Dear Member,
The company we are about to introduce has a market cap of roughly $3 million. Its share price is $0.065, and there are approximately 46.5 million shares outstanding. On March 19th and 20th of 2014, this company’s stock price hit an intraday high of CDN$0.135 and CDN$0.13 respectively.
There has been nearly $30 million spent on this company’s 100% owned Platinum Group Metals exploration project. The project is known as the River Valley Project, an asset with a compliant *NI 43-101 resource estimate (completed by an internationally known engineering company) in the Measured and Indicated and Inferred categories (we’ll get to this shortly).
Approximately 500 drill holes have been completed on the Project and it is one of the largest un-developed primary PGM (Platinum Group Metals) projects in Canada. Furthermore, the Project has been worked on by our Featured Company since the late 90′s. Through commodity bull and bear markets, this company has stuck to its vision.
There is major significance in the fact that this is an established Platinum Group Metals exploration project located in Canada. Residing in Ontario, the project lies within the country’s premier Ni-Cu-PGM mining and smelting district, which boasts strong infrastructure and community support for mining activities.
Platinum and palladium, the two key metals within our new Featured Company’s flagship project, face major supply threats right now. The reason being is that South Africa and Russia control an approximate 80% of the world’s PGM production – two countries which have become unfriendly and even hostile to miners and more generally, the Western World (more on this shortly).
In Canada, there is but one stand alone PGM producer – it is located in Northern Ontario… our new Featured Company’s President was previously Vice President Exploration for that very company. And our new Featured Company’s advanced staged exploration project, as mentioned, is also located in Ontario.
Have you been watching some of Canada’s medical marijuana-related stocks of late?
Kind of a strange question to ask when talking about a mining play, right? Not in this case.
In addition to its 100% owned Platinum Group Metals Project, on March 7, 2014 it was reported that our new Featured Company controlled 3,844,445 common shares of Next Gen. Next Gen’s share price is up several hundred percent since the start of the year and traded millions since March 1st. Next Gen’s shares closed trading on Friday at $0.34.
There is a lot of speculation surrounding the Medical Marijuana Industry given the new legislation in Canada, which we’ve written about in previous letters; it is a sector we want some exposure to.
The Medical Marijuana Industry is in its infancy as a legitimate corporate industry. While no one can accurately predict the height this new industry may reach, estimates by Health Canada and ArcView Angel Investors are that the sector will grow 10 fold and become an industry of more than $10 billion annually over the next 5 years.
So, in our hunt for a play that provided some exposure to the Medical Marijuana Industry, while still being focused on a proven and fundamentally sound sector, we identified Pacific North West Capital (PFN:TSXV) (PAWEF:OTCQB) (P7J:Frankfurt), our new Featured Company.
While the mining and medical marijuana industries seem like polar opposites, when reading this report you’ll understand the connection our new Featured Company has to both.
We selected Pacific North West Capital as a client and Featured Company based on the merit of its 100% owned PGM asset. This asset is one of the largest undeveloped primary PGM (Platinum Group Metals) projects in Canada. The significant ownership the company has in Next Gen is just icing…
The Story
Pacific North West Capital Corp., or PFN, has a market cap of roughly $3 million. It owns 100% of an advanced PGM (Platinum Group Metals) exploration project with a high confidence *NI43-101 compliant resource estimate. Majority proportion of that resource estimate is in the Measured and Indicated categories. The project is known as the River Valley Project and exploration on the asset goes back to the late 90′s.
Roughly 100km from Sudbury, Ontario, one of Canada’s mining epicentres, PFN’s River Valley Project has had nearly $30 million spent on it since 1998. The company recently raised $500,000 through equity, has relatively low carrying costs on its advanced-staged exploration project and has a management team that has raised more than $200 million in its career…
Like the majority of junior miners, Pacific North West Capital was sold off heavily over the last few years, and its current market cap is evidence of that.
Pacific North West Capital’s major shareholders include:
Anglo Platinum (the world’s largest primary producer of Platinum): owns approximately 5.8% of PFN
Stillwater Mining (largest producer of palladium and platinum outside of Russia and South Africa): owns approximately 4.1% of PFN
PFN Management and Insiders: own approximately 15.8% of PFN
Palladium, platinum and gold are the most influential metals PFN is targeting at its River Valley Project. However, as it is a polymetallic project, it also hosts copper, nickel and rhodium.
PFN’s River Valley PGM Project Highlights
3 Million ounces of PGMs (5 Moz PdEq) – details in charts and links below
On a PdEq basis, the Measured + Indicated resources contain 3,944,000 ounces PdEq and the Inferred resources contain 1,201,000 ounces PdEq
PGM mineralized zones are open to expansion through continued exploration
100% owned by Pacific North West Capital Corp. (subject to 3% NSR)
Located on Mining Leases within 100km of Sudbury’s Metallurgical Complex
Substantial exploration upside for high grade locally and regionally (see diagram below)
PFN also holds 100% ownership of a substantial regional exploration portfolio around the River Valley PGM Project, with over 30 un-drilled exploration targets. (they do have one 70%-30% joint venture)
South African and Russian PGM supply decreasing and PGM demand increasing (more details shortly)
PFN management are currently evaluating the project’s resources for development of a potential open pit mining operation
With renewed interest in North American PGM Projects, increasing demand and diminishing supply, management’s objective is to option/joint venture the River Valley Project.
Click here for investor presentation and complete description of the above mentioned highlights.
* Link to Table 1 – NI 43-101 Compliant Mineral Resources for the River Valley PGM Project Sudbury, Ontario
Link to 2012 NI 43-101 resource estimate press release
Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves
Long-term forecast prices (US$): $896/oz Pd, $1885/oz Pt, $1271/oz Au, $3.0/lb Cu, $9.7/lb Ni, $15.9/lb Co
Resource estimation based on 462 holes for 100,000 metres drilled at sectional spacing of 25 metres to 100 metres on eight separate mineralized zones
Click here to read the Technical Report and Resource Estimate on the River Valley PGM Project, Northern Ontario – dated June 13, 2012
Further details on the River Valley PGM Project and its NI 43-101 compliant resource estimation can be viewed here
In Canada, the only stand alone PGM producer is North American Palladium. After a telephone call with a company spokesperson, we learned that North American Palladium ships its concentrates approximately 800km from Northern Ontario to Sudbury, where there is excess capacity at the metallurgical complex. Pacific North West Capital’s River Valley Project is roughly 100km away from that same complex. Dr. Bill Stone, President of Pacific North West Capital, was previously the Vice President Exploration for North American Palladium.
Threats Facing Platinum and Palladium Supply
The majority of Platinum Group Metals (PGMs) are sourced from South Africa and Russia. Those two nations virtually control the industry.
Platinum Group Metals make up some of the most valuable and densest known elements in the world, with demand rising for their use in the auto industry to mitigate vehicle pollution as well as being used in the most valuable of jewellery.
With political tensions resembling that of the Cold War, and sanctions between Putin and Western Nations being thrown back and forth, consider Russia’s source of PGMs in jeopardy, particularly its palladium supply. Producing roughly 40% of the world’s palladium, Russia is the world’s largest producer.
The Wall Street Journal reported this past week, in a report titled Auto Demand Is Liable to Drive Platinum and Palladium Higher that,
“Signia Wealth investment strategist Gautam Batra reckons potential trade disruptions in Russia stemming from U.S. sanctions in reaction to the annexation of Crimea could push palladium prices to $1,000 an ounce.”
The WSJ continued,
“Furthermore, the nation [Russia] has traditionally held some of its mined palladium in government stockpiles, which it has then sold into the market, but many observers expect these reserves to be all but exhausted.”
South Africa is the world’s largest producer of platinum and the second largest palladium producer. It has produced 80% of the world’s platinum and 37% of its palladium. From a mining-friendly perspective, that country is a mess.
For starters, the South African government has proposed radical resource nationalism tax reform, including a proposed law that would see the state take an automatic 20% ownership in foreign mining ventures. Additionally, there has been deadly strikes from miners within the country in recent years. Furthermore, the WSJ reported this past week that,
“A strike in South Africa, now in its third month, has cost producers there upward of 500,000 ounces of platinum production and over 100,000 ounces of palladium production, according to analyst estimates.”
In respect to the South African platinum mine strikes, Business Insider reported in late January of this year, in a report titled “The World’s Three Largest Platinum Mines Are Going On Strike” that,
Mine workers in South Africa want their wages doubled. And that mine owners claim it is an “unaffordable” request. The article continued,
“Top three companies Anglo-American Platinum (Amplats), Impala Platinum (Implats) and Lonmin confirmed that the strike had begun at their operations in the platinum belt, northwest of Johannesburg.”
Business Insider stated in that same article,
“Fearing the strike could spark violence in a region where over 40 people were killed during a wildcat strike in 2012, mine owners began shuttering operations on Wednesday night.”
This leaves Canada poised to potentially become a secure, future source for some of the same key PGMs hosted at Pacific North West Capital’s 100% owned flagship project.
PFN’s River Valley Project has Quite a History
The River Valley Project mineral claims were optioned by PFN in 1998, following the discovery of highly anomalous PGM values in grab samples. The property was subsequently optioned by PFN to Anglo Platinum in 1999.
Anglo Platinum (the world’s largest primary producer of Platinum) continued to fund exploration under the terms of the option and joint venture agreement and invested roughly $22 million in the exploration, including approximately 500 drill holes on the property for a 50% stake in the joint venture. Joint venturing with the world’s largest primary producer of platinum was advantageous for PFN as it expedited development while mitigating dilution over the years.
In and around 2008/2009, Anglo Platinum cut off exploration dollars to their overseas projects (they are South African based) due to the global economic crisis.
“Out of Every Crisis Comes Great Opportunity”
- Jim Rogers
As a result of Anglo Platinum’s decision to cut off exploration dollars to overseas projects at the time, the River Valley Project sat relatively dormant until April 2011, when after negotiations, PFN’s CEO, Harry Barr and his team, successfully closed a transaction allowing PFN to acquire Anglo Platinum’s 50% stake in the River Valley JV giving PFN 100% of the project. The transaction issued 12% of PFN’s outstanding shares, (as of January 2011) to Anglo Platinum. Through its share ownership in PFN, Anglo Platinum could benefit on any future success of the River Valley Project.
After acquiring 100% of the project in 2011, PFN commenced a $5,000,000 exploration program on its River Valley Project.
That $5 million exploration program cost more than the entire market cap of PFN today. And PFN raised the money privately through management’s international database of investors.
Infrastructure
Given its location in the historic mining region of Ontario, access and infrastructure surrounding the River Valley Project is excellent. There is a paved highway from Sudbury to the River Valley Property and a skilled workforce is available in the region. It’s important to note that Sudbury already has a metallurgical complex, controlled by two international mining companies. PFN’s River Valley Project is roughly 100km away from the complex.
North American Producers are Limited at the Moment
In North America there are only two primary producers of Platinum Group Metals. In Stillwater Montana there is the Stillwater Mining Company and they control one of the richest platinum group metal projects in the world. This high grade deposit has two active mines within. Stillwater Mining Company has a market cap of roughly $1.78 billion.
It is noteworthy that approximately 3.5 years ago, Stillwater acquired an un-developed copper/pgm, bulk mineable deposit in Marathon Ontario in a deal worth approximately $118 million. They purchased the junior miner who owned it – and the rest of its assets – known as Marathon PGM, in that transaction.
At the time of the buyout, Stillwater’s CEO, Frank McAllister stated “This transaction offers significant value and upside potential to Stillwater shareholders, and as the Marathon PGM/Copper project is one of the few near-term PGM development opportunities on this continent, it solidifies our position as North America’s leading PGM producer.”
source: Dr. Bill Stone, President of Pacific North West Capital, was previously the Vice President Exploration for North American Palladium.
The PFN and Next Gen Connection
On March 7, 2014, it was reported in this press release that,
“Mr. Barr also reports that all members of the Board of Directors of Pacific North West Capital Corp. (“PFN”) exercise deemed control over the voting of the 3,844,445 common shares of N [Next Gen] that are held by PFN.”
Next Gen’s management is largely the same as the PFN team. Harry Barr is the CEO of both Next Gen and Pacific North West Capital.
Mr. Barr has over 30 years experience in the mining industry and has built teams to assist him in corporate finance, project acquisition, and exploration and development of mineral projects in 9 countries and 3 continents. As CEO he has guided his management teams to complete over 300 option joint venture agreements with major, mid-tier, and junior companies. Mr. Barr has raised over $250,000,000 to advance projects throughout 9 countries.
Why would Harry Barr get involved in the Medical Marijuana/Hemp Industries?
There are a couple key reasons.
Mr. Barr’s expertise in the mining industry is evident, but first and foremost, he is a venture capitalist. He seeks out opportunities in which growth is projected and aligns his interests and expertise if it makes sense. Obviously, his ability to raise substantial amounts of capital is an important asset that could be utilized in this new industry in need of ‘shirt and tie’ professionals.
Additionally, and perhaps most important, are his connections to the hemp farming industry. Roughly one hundred and fifty years ago, Mr. Barr’s ancestors began farming in the Ottawa Valley. The family farm, ran by his grandfather, was producing hemp, which was used primarily for rope.
At 23, a young Harry Barr graduated from the University of Guelph in Agribusiness and began a career that forged him into a global mining executive and financier. With Next Gen, Barr plans to incubate and mentor those legal marijuana and hemp companies that have the technical savvy, but require the business acumen that any new or expanding industry needs; be it fundraising, complex negotiation skills, capital markets expertise, public company administration or IPO’s.
On March 3, 2014, in reference to Next Gen, Barr explained to the Financial Press “We are looking at several proposals and intend to raise capital for the best of them in exchange for an equity interest, a sales royalty or both. I am confident we will be able to provide compelling returns for all parties, but in particular our Next Gen shareholders.”
source: NI 43-101 resource estimate in the Measured and Indicated and Inferred categories; and PFN has substantial ownership interest in Next Gen, a medical marijuana related-stock that is up several hundred percent since the start of the year.
Currently trading for less than a dime per share, Pacific North West Capital has roughly a $3 million market cap. The carrying costs for its River Valley Project are substantially lower than many other mineral assets we’ve featured. And with its 100% ownership in the River Valley PGM Project, PFN can actively seek out a JV partner, ideally a major, to help push it through to the next stage of development.
Throughout their careers, PFN management has completed near 40 option joint ventures with large mining companies across the globe, so they have the necessary experience. Additionally, Dr. Bill Stone, PFN’s President, was previously VP Exploration for the only stand alone PGM producer in Canada, which operates in the same Province as PFN does.
Risk v Reward
It is our belief that the junior mining industry has bottomed and there is substantial data supporting that argument. Furthermore, given the low valuations for many juniors, large miners and commodity investment organizations are actively seeking out acquisition targets and partnerships within the sector.
The Globe and Mail reported this past week that,
“One of the most aggressive deal makers in the mining industry has tapped the private equity markets to bankroll the launch of a new company in a bet that the resources industry is set to be revived.”
Mick Davis, the former Xstrata CEO, raised $2.5 billion from just five investors to form X2. The goal is to create a mid-tier mining and metals group and it is expected that another billion dollars will be added to its treasury shortly…
The Globe and Mail continued in its exclusive report,
“With ample funding in place, X2 is expected to move quickly on the acquisitions front. The company won’t say where it is looking, though the team has intimate knowledge of the mining scene in Australia, Canada and South Africa.”
There are residual and inherent risks involved with PFN, as is the case with most junior mining stocks. However, given all the data and information included in this report, PFN is a speculative investment opportunity we are willing to put our name behind.
We are biased towards Pacific North West Capital because they are an advertiser and we participated in the company’s recently completed private placement. We may also increase our share position in the company following the release of this report. Please take responsibility for practicing your own thorough and independent due diligence. Remember, past performance is not indicative of future performance. Just because many of Pinnacle Digest’s Featured Companies have performed well, doesn’t mean they all will.
This marks the initiation of our coverage on Pacific North West Capital (PFN:TSXV) (PAWEF:OTCQB) (P7J:Frankfurt). Its shares last traded at CDN$0.065. We will have further updates in regards to the PFN story over the coming weeks.
All the best with your investments,
PINNACLEDIGEST.COM
VISIT PACIFIC NORTH WEST CAPITAL ONLINE
River Valley PGM Project is 100% owned by Pacific North West Capital.
The project is under two Mining leases. The Mining Leases cover an area of 5381.1 hectares, including 4,756.2 hectares of Surface and Mining Rights and an additional 624.9 hectares of Mining Rights. The Mining Leases cover all of the NI43-101 mineral resources of the River Valley PGM Project.
Click on Image to Watch Resource Classification Animation for the River Valley PGM Project
PFN SEDAR FILINGS
Disclosure, Risks Involved and Information on Forward Looking Statements: Please read carefully before proceeding.
Important: Our disclosure for this report on Pacific North West Capital Corp. applies to the date this report was released to our subscribers (April 6, 2014) and posted on our website. This disclaimer will never be updated, even after we have sold all of our shares in Pacific North West Capital Corp..
PFN’s stock position in Next Gen may increase or decrease at any time. Its stock position in Next Gen, documented in this report, was as per a news release dated March 7, 2014. Since that time its share position in Next Gen may have changed.
All statements in this report, other than statements of historical fact must be considered forward-looking statements. These statements relate to future events or future performance.
Forward-looking statements are often, but not always identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget”, “scheduled”, and similar expressions. Much of this report on Pacific North West Capital Corp. is comprised of statements of projection. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.
Statements regarding mineral exploration operations and objectives are subject to constant risk, including, but are not limited to, the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals, volatility in stock price, the risks associated with uninsurable risks arising during the course of exploration, development and production.
Risks and uncertainties respecting mineral exploration companies are generally disclosed in the annual financial or other filing documents of those and similar companies as filed with the relevant securities commissions, and should be reviewed by any reader of this report. In addition, with respect to any particular company, a number of risks relate to any statement of projection or forward statement.
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Set forth below is our disclosure of compensation received from Pacific North West Capital Corp. and an explanation of our stock ownership in the company:
Maximus Strategic Consulting Inc., owner of PinnacleDigest.com, has been paid CDN$45,000 plus gst to provide online marketing services for Pacific North West Capital Corp. for a pre-paid six month online marketing agreement. The company (Pacific North West Capital Corp.) has paid for this service. The service includes, but is not limited to, the creation and distribution of reports authored by PinnacleDigest.com about Pacific North West Capital Corp. (reports such as this one), as well as display advertisements and news distribution about the company on our website and in our newsletter. This is our first report on Pacific North West Capital Corp. We (Maximus Strategic Consulting Inc.) participated in Pacific North West Capital’s private placement (see company press release on March 25, 2014 for details). In that private placement we purchased 450,000 units. Each Unit consists of one common share at a price of $0.05 per Unit and one-half of one non-transferable share purchase warrant (“Warrant”). Each Warrant entitles us to purchase one additional common share of the Company for a period of 36 months from the closing date at a price of $0.10 per share during the first year, $0.20 per share during the second year and $0.30 per share during the third year. All subscribers who participated in the private placement, including Maximus Strategic Consulting Inc., entered into a voluntary *pooling agreement with Pacific North West Capital. The units we own are subject to a hold period expiring on July 26, 2014, four months and one day after the closing date. We (Maximus Strategic Consulting Inc. and its employees and consultants) may buy more shares of Pacific North West Capital Corp. following the release of this report. We (Maximus Strategic Consulting Inc. and its employees and consultants) intend to sell every share we own, as well as any shares we may purchase in the future, of Pacific North West Capital Corp. for our own profit. All shares we (Maximus Strategic Consulting Inc. and its employees and consultants) currently own or purchase in the future of Pacific North West Capital Corp. will be sold without notice to our subscribers. Please recognize that we are extremely biased when it comes to Pacific North West Capital Corp.
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(iv) on the date that is thirteen (13) months from the date that the Private Placement closed
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SOURCE: http://www.pinnacledigest.com/articles/mining-and-medical-marijuana