TD updateMarathon Gold Corp. (MOZ-T) C$2.87 Federal EA Process Advancing; Provincial EA Decision March 18 Arun Lamba, CFA Event This morning, Marathon announced that the Impact Assessment Agency of Canada (IAAC) has completed its technical review of the Environment Impact Statement (EIS). This is an important milestone in the federal Environmental Assessment (EA) process as the Project advances towards EA Release.
Impact: NEUTRAL Yesterday, Marathon received formal notification that IAAC has received the necessary information to complete the technical review and prepare the draft EA Report and potential conditions of release.
IAAC will issue the draft EA Report for the Project for public comment for 30 days. On the completion of this period, the Minister of Environment and Climate Change Canada will be in a position to make a determination on the acceptability of the Project for development. There is no specific timeline for a possible release but the company believes a decision could come around/before mid-year.
As a reminder, a parallel provincial EA for the Project is ongoing (amendment was filed on January 7). Under this provincial process, a 70-day period of public and technical review of the EIS is nearing completion.
On or around March 18 (tomorrow), Marathon expects to be notified by the Newfoundland and Labrador Minister of Environment and Climate Change, as to whether the provincial EIS review for the Valentine Gold Project has also been completed (next key catalyst). As a reminder, the Minister of Environment and Climate Change took an additional 10 days in October to announce a decision following the stated 70-day review period.
Successful release from both federal and provincial EA is a pre-condition for the completion of mine permitting and the commencement of mine construction. Mine construction is currently anticipated to start in Q3/22 (company forecast).
Marathon last reported ~$87mm in cash (as at December 31) and no debt. Anticipated Timeline
Exploration Results — Ongoing
Possible Release from Provincial EA Process — March 18
Updated Resource — Mid-year 2022
First Gold — Q1/25 (TD estimate)