Bob Quartermain's mining story
Bob Quartermain's mining story
Born in 1955, Robert Quartermain embarked on a transformative odyssey. Armed with a Master's degree from Queen's University in the late 1970s, Quartermain
Born in 1955, Robert Quartermain embarked on a transformative odyssey. Armed with a Master's degree from Queen's University in the late 1970s, Quartermain immersed himself in the world of mineral exploration.
His footsteps echoed through the rugged landscapes of Baker Lake, where he sought uranium and gold, unwittingly laying the groundwork for groundbreaking discoveries. Joining Teck Corporation in 1981, he honed his skills while traversing the vast Canadian terrains.
The turning point arrived when Quartermain played a pivotal role in unveiling Ontario's Hemlo gold camp. In 1985, Robert was recruited to manage Teck's associated junior and mid-sized companies, including Silver Standard Resources, a junior mining company with a modest market cap of $2 million.
Under his guidance, the company's fortunes soared, thanks to a fortuitous encounter with investors Rick Rule and Jim Blanchard in 1992. Embracing Rule and Blanchard's vision, Quartermain led Silver Standard in a relentless pursuit of global silver deposits. The stock, starting at $0.50 in the early 1990s, surged to $10 in the mid-1990s but faced challenges in the early 2000s.
For years, Silver Standard focused on acquiring deposits without producing an ounce. Undeterred, Quartermain invested in several projects, and in 2008, Silver Standard transitioned from an accumulator to a producer, developing the Pirquitas property in Argentina. Under Quartermain's visionary leadership, Silver Standard transformed into a global silver powerhouse valued at over $2.5 billion.
In 2010, he established Pretium to acquire Silver Standard's Brucejack and nearby Snowfield property. The project, initially acquired in 1999, showed high-grade gold hits that defied expectations. Pretium Resources was born with a $238-million IPO in 2010, and Quartermain contributed $7 million of his own money to seal the deal.
Under Quartermain's guidance, Pretium thrived. The company defined a spectacular high-grade resource at Brucejack, with over 8.5 Moz at 16.4 g/t gold open at depth and in all directions. Analysts recognized the potential, and the company's value soared.
Pretium faced controversy in 2018 when Strathcona Mineral Services resigned from the Brucejack project, disputing the validity of gold mineral resources. Despite the stock taking a hit, Quartermain's track record and the belief in the presence of gold kept supporters like Rick Rule confident.
He raised funds, negotiated agreements with First Nations, and turned Brucejack into Canada's fourth-largest gold mine, producing 350,000 ounces annually.
In the present, Robert Quartermain holds the role of Co-Chairman at Dakota Gold. Positioned on 46 thousand acres around the iconic Homestake Mine, the company's mission is clear—to unearth new discoveries and breathe new life into one of the world's remarkable mining districts.
Continuing to inspire generations in mining and beyond, he's hailed as a living legend. With Dakota Gold, he seeks to carve out another success story in his remarkable journey.