Amapá Minerals Holdings Inc. (formerly Amapá Precious Metals Inc., renamed June 2026) owns and operates the Amapá Project -- a past-producing open-pit gold operation in the Guiana Shield of northern Brazil that sold more than 1.5 million ounces of gold between 2005 and 2021 under prior owner Great Panther Mining before being idled in 2021. The company invested more than US$91 million to modernize the processing plant and restart the mine, targeting first metal in April 2026 and ramping toward up to 150,000 oz/year of gold production; the operation employs roughly 965 people, the large majority locally hired. Amapá Minerals completed its TSX initial public offering on 30 Jul 2026, selling 127,272,728 common shares at CA$1.10 for gross proceeds of ~CA$140 million (underwritten by Canaccord Genuity and BMO Capital Markets as joint bookrunners), to fund the restart and ongoing operations. CEO is Ivan Truzzi.
Notable vs. Peers
- Financials score of 1/10 is weaker than the peer average of 6.6/10.
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Construction Milestones
4 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Jul 2011 · Source
- Reached — date not disclosed · Source
- Not yet reached
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)6/10
The Amapá project is in Amapá state, Brazil, an established gold-mining region of the Guiana Shield with a functioning permitting regime.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Amapa Project.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Rosebel (Zijin Mining Group), 596 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Rosebel (Zijin Mining Group), 596 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Brazil: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer of Amapá Minerals Holdings Inc., leading the restart of the past-producing Amapá Project (formerly Tucano Gold Mine) in Amapá state, Brazil.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Starboard Asset Ltda, a Brazilian private-equity and restructuring firm, acquired the distressed former Amapa mine out of bankruptcy and remains the company's majority shareholder (over 55% post-IPO) -- a current, cash-based controlling position, but from a financial sponsor rather than a mining producer. No genuine open-market insider buying was found in the short trading history since the July 2026 IPO.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Amapá Minerals Holdings, renamed from Amapá Precious Metals in June 2026, operates the Amapá Project, formerly the Tucano gold mine, an open-pit operation at Pedra Branca do Amapari in northern Brazil that sold more than 1.5 million oz of gold between 2005 and 2021 under prior owner Great Panther Mining before being idled. After investing more than US$91M to modernize the plant, the company poured first gold from the restarted mine on 4 May 2026 and is ramping up toward as much as 150,000 oz of gold a year. Its technical report, effective 31 January 2026, gives 1,940,000 oz of gold in measured and indicated resources (61.23 Mt at 0.988 g/t), inclusive of a proven and probable reserve of 31.69 Mt at 1.111 g/t that supports a 10-year open-pit mine plan. The company completed its initial public offering on the TSX on 30 July 2026.