Maximus Minerals - Founder Comments - For Information Only4 Mar 2025 13:30
Maximus Minerals was founded in late 2022 around my vision to create a UK vehicle with the capabilities to stake and acquire properties primarily in Ontario, Canada. (I have a history/skillset of staking and selling properties in Canada).
Using my network, people were brought into management/director roles that would allow Maximus to list either in a recognised UK or Canadian exchange and allow us to explore and operate efficiently in Ontario (Please note that one of our directors is a current PDAC director and has vast experience and network in the footprint of our projects).
Funds were raised by founders, directors and friends/family in our network’s to keep the business lean. No cash salaries were taken by directors/management.
Early stage projects were staked/acquired with multiple advanced projects reviewed before we finally settled on Cat Key.
The vision was to list primarily on the AQSE exchange with plan B, an RTO of a Canadian vehicle (had identified 2 suitable vehicles who were keen to deal).
The plan was to come to market with a valuation of circa £5-7M (£2M raise). I don’t need to tell you that market conditions for IPO’s was/is non existent and only RTO’s of $15M of more can attract significant investment in the North American space.
Even though funds were limited Maximus was still able to carry out 3 successful exploration programs/surveys on our 100% owned properties to add to the value proposition. (The value for money exploration we carried out was down to our local teams on the ground and this will be invaluable to ECR Minerals should they proceed with the transaction).
With the capital markets in toil, we took the decision in late 2024 to look for an equity transaction that would give all shareholders some return on their investment and started to look for potential listed vehicles on AQSE/AIM that were looking to expand their portfolio.
The vehicle was required to have the following: Liquidity, a well known name in the space, already operating in the junior mining space, access to capital, an experienced management and technical team and the desire to run a lean as possible business model.
Based on valuations of the Maximus business that we had received via brokers and advisors we approached ECR Minerals as it was known in the space that ECR had been looking at to expand the portfolio. Discussions were open and honest and whilst ECR loved the projects (in particular Cat Key gold with its circa $4M CAD historic spend and $400K CAD exploration credits), the valuations were poles apart.
After a few weeks of reflection, the BOD at Maximus decided that accepting the offer from ECR was in the best interests of Maximus shareholders as it gave shares in a listed vehicle, upside in our own projects and also exposure to ECR projects.
ECR have picked up a ready-made wrapper for then to do business in Canada for 100% paper at a low end of the valuation with a vehicle they can spin off or do fur
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