Author: TSX Stocks

Toronto Stock Exchange-listed exploration and development concern, International Lithium Corp (ILC), is preparing to announce the results of its exclusive prospecting orders (EPOs), valued at US$219,250, which will mark the beginning of its mining operations in Zimbabwe. This country has been identified by ILC as a key focus for its global expansion, highlighting its importance in the company’s future plans.

By Ryan Chigoche

ILC is a Canadian firm specializing in lithium and rare metals exploration, with strategic interests in Canada, Zimbabwe, and Ireland. Being listed on the TSX, one of the world’s largest trading platforms valued at nearly US$3 trillion, ILC is in a strong position to drive growth through its mining projects, particularly in regions that are rich in mineral resources like Zimbabwe.

In a statement, ILC expressed its optimism about Zimbabwe’s potential, saying, “We see Zimbabwe as a highly strategic target market. We have applied for and are optimistic about receiving EPOs there.” While the company is actively pursuing projects in Canada, such as the Raleigh Lake lithium and rubidium project and the Firesteel copper project, it is clear that Zimbabwe is a major focal point in its global strategy.

“We see our key mission in the next decade as making money for our shareholders from lithium and other battery metals while at the same time contributing to a greener, cleaner planet and less polluted cities,” the company said in a filing to the TSX. This mission includes maximizing the value of existing projects and exploring new opportunities, with Zimbabwe playing an important role in this vision.

Zimbabwe’s rich mineral resources and position among the top 10 global producers of lithium make it an attractive destination for ILC. The company emphasized that the government of Zimbabwe has adopted a more business-friendly approach in recent years. “Zimbabwe has a well-educated population with strong experience in the mining sector,” ILC noted, “and recent legislative changes show that lithium is increasingly taken seriously at the governmental level.”

In light of these developments, ILC pointed out some important legislative changes in Zimbabwe’s mining laws that have made the country even more appealing for exploration. These include a “use it or lose it” approach to mining claims and grants, the introduction of a 5% royalty on lithium (a rate previously applied to gold and platinum), and new regulations that prohibit the export of unprocessed raw materials.

ILC believes these changes create a promising environment for generating solid returns for its shareholders while also contributing to Zimbabwe’s economic growth. The company is mindful of the broader impact, aiming to provide local employment opportunities and support the country’s economic renewal.

“We believe there’s a real opportunity to capitalize on these changes,” ILC added. “We look forward to making more announcements as our plans in Zimbabwe progress.” With its focus on Zimbabwe alongside its ongoing projects in Canada, ILC is positioning itself to make significant strides in the global mining landscape, and the company’s next steps will be closely watched by industry observers.

Canada’s Allied Gold has started a process to apply for a listing on the New York Stock Exchange, joining an industrywide migration to the world’s top bourse.

The Toronto-based gold producer was advised that it meets the criteria for a listing in New York and expects a decision on an application in the first half of the year, according to Allied Gold’s CEO Peter Marrone. The company trades only on the Toronto Stock Exchange, but would join a long list of gold miners that trade on both Canadian and US exchanges.

New York’s status as a global hub for gold equities has expanded in recent years after a series of major gold deals transformed the industry and created two North American titans — Barrick Gold and Newmont — that trade in the US city. The concentration of industry-specific exchange-traded funds has also added to the appeal.

“Canada is a great place to be a mining company, but New York is the king of the mountain in terms of listing seniority,” Marrone said in an interview. “That’s where we want to be.”

Allied Gold’s Canadian shares have risen nearly 50% in the past year on the Toronto Stock Exchange, and has a current market value of C$1.44-billion.

Allied Gold, formed by Marrone and other Yamana Gold executives who left after it was acquired, operates three gold mines in West Africa that produce about 375,000 ounces of gold per year.