Investments

Buchans holds 35,501,054 shares of Canterra Minerals Corporation (TSXV:CTM; OTCQB:CTMCF) with a total estimated value of $3,905,116, based on the closing market price of Canterra shares on November 27, 2024 of $0.11 per share.

Canterra Minerals Corporation is a Canadian resource company focused on critical minerals and gold exploration on the island of Newfoundland. Canterra’s board and management team have over 40 years of experience searching for critical minerals, gold and diamonds in Canada.

In December 2023, Buchans sold certain mineral exploration properties located in central Newfoundland to Canterra Minerals Corporation (“Canterra”) (TSXV:CTM; OTCQB:CTMCF), for 24,910,000 Canterra common shares and 128,554,216 exchangeable warrants of Canterra, with a total value of $11.5 million (equivalent to $0.178 per common share of Buchans) based on Canterra’s quoted market price on the TSXV on that date of $0.075 per share.

On April 30, 2024, Buchans Resources Limited and its wholly owned subsidiary Buchans Minerals Corporation were amalgamated with the name Buchans Resources Limited. At the Annual and Special Meeting held on May 9, 2024, shareholders approved a reduction of the stated capital account, for the purpose of distributing shares of Canterra to Buchans shareholders.

On June 28, 2024, all 128,554,216 exchangeable warrants of Canterra were exchanged into 128,554,216 common shares of Canterra. On the same date, the Company distributed to Buchans shareholders 113,243,613 Canterra shares at a ratio of 1.75 Canterra Shares for each common share of Buchans held as of March 28, 2024. The effective price of the Canterra Shares distributed was $0.055, based on the closing price of the Canterra Shares on June 27, 2024, giving a total value of the distribution of $6,228,399 the equivalent of $0.096 per Buchans share. Buchans recorded a non-cash loss on the distribution of marketable securities of $2,264,872.

Buchans holds 28,000,003 shares of Royalties Inc. (CSE: RI), representing an approximate 15.3% interest, valued at approximately $1.32 million, based on a closing price of $0.040 per share of Royalties, as of December 31, 2023.

Royalties Inc. is focused on acquiring cash flow generating royalty opportunities, primarily resource royalties and media entertainment royalties from music, books, film and television for their long term copyright protected streaming revenue.  Royalties Inc. owns a 2% stake in Music Royalties Inc., a Canadian-based private company that acquires passive music royalties from rightsholders (artists, producers and songwriters) which currently holds a portfolio of approximately 26 cash-flowing music royalties and pays a monthly dividend generating a 6% annual yield. Royalties Inc. owns 88% of Minera Portree de Zacatecas, S.A. de C.V, which holds an asserted claim to a 2% net smelter royalty on six mining concessions located adjacent to the Cozamin Mine operated by Capstone Copper Corp. (TSX: CS), which claim is challenged by Capstone.

Royalties Inc. also holds the Bilbao polymetallic sulphide and oxide replacement silver-lead-zinc-copper property, located in the Central Mineral Belt of Mexico, in the southeastern part of the State of Zacatecas, approximately 500 km northwest of Mexico City.

Buchans holds 11,227,879 shares of Minco Exploration PLC, representing an approximate 14.4% interest, with a carrying value of approximately $706,047, as of September 30, 2024.

Minco Exploration holds zinc-lead exploration licences in the Republic of Ireland operated by its wholly owned subsidiaries, either alone or in joint venture with Boliden Tara Mines. Minco is participating at 20% in a joint venture with Boliden Tara Mines at 80% on Licence 1440R, which lies immediately adjacent to Boliden’s large 130 million tonnes Tara zinc-lead mine at Navan.

Minco Exploration is also participating in a joint venture with Boliden Tara Mines on Licence 3373, contiguous to the west with Licence 1440R, where Minco Exploration can earn up to a 75% interest, and in a joint venture with Boliden Tara Mines on a block of Prospecting Licences in County Galway where Minco Exploration can earn up to a 50% interest. Minco Exploration also holds two prospecting licences at Moate, County Westmeath.