tms arctic mining petroleum prospects helsinki feb 2015

A Marine Management Company www.tactmarine.com

Tac$cal Marine Solu$ons Ltd.

Informa Arc$c Shipping Forum Arc$c Mining and Petroleum Prospects

2 Applied Knowledge

Dermot Loughnane Tactical Marine Solutions Ltd.

Introduc$on

•  Objec(ve •  Sources •  Mood •  Regions

–  Mining Canada –  O&G Canada –  O&G Greenland –  Mining Greenland

•  Ques(ons

3 Applied Knowledge

Projects in Development

4 Applied Knowledge

Canadian/American Arc$c

5 Applied Knowledge

Eka$ (diamonds)

Meadowbank (gold)

CanTung (tungsten)

Diavik (diamonds)

Snap Lake (diamonds)

Mary River (iron)

Canadian/American Arc$c

6 Applied Knowledge

Hope Bay (gold)

High Lake (base metals)

Meliadine (gold)

Roche Bay (iron)

HackeL River (base metals)

Kiggavik (uranium)

Ulu (gold)

Selwyn (base metals)

Prairie Creek (base metals, silver)

Gahcho Kue (diamonds)

Nechalacho (rare earths)

YK Gold (gold)

NICO (gold,cobalt, bismuth)

Pine Point (base metals)

Courageous (gold)

Back River (gold)

Izok (base metals)

Lupin (gold)

Jericho (diamonds)

Baffinland/Mary River

•  Development –  Mine

•  Type –  Iron ore

•  Name –  Mary River

•  Area –  Qikiqtaaluk/Baffin

•  Shipping –  Suezmax export, resupply, July/October

•  Status –  Progressing in early revenue phase

•  Commencement –  September 2014, shipping May 2015

•  Source –  Company/company site/CoM

7 Applied Knowledge

•  Ini(al mining, trucking and shipping of 3.5m tonnes

•  Goal to eventually increase to 18m tonnes •  Supramax, Panamax and post Panamax

Baffinland/Mary River

•  Phase 2 –  Delaying full

implementa(on –  In order to demonstrate

“quality and demand” Phase 2 will increase output to 7.8mtpa

–  Longer season with transhipping in Eclipse Sound July/October and Greenland June/July and October/March

8 Applied Knowledge

Westar/CSCC

9 Applied Knowledge


•  Type –  Coal

•  Name


•  Shipping –  Unknown

•  Status –  Early development

•  Commencement –  Not found

•  Source –  h`p://www.weststarresources.com/s/

NunavutCoal.asp

•  A very long shot given the shipping required and the commodity being shipped.

Advanced Ex./Roche Bay

10 Applied Knowledge


•  Type –  Iron ore

•  Name –  Roche Bay


•  Shipping –  Arc(c Class 3 Panamax export –  8-‐9 month window –  Transhipment op(ons

•  Status –  Signed agreement with Logistec on shipping


•  Source –  Company –  www.advanced-‐explora(on.com

•  Signed agreement with Parkson Star (HK) to advance development

•  New en(ty will be 20% AEI/80%PS

Canadian Royal$es/Nunavik Nickel



•  Type –  Nickel

•  Name –  Nunavik Nickel

•  Area –  Nunavik

•  Shipping –  Fednav opera(ng their new vessel

“Nunavik”and through the NWP 2014 •  Status

–  Shipment via NWP Sept 2014 to China •  Commencement

–  Mine commissioned September 2014 •  Source

–  h`p://www.canadianroyal(es.com/

•  Taken over by Jilin Jien Nickel Industry Co. Ltd. in 2010

•  Financial difficul(es, Toronto merchant bank brought in to manage

MMG/Izok Corridor Project



•  Type –  Lead/zinc/copper

•  Name –  Izok Lake

•  Area –  Ki(kmeot

•  Shipping –  Panamax export, resupply –  Open water/shoulder scenario

•  Status –  Feasibility review


•  Source –  Company/web/CoM

•  Review halted to revisit economics •  Will now be Izok, High Lake and Hood river •  All hangs on road construc(on, who pays and

who takes it out?

MMG/Izok Lake


Corona$on Gulf Ports


Project Owner(s) Commodity Status Hackett River Glencore Canada Zinc, Silver,

Copper, Lead

Seems to have gone quiet of late.

Back River Sabina Gold & Silver Corp.

Gold Final EIS in 2015

ULU & Lupin Elgin Mining Inc.ManderlayWPC Resources

Gold “In transition”.

TMAC/Doris/Hope Bay



•  Type –  Gold

•  Name –  Doris/Hope Bay

•  Area –  Ki(kmeot

•  Shipping –  Resupply likely

•  Status –  Produc(on decision in 2015

•  Commencement –  End of 2016?

•  Source –  Company/CoM

•  Raised es(mate of gold ore •  Feasibility study should be

completed by March 2015

ASRC/Coal



•  Type –  Coal

•  Name

•  Area –  Pt Lay/Pt Hope

•  Shipping –  Export

•  Status –  “ASRC seeks a development company to

explore and develop its coal deposits located on its lands in the western Arc(c.”

•  Commencement –  Unknown

•  Source –  h`p://www.asrc.com/Lands/Pages/Coal.aspx

•  2 billion tons of ultra low sulfur coal within 6 miles of (dewater

Oil Explora$on


Shell/Chukchi


•  Development –  O&G

•  Type –  Petroleum

•  Name –  Burger

•  Area –  Chukchi

•  Shipping –  Too early to tell

•  Status –  If all approvals obtained returning to drill

summer 2015 •  Commencement

–  Unknown •  Source

–  Company

•  “We are minded to drill this year in the Chukchi,” he told reporters on an earnings call Thursday morning. “We have retained a very significant capability to be ready for this year to go ahead.”

Shell/Beaufort




•  Name –  Sivullik

•  Area –  US Beaufort

•  Shipping –  Unknown

•  Status –  If all approvals obtained returning to drill

summer 2015 •  Commencement

–  Unknown •  Source

–  Company

•  Shell must secure drilling permits for individual wells and its contracted drilling rigs must clear a Coast Guard review.

Statoil/Chukchi




•  Name –  Amundsen


•  Shipping

•  Status –  Seismic and seabed surveys completed

•  Commencement –  Not before 2015

•  Source –  Company

•  “Whether that means we drill in 2015, or maybe not un(l 2016 or whether we’d drill at all, I think maybe the jury’s s(ll a li`le bit out on that.”

Conoco Phillips/Chukchi




•  Name –  Devils Paw


•  Shipping

•  Status –  Paused un(l amer 2014

•  Commencement


•  “Wai(ng for the regulatory environment to gain some clarity”

•  Nothing announced yet for 2015

Conoco Phillips/Beaufort




•  Name –  Amauligak

•  Area –  Canadian Beaufort

•  Shipping –  Likely to be high ice class tankers

•  Status –  Midst of first 3 year study

•  Commencement –  15+ years


•  Largest oil discovery in the Canadian Arc(c (235 mmbbl and 1.6 tcf)

Conoco Phillips/Beaufort


Imperial Oil/BP/Beaufort




•  Name –  Ajurak/Pokak


•  Shipping

•  Status –  Ini(al planning/regulatory assessment


•  Source –  Preliminary informa(on package –  Google and interviews

•  S(ll proceeding with aim to drill in 2020

Chevron/Beaufort




•  Name –  EL-‐481


•  Shipping –  Likely to be high ice class tankers

•  Status –  3D seismic acquired in 2012


•  Source –  Company and interviews

•  In December, Chevron Canada Ltd. told the Na(onal Energy Board it was puong its Arc(c drilling plans "on hold indefinitely," ci(ng "uneconomic certainty" as one of the reasons

Shell/Greenland Oil

•  Shell –  2012 Program

•  3D seismic acquisi(on •  Shallow coring

–  Statoil, Dong and GDF Suez have all handed back licenses in the same area


Cairn/Greenland Oil

•  Cairn Energy –  Ini(al wells completed -‐ no

major discovery announced –  No further drilling

announced, company is focusing on other assets


Greenland Mining

•  Greenland mining –  Nuna Minerals

•  Financing difficul(es

–  Ironbark •  Turnkey arrangement with NFC for lead/zinc/copper

–  London Mining •  Transferred to General Nice Development of HK

–  True North Gems •  Construc(on September 2014


NAN/Maniitsoq



•  Type –  Nickel

•  Name –  Imiak

•  Area –  SW Greenland

•  Shipping –  Export and resupply likely

•  Status –  Ongoing feasibility


•  Source –  www.northamericannickel.com/projects/

greenland/maniitsoq/default.aspx

•  On September 12 2013, the Company announced a new discovery with drill hole MQ-‐13-‐029.

GME/KvaneZeld



•  Type –  Rare earths (uranium)

•  Name –  Kvaneqeld

•  Area –  SW Greenland

•  Shipping –  Export and resupply likely

•  Status –  Feasibility study Q1 2015


•  Source –  www.ggg.gl/projects/kvaneqeld-‐rees-‐

uranium-‐zinc/feasibility-‐program/

•  Project overall resource inventory: 956 Mt •  Largest repository of rare earths outside of

China •  Formed j/v with China NFC

Contact Us


Tactical Marine Solutions Ltd. 4906 Alamida Crescent Victoria, B.C. V8T 2C1 Canada Phone: +1 (250) 388-7882 +61 (2) 8014-7216

Fax: +1 (604) 909-4675 Email: [email protected] Website: www.tactmarine.com

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