Year-to-date gain: 204.17 percent
Market cap: C$100.85 million
Share price: C$0.365
Falco Resources is an exploration and development company operating within the Abitibi Greenstone Belt in Québec, Canada. Its flagship asset is the Horne 5 polymetallic gold project, which consists of 67,000 hectares of land in the Noranda mining camp, and includes 13 historic gold and base metals mining sites, including the Horne mine.
A 2021 feasibility study estimates that the project’s measured and indicated resources stand at 4.89 million ounces of gold, 48.63 million ounces of silver, 176,982 metric tons of copper and 839,937 metric tons of zinc.
Shares of Falco saw gains early in the year following a news release on January 24, when the company announced it had executed an operating license and indemnity agreement with Glencore (LSE:GLEN,OTC Pink:GLCNF). Under the terms of the deal, Falco will gain access to a portion of land that it will use to advance Horne 5.
The deal will also establish a technical committee to ensure that operations at Horne 5 do not interfere with Glencore’s Horne smelter. Additionally, Glencore will gain the right to require remediation, suspension or risk mitigation in order to protect its Horne smelter. Glencore will also have the right to a seat on Falco’s board of directors.
On March 27, Falco confirmed the admissibility of an environmental impact assessment from the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks. It said it would be able to move forward with a public hearing process for the asset.
Falco reported the completion of the public hearing process on October 4. In the announcement, the company said that more than 90 briefs were filed with the Commission of Inquiry and noted that the proceedings were respectful and constructive. Falco said the next steps will be to review and address concerns raised in the hearings, adding that it will meet with the advisory committee to identify possible solutions and make improvements to the project. The final report is due to be sent to the ministry by December 26, with publication set for mid-January 2025.
On October 28, Falco reported that it was continuing to file documentation ahead of the December 26 deadline. Additionally, it said it was working on updating a 2021 feasibility study to account for higher prices in the gold and copper prices.
Shares in Falco reached a year-to-date high of C$0.46 on May 13.