by James Kwantes
Published first at Patreon

Some insider buying activity that caught my eye ahead of the Victoria Day long weekend and a holiday-shortened trading week. In each case, it's a repeat appearance by "Power Players" who I've written about previously here:

Dan Myerson: The Foran Mining (FOM-V) executive chairman and CEO spent $100,367 at $3.07 a share on May 18, upping his stake to about 5.6 million shares (2% of the company). Shares closed the week at $3.25, down from April highs above $4.

I wrote about Myerson and Foran in Forward-looking: Execs who make a statement, my third Patreon post (published Aug. 25, 2022). The company is developing the high-grade feasibility-stage McIlvenna Bay VMS project in northern Saskatchewan, one that has been around for a while but stalled out under previous leadership.

It's been a busy 9 months for Foran, which recently received conditional approval to graduate from the TSXV to the Toronto Stock Exchange. A sampling:

  • further high-grade drill results at its Tesla discovery (which Voyageurs Mineral Explorers (VOY-CN) owns a royalty on);
  • a $100-million share-only financing and US$150-million credit facility, the latter of which will help green-light a $200-million investment by the Ontario Teachers' Pension Plan Board;
  • board appointments including an ex-Google and Microsoft exec and Jessica McDonald, former CEO of B.C. Hydro and head of the B.C. public service.

Larry Childress: This U.S.-based investor featured in my first Patreon piece, Slaughterhouse insider buying, back on July 18, 2022. At the time, he was buying shares of Fireweed Metals (FWZ-V) at 59 cents and had accumulated about 9.87 million shares, a 10.7% stake in the company. Fireweed is developing the high-grade zinc-lead-silver Macmillan Pass project in Yukon and the neighbouring Mactung tungsten deposit in Northwest Territories.

Childress has continued to buy Fireweed shares since, as outlined here for example. The lastest purchases -- about $400,000 worth at 79-91c in April and May - take him to 16.8 million shares, about 12.4% of the total. He was joined in late 2022 on the shareholder registry by the Lundin family, as part of a $35-million financing that materially increases Fireweed's odds of success. The Lundins own an 18.7% stake.

Fireweed recently announced a 16,000-metre drill program at Macmillan Pass, the largest yet. Final 2022 assays included some of the company's best drill results to date, including:

  • 40.6 metres of 15.2% zinc, 14.6% lead and 181.6 g/t silver at its Tom deposit;
  • 298 metres of 4.5% zinc, 1.4% lead and 30.9 g/t silver at Boundary.

The next resource update -- incorporating five-plus years of high-grade drill results including from new deposits Boundary and Boundary West -- should propel Macmillan Pass into the ranks of the world's best undeveloped zinc deposits. I hope to visit the project this summer.

Patrick Evans: The veteran mining operator has been adding to his stakes in Mayfair Gold (MFG-V) and Pan Global Resources (PGZ-V). Mayfair is developing the 3.3-million-oz Fenn-Gib gold deposit in Ontario's Timmins gold camp; Pan Global is exploring for high-grade base metals in southern Spain's Iberian pyrite belt.

Evans put another $9,000 into Mayfair at $1.80, taking his stake to just shy of 1 million shares. He has spent more on Pan Global lately -- $64,710 at 22-33c since May 11, taking his Pan Global stake to 3.8 million shares (1.8%).

Speculators may want to take notice, expecially if Evans is able to replicate his Mirasol Resources (MRZ-V) bottom-fishing. Evans, Mirasol director John Tognetti and 10% shareholder Glenn Pountney were loading up on Mirasol shares well under a dollar earlier this year (Tognetti has continued buying as high as $1.16). Mirasol shares closed today at $1.29 as the company drills its Sobek copper-gold prospect in the Vicuna district that hosts the Lundins' Filo and NGEx discoveries.

I wrote about Mirasol and Pountney's buying spree in Whale Watching and the 10% Club on Nov. 7, 2022.

Addition (May 23/23):

Neil Woodyer: CEO Neil Woodyer is adding to his stake as shares of Aris Mining (ARIS-T) come off their recent highs. Woodyer, a founder and former CEO of gold producers Leagold and Endeavour Mining, spent $402,634 buying Aris shares at $3.31 on May 19.  He owns 2.29 million shares, a 1.7% stake.

Aris is a Colombia-focused gold roll-up play that operates the Segovia and Marmato mines and owns the Toroparu development project and a 20% interest in the Soto Norte gold project (option to acquire an additional 30%). Aris's production guidance for 2023 is 230,000 to 270,000 ounces of gold at all-in sustaining costs of US$1,050 to $1,150/oz.

Tyron Breytenbach, Aris's senior vice-president of capital markets, also purchased $47,750 worth of Aris shares at prices of $3.09 to $3.23 recently. There has been some insider selling as well - director Serafino Iacono sold about $275,000 worth of shares in April at $4.25 a share.

Dave Lotan: The veteran junior investor has been loading up on shares of Fox River Resources (FOX-CN), which is developing the Martison phosphate deposit north of Hearst, Ontario. Lotan is the company's non-executive chairman.

Lotan has spent about $325,000 this year purchasing Fox River shares at prices ranging from 20 cents (private placement) to 37 cents. He owns 6,086,600 shares, a 9.5% stake in the company. Fox River CEO Stephen Case owns 9.18 million shares, a 14.3% stake.

Disclosure: I own shares of Fireweed Metals, Mayfair Gold, Mirasol Resources, Fox River Resources and Voyageur Mineral Explorers. I wrote a recent paid article for Fox River and have done previous work with Fireweed Metals. No business relationship with any other company mentioned.