Mining entrepreneur Frank Giustra and his Fiore Group are leading a $36 million investment into Botswana-focused Premium Resources. The funds will be raised through a non-brokered private placement of up to 120 million units at 30¢ per unit, and will help support the development of the Selebi and Selkirk mining properties in eastern Botswana.
Along with the investment, the Fiore Group will also become a strategic adviser to Premium Resources, which is focusing on advancing its mining projects. Premium’s largest shareholder, Toronto-based EdgePoint Investment Group, has agreed to settle the company’s $20.8-million debt by converting it into 69.6 million shares at 30¢ each.
Giustra expressed confidence in the potential of the Selebi deposits, describing them as a “world-class deposit” that, with the right approach, could see significant growth. He emphasized that Botswana’s infrastructure and governance advantages, including affordable power and mining laws modeled after Canada’s, offer a solid foundation for mining operations.
Recent drilling results from the Selebi North underground mine revealed promising resources, with 3 million tonnes of indicated resource grading 0.9% copper and 0.98% nickel. With plans to update the resource estimate later this year, Premium Resources is working towards upgrading the Selebi North and Main shafts and constructing a new mill by 2027-2028.
The project is poised to become a key player in the supply of critical metals like copper, nickel, and cobalt, which are strategically important for global markets, particularly the U.S. Department of Defense.
