Categories: Precious Metals / Mining Stocks
Topics: Gold Stocks / Copper Stocks

V Ten Capital Corp. (TSX-V: VTEN.P) Director Blair Way on Launching a New Copper-Gold Explorer With Backing From a Proven Team

 

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is a gentleman I’ve done very, very well with — not just with Patriot Battery Metals back in 2021. And by the way, our group continues to be large shareholders of that company (now PMET Resources) — from C$0.16 to C$17 — but our history goes all the way back to 2010. I’m talking about the director of a new story to our audience, Mr. Blair Way of V Ten Capital Corp. (TSX-V: VTEN.P). Blair, how are you today, sir?

Blair Way: I’m doing great, Gerardo. It’s good to catch up… it’s been a while since we’ve chatted.

Gerardo Del Real: When you and I first met, I think it was 2010, there was a company called Flinders, and you came in for the Woxna Graphite Project. And without getting too deep into the history, who would’ve thought that 15 years later, we’d be in a commodity bull market that’s bullish across the board?

Of course, that includes copper and gold — both making new record highs this year and both looking to have plenty of runway ahead.

So when you called me about this capital pool corp and the possibility of helping fund it and becoming shareholders, I was all ears, especially when I realized Alicia Milne, Kevin Bottomley, and Simon Cohn were involved. I’m a happy shareholder in other companies they’ve worked with and have done very well.

So, Blair, welcome. Can you explain to the folks at home what V Ten Capital is? It’s very early stage, which I love, and new to our audience and new, frankly, to the market. You’re a director, the team is coming together, and you’re still figuring out who fits where. But early days, early stage — tell us about V Ten.

Blair Way: For sure. So a capital pool company, known as a CPC, is basically the start of a public company. To move from a capital pool company to a fully listed and trading company on the TSX, you have to go through a qualifying transaction.

We built the CPC some time ago and have been looking for a property that fits our expertise, our interests, and what the market is looking for. As you said, we may look back on this period as another supercycle similar to what we saw in the early to mid-2000s. It feels like that again. Copper and gold are both taking off.

So we took the CPC, started looking for assets, and we believe we’ve found a great qualifying asset in the Northern Territory of Australia. We’ve pulled the team together: I’m a director, Simon’s a director, Alicia’s a director, and Kevin’s a director — and we’re working through the administrative process. 

It’s still early, but we’ve kept a very tight structure. We’re bringing in shareholders we’ve worked with before, people who understand the exploration thesis. You bring in a property, you do the work, you test it, and ideally, it works. But that’s exploration. If it doesn’t, we’ll look for more properties. We’re always on the lookout.

At this stage, the qualifying transaction is moving ahead, and we’re pretty excited about the property we’ve found. We’ll share more as the story grows and as we move through the process with the TSX. It’s a brand-new company, a brand-new start, and we’re super excited.

Gerardo Del Real: Well, it’s exciting on our end to be able to present the story at such an early stage. And just to be clear, the company is still checking all the boxes with the exchange. The qualifying transaction has been submitted, and you’re waiting on approval.

You’re also conducting a C$2.5 million financing with a full warrant at C$0.25 per share with a full two-year warrant at C$0.40. Post-financing, the market cap will be roughly C$7 million, right, Blair?

Blair Way: That’s correct, yes.

Gerardo Del Real: Assuming everything proceeds as expected with the exchange and the qualifying transaction, you’ll have a tight float and a great share structure. I know and trust everyone involved on the management side.

And with your network and rolodex, I expect you’ll have some compelling conversations over the next few months once this crosses the finish line, likely lining up accretive assets while developing the one you already have for the qualifying transaction. Can you touch on what the broader mandate will be for V Ten?

Blair Way: Absolutely. You hit the nail on the head. We see a big opportunity ahead in this commodities bull market. Copper and gold are at the top of the list but they’re not the only metals we’ll watch. We’re looking for properties that can deliver.

Even back in the Patriot days before lithium really took off, we had copper, gold, and lithium at the Shaakichiuwaanaan (formerly Corvette) Project. So you’re always on the lookout, and you never know what you might find.

With this property, we have a high level of confidence given its location. It is adjacent to an existing Newmont gold mine called The Granites in the Tanami region of Australia. There’s also a farm-in from Newmont on part of the property due to its prospectivity. We’ll do work on the ground, and Newmont will as well. It’s a great way to advance the project quickly and prove it up.

At the same time, we’ll continue looking for other drill-ready properties so we can get on the ground and start work right away. We’ll be in a position to fund it. People like to see companies putting money into the ground and not wasting it on unnecessary things. That’s been our approach from the start: put the money into the ground and prove it up.

Gerardo Del Real: For the property being presented as the qualifying transaction, it’s a strong endorsement to have part of it joint-ventured with Newmont as anyone who’s gone through their due diligence process knows it’s rigorous. And I love that it’s over a 1,200 sq km land package in Australia.

Blair Way: Absolutely. It’s a massive land package. From a jurisdictional standpoint, we see the value in diversifying. North America has its appeal, but we’ll also be looking beyond Australia.

We’ll be a TSX Venture-listed company focused on assets primarily in the U.S., Canada, and Australia — all secure jurisdictions where we have experience and a strong network to get the work done.

Gerardo Del Real: It checks all the boxes. The share structure is as solid as it gets, and you’re being selective about who participates in the financing, which I love. You’ve got the qualifying transaction property with Newmont involved, and you’ll be looking for additional copper and gold assets. Is that accurate?

Blair Way: That’s correct. Copper and gold will be the focus. But if something else of interest comes along, we certainly wouldn’t ignore it. Personally, I’ve always believed copper is the ultimate electric element as it is essential for electricity transmission, and we consume massive amounts of it daily. It still amazes me that copper isn’t stronger in price given how vital it is.

It’s harder and harder to find significant new copper discoveries. You’ve got to do the work, target intelligently, and drill it out — and the same with gold. But the opportunity is there if you’re willing to put in the effort.

Gerardo Del Real: Exciting times. It’s been a fun and profitable ride with Patriot, and before that with Flinders back in 2010 and 2011. I’m really excited to be a shareholder at this early stage and to see you and the team get to work. Anything to add, Blair?

Blair Way: I think that covers it. It’s a new company: a CPC transitioning through its qualifying transaction to trade on the TSX Venture. We’re raising C$2.5 million, keeping a tight structure, and we’ve got a great property with a Newmont farm-in. All the boxes are ticked.

We’ll share updates as the management team evolves. It’s a great opportunity for investors who like early-stage exploration stories. It’s always exciting to start with a clean company, knowing all the shareholders on a first-name basis.

As we complete the financing, we’ll meet new shareholders as well, and hopefully they share that same appreciation for the exploration process. It’s an exciting time for a new company entering the market.

Gerardo Del Real: I couldn’t agree more. Blair, looking forward to it. Thank you so much.

Blair Way: Thanks, Gerardo. Great to catch up again.