Yukon exploration company buys 'non-core' Victoria Gold property
Banyan Gold had been slowly purchasing the property since 2017. The sale was scheduled to close in fall 2026 but was expedited by PricewaterhouseCoopers (PwC) after it became Victoria Gold's receiver.
The parcel of land contains two properties, dubbed the AurMac Project. It spans 215 square kilometres, according to Banyan Gold, and is located 40 kilometres from Mayo. The company is currently drilling for gold in the area.
Banyan Gold already owned 75 per cent of the project when PwC offered a small discount in exchange for expedited payment, according to Banyan Gold CEO Tara Christie.
Christie said they were happy to close the deal early.
"When you've got a public company, having your loose ends tied up with no uncertainty is certainly to our benefit," Christie said.
Christie said the AurMac project, which is still being explored, is "a long way from being a mine."
Banyan Gold will pay $3.6 million for the remaining 25 per cent of the AurMac Project in two instalments, according to PwC.
In a receiver's report published Aug. 12, PwC said it hired a consultant to monetize "non-core exploration assets" of Victoria Gold as it prepares to sell the Eagle mine.
Banyan Gold is not bidding on the Eagle mine, which went up for sale earlier this summer, according to Christie.
PwC says it wants to sell the Eagle mine by the end of the year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
36 minutes ago
- Yahoo
Alamos Gold: A Solid Gold Miner, But A stock Fully Valued.
This article first appeared on GuruFocus. 1: Introduction: Alamos Gold is one of the safest Canadian mid-cap gold mining companies. As of mid-July 2025, Alamos Gold Inc. (NYSE:AGI) has a market capitalization of approximately $5.1 billion, placing it solidly in the mid-cap tier of global gold mining companies. Alamos, a gold producer based in Canada with operations essentially in North American jurisdictions, is comparable in size to Eldorado Gold, which I analyzed in my preceding article. With operations mostly concentrated in stable, mining-friendly countries and a disciplined approach to capital allocation, Alamos provides a stronger risk-adjusted profile, making it a safer and more resilient option among its mid-cap peers. Although Alamos differentiates itself through a conservative financial strategy and a relatively low-risk portfolio of mining assets, it is not without its share of drama, which is unavoidable in the precious metals mining industry. Is AGI fairly valued? Test your thesis with our free DCF calculator. Alamos Gold is facing a significant challenge in Turkiye regarding its Kirazli Gold mine project. In March 2021, Turkiye's Agriculture and Forestry Ministry revoked Alamo's mining license, requiring the company to restart the permitting process from the beginning. The project has been idle since then. In April 2021, Alamos filed a $1 billion investment treaty arbitration against Turkiye, claiming expropriation and unfair treatment under the NetherlandsTurkiye bilateral treaty. Alamos had previously estimated that a full decision could take up to five years from the filing date, placing a rough completion window between 2026 and 2028. The project is currently in the care and maintenance phase, awaiting the court ruling. Alamos Gold operates in North America, with key assets in Canada and Mexico, and is recognized for its strong balance sheet and consistent production, which we will analyze here. Eldorado Gold, on the other hand, has a more geographically diverse portfolio, including assets in Greece and Turkiye, and focuses on high-grade, long-life mines. Eldorado's Skouries gold-copper mine project is crucial to the company's future and is scheduled to commence production in 2026. However, Greek assets haven't performed well and have delivered less than expected (Olympias), while causing more political and technical issues than the company would have liked. While both companies emphasize sustainability, Alamos is perceived as more financially conservative compared to Eldorado, which has a more growth-oriented strategy. This distinction makes me more favorable toward investing in Alamos Gold. Finally, proven and probable reserves are 13.2 million ounces of gold, excluding Kirazli, against 11.9 million ounces of gold for Eldorado Gold's operations For investors assessing Alamos Gold as a potential investment, it is crucial to evaluate the company's operations and strategic positioning. Alamos Gold operates three main producing mines in North America: The Young-Davidson and Island Gold mines in Canada and the Mulatos mine in Mexico. Additionally, the company acquired Argonaut Gold and its Magino mine in July 2024, located just 2 km from Island Gold, for $325 million in an all-share transaction. The Magino mill will serve both operations, resulting in an estimated savings of approximately $140 million in capital expenditures. These savings come from eliminating the need for a separate expansion of the Island Gold mill and the associated tailings lift required for Island Gold's growth, which includes a new shaft and deeper underground mining. The Island Gold Phase III expansion is expected to be achieved by early 2026, with an increase in production capacity from 1,200 tons per day (TPD) to 2,400 TPD. The ore from Island Gold will be processed at the Magino Mill, which recorded milling rates of approximately 9,500 TPD during the last two weeks of April (expected to be 12,400 TPD after expansion). The flow of ore to the Magino mill will be further optimized. As a reminder, Alamo Gold experienced technical difficulties at the Magino Mill during the first quarter of 2025, resulting in a significant decrease in throughput and gold production for the quarter. Invest in Gold Thor Metals Group: Best Overall Gold IRA Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase American Hartford Gold: #1 Precious Metals Dealer in the Nation Alamos Gold may not be as large as major players like Newmont Corporation (NYSE:NEM) or Barrick Gold (NYSE:B), but it offers a compelling mix of stability and growth potential. The company boasts steady production, a robust financial position, and ongoing expansion projects, including the Lynn Lake Project, which is expected to be completed in 2028. Alamos Gold anticipates a 24% increase in gold production by 2027, aiming for a longer-term production target of approximately 900,000 gold ounces. Note: From the AGI PresentationHowever, like most mid-cap miners, it has a higher risk profile than its larger counterparts due to its limited assets and resources. A single unexpected hiccup could significantly harm the stock. 2: Alamos Gold primarily focuses on gold. However, the company's first-quarter gold production was disappointing. Alamo Gold primarily operates as a gold mining company, with gold sales accounting for approximately 88% of its total revenue in the first quarter of 2025. Gold production was disappointing in 1Q25 due to issues related to the Magino mill, as mentioned earlier. The company produced 125,000 ounces of gold and sold 117,583 ounces of it. If we examine gold production per mine, we notice that the output at Mulatos Mine has decreased by more than half compared to the previous year, and the combined production from Island Gold and Magino mines could not offset this decline. In the first quarter of 2025, the Island Gold District, which includes both Island Gold underground operations and the Magino open?pit mine, produced 59,200 ounces of gold, which fell short of expectations. Alamos Gold's Mulatos mine experienced a decrease in production due to the planned stacking of lower-grade ore at La Yaqui Grande and ongoing residual leaching. This strategic decision was made to optimize long-term recovery, as higher-grade ore is anticipated to increase output in future quarters. However, production at Mulatos is still expected to be between 130,000 and 140,000 ounces in 2025. On the positive side, the company achieved a record gold price for its production sales in 1Q25, and it is expected to be even higher in 2Q25. This increase in pricing helped to compensate for the low production numbers. According to the chart below, Alamos Gold sold a total of 117,583 ounces of gold for $2,802 per ounce, reflecting a year-over-year increase of 35.4%. Alamos Gold reported an all-in sustaining cost (AISC) of $1,805 per ounce in 1Q25, which is significantly higher than usual due to several negative factors. These factors include increased costs per ounce at the Young-Davidson and Magino mines, a large share-based compensation charge resulting from a 45% rise in the company's share price, and higher royalties. These issues outweighed the initial benefits gained from optimization efforts. However, the AISC is expected to return to more typical levels in the upcoming quarters. The chart below clearly illustrates these details. 3: Alamos Gold: A Solid Financial Profile despite a weak quarterly gold production. Alamos Gold had a mixed start to 2025, reporting solid financial results despite production falling short of expectations in the first quarter. Thanks to the record realized gold price, the company experienced significant year-over-year revenue growth, which helped offset the lower production levels analyzed earlier. Alamos maintained its profitability and demonstrated disciplined cost management. Despite operational challenges that impacted production, the company remains a resilient and well-capitalized mid-tier gold producer, with a strong pipeline and long-term growth potential. Revenue for 1Q25 was $333 million, an increase of 19.96% year over year. However, net income decreased to $15.2 million from $42.1 million the previous year. Alamos Gold reported $22.1 million in negative free cash flow in the first quarter of 2025, primarily as a result of continuing capital expenditures related to its expansion projects, particularly the Phase III expansion at Island Gold. The $0.025 quarterly dividend that Alamos Gold pays out represents a 0.4% dividend yield. Regarding share buybacks, the company has approved the purchase of up to 18.6 million Class A shares, representing approximately 5% of the total number of shares outstanding, valid until December 23, 2025. No share repurchases have been announced under this buyback program low dividend payment and lack of share buybacks are significant drawbacks for savvy investors, especially considering the very high stock price. For a U.S. investor, the dividend amounts to only 0.3% after foreign taxes are deducted. Despite this temporary production setback, the company ended the quarter with a strong cash balance of $318.7 million and $250 million in debt, showcasing a solid financial position and effective management. Alamos is well-positioned to pursue its high-return projects, supported by its robust balance sheet. This financial strength facilitates the long-term strategy of achieving low-cost production growth and creating value. Alamos Gold maintains a net cash position of $68.7 million. 4: What is my take on the gold price for 2025? The price of gold surged to $3,500.05 per ounce on April 22, 2025, closing slightly lower today at $3,322. This increase reflects significant investor anxiety driven by heightened concerns about inflation, global conflicts (including those in Russia and the Middle East), and widespread de-dollarization, with banks accelerating their gold purchases as a hedge against economic uncertainty. This change arises from a growing lack of confidence in the United States as a dependable and trusted leader. For instance, countries such as Germany, Italy, and others are currently in the process of repatriating their gold holdings from the Federal Reserve Bank of New York, which shows concern about the safety of their gold held by the US. Additionally, long-term bonds are showing signs of weakness, indicating a lack of trust linked to the monumental U.S. debt, which is expected to increase even further due to the recently passed big beautiful bill and the tariffs war initiated by the Trump administration, which I still struggle to recent historic high price of gold not only indicates a rush to safe-haven assets but also suggests a fundamental revaluation of gold's role in the global financial system. Central bank gold purchases remain robust, while growing skepticism surrounds fiat currencies. With U.S. real interest rates declining and geopolitical risks escalating, gold has established strong support at high levels. Additionally, constraints on supply in mining have further bolstered bullish sentiment. While short-term price pullbacks may occur, the long-term outlook for gold is still compelling. If current macroeconomic and geopolitical trends persist, prices above $3,200 could become the new norm. 5: Technical Analysis: Descending Channel Pattern. Note: Technical Analysis uses StockCharts as a chart background. Alamos Gold is establishing a descending channel pattern, with resistance near $26.80 and support around $24.45. While a descending channel is typically a bearish chart pattern, it can also indicate a potential bullish breakout, particularly as selling pressure begins to wane. The Relative Strength Index (RSI) is currently at 52 and is gradually decreasing. It is not a red flag just yet, but it could signal further weaknesses and potentially a breakdown with a retest of the 200MA at $ to the uncertainty is the broader backdrop of elevated geopolitical tensions and ambiguity surrounding the Federal Reserve's next interest?rate decision. The recent June CPI release, showing inflation running at 2.7% year?over?year and rising 0.3% month?over?month, only deepens the Fed's dilemma. Whether Jerome Powell chooses to cut rates or hold steady, any surprise in his decision could shift gold prices, and in turn influence AGI's valuation. Markets and Fed officials largely anticipate no rate cuts until fall, with two quarter-point reductions still likely by year-end. However, persistent inflation and trade uncertainties may delay any action, although September and December remain the most probable times for easing. My suggestions I will closely monitor any breakdown below $25 or signs of increasing volume, as this could alter the outlook from cautious optimism to heightened downside risk. With a support level around $24.45, it may be a good time to consider slowly adding to your position, starting at $25, while keeping in mind the possibility of a breakdown to $23.5. AGI is currently fully valued, and a potential retracement seems reasonable unless the gold price receives another may be wise to sell a portion of your shares when the stock price rises between $26.25 and $27. Utilizing the LIFO (Last In, First Out) method to sell part of your position is crucial, especially if the stock demonstrates a false bullish breakout followed by a quick and prolonged retracement. For further details, please refer to the chart important to take partial short-term profits using the LIFO method in today's volatile market, which is becoming very expensive and risky as I speak. Consider allocating about half of your position for short-term trading while maintaining the rest as a long-term investment. Unfortunately, the modest dividends paid by Alamos Gold do not justify keeping a large investment inactive, especially after the significant increase in the stock's value since the beginning of the year. Warning: The technical analysis chart should be updated regularly to ensure accuracy.
Yahoo
36 minutes ago
- Yahoo
VERSABANK TO HOST THIRD QUARTER FISCAL 2025 FINANCIAL RESULTS CONFERENCE CALL/WEBCAST
Bank to Report Third Quarter Fiscal 2025 Results Thursday, September 4, 2025 at 7:00 a.m. ET LONDON, ON, Aug. 21, 2025 /PRNewswire/ - VersaBank ("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK) will report its third quarter 2025 financial results and host a conference call to discuss those results on Thursday, September 4, 2025. The conference call/webcast is scheduled for 9:00 a.m. ET and is expected to last approximately 60 minutes. The conference call/webcast will include a presentation by David Taylor, President and John Asma, CFO, followed by a question and answer period. The Bank will report its financial results via news release at approximately 7:00 a.m. ET. To join the conference call by telephone without operator assistance, you may register and enter your phone number in advance at to receive an instant automated call back. Alternatively, you may also dial direct and be entered into the call by an Operator at: 416-945-7677 or 888-699-1199 (toll free). For those preferring to listen to the presentation via the Internet, a live webcast will be available at or on the Bank's web site at: The slide presentation management will use during the conference call/webcast will be available on the Bank's web site at: The archived webcast presentation will be available for 90 days following the live event at and on the Bank's web site at: Replay of the teleconference will be available until October 4, 2025 by calling 289-819-1450 or 1-888-660-6345 (toll free) and the passcode is: 67670#. About VersaBank VersaBank is a North American bank with a difference. Federally chartered in both Canada and the US, VersaBank has a branchless, digital, business-to-business model based on its proprietary state-of-the-art technology that enables it to profitably address underserved segments of the banking industry in a significantly risk mitigated manner. Because VersaBank obtains substantially all of its deposits and undertakes the majority of its funding electronically through financial intermediary partners, it benefits from significant operating leverage that drives efficiency and return on common equity. In August 2024, VersaBank launched its unique Receivable Purchase Program funding solution for point-of-sale finance companies, which has been highly successful in Canada for nearly 15 years, to the underserved multi-trillion-dollar US market. VersaBank also owns Washington, DC-based DRT Cyber Inc., a North America leader in the provision of cyber security services to address the rapidly growing volume of cyber threats challenging financial institutions, multi-national corporations and government entities. Through its wholly owned subsidiary, Digital Meteor Inc. ("Digital Meteor"), VersaBank owns proprietary intellectual property and technology to enable the next generation of digital assets for the banking and financial community, including the Bank's revolutionary Digital Deposit Receipts ("DDRs"). VersaBank's Common Shares trade on the Toronto Stock Exchange and NASDAQ under the symbol VBNK. Visit our website at: Follow VersaBank on Facebook, Instagram, LinkedIn and X. View original content to download multimedia: SOURCE VersaBank Sign in to access your portfolio
Forbes
39 minutes ago
- Forbes
U.S.-Canada Bridge Nears Completion, Wrapping Up A Decades Old Tale
A new bridge between the United States and Canada is almost complete. Once open for business, it will (or may) end a decades-old soap opera. The Gordie Howe International Bridge, constructed at a cost of C$6.4 billion ($4.6 billion), will be a third crossing between Detroit and Windsor, Ontario. It will be added to a Detroit-Windsor tunnel (connecting the downtowns of the two cities) and the Ambassador Bridge, the main commercial link in the region. The new bridge, named after a famed Detroit Red Wings hockey player, was built by Canada in part to make automotive trade between the two countries easier. The privately owned Ambassador Bridge opened in 1929, according to the Detroit Historical Society. It is the main point of U.S.-Canadian auto trade. Throughout the early 2000s, the Ambassador Bridge owners conflicted with Canada. The Ambassador Bridge owners sought to construct a new bridge next to the existing structure. The idea: The new bridge would take over trade while the old bridge could be used for emergencies. Detroit International Bridge Co., which owns the Ambassador Bridge, purchased houses and land for the replacement bridge, the company said in 2008. Canada had other ideas. The country sought a new structure jointly funded with the state of Michigan. Eventually, Canada moved to finance a new bridge by itself. Tolls charged at the new bridge will be used to pay off costs. The Gordie Howe bridge is about a mile away from the Ambassador Bridge. The Gordie Howe bridge will connect Interstate 75 in Michigan to an extension of Canada's busy 401 highway. The Gordie Howe bridge will have three lanes on each side. The new structure will 'address some really important transportation needs,' Heather Grondin, chief relations officer of Canada's Windsor-Detroit Bridge Authority, said during a Society of Automotive Analysts webinar on Wednesday. The Gordie Howe bridge, while almost complete, doesn't have an opening date. The bridge authority says it intends the structure to open this year. Tolls for the bridge have yet to be set. All tolls will be paid on the Canadian side of the bridge. Grondin said during the webinar that less than 2% of the bridge to be built. The official said the Gordie Howe bridge will be the choice for U.S.-Canada trade shipments. All of this is taking place amid a U.S.-Canada trade war. U.S. President Donald Trump repeatedly has said the U.S. should annex Canada. The bridge may yet experience more drama.
