Venture Capital Investments: Welcome to Futura Capital Limited

Sandfire Resources America Inc. (formerly known as Tintina Resources Inc.) is a prominent copper mining company (TSX.V: SFR) dedicated to the exploration, development, and mining of its wholly owned flagship property, Black Butte Copper. Founded in March 2009 by Raj Chowdhry, the principal of Futura Capital Limited, who served as CEO & Co-Chairman upon the acquisition of the Black Butte project, this mining endeavor is situated in White Sulphur Springs, Montana, USA. The company is guided by a highly-experienced executive management team with a proven track record of enhancing shareholder value through exploration, corporate finance, and mine development. On August 13, 2020, Black Butte Copper received final approval for its Mine Operating Permit for the Johnny Lee Deposit, with Phase I construction commencing shortly thereafter on August 17, 2020. Phase II construction will depend on the resolution of mitigation water rights, legal challenges, project financing, Board approvals, and additional bonding requirements. On February 26, 2024, the Montana Supreme Court ruled in favor of Sandfire Resources (Tintina) and the Montana Department of Environmental Quality (DEQ), reinstating the operating permit for the proposed 1,888-acre Black Butte Copper Mine in the Smith River watershed. This decision overturned a previous district court ruling that sided with conservation groups, which argued that the state’s analysis of the mine was inadequate in addressing safety and environmental impacts. Once Phase II construction begins, it is projected to take about two years to finish and start copper production. The Johnny Lee deposit supports an eight-year mine life and is designed to mine 1.2 million tonnes of ore annually, with average annual production estimated at approximately 23,000 tonnes of copper at a cash cost of $1.51/lb. The Johnny Lee deposit is recognized by the company as one of the highest-grade copper deposits in the world. Total production is expected to reach 805,000 dry metric tonnes of copper concentrate, containing 189,500 tonnes of copper metal over the mine's lifespan, resulting in $1.3 billion in gross sales and $518 million in pre-tax net cash flow during operations, based on a copper price of $3.20/lb. The project has a pre-tax NPV of $124.9 million and a post-tax NPV of $77.6 million. Sandfire emphasizes that the project is designed to meet or exceed all standards and obligations required under its stringent mine operating permit conditions. Additionally, the company has issued an updated mineral resource estimate for the Lowry copper deposit, located 3 km southeast of the Johnny Lee deposit. Based on new geological models, the Lowry deposit is now estimated to contain 8.3 million tonnes of inferred mineral resources at 2.4% copper for a total of 199,500 tonnes of contained copper. However, this deposit is not currently covered by environmental permits and will require a further approvals process. The updated mineral resource for the Lowry deposit highlights the substantial exploration potential at the Black Butte copper project. This deposit is conveniently located just 1.8 km from the underground access portal for the Johnny Lee deposit and is a high-priority target for the next phase of exploration. While Sandfire Resources focuses on copper mining, the company remains open to potential opportunities in venture capital to further enhance its mining operations.

Mountain Province is a publicly listed diamond mining company (TSX: MPVD) that plays a significant role in the diamond mining sector. The company holds a 49% stake in a joint venture with De Beers Canada for the Gahcho Kué diamond mine, which is located in Canada’s Northwest Territories. Recognized as the world’s largest new diamond mine, Gahcho Kué is projected to produce an average of 4.5 million carats annually over the initial 12 years of its development phase. Raj Chowdhry, the principal of Futura Capital Limited, previously served as a director of the company and was instrumental in securing the financing that led to the drilling of the “discovery” hole on the project. Through its collaboration with De Beers, Mountain Province is strategically positioned to leverage the expertise of the world’s leading international diamond producer. Notably, Canada has emerged as the third largest and most politically stable diamond-producing country. The Gahcho Kué project comprises a cluster of four diamondiferous kimberlites, with three undergoing development in the first phase and boasting a probable mineral reserve of 35.4 million tonnes, grading 1.57 carats per tonne for a total diamond content of 55.5 million carats. Mountain Province aims to maximize shareholder value by optimizing operations at the Gahcho Kué mine while also exploring potential synergies with copper mining ventures in the region.

America Mineral Fields Inc. changed its name to Adastra Minerals Inc. and was then acquired by First Quantum Minerals Ltd. (TSX:FM). In 1995, the principal of Futura Capital Limited (Raj Chowdhry), along with an associate, formed America Mineral Fields Inc. (“AMZ”) with Jean-Raymond Boulle and other management from Diamond Fields Resources Inc. (“DFR”), a company known for its diamond mining ventures. Shortly thereafter, DFR sold its Voisey Bay, Newfoundland nickel project to Inco Limited for $4.3 billion in the summer of 1996. AMZ has significant resource projects in the Democratic Republic of Congo, focusing on copper mining, including the historic Kipushi mine, which is a high-grade zinc-copper deposit, and the Kolwezi Tailings reclamation project, one of the world’s largest and lowest-cost sources of cobalt, alongside a major source of copper. During 1996, AMZ completed a $30 million financing, listed on the TSE, and achieved a peak market capitalization of over $500 million. This represented a share price increase from $0.08 to a pre-split high of $30. The company later changed its name to Adastra and was subsequently sold to First Quantum Minerals Ltd. (TSX:FM).

International Thunderbird Gaming Corporation ("Thunderbird") was a manufacturer of video gaming terminals, having revenue share deals with many of the Native Indian tribes in California. As Thunderbird expanded globally, it became one of the largest owners and operators of casinos in the Latin and South American markets. The principal of Futura Capital Limited, Raj Chowdhry, was a co-founder of the business in August 1994 and led the company through its expansion as its CEO and Co-Chairman. The company grew from a startup idea in just 3 years, scaling from a handful of employees to over a hundred, achieving $35 million in revenues, an EBITDA of $12.8 million, and a net income of $5.9 million (post-tax). Thunderbird’s market capitalization on the TSE reached $140 million. In 1997, it ranked No.489 in the Financial Post Top 1,000 companies in Canada and No. 70 in Business in Vancouver’s Top 100 public companies in BC. Notably, the company also attracted interest from venture capital firms during its rapid growth. Two financings of note include: In 1994, the company’s first significant financing was a $3 million private placement at $1 per unit with a listed tradable warrant. Within 2 years, the common shares were trading at $6, and the warrant was trading for $4.15, making the $1 investment worth $10.15. In 1995, the company completed the first listed convertible debenture in the history of the Vancouver Stock Exchange. The $5 million bond paid a 10% coupon and from its initial trading price of $100, reached a peak of $300 in just over a year. While Thunderbird made its mark in the gaming industry, it also recognized the growing potential in sectors like copper mining and diamond mining, further diversifying its interests.