THEMAC Resources

What THEMAC Resources does

THEMAC Resources Group Limited is a Canadian-domiciled resource company focused on the acquisition, exploration, and development of natural resource properties. Its sole material asset is the Copper Flat copper-molybdenum-gold-silver project in Sierra County, New Mexico — a brownfield redevelopment of a former Quintana Minerals mine that operated in the early 1980s. The company was publicly listed on the TSX Venture Exchange (ticker: MAC) from 2011 until October 22, 2025, when it was taken private by controlling shareholder Tulla Resources Group Pty Ltd (the Maloney family's investment office) at CAD $0.08 per share, delisted from TSXV, and ceased to be a reporting issuer.

Copper Flat is designed as an open-pit mine with a standard sulfide flotation concentrator producing approximately 100,000 tons/year of copper-gold-silver concentrate (27–30% Cu) and 1,300 tons/year of molybdenum concentrate (50–60% Mo oxide). Process design incorporates coarse gold gravity recovery and a 70% water-recycling system. The mine plan targets 113.1 million tons of proven and probable reserves over an 11.1-year operating life, averaging 57 million pounds of copper per year (70 million pounds/year in the first five years). The feasibility study (2013, updated 2020) reports an after-tax NPV of $165M, IRR of 17.3%, and 3.7-year payback at $3.00/lb Cu, with cash costs of US $1.20/lb Cu in the first five years (2nd-quartile global cost curve) and initial capex of $374M (a $53.9M reduction from brownfield infrastructure reuse).

THEMAC is pre-revenue and has been financed primarily through debt from Tulla Resources (~$188.9M owed as of March 31, 2025). Upon commencement of production, concentrate will be sold to copper smelters and molybdenum processors globally under commodity-market pricing. The project has secured most major permits (BLM Record of Decision, Army Corps 404 authorization, NM Air Quality Permit in 2013, Groundwater Discharge Permit in 2019), but suffered a setback in September 2025 when the New Mexico State Engineer denied the Santa Teresa water rights transfer, prompting evaluation of dry-stack tailings as an alternative.

Name

THEMAC Resources

Legal name

THEMAC Resources Group Limited

Website

https://themacresourcesgroup.com

Company type

Private

Founded year

2011

Operating status

Acquired

Headcount range

11–50 employees

Short description

THEMAC Resources Group Limited is a Canadian-domiciled resource company developing the Copper Flat copper-molybdenum-gold-silver project in Sierra County, New Mexico, as a brownfield open-pit mining operation. Pre-revenue; taken private by controlling shareholder Tulla Resources Group in October 2025.

Ownership category

akta.pro rank

Product category

Copper Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)

akta.pro secondary industries

Copper Exploration & Resource Development (IMAKADAA), Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH), Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC)

Keywords

• Copper mining
• Molybdenum production
• Gold silver byproducts
• Mineral project development
• Open pit mining

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Others

Revenue model

1. Copper Concentrate Sales: The mine will produce approximately 100,000 tons of copper concentrate per year. Copper concentrate expected to assay 27% to 30% copper. Copper production projected to average 70 million pounds per year during first five years of operation and 57 million pounds per year over full life of mine. Expected copper recovery: 93%.
2. Molybdenum Concentrate Sales: The mine will produce approximately 1,300 tons of molybdenum concentrate per year. Molybdenum concentrate expected to assay 50% to 60% molybdenum oxide. Expected molybdenum recovery: 78%.
3. Precious Metals (Gold and Silver) Credits: Gold and silver produced as by-product credits. Gold recovery projected at 72% yielding 227,000 troy ounces over life of mine. Silver recovery projected at 83%. These provide by-product credits that reduce effective cash operating costs per pound of copper.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

THEMAC Resources Group Limited is a pre-revenue mineral development company advancing the Copper Flat copper-molybdenum-gold-silver project in Sierra County, New Mexico. The project is a brownfield redevelopment of the former Quintana Mine (early 1980s) that will produce copper concentrate (27–30% Cu), molybdenum concentrate (50–60% Mo oxide), and by-product gold and silver via open pit mining and sulfide flotation. The mine has an 11.1-year operating life and is positioned in the second quartile of the global copper cost curve.

Product overview

THEMAC Resources Group Limited is a Canadian-based resource company focused on acquiring, exploring, and developing natural resource properties. The company's primary and only named product/service is the Copper Flat Mine project, a copper-molybdenum-gold-silver development project in New Mexico. THEMAC operates as a single-project resource development company, bringing innovation and sustainable approaches to mine development, production, and reclamation processes. The company is currently undergoing a going-private transaction with Tulla Resources Group Pty Ltd.

Differentiator

Problem solved

Functional benefit

Products and services

• Copper Flat Mine An advanced porphyry copper-molybdenum-gold-silver mining project located in Sierra County, New Mexico (Las Animas Mining District), being redeveloped as a brownfield project on the former Quintana Mine site (originally operated in early 1980s). The project plans to produce ~100,000 tons of copper concentrate per year (27–30% Cu), ~1,300 tons of molybdenum concentrate per year (50–60% Mo oxide), and by-product gold (72% recovery, 227,000 oz LOM) and silver (83% recovery) over an 11.1-year operating life. Reserves stand at 113.1 Mt at 0.30% CuEq with an additional 305 Mt of measured and indicated resources. Initial capex estimated at $374M with $53.9M in brownfield capex savings. Economic targets at $3.00/lb Cu: NPV of $165M, IRR of 17.3%, 3.7-year payback, US $1.20/lb Cu cash cost (first five years).
• Copper Concentrate (Planned) Future saleable product stream from Copper Flat: approximately 100,000 tons per year of copper concentrate expected to assay 27% to 30% copper, with expected copper recovery of 93%. Expected to contain gold and silver by-product credits. To be sold B2B to global copper smelters.
• Molybdenum Concentrate (Planned) Future saleable product stream from Copper Flat: approximately 1,300 tons per year of molybdenum concentrate expected to assay 50% to 60% molybdenum oxide, with expected molybdenum recovery of 78%. To be sold B2B to molybdenum processors.

Quantifiable outcome

• 11.1 year mine life with 57 million pounds annual copper production
• +4 more outcomes

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and major.

• Independent Mining Consultants (IMC)coreStrategic or Co-development Partner · 21 November 2013IMC of Tucson, Arizona calculated mineral resources and reserves under supervision of John Marek, P.E. IMC is recognized worldwide for expertise in Open Pit Mine Design, Mine Planning, Ore Reserve Estimation, and Mineral Economics since 1983.
• Golder AssociatesmajorStrategic or Co-development Partner · 21 November 2013Golder Associates Inc. prepared engineering and design of the tailings storage facility for Copper Flat under supervision of Gene Muller, P.E. Golder provides engineering and environmental consulting services to mining, energy, and natural resource industries.
• SRK Consulting (U.S.), Inc.majorStrategic or Co-development Partner · 21 November 2013SRK Consulting developed the mine reclamation plan and closure cost estimate under supervision of Mark A. Willow, SME-RM. SRK is an independent, international organization providing professional consulting services in mining, geotechnics, water, waste, and environment.
• M3 Engineering & Technology CorpcoreStrategic or Co-development Partner · 7 October 2013M3 Engineering & Technology Corporation of Tucson, Arizona prepared the Feasibility Study for Copper Flat Project (NI 43-101 compliant). M3 provides professional EPCM services and is recognized as industry leader in Feasibility Studies and associated NI 43-101 reports. Study completed October 2013.
• New Mexico Copper Corporation (NMCC)coreOthers · 18 May 2011NMCC is the wholly-owned subsidiary of THEMAC that holds the Copper Flat Project. Owns water rights, permits, and assets for the project. Acquired by THEMAC in May 2011.

Scale indicators9 records

Recent moves7 records

Expansion highlights3 records

Direct peers

• Taseko Mines: Copper-focused mid-cap with operating Gibraltar mine and development-stage Florence Copper project in the US Southwest. Comparable to THEMAC as a copper-centric company with active permitting and water-management considerations in arid US jurisdictions.
• NGEx Minerals: Copper-gold developer with advanced exploration and pre-feasibility assets (Los Helados, Lunahuasi) in the Americas. Comparable to THEMAC as a single-commodity-focused developer reliant on copper-gold porphyry deposits and external financing to advance projects.
• Imperial Metals: Mid-tier copper-zinc producer with operating Red Chris mine and development-stage assets. Comparable in size and copper concentration to THEMAC and similarly exposed to single-asset execution risk in North America.
• Nevada Copper: Single-asset US copper developer (Pumpkin Hollow) that has navigated permitting, water-rights, and financing challenges similar to Copper Flat. Closely comparable as a small, North America-focused copper developer reliant on third-party financing and infrastructure reuse.
• Hudbay Minerals: Copper-focused mid-tier miner with operating assets in the Americas (Constancia, Copper Mountain). Comparable to THEMAC in scale, copper concentration, and exposure to North American porphyry-style projects with by-product credits.
• Capstone Copper: Mid-tier copper producer and developer with a portfolio of copper mines in the Americas (Pinto Valley, Mantos Blancos, Santo Domingo). Most directly comparable to THEMAC as a copper-focused mid-cap with operating mines plus development-stage growth projects in similar jurisdictions.

Emerging players

• Arizona Sonoran Copper: Pre-production copper developer focused on the Cactus Mine project in Arizona. Comparable to THEMAC as an emerging US Southwest copper developer at similar stage of permitting and feasibility work, targeting similar infrastructure and offtake customers.

Broad incumbents

• Rio Tinto: Global diversified major with a meaningful copper portfolio (Kennecott, Oyu Tolgoi, Resolution). Relevant broad incumbent benchmark for long-term copper demand, smelter offtake terms, and the cost curve against which smaller developers like THEMAC must compete.
• First Quantum Minerals: Global mid-major copper miner with operating mines across Africa, Europe, and the Americas (Cobre Panamá historically, Sentinel, Cueva Blanca). Comparable as a relevant reference for offtake smelter pricing, treatment charges, and benchmark copper project economics.
• Freeport-McMoRan: Largest publicly traded copper producer globally, operating multiple large porphyry copper mines in North and South America. Represents the broad incumbent that THEMAC's management team (Crosby's 27 years at FCX) is benchmarked against and that ultimately sets the cost curve.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about THEMAC Resources