Harte Gold Corp. is a gold explorer and developer with its principal asset located in Ontario
Harte Gold Corp. (“Harte”) is a Canadian gold producer that concurrently pursued an accelerated exploration and development program at the Sugar Zone operation, with first gold pour achieved in October 2018. Prior to Appian’s maiden investment in December of 2016, the potential of the Sugar Zone asset and the associated regional land package was not understood by the market. Through a granular due diligence process undertaken by both of Appian’s financial and technical teams, Appian recognized the significant prospectivity of the region and the Sugar Zone deposit in particular, successfully identifying the strong likelihood for further resource growth and the development of a profitable mining operation. This differential view formed the basis of Appian’s initial investment thesis and justified the commitment of significant capital across debt, equity and royalty investments to support the long-term vision for the company.
Following the initial investment into the company, Appian worked directly with Harte’s management team to develop the dual-track development and exploration strategy and drive value growth. This strategy resulted in a tripling of the mineral resource within 18 months of Appian’s initial investment, and achievement of first production within less than two years of Appian’s first investment. The Sugar Zone resource grew from a total of 475koz of gold in December 2016 to a total of 1.7 million ounces currently with commercial production declared in January 2019, following a ~12-month construction period.
Following the successful execution of the exploration and development strategy, Appian and Harte worked collaboratively to identify and retain a high quality, operationally focused management team to drive operational efficiencies at the Sugar Zone mine and realise the full potential of Harte’s highly prospective land package, with numerous near-mine and regional targets being drill-tested during 2020. Appian is working with the new management team on a number of value add initiatives and continues to support the company through technical and financial committees and in the assessment of accretive M&A opportunities.