RTG Mining Inc. (“RTG”) is a British Virgin Islands-incorporated company listed on the main board of the Toronto Stock Exchange (“TSX”) and the Australian Securities Exchange (“ASX”), with the ticker code RTG. RTG is focused on developing the high grade copper/gold/magnetite Mabilo Project and advancing exploration on the highly prospective Bunawan Project, both in the Philippines, while also identifying major new projects which will allow the company to move quickly and safely to production.
RTG merged in early June 2014 with Sierra Mining Limited (“Sierra”), an exploration company, holding several key advanced copper/gold projects in the Philippines. The resultant entity is led by the RTG management team who have the proven exploration, mine development and operating experience in the Philippines to progress Sierra’s Mabilo and Bunawan Projects. RTG is led by the previous management team of CGA Mining Limited which developed the Masbate Gold Project in the Philippines and successfully merged with B2Gold Corp. in a US$1.1bn scheme of arrangement in January 2013. The RTG Board comprises Michael Carrick (Chairman), Justine Magee (President and CEO), Phil Lockyer, David Cruse and Rob Scott. (Non Executive Directors).
The Mabilo Project is a potentially high grade polymetallic development project, with a direct shipping opportunity in the early years of operation which would strongly mitigate the need for development capital. Mabilo is a near-surface deposit, and it is anticipated that the newly combined company will be well positioned to further explore and develop the mineral potential of the area in the near-term. The Bunawan Project is a highly prospective high grade gold exploration project, situated contiguous to the existing high grade Co-O mine owned by Medusa Mining Limited.
In October 2013, RTG sold its interest in the Mkushi Copper Project in Zambia for consideration of US$13.1m, including US$6.6m in shares of Elephant Copper Limited and a convertible note due in January 2015 for US$6.5m. RTG has also entered into a sale agreement for its interest in the Segilola Gold Project in Nigeria to the current joint venture partner for a total consideration of US$14m, with US$1m due on completion, US$5m due in 18 months after completion and a 3% net smelter royalty, under which up to a maximum of US$8m may be paid to RTG. The sale also resolves the existing dispute with the current joint venture partner. Completion is anticipated in the next couple of months.