ML Gold

What ML Gold does

M3 Metals Corp (TSX-V: MT; FSE: X0VP.F; OTCQB: MLGCF), formerly ML Gold Corp and originally Cap-Ex Ventures Ltd., is a Canadian junior mineral exploration company headquartered in West Vancouver, BC. The company operates a portfolio of mineral properties across North America, currently anchored by the Texas Spring lithium project in northern Nevada, which is subject to an earn-in agreement with Surge Battery Metals covering all future exploration costs. The remaining portfolio includes the Mohave Mine Gold Project in Arizona (optioned to Black Mountain Gold), the G-South gold property in BC, and residual claims in British Columbia. Historically, the company defined a 7.2 billion tonne inferred iron ore resource at the Block 103 project in Labrador and spent over $38 million advancing it to PEA stage before divesting it to Labrador Iron Pty Ltd in 2022; it also divested its Stars Copper interest to Aurwest Resources in 2021.

The company's core technology is traditional mineral exploration: diamond drilling, geological mapping, geophysical surveys (airborne magnetic, gravity, LiDAR), and geochemical sampling. There is no proprietary AI/ML or software product surface; value is created through claim assembly, geological interpretation, NI 43-101 resource definition, and the ability to attract partners.

M3 Metals operates a land-and-partner business model. Revenue is generated exclusively through option agreements (where partners earn interests by making staged cash payments and exploration expenditures), outright property sales (cash plus shares plus retained NSR royalties), and potential future production royalties on divested assets. The company has no producing operations, no recurring revenue, and is dependent on equity raises, partner-funded exploration, and periodic asset sales for working capital. Its primary counterparties are other junior and mid-tier mining companies, with significant concentration risk among a small handful of active optionees. The strategic positioning frames the Texas Spring and adjacent claims as geologically analogous to Lithium Americas' Thacker Pass deposit, with future commercial success contingent on the partner-funded drill results validating the analog thesis.

Name

ML Gold

Legal name

M3 Metals Corp.

Website

https://m3metalscorp.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

M3 Metals Corp is a Canadian junior mineral exploration company that acquires and develops North American mineral claims — currently focused on lithium in Nevada — and monetizes them via earn-in partnerships, property sales, and retained royalties.

Ownership category

akta.pro rank

Product category

Mineral Exploration

NAICS

Other Metal Ore Mining (212290), Gold Ore and Silver Ore Mining (212220)

SIC

Metal Mining (1000), Gold And Silver Ores (1040), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industry

Gold Mining (IMAKAEAA)

Keywords

• Mineral exploration
• Lithium exploration
• Gold exploration
• Copper exploration
• Iron ore projects

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Option and sale of mineral properties: M3 Metals generates revenue through option agreements and property sales. Partners make cash payments and exploration expenditures to earn interests in projects. The company also sells properties outright for cash and shares.
2. Future production royalties: M3 retains NSR (Net Smelter Return) royalties on properties sold or optioned, which will generate revenue if commercial production is achieved.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

M3 Metals Corp. (formerly ML Gold) is a Canadian mineral exploration company that acquires, explores, and develops high-grade lithium, gold, copper, and iron ore projects across North America. The company generates revenue through option agreements and outright sales of mineral properties to mining partners, while retaining Net Smelter Return (NSR) royalties on divested assets to participate in future production upside.

Product overview

M3 Metals Corp is a mining exploration company focused on discovering and developing mineral properties in North America. The company operates a portfolio of six mineral exploration projects: the flagship Block 103 Iron Ore Project (7.2 billion tonne magnetite iron resource in Labrador Trough, Canada), the Mohave Mine Gold Project (gold exploration in Arizona, USA), the Stars Copper Project (copper porphyry in British Columbia), the G-South Project (gold in British Columbia), the Texas Spring Project (lithium in Nevada), and the Aspen Property (gold in British Columbia). The company was formerly known as ML Gold Corp and before that Cap-Ex Ventures/Cap-Ex Iron Ore.

Differentiator

Problem solved

Functional benefit

Products and services

• Texas Spring Project High-grade lithium exploration project in northern Nevada that is positioned directly adjacent to Surge Battery Metals' Nevada North lithium discovery. The geology is analogous to Lithium Americas' Thacker Pass lithium deposit, providing strong discovery potential. The project represents the company's current flagship lithium asset.
• California Lithium Project Lithium exploration project in California that complements the company's Nevada lithium portfolio. Part of the strategic lithium focus established during M3 Metals Corp.'s commodity pivot.
• Mohave Mine Gold Project Gold exploration project located in the Weaver mining district, Mohave County, Arizona, USA. Covers 160 lode and mill-site claims with historic gold samples grading up to 125 grams per tonne gold. Optioned to Black Mountain Gold USA Corp. for development.
• Block 103 Iron Ore Project Iron ore project located in the Labrador Trough, Newfoundland and Labrador, Canada. Hosts a NI 43-101 inferred resource of 7.2 billion tonnes at 29.2% total iron. The property is strategically located near Tata Steel Minerals Canada's operating iron ore plant. Sold to Labrador Iron Pty Ltd. in 2022.
• Stars Copper Project Copper porphyry project located in central British Columbia, Canada, approximately 60 kilometres southwest of Houston, BC. The mineralization has a strike length over 400 metres, width over 200 metres, and depth over 350 metres. Sold to Aurwest Resources in 2021.
• G-South Project Gold exploration property located in the Central Cariboo Region of South Central British Columbia, Canada. The property covers 929.68 hectares and is considered prospective for gold mineralization in a historically productive mining district.
• Aspen Property Gold property comprising five mineral claims totaling over 3,000 hectares located in the Blackwater area of British Columbia, Canada. Subject to an option agreement with Cyon Exploration Ltd., which can earn a 100% interest.

Quantifiable outcome

• Block 103 project has 7.2 billion tonnes inferred resource at 29.2% total iron with potential for DSO (Direct Shipping Ore) processing at adjacent TSMC facility
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered major, minor and core.

• Labrador Iron Pty LtdmajorChannel Partner/ Reseller/ Distributor · 4 May 2022Labrador Iron Pty Ltd (private Australian corporation) entered into a Tenement Sale Agreement to purchase the Block 103 Iron Ore Project. Terms include AUS$500,000 cash on closing, AUS$1,000,000 within 12 months, and potential additional share payments if acquired by an ASX-listed company.
• Aurwest Resources CorpmajorChannel Partner/ Reseller/ Distributor · 13 December 2021M3 sold its 50% interest in the Stars Copper Property to Aurwest Resources Corp for CDN$450,000 cash, 1,500,000 common shares, and a 2% NSR royalty. Aurwest has right to repurchase 1% of royalty for CDN$1,000,000.
• Cyon Exploration LtdminorChannel Partner/ Reseller/ Distributor · 29 September 2020M3 entered into option agreement where Cyon Exploration Ltd can acquire 100% interest in the Aspen Property (five mineral claims, 3,000+ hectares in Blackwater area, BC) for CDN$100,000 and 3,000,000 Cyon shares. M3 will exchange Big Rock shares for Cyon shares.
• Huffington Capital Corp / Black Mountain Gold USA CorpmajorChannel Partner/ Reseller/ Distributor · 10 June 2020Huffington Capital (now Black Mountain Gold USA Corp, TSXV: BMG) was granted an option to acquire up to 90% interest in the Mohave Gold Project for total consideration of $6.1 million. M3 retains 10% carried interest until feasibility study, then enters joint venture. Payments include CDN$300k closing, CDN$400k at 15 months, CDN$400k at 2 years, CDN$2M at 3 years, CDN$3M at 4 years.
• McGinely & AssociatesminorImplementation/ SI/ Consulting Partner · 10 February 2020Nevada-based environmental engineering firm contracted to collect environmental baseline data for an Environmental Assessment at the Mohave Mine Gold Project. McGinley provides technical and permitting services including professional engineers, geologists, hydrogeologists, and biologists.
• Tata Steel Minerals Canada Ltd (TSMC)coreStrategic or Co-development Partner · 8 October 2014TSMC signed a road access and DSO exploration agreement for Block 103. TSMC paid $250k cash and conducted a $550k DSO exploration program. TSMC has a right to enter into a joint venture regarding DSO potential. TSMC operates an adjacent processing facility 6km from Block 103 that could potentially process DSO material.
• Surge Battery MetalscoreStrategic or Co-development PartnerTexas Spring Project in Nevada is subject to an earn-in agreement where Surge Battery Metals will incur future exploration costs including drilling. The project leverages off Surge's adjacent Nevada North high-grade lithium discovery. Both projects are geologically analogous to Lithium Americas' Thacker Pass deposit.

Scale indicators4 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Standard Lithium Ltd. Standard Lithium is a publicly listed lithium development company pursuing lithium projects in North America (Smackover brine in Arkansas and projects in the western U.S.). It is a direct peer in lithium exploration and development with comparable market cap scale and Canadian listing.
• Surge Battery Metals: Surge Battery Metals is M3's earn-in partner on Texas Spring and operates the adjacent Nevada North lithium claystone discovery in northern Nevada. It is a direct peer as both companies are exploring the same geological system, the same commodity, and in some cases the same prospect boundary.
• Black Mountain Gold USA Corp: Black Mountain Gold USA Corp (formerly Huffington Capital) holds the option to earn up to 90% of M3's Mohave Mine Gold Project in Arizona. It is a direct peer as a junior gold explorer funded in part through M3's option deal.
• Cypress Development Corp. Cypress Development is a junior lithium explorer/developer focused on the Clayton Valley and other Nevada lithium claystone assets. It is a direct peer sharing jurisdiction, commodity focus, and stage of development with M3.
• Noram Lithium Corp. Noram Lithium is a junior explorer advancing the Zeus lithium claystone project in Nevada. It is directly comparable to M3 in commodity focus, jurisdiction, asset stage, and small-cap public listing.
• Arizona Lithium Company: Arizona Lithium Company is a junior resource company with lithium and gold projects in the western United States, including the Big Sandy lithium project in Arizona. It is directly comparable to M3 given the overlapping lithium/gold portfolio and U.S. focus.
• Aurwest Resources Corp: Aurwest Resources purchased M3's 50% interest in the Stars Copper Property in British Columbia. It is a direct peer as a junior copper/gold explorer operating in the same Canadian jurisdictions and using similar project-generation models.

Broad incumbents

• Lithium Americas Corp: Lithium Americas is developing the $4B Thacker Pass lithium project in northern Nevada, the geological analog that M3 cites for its Texas Spring Project. It is a broad incumbent in the same commodity and jurisdiction but operates a far more advanced, pre-construction asset.

Others

• Tata Steel Minerals Canada Ltd: Tata Steel Minerals Canada operates the iron ore processing facility adjacent to M3's (now divested) Block 103 project. It is an ecosystem participant rather than a competitor, providing potential offtake and infrastructure access for iron ore assets in the Labrador Trough.
• Lithium Royalty Corp: Lithium Royalty Corp is a royalty and streaming company focused on lithium assets globally. It is thematically related to M3 because M3's retained NSR royalties on multiple projects (Stars, Block 103, Aspen) are economically similar in structure to a royalty company's portfolio.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/MLGoldCorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 ML Gold