Q3 2021
United States Canada Sweden Norway Ireland Serbia Australia Other 34,61%
12,2%
18,48%
25,95%
During the third quarter of 2021 metal prices experienced mild price pressure. Stocks of mining companies and the broader junior mineral exploration market saw significant declines during the summer doldrums.
Exploration companies experienced serious constraints in their operations due to a lack of personnel, drill contractors and exceptionally slow assay laboratorium turnaround times.
Post-Q3 sentiment improved, primarily in base metals. Also, M&A activity is heating up, as evidenced by the mega merger between gold majors Agnico-Eagle and Kirkland Lake and by the bidding war for Noront Resources, that owns a sizable nickel-copper deposit in Canada.
Market Developments
Q3 2021
14,4%
18,4% 61,4%
Outlook
Our exploration season is still in full swing with teams active in Nevada, Norway, Sweden and Serbia. Assays from our extensive field work in Norway are pending and expected in Q4 of 2021.
Detailed ground EM work in Sweden is already yielding significant results with final results expected later this year.
Furthermore the fund expects to close a transaction on the asset sale of Ubica Gold in Q4 of this year.
The first go-public transaction of a by Plethora incubated
Performance since inception (lead series)
119,74%
Number of holdings
15
Net asset value
€ 16,33 mln.
2021
31,39%
Quarterly performance
7,27%
Price Lead series
2018-Q1 2018-Q4 2018-Q2 2018-Q3 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1 2020-Q2 2020-Q3 2020-Q4 2021-Q1 2021-Q2 2021-Q3 0
500
1K
1,5K
2K
2,5K
Q3 2021 Q3 2021
Da Venda Gold initiated its maiden drill program in September at the Currant project. The drill program, fully funded by option partner Hochschild Mining, is testing five distinct targets on the project.
Results from the five exploration holes are expected late Q4 2021 or early Q1 2022. Concurrent with the drilling a team of
exploration geologists kicked off follow up work on early stage prospects identified in earlier exploration programs.
Permitting for drill testing the wholly owned Mt Tobin project in 2022 is ongoing.
Portfolio update
Kumo Resources completed an extensive trenching program during the third quarter of this year. Work confirmed and expanded (visible) copper mineralization at surface with assays pending.
Furthermore the team located a historic adit in a hill side. The adit is approximately 65 meters long and was channel sampled by our team over its entire length. Visual inspection of the samples indicates that the copper mineralization is increasing in strength towards the end of the adit. The adit
Rolling Road Resources is in the midst of a ground EM survey. This program is designed to follow up on conductors identified by the airborne EM late 2019.
Uvbergs, the first project covered by this ground EM program, yielded exciting results with multiple stacked conductive plates confirming and significantly improving the results of the airborne survey.
Furthermore the survey uncovered a previously unknown, sizable, highly conductive plate in the Northeast corner of the surveyed area. The company is moving ahead with obtaining all necessary permits for possible drill testing in H1 2022. Meanwhile the ongoing ground EM survey is expected to be completed by mid November.
The company is exploring for valuable magmatic Nickel-Copper-Cobalt deposits
in the Bergslagen district, Sweden.
Q3 2021 Q3 2021
Portfolio update
Burin Gold has launched its IPO and plans to start trading on the Canadian TSX Venture Exchange in November 2021.
The accompanying financing will enable the company to aggressively follow up on drill success in 2020 (58.25 meters with 1.12 g/t au starting at surface) and channel samples at surface (up to 20 meters with 9.34 g/t au).
Burin plans to drill 10,000 meters around the Hickey's Pond discovery early Q1 2022. Furthermore the company dedicated 2,000 meters of drilling to the several untested regional targets along the >20 km strike length it controls.
The company plans to raise C$4 million - C$7.5 million with the IPO. Plethora Private Equity will remain a significant shareholder (>20%) post IPO.
www.burin-gold.com
Ubica Gold signed an agreement with a public junior mining company (American Pacific Mining) to sell its assets in the Tuscarora area, Nevada, United States for consideration of C$ 800,000 in cash and 3,700,000 in shares of American Pacific Mining.
Ubica controls the Northern half of the historic mining district around the town of Tuscarora.
American Pacific Mining controls the Southern half. In our view the merger of the two projects is a perfect example where 1 + 1 equals 3.
We expect to close this transaction in Q4 of
2021.
Q3 2021
Projects at this stage have conceptual targets. These are being tested for fatal flaws in the field with a team of geologists.
Concept Targets are staked and are
currently being tested
systematically with teams in the field taking large amounts of surface samples.
First phase exploration First phase exploration results warranted follow up work.
Company is generating drill targets with further geochemical and/or geophysical work.
Second phase exploration Companies at this stage have generated clear cut drill targets and are ready for a transaction.
Drill / transaction ready
2
3 4
Q3 2021
Q1 2021 Q1 2021
Option earn-in deal with Hochschild Mining
Transactions
C$1.5 million private sale of shares
Q3 2021
Evenio Resources Arizona, USA Epithermal Gold-Silver
Ubica Gold Nevada, USA Epithermal Gold-Silver
Da Venda Gold Nevada, USA Epithermal Gold-Silver
Burin Gold Newfoundland, Canada High Sulphidation Epithermal Gold
Great Glen Resources Ireland Irish-type Lead-Zinc
Rolling Road Resources Sweden
Magmatic Nickel-Copper
Patina Minerals Serbia Cuprita Minerals
BC, Canada
Epithermal Copper-Gold-Silver
Kumo Resources Norway
Sediment hosted Copper-Silver
Project 2020 Queensland, Australia Epithermal Gold-Silver Ketch Gold
Ontario, Canada
Greenstone hosted Au
Q3 2021 Q3 2021
Book value incubated companies Q4-2020 Q1-2021 Q2-2021 Q3-2021
$0,290 $0,300
$0,033
$0,050
$0,450
$0,400
$0,033
$0,050
$0,450
$0,400
$0,100
$0,050
$0,450
$0,400
$0,100
$0,050
Da Venda Gold Corp
Burin Gold Corp Superior Nickel Inc Cuprita Minerals Inc
% Ownership
34,9%
Marketcap
$11,99 mln.
% Ownership
77,1%
Marketcap
$6,56 mln.
% Ownership
62,5%
Marketcap
$1,33 mln.
% Ownership
85,1%
Marketcap
$728,26K
$0,150
$0,050 $0,050 $0,010
$0,150
$0,030 $0,025 $0,010
$0,150
$0,030 $0,025 $0,010
$0,150
$0,030 $0,025 $0,010
Great Glen Resources
Kumo Resources Inc Patina Minerals Inc Evenio Resources Inc
% Ownership
75,6%
Marketcap
$2,36 mln.
% Ownership
80,1%
Marketcap
$617,65K
% Ownership
77,2%
Marketcap
$302,78K
% Ownership
80,5%
Marketcap
$140,89K
$0,100
$0,250
$0,050
$0,100
$0,250
$0,050
$0,100
$0,250
$0,050
$0,320
$0,250
$0,050 $0,050
Ubica Gold Corp Rolling Road Resources
Ketch Gold Corp
% Ownership Marketcap
% Ownership Marketcap % Ownership Marketcap
Project 2020 Corp
% Ownership Marketcap
Q3 2021 Q3 2021
Book value incubated companies
Company Q4-2020 Q1-2021 Q2-2021 Q3-2021 Marketcap % Ownership
Burin Gold Corp. $0,29 $0,45 $0,45 $0,45 $11.992.162 34,9%
Cuprita Minerals Inc. $0,05 $0,05 $0,05 $0,05 $728.261 85,13%
Da Venda Gold. $0,30 $0,40 $0,40 $0,40 $6.556.863 77,07%
Evenio Resources Inc. $0,01 $0,01 $0,01 $0,01 $140.889 80,49%
Great Glen Resources Inc. $0,05 $0,03 $0,03 $0,03 $617.647 80,14%
Ketch Gold Corp. - - - $0,05 $294.118 68%
Kumo Resources Inc. $0,15 $0,15 $0,15 $0,15 $2.355.882 75,64%
Patina Minerals Inc. $0,05 $0,03 $0,03 $0,03 $302.778 77,2%
Project 2020 Corp. $0,05 $0,05 $0,05 $0,05 $235.294 63,75%
Rolling Road Resources Inc. $0,25 $0,25 $0,25 $0,25 $4.826.471 79,56%
Superior Nickel Inc. $0,03 $0,03 $0,10 $0,10 $1.333.137 62,5%
Ubica Gold Corp. $0,10 $0,10 $0,10 $0,32 $3.739.759 68,5%
▲
Lead series fund
YYYYQ Price Lead series Return %
2021-Q3 € 2.197,41 7,27%
2021-Q2 € 2.048,51 2,09%
2021-Q1 € 2.006,51 19,98%
2020-Q4 € 1.672,40 4,41%
2020-Q3 € 1.601,72 11,63%
2020-Q2 € 1.434,90 5,17%
2020-Q1 € 1.364,31 1,88%
2019-Q4 € 1.339,98 1,71%
2019-Q3 € 1.317,41 4,64%
2019-Q2 € 1.259,01 1,1%
€ 1.245,28
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