Investors appear optimistic about the outlook of mining exploration in the La Plata Mountains.
This week, Metallic Minerals, the Canadian-based mineral exploration company, announced it had received a roughly $7.3 million cash infusion from investors. Approximately $4.1 million will go toward the La Plata Project, said Bryan Eisenbraun, Metallic Minerals spokesman.
That’s good news for the company, who as recent as last week said funding concerns were a big part of the hold-up on the exploratory drilling project scheduled for this summer.
Exploratory core-sampling, intended to better define the mineral resource before any economic feasibility studies are conducted, was tentatively scheduled to occur on the western slope of the La Plata Mountains this summer.
The project’s ultimate goal, which would require several more years of exploration and study, is to determine the viability of a full-scale mine.
The company had planned to begin another round of drilling in June or July, but that timeline was pushed back to later in the season – or possibly the fall – because of permitting delays and financing uncertainties.
Metallic intends to use the net proceeds from the sale for the exploration and advancement of the La Plata Project, according the company’s news release.
While it is good news for the company, the influx of funds and Metallic Minerals’ ability to continue raising funds is concerning to local opponents of the exploration.
It’s disappointing, said Tom Miller, an opponent of the project, whose home sits between Boren Creek and Bedrock Creek on County Road 124, near the site of exploratory drilling Metallic Minerals conducted a few years back.
“There’s quite a bit of community discontent with the idea of a potential mine in the future, so knowing that they are able to raise money is a bit disappointing,” he said.
Longtime La Plata County residents like Miller have seen mining operations come and go, he said. Each time, it’s a little bit different, and hobby miners are a near permanent fixture on the mineral-rich peaks of the La Platas, he said.
But Metallic Minerals feels different – like the looming threat of a potential mine is much closer than in the past.
“I guess that’s the biggest concern, is that this feels like a real effort with real money behind it,” he said. “The fact they can raise money, and they have support from Newmont Corp. certainly makes the likelihood of a potential mine (seem) greater.”
Eisenbraun said increased investor interest in the project stemmed from growing recognition of the importance of critical minerals to national security and economic prosperity, along with a renewed effort to develop those resources in North America to support the energy transition, grid modernization, artificial intelligence and domestic economic growth.
Investors were also drawn to the company’s approach to responsible mineral development, he said.
To Miller, the renewed interest in critical mineral development in the United States is a troubling sign. He said growing investor interest appears to reflect the priorities of President Donald Trump’s administration, making the prospect of a mine feel more tangible than in previous years.
In March 2025, Trump signed an executive order directing federal agencies to accelerate domestic mineral production and streamline permitting for critical mineral mining projects. The administration has repeatedly linked domestic critical mineral extraction to national security, energy development and economic growth, while pursuing policies to expedite project approvals.
Miller worries the same approach could eventually apply to the La Plata Project if ongoing drilling provides a clearer picture of the mineral deposit. He said expedited permitting could limit or significantly reduce opportunities for public input on the project.
Metallic Minerals has said community support is an important factor in determining the feasibility of a mine and that the company will continue consulting with local communities as the project develops.
Company officials have not directly answered whether they would move forward with a mine if significant community opposition remains.
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