High price of gold driving interest on Newfoundland's west coast, says mining CEO
On July 31 the province announced junior mining company Galloper Gold had been awarded the mining rights for Glover Island Exempt Mineral Land, near Corner Brook.
Toronto-based CEO Hratch Jabrayan said gold prices have risen in recent years, and that makes gold exploration in more remote areas attractive to large investors.
"Gold being $3,300 now, that creates a lot of new opportunities for ... remote locations or locations that are just kind of in development mode — such as Newfoundland — to become attractive again for major investors," he told CBC.
"I think that there's a great opportunity to take this forward."
According to a government statement, there are 19 mineral prospects and showings, the majority of which are for gold, as well as separate prospects for copper and zinc.
This would make Galloper Gold one of a handful of companies interested in striking gold in the province, including Calibre Mining which acquired Marathon Gold and its Valentine Gold project in central Newfoundland, and Maritime Resources Corporation's Hammerdown Gold project in the Baie Verte mining district.
Jabrayan said the mining cycle is long: going from discovery to getting a mine operational takes several years, and a mine at Glover Island isn't guaranteed.
"We are nowhere near having the amount of resource to be a mine yet. This is just the start."
Jabrayan said the first steps will be to "drill aggressively on the island," continue exploring and in a few years Galloper Gold will know what type of resource they have on their hands.
"Galloper Gold is all about delivering the next big gold copper deposit in Newfoundland," he said.
Jabrayan said it's a 144-square kilometre island on a freshwater lake that has a historical deposit in it, calling it "a very, very attractive opportunity."
While it was long known there is gold in the area, he said there were several impediments to mining there, like getting investment and available human resources.
He pointed to Canadian gold exploration company Mountain Lake Resources, which had to stop after completing 17,000 metres of drilling in the region because it failed to raise additional funding. As a result, the company relinquished its license.
Jabrayan said Galloper Gold was founded a few years ago and went public in March 2024.
Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Sign up for our daily headlines newsletter here. Click here to visit our landing page.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
10 minutes ago
- Yahoo
Real to Present at the Oppenheimer 28th Annual Technology, Internet & Communications Conference
MIAMI, August 05, 2025--(BUSINESS WIRE)--The Real Brokerage Inc. (NASDAQ: REAX) ("Real" or the "Company"), a leading real estate technology platform redefining the industry through innovation and culture, today announced that its Chief Financial Officer, Ravi Jani, will present at the Oppenheimer 28th Annual Technology, Internet & Communications Conference on Wednesday, August 13, 2025 at 1:15 p.m. ET. Conference Presentation Details:Date: Wednesday, August 13, 2025Time: 1:15 p.m. ETWebcast Link: Real's remarks will be broadcast live, and a replay will be available for 180 days at the link above, and on the investor relations section of the Company's investor website at About Real Real (NASDAQ: REAX) is a real estate experience company working to make life's most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence in all 50 states throughout the U.S. and Canada, Real supports more than 29,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses. Additional information can be found on its website at View source version on Contacts Investor inquiries, please contact:Loren IrwinDirector, Investor Relations and Financial Reportinginvestors@ 908.280.2515 For media inquiries, please contact:Elisabeth WarrickSenior Director, Marketing, Communications & Brandpress@ 201.564.4221
Yahoo
10 minutes ago
- Yahoo
Posthaste: Condo prices in the suburbs are cratering
Canada's condo market has taken a beating recently, but nowhere more so than in the suburbs. Prices in communities surrounding Toronto such as Halton Hills, Ont., have plummeted by more than 50 per cent from their peak, says a report by Moody's Analytics. Brampton, Mississauga and Oakville have also suffered 'significantly' steeper losses than the City of Toronto itself. White Rock, B.C. and West Vancouver have seen peak-to-trough declines of 30 to 40 per cent compared with the national condo price drop of about 8 per cent. 'Given the booming supply, proximity is commanding a premium, and periphery markets are giving back their pandemic gains,' said Brendan LaCerda, director of economic research at Moody's. During COVID-19 lockdowns, prices soared in regions surrounding Toronto and Vancouver, as remote work prompted an exodus from downtown cores. In response, developers built more, and supply boomed, eroding the price premium on suburban condos, said the report. Since Canada's housing market peaked in mid-2022, the performance of multifamily housing markets and that of single-family homes has diverged sharply, said Moody's. Both markets plunged when mortgage rates began to rise, but after bottoming out a year later, the single-family home market has made steady gains, while the multi-family market has suffered further declines. By the first quarter of 2025, condo sales in the Toronto area had dropped 75 per cent from their peak in mid-2022, said Canada Mortgage and Housing Corporation in a separate report. Months of inventory for pre-construction condominiums here hit a record high, 14 times higher than in 2022. Moody's said the outlook in the short run depends on how well the condo market can absorb the new inventory. Pre-construction sales were driven by low interest rates, but as these are reset at a higher rate, distressed borrowers could be forced to sell, putting more pressure on prices. 'With a wave of new supply poised to hit the market and interest rates remaining elevated, the downward trend in condo prices is likely to endure,' said LaCerda. to get Posthaste delivered straight to your almighty American consumer seems to be taking a breather, and tariff price hikes may be to blame. After shrinking in May, U.S. real personal spending rose just 0.1 per cent in June, said Sal Guatieri, a senior economist with BMO Capital Markets. 'Services spending was soft, but the real standout was a 0.5 per cent drop in durables even after a previous large decline,' he said. Durable goods have been hit by new duties, and as BMO's chart shows, prices have climbed 3.2 per cent annualized over the past five months, the biggest increase in nearly three years. Household appliances spiked 16 per cent, computing equipment 14 per cent and home furnishings 5 per cent. 'Further price increases are expected, which could depress consumption in the second half of the year,' said Guatieri. The voting period for unionized Air Canada flight attendants on a strike mandate ends today. Greater Vancouver realtors are expected to release July housing data today, followed by the Toronto Regional Real Estate Board Wednesday. Today's Data: Canada International merchandise trade, United States trade balance Earnings: Suncor Energy Inc., Pfizer Inc., Great-West Lifeco Inc., Pet Valu Holdings Ltd., Molson Coors Beverage Co. 'The mood is dour': Threat of trade deal delay weighs on some sectors more than others Bank of Canada offers no lifeboats for drowning mortgagors How does John decide whether to sell or lease his grain farm before he retires next spring? It's mid-summer, and the markets — and the business world — just get weirder and weirder. From the meme stock revival to Donald Trump's feud with Fed chair Jerome Powell, investing pro Peter Hodson looks at some of the summer's more bizarre trends. Read on Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@ with your contact info and the gist of your problem and we'll find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course). McLister on mortgages Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Financial Post on YouTube Visit the Financial Post's YouTube channel for interviews with Canada's leading experts in business, economics, housing, the energy sector and more. Today's Posthaste was written by Pamela Heaven with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@ Why Canada's job market might be too good to be true Canadian businesses cautiously optimistic as they absorb tariff challenges
Yahoo
10 minutes ago
- Yahoo
Here's why the CRA should keep taxing tips even as the U.S. shies away from it
Early on in my career, I started going out for lunches and dinners with key contacts and clients. Providing gratuities, or tips as they're better known, for good service was, of course, customary. I wondered if it was a requirement for the servers to pay tax on their received tips. The short answer was yes and still is. I also learned that the reporting of tip income by recipients is very inconsistent and the subject of myths. A number of people, even seasoned tax professionals, would tell me — and continue to do so — that as long as the recipients reported something, say 10 per cent of their wage, the Canada Revenue Agency (CRA) would leave them alone. Not true and never has been. The CRA has long provided administrative guidance about the requirement to report tip income. For employers, especially if the tips are originally in their control, the CRA has provided guidance regarding proper tax withholdings from such amounts. Tips are indeed taxable income and need to be reported in their entirety. For the recipient, there are often good reasons to fully report your tip income. The first is that you're breaking the law by purposely not reporting it. In a worst-case scenario, it could be considered criminal tax evasion, resulting in significant financial penalties and possible jail time. Don't purposely under-report. Second, the reporting of your tip income can possibly make you eligible for certain types of government programs. For example, I'm aware of some servers who didn't report their tip income, so their income was too low to qualify for all the government handouts when COVID-19 came along. Third, it increases your registered retirement savings plan (RRSP) contribution room and future Canada Pension Plan payouts. Lastly, it can increase your income for the purposes of loan and mortgage eligibility. A basic policy in the design of any country's tax system is that any economic enrichment received by a taxpayer is taxed. The exceptions to such a basic rule are what cause many of the complications. For example, in Canada, lottery winnings are not taxable; only one-half of capital gains are included in taxable income; and dividend income received by individuals is taxed at a lower overall rate to give credit for the underlying corporate tax that has already been paid on such distributions. These are all deliberate policy choices. Tip income has intentionally not been excluded from being subject to tax in Canada. That is correct. There aren't any good and obvious policy reasons to exclude tips from tax. That's why I was surprised when Donald Trump promised to introduce a rule to not tax tips and overtime in the United States during the election campaign last year. I guffawed at such a promise since, again, I couldn't understand any good tax policy reasons to do that. I also wondered how such a law, if implemented, would be administered and to what occupations such an exclusion would apply. For example, perhaps a lawyer could issue an invoice for services rendered for US$100, but mandate a non-taxable 'tip' of US$100,000. Would the law encourage that kind of abuse? Fast forward to the implementation of Trump's One Big Beautiful Bill Act that became U.S. law on July 4. It implemented the election promise, but didn't give a free pass on all tips. It also implemented limited non-taxability on overtime pay as well. Under new Internal Revenue Service code section 70201, for 2025 through 2028, employees and self-employed individuals may deduct up to US$25,000 of qualified tips (voluntary cash or charged tips received from customers or through tip sharing) received in occupations listed by the tax agency as customarily and regularly receiving qualified tips. For self-employed individuals, the deduction can not exceed their net income. The deduction phases out for those that have adjusted gross income in excess of US$150,000 or US$300,000 for joint filers. The IRS has not yet provided its list of occupations that 'customarily and regularly' receive tips and has until Oct. 2, 2025, to do that. Obviously, that list will be narrow to try to curtail some of the abuses that could be done, as illustrated in the example above. Should Canada do something similar? No. The new U.S. rule is very silly and a blatant example of politics driving tax policy for votes. Does it make any sense that a person who customarily receives tips should not pay tax on such amounts, whereas a person working in another industry — such as a retail sporting goods store — will pay tax on their compensation? No, it makes zero sense. If that makes sense to you, well, I have a bridge for sale down the street. Let's chat. There are obvious administrative benefits to exempting tips from tax (tips are usually small dollar amounts and can be a nuisance to track) and equity arguments (tips are often earned by lower-income people, so exempting such tips from income tax can perhaps improve equity), but the real risk is the erosion of the tax system. In other words, instead of relying on existing exemptions and credits to exempt and/or reduce lower-income households from tax, having no tax on tips would encourage no tax on other types of income. It would be a slippery slope. As former U.S. president Ronald Reagan once quipped, 'The most terrifying words in the English language are: 'I'm from the government and I'm here to help.'' Canada should take another look at how it taxes death Canada's personal tax rates need to come down Is the U.S. government helping by complicating their tax laws with non-principled carveouts that are not grounded in good tax policy? If Canada followed suit, what's next? The tax system works best when it's clear, consistent and based on sound policy, not vote-hunting gimmicks. Canada should keep tips on the serving tax table. Kim Moody, FCPA, FCA, TEP, is the founder of Moodys Tax/Moodys Private Client, a former chair of the Canadian Tax Foundation, former chair of the Society of Estate Practitioners (Canada) and has held many other leadership positions in the Canadian tax community. He can be reached at kgcm@ and his LinkedIn profile is __________________________________________________________________________________________________________________________ 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
