Nord Precious Metals Mining Inc. (TSXV: NTH) is planning to put its name into operation in 2026. The
Company looks to apply under Ontario’s 1P1P system for a Recovery Perming to allow it to process mine
rock and tailings for the recovery of silver and critical metals. This plan, supported by the Ontario
government, would allow the Company to turn current environmental liabilities in the historic Cobalt
camp into revenue streams. The Company looks to use its permitted gravity recovery circuit at TTL in
Cobalt to consolidate production in this historic mining camp.
Figure 1: Project and asset location map
The Company holds three land packages in the Camp: at the former Beaver and Violet Mines in the main
Cobalt camp; and the Castle and Castle East Mine properties in the Gowganda Camp, see Figure 1. The
Castle Mine property is host to the Company’s high-grade mineralization inventory that is being
expanded by drilling at this time. The drilling is being directed by a recently completed 3D model of the
mineralization and veining in this deposit based on over 75,000 m of drilling. The Company recently
acquired additional land leases and tailings resources in this camp to expand its at-surface inventory,
development and exploration infrastructure, and exploration potential.
We see this strategic plan to start with low capex, reduced risk, high-grade resource recovery
from surface resources as a viable near-term plan for value generation and growth. We are
recommending the stock as a Buy, supported by the high metal price market for silver and the
demand for domestic critical metal production.
Investment highlights
- Fasttrack path to nearterm production
Clear strategy to become the next criticalmetals producer in Canada’s historic Cobalt camp. High
silver prices convert legacy tailings and waste rock into immediate, lowcost revenue sources.
- Sectorleading grades and scale potential
Castle Mine hosts the highestgrade silver resource globally at 250 oz/t, unmatched by peers. Drilling delivers extremely highgrade hits, confirming classic Cobaltstyle vein systems with major upside.
- Infrastructure advantage creates a lowcost, highmargin model
The only permitted processing plant in the entire camp, the process allows tollmilling and rapid monetization. Tailings and waste rock feed turn environmental liabilities into cashflow assets with community support.
- Market timing favours a rerating
Silver’s surge above US$120/oz highlights explosive margin expansion as world average AISC remains
subUS$30/oz. Current valuation reflects a 50% pullback from highs, despite permitting and
production.
We are recommending the shares of Nord Precious Metals and Mining as a Buy as they move close
to implementing their near-term low-cost production strategy in Canada’s first hard rock critical
metals mining camp. Our fair market value target for the stock is $0.95
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2. The views of the Analyst are personal.
3. No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports.
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