Transport committee to debate whether to study BC Ferries' Chinese ship contract
OTTAWA — The House of Commons transport committee is meeting to decide whether to study BC Ferries' decision to purchase four Chinese vessels.
BC Ferries announced last month that it hired China Merchants Industry Weihai Shipyards to build four new ships after a five-year procurement process that did not include a Canadian bid.
Transport Minister Chrystia Freeland sent her B.C. counterpart a letter on June 20 saying she is 'dismayed' by the deal and expects BC Ferries to mitigate potential security risks.
She also asked the B.C. government to confirm that no federal funding will be diverted to purchase the ferries.
The Canada Infrastructure Bank contributed $1 billion to the deal and said in a June 26 statement that the new ferries 'wouldn't likely be purchased' without this financing.
The transport committee meeting is scheduled to start at 12 p.m. EDT.
This report by David Baxter, The Canadian Press, was first published July 7, 2025.
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Globe and Mail
12 minutes ago
- Globe and Mail
TRX Gold Reports Third Quarter 2025 Results
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The Company has also substantially repaid its short-term borrowings and has full access to its liquidity lines. Our stockpile has also grown from approximately 290 thousand ('k') tonnes at an average grade of 1.00 g/t ('grams per tonne') containing 9,275 ounces of contained gold at May 31st, to approximately 401 k tonnes grading 1.31 g/t with an estimated 16,876 ounces of contained gold currently, setting up strong cash flow generation going forward. Our short-to-medium term priorities are to continue to expand and upgrade processing capacity in line with our PEA, continue greenfield exploration, and strengthen our liquidity.' Key highlights for Q3 and Year to Date 2025 include: PEA Demonstrates Scale and Compelling Growth Plan Economics: During Q3 2025, the Company filed a robust Preliminary Economic Assessment for Buckreef Gold, reporting average annual production of approximately 62 thousand ounces of gold per year over a 17.6 year mine life, including an underground expansion, and an NPV 5% of $1.2 billion pre-tax, $0.8 billion after-tax at US$3,000 per ounce of gold. Growth capital to fund the expansion can be funded by internal cash flows from Buckreef Gold's existing open pit operations. Increasing Revenue, Profitability and Cashflow in Record Gold Price Environment: During Q3 2025, Buckreef Gold poured 4,687 ounces of gold and recognized revenue of $12.5 million, gross profit of $4.4 million, net income of $1.1 million, operating cash flow of $3.4 million and Adjusted EBITDA 1 of $4.0 million, all of which reflect increases compared to the prior year comparative period. 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Beginning in June 2025, the Company's adjusted working capital turned positive, improving from $3.3 million (negative) at May 31, 2025 to approximately $3.9 million to date. As a result, the Company's current ratio has improved from approximately 0.8 at May 31, 2025 to approximately 1.1 as of today, including a reduction in accounts payable and accrued liabilities of approximately $5.6 million. The Company has also substantially repaid its short-term borrowings and has full access to its liquidity lines. Established Domestic Gold Sales: Subsequent to Q3 2025, Buckreef Gold signed a Gold Sale Service Agreement with the Bank of Tanzania ('BoT') to set aside a minimum of 20% of its local gold production for domestic sale through the central bank and local refineries, as required by law for all mining companies in Tanzania in line with Section 59 of the Tanzanian Mining Act. As part of the Agreement, the Company benefits from a reduced royalty rate of 4% for any domestic sales made through the central bank and local refineries, where exported sales are subject to a 7.3% royalty. During Q3 2025 the Company set aside 646 ounces in inventory which was subsequently sold to the BoT at market rates, benefiting revenue, operating cashflow and working capital in Q4 2025. The signing of this Agreement signals Buckreef's long-term commitment to Tanzania and its growing role in driving local content, value addition, and the beneficiation strategy (including improving foreign exchange reserves) as championed by the government. Figure 1: 2,000 tpd Processing Plant at Buckreef Gold, showing CIL tanks and conveyor feed to the ball mills Figure 2: Buckreef Gold expanded crushing circuit Figure 3: Buckreef Gold ore moving through crushing circuit Figure 4: Buckreef Gold's 1,000 tpd ball mill Figure 5: Drilling Operations at Buckreef Gold Q3 2025 Results Conference Call and Webcast Details When: Wednesday, July 16 at 9:30 AM EST Webcast link: Conference call numbers: Canada/USA TF: 1-833-752-3900 International Toll: +1-647-849-3080 A replay will be made available for 30 days following the call on the Company's website. About TRX Gold Corporation TRX Gold is a high margin and growing gold company advancing the Buckreef Gold Project in Tanzania. Buckreef Gold includes an established open pit operation and 2,000 tonnes per day process plant with upside potential demonstrated in the May 2025 Preliminary Economic Assessment (the 'PEA'). The PEA outlines average gold production of 62,000 oz per annum over 17.6 years, and US$701 million pre-tax NPV 5% at average life of mine gold price of US$2,296/oz. The Buckreef Gold Project hosts a Measured and Indicated Mineral Resource of 10.8 million tonnes ('MT') at 2.57 grams per tonne ('g/t') gold containing 893,000 ounces ('oz') of gold and an Inferred Mineral Resource of 9.1 MT at 2.47 g/t gold for 726,000 oz of gold. The leadership team is focused on creating both near-term and long-term shareholder value by increasing gold production to generate positive cash flow to fund the expansion as outlined in the PEA and grow Mineral Resources through exploration. TRX Gold's actions are led by the highest environmental, social and corporate governance ('ESG') standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in the Geita Region, Tanzania. Qualified Person Mr. Richard Boffey, BE Mining (Hons) F AusIMM, Chief Operating Officer of TRX Gold Corporation, is the Company's in-house Qualified Person under National Instrument 43-101 'Standards of Disclosure for Mineral Projects' ('NI 43-101') and has reviewed and assumes responsibility for the scientific and technical content in this press release. For investor or shareholder inquiries, please contact: Investors: Investor Relations TRX Gold Corporation IR@ +1-437-224-5241 Non-IFRS Performance Measures The company has included certain non-IFRS measures in this news release. The following non-IFRS measures should be read in conjunction with the Company's unaudited interim consolidated financial statements for the three and nine months ended May 31, 2025 filed on SEDAR+ and with the Securities and Exchange Commission ('SEC'), as well as the Company's audited consolidated financial statements included in the Company's Annual Report on Form 40-F and Annual Information Form for the year ended August 31, 2024. The financial statements and related notes of TRX Gold have been prepared in accordance with International Financial Reporting Standards ('IFRS'). Additional information has been filed electronically on SEDAR+ and with the SEC and is available online under the Company's profile at and the Company's filings with the SEC at and on our website at Adjusted EBITDA Adjusted EBITDA is a non-IFRS performance measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS. Adjusted EBITDA may not be comparable to information in other gold producers' reports and filings. Adjusted EBITDA is presented as a supplemental measure of the Company's performance and ability to service its obligations. Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry, many of which present Adjusted EBITDA when reporting their results. Issuers present Adjusted EBITDA because investors, analysts and rating agencies consider it useful in measuring the ability of those issuers to meet their obligations. Adjusted EBITDA represents net income before interest, income taxes, and depreciation and also eliminates the impact of a number of items that are not considered indicative of ongoing operating performance. 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Average realized price per ounce of gold sold is calculated by dividing revenue by ounces of gold sold. It may not be comparable to information in other gold producers' reports and filings. 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Forward-looking statements relate to future events or future performance and reflect TRX Gold management's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to continued operating cash flow, expansion of its process plant, estimation of mineral resources, ability to develop value creating activities, recoveries, subsequent project testing, success, scope and viability of mining operations, the timing and amount of estimated future production, and capital expenditure. Although TRX Gold believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. The actual achievements of TRX Gold or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors. These risks, uncertainties and factors include general business, legal, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in costs; future prices of gold and other minerals; mining method, production profile and mine plan; delays in exploration, development and construction activities; changes in government legislation and regulation; the ability to obtain financing on acceptable terms and in a timely manner or at all; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business. These risks are set forth in reports that TRX Gold files with the SEC and the various Canadian securities authorities. You can review and obtain copies of these filings from the SEC's website at and the Company's profile on the System for Electronic Document Analysis and Retrieval ('SEDAR+') at The disclosure contained in this press release of a scientific or technical nature relating to the Company's Buckreef Project has been summarized or extracted from the technical report prepared in accordance with NI 43-101 – Standards of Disclosure for Mineral Projects on the Buckreef Gold Project ('Buckreef Gold') titled Preliminary Economic Assessment and Updated Mineral Resource Estimate of the Buckreef Gold Mine Project, Tanzania ('PEA') with an effective date of April 15, 2025. The PEA was prepared in accordance with NI 43-101 guidelines by P&E Mining Consultants Inc. ('P&E'). Input to this PEA was also provided by D.E.N.M. Engineering Ltd. ('D.E.N.M.'). The information contained herein is subject to all of the assumptions, qualifications and procedures set out in, and is qualified in its entirety by reference to the full text of, the PEA and reference should be made to the full details of the PEA which has been filed with the applicable regulatory authorities and is available on the Company's profile at The information contained in this press release is as of the date of the press release and TRX Gold assumes no duty to update such information. 1 Refer to 'Non-IFRS Performance Measures' section. Photos accompanying this announcement are available at
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