includes the mining and processing of both semi-massive oxide and massive oxide material for a total of 107.7 million tonnes with an average grade of 12.2% TiO2.
The report demonstrates the potential of the project by showing an after-tax NPV 8 for the project of CAD 6.8 billion and an IRR of 55.1%. It should be noted that a significant amount of future de-risking work must still be carried out before the mine construction phase begins.
A future work program will be discussed to define the necessary studies for the pre-feasibility study (“PFS”) phase, the feasibility study (“FS”) phase and finally the mine construction phase in accordance with Quebec’s regulatory requirements and with the community.
Market opportunities | Temas Resources
Iron-titanium-vanadium projects are increasingly being recognized for their immense economic potential across various industries. These projects involve the exploration and extraction of critical metals that are essential for industrial processes, infrastructure development and technological progress. Demand for critical metals, including iron, titanium and vanadium, continues to rise due to their extensive applications across numerous sectors. Iron is a fundamental component of steel production and indispensable to the construction, manufacturing and transport industries.
Titanium’s lightweight and corrosion-resistant properties make it a sought-after material in aerospace, medical devices and consumer electronics. The strength and versatility of vanadium are highly valued in the production of steel alloys, battery technologies and renewable energy applications. Rising demand for critical metals is being fueled by urbanization, infrastructure development and technological advances worldwide. The expansion of infrastructure and industrial sectors in emerging markets further increases the need for these metals. In addition, the transition to sustainable energy solutions such as wind turbines and electric vehicles is driving demand for vanadium-based energy storage systems.
Iron-titanium-vanadium projects offer significant economic opportunities through resource exploration, mining operations and downstream processing activities. These projects stimulate economic growth by creating employment opportunities, attracting investment and fostering local economic development in regions rich in mineral resources. The establishment of mining operations and associated infrastructure not only creates direct jobs but also supports ancillary industries and services, thus contributing to overall economic prosperity. In addition, the value chain associated with iron-titanium-vanadium projects extends beyond primary extraction to include downstream processing and manufacturing industries. Downstream processing facilities such as smelters and refineries significantly increase the value of raw materials by producing high-quality metal products for domestic and international markets. This value creation enhances the competitiveness of the iron-titanium-vanadium sector and contributes significantly to export revenues and improvements in the trade balance. Iron-titanium-vanadium projects offer countless opportunities for expansion and strategic collaboration. Innovations in ore processing technology and the adoption of sustainable mining practices offer opportunities for efficiency gains and cost reductions in project development. Strategic collaborations with governments, local communities and industry players can facilitate infrastructure development, regulatory compliance and the social license to operate, thereby creating a favorable environment for project success. In addition, the global transition to sustainable development and clean energy solutions creates new opportunities for iron-titanium-vanadium projects. These projects play a crucial role in supporting renewable energy infrastructure, including wind farms and grid-scale energy storage systems, thereby contributing to the global transition to a low-carbon economy.
In summary, iron-titanium-vanadium projects offer enormous economic opportunities due to the rising demand for critical metals and their extensive applications across various industries. These projects foster economic growth, job creation and value creation along the mineral value chain. Through strategic collaborations and innovation, iron-titanium-vanadium projects can capitalize on the growing opportunities in sustainable development and clean energy, thereby playing a crucial role in promoting global economic prosperity and technological innovation.
Temas Resources Corp. has also initiated a non-brokered private placement with gross proceeds of US$1.5 million. This offering comprises up to 6,000,000 units valued at US$0.25 each. Each unit comprises one common share plus one half of a common share purchase warrant, allowing the acquisition of additional shares at a price of US$0.40 per share within two years of closing.
The primary objective of this financing is to support the advancement of Temas Resources’ La Blache project while also supporting marketing initiatives and meeting working capital requirements.
Temas Resources is strategically focused on advancing its La Blache and Lac Brule iron-titanium-vanadium projects in Quebec. These ventures are dedicated to the exploration of critical metals that are essential to ensuring national mineral independence. In addition, the company demonstrates an unwavering commitment to investing in environmentally friendly mineral recovery technologies and deploying them across its entire mining portfolio.
Deposit overview | Temas Resources
Lac Brule project
Lac Brule consists of 36 claims covering an area of 2,016 hectares within the Labrieville Anorthosite Complex.
Accessible and strategic
Reachable within 64 km by road from Labrieville (30 km in a straight line), on the north shore of the St. Lawrence, 100 km north of Forestville, near the Bersimis 2 power generation site.
Efficient mining
Favorable mineralization for the application of ORF-TiO2 technology, which proved to be 144.8% more cost-efficient than conventional processes.
Drill discoveries
Historical drilling carried out across two mineralized lenses.
High-quality results
Historical metallurgical laboratory tests yielded a successful leaching of 94% TiO2, 95% V2O5 and 99% iron oxides.
The mineralization is hosted in at least two massive tabular hematite-ilmenite lenses within the Labrieville layered anorthosite complex. The lenses trend NW and dip about 25° to the ENE. These lenses outcrop in a cliff along the Lac-Lise road and were intersected in the drilling carried out so far at surface and at a depth of 30 meters below surface. A VTEM survey conducted by the previous landowner delineated a 2.5 km long conductor. Additional conductors identified on the property were initially explored only with limited surface sampling. One of these conductors, located northwest of the mineralized lenses, returned results including a grab sample grading 35.5% TiO2.
Management | Temas Resources
Every company is only as good as the minds at its helm! Temas Resources has a top-class team of experts combining well above-average competence and many years of experience.
Kyler Hardy, Director
Samuel “Kyler” Hardy has more than 20 years of experience in the global resource sector, where he has operated, advised and brought together venture capital, private equity and strategic partners. Hardy has founded and sold several resource-focused companies, from services to extraction and development. Hardy is currently CEO of the Cronin Group, Chairman of NuE Corp and Director of Hexa Resources, among other private and public companies.
Tim Fernback, CEO
Fernback has more than 25 years of experience in the venture capital and investment banking industry. He is the former regional director of the CFO Centre Limited and responsible for all activities in Western Canada. Mr. Fernback holds an Honours B.Sc. He holds a BA from McMaster University and an MBA with a focus on finance from the University of British Columbia. Mr. Fernback holds a Certified Professional Accounting (CPA) designation in Canada and is a current and former director and senior officer of several publicly listed companies in Canada and the USA.
David Robinson, Head of Finance
As a CPA and CA, David has more than 15 years of experience in accounting and capital markets. David provided audit, tax and advisory services to private and public companies at MNP LLP for several years before joining the TELUS Pension Fund as a senior analyst, where he was involved in equity portfolio management and commercial lending. David is currently CFO of the Cronin Group, where he oversees financial supervision of the portfolio of private and public companies.
Rory Kutluoglu, Director
Rory is a professional geoscientist and member of the Society of Economic Geologists with more than 20 years of remarkable exploration experience across a wide variety of commodities throughout North America. Rory began his career with the team that discovered the Broken Hammer deposit for Wallbridge Mining Company Ltd. As a project geologist, Rory was responsible for planning, implementing and reporting on exploration programs across Canada for various clients while working for Equity Exploration and Gold Fields Limited conducting porphyry exploration in British Columbia. Rory subsequently held a similar role at Kiska Metals Corp. At Evrim Resources Corp. he served as VP Business Development. Rory was exploration manager for Kaminak Gold Corporation, which was later acquired by Goldcorp Inc. Rory’s current positions include VP Technical Service for the Cronin Group and President and CEO of Cloudbreak Exploration Inc.
Company profile | Temas Resources
Temas Resources Corp. (“Temas Resources”) (CSE: TMAS) (OTCQB: TMASF) is responding to the growing global demand for iron ore and two strategically important minerals — titanium and vanadium — which are classified as critical by the U.S. Department of the Interior for U.S. national security and the economy. Temas Resources’ first and flagship properties are located in the stable, mining-friendly jurisdiction of Quebec (Canada) on the border with Vermont, Maine and New York State (USA), in an area known as the Grenville Geological Province.
The Grenville Geological Province is home to Lac Tio, the largest solid ilmenite deposit in the world. As a mineral exploration company focused on the acquisition, exploration and development of iron, titanium and vanadium properties, Temas Resources has concentrated its efforts on advancing two major projects in the Grenville Geological Province area. The flagship, the La Blache property, is the 100% owner of 117 semi-contiguous mineral claims covering an area of 6,203.12 hectares (62.03 km²)
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This publication about Temas Resources is part of an advertising campaign for the company discussed and is aimed at experienced, speculatively oriented investors. Further recommendations, including by third parties, may have been or may still be made. The background information, market assessments and securities analyses that Boersen Post publishes on its websites and in its newsletters constitute neither an offer to sell the quoted securities discussed nor a solicitation to buy or sell securities. The statements are based on sources that the publisher considers trustworthy. Nevertheless, liability for financial losses that may result from relying on these statements or stock discussions for one’s own investment decision is categorically excluded.
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Any claim for liability — including for foreign stock recommendations, derivatives and fund recommendations — is therefore excluded without exception. Before any investment decision you should seek further advice (e.g. from your bank or an advisor you trust). Although the assessments and statements contained in Boersen Post’s analyses and market assessments have been prepared with reasonable care, we accept no responsibility or liability for errors, omissions or incorrect information. This applies equally to all representations, figures and assessments expressed by our interview partners.
All statements made in this report about Temas Resources, other than historical facts, should be understood as forward-looking statements which, due to significant risks, may well not come true. The author’s statements are subject to uncertainties that should not be underestimated. There is no certainty or guarantee that the statements made will actually occur. Readers should therefore not rely on the statements of Boersen Post and should not buy or sell securities solely on the basis of reading the report. Boersen Post is not a registered or recognised financial advisor. All texts presented here, in particular market assessments, stock evaluations and chart analyses, reflect the personal opinion of the editor, which is covered by Article 5 of the German Basic Law and must by no means be interpreted as investment advice. They are therefore purely individual views with no claim to a balanced examination of the subject matter. Before investing in securities or other investment opportunities, everyone should consult a professional investment advisor and ask whether such an investment makes sense or whether the risks are too great. Boersen Post accepts no responsibility for the accuracy and reliability of the information and content contained in the reports or on its website, distributed by Boersen Post, or accessible via hyperlinks from Boersen Post (hereinafter the Service).
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The recommendations, interviews and company presentations published on the websites of Boersen Post serve, without exception, promotional purposes and are paid for by the respective companies or so-called third parties. For this reason, however, the independence of the analyses must be called into question. By definition these are merely information. This information consists purely of promotional communications and contains neither investment-strategy recommendations nor investment recommendations pursuant to § 34b WpHG and Article 20 of the Market Abuse Regulation. They therefore do not meet the legal requirements for ensuring the objectivity of investment-strategy recommendations / investment recommendations.
This also applies to the present study on Temas Resources . The preparation and distribution of the report was commissioned and paid for by the respective company or by circles close to the company. According to law this constitutes a conflict of interest, to which we hereby expressly draw attention. Boersen Post and/or companies affiliated with it have entered into a paid agreement with the company in question, Temas Resources, or with its shareholders, for the preparation of the editorial discussions. According to law this constitutes a conflict of interest, to which we hereby expressly draw attention. We hereby point out that the clients (third parties) of Boersen Post’s publications hold, at the time of publication, shares in securities / stock holdings of Temas Resources, which is discussed in the publications. There is an intention to sell these securities in direct connection with this publication and to participate in rising prices and turnover, or to buy further securities at any time. Boersen Post therefore acts in cooperation with, and on the paid instruction of, other persons who themselves hold significant share positions. According to law this constitutes a conflict of interest, to which we hereby expressly draw attention. The publications of Boersen Post should therefore not be regarded as independent financial analyses or even investment advice, since significant conflicts of interest exist. Unless separately stated, the prices of the securities discussed given in the respective publications of Boersen Post are the closing prices of the last trading day before the respective publication. Because other research houses and stock newsletters also discuss the security, a symmetrical generation of information and opinion occurs during this period. It must of course be noted that the security presented here is listed in the highest conceivable risk class for shares. The company does not yet have any revenue and is at an early-stage level, which is both appealing and risky. The company’s financial situation is still in deficit, which significantly increases the risks. Capital increases that become necessary could also lead to short-term dilution effects that may be to the detriment of investors. If the company fails to tap further sources of finance in the coming years, insolvency and a delisting could even be threatened. There is no guarantee that the forecasts of the experts and management will actually come true. This share thus represents a bet on the future. As with any micro cap, there is also the danger of total loss here if management’s high expectations cannot be realised in the foreseeable future. Such securities therefore serve only as a dynamic admixture in an otherwise well-diversified portfolio. Investors should follow the news flow closely and have the technical prerequisites for trading penny stocks. The market tightness typical of this segment causes high volatility. My recommendations are aimed only at experienced professional traders and not at inexperienced investors or low-risk investors. Note on territorial exclusion: the publications, information and documents published on Boersen Post are not intended for U.S. persons or persons resident in the United States of America, Canada, Australia or Japan, and may neither be viewed by nor distributed to them. Publisher and party responsible for content.
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