Round 2 Investments

NORTHGOLD AB (Gold in Finland)

Northgold (NG.NFN) is a Swedish based gold exploration and development company that listed on Sweden’s Nasdaq First North market in March 2022. Starboard created NG in order to acquire a number of gold projects in the Middle Ostrobothnia Gold Belt (MOBG) in central Finland and was a significant investor in the IPO. NG is advancing two resource-stage gold projects, Kopsa and the Kiimala Trend. NG’s projects host NI 43-101 and historic (informal) combined Mineral Resources of 800,000oz of gold equivalent ( AuEq) being primarily gold with some copper by-product across both projects.

The flagship Kopsa project contains a total JORC Mineral Resource of 16.6Mt @ 0.8g/t Au and 0.16% Cu (1.03g/t AuEq*) for 547koz AuEq, with over 90% in the Indicated resource category. A Preliminary Economic Assessment (PEA) completed in 2013 highlighted the economic potential of Kopsa on a limited open pit mining resource of 7.57Mt, using a far lower gold price. Drilling in 2023 has expanded the resource envelope considerably at Kopsa and it is expected that this will be reflected in an updated resource statement due in late 2023. There remains outstanding potential at depth at Kopsa. NG is aiming to establish a 1Moz mine resource for development by growing existing resources and via new discoveries in this underexplored gold province.


NORDIC NICKEL LIMITED (Battery Metals in Finland)

Nordic Nickel Limited (NNL.ASX) is an Australian public company that listed on the ASX in May 2022. NNL was incorporated by Starboard in January 2021 for the purposes of acquiring the Pulju Nickel Project and is also earning into the Maaninkijoki 3 Nickel-Copper Project. Both projects are located in the Central Lapland Greenstone Belt (CLGB) in Finland which is considered one of the most prospective regions in the world for magmatic nickel sulphide deposits. The flagship Pulju Project covers a vast area of highly prospective ultramafic geology that has seen little modern exploration activity despite the advancement in magmatic nickel sulphide exploration methods. Starboard managed the listing of NNL onto the ASX in a A$12m IPO with a post-listing market capitalisation of A$26m. The Pulju Project was accepted into the inaugural BHP Xplor incubator program in Jan 2023.

The main Hotinvaara prospect at Pulju is contained within the Company’s granted Hotinvaara licence where historical drilling has intersected ultra-high grade massive sulphide intersections (up to 10% Ni) within vast zones of lower grade disseminated nickel sulphides. In July 2022, NNL announced a maiden, near-surface JORC compliant resource for Hotinvaara of 134Mt @ 0.24% NiEq (nickel plus minor cobalt) for 279kt of contained nickel and 12.6kt contained cobalt, primarily in the Inferred category. NNL completed over 15km of drilling in 2023 targeting both extensions to this near surface disseminated resource and potential higher grade massive sulphide lenses. A JORC resource update based on this drilling is expected once all drill results have been received.


PIVOTAL METALS LIMITED (Critical Metals in Canada)

Pivotal Metals Limited (PVT.ASX) was previously used as a listed vehicle (as RFR.ASX) to advance the Santa Comba tungsten/tin project in Spain. In 2021, the Company pivoted to battery/critical metals in Canada and consolidated ownership of the high-grade BAGB Cu-Ni-PGM exploration project in Quebec. In 2022, Starboard provided the majority of the funding for PVT to acquire the advanced Horden Lake Cu-Ni-PGM project, also in Quebec and in 2023 Starboard cornerstoned an A$4.1M raise to provide funding for the advancement of Horden Lake and BAGB via the Canadian government’s flow-through share (FTS) scheme.

Horden Lake is a polymetallic deposit with a JORC compliant resource of 28Mt @ 1.5% copper equivalent (CuEq) comprising primarily copper with significant nickel, palladium and gold by-products. Pt, Ag and Co are also found in the mineralised zone but not yet included in the resource estimate. BAGB contains a number of extremely high grade (2-5% Ni plus 2-4% Cu) intersection found in shallow gabbroic pods. In 2024, PVT intends to use the FTS funds to expand and enhance the Horden Lake resource, together with detailed metallurgical test work to confirm recoveries and payabilities; and to use geophysics to target the broader intrusive complex at BAGB to search for deposits of scale within the deeper feeder system.


STAMPEDE METALS LIMITED (Critical Metals in Nevada)

Stampede Metals Limited (SME) is a public, unlisted Australian that holds 100% interest in the Stampede Gap copper-molybdenum-gold porphyry project, located in the Highland Mining District, Pioche, Nevada. SME also has under option an adjacent land package covering the historic Prince zinc-lead-silver-gold mining lease, a classic carbonate replacement deposit (CRD) associated with the main Stampede Gap porphyry that contains widespread near-surface mineralisation potentially amenable to open pit mining. SME was incorporated by Starboard in 2022 to aquire Stampede Metals Corporation, the Nevada company that holds both the Stampede Gap project and the Prince project option.

Drilling completed in 2021 at Stampede Gap confirmed the Cu-Mo prospectivity in skarn lithologies interpreted to have formed from hydrothermal fluids derived from thel porphyry intrusive. A 3D resistivity/chargeability model compiled from twelve IP lines completed in 2023 has revealed an enormous pyrite shell underground at Stampede Gap, coincident with significant visible alteration at surface. A resource block model compiled in 2023 from 50 historic holes at Prince has confirmed a significant Zn-Pb-Ag-Au exploration target at Prince, confirming the project area hosts a classic porphyry + CRD system, potentially similar in nature to Resolution/Magma or Sunnyside/Taylor in Arizona. SME will continue to progress the projects privately in advance of a future listing on the ASX.


MAGSTAR MINING OY (Battery Metals in Finland)

Magstar Mining Oy (“Magstar”) is a private Finnish company formed between Starboard Global and Finnish project generators Magnus Minerals Oy. Magstar is the 100% owner of the Maaninkijoki Project consisting of six contiguous tenements in the Central Lapland Greenstone Belt that are prospective for magmatic Ni-Cu sulphides. The exploration licences and applications are located in the same region as the Sakatti Ni-Cu-PGM deposit (Anglo American) and Kevitsa Ni-Cu-PGM mine (Boliden). In 2022, Magstar signed earn-in and joint venture agreements over some of its tenements with Nordic Nickel Ltd (NNL) and First Quantum Minerals Ltd (FQM).

Drilling at Maaninikijoki by Magstar in late 2022 confirmed the prospective ultramafic lithologies within the southern part of the project area with substantial wide (over 600m in KEL010) intersections of anomalous Ni-Cu mineralisation, coincident with certain magnetic features within an elongated gravity gradient. Significant PGM enrichment was also observed in certain holes. Magstar is currently undertaking further geophysical surveys with the intention of further drilling in late 2024.

PERITO METALS PTY LTD (Critical Metals in Portugal)

Perito Metals (“Perito”) is a private Australian company holding 75% Novum Resources Lda. Novum has submitted an exploration licence application over the extensive Moura copper-zinc project in Portugal. The 400km2 application is located in the Ossa Morena Zone adjacent to the Iberian Pyrite Belt of southeastern Portugal and is prospective for zinc-lead-copper VMS and SEDEX style deposits. Perito’s 25% partner at Moura is WalZinc, a Belgian mineral exploration company. The project contains known high-grade Zn-Pb deposits and previously operating Zn-Pb mines. Drilling in 2010 discovered high-grade disseminated copper intersections located underneath the known Zn-Pb mineralisation at the Enfermarias prospect, coincident with a major copper-in-soil anomaly at surface. The project is located in the same general region as the Lagoa Salgada Zn-Pb-Cu discovery (Ascendant Resources) and Sandfire Resources’ MATSA operations in nearby Spain.

Investing with Starboard Global

Starboard periodically undertakes fundraising for specific projects that meet its investment criteria. The Company also manages private seed and public market fundraising for the other companies under its management that are used to advance those individual projects towards development and increase shareholder value. Parties interested in investing in Starboard Global or co-investing in specific projects are welcome to get in contact with us. Starboard also welcomes the chance to review and potentially invest in exciting mineral projects around the world, with a focus on exploration and development stage assets.