Delphi Energy Increases Year End 2011 Reserves to Over 40 Million BOE with Finding and Development Costs of $12.46 per BOE
Published : March 01, 2012
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CALGARY, ALBERTA--(Marketwire - Feb. 29, 2012) -

Delphi Energy Corp. (News - Market indicators) ("Delphi" or the "Company") is pleased to report its crude oil and natural gas reserves information for the year ended December 31, 2011.

2011 Highlights

  • Increased total proved reserves by ten percent to 25.1 million barrels of oil equivalent ("boe") and total proved plus probable reserves by 16 percent to 40.2 million boe compared to 2010, with minimal change in future development costs ("FDC");
  • Increased proved developed producing liquids (light and medium crude oil, and natural gas liquids) reserves by 42 percent, total proved liquids reserves by 27 percent and total proved plus probable liquids reserves by 34 percent compared to 2010;
  • Achieved finding, development and acquisition costs ("FD&A"), including changes in FDC, of $18.42 per boe for total proved reserves and $12.46 per boe for total proved plus probable reserves;
  • Improved three year average FD&A costs, including change in FDC, to $16.44 per boe for total proved reserves and $12.43 per boe for total proved plus probable reserves;
  • Achieved a recycle ratio of 1.95 in 2011 compared to 1.63 in 2010 and consistent with the three year average of 1.95;
  • Replaced 2011 production of 8,871 boe/d (29 percent oil and natural gas liquids) by 2.75 times with total proved plus probable reserve additions (net of all revisions and dispositions) of 8.9 million boe;
  • Increased proved plus probable reserve life index ("RLI") to 12.4 years in 2011 compared to 11.7 years in 2010.
Reserves at December 31 2011 2010 % change  
         
Proved Developed Producing (mboe) 15,123 13,944 8  
Proved Reserves (mboe) 25,074 22,721 10  
Proved Plus Probable Reserves (mboe) 40,182 34,521 16  
         
Proved FD&A including change in FDC ($/boe)(1) 18.42 18.06 2  
Proved Plus Probable FD&A including change in FDC ($/boe)(1) 12.46 14.91 (16 )
         
Operating Netback ($/boe)(1) 24.25 24.35 -  
Proved Plus Probable Recycle Ratio(1) 1.95 1.63 19  
         
2011 Wells Drilled Gross Net % of Total  
         
Crude oil 9 6.0 25  
Liquids rich natural gas (>40 bbl/mmcf NGL content) 16 12.8 54  
Natural gas (<40 bbl/mmcf NGL content) 5 5.0 21  
Total 30 23.8 100  
Success rate (%) 100 100    
         

(1) Certain financial and operating information included in this press release for the quarter and year ended December 31, 2011, such as finding and development costs, production information, operating netbacks, recycle ratios and net asset value calculations are based on unaudited financial results for the year ended December 31, 2011 and are subject to the same limitations as discussed under forward-looking statements outlined at the end of this release. These estimate amounts may change upon completion of the audited financial statements for the year ended December 31, 2011 and those changes may be material.

Reserves Summary

GLJ Petroleum Consultants Ltd. ("GLJ"), the Company's independent petroleum engineering firm, has evaluated Delphi's crude oil, natural gas and natural gas liquids reserves as at December 31, 2011 and prepared a reserves report in accordance with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" and the "Canadian Oil and Gas Evaluation Handbook". 

To view the image associated with this release, please visit the following link: http://media3.marketwire.com/docs/229delphi_image.jpg.

Following is summary information detailed in the GLJ reserves report at December 31, 2011 as compared to December 31, 2010.

  December 31, 2011 December 31, 2010  
  Gas   Oil & NGLs   Total     % of Total        
Reserves(1) (mmcf ) (mbbls ) (mboe)(2 )   P+P (mboe)(2 )   % Change  
Proved                          
  Developed Producing 69,297   3,573   15,123     38 13,944     8  
  Developed Non-producing 11,390   510   2,409     6 2,857     (16 )
  Undeveloped 34,103   1,859   7,543     19 5,920     27  
Total Proved 114,790   5,942   25,075     63 22,721     10  
Probable 71,072   3,263   15,107     37 11,800     28  
Total Proved Plus Probable 185,862   9,205   40,182     100 34,521     16  

(1) Delphi's reserves represent the operated and non-operated working interest share of reserves before deduction of royalties and include any royalty interests of the Company.

(2) Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil (6:1).

Net Present Value of Reserves

In 2011, the value of the net reserve additions of 8.9 million boe largely offset the decrease in GLJ's forecast natural gas prices as of January 1, 2012 as compared to January 1, 2011. The estimated future net revenues associated with Delphi's reserves at December 31, 2011, based on the GLJ January 1, 2012 price forecast, are summarized in the following table.

  Future net revenue before income taxes discounted at a rate of:  
($ thousands)(1) 0 % 5 % 10 % 15 % 20 %
Proved                    
  Developed Producing 316,018   249,550   206,872   177,479   156,111  
  Developed Non-producing 48,642   34,780   26,906   21,901   18,444  
  Undeveloped 139,091   83,516   53,798   36,063   24,613  
Total Proved 503,751   367,846   287,576   235,443   199,168  
Probable 362,466   199,454   126,544   87,815   64,673  
Total Proved Plus Probable 866,217   567,300   414,120   323,257   263,841  
                     

(1) The estimated future net revenues are before the deduction of estimated future site restoration costs but are reduced for estimated future abandonment costs for reserve wells and estimated capital for future development associated with the reserves. The estimated values disclosed do not necessarily represent fair market value.

Reserves Reconciliation

The following reconciliation of Delphi's reserves compares changes in the Company's reserves at December 31, 2010 to the reserves at December 31, 2011, each evaluated in accordance with National Instrument 51-101 definitions.

  Proved
(mboe
) Probable
(mboe
) Proved Plus Probable
(mboe
)
Reserves at December 31, 2010 22,721   11,800   34,521  
Extensions and Improved Recovery 5,530   4,753   10,283  
Technical Revisions 1,371   (1,344 ) 27  
Dispositions (291 ) (260 ) (551 )
Economic Factors (1,019 ) 159   (860 )
Production (3,238 ) -   (3,238 )
Reserves at December 31, 2011 25,074   15,108   40,182  

Finding and Development Costs

Finding and development costs in 2011 and over the past three years were as follows: 

    2011     2009 - 2011  
    Proved     Proved Plus Probable     Proved     Proved Plus Probable  
Capital ($ thousands)                        
  Exploration and Development Costs   115,272     115,272     255,010     255,010  
  Change in Future Development Costs   311     8,177     37,634     65,250  
  Total Development Costs   115,583     123,449     292,644     320,260  
                         
  Acquisition Costs   273     273     47,178     47,178  
  Disposition Costs   (12,873 )   (12,873 )   (33,838 )   (33,838 )
  Total Costs   102,984     110,850     305,984     333,600  
                         
Reserves (mboe)                        
  Reserve Additions (1)   5,882     9,450     16,160     23,268  
  Acquisitions and Dispositions   (291 )   (551 )   2,452     3,573  
  Total Reserve Additions   5,591     8,899     18,612     26,841  
                         
Finding and Development Costs ($/boe)                        
  Exploration and Development, excluding change in FDC $ 19.60   $ 12.20   $ 15.78   $ 10.96  
  Exploration and Development, including change in FDC $ 19.65   $ 13.06   $ 18.11   $ 13.76  
  Exploration, Development, Acquisitions and Dispositions, including change in FDC $
18.42
  $
12.46
  $
16.44
  $
12.43
 

Total exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect the total cost of reserve additions in that year.

(1) Includes extensions and improved recovery, technical revisions, and economic factors.

Future Development Costs

Future development costs (inclusive of $132.3 million for development of locations and $10.8 million of non-drilling related capital) in the Company's proved plus probable reserves consists of:

    Wells
  FDC Gross Net
Hythe 66,461 28 22.2
Wapiti 29,647 18 12.4
Bigstone Cretaceous 18,274 15 8.6
Bigstone Montney 16,860 2 1.7
Other 11,852 8 3.2
  143,094 71 48.1

Net Asset Value

The estimated net asset value of the Company at December 31, 2011 has been calculated using before tax, net present value of reserves discounted at ten percent as follows:

($ thousands except per share value)   2011     2010   % Change  
Estimated future net revenues of proved plus probable reserves (1)   414,120     399,454   4  
Undeveloped land (2)   68,676     27,650   148  
Mark-to-market value of hedging contracts   (2,678 )   650   (512 )
In-the-money option proceeds (3)   9,973     9,248   8  
Total assets value   490,091     437,002   12  
Bank debt plus working capital deficiency (unaudited) (4)   (104,935 )   (108,054 ) (3 )
Net asset value   385,156     328,948   17  
Common shares outstanding and in-the-money options   137,734,798     119,632,109   15  
Net asset value per share   2.80     2.75   2  

1 Discounted at 10 percent and before deducting future income tax expenses and reclamation costs. The Company estimates it has approximately $300 million of tax deductions available to offset future taxable income.

2 Undeveloped land was determined by an independent land valuation report by Seaton-Jordan & Associates Ltd. At December 31, 2011 Delphi had an interest in 239,186 net acres of undeveloped land versus 244,475 net acres at the end of 2010.

3 In-the-money option proceeds are based on the closing December 31, 2011 share price of $2.14.

4 December 31, 2011 net debt of $95.4 million plus carrying value of net assets held for sale of $9.5 million.

Delphi anticipates releasing its audited financial statements for the year ended December 31, 2011 on March 14, 2012 and its Annual Information Form by March 30, 2012, which will include all required National Instrument 51-101 reserves disclosure.

Delphi Energy is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. The Company is managed by a proven technical team. Delphi trades on the Toronto Stock Exchange under the symbol DEE.

Forward-Looking Statements. This management discussion and analysis contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", may", "will", "should", believe", "intends", "forecast", "plans", "guidance" and similar expressions are intended to identify forward-looking statements or information.

More particularly and without limitation, this management discussion and analysis contains forward looking statements and information relating to the Company's risk management program, petroleum and natural gas production, future funds from operations, capital programs, commodity prices, costs and debt levels. The forward-looking statements and information are based on certain key expectations and assumptions made by Delphi, including expectations and assumptions relating to prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the success of drilling new wells, the capital availability to undertake planned activities and the availability and cost of labour and services.

Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in tax, royalty and environmental legislation. Additional information on these and other factors that could affect the Company's operations or financial results are included in reports on file with the applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof for the purpose of providing the readers with the Company's expectations for the coming year. The forward-looking statements and information may not be appropriate for other purposes. Delphi undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Basis of Presentation.  For the purpose of reporting production information, reserves and calculating unit prices and costs, natural gas volumes have been converted to a barrel of oil equivalent (boe) using six thousand cubic feet equal to one barrel. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms with the Canadian Securities Administrators' National Instrument 51-101 when boes are disclosed. Boes may be misleading, particularly if used in isolation.

Non-GAAP Measures. The MD&A contains the terms "funds from operations", "funds from operations per share", "net debt", "cash operating costs" and "netbacks" which are not recognized measures under Canadian generally accepted accounting principles. The Company uses these measures to help evaluate its performance. Management considers netbacks an important measure as it demonstrates its profitability relative to current commodity prices. Management uses funds from operations to analyze performance and considers it a key measure as it demonstrates the Company's ability to generate the cash necessary to fund future capital investments and to repay debt. Funds from operations is a non-GAAP measure and has been defined by the Company as net earnings plus the addback of non-cash items (depletion, depreciation and accretion, stock-based compensation, future income taxes and unrealized gain/(loss) on risk management activities) and excludes the change in non-cash working capital related to operating activities and expenditures on asset retirement obligations and reclamation. The Company also presents funds from operations per share whereby amounts per share are calculated using weighted average shares outstanding consistent with the calculation of earnings per share. Delphi's determination of funds from operations may not be comparable to that reported by other companies nor should it be viewed as an alternative to cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with Canadian GAAP. The Company has defined net debt as the sum of long term debt plus working capital excluding the current portion of future income taxes and risk management asset/liability. Net debt is used by management to monitor remaining availability under its credit facilities. Cash operating costs have been defined as the sum of operating expenses, transportation expenses, general and administrative expenses and interest costs. Operating netbacks have been defined as revenue less royalties, transportation and operating costs. Cash flow netbacks have been defined as operating netbacks less interest and general and administrative costs. Netbacks are generally discussed and presented on a per boe basis.



Delphi Energy Corp.
David J. Reid
President & CEO
(403) 265-6171
(403) 265-6207 (FAX)
or
Delphi Energy Corp.
Brian P. Kohlhammer
Senior V.P. Finance & CFO
(403) 265-6171
(403) 265-6207 (FAX)
info@delphienergy.ca
www.delphienergy.ca
or
Delphi Energy Corp.
300, 500 - 4 Avenue S.W.
Calgary, Alberta T2P 2V6
Data and Statistics for these countries : Canada | Jordan | All
Gold and Silver Prices for these countries : Canada | Jordan | All

Delphi Energy Corp.

CODE : DEE.TO
ISIN : CA2471281014
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Delphi is a exploration company based in Canada.

Delphi is listed in Canada and in United States of America. Its market capitalisation is CA$ 54.9 millions as of today (US$ 39.5 millions, € 36.0 millions).

Its stock quote reached its highest recent level on December 30, 2005 at CA$ 6.15, and its lowest recent point on November 29, 2019 at CA$ 0.05.

Delphi has 156 900 000 shares outstanding.

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Financings of Delphi Energy Corp.
12/2/2011Announces Equity Financing
3/28/2011Closes Flow-Through Financing
6/3/2010Announces Closing of $30.25 Million Equity Offering
5/27/2010Announces Increased Credit Facility
Nominations of Delphi Energy Corp.
3/16/2010Announces Appointment of Directors
Financials of Delphi Energy Corp.
11/14/2013Reports Third Quarter Results
8/15/2013Reports Second Quarter Results
5/16/2013Reports Financial and Operational Results for First Quarter ...
8/9/2012Reports Financial and Operational Results for Second Quarter...
5/9/2012Reports Financial and Operational Results for First Quarter ...
3/15/2012Reports Fourth Quarter and Year End Results
5/26/2011Reports Financial and Operational Results for First Quarter ...
3/17/2011Reports Fourth Quarter and Year End Results
5/6/2010Reports Strong Financial and Operational Results for First Q...
Project news of Delphi Energy Corp.
9/3/2013Releases Midyear 2013 Reserves Update
7/3/2013Reports Continued Montney Drilling Success
6/20/2011Kicks Off Second Half 2011 Drilling Program
2/10/2011Reports 10 Million BOE in Reserve Additions
Corporate news of Delphi Energy Corp.
6/15/2016Delphi Energy Announces Closing of $60 Million Offering
6/3/2016Delphi Energy Announces Increase and Pricing of Offering
6/2/2016Delphi Energy Announces Voting Results from its Annual Gener...
5/28/2016Delphi Energy Announces Filing of Preliminary Short Form Pro...
5/28/2016Delphi Energy Announces Banking Update
5/11/2016Delphi Energy Reports First Quarter 2016 Results
12/29/2015Delphi Energy Provides Update
11/3/2015Delphi Energy Announces Closing of Disposition of Hythe Asse...
10/15/2015Delphi Energy Announces Agreement to Sell Greater Hythe Asse...
8/10/2015Delphi Energy Reports Second Quarter Results
7/23/2015Delhi Energy Announces Closing of Disposition of Wapiti Asse...
7/23/2015Delphi Energy Announces Closing of Disposition of Wapiti Ass...
7/2/2015Delphi Energy Grants an Extension to Closing of Greater Wapi...
3/20/2015Delphi Energy Releases Year End 2014 Reserves
3/20/2015Delphi Reports 2014 Year End Results
3/19/2015Delphi Energy Reports 2014 Year End Results
2/26/2015Delphi Energy Releases Year End 2014 Reserves
12/19/2014Delphi Energy Announces Increased Credit Facility
11/13/2014Delphi Energy Reports Third Quarter Results
10/23/2014Delphi Energy Provides Operations Update
9/10/2014IIROC Trade Resumption - DEE
9/9/2014IIROC Trading Halt - DEE
9/9/2014Delphi Energy Montney Success Continues
8/14/2014Delphi Energy Reports Second Quarter Results
7/24/2014Delphi Energy Provides Operations Update
6/13/2014Delphi Energy Corp. - Archive Webcast of June 11, 2014 EPAC ...
6/3/2014Delphi Energy Announces Annual Meeting Results
5/14/2014Delphi Energy Reports Record Quarterly Results
3/31/2014Delphi Energy Announces Increased Credit Facility and Provid...
3/19/2014Delphi Energy Reports 2013 Year End Results
12/23/2013Announces Funding Arrangement and Provides Operations Update
11/26/2013Reports Continued Success at Bigstone
10/23/2013Reports Continued Drilling Success
9/10/2013Continues Growth in Bigstone Montney Land Position
3/26/2013Acquires Additional Montney Assets in Bigstone
3/21/2013Reports 2012 Year End Results
12/12/2012Increases Bigstone Montney Exposure by 60 Percent With Recen...
9/10/2012- Peters & Co. Limited 2012 Energy Conference Webcast - ...
7/30/2012Reports Tests Results From Third Montney Well at Bigstone Ea...
7/24/2012Announces Closing of Disposition of Cardium Interests
6/28/2012Announces Agreement to Sell Cardium Interests for $23 Millio...
5/22/2012Commences Production at Its Bigstone East Montney Project
3/22/2012Provides Bigstone Operations Update
3/22/2012Provides Bigstone Operations Update
3/1/2012Increases Year End 2011 Reserves to Over 40 Million BOE with...
1/19/2012Completes First Bigstone Montney Well
7/28/2011Reports Record Production of 8,906 BOE/D For Second Quarter ...
5/18/2011Announces Increased Credit Facilities
3/18/2011Announces $9 Million Non-Brokered Private Placement Financin...
3/9/2011Reports Continued Success in the Nikanassin
2/17/2011Winter Program Delivering Results
5/13/2010Announces Equity Financing
4/1/2010Files 2009 Annual Information Form - AGM Scheduled May 20, 2...
1/13/2010Provides Operational Update
10/6/2009Announces Take-Up of Shares and Extension of Offer to Acquir...
9/10/2009Announces Financing
9/1/2009Announces Closing of Wapiti/Gold Creek Acquisition and Maili...
8/21/2009to Acquire Fairmount Energy
11/6/2008Reports 44% Increase in Cash Flow on Record Production
9/25/2008Validates Hythe Growth Potential With Recent Drilling Succes...
8/1/2008Achieves Record Production, Strengthens Balance Sheet in Q2 ...
7/25/2008Closing of Peace River Arch Acquisition
6/27/2008Announces Peace River Arch Acquisition and Financing
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