EPI, which measures the relative change in precious and base metals prices, weighted by the percentage of overall exploration spending for each metal as a proxy of its relative importance to the industry, was at 135.9, weighting to gold and the positive gold price performance in the quarter, S&P reports.

The option agreement would nearly double the company's tenement footprint in the Iron Quadrangle region.

The investment firm has boosted its position in the Stibnite project owner by more than 40%.

Located in northern Quebec, Ashram is one of the largest rare earth deposits in the world with a fluorspar component.