Nuinsco Provides Update on Private Placement
Executive Summary
- Nuinsco Resources announced that its ongoing non‑brokered private placement of flow‑through and common shares may close as late as February 2, 2026.
- Up to 100 million shares can be issued at $0.005 per share; proceeds will fund work on the Prairie Lake critical minerals project and general corporate purposes.
- The release includes a detailed update of the Prairie Lake Mineral Resource Estimate (≈900 Mt total, 15.6 Mt indicated, 871.8 Mt inferred) and highlights a higher‑grade domain identified using a 5 % P₂O₅ cut‑off.
Key Details
- Placement Terms
- Maximum issuance: 100,000,000 Flow‑Through Shares and/or Common Shares.
- Pricing: $0.005 per share.
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Closing date extended to February 2, 2026 (subject to investor demand).
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Use of Proceeds
- Flow‑Through Shares: fund exploration and work programs to advance the Prairie Lake project.
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Common Shares: for general corporate purposes.
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Prairie Lake Mineral Resource Estimate (MRE) – 2022 Pit‑Constrained NI 43‑101 report:
- Total resource: ~900 Mt (15.6 Mt indicated, 871.8 Mt inferred) at a 2 % P₂O₅ cut‑off.
- Higher‑grade domain identified with a 5 % P₂O₅ cut‑off:
- 65 Mt Inferred MRE (5.9 % P₂O₅) and 1.2 Mt Indicated MRE (5.8 % P₂O₅).
- Key metal grades (average):
| Category | Tonnes (Mt) | Nd₂O₃ (g/t) | Pr₆O₁₁ (g/t) | Sc₂O₃ (g/t) | CeO₂ (g/t) | La₂O₃ (g/t) | Sm₂O₃ (g/t) | Y₂O₃ (g/t) | TREO (kg/t) | Nb₂O₅ (%) |
|---|---|---|---|---|---|---|---|---|---|---|
| Indicated | 15.6 | 344 | 96 | 15 | 754 | 300 | 58 | 28 | 100 | 0.16 |
| Inferred | 871.8 | 409 | 82 | 18 | 905 | 388 | 79 | 17 | 127 | 0.10 |
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Metallurgical Highlights – Clean phosphate concentrate with valuable REE co‑concentrate can be reliably produced; niobium co‑product potential under investigation.
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Logistical Advantages of Prairie Lake
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Proximity to skilled local workforce, all‑weather forest access road, Highways 17 & 11, CP and CN rail lines, 230 kV power line, deep‑water ports (Marathon, Thunder Bay, Sault Ste. Marie), and Marathon airport.
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Qualified Person – Laura Giroux, P.Geo., Chief Geologist, reviewed and approved the technical content under NI 43‑101.
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Forward‑Looking Statements – The release contains customary forward‑looking language regarding use of proceeds, exploration plans, metallurgical results, and project economics.
Notable Quotes
- “The identification of a higher‑grade domain within Prairie Lake significantly enhances the project's potential and underscores our commitment to advancing this critical minerals asset.” – Paul Jones, CEO
All non‑material boilerplate, safe‑harbor statements, and contact information have been omitted for brevity.