African Mining Boom: 5 Companies Uncovering Major Discoveries and Driving Growth

1. Sanu Gold, Pasofino Gold Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. 
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Pasofino Gold Ltd., Midnight Sun Mining, and Sanu Gold. 
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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* Disclosure for the quote from the Clive Maund article published on December 31, 2024

1. For the quoted article (published on December 31, 2024), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
2. Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing the article quoted. Maund received his UK Technical Analysts’ Diploma in 1989.  The recommendations and opinions expressed in the article accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed

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The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be  only be construed as a recommendation or solicitation to buy and sell securities.

The mining sector in Africa continues to attract global attention as companies seek to capitalize on the continent's vast mineral wealth. With an estimated one-third of the world's mineral resources, Africa remains a key player in supplying critical materials for global industries, including gold, copper, cobalt, and rare earth elements. While the sector presents significant investment opportunities, it is also shaped by geopolitical shifts, regulatory challenges, and evolving industry trends.

Africa's mining industry has seen sustained investment activity in recent years, driven by both geological potential and policy reforms aimed at attracting foreign direct investment. According to the Fraser Institute's 2023 Annual Survey of Mining Companies, participating firms reported exploration spending of US$4.1 billion in 2023. The survey underscores how mineral potential, combined with favorable regulatory environments, influences investment decisions.

Recent reports indicate that Africa's mining sector is poised for long-term expansion, particularly in gold and critical minerals used in high-tech applications. A study on African mining investment opportunities suggests that geopolitical shifts — such as Western efforts to diversify mineral supply chains away from China — could enhance Africa's strategic importance.

For instance, South Africa and Botswana remain dominant in the diamond sector, while the Democratic Republic of the Congo leads in tantalum and cobalt production. Meanwhile, emerging markets such as Namibia and Malawi are gaining attention for their rare earth element reserves, offering alternative sources for industries reliant on these materials.

The Economist Intelligence Unit has described Africa's mining sector as holding "enormous long-term potential," with the expectation that international mining firms will intensify competition for resources through exploration, expansion, and technological advancements.

Regulatory Environment and Policy Developments

While Africa's mineral wealth presents a compelling investment case, the regulatory landscape varies across jurisdictions. Countries such as Botswana and Morocco have established investor-friendly policies, securing their rankings among the most attractive mining jurisdictions. According to the Fraser Institute, Botswana was the highest-ranked African jurisdiction based on policy in 2023, securing fourth place globally in the Policy Perception Index (PPI).

Conversely, some jurisdictions present regulatory hurdles. The Malian government's recent intervention in the gold sector, including the seizure of US$290 million in gold from a foreign mining firm, has raised concerns over resource nationalism. However, Allied Gold has emphasized its proactive approach to local engagement, with Marrone noting that "building relationships and ensuring our operations benefit the communities we're in" remains a core strategy.

In response to growing investor interest, several African nations have introduced measures to strengthen local industry participation. Zimbabwe, Namibia, and Ghana have recently implemented bans on the export of unprocessed critical minerals, encouraging domestic value addition. While such policies aim to maximize economic benefits for host countries, they may also require mining firms to adapt their business models.

Looking ahead, Africa's mining sector is expected to remain a focal point for global resource strategies. With established mining jurisdictions like Mali, Côte d'Ivoire, Zambia, Guinea, and Botswana, companies are capitalizing on high-grade deposits, supportive infrastructure, and increasing demand for metals critical to energy transition and industrial growth. As gold, copper, and critical minerals gain prominence, several companies operating in these regions are making significant strides in exploration, development, and production. Below, we take a closer look at some of the mining companies advancing their projects across Africa.

Allied Gold Corp. 

One of the continent's mining operators, Allied Gold Corp. (AAUC:TSX; AAUCF:OTCQX), has strategically positioned itself in Africa, citing the region's abundant resources and relatively fast permitting processes as key advantages. 

In a call with Streetwise Reports on February 3, Allied Gold CEO Peter Marrone noted that Africa accounts for approximately 30% of the world's precious metal production, with significant deposits located near the surface, reducing extraction costs.

"We want to build local industry, suppliers, and supply chains and support the regions where we operate," Marrone said. He acknowledged that while geopolitical risks exist, streamlined permitting and regulatory processes often facilitate faster project development compared to other jurisdictions.

Allied Gold Corporation continues to expand its footprint in Africa, focusing on its producing, developing, and exploration-stage projects across Mali, Côte d'Ivoire, and Ethiopia. The company recently reported strong Q4 2024 production figures, meeting quarterly guidance with a total of 99,600 ounces (Koz) of gold. This included 54.2 Koz from the Sadiola mine in Mali and 45.4 Koz from its Côte d'Ivoire Complex.

The expansion of the Sadiola mine, expected to be completed in the second half of 2025, is a key growth initiative for Allied. The first phase of this expansion aims to process up to 60% of fresh ore at an increased rate of 5.7 million tons per year. Additionally, the Kurmuk project in Ethiopia remains on track for its first gold production in mid-2026, which would establish the first large-scale, modern gold mine in the country. 

Analysts remain optimistic about Allied Gold's trajectory, citing its asset base, financial stability, and strategic positioning. Jonathan Guy of Hannam & Partners recently raised his target price for the company following its Q4 results, forecasting a potential 127% return for investors.  Ingrid Rico of Stifel highlighted the company's expected production growth, predicting output will exceed 600,000 ounces annually within the next three years as the Sadiola expansion and Kurmuk project come online. She described Allied as a growth-focused company with the potential for a valuation rerate as it successfully executes its development plans. Cormark Securities analyst Nicolas Dion reaffirmed his Buy rating, emphasizing that Allied's stock remains deeply discounted at 0.27 times net asset value at a gold price of US$2,500 per ounce. He stated that the company's valuation is well below its peers, suggesting significant room for appreciation as its development projects advance.

Other analysts have also weighed in on Allied's outlook. Don DeMarco of National Bank Financial noted that Allied's cost reductions and growing free cash flow support its investment thesis. He estimated that for every US$100-per-ounce increase in gold prices, the company could see an additional US$90 million in cash flow over the 2024–2028 period. Carey MacRury of Canaccord Genuity pointed to Allied's streaming agreement with Wheaton Precious Metals as a sign of confidence in the company's future production growth.

Several catalysts, aside from those mentioned, are expected to drive Allied's growth over the coming years. The completion of the Sadiola expansion in 2025 is set to significantly increase throughput, while the Kurmuk project, expected to begin production in mid-2026, will establish Allied as a multi-mine producer operating across Mali, Côte d'Ivoire, and Ethiopia. Analysts see these developments, along with the company's cost optimization efforts, as key drivers of value. 

Allied's financial strength is reinforced by recent funding agreements, including its US$175 million streaming deal with Wheaton Precious Metals and a US$75 million gold prepay arrangement, which provide capital for ongoing expansion. Analysts also view Allied as a potential participant in future mergers and acquisitions, citing its disciplined growth strategy and experienced management team, which previously built Yamana Gold into a one-million-ounce-per-year producer. With a solid asset base and increasing production, Allied is well-positioned for continued growth in the gold sector. 

According to Refinitiv, 30.56% of Allied Gold Corp is owned by Institutions, with the largest being held by Orion Resource Partners (USA) LP with 11.6%, followed by BlackRock Investment Management at 5.88%, Mackenzie Investments with 1.96%. Then it's Banker Steel Capital Managers LLP and Boston Partners, each holding 1.89%.  

Management and Insiders have 17.82%. Of those, Peter Marrone holds 4.69%, and Daniel Racine 1.17%. Strategic Investors have 8.39%. Those are Knightsbridge Capital Corp at 5.85% and The Emprise Special Opportunities Fund (2017) at 2.54%. The rest is retail.  

Allied's market cap is CA$1.549 billion. Its 52-week trading range is CA$2.69–5.03 per share. 

Pasofino Gold Ltd. 

Another player in the region, Pasofino Gold Ltd. (VEIN:TSX.V) has recently provided an update on the Dugbe Gold Project in Liberia, highlighting new valuation metrics and its progress toward final permitting and financing. 

The company owns 100% of the project through its wholly owned subsidiary, prior to the issuance of the Liberian government's 10% carried interest. Dugbe is one of the largest gold projects in Liberia, with a measured and indicated resource of 3.3 million ounces at an average grade of 1.37 grams per tonne (g/t).

A feasibility study completed in June 2022 by DRA Global outlined an open-pit mining operation with a projected 14-year mine life and an estimated average annual production of 171,000 ounces of gold. The study estimated a post-tax net present value (NPV) of US$530 million at a gold price of US$1,700 per ounce, with an internal rate of return (IRR) of 36.8%. The project's all-in-sustaining cost (AISC) was reported at US$2,900 per ounce, positioning it competitively among emerging gold projects.

The Dugbe Gold Project is located within the Birimian geological region, an area known for its significant gold endowment. Situated approximately 76 kilometers from the Port of Greenville, the project benefits from infrastructure improvements completed as part of the feasibility study. Pasofino is now focused on obtaining final permitting, securing financing, and exploring potential joint venture partnerships to advance Dugbe toward production.

*Technical analyst Clive Maund recently rated Pasofino Gold Ltd. as an "Immediate Strong Buy," on December 31, citing both fundamental and technical factors. He pointed to the company's Dugbe Gold Project as a prime development asset in a stable jurisdiction, with a robust feasibility study supporting strong economic returns. Maund noted that Pasofino had already received acquisition offers in the range of CA$100 million, or approximately CA$0.90 per share — far above its current trading price.

Maund highlighted that the project's capital expenditure was estimated at US$435 million, with an operating cost of US$1,005 per ounce. With gold currently trading near US$2,600 per ounce, the margins for Dugbe had improved significantly, making it an attractive asset for potential buyers. He also pointed out that Pasofino's stock remained undervalued relative to its peers, with a strong likelihood of re-rating as the company advances toward key project milestones.

Maund also emphasized the exploration potential of the Dugbe property, which spans 2,000 square kilometers but remains largely unexplored. Out of 15 identified targets, only five have been drilled to date, suggesting significant upside. He further noted that Pasofino had completed a CA$3.3 million private placement to strengthen its financial position while optimization studies were underway to enhance project economics.

The analysis by Maund further stated that Pasofino's management team, coupled with its strategic location in a known gold-producing region, positioned the company for significant upside. He concluded that the stock was on the verge of a breakout, with a strong possibility of a buyout at favorable terms for shareholders.

Pasofino Gold has outlined several catalysts that could drive further value for the Dugbe Gold Project. The company is currently conducting additional drilling to convert inferred resources into reserves, with a focus on expanding the mineral inventory within the feasibility study pit shell. Optimization studies are also in progress to improve metallurgical recoveries, reduce capital and operating costs, and explore alternative energy solutions to enhance project economics.

The company's feasibility study projects a total capital expenditure of US$435 million, with an estimated payback period of 2.2 years at a gold price of US$2,100 per ounce. Pasofino is actively engaging with potential joint venture partners and strategic investors to secure financing for the project's next phase.

Beyond financing, Pasofino has prioritized environmental, social, and governance (ESG) initiatives. The company has committed to a community development fund and is planning a sustainable forestry project to offset carbon emissions and biodiversity impacts. As part of the permitting process, Pasofino is finalizing its Environmental and Social Impact Assessment (ESIA) and preparing a revised Resettlement Action Plan (RAP) for submission to Liberia's Environmental Protection Agency.

With a long-term mining agreement in place and a 25-year tenure secured under Liberia's Mineral Development Agreement, Pasofino is positioned to advance Dugbe toward development while awaiting final regulatory approvals. As gold prices remain strong and demand continues to grow, the company's progress on permitting and financing will be key drivers in determining the project's future trajectory.

According to Refinitiv, eight insiders together own about 60% of Pasofino. The largest shareholder is Hummingbird with 50.78%, followed by ESAN with 9.6%.

The other three investors of the Top 5 are Pasofino Deputy Chairman Stephen Dattels with 3.97%, Pasofino Chairman Daniel Betts with 1.28%, and Pasofino Director Robert Metcalfe with 0.66%. Richards owns 0.59%.

The company has 117.03 million outstanding shares and 38.19 million free-float traded shares.

Its market cap is CA$58.39 million. Its 52-week high and low are CA$0.80 and CA$0.35 per share, respectively.

Sanu Gold Corp. 

With a strong presence among African mining, Sanu Gold Corp. (SANU:CSE; SNGCF:OTCQB; L73:FRA) has launched an ambitious drilling campaign at its Daina gold exploration permit in Guinea's Siguiri Basin. 

This campaign follows a series of high-grade intercepts announced earlier in the year and is designed to expand known mineralization at the Daina 2 South discovery and extend into the Daina 2 Main Zone. The company has planned approximately 5,000 meters of drilling across 50–60 reverse circulation (RC) and air-core holes to test continuity and potential strike extensions.

Notable prior intercepts include 51 meters at 3.11 grams per tonne (g/t) gold at Daina 2 South and 21 meters at 4.75 g/t gold at the Daina 2 Main Zone. Trenching results have confirmed mineralization along strike, supporting the potential for further gold discoveries both north and south of the current drilling focus. The latest geophysical surveys have also identified a structured resistivity-chargeability trend extending for over a kilometer, reinforcing confidence in the project's expansion potential.

In a company update, Sanu Gold's President and CEO, Martin Pawlitschek, expressed enthusiasm for the results, highlighting that the recent geophysical and trenching work supports a larger gold-bearing system. "We are excited by the recent trench samples collected from well-mineralized exposures. The extension of our ground geophysics program has identified a structured resistivity-chargeability trend associated with recent high-grade drill intercepts, highlighting an anomaly that stretches for over 1 kilometer," he said.

Private placement in September and December 2004 saw significant investments by Anglo Gold Ashanti,  Capital Drilling,  Montage, and the Lundin's  into Sanu Gold , putting the company in a strong position to advance its three Guinean gold projects. The company's drilling contractors, Capital DI, are  progressing fast on the company's planned drilling program. 

Sanu Gold's drilling campaign for 2025 is expected to deliver multiple potential catalysts for investors. The company's strategic plan includes up to 10,000 meters of drilling across its Daina and Diguifara projects, targeting five large, untested structures and two follow-up areas. These efforts aim to explore high-priority zones within a combined 15-kilometer mineralized strike length.

Geophysical data from Induced Polarization (IP) surveys have reinforced the prospectivity of the Daina 2 trend, with upcoming drilling planned to test for extensions of mineralization. The next phase of drilling will focus on defining continuity between known high-grade zones and assessing deeper structures beneath current discoveries.

In addition to exploration drilling, Sanu Gold stands to benefit from improving infrastructure in Guinea's mining sector. The country has undertaken significant upgrades to transportation networks, including new rail lines and port facilities that could enhance future logistics for mining operations. These infrastructure improvements could help de-risk potential development plans for Sanu Gold's projects.

As the company continues to advance exploration and deliver additional assay results, market attention will remain focused on the scale and economic viability of the Daina 2 South and Main Zone discoveries. With strong financial backing and a methodical approach to exploration, Sanu Gold is positioned to play a growing role in West Africa's emerging gold landscape.

According to the company's latest presentation, the largest shareholders now include strategic investors Montage at 19.9%, the Lundin Group at 10%, Anglo Gold Ashanti at 10%, and Capital at 6%. 

Institutional investors include Scotia Global Asset Management, US Global Investors, Lowell Resources Funds Management, and Palos Management, which collectively make up 17% of the shareholders. 

Management, founders, and insiders own around 11%, with another 22% being held by high-net-worth individuals. The rest is held by retail investors.  

The market cap for Sanu Gold is CA$100 million with 383.5 million common shares. The 52-week range for the stock is CA$0.03 and CA$0.29. 

Midnight Sun Mining Corp. 

Within the region, Midnight Sun Mining Corp. (MMA:TSX.V; MDNGF:OTCQB) has reported high-grade copper intercepts at the Kazhiba Target, reinforcing its potential as a significant copper discovery within the company's Solwezi Project in Zambia. 

The recent drill program aimed at validating oxide copper mineralization returned impressive high-grade results, including 10.69% copper over 21 meters in drill hole MSZ22-028, 5.60% copper over 26 meters in MSZ22-020, and 3.01% copper over 15 meters in MSZ22-012. These findings confirm strong mineralization, with further drilling planned for 2025 to expand the near-surface mineralization. 

The program, consisting of 54 reverse circulation drill holes covering 2,005 meters, demonstrated that mineralization remains open to the north-northeast. The company plans to conduct 18 additional drill holes in early 2025 to further delineate the mineralization. Additionally, Midnight Sun completed a 3,250-meter induced polarization survey and collected 625 Partial Ionic Leach™ samples, the positive results of which were announced on February 27, 2025. The geochemical and geophysical exploration programs have defined significant new sulfide and oxide targets on Kazhiba.   

Partial Ionic Leach geochemistry has identified a strong copper anomaly extending over four kilometres that aligns perfectly with high chargeability, low resistivity stratigraphy as exposed by the induced polarization ("IP") survey.  This new sulfide copper anomaly directly overlays a subtle, historic geochemical anomaly and is situated in geology consistent with the majority of deposits within the Zambian Copperbelt.  In addition to this new sulfide target, the partial leach geochemistry has also revealed three new copper anomalies that share a very similar geochemical signature to the known Kazhiba oxide copper occurrence, which was drilled in late 2024 (see news release dated January 29, 2025). 

Exploration drilling is set to commence in early Q2 and is designed to concurrently test these new sulphide and oxide targets.

Midnight Sun's COO, Kevin Bonel, stated: "We are incredibly pleased with the results and brand-new targets generated by the Partial Ionic Leach sampling and IP survey. Taking the coincidence of a well-defined copper anomaly in the ‘right geology' with an underlying high charge ability, low resistivity, and IP reactive unit, the geological team's confidence is high that the unexposed unit is a copper mineralized stratigraphic unit. Not only do we now have a potential sulfide source for the high-grade oxide copper mineralization at Kazhiba, but we also have additional targets for more oxide copper mineralization to explore and hopefully add to our Cooperative Explorative Plan with First Quantum. The results simply could not have been better at this stage of exploration on our Kazhiba Target." 

Midnight Sun's President and CEO, Al Fabbro, emphasized the importance of the earlier drill results, stating, "We believed that high-grade, at-surface oxide copper mineralization encountered during previous work programs at our Kazhiba and Mitu Targets was significant. We now have proof of concept." He added that the company intends to capitalize on this opportunity for near-term cash flow while advancing further exploration efforts. 

Located six kilometers southwest of First Quantum Minerals' Kansanshi Copper Mine, the Kazhiba Target is one of four key prospects within Midnight Sun's Solwezi Project. The company has structured exploration efforts under multiple agreements, including a Cooperative Exploration Plan with First Quantum Minerals to evaluate oxide copper deposits that could potentially supply Kansanshi's solvent extraction-electrowinning (SX/EW) facility. Additionally, Midnight Sun exited the earn-in agreement with KoBold Metals, to explore its Dumbwa Target , which means Midnight Sun will now retain 100% ownership of its flagship asset, and all upside related to a discovery on this remarkable tier-one exploration target, a very positive development for the company. 

Midnight Sun's exploration success has drawn attention from analysts and industry experts, with some viewing the company as a potential acquisition target. Malcolm Shaw of Hydra Capital pointed to Midnight Sun's proximity to First Quantum's Kansanshi operation as a key strategic advantage. He noted that the company's oxide copper discoveries could be valuable feedstock for Kansanshi's processing plant, making a partnership or acquisition a logical next step. Shaw also highlighted the company's Dumbwa Target as a high-priority exploration opportunity with the potential for a large-scale copper discovery. 

Midnight Sun's growth strategy is centered around continued exploration success and partnerships that support the development of its projects. The company's next phase of drilling at the Kazhiba Target, scheduled to begin in April 2025, will focus on extending high-grade oxide mineralization along its northern trend as well as testing new oxide and sulphide copper targets which were defined by the Partial Ionic Leach™ survey and induced polarization work.. 

Beyond Kazhiba, Midnight Sun is advancing its flagship Dumbwa Target, launching an aggressive exploration program that is planned to begin in April. The Dumbwa Target, one of the largest and highest-grade copper-in-soil anomalies recorded in Zambia, features a 20-kilometer-long geochemical anomaly with peak grades of 0.73% copper in the soil at surface and numerous impressive sulfide copper drill intercepts. Overlaying this impressive target at Dumbwa is a "vegetation kill-zone", caused by soil toxicity from a large copper-bearing system at depth, a signature of the largest and highest-grade deposits in the region including Kamoa Kukula, Kansanshi, Lumwana, Tenke. The program will include an IP survey and extensive drilling to systematically define the extent of this mineralized system.  

Dumbwa represents a major opportunity for the company to define a large-scale copper resource in one of the world's most prolific copper-producing regions. 

Another key driver for Midnight Sun is its partnership with First Quantum Minerals, which offers a potential fast track to production if oxide copper material from Kazhiba is deemed suitable for processing at Kansanshi's SX/EW facility. This agreement could provide a very significant near-term cash flow opportunity, allowing the company to fund further exploration efforts without diluting shareholders. 

According to the company, management and insiders own about 10% of Midnight Sun Mining, institutions own 16%, and the rest is retail.  

Major shareholders include Zambia Goldcommon Mining Ltd. with 5.72%, Brett Richards with 4.66%, Zambia-Zhengyuan Mining Company Ltd. with 2.1%, Cambrian (Camcap Resource Offshore Master Fund) with 2.07%, and MacKenzie Financial (held between 7 funds) with 1.38%.  

The stock has traded in a 52-week range between CA$0.21- 0.91 and was recently announced as being a TSX Venture Top 50 company, after having achieved a near 750% market capitalization increase over the past 10 months.  

Premium Resources Ltd. 

Premium Resources Ltd. (PREM:TSX.V) is making strides in advancing its copper-nickel-cobalt projects in Botswana, reporting strong drill results, securing a strategic financing package, and undergoing leadership changes to position itself for growth. 

The company is focused on developing the Selebi Mines, which include the Selebi Main and Selebi North deposits, as well as the Selkirk project, a previously producing mine.

In its latest drilling update, Premium Resources announced two high-grade stepout intercepts outside the known mineral resource envelope of the past-producing Selebi North underground (SNUG) mine. These results include 14.2 meters of 5.14% copper equivalent (Cu eq) from hole SNUG-24-172 in the South Limb and 14.4 meters of 3.99% Cu eq from hole SNUG-24-144 downdip of the N2 Limb. According to Cormark Securities analyst Dr. Stefan Ioannou, these intersections extend known mineralization at depth and indicate higher grades than the existing resource, which is estimated at 3.25% Cu eq.

To build on these results, Premium plans additional drilling using its own drill rigs. One rig will target areas 100 meters down plunge of the South Limb beyond SNUG-24-172, while another will follow up on the N2 and N3 Limb extensions identified by SNUG-24-144. The company expects these efforts to contribute to future resource growth.

Premium Resources recently upsized its private placement from CA$36 million to CA$44 million due to strong investor demand. Units were priced at CA$0.30 apiece, bringing in strategic investors, including Frank Giustra and his Fiore Group, Andrew Bowering, Michael Murphy, and Mathew August. As part of this restructuring, Morgan Lekstrom will become CEO and director, bringing extensive mining experience, including roles at Freeport-McMoRan's Grasberg project and Rio Tinto's Oyu Tolgoi project.

In addition to the equity raise, the company also converted a CA$20.9 million term loan with its largest shareholder, EdgePoint Investment Group Inc. The agreement, facilitated through EdgePoint's affiliate Cymbria, exchanged the debt for 69.6 million units at CA$0.30 per unit. These financial moves were described by Ioannou as "necessary steps to 'right the ship' corporately" and refocus on the Botswana assets.

Premium Resources' immediate focus is expanding mineral resources at the Selebi Mines. According to Ioannou, upcoming drilling at Selebi Main and Selebi North aims to extend high-grade zones and bolster the overall resource estimate. Additionally, the company has identified untested borehole electromagnetic (EM) plates between the two deposits, offering further upside potential.

Cormark Securities analyst Dr. Stefan Ioannou maintains a Buy rating on Premium Resources, with a target price that implies a potential return of 194%.

"PREM offers exposure to historic high(er)-grade nickel sulfide mines/resources of scale — an 'asset class' coveted by the greater market in the wake of the electric vehicle revolution," Ioannou wrote in a February 19 research report. "The company's geophysical prowess has recognized untapped deposit extensions, setting the stage for compelling drilling that stands to garner 'corporate' attention."

According to Refinitiv, 15 strategic entities hold 11.56% of Premium Resources, four institutions own 13.58%, and the rest is a combination of high net worth, family offices, and retail.

The Top 3 shareholders are EdgePoint Investment Group Inc. with 12.83%, Keith Morrison with 3.93%  

Post money, Edgepoint will own 22.6% of the company. Edgepoint is a $40 billion dollar fund from Toronto, Canada

Premium Resources has 185.71M outstanding shares and 164.23M free float traded shares. Its market cap is CA$65M. Its 52-week trading range is CA$0.315−1.44 per share.