January 16, 2023
Noram Lithium Corp. (TSXV:NRM, BUY, C$2.60 target, Koby Kushner) announced that Peter A. Ball, President and COO will step down, effective January 31, 2023. This follows the company’s appointment of a new CEO, Greg McCunn, P.Eng in early Jan/23, who brings 30 years of experience in base and precious metals, and was formerly the CEO of Alio Gold and Galiano Gold (TSX:GAU, Not Rated). Over his executive career, he developed three mines into production (three different countries), raised more than $600M in equity and debt financing, and completed over $1B in M&A transactions (read more). We view Mr. McCunn’s appointment favourably, as we believe that his project development and mine building experience should bode well for the continued advancement of Noram’s 100%-owned Zeus Li project. The PEA outlined a 40-year mine life with an after-tax NPV8% of US$1.3B and ~31% IRR using a conservative price of US$9,500/t LCE. Moving forward, following the successful 2022 drill program (read more), Noram plans to release a resource update (near-term), ahead of the upcoming PFS (2023). Noram intends to upgrade ~20% of the inferred resources to the M&I category, which should bode well for the PFS as only these higher confidence resource categories may be included in such a study. Read more
Company Specific Disclosure Details
Noram Lithium Corp. – TSXV:NRM
- The analyst has visited the head/principal office of the issuer or has viewed its material operations.
- The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit.
- In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer.
- In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration.
- An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly.
- Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities.
- A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer.
- Red Cloud Securities Inc. is a market maker in the equity of the issuer.
- There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer.
