First Nation election results light a spark under Niobay Metals stock

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In his July 4th Discovery Watch broadcast, John Kaiser provides an update on the Frist Nation situation confronting Niobay Metals (NBY) which he has discussed in previous episodes. Kaiser first puts the supply picture of niobium, a mineral with anticorrosive properties used in steel applications, into perspective. He notes that most of the world's supply comes from just three mines including Araxá in Brazil and the privately held Niobec operation in Quebec. Kaiser also explains that Niobay Metals has been frustrated in moving ahead with its exploration plans at its James Bay niobium project located in Ontario due to opposition led by former Moose Cree First Nations chief Patricia Faries. However, on July 2nd a new election took place which saw Marven Cheechoo win the Chief position, handily beating incumbent Faries. This is a positive development according to Kaiser:

The important thing is that the other council members, most of the ones who forced had the election by doing a mass resignation, they were re-elected. There seems to be a majority of people who are at least interested in discussing whether it is going to be good for the Moose Cree First Nation and for Moosonee to have something like a mine developed in their back yard.

Although Kaiser warns that the election does not mean that the company has the social licence in place to proceed with its plans just yet, the results provide a pathway to begin consultations which in the past were not possible under the previous First Nation leadership.

Niobay Metals CEO Claude Dufresne seems to like the election results as he was buying last week. 

Interestingly, when Brazilian president Jair Bolsonaro was running for office, he made niobium production a campaign issue and even produced a YouTube video on the subject.

Jair Bolsonaro niobium dreams

Kaiser kicks off the broadcast with an update on exploration work at the Nevada Exploration (NGE) South Grass Valley Gold Project where the company is drilling, going deeper and deeper in hopes of finding a Carlin style motherlode.

In the second segment he reports that Golden Predator Mining (Mixed; GPY) jumped on news that the Yukon government had confirmed the validity of the existing Quartz Mining License and Water License providing for Brewery Creek mine. That was followed up by the Tr’ondek Hwech’in First Nation passing a resolution in support of resumed mining and processing at the mine under the existing licenses. The company plans to engage both the Yukon government and the First Nation as it seeks to expand the project. We note the stock received an additional boost on Friday after it announced Eric Sprott's participation in a $6 million private placement of flow-through and non-flow through shares priced between 32 and 45 cents without warrants.

This post first appeared on Discovery Watch is produced by

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