All posts by Angela Harmantas

CSE Issuer Stories, Magazine

A Project With Parallels to One of Africa’s Largest Gold Mines Leverages Positive Change in the DRC

The Democratic Republic of the Congo (DRC) has long been viewed as a frontier mining jurisdiction, one characterized by both high risk and high reward, though also one often misunderstood by international investors. 

Drawing on years of experience with mining in the DRC, Avanti Gold (CSE:AGC; OTCQB:AVTGF) Acting Chief Executive Officer Mohamed Cisse understands the opportunity inherent in the country’s mineral wealth in a way few others can. Cisse played an important role in the development of Kibali, a combination open pit and underground mine in the DRC’s northeast that is often ranked as Africa’s largest gold producer.

“The DRC is a very interesting place, and I’ve had the opportunity to work there for many years,” Cisse explains. He says he sees “a lot of similarities” between Kibali in its early days and what Avanti Gold is working on at Misisi.

Misisi, also in the mineral-rich northeast, spans 133 square kilometres along a 55-kilometre gold belt called Kibara. The project area hosts an inferred resource of 3.1 million ounces of gold, with 41 million tonnes averaging 2.37 grams per tonne gold at the main Akyanga deposit. Few African deposits can match such grade, and beyond Akyanga there are five additional targets that remain largely unexplored but have returned promising preliminary results.

Misisi is owned 73.5% by Avanti and 21.5% by MMG, a Chinese exploration and mining company with projects in several jurisdictions around the world. The DRC government maintains a 5% carried interest.

“When I look at the deposit, the available targets, and the 55-kilometre strike at Misisi, the parallels with Kibali really stand out,” Cisse says. “There is strong consistency in the geology and in the drilling conducted to date, and several highly prospective targets that are ready to be drilled. That immediately caught my attention and made me feel this is something we can move forward.”

Kibali, operated by Barrick Gold, is among Africa’s largest gold mines. It has grown steadily since pouring its first gold in 2013, and drilling results from the ARK-KCD corridor show significant potential for additional orebodies within the existing footprint. Former Barrick Chief Executive Officer Mark Bristow noted at a media briefing in July 2025 that Kibali has consistently delivered across production, partnerships, and reserve growth.

Permitting and logistics also favour Misisi. The project is covered by three exploitation mining licences that span its entire extent and remain valid until 2045.

“This fully permitted 30-year mining lease gives us stability and long-term certainty,” Cisse says. “One of the biggest challenges mining companies face in Africa is securing a clear licence to operate. Having an exploitation licence in place provides the confidence and stability needed to move a project forward.”

The licence terms include a 3.5% royalty and 5% free carry for the government, as well as a fixed 30% tax rate. While the code has since been amended, Avanti expects its terms to remain the same as when the licence was granted in 2015.

Meanwhile, the broader market and policy environment is increasingly favourable for gold development. Minister of Mines Louis Watum Kabamba confirmed in September that the government is engaging mining companies on agreements to develop new gold mines, aiming to curb widespread smuggling. Rising gold prices provide additional incentive for investment. Talks include established operators such as Barrick, as well as prospective entrants such as Avanti. 

Security and stability remain important considerations for investors, and Cisse sees progress here, too. “There is risk everywhere in Africa, but the DRC has shown over the years, through operations like Kibali, Tenke Fungurume, and others, that investment can be worthwhile and can pay off,” he says.

The country held general elections in 2023, providing political certainty for five years. Another major catalyst is increased interest from the U.S. government, including efforts to support a peace agreement between the DRC and Rwanda, with mining investment playing a central role.

The U.S.-DRC Washington Accords, signed in late 2025, amplify this context. While focused on cobalt, copper, lithium, and manganese, the agreement reflects a broader push for U.S. strategic engagement in Congolese mining, countering China’s dominant position. Although gold is not a critical mineral, the political and investment momentum benefits projects like Misisi.

“We view the U.S.-backed peace initiative as a catalyst for greater stability, particularly around fiscal and regulatory frameworks,” Cisse explains.

Against this backdrop, Avanti Gold has moved decisively. A $25 million financing in October enabled the company to firm up its balance sheet and supports Phase One drilling. “We had some old liabilities to take care of, and that’s done. We now have around $20 million available to deploy,” Cisse says.

Avanti’s focus is now on the Phase One drilling program, which contemplates a total of 15,000 metres. That program will give the company clear visibility on resource expansion. Avanti’s team plans to use the capital carefully to finish the first phase, then revisit its models before taking any further steps. “The main goal is to expand the resource beyond the current 3 million ounces and explore the potential to reach 5 million ounces or more.”

Phase One targets Akyanga and Akyanga East. The original 3.1 million ounces were defined using a pit shell based on a gold price of US$1,500 per ounce. “We are redesigning the drilling program using a US$2,900 per ounce pit shell, which should allow us to expand the resource footprint and drill deeper,” Cisse says. Geologists will also conduct fieldwork across remaining targets, refining plans to maximize every metre drilled.

Phase Two will focus on redefining the resource and converting inferred resources into reserves, with a preliminary economic assessment (PEA) expected by 2027. “Our focus now is to execute the program effectively, share results with investors, de-risk the Misisi project, and increase the company’s net asset value quickly,” Cisse states. “This is about creating shareholder returns while developing the project for the long term, with the full support of our board.”

The company’s current market value underscores the opportunity. Trading at about $100 million, or roughly 60 cents per share, Cisse believes Misisi deserves a higher valuation. “By resuming exploration, we expect to better align with peers. Our goal is to bring Misisi to its full potential and show investors the value that’s already in the ground.”

The combination of high-grade resources, comprehensive permitting, political stability, and supportive geopolitics positions Misisi as a notable project. “This is the moment to maximize our efforts and advance the project in a region with significant upside,” Cisse says.

For investors and industry watchers, Avanti Gold offers a case study in strategic timing and execution. By leveraging lessons from Kibali, operating with clear licences and fiscal terms, and moving decisively in a favourable market, the company is attempting to replicate one of Africa’s biggest mining success stories while navigating a region often perceived as high in risk but rich with possibility.

“The potential with what we have currently happening in the DRC, with the backing from the U.S. government, is substantial, so we need to utilize that and then do a maximum amount of work to develop projects in that part of the world,” Cisse concludes. “This is the moment, and we have the opportunity to get the work done.”

This story was featured in Canadian Securities Exchange Magazine.

Learn more about Avanti Gold https://www.avantigoldcorp.com/.

CSE Issuer Stories, Magazine

Strategic Asset Combination Positions Rising Junior to Take Advantage of a Strong Metals Market

When Canadian Copper (CSE:CCI) first set its sights on New Brunswick’s Bathurst Mining Camp, the goal was to acquire prospective ground and move quickly to unlock the opportunity beneath the surface. Home to one of the world’s richest volcanogenic massive sulphide (VMS) districts and the legendary Brunswick No. 12 mine, the region also offers a combination of infrastructure, such as provincial highways, a year-round deep-water port, skilled labour, and regulatory stability.

The company’s mission took shape in what management calls its Combined Strategy, pairing the Murray Brook deposit – the province’s largest VMS resource – with the nearby, permitted Caribou Processing Plant Complex. By repurposing an underutilized mill to process feed from a world-class deposit, Canadian Copper aims to fast-track its operations from exploration to production within three years, subject to permitting approvals.

In this mid-January interview with Canadian Securities Exchange Magazine, Canadian Copper Chief Executive Officer Simon Quick speaks on themes ranging from global copper price trends to the company’s exploration priorities, and partnerships helping to turn its objectives into reality.

Canadian Copper has built a prospective land package in the Bathurst Mining Camp. What’s your big picture strategy for moving these assets forward over the next few years?

We chose the Bathurst Mining Camp because of its long history of critical mineral production. It was home to Brunswick No. 12, one of the largest underground base metal mines ever operated, producing copper, zinc, lead, and silver for nearly 50 years, something many people aren’t aware of.

That history brings real advantages. Jurisdictions with established mining legacies tend to have clear and robust regulatory frameworks; infrastructure such as ports, roads, and power; and a skilled workforce that knows how to permit, design, build, and operate mines. That made Bathurst an attractive location for us.

By focusing on a brownfield site with relatively low capital requirements, we’ve tried to reduce financing and permitting risks. Bringing in Ocean Partners gave us a strategic partner with the financial strength and technical expertise to execute our Combined Strategy. Ocean Partners are true partners, and I think every junior wishes they had this calibre of partner to develop an asset with.

Can you walk us through the Combined Strategy, which involves your Murray Brook deposit and the Caribou Processing Plant Complex?

The approach, both opportunities and challenges, of restarting brownfield sites isn’t unique in itself. What’s unique is this specific situation with Caribou. The site has operated intermittently for nearly 30 years, and the most recent operational challenge was mine throughput. The underground mine was deep and sometimes geotechnically challenging, suffered from dilution, and lacked underground drilling definition, so it could never consistently feed a mill sized for 3,000 tonnes per day. At its peak from 2017 to 2019, it averaged about 2,500 tonnes per day. Thus, the mill ran well but was always underutilized.

For us, the question was whether we can solve that throughput challenge and repurpose the mill. It’s permitted, built, and has a tailings impoundment. Roughly 10 kilometres away, we have the largest open-pit polymetallic resource, Murray Brook. By combining the two, you have complementary needs: a mill that needs throughput and a deposit that needs a mill. For us, it’s really a one-plus-one-equals-three transaction, and that’s the strategy behind the business.

As just noted, Murray Brook is New Brunswick’s largest VMS deposit. What are the key milestones in 2026 that will show the project is on track?

Murray Brook is a true VMS deposit, with copper, zinc, lead, and silver. With today’s commodity prices, the revenue mix shifts constantly. When we did our preliminary economic assessment (PEA), silver was US$27 an ounce; now it’s over US$90, so silver has become a much more significant contributor alongside copper and zinc.

Looking ahead, we plan to officially close the Caribou transaction this quarter, subject to certain government approvals. Final closing and title transfer involves a $6 million payment for the restructuring, which then goes to court in British Columbia, and ultimately the title should transfer here before the end of March based on New Brunswick’s current schedule communicated to us. After that, we’ll continue to advance engineering and permitting, with the goal of submitting the Environmental Impact Assessment in the first half of 2026.

By the end of the year, we aim to deliver a feasibility study that demonstrates engineering progress and develop necessary input data for permitting needs. This year, we hope to have the transaction closed, the permit submitted, engineering largely complete for the feasibility study, and the execution team staffed and ready for early works.

Can you walk us through the key exploration priorities for Canadian Copper this year, and how you plan to advance both the Murray Brook deposit and the surrounding regional targets?

There are three areas of exploration we’re focusing on for the combined company. First is the Murray Brook deposit itself. There are some extensions to the west that remain untested, with promising copper and gold intercepts. We have a 13-hole drill program planned to test that area this year.

Once we’ve consolidated the property package, as in close the Caribou transaction, we’ll control roughly 20 kilometres of the Caribou Fertile Horizon. That area has already delivered three producing operations, but we believe it’s still largely untested, especially using modern geophysics. We plan to conduct geophysical surveys across the region to help refine future exploration targets.

Finally, for Murray Brook West and Murray Brook East, we have follow-up drilling programs planned, including targeted exploration drill holes and larger-scale trenching to refine additional targets, guided by the results of our geophysical work.

You completed metallurgical drilling in 2025. Were there takeaways that shape how the project moves forward?

It’s still early days for the metallurgical test work, but one positive to note from the drill program is that our mineral resource model reconciled well. We re-drilled historical holes to target specific grades, lithologies, and resource depths, with the goal of confirming Caribou’s plant performance with the Murray Brook ore body. The drill program confirmed that our resource model tracks well in terms of what we anticipated to drill in terms of grade and depth, and the commodities matched what we encountered, which is encouraging.

With copper demand increasing and some commodity prices at record highs, Canadian Copper seems well positioned given your eye on production.

We’re targeting production within 36 months, which we believe positions us well in the current commodity environment.We’ll be one of the few junior miners able to reach production in 36 months, which positions us to take advantage of rising commodity prices. The supply side of copper is clearly under pressure: grades are declining, historic South American operations are getting deeper and more costly, and social acceptability remains challenging, certainly for new builds and expansions to existing operations.

At the same time, demand continues to grow. Traditionally, copper demand followed economic cycles, but with electrification, that dynamic is shifting. Industrial demand still fluctuates, but electricity-related consumption is steadily rising, creating an imbalance likely to support higher prices in the medium term.

Geopolitically, uncertainty around the U.S. dollar and global trade is driving investors toward hard assets like commodities, and being in North America is a big advantage.

For miners in Canada, this is the first administration in years that is genuinely pro-domestic mineral production, supporting investment, permitting, and critical mineral development. Combined with New Brunswick’s long mining history and excellent infrastructure, including a five-terminal port just 30 minutes from our site, we can export concentrates globally without the need for additional capital. That existing infrastructure is a major benefit for advancing our projects efficiently and cost-effectively.

You’ve brought in strategic investors and raised significant capital recently. How do these partnerships help advance your development plans?

We raised $15 million in Q4 of last year, mostly from strategic investors. By that, I mean groups with financial expertise in mineral resource development that understand the mining business, including partners like Crescat Capital, Stephens Investment Management, and Ocean Partners.

Looking ahead, we’re well funded for the acquisition, and we’ll be exploring additional financing to advance our development strategy. There are opportunities to do this on less dilutive terms through offtake agreements, streams, or royalties. We expect to make decisions on the structure in the first half of this year, depending on what makes the most sense for the project and our shareholders.

Finally, looking ahead, what does success look like for Canadian Copper both on the ground and for your shareholders?

On the ground, our key milestones are clear: deliver a study by the end of this year, obtain construction approval in 2027, and reach some level of production in 2028. Those are the three main measures of success for us as a business.

From a stakeholder perspective, if we continue to deliver on what we promise, minimize dilution, and ultimately increase the share price, that’s where investors’ interests should align. It’s aligned with management, too. We don’t take large salaries here; our personal investments are significant, and the way we succeed is the way our shareholders succeed. So, our focus is on share price appreciation but also on delivering what we say we can deliver.

This story was featured in Canadian Securities Exchange Magazine.

Learn more about Canadian Copper https://canadiancopper.com/.

CSE Issuer Stories, Magazine

Disciplined, Systematic Development in Newfoundland’s Untapped Gold Frontier

Gold Hunter Resources (CSE:HUNT; OTCQB:HNTRF) is not just another junior explorer with a big land package. It is a team that delivered meaningful shareholder value in 2024 and is now returning to Newfoundland with a fully consolidated district, deep technical leadership, and a strategy rooted in data, geology, and discipline.

At the heart of the company’s plan is the Great Northern Project, a 26,000-hectare district-scale land package running along the Doucers Valley Fault. While nearly 500 historical drill holes exist, they are concentrated in just four small areas. In contrast, 18 gold-bearing trends remain virtually untested. The result is a rare mix of scale, infrastructure access, and near-term upside in one of North America’s most supportive mining jurisdictions.

In 2023, Gold Hunter sold its initial Newfoundland asset to FireFly Metals in a transaction valued at over $30 million. More than $25 million worth of FireFly shares were issued directly to Gold Hunter shareholders, creating immediate and tangible value during a quiet junior market.

But the exit was not the end of the story. Just 5 kilometres from the original ground, Gold Hunter began consolidating an even larger opportunity. Through more than 10 separate transactions with private holders and small operators, the company unified a 50-kilometre trend along the Doucers Valley Fault. This marked the first time this corridor has ever been controlled by a single entity.

The company’s success in quietly acquiring these projects ahead of better-capitalized competitors has set the foundation for something bigger.

The Great Northern Project follows a proven structural template: a major regional fault with multiple mineralized splays, hosted in rocks nearly identical to those at Equinox Gold’s Valentine Project.

“Although this is structurally complex like most mineralized gold systems, our approach is systematic,” says Chief Executive Officer Sean Kingsley. “Once you understand the controls, you can start stringing deposits together. It’s a classic string-of-pearls model.”

That model has worked well at Valentine. Starting with a small initial resource, it was built into a 5-million-ounce system with clear continuity and expanding scale. Gold Hunter sees Great Northern as following that same path, with a more advanced starting point thanks to nearly 500 legacy drill holes, robust geochemical coverage, and district-scale consolidation already complete.

Rather than rush into drilling, Gold Hunter spent three months in 2024 compiling the first full district-scale dataset ever assembled in this region. The team aggregated historic work from over a dozen sources, including past operators, government surveys, and private holders, into a single coherent exploration model.

The database includes more than 36,000 soil samples, 7,700 rock samples, 500 lake and stream sediment samples, 660 till samples, 5,700 mapped outcrops, multiple smaller geophysical surveys, and over 66,000 metres of historical drilling. That effort revealed high-priority trends that had previously fallen through the cracks due to fragmented ownership and limited budgets.

“Now that we’ve compiled the data, we’re layering in geophysics to take it further,” says Kingsley. “The VTEM survey we’re flying over the entire district will help us pinpoint new structural corridors, extensions of known zones, and areas that were never tested properly.”

Gold Hunter’s project is located in one of the most mining-friendly and accessible regions of Canada. Infrastructure is already in place, including hydroelectric power on site, highway access within walking distance, a mill located just over the ridge, and a deep-sea port facility just a few kilometres away.

“These are the things that matter when you’re looking to build value fast,” Kingsley says. “We don’t need to build roads, power lines, or ship ore across the country. We’re right where we need to be.”

In addition, Newfoundland and Labrador offers supportive permitting frameworks, experienced local workers, and a government eager to promote responsible resource development. These are factors that continue to attract serious exploration and development activity across the province.

Unlocking regional-scale gold systems takes more than ground. It takes people who understand how these systems behave.

Gold Hunter’s technical lead, Rory Kutluoglu, brings both geoscience and geophysics expertise and played a key role in Kaminak’s Coffee Gold deposit, which was acquired by Goldcorp for US$520 million. He sees Great Northern as another high-potential system, this time with infrastructure and historical drilling already in place.

On the ground, veteran Newfoundland geologists Tanya Tettelaar and David Copeland offer unmatched local knowledge. Tettelaar spent six years as exploration manager at Marathon Gold, helping advance Valentine through its critical growth phases. Copeland has worked directly on parts of the Great Northern land package for over a decade and was instrumental in building the Goldboro deposit, now part of NexGold.

“This is one of the strongest technical teams I’ve worked with,” says Kingsley. “We’ve got national-level discovery experience and local geological intuition coming together. That’s how you de-risk exploration.”

Kingsley himself has been active in Newfoundland and Labrador since the early 2010s and sees the province as one of the last places in North America where major new discoveries are still possible.

With a past win under its belt, a fully consolidated district, an expansive geological and geophysics dataset, and a proven technical team, Gold Hunter is positioned to help write the next chapter of Newfoundland’s gold story.

The company has completed its initial VTEM survey and is in the midst of ground truthing drill targets for 2025. Every metre will be guided by data. Every target will build on a district-wide vision.

“We’ve done the hard work. Acquisition, compilation, modelling, and survey execution,” says Kingsley. “Now it’s time to drill. And we know exactly where to start.”

This story was featured in Canadian Securities Exchange Magazine.

Learn more about Gold Hunter Resources https://goldhunterresources.com/.

CSE Issuer Stories, Magazine

Developing Nanotech-Based Surface Treatments to Fend Off Nasty Pathogens and Save Lives

The COVID-19 pandemic shined a powerful spotlight on the need to reduce pathogen transmission, particularly in high-risk settings such as hospitals, long-term care facilities and busy public spaces. Studies indicating that most common infections are spread through direct contact with surfaces such as doors and handrails point to an area where innovation could make a big difference.

While cleaning undeniably enhances safety in high-traffic environments, it often can’t keep up with the flow of pathogens being transferred from people’s fingertips. Ontario-based FendX (CSE:FNDX) is looking to quite literally add a new layer of protection by using nanotechnology to help prevent disease-causing agents from adhering themselves to surfaces in the first place.

FendX’s flagship product, a specially coated film called REPELWRAP film, is currently undergoing real-world testing to determine its effectiveness. Successful completion of the testing would mark a critical step toward the start of large-scale production.

In addition to REPELWRAP film, FendX is developing a sustainable eco-friendly sponge designed to meet the demands for effective surface cleaning.

In this interview with Canadian Securities Exchange Magazine, Dr. Carolyn Myers, Chief Executive Officer of FendX, shares insight into the technology behind the product line, the company’s growth trajectory and what can be done to better manage future global pandemics.

FendX is a leader in developing nanotechnology solutions to mitigate pathogen transmission. How do you foresee your technologies addressing the increasing demand for advanced contamination control, especially in high-risk industries?

About 80% of common infections are transmitted through touch, including some very dangerous pathogens. High-touch surfaces like railings, doorknobs, hospital equipment and other surfaces can be major transmission sources. Hospital-acquired infections (HAIs), for example, are a huge issue. We anticipate that our products will be useful in many environments to reduce transmission. 

Our focus is on building IP and a portfolio of products that can protect surfaces from contamination and the spread of potentially lethal pathogens. REPELWRAP film is our most advanced coating currently in real-world testing. Our film is created by applying our nanotechnology to a plastic surface  –  kind of like Saran Wrap – to form a thin film coating. When applied to high-touch surfaces, the film prevents pathogens from sticking to the film. So, if someone has contamination on their hands, it tends to stay on their hands rather than transferring to the surface, which in turn reduces person-to-person transmission. 

In addition, we are in the formulation phase of developing a spray version of the film with the same properties and we expect it to allow for broader use on a wider variety of surfaces.

We are very excited about the eco-friendly sponge. We recently signed a supply agreement and entered into a license agreement for additional IP. The sponge is different from traditional sponges as it does not promote bacterial growth, is biodegradable and does not contain any toxic plasticizers.

Let’s talk about the film first. Are you able to produce at scale now?

Yes, we have successfully automated the manufacturing process to coat thousands of feet of plastic in minutes. Between early 2021 and August 2024, we reformulated the coating for intermediate-scale production. We worked with Dunmore, a globally recognized film manufacturing company, along with McMaster University and consultants to make this possible.

With the production challenge met, you are now in the testing phase, is that correct?

That’s right. We are testing the film produced at Dunmore in real-world environments to confirm that it maintains its surface protection properties. We completed our first field test late last year and the results, which we analyzed in early 2025, were positive. Based on those results we plan to conduct more pilot tests, including locations like a fitness centre, a memory clinic and a long-term care facility. We’re targeting multiple verticals, not just healthcare, to see where REPELWRAP film may have the most impact.

What’s the timeline for launching REPELWRAP film into the market?

After successful completion of the real-world testing, we will work toward finalizing full-scale manufacturing and establish our supply chain, including partnering with distributors for getting the final product to market.

Our plan calls for introducing the film in the Canadian market first. We plan to partner with manufacturers to produce the film, cut and package it, and then we would enter partnerships to distribute through various channels. We’ve already signed a letter of intent with Sinelabs, a distributor that sells unique products to reduce microbial contamination in water systems. It could be a great synergy as they are focused on similar verticals. We anticipate the final film product will be available for distribution in the first half of 2026, followed by a launch in the U.S.

What about the eco-friendly sponge? How do you see this product enhancing FendX’s market position, and what differentiates it from traditional alternatives in terms of both functionality and sustainability?

The sponge is an exciting product for us. It effectively attracts and traps microbes when used with common surface cleaning agents. It is made using proprietary methods. It is synthetic, yet unlike traditional synthetic sponges, which don’t break down, our sponge is biodegradable. Also, it does not contain toxic plasticizers like phthalates. 

Cellulose sponges tend to stain and smell because they promote bacterial growth but ours doesn’t have those issues. I’ve been using one for months and it still looks and feels like new. It hasn’t discoloured or developed any odor. Our sponge can be washed and reused, offering a sustainable alternative for cleaning surfaces in consumer and commercial markets.

The eco-friendly sponge has unique properties that we anticipate will play an important role in the various markets we plan to target. Together with the North American household sponge market alone currently valued at US$1.96 billion, we believe our sponge offers a potentially significant opportunity for FendX.

Additionally, our sponge material has FDA 510(k) approval in combination with a lotion used to neutralize chemical warfare skin exposure – an FDA application that was submitted by the U.S. Army. This approval offers additional opportunities to develop the sponge as a drug delivery device for treatment of various skin conditions, including wound care.

It sounds like FendX has multiple paths to commercialization. How close are you to generating revenue from these products?

With the sponge, we expect to launch for use in the consumer market by the fourth quarter of this year with the expectation of becoming revenue generating soon thereafter. The sponge’s eco-friendly aspect and its ability to work effectively with common cleaning agents gives it a significant edge.

In addition, we continue to seek and evaluate additional products for acquisition or licensing to  complement our current portfolio of products, including eco-friendly cleaning agents. We’re also exploring partnerships in the cleaning industry to maximize our reach.

With everything you’ve mentioned, it seems FendX is building a solid foundation for growth. Looking at the bigger picture, what do you think businesses need to do to better prepare for future pandemics or health crises?

It’s a tough question. I believe we’re in a world of self-denial and as much as institutions like the Centers for Disease Control and Prevention and the World Health Organization stress hygiene and prevention, many people believe COVID is a thing of the past. But it’s not. The next pandemic will likely be something new again and I believe we’ll be in the same situation. 

Then there’s antimicrobial resistance (AMR). It’s often referred to as the ‘silent pandemic’ and has been a growing concern for decades. AMR occurs when bacteria, viruses and fungi evolve to resist the medications used to kill them. As a result, infections that were once easy to treat are now becoming life-threatening. The impact of AMR is profound, with millions of deaths annually and projections indicate over 39 million deaths by 2050.  

These are the reasons why technologies like the ones we’re developing are so important. I believe there needs to be a coordinated effort to develop solutions to contain the spread of pathogens. While we’ll never fully eliminate their spread, the potential exists to manage them with innovative solutions so that fewer people get infected in the first place.

That’s what drives my passion. Surfaces matter. You can clean them, but they’re only as clean as the method of your cleaning. That’s where solutions, like what we’re working on, may contribute to making a difference.

This story was featured in Canadian Securities Exchange Magazine.

Learn more about FendX Technologies Inc. at https://fendxtech.com/.

CSE Issuer Stories, Magazine

Early Cancer Detection Using Biomarkers Could Save Lives and Healthcare System Resources

Early detection is critical to improving survival rates and treatment outcomes for cancer patients, but traditional approaches such as mammograms, low-dose CT scans, and biopsies, while effective, come with challenges. High costs, accessibility, invasiveness, and the potential for false positives are some of the factors that can lead to delays in diagnosis or unnecessary treatments.

To help overcome these hurdles, BioMark Diagnostics (CSE:BUX) is exploring metabolomics leveraging AI and other complementary technologies with the potential to revolutionize early cancer detection.

Metabolomics studies the byproducts of metabolic processes in the body. Its application in cancer research means a non-invasive and highly sensitive method of early detection could be on the horizon. By identifying the distinct metabolic fingerprints left behind by cancer cells, this technology can detect the disease at much earlier stages, even before physical symptoms emerge.

As BioMark Chief Executive Officer Rashid Bux explained recently to Canadian Securities Exchange Magazine, the company’s innovative work could pave the way to a future where early cancer detection is reliable, economical, accessible, and patient-friendly.

The idea of detecting cancer early using a simple fluid test sounds like a holy grail. What set BioMark on this path?

For me, it was a deeply personal journey. My sister was diagnosed with late-stage cervical cancer, and she passed away two years later. I found a technology that was based on using a drug approved for Parkinson’s and influenza to regulate an enzyme called spermidine/spermine N-1-acetyltransferase (SSAT), which is highly expressed in certain cancers. The idea of repurposing this drug to regulate this enzyme for cancer detection was novel and had never been explored before.

When I discovered the potential of this technology, it resonated with me emotionally. I had just lost my sister, and this was an innovative solution being developed right here in Canada. I licensed the technology 14 years ago.

Over the years, we’ve adapted this technology to track tumour burden, including brain cancer. We’ve focused a lot of effort on glioblastoma (GBM), where patients typically only survive for about 15 months once diagnosed. Over the past four years, we received $1.5 million in funding from the Government of Canada’s Canadian Institutes of Health Research Program and Research Manitoba to explore tumour activity in the brain and potential therapeutic targets that can be helpful in treating GBM patients.

How did you come to focus on liquid biopsy as a tool for early cancer detection?

In 2015 to 2016, while studying lung cancer, we found that we could identify cancer signatures, both of late- and early-stage cancer, using metabolomics. We presented strong data at the Annual International Conference of the Metabolomics Society which led us to assess it for clinical applications.

Metabolomics involves studying small molecules that are byproducts of metabolic reactions. Cancer reprograms the body’s metabolic pathways, leaving behind distinct signatures that can appear early on. This approach is effective because, like an income statement for your cells, it gives us a snapshot of pathological cell functioning, allowing for early cancer detection, which is crucial for survival.

You’ve flipped the script on traditional cancer diagnostics by targeting metabolites instead of imaging. Why is metabolomics the future of cancer detection?

One key advantage is that metabolomics only requires a small sample size – around 20 milligrams of blood – making the process less invasive. Take lung cancer as an example. Current detection methods, such as mammograms for breast cancer or CT scans for lung cancer, are expensive and have limitations. The result is a cumbersome, complex diagnostic process. Our approach complements existing methods such as these.

Our goal is to offer a test with high sensitivity and accuracy that can act as a risk predictor. For instance, the test could flag individuals at high risk, directing them to undergo a CT scan. This could reduce unnecessary tests and make diagnoses more efficient for radiologists, who often see benign nodules in CT scans but can’t differentiate them from malignant ones. By identifying benign nodules with confidence, we would help avoid unnecessary biopsies. 

How is your approach to metabolomics being integrated into current clinical practices? Where is it being applied, and could you share some notable success stories or key findings from your recent studies?

Currently, there hasn’t been a large-scale clinical trial in this area, but we recently completed one of the largest metabolomics trials, involving 6,000 patients. Supported by AstraZeneca, Pfizer, and Institut universitaire de cardiologie et de pneumologie de Québec (IUCPQ), this trial began in April 2022. We successfully completed the trial in two years across seven hospitals in Québec.

We’re now analyzing the data from these patients, and we’ve already received results from one group whose diagnoses have been confirmed. The second group includes about 3,000 prospective patients who will be monitored over the next one to two years. The effects of screening programs take time to show, as it involves following up with patients using CT scans and other methods.

This trial is significant because we are combining metabolomics with other technologies, including genomics (which studies genetic mutations) and polygenic risk scores (which assess cancer risk based on family history). We’re also integrating radiomics, which uses imaging data and AI. By blending these technologies, we’re creating a versatile diagnostic platform.

In addition, we’ve conducted retrospective studies from 2019 to 2021, validating a panel of biomarkers for lung cancer. These studies produced promising results and piqued AstraZeneca’s interest, leading to the expansion of our study from 260 to 900 patients. We even included patients with other lung diseases, such as Chronic Obstructive Pulmonary Disease (COPD), emphysema, chronic bronchitis, and COVID-19, because these conditions share many pathways with lung cancer. Our test was able to distinguish between lung disease and lung cancer, which we presented at the American Society for Clinical Oncology.

We’ve maintained a sensitivity of 91% to -92% in our assay for early-stage lung cancer, although specificity dropped slightly, which is expected, when including both lung diseases and cancers. Nonetheless, the data remains strong.

You’ve mentioned democratizing cancer detection and putting these tools in the hands of those who can help make early diagnoses and improve infrastructure. What does that look like in practical terms, especially regarding licensing and commercialization?

We are focusing on collaborating with key opinion leaders and patient advocates to accelerate the adoption of this technology. A crucial part of this journey is patient navigation. Early detection is only effective if patients have access to further diagnostic steps and treatment. Many communities lack access to advanced cancer detection tools, so we’re partnering with National Cancer Institute-designated centres of excellence, which have active screening programs across the U.S. There are 33 such centres of excellence.

We’re collaborating with major centres like the James Cancer Center in Columbus, which services around 90 community hospitals. By collaborating with these institutions, we can help absorb the demand for cancer detection, especially in areas lacking infrastructure.

We’re also working internationally with European key opinion leaders to raise awareness and have been in discussions with biopharma companies to see how our technology can complement their early cancer detection efforts. This is a complex process, but we’re making progress.

How far are we from seeing this technology in everyday use, particularly in the lab?

We are focused on getting our lab certified. We’ve built significant infrastructure in Québec City, collaborating with IUCPQ, which is one of the top centres for lung disease and cardiology. By August of this year, we expect our lab to be ISO 15189 certified, which would allow us to accept samples from around the world. We’re also working toward obtaining Clinical Laboratory Improvement Amendments (CLIA) certification for lab-developed tests for the U.S. market.

Our strategy for entering the U.S. market is to acquire a lab, partner with existing centres, or license our technology. However, our primary goal is to establish our own labs, as the U.S. market holds immense potential. With 16 million patients requiring annual screening and a current market penetration of just 5%, even capturing a small share of this market would generate substantial revenue.

With its scalable design, high throughput capacity, and rapid turnaround, our soon-to-be-operational lab is poised for rapid growth to meet market demand. BioMark’s versatile technology platform offers promising solutions for breast cancer, including early detection and key biomarker assessment (subtype, receptor status) vital for clinical decisions. These results have been presented at several leading breast cancer symposiums.

This story was featured in Canadian Securities Exchange Magazine.

Learn more about BioMark Diagnostics at https://www.biomarkdiagnostics.com/.

CSE Issuer Stories, Magazine

Uniquely Positioned With the Only U.S. Mine Permitted to Produce the Critical Mineral Fluorspar

Most people have never heard of a mineral called fluorspar, but they’ve most definitely benefited from it. We all have, in fact, as some of the electronic devices so ubiquitous in our daily lives would not exist in their current forms without it.

Fluorspar is an important commercial source for a chemical element called fluorine, the lightest of the halogens and thus in a league of its own for a variety of industrial applications. Fluorspar is also found in things such as cement and steel, not to mention camera lenses and other optical products. It is classified as a critical mineral in the United States.

James Walker understands that part of his role as Chief Executive Officer of Ares Strategic Mining (CSE:ARS) is to educate the public about the case for fluorspar, especially as Ares is currently the only U.S.-based fluorspar company with a permitted mine.

“It’s no surprise if you haven’t heard of fluorspar – honestly, most people haven’t,” Walker says candidly during a mid-November interview with Canadian Securities Exchange Magazine.

The U.S. once had a thriving fluorspar sector, but this was years ago before China grew its presence and flooded the market with cheap product. As a result, the U.S. fluorspar industry has been virtually nonexistent for decades.

That could change if Ares is successful in producing fluorspar from its Lost Sheep Mine in Utah.

The company went on a search some years ago for projects that it could bring into production quickly, required modest capital spending and contained something for which there was clear customer demand. Fluorspar wasn’t on Walker’s radar at first, but one day his team came across artisanal miners in Utah who were digging it out of the ground, bagging it and selling it directly to steel mills. Walker was intrigued, to say the least.

Lost Sheep was a lucky find, according to the CEO. “One of the geologists I was working with at the time had experience with fluorspar, having worked on Europe’s largest fluorspar mine. When he brought it to my attention, my first reaction was the same as most people’s: What’s fluorspar? But from there, everything started to fall into place.”

With a relatively low capital outlay, Ares seized the chance to build a modern, efficient industrial process to produce significant amounts of fluorspar domestically. The team viewed Lost Sheep as an opportunity to revive the U.S. fluorspar industry and claim significant market share. “With this fluorspar project, the material coming out of the ground was already about 50% of the final product, so the processing required was minimal,” Walker explains.

Ares inherited Lost Sheep’s permits with the purchase of the mine. Even more compelling was that the Lost Sheep Mine was part of a much larger fluorspar anomaly, stretching around 16 kilometres along an area in Utah called Spor Mountain. Fluorspar was everywhere, with showings breaking through to the surface and pipes in multiple locations. “It was fascinating,” says Walker.

Lost Sheep had never been professionally developed so Ares started by conducting geophysics, including LiDAR and electromagnetic surveys, to pinpoint where the anomalies were. From there, the Ares team began drilling, collected samples and conducted metallurgical testing.

Ares also engaged international partners to design the infrastructure for processing the fluorspar. With their help, the company designed plant layouts and, thanks to fluorspar’s critical mineral status, secured federal support in the form of a United States Department of Agriculture loan. This enabled Ares to purchase a 50-acre industrial site with existing infrastructure, including buildings that could be used for a processing plant.

A three-storey lumps plant is already on site, and Ares is now working to construct a flotation plant with support from the state of Utah. The facility is designed to produce higher-grade fluorspar for chemical manufacturers and defence contractors. There is critical infrastructure, including a rail spur for efficient transportation of the fluorspar, heavy mining equipment and an advanced ramp system to access the ore bodies.

Geologically, Lost Sheep is a pipe system that consists of non-contiguous pipes clustered together. This structure allows Ares to install a ramp system – a corkscrew-like framework – that intersects multiple ore bodies. Based on this setup, Ares reports that it should be able to extract around 130,000 tons to 140,000 tons of earth annually, which could translate into around 50,000 tons of final product per year for sale.

“When we first ran our estimates, we based them on a high-grade flotation product priced at about $500 per ton, which would result in roughly US$30 million in annual revenue,” Walker says. “However, given the upward trend in fluorspar prices, those numbers could be higher.”

Another advantage is relatively low operating expenses. Unlike many mining operations, Lost Sheep doesn’t require a large workforce.

Ares has agreements lined up with end users of fluorspar and has been forging partnerships with entities such as the Department of Defense and the Department of Energy, which are actively seeking domestic supply sources.

For example, the U.S. produces around 80 million tons of steel annually, requiring about 20 pounds of fluorspar per ton. And with aluminum production using about 60 pounds of fluorspar per ton, these two industries alone create a significant domestic requirement.

That growing demand isn’t limited to traditional industries like steel and aluminum, however. The rise of lithium-ion batteries is set to become a major driver of fluorspar consumption, reshaping the market’s dynamics.

And this brings us to acid-grade fluorspar, or acid spar, which undergoes additional chemical refining to achieve a purity level of 97% calcium fluoride (CaF2). Currently, there is no operation in the U.S. producing acid spar, marking a substantial opportunity for producers.

“If we have our plant up and running, we’ll be able to serve about two-thirds of the U.S. fluorspar market,” Walker explains. “By producing acid spar, we can cater to a much larger portion of the U.S. fluorspar market and meet the needs of these key industries.”

International demand for fluorspar is increasing too, as China’s fluorspar reserve has suffered due to excessive mining. The Chinese government tightened its control over the material, leading to a decline in fluorspar exports. Official customs data reveals a steady drop in China’s fluorspar exports over the years, accompanied by a surge in imports, particularly in 2023. Now that China is facing these challenges, the pressure they once placed on the market is gone. This creates an opportunity for other countries to step in.

These factors mean it is a good time to be transitioning from exploration to production. But shifting from a junior mining company to a manufacturing company brings challenges from both operational and financial standpoints.

Walker is counting on his experience in nuclear engineering and project management to lead the company into its next phase. In the past, the Ares CEO has helped to build large manufacturing facilities such as for reactor cores for submarines – billion-dollar projects that required hundreds of personnel.

“I have had extensive exposure to large-scale project management, cost control and the implementation of manufacturing and processing operations, which has been invaluable in how I approach managing new manufacturing operations at Ares, overseeing processing and organizing the team,” Walker says.

Fluorspar demand is expected to grow by 2.76% annually over the next five years, according to Mordor Intelligence. Given this outlook, Walker sees a lot of potential. In five years, the CEO is looking beyond the Utah operation toward untapped potential across the entire continent.

“There used to be a thriving fluorspar industry in the U.S. before it moved overseas, and effectively, we’re working to bring it back.”

This story was featured in Canadian Securities Exchange Magazine.

Learn more about Ares Strategic Mining at https://www.aresmining.com/.

CSE Issuer Stories, Magazine

A Model of Balance as Production in Colombia Designed to Support Exploration in the Yukon

For junior mining companies, the path to generating revenue, let alone achieving profitability, is often a long and winding road. But if Forge Resources (CSE:FRG) continues to reach the objectives it has set for its flagship assets, it might just become a member of that exclusive club.

The assets in question include a Yukon gold project named Alotta, located near Western Copper and Gold’s renowned Casino deposit, and the La Estrella coal project in Colombia, a fully permitted asset poised for revenue generation (Forge holds a 40% interest and can acquire up to 60%).

Canadian Securities Exchange Magazine spoke with Forge Chief Executive Officer PJ Murphy and Chief Operating Officer Cole McClay in early December to learn more about the company’s goals and how Forge has positioned itself to build value and minimize dilution at the same time.

It is rare to see a junior resource company on the cusp of funding its own exploration. Can you tell us how this all came together?

Cole McClay (CM): We initially acquired the Alotta project after stepping away from our previous exploration efforts in Mexico. After evaluating several prospects, Alotta stood out due to its strategic location just 40 kilometres from Western Copper and Gold’s Casino deposit, within the same geological setting.

In November 2023, we negotiated an option agreement with Strategic Metals to acquire 60% of the project and commenced our maiden drill program. The property was previously undrilled, and our first hole revealed 211 metres of 0.46 grams per tonne gold near surface, which was very promising. Following that, we drilled two holes in late 2023 and another four between May and July 2024, all of which showed near-surface porphyry-style mineralization.

While still in the exploratory phase, we’re gaining a clearer understanding of the project’s structure. Our next phase of drilling is planned for May 2025, once weather conditions in the Yukon are favourable.

As for the La Estrella coal project, it came to us through a colleague in Colombia. The project was already fully licensed, with production and environmental permits in place, which made it an attractive opportunity. We negotiated an option to acquire and have since obtained the surface rights and conducted additional drilling to update the 43-101 report. Currently, we’re conducting underground bulk sampling to further refine our understanding of the resource.

It sounds like you’ve got a busy year ahead in 2025. PJ, could you share the strategic focus for the company over the next three to six months?

PJ Murphy (PJM): Right now, our primary focus is on Colombia. Cole, a few team members and I just returned from overseeing construction of the portal and the start of underground operations at the La Estrella property. It’s an exciting stage for Forge. 

To get into production at La Estrella, initially we don’t have to go very deep, only about 50 metres underground to reach our first cross-cut, which allows access to six of the eight large coal seams. We’re moving forward with a bulk sampling program, and we have an offtake partner for that coal.

The bulk sample alone is expected to be revenue-generating, which is a crucial step toward full production. The property is fully permitted for 180,000 tonnes of coal production annually with the potential to scale up to 360,000 tonnes per year. According to a historical SRK Consulting NI 43-101, we are sitting on an estimated 22.5 million tonnes of coal – measured, indicated and inferred – in the ground and a mine life of about 45 years. The project has significant potential.

For now, our focus is on advancing the Colombia asset to a revenue-generating stage, which would help us to self-finance our exploration work in the Yukon. For a junior mining company, reaching a point of profitability and positive cash flow is rare. It’s even more uncommon to be able to self-fund exploration, but that’s exactly what we’re aiming to do with the Yukon project.

Speaking of the Yukon, we’ve already drilled six holes there and hit mineralization in every one. As Cole mentioned, we’ve identified where the next drill holes should go for the upcoming season. If La Estrella is revenue-generating as anticipated, we’ll be well positioned to fund a more extensive drill program and further define the resource.

We’ve reviewed the initial six drill results and the property’s geological signature. With that information, we can strategically target shallow drill holes to maximize value and further prove the Yukon asset’s potential. Though it might seem unconventional to have both a gold-copper project in the Yukon and a coal project in Colombia, there’s real synergy between the two.

Profitability is a term we don’t often hear in the junior mining space. Could you walk us through Forge’s path to profitability?

PJM: Our immediate focus is on developing the underground infrastructure for a bulk sampling program. Initially, we estimate that we can extract 20,000 tonnes of high-grade coal for sampling and analysis. The key here is that we can also sell the coal we extract for analysis purposes. We already have an offtake partner lined up, ready to take that coal Free on Truck. This bulk sampling program is a significant step toward generating revenue and moving closer to profitability.

There’s talk of the world moving away from coal, but demand, particularly from Asia, India and Europe, tells a different story. Could you explain where the demand is coming from and why Colombia is positioned to help meet it?

CM: The demand for both thermal and metallurgical coal has never been higher, and I think global demand will remain strong for decades.

As long as the world needs concrete and steel, metallurgical coal will be essential. Similarly, thermal coal will continue to be required as long as countries build coal-powered electricity plants. What’s particularly advantageous about this project is that we have access to both high-grade thermal coal and metallurgical coal at depth, positioning us to meet a wide range of global demand.

PJM: Globally, coal demand remains strong, especially in Southeast Asia, where up to 43% of electricity is coal-derived. Despite this, rolling brownouts and blackouts persist due to insufficient power generation, highlighting the ongoing need for coal.

Colombia, with coal as its top resource export, provides a favourable regulatory environment and access to world-class coal miners and engineers. At La Estrella, we’re progressing toward our bulk sampling phase, where we anticipate extracting coal at a total cost that we expect will help us to maintain favourable margins. We’re noting that metallurgical coal currently commands a strong spot price, and assuming that remains the case, it gives us reason to be optimistic.

Moving to Canada, there seem to be similarities between the Alotta property and the Casino deposit. Can you talk about these and how that might be shaping your next steps?

PJM: The Alotta property shows striking similarities to the Casino deposit, which is incredibly encouraging. We’re just 40 kilometres away and based on what we’ve staked and the geological signature at Alotta, we’re very encouraged. The initial results from our first six drill holes have been very promising and are driving us to move forward with more extensive exploration to truly prove out the asset.

Finally, what makes Forge a unique proposition at this stage?

PJM: When you look at Forge Resources as a small-cap junior mining company, we are on a unique path moving toward potential revenue generation through a bulk sample program, progressing to full production, and potentially self-financing our drilling exploration in the Yukon. This combination is incredibly rare.

Forge has consistently set clear goals and benchmarks, and we have delivered on what we’ve promised every step of the way. This track record not only cements our credibility but also sets us apart in the industry. It’s an exciting journey for both us and our shareholders, and we are committed to continuing to deliver value.

This story was featured in Canadian Securities Exchange Magazine.

Learn more about Force Resources at https://www.forgeresourcescorp.com/.

CSE Issuer Stories, Magazine

Israeli Food-tech Company Helps Alleviate Health Concerns Related To Commercial Frying

Beyond Oil (CSE:BOIL) is aiming to improve the health of untold numbers of people who enjoy the occasional guilty pleasure at their favourite restaurant: deep-fried food. Diners will probably never be aware of the healthier cooking going on behind the scenes thanks to this revolutionary technology, but it is important and deserves recognition.

While it took nearly 15 years to perfect, the company now has a powder that addresses the degradation of frying oil. Harmful carcinogens such as acrylamide, as well as free radicals with the potential to cause cell damage, can build up in oil used for commercial frying. Customers and kitchen staff are both exposed to serious health risks as a result.

Beyond Oil’s powder absorbs harmful elements and extends the oil’s lifespan while maintaining its quality. First tested and now selling commercially in Israel and Canada, the product has been shown to improve food quality and support environmental sustainability.

The next phase of the growth strategy calls for expanding adoption of the product across North America. In an interview with Canadian Securities Exchange Magazine, Beyond Oil Vice President Robert Kiesman discussed the company’s origins and its efforts toward achieving this important goal.

What inspired the development of Beyond Oil’s solution for improving the health profile of oil when it is used for cooking?

Our Founder and President, Michael Pinhas Or, is the inventor of the product, and he started it due to a personal health condition related to acidity. Like many Israelis, he approached the issue as a layperson, learning everything he could. He studied intensively and spent about seven years in his backyard shed going through trial and error.

Or invested his family’s fortune into developing the product. After his “aha” moment, the inventive breakthrough, he secured a patent, as well as clearance to sell from the FDA and Health Canada. Since then, he has remained heavily involved, and his son, Jonathan, became Chief Executive Officer after the company went public.

One of the reasons Beyond Oil is such an easy story to tell is because it connects to something universal: food. Everyone, no matter where they live, eats fried food, whether it’s fries or other items unique to their region.

When people see the photos comparing black, smelly, smoky oil to a jar of clean Beyond Oil, the reaction is clear. They don’t want to eat food fried in dirty oil; they want food cooked in clean oil. These visuals stick in people’s minds, which is a big reason why our story is catching on so well.

Can you explain how the technology works?

It’s a powder that needs to be filtered out. Most restaurant fryers use built-in filtration, external filtration or paper filtration. The good news is that Beyond Oil works in all three contexts. We are classified by regulators as a filtration aid, not a food additive, which makes it much easier to get regulatory approval in many countries.

The process is simple. You add the powder at the end of each day, the powder mixes with the molecules of toxins and attaches to them and then it all gets filtered out, which removes the toxins from the oil.

These toxins include trans fats, total polar materials (TPM), acrylamide and others. There are dozens of these toxic compounds.

One reason oil smokes when it gets old is that plastic-like molecules form in it, meaning you’re essentially burning plastic into the air. Beyond Oil works to clear that out.

Is there a rationale for restaurants using Beyond Oil’s product aside from serving healthier food to their customers?

The biggest part of our story is that we offer a legitimate health solution with positive ESG outcomes, and we also save restaurants money because they don’t need to replace the oil every two or three days. They can use it longer because the oil stays cleaner. How many stories do you know that have a positive health outcome, provide an environmental benefit and save businesses money?

The environmental benefits are clear. Producing oil requires water, electricity and fuel. By extending the oil’s life, we reduce the demand for oil, meaning less oil production, transportation and disposal. So, in addition to the health and cost benefits, there’s also a legitimate environmental impact.

Could you elaborate on the specific markets you’re targeting?

We’re focusing on two main uses for Beyond Oil. The first is restaurants, and the second, which is much larger, is the industrial frying market. These are large industrial factories that use thousands of litres of oil and typically freeze the fried food before sending it to retailers like Costco or Superstore. This is a much more sophisticated context for us to be working in, and while we’re publicly focused on restaurant deals and the rollout, we’re quietly advancing into the industrial market as well.

In the industrial sector, we’ve conducted pilot programs with several large, multibillion-dollar companies in North America. We also announced that we signed a letter of intent (LOI) with a multinational company that designs and builds highly sophisticated filtration systems for these large frying factories. The goal is to run full-scale pilots with these industrial operations because our powder seems to be compatible with their filtration systems, which is a significant breakthrough for us.

What kind of feedback have you received from these initial industrial tests, and how do you plan to scale this system globally?

The feedback has been tremendous. First, I want to highlight that we have two main distributors – one in Canada and one in Israel. Both distributors, who are now selling our product commercially, made strategic investments in our company during the first six months of this year. This is a significant achievement for a small-cap company and indicates their strong confidence in our product.

We’ve received a range of positive feedback from end users. Firstly, our customers report a decrease in oil consumption. Secondly, they find the product healthier due to fewer toxins. Thirdly, the food tastes better because the oil is cleaner, resulting in crispier, fresher and lighter food that isn’t soaked in oil.

Additionally, we’ve received unexpected ancillary feedback. Customers need less warehousing for oil and experience reduced steam and smoke. Multinational customers examine the outcomes in great detail and are providing valuable insights, such as improvements in flavour. Overall, the feedback has been overwhelmingly positive, with no significant negative comments.

What catalysts can investors anticipate in the near future?

We’re expecting catalysts in all three areas of focus that I’ve outlined: expanding into the West with the two multinational fast food chains that we are now selling to in Israel, adding new U.S. chains as customers and getting fully commercialized into the industrial frying market. I’d also like to point out that we have hit major milestones on a consistent basis since the beginning of the year. 

But as impressive as our performance has been this year, it’s not going to be a major success story until we hit it big in North America. The plan now is to take the success that we’ve had in Israel and Canada and really push it west into Europe and then into the U.S. We have all the regulatory approval we need in Canada and the United States. Success in the U.S. is unlike success anywhere else.

This story was featured in Canadian Securities Exchange Magazine.

Learn more about Beyond Oil at https://www.beyondoil.co/.

CSE Issuer Stories, Magazine

Innovative delivery technology designed to change the nature of cannabinoid consumption

StickIt (CSE:STKT) has carved out a niche for itself in the cannabis market, despite not exactly being a cannabis company.

Listed on the CSE since October 2023, StickIt develops innovative consumer products resembling toothpicks, as well as straws and spoons, which can be infused with different types of cannabinoids, such as THC and HHC.

StickIt operates primarily through a B2B model that allows the company to leverage its patented technologies by relying on partners to handle mass manufacturing. This facilitates market penetration and scalability across multiple regions without requiring large capital outlays to establish production facilities.

The approach sees StickIt license its delivery technologies to entities who produce and distribute the infused items under the StickIt brand name. And unlike some traditional cannabis products, which vary significantly in dosage and quality, StickIt’s offerings provide a consistent and reliable user experience.

The company’s primary product, the Extra-C “cannabis stick,” resembles a toothpick that can be easily inserted into a pre-roll. The stick consists of cannabis extracts that burn at the same pace as the pre-roll does.

A product that uses a similar concept but in a completely different form factor is the StickIt SipIt straw. The idea here is to provide people the soothing effects of cannabinoids while they enjoy their favourite beverage.

Unveiling the straw in March of this year, StickIt Chief Executive Officer Eli Ben Haroosh said: “This development eradicates the hassle of traditional consumption methods, offering rapid, discreet and precise dosing without compromising taste or experience. It’s a win-win for both consumers and producers, opening doors to untapped markets and elevating the cannabis experience to unprecedented levels. We’re not just changing the way cannabis is consumed; we’re revolutionizing it.”

StickIt is clearly onto something, so there are other products coming to the lineup as well, including a hot drink shaker stick. 

Speaking to Canadian Securities Exchange Magazine, StickIt Chief Financial Officer Sophie Galper explains how these new products are intended for people who want to consume cannabinoids without the taste and smell of oil-based products.

“This is what’s unique about the straw. You want to have your juice or water or whatever you are consuming without it being mixed with the taste of cannabis oil,” explains Galper.

“The technology allows exactly this. It’s a delivery system. You’re sipping it but it’s only being activated in your stomach.”

To provide an even clearer idea, Galper draws an analogy with consuming sugar. “If it’s a warm drink, you feel the sweetness of the sugar. If it’s a very cold drink, the sugar is not dissolved, so you can consume sugar in your body without really tasting the sweetness.

“StickIt’s technology is essentially a delivery system that creates almost sand-like granules, and when you sip your drink it’s getting into your body without tasting like oil.”

One big plus is that StickIt-branded products come labelled with the precise dosage amount, so you know exactly what is entering your system.

But perhaps attention to detail should not be surprising, considering how the company views its position. “As much as StickIt is active in the cannabis market, it’s essentially a technology company, not a cannabis company,” Galper says.

And StickIt does indeed have considerable tech credentials behind it. The company’s founder, Dr. Asher Holzer, has decades of experience in starting and growing medical technology companies, including InspireMD, which is focused on the proprietary microNET stent platform technology for the treatment of complex vascular and coronary diseases.

StickIt is in the process of building joint venture partnerships in cannabis-friendly jurisdictions around the world, though Galper admits it hasn’t been completely smooth sailing so far.

“The business model involves licence agreements with local manufacturers in every country. Launching these agreements has taken longer than expected, as is always the case,” Galper explains.

“This is partially because there’s absolutely a shortage of people who want to fund this industry right now.”

Galper is referring to the elephant in the room here. For all of the hype and promise, the regulated cannabis industry has underperformed.

In Canada, in particular, the market has experienced saturation and regulatory hurdles that have made it difficult for businesses to thrive.

Nonetheless, StickIt is moving forward with strategic partnerships with licensees in multiple countries.

In 2023, StickIt entered into a licence and distribution agreement with Ripco Processing in Canada, authorizing Ripco to use StickIt’s raw materials in the manufacturing of products within the Canadian market. Ripco plans to focus on THC-infused sticks for the rapidly growing infused pre-roll segment.

Despite investors being cool toward cannabis investments at the time, StickIt went public on the CSE in October 2023 via a reverse takeover.

Funding was less of an issue for the group, having secured capital via two crowdfunding rounds. Plus, StickIt’s cash burn rate is “very low,” adds Galper.

Going public was a promise to the 600-odd crowdfunding participants and the CSE provided a liquidity venue for their shares.

“The public vehicle is a good platform to continue with M&A,” says Galper. “StickIt is very much oriented to M&A to integrate different technologies.”

This story was featured in Canadian Securities Exchange Magazine.

Learn more about StickIt Technologies at https://stickit-labs.com/.

CSE Issuer Stories, Magazine

Positioned just right as beneficial new rules set to sweep U.S. cannabis industry

U.S. multi-state operator (MSO) Vext Science (CSE:VEXT) is looking forward to big federal and state catalysts that it and others in the cannabis sector have long been preparing for.

The vertically integrated cannabis company has established a significant footprint in its main markets of Arizona and Ohio. Vext is well known for state-of-the-art cultivation facilities, fully built-out manufacturing operations and dispensaries where consumers often choose its Vapen brand, one of the top-performing THC concentrate, edible and distillate cartridge brands in Arizona.

The company has made a big push into Ohio as that state prepares to transition from a medical cannabis market to an adult-use one. In early June, the state began accepting applications for dispensaries seeking to sell recreational cannabis.

This shift is anticipated to significantly reduce the illicit market and provide easier access for consumers who do not want to obtain a medical cannabis card.

Meanwhile, the U.S. Drug Enforcement Administration’s recent announcement about rescheduling cannabis from a Schedule I to a Schedule III drug will have beneficial tax implications for companies in the industry and could potentially lower costs for consumers.

Vext generated approximately US$4.4 million in net income after tax in the year ended December 31, 2023, and anticipates significant growth with the upcoming launch of the adult-use program in Ohio. The company will be well positioned with a Tier I cultivation facility, a manufacturing facility and four dispensaries in the state. It also sees potential for three additional adult-use licences based on proposed new dispensary caps in Ohio, which would give it the opportunity to operate a total of seven dispensaries in the state.

In a recent interview with Canadian Securities Exchange Magazine, Vext Chief Executive Officer Eric Offenberger discussed how strategic vision and a commitment to operational excellence position Vext to thrive in a market characterized by constant change, plus what the company’s plans are to capitalize on the opportunities that lie ahead.

Vext is a vertically integrated MSO with operations in Arizona and Ohio.  What sets the company apart from its peers?

One of the key differentiators is our cautious approach to growth. We identified states with vertical integration and a limited number of licences to make better and more sustainable returns. We’ve also been prudent with our capital and balance sheet structuring, always considering what growth we could support and what our shareholder base could support.

Our philosophy differed from others who expanded broadly; we focused on depth rather than breadth. We also entered the market later, going public in May 2019, which allowed us to learn from others’ experiences and avoid some of the pitfalls.

Your Q4 and full-year 2023 results show a slight decline in revenue from a year earlier but a notable increase in earnings before interest, taxes, depreciation and amortization (EBITDA). What were the key drivers behind this improved profitability?

The magnitude of the increase in EBITDA needs to be considered in context as it includes a bargain purchase price for our Ohio asset, which led to an increase in EBITDA. We’ve been funding Ohio from Arizona for a couple of years.

The cannabis industry, like any other, is affected by inflation impacting consumer spending. Until this year, Arizona was the primary operational state funding our Ohio expansion. Now, with Ohio becoming operational, we’re seeing results, and we expect to see both revenue and cash flow ramp up significantly as adult-use comes online through the second half of the year.

With Ohio’s adult-use market projected to reach US$4 billion by 2028, how is Vext preparing to capture market share there?

From day one we knew we wanted to be vertically integrated and to focus on a footprint that would enable us to capture incremental wholesale profit in the early years of the market, while scaling only to the level where we could fully supply our own dispensaries over the medium and longer terms. Being vertical and supply-demand matching within your own operations is key to long-term success in these markets. Additionally, Ohio’s structured limitations on storefronts and cultivation prevent oversaturation, making it an advantageous market for us.

Through acquisitions, we have assembled a portfolio that includes a Tier 1 cultivation facility, manufacturing operations and four dispensaries. The latest of those dispensary acquisitions closed in March 2024.

Ohio’s transition from a medical to an adult-use market is important given our exposure in the state. The potential customer base expands dramatically, presenting an intriguing opportunity. We’ve invested heavily in Ohio, using our Arizona assets and additional capital to fund this growth. We believe this positions us well to benefit from Ohio’s growing market.

The Arizona market is quite competitive. How is Vext positioning itself to maintain and potentially increase market share in that environment?

Arizona is experiencing an oversupply issue, with many cultivators entering the market and driving down prices. Inflation is also impacting consumers’ disposable income, leading to decreased spending.

We’re focusing on cost control and price discipline, ensuring efficiency in our operations. Despite the challenges, our vertically integrated model in Arizona helps us mitigate risks better than those heavily reliant on wholesale markets. While the market is down, we are only down about half as much. And this is a fantastic long-term market as supply and demand come into balance, as they always do in the long term. The population is expected to keep growing.

What strategies are you employing to handle these pressures?

We’re focusing on cost control, price discipline and inventory management. Basic business principles apply here, and we’ve been diligent about maintaining these even during better times. In Ohio, we anticipate a broader customer base, which will allow for growth in a more controlled market environment.

Can you comment on the innovative strategies Vext has implemented at the dispensary level?

We introduced “speed ” windows, similar to bank teller windows, allowing customers to quickly pick up online orders. This innovation improved customer traffic and transaction volume, outpacing state averages. It’s an example of how small changes can significantly impact operational efficiency and customer satisfaction.

As someone who has transitioned from COO to CEO and with your background in MSOs and manufacturing, what lessons have you learned about running a successful cannabis company?

My background in retail, distribution and manufacturing shaped my view of cannabis as a commodity like any other. Consumers seek value, convenience and consistency. Whether it’s milk, poultry or cannabis, the principles remain the same. Efficient operations and a deep understanding of consumer behaviour are critical for success.

Industries evolve and cannabis is no different. From my experiences in dairy and other commodities, I’ve learned that consumer expectations drive market dynamics. Understanding these expectations and adapting operations accordingly is crucial. Efficient growth, maintaining control over expansion and ensuring product quality are fundamental lessons that apply across industries.

President Biden’s administration is moving toward rescheduling cannabis from a Schedule I to a Schedule III drug. How do you foresee this impacting Vext Science’s operations and financial performance?

I think rescheduling cannabis as a Schedule III drug does a few things. It starts to change how people think about cannabis. If it becomes a Schedule III drug, it could lead more people back into the medical market, seeking pain relief or other benefits. It might become easier to prescribe and purchase, and it would have a different tax structure, potentially giving consumers more purchasing power.

Regarding banking, I’m not sure if it changes anything immediately. It might attract investors who have previously not focused on the sector, allowing them to view cannabis in a different light.

Socially, I’m unsure of the broader impacts, but I think it sets the stage for a more favourable environment. For a company like Vext, with a strong balance sheet and asset ownership, it creates a more attractive vehicle for future use, whether through acquisition or collaboration with like-minded companies.

How does your strategy for building the company ensure its resilience and value, particularly with the expected rescheduling of cannabis?

We always aim to build a company that someone would want to acquire one day – and that is not to say the company is “for sale,” because it’s not. However, by focusing on this end state even a long time down the road, you will naturally focus on building an efficient organization with happy and engaged staff and driving profitability and cash flow. Ultimately, this approach brings value to shareholders, employees and investors. 

We believe rescheduling propels us into the next phase of market evolution. If you build the company right, you’ll be able to take advantage of future opportunities, ensuring the success of a strong, unified team.

This story was featured in Canadian Securities Exchange Magazine.

Learn more about Vext Science at https://www.vextscience.com/.