GOLDINVEST.de reports on a high-profile 6ix webinar from May 12, 2025

What does it actually take for a junior explorer to be acquired by a larger company? Which project milestones count? When is the right time for an acquisition – and when might it be too early? These questions were recently discussed by three CEOs of publicly listed resource companies in a webinar moderated by 6ix Inc.:

• Jeff Ackert, CEO of Cascade Copper

• James Cross, CEO of E-Power Resources

• Ian Bliss, CEO of Northern Shield Resources

The discussion focused on strategic positioning on the path to a possible acquisition – with different commodities and market conditions in the background: copper, graphite, and gold.

Milestones for an Acquisition: when Does a Project Become Interesting?

The CEOs agreed that a completed resource estimate or a preliminary economic assessment (PEA) is not necessarily required to attract the interest of larger market participants. Examples such as Great Bear (gold) or Nova-Bollinger (nickel) show that acquisitions are also possible without defined resources – if the project is unique and fast, efficient drilling makes the potential visible.

For Cascade Copper, the focus for porphyry copper deposits is primarily on “Drill, Baby, Drill” – the visibility of the potential and the reduction of exploration risk for potential buyers are crucial. E-Power Resources, on the other hand, sees a special situation in the graphite sector: Since there are only about ten serious projects in North America, the timing for acquisitions could come much earlier than in other commodity markets – if necessary “with a car that doesn’t have tires yet”.

Risk vs. Value Appreciation: when to Sell?

A central topic was the strategic approach to the decision to develop a project further on one’s own – or to sell early to avoid dilution and reduce risks. James Cross summed it up: “Better to sell the fifth project than the tenth, before the market is sold out.” Ian Bliss also emphasized that in a volatile market environment – with high dilution and difficult financing – one should act more defensively. At the same time, it’s important to leave “blue sky” for the potential buyer – i.e., further exploration potential beyond what has already been defined.

What else Buyers are Interested in: Infrastructure, Data, and Ownership Structure

In addition to the pure project data, the CEOs mentioned other factors that favor acquisitions:

• Infrastructure & Access: Both Northern Shield (gold/tellurium) and E-Power (graphite) emphasized the exceptional location of their projects with direct access to deep-sea ports and without significant residents – which greatly simplifies permits and later development.

• Data & Technology: Cascade Copper relies on modern 3D data visualization and AI-supported field data collection to define drill targets faster and more precisely – a clear advantage in exploration planning.

• Shareholder Structure: While buyers are primarily interested in the project itself, the shareholder structure plays a role insofar as quick approval for the takeover can be obtained – especially for companies strongly led by insiders or founders.

Consolidation: who Buys whom – and when?

Trends in the acquisition market were also discussed. While Cascade Copper focuses on project partnerships with mid-tiers or majors (example: Freeport-McMoRan), E-Power Resources sees increasing acquisition activity by industrial consumers – e.g., battery manufacturers or commodity companies – due to supply shortages. Two of the ten significant graphite projects in North America have already been acquired – eight remain.

Northern Shield, in turn, observes increased interest from Australian companies in projects in Newfoundland – both in the form of investments and joint ventures.

Conclusion: the Project Must Convince – Preferably Quickly

Whether copper, graphite or gold: An acquisition is not a coincidence, but the result of good project quality, strategic development, and smart capital allocation. Those who act quickly, efficiently, and with a convincing team increase their chances – especially in a challenging financing environment. In the end, according to the unanimous opinion, it is important to be open to every phase – whether it’s a project partnership, an asset deal, or a complete takeover.