April 22, 2021

Record Subsurface Mineral Public Offering in April

The Government of Saskatchewan's first subsurface mineral Crown disposition public offering of the 2021-22 fiscal year was held on Monday, April 19, and raised $2,448,936.17 in revenue for the province.  This is the largest, single-sale since the province adopted the subsurface mineral public offering process in 2018.

One hundred and seventeen (117) subsurface mineral permit blocks totaling 224,405.715 hectares were posted.  One hundred and six (106) permits consisting of 212,912.965 hectares received bonus bids totalling $2,448,936.17.

The highest bid received in this offering was $262,320.71 from ROK Resources Inc.  This 5,829.349 hectare block is located east of Weyburn and is prospective for brine minerals such as lithium.  Synergy Land Services Ltd. acquired the most land with a bid of $557,277.00 to acquire 22 permits totalling 39,725.180 hectares.

Held in April, August, and December of every year, the subsurface mineral public offering is a competitive bidding process allowing for the fair, orderly, and transparent dispositioning of subsurface mineral rights, which grants the disposition owner the right to explore for, and develop, subsurface minerals.

Subsurface minerals include natural mineral salts such as boron, calcium, lithium, magnesium, potassium, sodium, bromine, chlorine, fluorine, iodine, nitrogen, phosphorus and sulfur, and their compounds, occurring more than 60 metres below the surface of the land.  Potash is a potassium compound, and subsurface minerals dissolved in subsurface geological formation waters are commonly referred to as brine minerals.  Lithium is a brine mineral that is attracting attention most recently in regards to its use in lithium ion batteries.

The next scheduled date for a subsurface mineral public offering is August 23, 2021.