Tag: Copper Mining

Power Metallic Mines Inc. (PNPNF) – From Legacy Nickel to District-Scale Polymetallic System

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, January 21, 2026

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)—a high–grade Copper–PGE, Nickel, gold and silver system—toward Canada’s next polymetallic mine. On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~212.86 km² and roughly 50 km of prospective basin margins. Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs. Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025. It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of Saudi Arabia’s JabalSaid Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Initiating Coverage with an Outperform rating. Power Metallic Mines Inc. (OTCQB: PNPNF, TSXV: PNPN) is a Québec-based mineral exploration company advancing a high-grade polymetallic discovery that has evolved into a district-scale opportunity. Recent discoveries at the Nisk Project have shifted the investment thesis from a legacy nickel-sulphide asset to a high-grade copper-platinum group elements (PGE), nickel, gold, and silver system with emerging scale and continuity. Target metals, including copper, nickel, cobalt, platinum, and palladium, are integral to electrification, industrial manufacturing, and critical mineral markets. Our price target is US$2.65 per share or C$3.65 per share.

Lion Zone Discovery. The investment case is anchored by the Lion Zone, a high-grade, copper-dominant orthomagmatic polymetallic discovery that represents the core value driver within the broader Nisk land package. Drilling at Lion has returned exceptional grades, including 11.6 meters grading 8.3% copper, 9.6 g/t palladium, and 2.6 g/t platinum, materially enhancing the project’s value profile beyond nickel alone. Follow-up drilling at the nearby Tiger Zone has confirmed the presence of similar mineralization along trend, supporting the interpretation that Lion-style mineralization is repeatable rather than isolated.


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Major Drilling Expands South American Presence with Acquisition of Explomin

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Acquisition strengthens Major Drilling’s presence in Peru and expands access to Colombia, the Dominican Republic, and Spain.
– Adds 92 drills, increasing Major Drilling’s fleet to 701, reinforcing its industry leadership.
– Initial $63M payment, plus $22M potential earn-out based on Explomin’s EBITDA growth targets.

In a strategic move to bolster its drilling capabilities and expand its footprint in South America, Major Drilling Group International Inc. has announced the acquisition of Explomin Perforaciones, a leading drilling contractor based in Lima, Peru. The deal, valued up to $85 million USD, is expected to significantly enhance Major Drilling’s access to the copper market and increase its service offerings in specialty drilling.

Explomin is one of the largest specialty drillers in South America, offering deep-hole, directional, high-altitude, and underground drilling services. The acquisition strengthens Major Drilling’s portfolio in copper and other essential minerals, which aligns with its growth strategy focused on geographical and service expansion.

In the twelve months ending October 31, 2024, Explomin generated approximately $95 million USD in revenue, with an EBITDA of $16 million USD, underscoring its solid standing in the industry. Around 90% of Explomin’s revenue is derived from partnerships with senior mining companies, a client base that Major Drilling expects to build upon.

Major Drilling’s CEO, Denis Larocque, highlighted the strategic value of this acquisition, noting that it aligns with the company’s long-term growth objectives, supports sustainable development goals, and builds on both companies’ shared cultural and operational values. Carlos Urrea, Chairman of Explomin, emphasized the potential for continued growth and praised the contributions of Explomin’s team, stating that the partnership would position both companies to thrive.

Under the acquisition agreement, Major Drilling paid an upfront cash amount of $63 million USD with the potential for an additional $22 million USD contingent on Explomin meeting specific EBITDA milestones over the next three years. This structure incentivizes Explomin to achieve an average annual EBITDA of $21 million USD during the earn-out period. Funding for this acquisition is supported by Major Drilling’s current cash reserves and debt facilities, reflecting the company’s strong financial position.

This acquisition positions Major Drilling to capitalize on increasing demand in the copper market and enhances its service portfolio in high-growth regions. The integration of Explomin is expected to be accretive, contributing positively to Major Drilling’s revenue streams and expanding its influence in the competitive mining sector.