Beyond Minerals holds three 100% owned projects: Owl Creek, a copper porphyry target near Pemberton, British Columbia; Ear Falls, an LCT pegmatite lithium project about 15 minutes north of the town of Ear Falls in northwestern Ontario, roughly 70 km south of Red Lake; and the Rare One rare earth and base metal property near Fairmont, BC. This interview covered the pivot away from lithium, the shift of flagship status to Owl Creek, insider ownership, permitting, and how they intend to fund a first drill program.
TL;DR
CEO Frame told me that the lithium land package went from being their biggest selling point to their biggest liability, and that he did not feel good about the company until a couple of months ago. Owl Creek is the whole thesis now. Their geologist told me he wants a 3,000 to 4,000 metre first pass program at roughly C$200 to C$250 per metre all in, so C$600,000 to C$750,000, and Frame wants to raise about C$1 million in hard dollars before the end of September to pay for it, ideally with three or four dealers taking C$250,000 to C$300,000 chunks. Drilling is contingent on permits, which he hopes land in about three months for an October start. Treasury is thin, burn is about C$10,000 per month, and nothing has been drilled at Owl Creek since the 1970s.
What have they done for shareholders lately?
Not much that is measurable yet, and Frame was upfront about it. They divested the Ontario lithium package down to Ear Falls only and now own all three properties outright, which took roughly a year and a half. At Ear Falls they ran a 2026 grid based biogeochemical survey using spruce tips, 552 samples over about 14 km of lines, with assays still pending and already paid for. The only drilling ever done at Ear Falls was 330 metres of AQ core in late 2023, which returned narrow high grade intervals inside broader low grade envelopes. At Owl Creek they did a site visit, saw extensive malachite on surface, and doubled the claim position. Sampling has also been done at Rare One with results pending. Paul Baxter and the field team were on the ground at Owl Creek at the time of the interview.
How much money do they have and what are they spending it on?
Frame did not give a cash balance, only that the treasury is “quite low” but manageable because he is paying about C$10,000 per month for unavoidable costs and the field work already done is largely covered. The last raise was May of this year, roughly C$200,000 at C$0.05 with a half warrant at C$0.10 for two years. He wants about C$1 million next, prefers hard dollars over flow through, and said he will not spend more than C$50,000 to C$60,000 of it on marketing. Roughly C$600,000 to C$750,000 goes to a 3,000 to 4,000 metre drill program at C$200 to C$250 per metre. The company owes Frame about C$120,000 in accrued contract fees, which he plans to convert to shares at the next financing price, taking him to roughly 10 million shares including 2.5 million of what he called SARs, at an average cost around C$0.05. He put reporting insider ownership at about 10%, said friends and associates who backed his financings hold 40 to 50 million of the 81 million shares outstanding, and confirmed there are no royalties or option payments on Owl Creek or Rare One (Ear Falls carries a prospector royalty from the original package), no change of control fees beyond the C$120,000 owed to him, and no free trading dates coming up. There are about 17 million warrants, 2 million options and 2.6 million RSUs, roughly 21% of 103 million fully diluted, including about C$2 million of warrants struck at C$0.10.
Upcoming catalysts
Technical: assays pending from the 552 sample Ear Falls biogeochemical program, and pending results from the Rare One sampling. Ongoing mapping, rock sampling and alteration and geochemical vectoring work at Owl Creek to define drill targets, with news said to be coming soon. Operational: drill permit application at Owl Creek, hoped to take about three months, with a drill on the ground in October if permits arrive. First Nations engagement is still at an early stage and will run through the Ministry of Mines process. Corporate: a roughly C$1 million hard dollar financing targeted between now and the end of September, and possible JV, spin out or divestment of Ear Falls and Rare One once results are in. Frame suggested a follow up interview early in the new year once drill results exist.
Risks
Financing is the main risk, and Frame said it himself. Money is the only thing that keeps him up at night, and the raise has to happen at roughly a four cent share price. Permitting is the second, since the October drill start depends entirely on approval timing and their geo acknowledged permits can run longer than three months. First Nations consultation has not really started yet.The near term worry was forest fires with a crew in the field. Geologically, they do not yet have drill targets defined, vectoring toward the potassic core may only be resolvable by drilling, and the historical grades were about 80 to 100 metres of 0.3% to 0.4% copper. CEO Frame also said that a 3,000 to 4,000 metre program will not prove or kill the property, saying it would take 10,000 to 15,000 metres before you would know, which means repeat financings. Historical drill core from the 1970s could not be located, so gold potential in the system remains untested.
Beyond Minerals CEO Interview
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