Investment Highlights


  1. Aquila owns a portfolio of high grade, gold-rich projects in the Upper Midwest, USA
    1. Three projects in a Tier 1 jurisdiction underpinned by gold with exposure to key metals including copper
    2. Aquila offers investors exposure to new district exploration potential in a safe jurisdiction with access to infrastructure
    3. Projects are located on the underexplored Penokean VMS Belt – over 24 known deposits and only 1 past-producer
    4. Developers have been overlooked for years – solid, advanced stage and de-risked projects in Tier 1 jurisdictions are scarce and are becoming targets of investor and M&A interest


  1. Aquila’s flagship 100%-owned Back Forty Project in Michigan is approaching shovel-ready status
    1. Working towards an optimized Feasibility Study that incorporates the open pit and underground mine plans while minimizing surface impacts
    2. Advancing through permitting; focused on pre-construction activities


  1. Back Forty is well-defined with leverage to gold – Advanced stage developer
    1. Open Pit Feasibility Study published in 2018
    2. PEA incorporating known underground Mineral Resources announced August 5, 2020
      • Long-term consensus prices including $1485 gold:
        • After-tax NPV $176M, After-tax IRR 26.1%, payback 2.4 years
      • $2000 gold:
        • After-tax NPV $316M, After-tax IRR 37.9%, payback 1.6 years
      • At $2,000 gold, over 52% of revenue is generated by gold
      • 1.1 million oz Au in the M&I Mineral Resource classification
      • On a gold equivalent basis, 2.5M oz AuEq M&I at a grade of 4.3 g/t AuEq
      • ~130,000 meters drilled at Back Forty alone and ~US$90 million has been invested in the Project by Aquila and past JV partner Hudbay


  1. Back Forty has tremendous exploration potential
    • The deposit is open at depth with additional satellite targets nearby
    • VMS deposits occur in clusters


  1. Aquila is in the process of monetizing its non-core Wisconsin properties
    • On June 1, 2021, Aquila announced that it has entered into a non-binding letter of intent to sell its interest in the Bend and Reef exploration properties located in Wisconsin, USA to a private company. Additional details can be viewed here.


  1. Aquila has a strong stakeholder base
    1. Orion Mine Finance (29%), Ruffer LLP (13%), and Hudbay (11%) together own over 50% of Aquila’s shares
    2. Access to additional capital through Osisko Gold Royalties
      1. Osisko committed US$60 million to advance Back Forty
        • US$10 million equity plus US$50 million stream


  1. Strong management team and board
    1. Premier permitting team in Michigan
    2. Consulting geologists have worked the Belt since the 1970s
    3. Strong Board with mix of mine building and capital markets expertise


  1. Extremely attractive valuation, especially given location and stage of development
    1. Trading at an EV of US$0.007/lb zinc equivalent (ZnEq) versus a peer average of US$0.015/lb ZnEq*
    2. Trading at a Price / After-tax NPV of 0.05x**
    3. Zero value for upside potential at Back Forty
*Source: FactSet, Company filings, Paradigm Capital Inc.
**See the technical report, titled “Preliminary Economic Assessment of the Back Forty Project, Menominee County, Michigan, USA” prepared by P&E Mining Consultants Inc. filed on SEDAR on Sept. 16, 2020. Spot price deck: $1,907/oz Au; $28.13/oz Ag; $1.38/lb Zn; $4.56/lb Cu; $1.00/lb Pb.



Shares Outstanding




Fully Diluted


*As at September 30, 2021

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