- Billionaire investor and Canadian Mining Hall of Famer Eric Sprott has allowed 9,090,910 warrants for shares of TRU Precious Metals (TSXV:TRU) to expire unexercised
- The expiry decreases his position in the junior gold and copper stock from 10.6 per cent to 5.6 per cent, causing him to lose insider status
- TRU Precious Metals intends to generate long-term shareholder value through prudent natural resource property development and related transactions
- TRU Precious Metals stock has given back 16.67 per cent year-over-year and 64.29 per cent since 2020
Billionaire investor and Canadian Mining Hall of Famer Eric Sprott has allowed 9,090,910 warrants for shares of TRU Precious Metals (TSXV:TRU) to expire unexercised.
Prior to the expiry, he owned 9,090,910 shares and 9,090,910 warrants representing 5.6 per cent of outstanding shares on a non-diluted basis and 10.6 per cent on a partially diluted basis.
After the expiry, Sprott now holds only the 9,090,910 shares, which lowers him below the 10 per cent threshold required to be considered an insider at TRU Precious Metals.
Sprott holds the shares for investment purposes, meaning their role in his portfolio may change contingent on a confluence of factors such as original thesis, financial situation or market outlook.
Why is Eric Sprott invested in TRU Precious Metals?
Sprott has a stake in TRU Precious Metals because of its flagship 264.25-square-kilometre Golden Rose project in Newfoundland, which features 45 km of strike between Calibre Mining’s 5-million-ounce Valentine Gold project and Matador Mining’s 600,000-ounce Cape Ray gold project.
Golden Rose’s prospectivity is supported by high-grade sampling and drilling across the property since 2021, as recently highlighted by 2.5 m at 57.6 grams per tonne (g/t) of gold at the Mark’s Pond target and 7.6 per cent copper and 3.1 g/t gold about 2 km to the north-northeast.
The market has met TRU’s multiple years of high-grade exploration at Golden Rose with a perplexing more than 64 per cent loss in share price since 2020, setting investors up to benefit from positive news flow as the company progresses towards delineating an economical resource.
Setting aside how investors with portfolios as extensive as Sprott’s may have risk measures in place that require them to trim positions, TRU’s mismatch between results and market sentiment – especially when we consider gold and copper recently touching new highs – makes the junior miner a worthwhile investment to consider today.
TRU will carry out a fully funded exploration program into the summer to better understand Golden Rose’s numerous critical mineral anomalies, including nickel and zinc, with eyes on adding value beyond the property’s established gold and copper-bearing terrain.
About TRU Precious Metals
TRU Precious Metals intends to generate long-term shareholder value through prudent natural resource property development and related transactions.
TRU Precious Metals stock (TSXV:TRU) last traded at C$0.025 per share.
Join the discussion: Find out what everybody’s saying about Eric Sprott and this gold and copper stock on the TRU Precious Metals Bullboard, and check out Stockhouse’s stock forums and message boards.
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(Top photo of Eric Sprott: Sprott Money)
