Author: Ron Wortel MBA, P.Eng., QP July 2, 2026
PLEASE REVIEW THE DISCLAIMER ON PAGE 14
The analyst team conducted a detailed site visit to Nord Precious Metals Mining Inc.’s properties and operational assets in the historic Cobalt mining camp of northeastern Ontario during the summer of 2025. The visit provided firsthand insight into the Company’s technical progress, infrastructure readiness, and the broader regional context supporting Nord’s strategy to re‑establish Cobalt as a modern critical‑metals production camp as part of Canada’s in-house development strategy.
Investment Highlights
- Nord Precious Metals Mining Inc. (TSXV: NTH) (“Nord” or the “Company”) – Near-Term Production with Minimal Capital: Nord is positioned to restart silver and critical‑metals production in the historic Cobalt–Gowganda district using surface tailings and mine rock at Beaver, Castle, and the newly acquired BMR leases. The site visit confirmed that the Company’s TTL processing plant is operationally ready, equipment is staged, and permitting under Ontario’s Recovery Permit framework is advancing. This low‑capex pathway directly supports our BUY recommendation.
- High‑Grade Resource Growth Backed by New Drilling: Recent drilling continues to deliver bonanza‑grade silver, including intervals above 20,000–60,000 g/t Ag, validating Nord’s 3D geological model and confirming continuity of classic Cobalt‑style vein systems. These results support meaningful hard‑rock resource expansion and reinforce the district’s long‑term production potential.
- Unique Infrastructure Advantage with only Permitted Mill in the Camp: Nord’s TTL facility remains the only permitted mill in the Cobalt camp, enabling rapid monetization of surface inventories and potential toll‑milling for third‑party feed. Road and rail access reduce logistics costs and support scalable production growth.
- District‑Scale Consolidation with Strong Market Tailwinds: Nord now controls some of the most productive ground in Canada’s historic silver camp. High silver prices, supportive provincial policy, and Canada’s push for domestic critical‑metals supply create a favourable setting for a valuation re‑rating as Nord transitions from explorer to producer
- We reiterate our BUY recommendation with a fair market value of $0.95.
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