Harte Gold Corp. is a gold explorer and developer with its principal asset located in Ontario


Harte Gold Corp. is a Canadian gold developer concurrently pursuing an accelerated exploration and development program at the Sugar Zone operation, with first gold pour scheduled for H2 2018. Prior to Appian’s maiden investment of C$25m 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 Appian’s financial and technical teams, Appian recognized the significant prospectivity of the deposit, which was open at depth and along strike, and successfully identified 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.

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 long-term vision for the Sugar Zone and Harte Gold formed the basis for Appian’s continuing support of the company, and justified total investments to date of US$54m through numerous tranches. Over the past 18 months, Harte has successfully tripled the Sugar Zone resource from a total of 475koz of gold to a total of 1,475koz (714koz indicated and 761koz inferred) while progressing the development of the Sugar Zone operation1. With construction of the mill and associated infrastructure nearing completion, commercial production will be achieved during the second half of 2018. Appian continues to support the company through technical and financial committees and in the pursuit of accretive M&A opportunities.

Working with the Harte team, Appian will have brought the mine from exploration to production in 20 months.

  1. Harte Gold press release, “Harte Gold Triples Mineral Resource at the Sugar Zone Project”, February 2018

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