AI Summary
5 min readThe Vox Markets Podcast spoke with Jeremy Gray and Jim Jackson about Lyra, a gold project in Finland that includes what they describe as one of the largest gold mills in Europe. The company is preparing for an IPO in September and is currently raising a pre-IPO round of six million Canadian dollars at $1.50 per share. The mill was built in 2012 by Nordic Mines but failed due to a combination of a gold price collapse and a disastrous hedge that locked in a realized price of only $1,000 per ounce. The current team has spent three years diagnosing what went wrong and preparing a restart.
The core problem: grade dilution and lack of automation
The previous operators struggled with grade dilution, meaning the ore fed into the mill was less concentrated than expected. Jim Jackson explained that the ore is not visually detectable, so the only way to know where it is with confidence is through drilling. The team is now running a large RC (reverse circulation) drilling campaign—about 11,000 meters so far—specifically for grade control. This is unusual for Finland, where diamond drilling is the norm and RC rigs are scarce. Lyra solved that problem by buying its own Sandvik rig.
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What you'll learn
- 1 (01:17) **Lyra: Restarting Europe’s Largest Gold Mill** - Jeremy Gray and Jim Jackson introduce Lyra, a major gold asset in Finland with a world-class mill, moving toward an IPO in September.
- 2 (02:22) **Permits and Winter Start-Up Constraints** - Jim addresses media hype around permitting and explains why operations will begin in spring, not immediately.
- 3 (03:13) **Three Years of Fixing Past Problems: Grade Dilution and Automation** - Jim details the technical work done to solve the mill’s historical failures, focusing on grade control and process consistency.
- 4 (05:43) **Resource Upside: From 1M to Potentially 4M Ounces** - Jeremy and Jim explain why the current 1M-ounce resource is extremely conservative and where the growth will come from.
- 5 (07:29) **RC vs. Diamond Drilling: Grade Control vs. Exploration** - Jim explains the two drilling methods and why Lyra bought its own RC rig in Finland.
- 6 (08:49) **The Path to Production: Pre-IPO Round and Restart Funding** - Jeremy outlines the immediate capital raise and the financing plan to restart the mill.
- 7 (09:41) **Historical Context: Why Nordic Mines Failed (Not the Asset)** - Jeremy explains the mill’s troubled history to show the business itself was sound.
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Show Notes
Watch on Youtube: https://www.youtube.com/watch?v=l0SYUjeQwZE
Find out more about this Pre IPO Investment Opportunity: https://invest.laivagold.com/?SQF_LEAD_SOURCE=vx
Laiva Gold is getting set to restart operations at a major gold project in Finland. Plant and permits are already in place, drilling is ongoing, and a pre-IPO financing round is happening now. The plan is to list the company in September, and move towards gold production within about a year's time. How big is the project? Well, there's already a million ounces known about, but previous drilling ended in ore. The project is likely to get bigger, and an expansion of the plant capacity is on the cards. General manager Jim Jackson and financier Jeremy Gray join Vox to tell us more.
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