Activist Positioning

Crescat Capital LLC (“Crescat”) follows a friendly activist investment strategy in the precious metals mining industry. Crescat’s funds and separately managed accounts principally invest in companies focused on gold and silver exploration and may also invest in companies focused on industrial base metal exploration, including copper and nickel.

An alphabetically organized list of precious metals miners in Crescat’s portfolio for which it has published case studies on its website and/or social media networks is included below. Because Crescat does not publish case studies on all of its positions, the list is not fully representative of the miners held by Crescat’s funds and separately managed accounts. In addition, although Crescat attempts to keep the list up to date, it may from time to time include positions Crescat no longer holds.

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  • Alpha Exploration

      Alpha Exploration

      Alpha Exploration is an exploration company focused on the discovery of world class economic gold and base metals deposits within the Red Sea region. The company holds a 100% interest in the 771 km2 Kerkasha Exploration License in southwest Eritrea, which is situated around 135 km from the capital city of Asmara. Since acquiring the property in January 2018, Alpha Exploration has identified 17 prospects, of which five have been drilled to date. Alpha is managed by a group of highly experienced and successful professionals with many years of experience carrying out exploration and resource development programs throughout Eritrea and Sudan.

      https://alpha-exploration.com/

  • Altamira Gold

      Altamira Gold

      Altamira explores and develops gold projects within western central Brazil. The company holds 8 projects comprising approximately 190,000 hectares within the prolific Juruena gold belt. The region has historically produced an estimated 7 to 10 Moz of placer gold. Altamira's advanced Cajueiro project has NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in the Inferred Resource category.

      https://altamiragold.com/

  • Aurion Resources

      Aurion Resources

      Aurion Resources Ltd. aims to generate or acquire early-stage precious metals exploration opportunities and advance them through direct exploration. With the company's experienced team or through business partnerships and joint venture arrangements, Aurion is focused on exploring in Finland on its Flagship Risti and Launi projects, as well as advancing its joint venture properties with B2Gold and Kinross.

      https://www.aurionresources.com/

  • BCM Resources

      BCM Resources

      BCM Resources Corporation is a diversified Canadian mineral exploration company focused on continued exploration of the Thompson Knolls Porphyry Cu-Au-Mo project. The company also controls prospective Copper, Gold, and Molybdenum exploration projects in British Columbia.

      https://bcmresources.com/

  • Bell Copper

      Bell Copper

      Bell Copper is a mineral exploration company on a mission to identify, explore and discover large copper deposits in Arizona. Bell Copper is currently exploring its Big Sandy Porphyry Copper Project, of which it owns 100%, and the Perseverance Porphyry Copper Project, which currently operates under Jioint Venture - Earn In.

      https://www.bellcopper.net/

  • Blackwolf Copper & Gold

      Blackwolf Copper & Gold

      Blackwolf is an exploration company that holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, as well as the Cantoo, Casey Texas Creek gold-silver and VMS Properties in southeast Alaska. Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation.

      https://blackwolfcopperandgold.com/

  • Blue Lagoon Resources

      Blue Lagoon Resources

      Blue Lagoon Resources is a mineral exploration company focused on its high-grade gold project. This flagship property, the Dome Mountain Gold Project provides for up to 75,000 tonnes production annually. There is over 20 km of productive geological strike with numerous mesothermal veins that contain high-grade, silver orogenic type gold deposits. Apart from the main Boulder vein, there are 15 other known veins that have seen minimal exploration to date and give the project significant blue-sky potential.

      https://bluelagoonresources.com/

  • Brixton Metals

      Brixton Metals

      Brixton Metals is a Canadian exploration and development company focused on the advancement of its four exploration projects, of which the company all fully own. The Thorn copper-gold-silver Project, the Atlin Goldfields Projects located in NW BC, the Langis-Hudbay silver-cobalt Project in Ontario and the Hog Heaven silver-gold-copper Project in NW Montana, USA, under a Farmout Option Agreement to Ivanhoe Electric Inc.

      https://brixtonmetals.com/

  • Cabral Gold

      Cabral Gold

      Cabral Gold is a junior resource company engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. The company has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region in northern Brazil. Two gold deposits have so far been defined at Cuiú Cuiú and contain 43-101 compliant Indicated resources of 5.9Mt @ 0.90g/t (200,000 oz) and Inferred resources of 19.5Mt @ 1.24g/t (800,000 oz). The Tapajós Gold Province is the site of the largest gold rush in Brazil's history producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Historically, Cuiú Cuiú was the largest area of placer workings in the Tapajós and produced an estimated 2Moz of placer gold.

      https://cabralgold.com/

  • CMC Metals

      CMC Metals

      CMC Metals' Rancheria (BC/Yukon) district holdings encompass five discrete zones of high-grade silver-lead-zinc vein and replacement deposits in proximity to Coeur Mining's Silvertip mine. Grades in this district typically range from 200-500 gpt silver and 7-12% combined lead-zinc. Copper (to 1%) and gold (to 3 gpt) accompany some deposits. The property is drill ready having been subjected to extensive advanced stage exploration, project planning and environmental studies. Soil sampling and geophysical work conducted in 2021 Silver Hart (Yukon side of the district) identified nine robust drill targets. The T1, T4 and South Zone targets display very strong soil geochemistry (Ag, Pb, Zn) over areas ranging in size from 20-40 hectares. In 2022, drilling will focus on targets at Silver Hart and Silverknife.

      https://cmcmetals.ca/

  • Condor Resources

      Condor Resources

      Condor Resources is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. The company is focused on advancing their portfolio of projects and expediting the discovery of major new precious metals or base metals deposits in Peru.

      https://condorresources.com

  • Copaur Minerals

      Copaur Minerals

      CopAur Minerals an exploration stage company, engages in the acquisition, exploration, and development of mineral properties in Nevada and Canada. It holds interest in the Williams Gold Copper property covering an area of 6,885.44 hectares located in the Toodoggone region of north-central British Columbia. The property is situated halfway between the Red Chris and Kemess North mines, and on trend with the approximately 3-million-ounce Lawyers Gold-silver deposit. Williams hosts two target areas: The T-Bill area, which is prospective for mesothermal style gold mineralization, the GIC porphyry prospect which is a porphyry copper-gold target. CopAur has also just completed an acquisition of three properties which entail two advanced and one early-stage exploration properties in Nevada.

      https://copaur.com/

  • Core Assets Corporation

      Core Assets Corporation

      Core Assets Corp. is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in British Columbia., Canada. The company currently holds 100% title ownership in the Blue Property, which covers a land area 1,083 km². The project lies within the Atlin Mining District, a well-known gold mining camp located in the unceded territory of the Taku River Tlingit First Nation. The Property hosts a major structural feature known as The Llewellyn Fault Zone, which is approximately 140km in length. Core Assets believes that the south Atlin Lake area and the LFZ has been neglected since the last major exploration campaigns in the 1980's. The LFZ plays an important role in mineralization of near surface metal occurrences across the property. The past 50 years have seen substantial advancements in the understanding of porphyry, skarn, and carbonate replacement type deposits both globally and in BC's Golden Triangle. The company has leveraged this information at the Blue Property to tailor an already proven exploration model and believes this could facilitate a major discovery. As one of Atlin Mining District's premier explorers, Core Assets believes there are substantial opportunities for new discoveries and development in the area.

      https://coreassetscorp.com/

  • E2 Gold

      E2 Gold

      E2Gold Inc. is a Canadian gold exploration company with a focus on its large flagship property, the Hawkins Gold Project, covers seven townships in north-central Ontario, about 140 km east of the Hemlo Gold Mine. The ompany has currently almost complete its Phase 2 10,000 metre drill program to confirm and expand the McKinnon Inferred Resource. E2Gold is committed to delivering the growth of gold resources within the Hawkins Gold Project, which is located in a re-emerging gold-rich region along the Hemlo-Timmins geological trend, with a high-grade initial inferred mineral resource of 328,800 oz.

      https://e2gold.ca/

  • Eloro Resources

      Eloro Resources

      Eloro Resources is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

      https://www.elororesources.com

  • Eskay Mining

      Eskay Mining

      Eskay Mining Corp is an exploration company focused on the exploration and development of precious and base metals in British Columbia in a highly prolific, poly metallic area known as the Eskay Rift Belt located in the Golden Triangle, 70km northwest of Stewart, BC. The company currently holds mineral tenures in this area comprised of 177 claims (130,000 acres). Two major deposits have been discovered along Eskay’s borders in the aptly named Golden Triangle. Pretium Resources Inc to the east commercially began production the summer of 2017 at its BruceJack Mine. Seabridge Gold to the direct east adjoining Eskay, with its KSM project is one of the largest undeveloped gold projects in the world measured by reserves.

      https://eskaymining.com/

  • Finlay Minerals

      Finlay Minerals

      Finlay Minerals is a Vancouver-based mining company focused on the exploration and development of high value base and precious metal deposits in northern British Columbia. The Company has 100% ownership of three geologically exceptional properties with known mineral occurrences. The flagship Silver Hope project is located two kilometers from what was once the province’s largest silver mine, the Equity Silver Mine. The project benefits from year-round road access south of Houston, B.C. Finlay is targeting mineralization similar to that at the past-producing Equity Silver Mine (Ag-Cu-Au) as well as porphyry Cu-Au-Mo mineralization. Drilling in 2021 successfully intersected broad zones of Cu, Ag, Au mineralization over significant widths, at relatively shallow depths on the Main Trend. Planned drilling in 2022 will start at the Equity East and Allin Zones followed by in-fill and step-out drilling at Gaul Zone. Equity East and Allin Zones are part of large multi-element soil geochemical anomalies associated with coincident chargeability and resistivity geophysical anomalies.

      https://finlayminerals.com/

  • FireFox Gold Corp

      FireFox Gold Corp

      FireFox Gold Corp has been exploring for gold in Finland since 2017 where it holds a large portfolio of prospective ground. Finland is one of the top mining investment jurisdictions in the world as indicated by its multiple top-10 rankings in recent Fraser Institute Surveys of Mining Companies. Having a strong mining law and long mining tradition, Finland remains underexplored for gold. Recent exploration results in the country have highlighted its prospectivity.

      https://www.firefoxgold.com/

  • GBM Resources

      GBM Resources

      GBM Resources Limited is an Australian resources company headquartered in Brisbane. GBM's flagship asset, the 100%-owned Mount Coolon/Yandan Gold Projects and Twin Hills Project is located in the prolific Drummond Basin Goldfield Queensland.

      https://www.gbmr.com.au/

  • Goliath Resources

      Goliath Resources

      Goliath Resources Ltd is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and the Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. The Golddigger Property is 100 % controlled covering an area of 239 square-kilometers and is in the world class geological setting of the Eskay Rift within the Golden Triangle, British Columbia and within 2 km of the Red Line that is host to multiple world class deposits.

      https://goliathresourcesltd.com/

  • Hannan Metals

      Hannan Metals

      Hannan Metals Ltd is a natural resources and exploration company developing sustainable resources of metal needed to meet the transition to a low carbon economy. Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing, and advancing mineral projects in Europe and Peru. Hannan is a top ten in-country explorer by tenured area in Peru.

      https://www.hannanmetals.com/

  • Harvest Gold

      Harvest Gold

      Harvest Gold is focused on the Interior Plateau of British Columbia exploring for near surface Gold deposits and Copper Gold Porphyry deposits. Harvest Gold acknowledges that the Emerson and Goathorn Projects are situated in the traditional territory of the Wet’suet’en Nation while the Jacobite Project is situated in the traditional territory of the Lake Babine Nation. Harvest Gold is committed to developing positive and mutually beneficial relationships based on respect and transparency with local Indigenous communities.

      http://www.harvestgoldcorp.com/Home/default.aspx

  • Hercules Silver Corp

      Hercules Silver Corp

      Hercules Silver Corp (formally Bald Eagle Gold Corp) is a junior mining company focused on the consolidation, exploration and development of assets in known precious metals districts in Idaho. Bald Eagle has acquired the Hercules Silver Project, a highly prospective, low risk developed silver asset that has been underexplored for decades. The Hercules Silver Property is an asset boasting 28,000 m of drilling in over 300 shallow historical drill holes and 4 other developed targets along strike, including 1331.4 g/t Ag over 9.14 m and 1261.9 Ag over 4.57 m. The Hercules property is located mostly on State land with grandfathered mining and exploration rights in Idaho, the number one ranked jurisdiction in the world for its mining regulations, taxation regime and permitting policy.

      https://herculessilver.com/

  • I-80 Gold

      I-80 Gold

      I-80 Gold Corp is a well-financed gold producer and developer holding an impressive portfolio of advanced-stage gold projects in the State of Nevada.I-80 was created as a spin–out of Premier Gold Mines Limited’s US assets in connection with the transaction whereby Premier was acquired by Equinox Gold in 2021. The company’s primary goal is to build a self-sustaining, mid-tier, mining company with a peer-best growth platform by employing a methodical, capital disciplined and staged approach to minimize risk while also assessing and monitoring for accretive growth opportunities.

      https://www.i80gold.com/

  • Inflection Resources

      Inflection Resources

      Inflection Resources is an explorer searching for large copper-gold and gold deposits in the northern interpreted extension of the Macquarie Arc, part of the prolific Lachlan Fold Belt ("LFB") in New South Wales, Australia’s premier porphyry gold-copper province. The LFB is host world-class mineral deposits including Newcrest Mining’s Cadia deposits (~24 Moz Au, ~2.4 Mt mined, reserve, and resource), the CMOC Northparkes deposits (~6 Moz, ~4.5 Mt Cu reserve and resource), and Evolution Mining’s Cowal deposits (~12 Moz mined, reserve and resources) plus numerous exploration successes including Boda (~9 Moz Aum ~1.5 Mt Cu resource), recently discovered by Alkane Resources. Inflection has a sharp technical team that has undertaken a rigorous review of geophysical data from across the northern Macquarie Arc in an attempt to "see" through a shallow veneer of cover rocks to identify numerous high-quality drill targets. Recent drilling at Duck Creek has discovered an extensive alteration system interpreted to be proximal to a large porphyry system. We here at Crescat are confident that Inflection is on the cusp of making a major discovery and are pleased to see our money go toward this goal.

      https://inflectionresources.com/

  • Kingfisher Metals

      Kingfisher Metals

      Kingfisher Metals Corp. is focused on underexplored district-scale projects in British Columbia. Kingfisher has three 100% owned district-scale projects that offer potential exposure to high-grade gold, copper, silver, and zinc.

      https://kingfishermetals.com/

  • Kuya Silver

      Kuya Silver

      Kuya Silver is a mineral exploration and development company with a focus on acquiring, exploring, and advancing precious metals assets in Peru and Canada. Kuya's flagship property is the Bethania Project, which includes the Bethania Silver mine, located in Central Peru. The Bethania mine was in production until 2016, toll‐milling its high - grade ore at various other concentrate plants in the region.

      https://kuyasilver.com/

  • Labrador Gold

      Labrador Gold

      Labrador Gold is a mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada. In early 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The Kingsway project covers approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone. The Company has approximately $30 million in working capital and is well funded to carry out the planned program. The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

      https://labradorgold.com/

  • Leocor Gold

      Leocor Gold

      Leocor Gold Inc. is a resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada.  Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District.  Leocor’s Baie Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000 hectare exploration corridor. The company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, representing over 1,440 square kilometers of prospective exploration.

      https://leocorgold.com/

  • Lion One Metals

      Lion One Metals

      Lion One's flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa caldera, an underexplored yet highly prospective 7km diameter volcanic edifice of alkaline affinity. The mineral resource for Tuvatu comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au.

      https://liononemetals.com/

  • Lithoquest Resources

      Lithoquest Resources

      Lithoquest Resources Inc. is focused on advancing three projects located in the Miminiska-Fort Hope greenstone belt of northwestern Ontario. The projects cover more than 41,000 hectares of prospective geology and are located within the traditional territory of the Eabametoong First Nation. All of the properties cover geology that is favourable to host economic gold deposits and high-grade gold mineralization has been identified on both Miniminiska and Keezhik.

      https://lithoquest.com/

  • Maronan Metals

      Maronan Metals

      Maronan Metals Limited is a new Australian specific-project focused explorer. The formation of Maronan Metals is the result of Red Metal Limited spinning out its Maronan Project – an advanced exploration play in the world class Mount Isa mining district of Northwest Queensland. The Maronan Project already boasts substantial resources of lead-silver and copper-gold and is one of Australia’s larger undeveloped base and precious metal deposits with mineralization beginning within 40 meters of surface. Several significant base and precious metal deposits occur with 150km of the Maronan Project including the “Tier 1” Mt Isa and Cannington operations and the large Ernest Henry mine. The Maronan Project has significant exploration upside with demonstrated scope for wide, higher-grade zones of lead-silver and copper-gold. Deeper extensions of both mineralization styles offer scope for separate “Tier 1” plays. The Company has commenced detailed remodeling of the deposit including the review of all previous drilling and datasets in preparation for the commencement of a maiden drill program planned to commence early in the September 2022 quarter.

      http://www.maronanmetals.com.au/

  • Metals Creek

      Metals Creek

      Metals Creek Resources Corp is a junior exploration company exploring world-class Gold targets at the past producing Dona Lake Mine in the Pickle Lake area of NW Ontario and the Ogden Gold Project in Timmins, Ontario. Metals Creek has earned a 50% interest in the Ogden Gold Property from Newmont Corporation, including the former Naybob Gold mine and has an 8 km strike length of the prolific Porcupine-Destor Fault (P-DF). In addition, Metals Creek has signed an agreement with Newmont Corporation, where Metals Creek can earn a 100% interest in the past producing Dona Lake Gold Project. Recent results from the TOG Zone have returned outstanding intercepts of 2,732 grams per tonne (g/t) gold over 0.93 meter within a broader zone of mineralization consisting of 210 g/t (uncut) over 12,5 meters (TOG 13-25) and 9.46 g/t Au over 18.55m with visible gold in core (TOG 12-07).

      https://www.metalscreek.com/

  • Millennial Precious Metals

      Millennial Precious Metals

      Millennial Precious Metals is an exploration and development company focused on its eight gold and silver projects located in Nevada and Arizona. The Company plans to accelerate the development of its two flagship projects located in Nevada: Wildcat and Mountain View. The Wildcat Inferred Mineral Resource estimate contains 776,000 ounces of oxide Au and the Mountain View Inferred Mineral Resource estimate contains 427,000 ounces of oxide Au, as of 2020. In addition, the Company has recently made a significant new oxide Carlin discovery at its Red Canyon project on the Battle Mountain-Cortez trend. This project could become the main value driver once exploration resumes after completion of the plan of operations currently under review.

      https://millennialpreciousmetals.com/

  • Nevada King

      Nevada King

      Nevada King is the third largest mineral claim holder in the State of Nevada. Starting in 2016 the company has staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current or former producing gold mines. These project areas were initially targeted based on their potential for hosting multi-million ounce gold deposits and were subsequently staked following a detailed geological evaluation. District-scale projects in Nevada King's portfolio include (1) the 100% owned Atlanta Mine, located 100km southeast of Ely, (2) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines' large Phoenix and Pipeline mines, and (3) the Iron Point project, located 35km east of Winnemucca, Nevada. The Atlanta Mine is a historical gold-silver producer with an NI 43-101 compliant pit-constrained resource of 460,000 oz Au in the measured and indicated category (11.0M tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3M tonnes at 0.83 g/t).

      https://nevadaking.ca/

  • Newfound Gold

      Newfound Gold

      New Found Gold Corp. is actively exploring district size gold exploration projects in Newfoundland and Ontario. New Found holds a 100% interest in the Queensway Project. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The company is currently undertaking a 400,000m drill program at Queensway, now approximately 34% complete. The Company is well funded for this program with a current working capital balance of approximately $127 million.

      https://newfoundgold.ca/

  • Northern Superior Resources

      Northern Superior Resources

      Northern Superior is a junior exploration company exploring for gold in the Superior Province of the Canadian Shield. The Company is currently focused on exploring its Lac Surprise, Croteau Est and Wapistan properties in Québec and its TPK property in Ontario. Northern Superior also has a number of other 100% owned properties in Ontario and Québec.

      https://nsuperior.com/

  • Novo Resources

      Novo Resources

      Novo’s focus is primarily to explore and develop gold projects in Western Australia.The company is an innovative gold explorer and producer with a significant land package covering approximately 12,500 square kilometres in the Pilbara region of Western Australia.

      https://www.novoresources.com