Mactung

The Mactung Project is 100% owned by Fireweed Metals Corp (a Lundin Group Company). The project straddles the Yukon and Northwest Territories border and is immediately adjacent to the Macmillan Pass Zn-Pb Project, also owned by Fireweed.

In February 2023, Fireweed acquired an 100% interest in the Project and subsequently announced an updated Mineral Resource Estimate in July 2023. The deposit hosts tungsten skarn mineralization that has developed in carbonate-rich rocks adjacent to a large granitic intrusion. The update included a 41.5Mt Indicated Resource at 0.73% WO₃ and a 12.2Mt Inferred Resource at 0.59% WO₃, making Mactung one of the largest and highest-grade tungsten deposits in the world. Elemental’s royalty area also includes an Exploration Target of an additional 2.4-3.5Mt at 0.4-0.6% WO₃ in the immediate vicinity of the deposit, and there is ~650m of untested strike length between the current resource and outcropping skarns, highlighting further exploration potential.

Mactung is an advanced exploration project with extensive engineering and metallurgy studies completed previously to support a 2009 Feasibility Study. This study outlined an 11-year Yukon-only underground mining scenario for which a conditional mining permit was approved by the Yukon Government in 2014. It is expected that further analysis will be required prior to the release of an updated feasibility study that may include open pit extraction.

The royalty is an uncapped 4.0% NSR with 2.0% buyback option held by the operator, which can be exercised at any time for C$2,500,000.