Canada slips in mining rankings, but is still home to 2 of world's top 10 most attractive jurisdictions
Finland ranks as the most attractive jurisdiction for mining investment, followed by four states in the United States, according to the Vancouver-based Fraser Institute's Annual Survey of Mining Companies.
'Overall, we see there's significant room for improvement in the policy environment (in Canada),' said Elmira Aliakbari, director of natural resource studies at the Fraser Institute and one of the report's authors.
About 350 mining professionals responded to the survey, which was conducted between August and December last year, and they were asked various questions about taxation regimes, environmental protections, labour availability and other topics.
About 40 per cent of the respondents worked for exploration companies, 32 per cent for mining companies and the remainder identified as consultants or as other.
Last year, four Canadian provinces ranked amongst the world's top 10 jurisdictions, compared to only two this year: Saskatchewan was seventh and Newfoundland and Labrador was eighth.
Aliakbari said the decline is mainly due to policy uncertainty, particularly around environmental protections and disputed land claims with indigenous groups.
For example, Saskatchewan dropped to seventh on the overall 'Investment Attractiveness Index' after ranking third in 2024 and second in 2023. The report said 'respondents expressed increased concerns over the province's taxation regime, regulatory duplication and inconsistencies, and uncertainty concerning environmental regulations.
Ontario dropped in the rankings for the second year in a row, to 15th from 10th last year, because of increased concerns about its taxation regime, labour regulations and political stability.
Quebec had an even bigger drop, to 22 from fifth last year, because of increased concerns over taxation, regulatory duplication and its legal system.
Aliakbari said British Columbia has 'significant room for improvement' even though it moved up in ranking to 12th from 25th last year. That's because it has geological potential that it isn't fully realizing, she said.
Similarly, she said Yukon scores well when assessing its geological potential, but that's not necessarily reflected in its overall investment ranking of 24th because there's a poor perception of its policy environment.
'It means these jurisdictions have failed to capitalize on their mineral potential,' she said.
Canadian provinces aren't the only jurisdictions that moved down. Last year, Utah was tops, but it dropped to 11th, with respondents citing increased uncertainty over disputed land claims as well as trade barriers.
The Republic of Ireland ranked highest in terms of how mining professionals perceive its policy environment, but a comparatively lower ranking on its geological potential put its overall investment ranking at No. 23.
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Finland ranked second on policy perception, which, when combined with a strong geological potential, placed it first in the overall investment ranking.
Since the survey ended, Mark Carney has been elected Canada's prime minister, and the federal government as well as several provinces have passed legislation that could accelerate the timeline and regulatory requirements for major projects such as large mines. Aliakbari said those changes could be reflected in next year's report.
For now, she said, respondents, broadly speaking, continued to cite policy uncertainty around environmental protections, disputed land claims and taxation as major barriers to making more mining investments in Canada.
'We see investors continue to cite policy uncertainty as a key deterrent,' Aliakbari said.
• Email: gfriedman@postmedia.com
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Royal Gold Acquires Gold Stream on the Large-Scale, Long-Life, Kansanshi Copper-Gold Mine Operated by First Quantum Minerals Ltd.
DENVER, August 05, 2025--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, "Royal Gold" or the "Company," "we" or "our") announced today that its wholly-owned subsidiary RGLD Gold AG ("RG AG"), has entered into a precious metals purchase agreement ("Stream Agreement") for gold deliveries referenced to copper production from the Kansanshi copper-gold mine ("Kansanshi") in the North Western Province of Zambia, operated and 80% owned by a subsidiary of First Quantum Minerals Ltd. ("First Quantum"). Royal Gold has agreed to make an advance payment of $1.0 billion ("Advance") in return for a gold stream referenced to copper production, with deliveries of 75 ounces of gold per million pounds of recovered copper produced until the delivery of 425,000 ounces; 55 ounces of gold per million pounds of recovered copper produced between the delivery of 425,001 ounces and 650,000 ounces; and 45 ounces of gold per million pounds of recovered copper produced thereafter. Royal Gold will initially pay 20% of the spot gold price for each ounce delivered. Additionally, and depending on the achievement of certain objectives as described below, Royal Gold will increase the percentage of spot gold price paid for each ounce delivered to 35% and has also granted options to First Quantum to accelerate stream deliveries. "I am pleased to announce this transaction, which provides Royal Gold with exposure to a world-class mine located in a mining-friendly jurisdiction and operated by a first-tier counterparty," commented Bill Heissenbuttel, President and CEO of Royal Gold. "This large and long-life stream will add another significant gold interest to the enlarged portfolio we are creating with the recently announced transactions for Sandstorm Gold and Horizon Copper, and enhance our position as a premier growth company in the streaming and royalty sector. The immediate cash flow from this acquisition paired with the cash flow of the combined Royal Gold, Sandstorm and Horizon portfolios will allow us to rapidly pay down the debt incurred to complete this acquisition." Acquisition Highlights Immediate gold revenue and cash flow from a producing copper-gold mine: The effective date of the transaction is August 5, 2025 and Royal Gold expects to receive approximately 12,500 ounces of gold in 2025. Gold deliveries are expected to average approximately 35,000-40,000 ounces per year over the next 10 years. Accretive per share metrics: Funding sources for the acquisition consisted of available cash resources and a draw on our revolving credit facility, without issuing new shares. Established operation with a world-class resource, and long-life and large-scale production: The Kansanshi copper-gold mine has been First Quantum's flagship operation since 2005, and known reserves are expected to support continued production for an additional mine life of over 20 years. First-tier operator with a long and established operating history in Zambia: First Quantum is a large and experienced international mining company with a record of operating Kansanshi without interruption since completing construction in 2005. First Quantum's other significant mining assets in Zambia include the Sentinel mine, which started production in 2015, and the Enterprise mine, which started production in 2023. Well-established mining jurisdiction with strong governmental support: Zambia was the 10th largest global copper producer and mining was the second-largest contributor to Zambia's GDP in 20231. The Government of Zambia launched the "Three Million Tonnes Copper Production Strategy" in July, 2024, to support and promote investment in the sector. Other large mining companies active in Zambia include Barrick Mining, Vedanta Resources and China Non-Ferrous Metal Mining Group. 1 Zambia 2024 Mining Report, Third Edition, PwC. Overview of Transaction Terms Stream Agreement Deliveries under the Stream Agreement will be indexed to the production of recovered copper to reduce exposure to metallurgy and processing variability, and the stream rate will vary based on gold delivery thresholds: 75 ounces of gold per million pounds of recovered copper produced until the delivery of 425,000 ounces; 55 ounces of gold per million pounds of recovered copper produced between the delivery of 425,001 ounces and 650,000 ounces; and 45 ounces of gold per million pounds of recovered copper produced thereafter. Recovered copper produced is in both concentrate and cathode form and the stream economics are not dependent on downstream smelter recoveries or gold production at the site. First Quantum will have two options to accelerate stream deliveries and reduce the outstanding Advance: Acceleration Option 1: From the earlier of the achievement by First Quantum of a minimum 'BB' or equivalent senior unsecured debt rating from a rating agency, or a Net Debt/TTM EBITDA ratio of 2.25x or less over three consecutive quarters starting from March 31, 2026, it will have a one-year period to exercise the option and deliver gold worth up to $200 million over a 14-month period from the date of option exercise and reduce the stream rates and delivery thresholds by up to 20%. Acceleration Option 2: If First Quantum achieves either a minimum 'BBB-' or equivalent senior unsecured debt rating from a rating agency, or shows a Net Debt/TTM EBITDA ratio of 1.25x or less over four consecutive quarters, and achieves certain operational conditions, it will have a one-year period to exercise the option and deliver gold worth up to $100 million over a 7-month period from the date of option exercise and reduce the stream rates and delivery thresholds by up to a further 10%. Royal Gold will pay 20% of the spot gold price for each ounce delivered. Should either one of the conditions in Acceleration Option 1 be met, Royal Gold will pay 35% of the spot gold price for each ounce delivered. Area of Interest The Area of Interest covered by the Stream Agreement is defined as the existing mineral license for the mine, which covers an area of approximately 249 square kilometers. Guarantees, Protections and Additional Rights RG AG's counterparty is a Canadian-based special purpose vehicle and the interests under the Stream Agreement are guaranteed on an unsecured basis by all entities within the Kansanshi ownership chain, from the project company (Kansanshi Mining PLC) through to the parent, First Quantum Minerals Ltd. Royal Gold also has customary additional protections for a stream agreement including limitations on certain additional encumbrances, restrictions on transfer of mine ownership, sharing for insurance and expropriation proceeds, and typical remedies for events of default. RG AG will also maintain certain rights to participate in any future stream, royalty or similar production-based financing on the Kansanshi land package. Funding and Liquidity Update Royal Gold is funding the Advance using cash on hand and a draw of $825 million on its $1 billion revolving credit facility. Separately, Royal Gold has notified the members of the credit syndication group of its exercise of the $400 million accordion feature and has received commitments from them for the full $400 million of increased capacity. We anticipate closing on the accordion feature on August 5, 2025, following which $1.4 billion will be available under the revolving credit facility. Our available cash, the $575 million undrawn capacity on the revolving credit facility, and anticipated cash flow from our portfolio are expected to be sufficient to fund all remaining outstanding financial commitments, which includes repayment of outstanding debt assumed with the acquisition of Sandstorm Gold Ltd. and the cash acquisition of Horizon Copper Corp., both of which are expected to close in the fourth quarter. Background on the Kansanshi Mine The Kansanshi mine is owned and operated by Kansanshi Mining PLC, which is 80% owned indirectly by First Quantum and 20% by ZCCM Investments Holdings PLC, a listed company that is majority-owned by the Government of the Republic of Zambia. First Quantum acquired its interest in the project in 2001, began construction soon after, and achieved commercial production in 2005. Kansanshi is a sediment-hosted, stratabound deposit with subvertical veins. Economic copper and gold mineralization occurs in three ore-types: primary sulfide, mixed supergene and oxide. Mining is carried out in three open pits, Main, Northwest and Southeast Dome, using conventional open pit methods employing hydraulic and electric equipment and a fleet of haul trucks with electric trolley assist on the main ramps. Ore treatment is flexible to allow for variation in ore type either through an oxide leach circuit, a transitional ore "mixed float" circuit, or a sulfide flotation circuit. Sulfide ore is treated via crushing, milling and flotation to produce copper in concentrate. Flotation tails from the mixed and oxide circuits advance to a leaching and SX/EW process to produce cathode copper. Gold is recovered from all ore types by gravity concentrators. Gemini tables treat the gold gravity concentrates and produce a high-grade concentrate for direct smelting to gold bullion. The construction of a new 25 million tonne per year sulfide processing plant (S3) and related upgrades (S3 Expansion) began in 2022 and are targeted for completion in the second half of 2025. Kansanshi is an integrated operation and an onsite smelter was commissioned in 2015 to treat copper concentrate from Kansanshi and Sentinel. As of December 31, 2024, Proven and Probable Reserves consisted of 1.070 billion tonnes grading 0.52% copper and 0.10 grams per tonne gold, calculated using a copper price of $3.50 per pound and a gold price of $1,805 per ounce. As of the same date, Measured and Indicated Resources (inclusive of Reserves) were 1.297 billion tonnes grading 0.57% copper and 0.07 grams per tonne gold, calculated at a 0.2% copper cut-off grade. First Quantum expects a mine life of more than 20 years, and the All-In Sustaining Cost ("AISC") is expected to be in the lower half of the global copper cost curve during the next 10 years of mine life. Based on the latest NI 43-101 technical report published July 23, 2024, the Kansanshi operations are expected to process a total of 1,104.7 Mt at an average grade of 0.52% copper and 0.11 g/t gold, with an average recovery rate of 82.8% for copper and 35.1% for gold, over a mine life to 2046 (with processing to 2049). The technical report indicates that annual metal production for the 10-year period 2025-2034 is expected to range from approximately 215,000 to 275,000 tonnes of copper and 60,000 to 70,000 ounces of gold. On January 15, 2025, First Quantum provided guidance for Kansanshi, including production of 160,000 to 190,000 tonnes of copper and 100,000 to 110,000 ounces of gold for 2025, 180,000 to 210,000 tonnes of copper and 135,000 to 145,000 ounces of gold for 2026, and 210,000 to 240,000 tonnes of copper and 140,000 to 150,000 ounces of gold for 2027. Background on First Quantum Minerals Ltd. First Quantum is an international mining company listed on the Toronto Stock Exchange with a market capitalization of approximately C$20 billion. It has grown through a combination of exploring, developing, operating, and acquiring mining projects or companies with interests in mining activities, and produces copper in concentrate, copper anode, copper cathode, nickel, gold, zinc, silver, cobalt, acid and pyrite. First Quantum's principal activities include mineral exploration, mine engineering and construction, and development and mining operations, and it owns mines and projects in Zambia, Panama, Spain, Mauritania, Turkey, Australia, Finland, Argentina and Peru. CORPORATE PROFILE Royal Gold is a high margin, mid-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol "RGLD" and provide growth, value and income investors with exposure to the metals and mining industry. The Company's website is located at For further information, please contact: Kansanshi Stream Acquisition Call Information: Alistair Baker Dial-In 833-470-1428 (U.S.); toll free Senior Vice President, Investor Relations andBusiness Development Numbers: 833-950-0062 (Canada); toll free929-526-1599 (International) (303) 573-1660 Access Code: 097026 Note: A conference call with management of Royal Gold to review the acquisition will be held on Tuesday, August 5, 2025, at 9:00 am Eastern Time (7:00 am Mountain Time). The call will be webcast and archived on the Company's website for a limited time. Webcast URL: under Investors, Events & Presentations Forward-Looking Statements: This press release includes "forward-looking statements" within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like "will," "may," "could," "should," "would," "believe," "estimate," "expect," "anticipate," "plan," "forecast," "potential," "intend," "continue," "project," or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: anticipated developments relating to the Kansanshi mine, including the amount and timing of production, estimates of mineral resources and mineral reserves, the anticipated mine life, technical reports, and mine plans; First Quantum's anticipated uses of the Advance; the anticipated closing of Royal Gold's exercise of the accordion feature under its revolving credit facility; Royal Gold's anticipated cash flows and repayment of borrowings under its revolving credit facility; and anticipated benefits from the Stream Agreement. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, copper or other metals; operating activities or financial performance on the Kansanshi mine or First Quantum's other projects, including variations between actual and forecasted performance, the ability to complete projects on schedule and as planned, changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; changes of control of First Quantum or the Kansanshi mine; contractual issues involving the Stream Agreement; the timing of deliveries of metals and our subsequent sales of metal; risks associated with doing business in foreign countries; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including Item 1A, Risk Factors of our most recent Annual Report on Form 10-K. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this release could also have material adverse effects on forward-looking statements. Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements. Statement Regarding Third-Party Information: Certain information provided in this press release, including anticipated developments relating to the Kansanshi mine, anticipated mineral resources and mineral reserves, production estimates, property descriptions, and the background on the Kansanshi mine, was provided to us by the operator of the Kansanshi mine or is publicly available information filed by the operator with applicable securities regulatory bodies. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operator for information regarding the Kansanshi mine. No Offer or Solicitation: Communications in this press release do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed arrangements (the "Transactions") with Sandstorm Gold Ltd ("Sandstorm") and Horizon Copper Corp. ("Horizon") or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Important Additional Information and Where to Find It: In connection with the proposed Transactions, Royal Gold, Sandstorm and Horizon intend to file materials with the SEC and on SEDAR+, as applicable. Royal Gold plans to file proxy materials with the SEC in connection with the solicitation of proxies for Royal Gold's special meeting of shareholders (the "Royal Gold Special Meeting"). Prior to the Royal Gold Special Meeting, Royal Gold will file a definitive proxy statement (the "Royal Gold Proxy Statement"), together with a proxy card. Sandstorm intends to file a management information circular (the "Sandstorm Circular") on SEDAR+ in connection with the solicitation of proxies to obtain Sandstorm shareholder approval of the Sandstorm Transaction. Horizon intends to file a management information circular (the "Horizon Circular") on SEDAR+ in connection with the solicitation of proxies to obtain Horizon shareholder approval of the Horizon Transaction. This press release is not a substitute for the Royal Gold Proxy Statement, the Sandstorm Circular, the Horizon Circular, or for any other document that Royal Gold, Sandstorm or Horizon may file with the SEC or on SEDAR+ and/or send to their respective security holders in connection with the proposed Transactions. INVESTORS AND SECURITYHOLDERS OF ROYAL GOLD, SANDSTORM AND HORIZON ARE URGED TO CAREFULLY AND THOROUGHLY READ THE ROYAL GOLD PROXY STATEMENT, THE SANDSTORM CIRCULAR, AND THE HORIZON CIRCULAR, RESPECTIVELY, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY ROYAL GOLD, SANDSTORM, AND/OR HORIZON WITH THE SEC OR ON SEDAR+ WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ROYAL GOLD, SANDSTORM, HORIZON, THE PROPOSED TRANSACTIONS, THE RISKS RELATED THERETO, AND RELATED MATTERS. Securityholders of Royal Gold, Sandstorm, and Horizon will be able to obtain, free of charge, copies of the Royal Gold Proxy Statement, Sandstorm Circular, and Horizon Circular, as each may be amended from time to time, and other relevant documents filed by Royal Gold, Sandstorm, and/or Horizon with the SEC or on SEDAR+ (when they become available) through the website maintained by the SEC at or at as applicable. Copies of documents filed with the SEC by Royal Gold will be available, free of charge, from Royal Gold's website at under the "Investor Resources" tab or by contacting Royal Gold at (303) 573-1660 or InvestorRelations@ Copies of documents filed on SEDAR+ by Sandstorm will be available free of charge from Sandstorm's website at under the "Investors" tab or by contacting Sandstorm at (844) 628-1164 or info@ Copies of documents filed on SEDAR+ by Horizon will be available free of charge from Horizon's website at under the "Investors" tab or by contacting Horizon at (604) 336-8189 or info@ Certain Information Regarding Participants: Royal Gold, Sandstorm, Horizon and their respective directors and certain of their executive officers and other members of management and employees may be deemed, under SEC rules, to be "participants" (as defined in Section 14(a) of the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from Royal Gold shareholders in connection with the Royal Gold Special Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Royal Gold Proxy Statement and other materials to be filed with the SEC in connection with the Royal Gold Special Meeting. Information relating to the foregoing can also be found in Royal Gold's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and Royal Gold's definitive proxy statement for its 2025 annual meeting of stockholders filed with the SEC on April 4, 2025. To the extent the holdings of Royal Gold's directors and executive officers in Royal Gold's securities have changed since the amounts described in the April 4, 2025 proxy statement, such changes have been reflected in the following Initial Statements of Beneficial Ownership of Securities on Form 3 and Statements of Change in Ownership on Form 4 filed with the SEC with respect to the Company: Form 4, filed by William Heissenbuttel on April 22, 2025; Form 3, filed by Mark Isto on May 27, 2025; and Form 4, filed by Paul Libner on June 10, 2025. These filings can be found at the SEC's website at Information regarding the executive officers and directors of Sandstorm and Horizon is included in their respective management information circulars for their 2025 shareholder meetings filed on SEDAR+ on April 22, 2025 and May 1, 2025, respectively. More detailed and updated information regarding the identity of participants in the solicitation and their direct or indirect interests (by security holdings or otherwise), will be set forth in the Royal Gold Proxy Statement and other materials to be filed with the SEC or on SEDAR+. These documents can be obtained free of charge from the sources indicated above. View source version on Contacts Alistair BakerSenior Vice President, Investor Relations and Business Development(303) 573-1660 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10 minutes ago
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First Quantum Announces $1.0 Billion Gold Stream
(In United States dollars, except where noted otherwise) TORONTO, Aug. 05, 2025 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. ('First Quantum' or the 'Company') (TSX: FM) is pleased to announce that, through a wholly owned subsidiary incorporated in Canada, it has entered into a gold streaming agreement (the 'Agreement') with RGLD Gold AG, a wholly owned subsidiary of Royal Gold, Inc. ('Royal Gold'). Under the terms of the Agreement, First Quantum will receive a $1.0 billion upfront cash payment in exchange for gold deliveries referenced to copper production from the Kansanshi Mine ('Kansanshi') located in Zambia (the 'Transaction'). 'Following a thorough evaluation of several deleveraging options, I am pleased to announce this milestone transaction which preserves exposure to all of the copper production at Kansanshi while still maintaining exposure to the majority of the Company's gold production. Today's announcement further enhances the Company's financial resilience, while the ramp-up of the S3 Expansion at Kansanshi and a resolution in Panama will continue to strengthen our financial position,' Tristan Pascall, CEO of First Quantum, commented. 'It is pleasing to form a new partnership with Royal Gold which is a strong endorsement of the operations at Kansanshi and its multi-generational ore body as well as Zambia as a leading African mining jurisdiction.' Key Transaction Highlights: Strengthens Balance Sheet: The Transaction provides long-term, unsecured, non-debt capital which will significantly bolster liquidity. Proceeds will be used towards the payment of capital expenditure, general working capital requirements and bank loan repayment while the Company continues to monitor debt capital markets for opportunities to manage its maturities. Upon closing of the Transaction, the Company's net debt1 to EBITDA1 ratio is expected to reduce markedly. Maintains Majority of Gold Production: The Transaction will allow the Company to maintain full exposure to the copper production at Kansanshi. Based on the Company's copper and gold production guidance for 2026 and 2027, on average, 84% of the Company's total gold production will continue to have exposure to spot gold prices. The Company retains full exposure to the recently identified near-surface gold zone occurrences at Kansanshi. Competitive Terms: The Transaction provides the Company with the ability to increase gold exposure over time, depending on financial performance, with provisions for higher ongoing production payments and acceleration options upon achieving certain leverage thresholds. Summary of Agreement Terms: Upfront Payment: First Quantum will receive a total upfront cash payment of $1.0 billion on August 6, 2025. Gold Deliveries with Stepdown Terms: First Quantum will deliver to Royal Gold ounces of gold commensurate with copper production2 at Kansanshi on the following stepdown terms: 75 ounces of gold per million pounds of recovered copper produced until 425,000 ounces of gold are delivered; and 55 ounces of gold per million pounds of recovered copper produced until an additional 225,000 ounces of gold are delivered; and 45 ounces of gold per million pounds of recovered copper produced thereafter. Production Payments: First Quantum will receive ongoing production payments from Royal Gold equivalent to 20% of the prevailing spot gold price for each ounce of gold delivered under the Agreement, increasing to 35% of the spot gold price when First Quantum achieves the earlier of: (i) BB senior unsecured debt rating from Fitch Ratings Inc. ('Fitch') or S&P Global Ratings ('S&P Global'); or (ii) Net leverage ratio3 of less than or equal to 2.25x over any 3 consecutive quarters commencing with the quarter ended March 31, 2026. Acceleration Options: First Quantum retains two options that will allow the Company to accelerate deliveries and reduce ongoing gold delivered to Royal Gold by up to 30% as follows: Option to reduce the stream rate and delivery thresholds by up to 20% at a value of up to $200 million at such time when First Quantum achieves the earlier of: (i) BB senior unsecured debt rating from Fitch or S&P Global; or (ii) Net leverage ratio3 of less than or equal to 2.25x over any 3 consecutive quarters commencing with the quarter ended March 31, 2026. Option to reduce the stream rate and delivery thresholds by up to a further 10% at a value of $100 million at such time when First Quantum achieves certain operational conditions and the earlier of: (i) BBB- senior unsecured debt rating from Fitch or S&P Global; or (ii) Net leverage ratio3 of less than or equal to 1.25x over any 4 consecutive quarters. Unsecured and Guaranteed: The stream is unsecured. The stream has guarantees from the Company and certain subsidiaries of the Company in the Kansanshi ownership chain. Advisors and Counsel: RBC Capital Markets is acting as financial advisor and Fasken LLP and Caledonian Consultants are acting as legal counsel to First Quantum in connection with this Transaction. For further information, visit our website at or contact: Investor Relations: Bonita To, Director, Investor Relations(416) 361-6400 Toll-free: 1 (888) 688-6577E-Mail: info@ Media Relations:James Devas, Manager, Corporate Affairs+44 207 291 6630E-Mail: CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain information contained in this news release constitutes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 and 'forward-looking information' under applicable Canadian securities legislation. The forward-looking statements and forward-looking information in this news release include the impact of the Transaction on the Company's long-term financial resilience, the effect that a ramp-up of the S3 Expansion at Kansanshi and a resolution of the situation in Panama are expected to have on the Company's financial position, the expected uses of proceeds from the Transaction, the effect the Transaction is expected to have on the Company's net debt to EBITDA ratio, the Company's continued exposure to spot gold prices and the expected closing date for the Transaction. Often, but not always, forward-looking statements or information can be identified by the use of words such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate' or 'believes' or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including, among other things, assumptions about the timing of the closing of the Transaction and the ability to achieve the Company's goals. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to, events generally impacting global economic, financial, political and social stability. See the Company's Annual Information Form and other documents filed with the securities regulators or similar authorities in Canada (accessible under the Company's profile on SEDAR+ at for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actual results, performances, achievements or events not to be anticipated, estimated or intended. Also, many of these factors are beyond the Company's control. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information contained herein are expressly qualified by this cautionary statement. 1 Net debt is a supplementary financial measure; EBITDA is a non-GAAP financial measure. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers.2 Copper production is presented on a contained basis and is presented prior to processing through the Kansanshi smelter.3 As defined in the in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 minutes ago
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Beef costs more than ever, but Canadians won't let that ruin barbecue season
As Canadians fire up their grills for the August long weekend, one of the nation's most cherished summer traditions is now facing a costly twist: beef prices have surged 25 per cent over the past year, far outpacing the rate of inflation and putting the price of summer burgers and steaks into uncharted territory. The price of ground beef hit $14.67 per kilogram in May of 2025, according to the latest data from Statistics Canada, a 25 per cent increase over the $11.72 recorded a year earlier and well above the country's current inflation rate of 1.7 per cent. This weekend marks one of the busiest grilling holidays of the year in Canada, as families and friends gather at cottages, campgrounds and in backyards from coast to coast. Even with ground beef hitting historic highs, Canadians seem unwilling to let go of their cherished burger, or trade it in for tofu. If anything, the lingering effects of trade tensions and a growing movement to support local producers have only strengthened demand for homegrown beef, according to some analysts. "Demand for beef is phenomenal. It's really a good news story," Kevin Grier, a Guelph, Ont.-based, economist who specializes in livestock, meat and grocery market analysis, told CBC News. "If you want somebody to blame, really blame the consumer because we keep on coming back." Persistent Western drought shrinks herd Behind the price spike are some familiar factors: smaller herds from prolonged drought in Western Canada and high input costs for feed. "There's been so much drought in southwest Saskatchewan and southern Alberta that some of these farmers have not had any moisture since the snow melted in April," said Stuart Smyth, a professor in the department of agricultural and resource economics at the University of Saskatchewan in Saskatoon. Smyth said some western producers are choosing to shrink their herds rather than absorb the high cost of feed, which in some cases has to be hauled in from other provinces. Faced with the prospect of spending hundreds of thousands of dollars, many are opting to downsize instead. "That's why we've seen this drop of half a million head of cattle over the last five years, is because this has been a fairly prolonged drought in one of the regions that has the highest number of livestock," he said. Some ranchers see an upside Still, not every farmer is feeling the pinch. Thanks to strong demand, fuelled by barbecue culture's surge in popularity and a renewed push to support local amid ongoing trade tensions, some cattle producers are, for once, seeing a rare upside. Unlike previous cycles of food inflation, this one is offering certain producers a better return. "We don't get to set our prices," said Lee Irvine, a cattle farmer outside of Calgary. He explained that ranchers don't have much control over what they earn for their cattle. Instead, they're price takers, accepting whatever the market offers at auction. "So when consumers are willing to go out and pay higher prices for beef, there's trickle-down effects to the primary producers," he said. "We're selling our cattle at a higher margin right now." Still, not all producers have been able to take full advantage. After back-to-back years of drought, Irvine said his operation didn't receive enough spring rain to sustain a full herd this year. "We're only running about 20 head," he said. "Normally we'd have anywhere from 30 to 60." Cost of cattle puts butchers in a crunch Some butchers said the issue isn't a shortage of cattle; it's the cost of buying them. "We have no problems getting beef, but we just got to pay the higher prices for them," said Andy Trbizan, who runs the Mt. Brydges Abattoir in Mount Brydges, Ont., alongside his daughter and son. "I'm thinking it's got to be about 15 to 20 per cent higher than what it used to be." Despite passing those costs onto the consumer, whether its steak, chuck or a whole brisket, beef has proven resilient. The jump in beef prices hasn't deterred shoppers or wannabe pit-masters. Instead, BBQ culture seems to be enjoying a full-blown heyday. The trade and marketing association Canada Beef says since 1989 demand for beef last year was only higher in 2020 and 2022. "Demand is really high, especially in the summertime," Trbizan said, noting the abattoir often sees lineups that stretch out the showroom door on weekends. "People want to get out, do their barbecues, and they want to entertain." If you want somebody to blame, really blame the consumer because we keep on coming back. - Kevin Grier, livestock, meat and grocery analyst "And smoking meat has become very popular, so everybody has their smokers out and they're trying new things as well," his daughter Nicole Miller said. These conditions are expected to keep beef prices elevated through at least 2027, with little immediate relief in sight, according to a recent industry report. This projection underscores the slow and steady nature of herd rebuilding, which requires time for animals to mature and reach market size. Experts suggest consumers may need to prepare for a prolonged period of higher prices, even as producers work toward stabilizing supply. For now, summer barbecues come at a premium, but it's a price Canadians appear willing to pay.