What Company Did Boliden Put CA$20M Into?

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Golden Sky Minerals Corp.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Worldwide mining giant Boliden AB (BLIDF: OTCPK; BOLD:ST) and Golden Sky Minerals Corp.'s (AUEN:TSX.V; LCKYF:OTC) definitive agreement to collaborate on the development of Golden Sky's wholly owned copper-gold porphyry Rayfield Property and Boliden's wholly owned Gjoll Property has been approved by the TSX Venture Exchange, Golden Sky announced in a release on November 27.

According to the agreement, Boliden subsidiary Boliden Mineral Canada Ltd. will have the right to earn an 80% interest in the Rayfield Property by investing up to CA$20 million in staged exploration expenditures and cash payments over a six-year period. Once the earn-in option is exercised, the Rayfield Property will be combined into a joint venture with Boliden's Gjoll Property, under which Golden Sky will hold an initial 20% interest, as noted in an earlier release.

"This partnership is transformational for Golden Sky," Golden Sky President and Chief Executive Officer John Newell said in a September 3 release. "Boliden's decision to collaborate with us on Rayfield-Gjoll validates the district-scale copper-gold potential of this project. It allows us to preserve our tight share structure while aggressively advancing exploration in one of Canada's most prolific mineral belts."

The contiguous Rayfield and Gjoll properties are located less than 60 kilometers northwest of Kamloops, British Columbia, and cover about 90,000 hectares within the prolific Quesnel Trough, one of Canada's premier porphyry copper belts, Golden Sky noted. This metallogenic corridor is home to several major mining operations, including Teck Resources Ltd.'s (TECK:TSX; TECK:NYSE) Highland Valley Copper Mine, Taseko Mines Ltd.'s (TKO:TSX; TGB:NYSE.MKT) Gibraltar Mine, New Gold Inc.'s (NGD:TSX; NGD:NYSE.MKT) New Afton Mine, HudBay Minerals Inc.'s (HBM:TSX; HBM:NYSE) Copper Mountain Mine, and Imperial Metals Corp.'s (III:TSX; IPMLF:OTCMKTS) Mount Polley Mine.

The Quesnel Trough is known for its significant metal endowment and well-established production history. However, vast areas remain underexplored using modern, systematic exploration methodologies. According to Golden Sky, the region benefits from strong infrastructure and year-round access, supporting efficient exploration and development activities.

Boliden: 29 Years of Production in Reserve

Early exploration has delineated a substantial target at Rayfield, according to a report by Giann Liguid for Investing News Network on September 4, the day after the agreement was initially announced. A geophysical survey conducted in 2024 revealed a 600-by-1,100-meter chargeability and resistivity anomaly closely linked to gold and copper mineralization, corroborated by historical drilling results.

The deal in British Columbia follows a significant milestone for Boliden in its home market. Just one day before announcing the agreement with Golden Sky, the Swedish company secured a mining concession for its Laver deposit in Northern Sweden. This concession grants rights to extract copper, gold, silver, and molybdenum, although additional environmental permits will be necessary before a final investment decision can be made.

"We naturally welcome this news," Director Stefan Romedahl noted, according to Liguid. "The Laver deposit has the potential to make a substantial contribution, particularly to Europe’s copper supply."

According to Boliden's investor presentation, the company has produced base and precious metals since 1924, such as zinc, copper, nickel, lead, gold, silver, and by-products. It has operations in Ireland, Finland, Norway, Portugal, and Sweden with about 8,000 employees and about SEK 90 billion (Swedish krona) in revenues.

On October 22, the company released its third-quarter results. The company said it had an operating profit for the quarter of SEK 3.24 billion, compared to SEK 3.166 billion the previous quarter, with earnings per share (EPS) of SEK 8.07, compared to SEK 8.34.

"Overall, the results for the quarter were strong," said stated President and Chief Executive Officer Mikael Staffas at the time. "We had a significant cash flow, even though major investments are still ongoing, primarily in the Boliden Area, Odda, and Rönnskär."

Its producing projects have reserves covering as much as 29 years of full production, the company's presentation said.

NSR Option

Looking ahead, the partnership will focus on designing and executing an ambitious 2026 exploration program that includes geophysical and geochemical surveys, detailed geological mapping, refined drill targeting, and an initial drilling campaign to test high-priority targets identified through previous exploration work, Golden Sky said.

After the TSX approval, Golden Sky released more details of the deal. In relation to the joint venture, if a party's interest falls below 10%, their remaining interest will automatically convert into a 1.0% net smelter returns (NSR) royalty on the Rayfield Gjoll property, with a maximum aggregate royalty payable of CA$15 million.

The NSR is not an upfront or current obligation of the company; it only applies if a joint venture participant's interest is diluted below 10%. Currently, no NSR is outstanding or payable to any party under the agreement. This transaction is independent of the company, and no finders' fees are being paid.

Rayfield–Gjöll: District-Scale Copper-Gold in a Proven Belt

Golden Sky is a Canadian mineral exploration firm focused on developing promising copper and gold projects in British Columbia, Yukon, and Ontario. Rayfield is situated in a swiftly growing porphyry copper-gold region, providing significant discovery potential, outstanding infrastructure, and closeness to some of Canada’s leading mining companies, the company said.

The flagship asset at the center of the new agreement with Boliden is the Rayfield–Gjöll land package in the Quesnel terrane — British Columbia's primary copper-producing belt.

Historical work focused on a relatively compact central area, where shallow drilling, soil sampling, and IP outlined a broad copper-gold porphyry system from surface to end-of-hole, suggesting the system remains open at depth, Hyland noted in his Streetwise piece.

"As Golden Sky expanded the claim package and integrated new geophysical datasets, a larger picture emerged: Rayfield is part of a broader porphyry camp that is increasingly attracting attention from majors and well-financed juniors," Hyland noted. "Boliden's arrival next door — and ultimately into the earn-in — reflects that shift."

A key technical step forward came in 2025, when Golden Sky completed 735 line-kilometers of ZTEM and aeromagnetic surveying over the Gnome and Semlin target areas, Hyland said.

These ZTEM results now form the foundation for the Phase-2 mapping and sampling program, which aims to connect geophysical domains more closely to surface mineralization and finalize collar locations before JV-funded drilling begins.

Growth With Minimal Equity Dilution

The partnership with Boliden is a cornerstone of Golden Sky's growth strategy, allowing the company to advance a high-potential asset with reduced financial risk and minimal equity dilution, the company said.

Boliden's commitment to finance up to CA$20 million in exploration expenditures preserves the company's tight share structure while providing Golden Sky with a free-carried 20% interest through the discovery phase upon completion of the earn-in. Until Boliden elects to exercise the option and fully finances the CA$20 million, Golden Sky retains 100% ownership of the Rayfield property.

Golden Sky said ongoing collaboration between the two companies has already led to aggressive groundwork, including airborne geophysics and geochemical surveys completed in 2025, with drilling planned to test multiple high-priority targets on the combined Rayfield-Gjoll land package. A strong initial intercept could catalyze a material rerating of the company, unlocking potential akin to gold-rich copper porphyries like New Afton or Mount Polley.

At Golden Sky's annual and special meeting of shareholders on November 12, 2025, a majority of disinterested shareholders approved the previously announced option and joint venture agreement. The resolution received overwhelming support, with more than 95% of disinterested votes cast in favor, ratifying the definitive agreement dated September 3, 2025.

"With over 95% approval from disinterested shareholders, this milestone underscores the strong potential of the Rayfield-Gjoll project," Newell said on November 17. "Boliden's commitment positions us to unlock a significant copper-gold discovery in one of British Columbia's most prospective mining belts, all while derisking our path forward and enhancing shareholder value by minimizing dilution."

High-Profile Investors Add Depth

In a December 1 contributed opinion piece for Streetwise Reports, Jamie Hyland noted that it is important to note the caliber of investors supporting Golden Sky. In November 2025, Evanachan Ltd., controlled by mining entrepreneur Rob McEwen, converted its CA$220,000, 9% debenture into 2,000,000 common shares at CA$0.11, giving him roughly 9% ownership.

"Few early-stage explorers secure that caliber of long-term shareholders," Hyland wrote.

He quoted McEwen's own words from November 6: "I like the odds for exploration success, making a discovery at one of its multiple properties where all are in close proximity to major gold deposits."

Newell said it was a powerful endorsement: "Rob's decision to convert the debenture into common shares is a significant vote of confidence in our team, our strategy, and the quality of our assets, particularly the Rayfield–Gjöll Copper-Gold Project."

This shareholder foundation is complemented by a major company partnership that materially changes how Golden Sky advances its flagship asset, Hyland said.

For investors, the implications are clear: instead of serial equity raises to fund early-stage drilling, a major base-metals producer is shouldering the heavy capital load, while Golden Sky maintains meaningful leverage to any discovery, Hyland said.

'One to Keep Firmly on the Radar'

According to Hyland, Golden Sky still trades like a pre-drill junior, with substantial land, robust geophysics, and limited modern drilling.

"Yet, the company carries attributes its peers are typically lacking: billionaire backing, a major company earn-in, a tight share structure, and a clear funding runway," he wrote.

As copper markets become more constrained and gold continues to hold its strategic importance, the most promising exploration opportunities are those that blend scale, jurisdictional stability, reputable supporters, and transparent funding pathways, Hyland said.

With a CA$20 million earn-in from Boliden, district-scale copper-gold assets in the Quesnel Trough, a contemporary geophysical framework, and direct backing from Rob McEwen and Crescat Capital, Golden Sky is poised to enter 2026 as a high-potential, systematically de-risked discovery venture, he said.

"For investors looking for early-stage exposure where both a major mining company and a billionaire resource investor have already weighed the odds and stepped in, Golden Sky is one to keep firmly on the radar," he wrote. "From my perspective, Golden Sky represents one of the more compelling early-stage copper-gold exploration opportunities in Canada, with catalysts ahead and meaningful backing from both industry and institutional investors."

The Catalyst: Climbing Steadily

Copper surged to a new record high last Wednesday as a spike in orders to withdraw metal from London Metal Exchange (LME) warehouses intensified concerns that potential U.S. tariffs could exacerbate a global supply shortage, according to a report by Mark Burton and Martin Ritchie for Bloomberg on December 3.

Futures climbed as much as 2.6% in London, trading above US$11,400 per ton, surpassing a previous peak set on Monday. This followed LME data showing a surge in copper orders from its depots in Asia. Mining stocks also rose, with Chilean copper producer Antofagasta Plc jumping over 5% to a record high, the report said.

The key industrial metal has been climbing steadily in recent weeks, as an increasing number of traders and analysts warn that global inventories could soon be depleted to critically low levels, with large volumes of metal being shipped to the U.S. in anticipation of tariffs, the authors said.

The LME’s global benchmark price has risen more than 30% this year, but U.S. futures have climbed even higher, as investors speculate that President Donald Trump will impose levies on primary forms of the metal. Trump initially outlined plans for such tariffs in February, causing a stir in the global copper market and driving U.S. copper imports to record levels.

"Note that Chile, the world's largest copper producer, has raised its price forecasts for this year and next," MarketScreener reported December 3. "This revision factors in supply disruptions as well as lower interest rates."

The global copper market was valued at US$241.88 billion in 2024 and is expected to grow to US$339.95 billion by 2030, with a compound annual growth rate (CAGR) of 6.5% from 2025 to 2030, Grand View Research reported.

Copper plays a vital role in solar panels, wind turbines, and related grid infrastructure, the research firm said.

"Due to its electrical efficiency, it plays a central role in solar photovoltaic systems, wind turbines, electric grids, and energy storage systems," Grand View said. "The global push for cleaner energy sources to meet climate targets has led to rising installations of renewable power capacity, all requiring significant amounts of copper. Moreover, as countries upgrade aging power grids and integrate smart grid technologies, the demand for copper-intensive transmission and distribution networks continues to climb."

Ownership and Share Structure¹

About 2% of Boliden AB is owned by strategic corporate investors and insiders, and about 55% by institutions. The rest is retail. Its market cap is SEK 128.74 billion with 283.82 billion shares outstanding. It trades in a 52-week range of SEK 259.40 and SEK 459.30.

Crescat Capital owns 11.12% of Golden Sky, and Newell holds 5.01%. The rest is retail. The company has a market cap of CA$7.64 million with 21.83 million shares outstanding. Its 52-week range is CA$0.08 to CA$0.73.