What Usha Resources Ltd. does

Usha Resources Ltd. is a Vancouver-based, publicly listed junior mineral exploration company (TSXV: USHA; OTCQB: USHAF; FSE: JO0) focused on advancing drill-ready copper-gold and lithium projects in established North American mining jurisdictions. The company was incorporated in 2019 as a Capital Pool Company, completed its Qualifying Transaction in April 2019, and IPO'd on the TSX Venture Exchange in October 2020 through Canaccord Genuity Corp. As of December 2025, Usha operates with a four-person leadership team, holds approximately 92.0 million shares outstanding, an estimated market capitalization of ~$5.0 million CAD, ~$2.4 million in adjusted working capital, and ~$0.5 million in convertible debt, with insider ownership of approximately 60%.

The company's asset base consists of three exploration projects across three jurisdictions. The Southern Arm copper-gold VMS project in Quebec's Brouillan-Fenelon assemblage is optioned from Abitibi Metals Corp. under a 100% earn-in right covering ~4,200 hectares along the Bapst regional fault, with an extended IP survey completed Q1 2026 refining targets along a ~7.3 km conductive trend ahead of a 3,000 m maiden drill program (permitted via an Intervention Permit received December 2024). The Jackpot Lake lithium-brine project in Nevada's Dry Lake Basin (Clark County) is 100%-owned, comprising 442 claims across 8,714 acres, with two historical core holes (JP22-01 at 525 m and JP22-02 at 549 m) confirming evaporite sequences and sand-conglomerate aquifer horizons; FY2026 drilling is planned. The Ontario pegmatite portfolio has been monetized through three strategic transactions: Rubidium Ridge to Panther Minerals (March 2026), White Willow to Totec Resources via Qualifying Transaction (January 2026), and Gathering Lake/Triangle Lake to Molten Metals (May 2025), with Usha retaining equity stakes of ~21.6%, ~15.0%, and ~19.9% respectively, plus a 2.0% NSR on Rubidium Ridge.

Usha is pre-revenue and generates no operating income. Capital is raised through non-brokered private placements, flow-through units, and convertible debentures, and the company qualifies as an eligible venture issuer under TSXV Blanket Order 51-933, having elected semi-annual financial reporting in 2026. The go-to-market motion is capital-markets and investor-relations driven, targeting retail and institutional investors in the junior mining sector via three stock-exchange listings, digital marketing campaigns (Investing News Network, Hillside), social media, IR email, SEDAR+ continuous disclosure, and investor conferences. Customers in the conventional sense are absent; the company's investor base functions as the capital source.

Name

Usha Resources Ltd.

Legal name

Usha Resources Ltd.

Website

https://usharesources.com

Company type

Public

Founded year

2019

Operating status

Operating

Short description

Usha Resources Ltd. is a Vancouver-based, publicly listed junior mineral exploration company (TSXV: USHA) advancing drill-ready copper-gold VMS and lithium-brine projects across Quebec and Nevada for retail and institutional junior-mining investors.

Ownership category

akta.pro rank

Product category

Mineral Exploration

NAICS

Copper, Nickel, Lead, and Zinc Mining (21223)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industries

Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM), Precious Metals Exploration & Project Development (IMAKAEAI)

Keywords

• Mineral exploration
• Lithium brine exploration
• Copper gold VMS
• Junior mining
• Battery metals exploration

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Pre-Revenue Exploration Stage: Usha Resources is a pre-revenue junior mineral exploration company. The company does not generate operating revenue. Capital is raised through equity financings, convertible debentures, and strategic asset monetization (e.g., selling Ontario pegmatite properties for equity stakes in acquiring companies).

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Usha Resources Ltd. is a Vancouver-based junior mineral exploration company advancing drill-permitted copper-gold volcanogenic massive sulfide (VMS) and lithium-brine projects across Quebec, Nevada, and Ontario. The company holds a 100% earn-in right to the Southern Arm copper-gold VMS property in Quebec (4,200 ha, 3,000 m maiden drill program permitted) and 100% ownership of the Jackpot Lake lithium-brine project in Nevada (8,714 acres, 442 claims). It also retains strategic equity stakes in three junior explorers (Panther Minerals, Totec Resources, Molten Metals) from monetization of its Ontario pegmatite portfolio.

Product overview

Usha Resources Ltd. is a junior mineral exploration company with a focused portfolio of drill-permitted and exploration-stage mining properties. The core assets include the Southern Arm copper-gold VMS project in Quebec (100% earn-in right, drill-permitted) and the Jackpot Lake lithium-brine project in Nevada (100% owned), supplemented by strategic equity positions in three Ontario lithium exploration companies (Panther Minerals, Molten Metals, Totec Resources) retained from the monetization of the Ontario pegmatite portfolio. The company operates as a pure-play battery and precious metals explorer with projects across three established mining jurisdictions, focusing on advancing its highest-priority assets while preserving equity upside through strategic divestitures.

Differentiator

Problem solved

Functional benefit

Products and services

• Southern Arm Copper-Gold VMS Project A drill-permitted copper-gold volcanogenic massive sulfide (VMS) target located in the Brouillan-Fenelon assemblage, Abitibi, Quebec. The property covers approximately 4,200 hectares along the Bapst regional fault, featuring a ~7.3 km conductive trend hosting the priority "Hollywood" target with ~1.8 km of open-strike anomaly. IP survey completed March 2026 ahead of permitted 3,000 m maiden drill program.
• Jackpot Lake Lithium Brine Project A 442-claim lithium-brine project covering 8,714 acres (~3,526 ha) in the Dry Lake Basin of Clark County, Nevada, approximately 35 km northeast of Las Vegas. Two historical core holes (JP22-01 at 525 m and JP22-02 at 549 m) intersected massive evaporite intervals and sand-conglomerate aquifer horizons. Best soil sample returned 820 ppm Li. Closed lacustrine evaporite basin analogous to Albemarle's Silver Peak. Drilling planned for FY2026.
• Ontario LCT Pegmatite Portfolio (Monetized) An LCT-type pegmatite portfolio (lithium, cesium, tantalum) in the Thunder Bay Mining Division, Ontario. Three core properties were monetized through strategic transactions: Rubidium Ridge acquired by Panther Minerals (March 2026), White Willow sold to Totec Resources via Qualifying Transaction (January 2026), and Gathering/Triangle Lake sold to Molten Metals (May 2025). Usha retains equity stakes plus a 2.0% NSR over Rubidium Ridge.
• Strategic Equity Stakes in Junior Explorers Strategic equity positions in junior mining companies acquired through property monetization: ~21.6% stake in Panther Minerals (4.5mm shares from Rubidium Ridge earn-in, plus 2.0% NSR with $1mm partial buyback and potential $1mm milestone), ~15% in Totec Resources (5.5mm shares from White Willow QT), ~19.9% in Molten Metals (1,306,250 shares from Gathering/Triangle Lake sale), and prior Nicobat spin-out into Formation Metals Inc.

Quantifiable outcome

• Extended IP survey completed at Southern Arm in Q1 2026, refining target locations along ~7.3 km EM trend ahead of maiden drill program.
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Panther MineralscoreStrategic or Co-development PartnerRubidium Ridge (Ontario LCT pegmatite property) was optioned to Panther Minerals (February 2026) and Panther completed its earn-in in March 2026. Usha retains 4.5mm Panther shares (~21.6%), a 2.0% NSR with $1mm partial buyback right, and a potential $1mm milestone payment.
• Totec ResourcescoreStrategic or Co-development PartnerWhite Willow lithium pegmatite property sold to Totec Resources via Qualifying Transaction (QT) closing January 2026, post 2:1 consolidation. Usha holds 5.5mm Totec shares (~15.0%).
• Molten MetalscoreStrategic or Co-development PartnerGathering Lake and Triangle Lake lithium pegmatite projects sold to Molten Metals (May 2025). Usha holds 1,306,250 Molten shares (~19.9%).
• Formation Metals Inc.minorStrategic or Co-development PartnerNicobat nickel project was spun out into a wholly-owned subsidiary, Formation Metals Inc., via plan of arrangement (April 2023). Usha shareholders received a share distribution as a 'dividend' of Formation Metals shares.
• Abitibi Metals Corp.coreStrategic or Co-development PartnerSouthern Arm copper-gold VMS property optioned from Abitibi Metals Corp. Located in the Brouillan-Fenelon assemblage, Abitibi, Quebec. 4,200 hectares along the Bapst regional fault. Usha holds 100% earn-in right.
• Stardust PowerminorStrategic or Co-development PartnerPrior LOI (May 2024) for sale of up to 90% of the Jackpot Lake project for total consideration of up to US$26,025,000 expired June 30, 2025 and was not renewed. Usha retains 100% of Jackpot Lake.
• Harris Exploration Drilling and Associates Inc.coreImplementation/ SI/ Consulting PartnerDrilling contractor retained for Jackpot Lake maiden drill program (2022-2023). Harris Exploration has over 60 years of successful drill exploration experience spanning the Americas, with particular expertise drilling in Nevada for Clayton Valley-style lithium brines.
• Rangefront Mining ServicescoreImplementation/ SI/ Consulting PartnerLocal Nevada firm contracted to provide geological services for design, execution, and management of exploration work at Jackpot Lake. Rangefront specializes in lithium brine exploration including resource estimation.
• Michael RoskocoreOthersQualified Professional (QP) for Jackpot Lake lithium brine project. Professional geologist with over 30 years of experience including Tier 1 lithium brine projects: Galaxy's Sal de Vida Deposit, Millennial Lithium's Pasto Grandes Deposit, and Lithium America Corp's Cauchari-Olaroz Deposit.

Scale indicators10 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Abitibi Metals Corp. Abitibi optioned the Southern Arm Cu-Au VMS property to Usha and operates as a fellow junior copper-gold explorer in the Abitibi region of Quebec, sharing the same Bapst regional fault geological setting and a comparable capital-markets GTM motion targeting TSXV-listed junior mining investors.
• Panther Minerals: Panther is a fellow junior LCT-pegmatite explorer in the Thunder Bay Mining Division, Ontario, that acquired Usha's Rubidium Ridge property; Usha retains ~21.6% of Panther, making the two companies direct peers in Ontario critical-minerals pegmatite exploration.
• Ares Strategic Mining Inc. Ares optioned the original 140 Jackpot Lake claims to Usha in 2022 and remains a junior exploration peer with overlapping exposure to the lithium-brine thesis; the prior transaction relationship signals they operate in the same Clayton Valley-adjacent exploration paradigm.
• Totec Resources: Totec is a junior LCT-pegmatite/lithium explorer in Ontario that completed a Qualifying Transaction with Usha for the White Willow project; Usha holds ~15% of Totec, making them direct peers with aligned exploration portfolios in the same Ontario pegmatite belt.
• Formation Metals Inc. Formation Metals is Usha's former wholly-owned subsidiary spun out in April 2023 with the Nicobat nickel project; it operates as a sister junior mining issuer and remains a direct peer for shareholders evaluating Usha's embedded equity exposure.
• Molten Metals: Molten Metals is a junior Ontario lithium explorer that acquired Usha's Gathering Lake and Triangle Lake projects; Usha holds ~19.9% of Molten, and the two companies pursue the same Thunder Bay-area LCT-pegmatite exploration thesis.

Broad incumbents

• Stardust Power Inc. Stardust Power was the counterparty on the May 2024 LOI for up to 90% of Jackpot Lake (expired unrenewed June 2025); it is a broader US-focused lithium development company and a comparable incumbent in the North American lithium-brine/development space.
• Albemarle Corporation: Albemarle operates Silver Peak — the producing Clayton Valley lithium-brine mine to which Usha's Jackpot Lake is explicitly compared in disclosure — making Albemarle the broadest incumbent benchmark for the lithium-brine exploration thesis.
• Lithium Americas Corp. Lithium Americas (now Lithium Argentina / Lithium Americas NYSE-listed) developed the Cauchari-Olaroz lithium-brine project with the same QP (Michael Rosko) referenced by Usha; it is the most directly comparable Tier 1 lithium-brine incumbent and validates the geological thesis Usha is targeting at Jackpot Lake.

Emerging players

• ArcPacific Resources Corp. ArcPacific is a junior explorer in which Usha director Adrian Smith previously held a senior role; it shares the early-stage exploration and capital-markets profile typical of TSXV-listed critical-minerals juniors.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/UshaResources
• YouTubeyoutube.com/channel/UCsYVFWQ9V22QGJ4KkJsRF1A
• Facebookfacebook.com/UshaResources
• LinkedInca.linkedin.com/company/usha-resources-ltd

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Usha Resources Ltd.