Canadian Critical Minerals: Faster Please

Canadian Critical Minerals (CCMI.V) came out with its July numbers today and they were a bit disappointing,

During the month of July 2024, the Company trucked 550 wet metric tonnes ("wmt") of sorted mineralized material to New Afton and the Company received a provisional payment of approximately USD$143,000 for the July 2024 shipments. The mineralized material sent to New Afton graded 3.73% Cu, 0.69 g/t Au and 31.0 g/t Ag.

This compares poorly to June’s excellent numbers,

“During the month of June 2024, the Company trucked 694 wet metric tonnes ("wmt") of mineralized material to New Afton and the Company received a provisional payment of approximately USD$246,000 for the June 2024 shipments versus approximately USD$103,000 for May 2024 shipments. The mineralized material sent to New Afton graded 4.67% Cu, 0.89 g/t Au and 39.5 g/t Ag.”

Lower grades in the stock pile were blamed: “During the month, the Company encountered lower grade material from the surface stockpile. Although more mineralized material was processed through the ore sorter compared to all previous months of operation, less high-grade material was concentrated for shipment to New Afton.”

CCMI remains a “producer” and as CEO Ian Berzins points out, “Readers are reminded that less than 2% of all micro-cap junior mining companies in Canada are generating revenues.”

Which is good. However, after paying the ore sorter rental fee and the trucking costs, the net from stockpile operations is not likely to be all that significant. Yes, there will have been a big pile of “reject” but still economic rock created awaiting the restart of the Bull River mill. But the end of the ore sorter lease is looming.

(And now, nasty man that I am, I have a few remarks and a bit of information which I am only sharing with paid subscribers. It is a bit close to the bone and suggests a bit about the timings on a CCMI investment.)

(Disclaimer: I own shares in CCMI.V and may add more or sell at any time. Do your own due diligence. Call the CEO.)