Nearly 3 Million Ounces of Century-Old Silver. Ontario Just Opened the Door.
Granada’s Ontario tailings project advances permitting while $3m debt converts to a royalty.
Nord Precious Metals Mining Inc. (NPM) has entered a pre-submission consultation with Ontario’s Ministry of the Environment, Conservation and Parks (MECP) regarding the permitting pathway for its Gowganda silver tailings recovery program. The project holds a historical estimate of approximately 2.96 million ounces of silver derived from 764 drill holes.
In a separate transaction, NPM executed a debt-to-royalty conversion, extinguishing a $3 million receivable from related party Granada Gold Mine Inc. in exchange for a 3% Net Smelter Return (NSR) royalty on a Quebec gold property. Meanwhile, a fully funded 5,000-metre drill phase is currently underway at the Castle East silver discovery. CEO Frank J. Basa presented at the OTCQB Virtual Investor Conference to increase investor visibility.
The Ministry of Energy, Mines and Petroleum Resources (MECP) consultation represents a standard, expected regulatory step for tailings recovery projects. This development confirms that Granada Gold Mine Inc. (GGM) is moving forward with environmental submissions, though it does not guarantee approval or production timelines.
The company’s debt-to-royalty conversion cleans up the balance sheet by extinguishing a $3 million receivable, while introducing a royalty burden on the Granada property. The repurchase option, allowing for the buyback of the full 3% NSR for $3 million, provides a favorable exit path.
Overall, the news represents incremental, expected progress that does not materially alter the company's valuation, risk profile, or near-term cash flow requirements.
Nord Precious Metals Mining Inc. focuses on precious metals recovery and exploration. Its flagship project is the Gowganda silver tailings recovery program in Ontario, which targets approximately 2.96 million ounces of silver using modular gravity concentration at surface. The company’s portfolio also includes a 35% interest in Coniagas Battery Metals Inc., a nickel-copper-cobalt venture, and the St. Denis-Sangster lithium project.
The provided investor presentation and financials are for Granada Gold Mine Inc., a related entity sharing key management with Nord, including Frank J. Basa, Matthew Halliday, and Daniel Barrette. Granada holds a 100% interest in a gold project in Quebec that has a historical production record and an updated 2026 mineral resource estimate.