Canada's RBC asks staff to return to office four days a week
Royal Bank of Canada signage is pictured in the financial district in Toronto Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj
TORONTO — Royal Bank of Canada has asked employees to be in office four times a week starting in September, according to a memo seen by Reuters, prompting disapproval among some staff discussing the changes in internal chat groups.
The memos from various business heads were sent to staff on Thursday shortly after the bank reported second-quarter earnings that were lower than analysts' expectations due to a rise in loan loss provisions to prepare for uncertain times.
The memo said the rule does not apply for roles that are fully remote or are already in full-time office arrangements.
'RBC is a relationship-driven bank and in-person, human connection is core to our winning culture. We set the expectation in 2023 that we'd come together in the office for the majority of the time, with the flexibility to work remotely one to two days a week,' a spokesperson said.
A company-wide internal chat group that discussed the change in policy raised questions such as additional travel time and expenses related to transport, a source told Reuters.
The Canadian lender's decision comes shortly after U.S. bank JPMorgan Chase, in January asked its employees who are on hybrid work schedules to return to the office five days a week starting in March.
RBC has over 94,000 full-time employees across global offices, as of April 30.
(Reporting by Nivedita Balu in Toronto; Editing by David Gregorio)
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Globe and Mail
34 minutes ago
- Globe and Mail
West Red Lake Gold Highlights Bulk Sample Learnings
VANCOUVER, British Columbia, June 03, 2025 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. ('West Red Lake Gold' or 'WRLG' or the 'Company') (TSXV: WRLG) (OTCQB: WRLGF) is pleased to report how learnings from the test mining and bulk sample program at its 100% owned Madsen Mine (the 'Project') in the Red Lake Gold District of Northwestern Ontario, Canada, are translating directly into a detailed mine plan with generally larger stopes, greater mining efficiencies, and lower cost mining methods than anticipated. The test mining and bulk sample program had two goals: To confirm that the geologic, engineering, and mining workflow at Madsen enables the Company to model and mine mineralization accurately. To test various mining scenarios and use the results to enable confident mine design that maximizes economic extraction. The bulk sample results (reported on May 7) achieved the first goal. Close reconciliation between expected and actual tonnes, grade, and contained ounces across six stopes in three areas of the resource validates the Company's ability to mine at Madsen according to plan. The Company also succeeded with the second goal. Test mining demonstrated the ability to mine up against historic stopes, which reduced barriers in stope design and unlocked some resource potential. Test mining also highlighted the efficiency of mining larger stopes and mining clusters of proximal stopes (known as mining complexes), two notable opportunities that are developing at Madsen because mine design is both a technical and economic exercise. The workflow that leads to detailed mine design at Madsen is as follows: Each resource area is definition-drilled to a drill hole spacing averaging 7 meters. The in-house, short-term model is updated to incorporate the new drill data. Stopes are engineered based on the updated model to maximize economic extraction of mineralization, at an assumed gold price. Gold mineralization at Madsen often comprises high-grade lenses surrounded by lower-grade mineralized halos. The above workflow is designed in part to define high-grade lenses of gold mineralization that can go unnoticed with wider-spaced data sets. Recent high-grade drill results from the South Austin area (see news releases from May 27, May 13, and February 26) demonstrate this potential. Definition drilling also enables accurate modeling of lower-grade halo mineralization ahead of stope design. West Red Lake Gold is currently using the consensus long-term price of US$2,350 per ounce ('oz.') in mine design, compared to a gold price of US$1,680 per oz. used for the mine plan in the Madsen Mine Pre-Feasibility Study ('PFS') [1]. The relatively low gold price in the PFS led to a mine plan with 60% of the mining being small, high-grade stopes requiring the use of cut-and-fill mining, the more selective and higher cost of the two mining methods outlined for use at Madsen [1a]. In addition, the need to drive accesses between multiple small stopes contributed to relatively high sustaining capital needs over the mine life. The PFS mine plan generated strong economics that supported the restart decision. However, using a higher gold price in stope design effectively lowers the cutoff grade for resource inclusion, bringing additional resource tonnes and more overall ounces into consideration for mine planning. When lower grade tonnes prove to be economic, it can result in larger stopes encompassing one or several high-grade gold lenses with surrounding halo mineralization. It can also define new mining shapes around proximal areas of mineralization that were not previously considered. This is especially possible where definition drilling has defined or expanded high-grade lenses, which have the potential to mitigate the impact on head grade of including lower grade tonnes over the life of mine. Figure 1: Visible gold in sill access development on 1 Level McVeigh. Larger stopes and clusters of proximal stopes, known as mining complexes, have potential to increase a mine's economic benefit and scale as compared to smaller, isolated stopes because they can positively impact three key economic drivers: Mining cost: Larger stopes can generally be mined via long hole stoping. Long hole stoping is significantly lower cost per tonne compared to cut and fill mining [1b]. The Madsen Mine bulk sample was mined exclusively by long hole stoping methods with a very high success rate and the majority of the 18-month detailed mine plan is long hole mining. Cost of access development per tonne mined: Larger stopes and stopes clustered in mining complexes spread the cost of developing access to a mining area over more ounces produced from that area, reducing the cost impact of access development. Flexibility and efficiency: The ability for a mine to focus on few large mining complexes at any given time rather than multiple isolated stopes greatly supports efficiency in equipment, personnel, and material movement planning. The Company is experiencing this efficiency advantage already at site. Figures 2 through 4 below highlight a few examples of mining complexes where the tonnage and ounce profile increased through the definition drilling, resource model updating, and economic stope design workflow. Figure 2. Image showing South Austin 4447 stope complex (blue). This area realized a 212% increase in tonnage and 320% increase in contained ounces mainly driven by definition drilling. Figure 3. Image showing Austin 1099/1100 stope complex (blue). This area realized a 204% increase in tonnage and 222% increase in contained ounces mainly driven by definition drilling. Figure 4. Image showing McVeigh 1453 stope complex (blue). This area realized a 32% increase in tonnage and 18% increase in contained ounces mainly driven by definition drilling. A more global potential benefit from mining larger stopes at Madsen is mining more of the resource. A mine plan based on a gold price of US$1,680 per oz. depletes the deposit relatively quickly, which is evident in a PFS probable reserve of only 478,000 ounces in 1.87 million tonnes grading 8.2 g/t gold mined in 7 years [1c], from a deposit with a total indicated resource of 1.65 million ounces of gold hosted in 6.9 million tonnes of rock averaging 7.4 g/t gold (the combined indicated resource for the Austin, South Austin, McVeigh, and 8 Zones) [1d]. The Madsen Mine PFS described the potential for more of the resource to be considered for mining if a higher gold price was used [1e]. A gold price environment that allows mine design to convert more of the resource into reserve suggests a longer mine life than outlined in the PFS, which is expected to have a positive impact on long-term profitability and overall project economics. Close reconciliation between expected and actual tonnes and grade in the bulk sample suggests that the Company's approach – appropriate definition drilling, responsive mine engineering, and disciplined, efficient mining – is creating the ability to mine at Madsen according to plan. The mine engineering and design process is a technical and economic exercise that responds to the price of gold. This will remain the Company's practice at the Madsen Mine. Other News The Company has received and accepted the resignation of Jasvir Kaloti as Corporate Secretary. The management and board of directors of the Company wish to thank Ms. Kaloti for her service and wish her well in the future. Efforts are in progress to identify a suitable Corporate Secretary candidate and Harpreet Dhaliwal, Chief Financial Officer, will hold this position in the interim. Footnotes Please refer to the technical report entitled 'NI 43-101 Technical Report and Prefeasibility Study for the Madsen Mine, Ontario, Canada', prepared by SRK Consulting (Canada) Inc. and dated January 7, 2025. A full copy of the SRK report is available on the Company's website and on SEDAR+ at See PFS Section 16.5.3 Mining Methods – Underground Mining Methods – Planned Mining Methods. See PFS Report Section 21.3.2 Capital and Operating Costs – Operating Cost Estimates – Mining. Mineral reserve estimates based on a gold price of US$1,680/oz and an exchange rate of 1.31 C$/US$. Longhole stope cut-off grade of 4.30 gpt Au based on an estimated operating cost of C$287.34/t including mining, plant and G&A. Mechanized Cut and Fill stope cut-off grade of 5.28 gpt Au based on an estimated operating cost of C$354.90/t including mining, plant and G&A. Incremental development cut-off grade of 1 gpt Au. A small amount of incremental longhole tonnes were included at a cut-off grade of not less than 3.4 gpt Au, these must be immediately adjacent to economic stopes that will pay for the capital to access area. Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US$1,800/oz. Mineral resources are not considered mineral reserves as they have not demonstrated economic viability. See Section 24.1 Other Relevant Data – Gold Price Sensitivity. The technical information presented in this news release has been reviewed and approved by Will Robinson, Vice President of Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project, and by Maurice Mostert, Vice President of Technical Services for West Red Lake Gold and the Qualified Person for technical services at the West Red Lake Project, as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. ABOUT WEST RED LAKE GOLD MINES West Red Lake Gold Mines Ltd. is a mineral development company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km 2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world's richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km 2 including three past producing gold mines - Rowan, Mount Jamie, and Red Summit. ON BEHALF OF WEST RED LAKE GOLD MINES LTD. 'Shane Williams' Shane Williams President & Chief Executive Officer FOR FURTHER INFORMATION, PLEASE CONTACT: Gwen Preston Vice President Communications Tel: (604) 609-6132 Email: investors@ or visit the Company's website at Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION Certain statements contained in this news release may constitute 'forward-looking information' within the meaning of applicable securities laws. Forward-looking information generally can be identified by words such as 'anticipate', 'expect', 'estimate', 'forecast', 'planned', and similar expressions suggesting future outcomes or events. Forward-looking information is based on current expectations of management; however, it is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking information in this news release and include without limitation, statements relating to the larger stopes, greater mining efficiencies, lower cost mining methods, potential production of mining operations at the Madsen Mine; any untapped growth potential in the Madsen deposit or Rowan deposit; the impact and ability for long-term profitability and overall project economics; and the Company's future objectives and plans. Readers are cautioned not to place undue reliance on forward-looking information. Forward-looking information involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking information. These risks and uncertainties include, among other things, the Company's ability to mine at Madsen according to the current mine plan; ability to forecast mining cost; market volatility; the state of the financial markets for the Company's securities; fluctuations in commodity prices; and changes in the Company's business plans. Forward-looking information is based on a number of key expectations and assumptions, including without limitation, that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Additional information about risks and uncertainties is contained in the Company's management's discussion and analysis for the year ended December 31, 2024, and the Company's annual information form for the year ended December 31, 2024, copies of which are available on SEDAR+ at The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law. For more information on the Company, investors should review the Company's continuous disclosure filings that are available on SEDAR+ at Photos accompanying this announcement are available at
Globe and Mail
35 minutes ago
- Globe and Mail
3 Safe Ultra-High-Yield Dividend Stocks -- Sporting an Average Yield of 11.35% -- That Make for No-Brainer Buys in June
There are a lot of strategies investors can employ on Wall Street to grow their wealth. With thousands of publicly traded companies and more than 3,000 exchange-traded funds (ETFs) to choose from, there's bound to be one or more securities that can help you meet your investment goals. But among these countless strategies, buying and holding high-quality dividend stocks delivers some of the most robust returns over long periods. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » Companies that pay a regular dividend to their shareholders are often profitable on a recurring basis, capable of providing transparent long-term growth outlooks, and have, in many instances, demonstrated their ability to navigate an economic downturn. This time-tested aspect of dividend stocks helps to lure income seekers. However, the most intriguing characteristic of dividend stocks is their long-term outperformance. In The Power of Dividends: Past, Present, and Future, the researchers at Hartford Funds, in collaboration with Ned Davis Research, compared the annualized return of dividend stocks to non-payers over a 51-year period (1973-2024). Not only did the dividend stocks more than double up the annualized return of non-payers (9.2% vs. 4.31%), but they did so while being considerably less volatile. The challenge for income seekers is balancing yield and risk. The higher the yield, the higher probability of things being too good to be true. Since yield is a function of payout relative to share price, a struggling business with a plunging share price can trap investors with a high but unsustainable yield. The good news is that safe ultra-high-yield dividend stocks, with yields that are at least four times higher than the average yield of the benchmark S&P 500 (1.31%, as of May 30), do exist, and can make investors richer over time. What follows are three ultra-high-yield dividend stocks, sporting an average yield of 11.35%, which make for no-brainer buys in June. Annaly Capital Management: 14.78% yield The first supercharged income stock that makes for a compelling buy in June comes from an industry that Wall Street analysts have almost universally disliked since this decade began: mortgage real estate investment trusts (REITs). I'm talking about Wall Street's leading mortgage REIT, Annaly Capital Management (NYSE: NLY). Recently, Annaly's board increased its quarterly distribution to $0.70 per share, which marks the first time since 2011 that the company has increased its dividend. While a nearly 15% yield might sound unsustainable, Annaly has averaged a roughly 10% annual yield over the last two decades. The reason Wall Street has generally avoided mortgage REITs is because they're highly sensitive to changes in interest rates. Companies like Annaly typically don't perform well when the Federal Reserve is rapidly increasing interest rates, as well as when the Treasury yield curve is inverted. This results in higher short-term borrowing costs for Annaly and its peers and reduces net interest margin. But when things seem their bleakest for mortgage REITs is when it's often the best time to buy. The steep yield-curve inversion that had worked against Annaly and its peers is no longer inverted (albeit by a small amount). Additionally, the nation's central bank is in the midst of a well-telegraphed rate-easing cycle. A falling rate environment has historically been when mortgage REITs thrive. Short-term borrowing costs begin to fall, but still allow companies like Annaly to increase the average yield on the mortgage-backed securities they're buying and holding. Best of all, $75 billion of Annaly Capital Management's $84.9 billion asset portfolio is in highly liquid agency securities. An "agency" asset is backed by the federal government in the unlikely event of default. This added protection affords Annaly the ability to lever its investments to maximize its profits and dividend. With Annaly trading ever-so-slightly below its book value -- mortgage REITs often trade close to their respective book value -- and industry variables now working in its favor, the time to buy this income colossus has arrived. Pfizer: 7.32% yield A second ultra-high-yield dividend stock that makes for a no-brainer buy in June is none other than pharmaceutical giant Pfizer (NYSE: PFE), which is yielding north of 7.3% for its shareholders. The weakness in Pfizer's stock over the last three years can best be described as the company being a victim of its own success. During the COVID-19 pandemic, Pfizer's vaccine (Comirnaty) and oral therapy (Paxlovid) generated more than $56 billion in combined sales in 2022. Last year, sales shrank to about $11 billion on a combined basis and will likely fall further in 2025 on weaker Paxlovid sales. Though Pfizer has lost tens of billions in COVID-19 therapy sales, perspective also shows that Comirnaty and Paxlovid are generating north of $1 billion in combined quarterly sales when no sales existed at the end of 2020 from this area of focus. Pfizer's revenue, including acquisitions, has grown by more than 50% over the last four years. In short, it's a stronger and more diverse company today than it was at the end of 2020 -- but it's not being treated like one due to recent sales weakness in its COVID-19 therapies. One of the many reasons Pfizer can thrive moving forward is the December 2023 acquisition of cancer-drug developer Seagen for $43 billion. Aside from recognizing billions of dollars in immediate revenue, Seagen vastly expands Pfizer's oncology pipeline, which can benefit from strong pricing power and patients gaining earlier access to cancer-screening tools. Furthermore, cost synergies directly tied to this buyout, coupled with Pfizer's ongoing cost realignment program, should result in approximately $4.5 billion in net-cost savings by the end of this year. Reduced costs should be a positive for the company's margins. Investors should also consider that healthcare is an incredibly defensive sector. Regardless of how well or poorly the U.S. economy and stock market perform, people will continue to need prescription medicines. Though Pfizer isn't going to knock anyone's socks off with its growth rate, its cash flow tends to be highly predictable. Pfizer stock is trading at less than 8 times forecast earnings per share for 2025, which makes this an ideal time for opportunistic income seekers to pounce. PennantPark Floating Rate Capital: 11.94% yield The third high-octane dividend stock income investors can purchase with confidence in June is small-cap business development company (BDC) PennantPark Floating Rate Capital (NYSE: PFLT). Unlike Annaly Capital Management and Pfizer, PennantPark pays its dividend on a monthly basis and is currently yielding close to 12%. A BDC is a type of business that invests in middle-market companies -- i.e., unproven small- and micro-cap companies. At the end of March, PennantPark held almost $240 million in various preferred and common stock in middle market companies, along with $2.1 billion in first lien secured debt. This makes it a predominantly debt-focused BDC. Focusing on debt offers a huge advantage when dealing with middle-market companies. Since these businesses often lack access to basic financial services, PennantPark can typically net a higher yield on its loans. As of March 31, its weighted average yield on debt investments was a scorching-hot 10.5%, which is more than double the yield you'll find on U.S. Treasury bonds. But the company's biggest advantage might just be that approximately 100% of its debt investments sport variable rates. When the Fed aggressively fought back against rapidly rising inflation in 2022 and 2023, it sent PennantPark's weighted average yield on debt investments notably higher. Even with the nation's central bank in a rate-easing cycle, rate cuts are being addressed slowly. This is allowing PennantPark to continue to facilitate high-interest loans. Something else to note about PennantPark Floating Rate Capital is that delinquencies are minimal. Despite dealing with unproven businesses, only four companies, representing 2.2% of its portfolio on a cost basis, are currently delinquent. This is a testament to the vetting process by PennantPark's team. Further, management has done an excellent job of protecting the company's invested principal. Including its preferred and common stock holdings, PennantPark has an average investment of $14.7 million spread across 159 companies. No single investment is large enough to compromise profitability or rock the boat. To build on this point, all but $4.4 million of its $2.1 billion in debt investments is first-lien secured debt. First-lien secured debtholders find themselves at the front of the line for repayment in the event that a borrower seeks bankruptcy protection. Similar to Annaly, PennantPark Floating Rate Capital tends to trade very close to its book value. With shares currently trading at a 7% discount to book, opportunistic investors can nab a fantastic company at a bargain price. Should you invest $1,000 in Annaly Capital Management right now? Before you buy stock in Annaly Capital Management, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Annaly Capital Management wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $651,049!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $828,224!* Now, it's worth noting Stock Advisor 's total average return is979% — a market-crushing outperformance compared to171%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 2, 2025
Globe and Mail
35 minutes ago
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Palantir Stock vs. Nvidia Stock: Wall Street Says Buy One and Sell the Other
Year to date, Nvidia (NASDAQ: NVDA) stock has returned 2%, while Palantir Technologies (NASDAQ: PLTR) stock has advanced 72%. But forecasts from Wall Street analysts suggest that investors should buy one and sell the other. Among the 71 analysts who follow Nvidia, the median target price is $175 per share. That implies about 30% upside from its current share price of $135. Among the 28 analysts who follow Palantir, the median target price is $100 per share. That implies about 23% downside from its current share price of $130. However, Wall Street has consistently underestimated Palantir, so investors shouldn't simply follow analysts' opinions. Here's a closer look at both companies. Nvidia: 30% upside implied by Wall Street's median target price Nvidia reported encouraging financial results in the first quarter of fiscal 2026, which ended in April. Revenue increased 69% to $44 billion, and non-GAAP net income increased 33% to $0.81 per diluted share. Importantly, adjusted earnings would have increased 57% had it not been for a write-down related to semiconductor export restrictions. The investment thesis for Nvidia is simple: The company holds more than 80% market share in data center graphics processing units (GPUs), chips used to accelerate complex workloads like artificial intelligence (AI). Morgan Stanley analysts think the company can maintain 80%+ market share for the foreseeable future. Importantly, Nvidia also has a booming networking business. In fact, the chipmaker is the market leader in InfiniBand platforms, which are presently the preferred connectivity technology for back-end AI networks. And it recently added Alphabet 's Google and Meta Platforms as customers. Put simply, Nvidia is the company best positioned to capitalize on demand for AI hardware. However, Nvidia is battling headwinds related to semiconductor export restrictions. 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Revenue soared 39% to $884 million, the seventh straight acceleration, and non-GAAP earnings increased 62% to $0.13 per diluted share. The investment thesis for Palantir centers on its unique software architecture, which not only lets customers pull nuanced insights from complex data, but also creates a feedback loop that yields insights that improve over time. The International Data Corp. (IDC) has recognized Palantir as the market leader in decision intelligence software. Palantir also says its software architecture is unique in its ability to operationalize artificial intelligence, meaning its platforms can help clients move AI applications from prototype to production more effectively than other solutions on the market. Forrester Research recently ranked Palantir as a technology leader in AI platforms, awarding it higher scores than peers like Google and Microsoft. However, not even the best business is worth buying at any price, and Palantir commands a very rich valuation. The stock currently trades at 285 times adjusted earnings. This looks particularly expensive because Wall Street estimates that the company's earnings will increase just 26% in the current year. Here's the bottom line: Palantir is an excellent company and I believe it will be worth more in the future, but I also think the risk-reward profile is heavily skewed toward risk at the current price. So, prospective investors should wait for a better buying opportunity, but current shareholders comfortable with volatility can sit tight. Should you invest $1,000 in Palantir Technologies right now? Before you buy stock in Palantir Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Palantir Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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