Minnova Stock Price, News & Analysis

Minnova Corp. (AGRDF) is a gold mine development company whose primary focus is the restart and expansion of its PL Gold Mine project in central Manitoba. The company is associated with the gold ore mining industry and is listed on the TSX Venture Exchange under the symbol MCI, with AGRDF trading on the OTC Pink market. Minnova describes itself as a near term gold producer centered on bringing the past-producing PL Gold Mine back into operation.

The PL Gold Mine is a 100%-owned, past-producing gold project located in the prolific Flin Flon Greenstone Belt of central Manitoba. According to company disclosures, the site benefits from significant existing infrastructure, including a 1,000 tonnes-per-day (tpd) processing plant, over 7,000 meters of developed underground ramp to approximately -135 metres depth, and a valid underground mining permit (Environment Act License 1207E). The project is described as fully road accessible and close to existing mining infrastructure in the region.

PL Gold Mine development focus

Minnova reports that it completed a Positive Feasibility Study for the PL Gold Mine based on a long-term gold price assumption of US$1,250 per ounce. That study outlined an average annual production rate of 46,493 ounces over a minimum five-year mine life and concluded that a restart of the mine was economically robust at that price assumption. The company emphasizes that the global gold resource at PL remains open to expansion, as does the reserve, and that the project benefits from a relatively short pre-production timeline that has been forecast at about 15 months in its technical disclosures.

More recent technical work has shifted the mine development concept toward starting with open pit mining methods before transitioning to underground operations. Minnova has engaged A&B Global Mining (ABGM) to develop an updated mine plan and to manage a staged technical program. ABGM has completed an internal mine development concept study and is working toward a Preliminary Economic Assessment (PEA) and updated Mineral Resource Estimates (MREs) for the PL Gold Mine. The company has indicated that the PEA will evaluate restarting operations using open pit mining at a run-of-mine throughput rate aligned with the 1,000 tpd process plant capacity.

Resource estimates and technical programs

The existing Mineral Resource Estimate referenced by Minnova is dated November 1, 2017. It reported Measured and Indicated mineral resources and Inferred mineral resources based on a gold price of US$1,250 per ounce. Minnova has outlined plans for multiple phases of drilling, including infill and resource expansion drilling, to support updated MREs. The first MRE update is expected to incorporate all historical drilling and current drill program results up to a defined cut-off date, with a second update to include additional drilling. The company has stated that the updated technical work will use a higher base case gold price assumption than prior studies.

In support of these objectives, Minnova has mobilized personnel and drill crews to the PL Mine site for phased drill programs. The stated objectives of these programs include resource delineation drilling within a preliminary pit shell and resource expansion drilling to test extensions of existing open pit and underground resources, as well as the potential of the Nokomis satellite deposit. The company has also indicated that updated metallurgical test work, including ore sorting and gravity recovery studies, is planned to evaluate potential improvements in grade, recovery, and processing costs.

Permitting and environmental work

Minnova notes that the PL Gold Mine benefits from existing water and mining permits, including the previously mentioned underground mining permit. To support environmental compliance and permitting under an updated mine plan that prioritizes open pit mining in the early years, the company has engaged AECOM. AECOM has conducted water and environmental studies for the project and is assisting with regulatory filings and potential permit amendments to align with the new development concept.

Capital markets activity and financing

The company has used private placements and flow-through financings to fund exploration and development activities at the PL Gold Mine. In one disclosed brokered offering under the listed issuer financing exemption, Minnova raised gross proceeds in Canadian dollars through the sale of units and flow-through units. Each unit comprised a common share and a common share purchase warrant, while each flow-through unit comprised a flow-through common share and a warrant. The company has stated that net proceeds are intended for exploration and advancement of the PL Gold Mine project, as well as for working capital and general corporate purposes.

The flow-through portion of such financings is directed to eligible Canadian exploration expenses that qualify as flow-through mining expenditures under the Income Tax Act (Canada), with the company indicating that these expenditures will be renounced in favour of purchasers of the flow-through units in accordance with applicable tax rules.

Corporate focus and strategic evolution

In earlier disclosures, Minnova described itself as an evolving cleantech and technology, energy and metals company with a pipeline of green energy projects, including initiatives in biomass gasification and large-scale green hydrogen production through its Minnova Renewable Energy subsidiary and the Flin Flon Clean Energy Hub initiative. However, the company has since reported the dissolution of Minnova Renewable Energy Ltd. and has stated that, as a result of that dissolution, its sole focus will be on the exploration and development of the PL Gold Mine in central Manitoba. The company has also indicated that no further clean energy investments will be made following this change.

Minnova’s disclosures highlight a development strategy centered on advancing the PL Gold Mine through updated resource estimates, mine planning, metallurgical work, and feasibility-level studies. The company has emphasized that the global resource and reserve remain open to expansion and that technical programs are intended to support future development decisions and potential mine restart.

Regulatory and listing context

Minnova has experienced periods of trading halts and cease trade orders related to the timing of its financial statement filings. The company has reported working capital deficiencies at various points and has outlined plans to address these through private placements and debt settlement transactions, subject to TSX Venture Exchange approval. It has also disclosed that it has been subject to reinstatement reviews by the TSXV and has reported instances where trading in its common shares was reinstated following the resolution of cease trade orders.

Throughout these developments, Minnova has continued to describe its core business as focused on the restart of the PL Gold Mine, supported by prior feasibility work, existing infrastructure, and permits. Investors and observers considering AGRDF often review the company’s technical reports, feasibility studies, and ongoing news releases for updates on drilling results, resource estimates, permitting, financing, and project timelines.

Key characteristics of Minnova Corp.

• Industry and sector: Gold ore mining within the broader mining, quarrying, and oil and gas extraction sector.
• Primary asset: 100%-owned, past-producing PL Gold Mine in the Flin Flon Greenstone Belt of central Manitoba.
• Infrastructure: Existing 1,000 tpd processing plant, developed underground ramps, and valid underground mining permit.
• Development stage: Gold mine development company focused on restarting production at PL, with ongoing technical studies and drilling programs.
• Listing: Trades on the TSX Venture Exchange under MCI and on the OTC Pink market under AGRDF.
• Strategic focus: Concentrated on exploration, development, and potential restart of the PL Gold Mine, with prior cleantech initiatives discontinued following the dissolution of Minnova Renewable Energy Ltd.