Barclays Remains a Buy on Sanofi (SNYNF)
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Field covers the Healthcare sector, focusing on stocks such as GlaxoSmithKline, AstraZeneca, and Roche Holding AG. According to TipRanks, Field has an average return of -1.5% and a 39.02% success rate on recommended stocks.
In addition to Barclays, Sanofi also received a Buy from Bank of America Securities's Sachin Jain in a report issued yesterday. However, on the same day, J.P. Morgan maintained a Hold rating on Sanofi (Other OTC: SNYNF).
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2 hours ago
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Pacific Valley Bancorp Announces Its Second Quarter 2025 Financial Results
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The decrease was the result of higher personnel expense and higher deposit interest expense, partially offset by higher loan interest income. Net interest margin for the quarter ended June 30, 2025 was 3.61%, compared with 3.43% for the quarter ended March 31, 2025. The increase was the result of higher loan interest income and lower certificate of deposit interest expense, partially offset by higher money market interest expense. Net interest margin for the six months ended June 30, 2025 was 3.50%, compared with 3.45% for the six months ended June 30, 2024. Gross loans outstanding grew by 9.5% or $43.5 million from June 30, 2024 to June 30, 2025, primarily as a result of increased agricultural real estate, CRE and C&I loans. Non-performing loans to gross loans for the quarter ended June 30, 2025, was 0.04% compared to 0.22% as of June 30, 2024. The Bank subsidiary's Community Bank Leverage Ratio has been consistently strong. As of June 30, 2025 the ratio was 13.37%, compared to 13.27% on March 31, 2025, and 13.75% on June 30, 2024. The regulatory requirement for this ratio is 9.00%. "Loans increased $8 million in the second quarter as our pipeline grew to the highest level we've seen since the end of the pandemic. Deposits increased $11 million as we have experienced growth in core deposits. We have been building our infrastructure to drive future growth with the establishment of our loan production office in downtown Salinas, and, later this year, we will be opening a branch office in Santa Cruz," said Anker Fanoe, CEO. "Changes in our market resulting from the acquisitions of competitor banks present opportunities for growth. We have increased loan and deposit production and support personnel to take advantage of these opportunities, and will also be increasing our spending on marketing. We recently brought on an outstanding commercial lending team with deep experience in our target areas, and they are starting to gain traction. These investments will reduce current net income, but we believe they will lead to greater profitability in the long term. I am excited about the Company's prospects as business conditions change," stated CEO Fanoe. "Our liquidity position remains strong, as our primary liquidity ratio (cash, deposits held in other banks, and securities as a percentage of total assets) was 11.0% on June 30, 2025, compared to 12.9% for the same month a year ago. As of June 30, 2025, on-balance sheet liquidity totaled $63 million and contingent liquidity, which includes borrowing capacity with the Federal Home Loan Bank, the Federal Reserve Bank, correspondent banks and brokered deposits, was $362 million. Our combined on-balance sheet liquidity and contingent liquidity amount to 154.1% of our uninsured deposits," said Steve Leen, Executive Vice President and CFO. As of June 30, 2025, total assets were $572.4 million. Since June 30, 2024, total assets have increased $38.6 million or 7.2%, primarily as a result of an increase in loans. Since March 31, 2025, total assets have increased by $8.5 million or 1.5%, also primarily due to an increase in loans. The investment securities portfolio totaled $25.1 million as of June 30, 2025, $24.4 million as of March 31, 2025, and $27.0 million as of June 30, 2024; the unrealized losses in the portfolio were $0.6 million, $0.6 million, and $1.1 million for the comparable periods, respectively. The securities portfolio made up 4.4% of total assets and the unrealized loss was 2.3% of the investment portfolio as of June 30, 2025. Total gross loans outstanding were $499.3 million as of June 30, 2025. Gross loans grew by 9.5% or $43.5 million from June 30, 2024 to June 30, 2025. The Company's loan portfolio increased by $7.7 million or 1.6% during the quarter ended June 30, 2025. Increased agricultural real estate and CRE loans were the predominant growth components compared to prior year quarter, and increased C&I and CRE loans were the primary components of the increase over prior quarter. As of June 30, 2025, total deposits were $490.2 million. Total deposits have increased by $30.6 million or 6.7% compared to the prior year quarter. The increase resulted from higher money market accounts partially offset by lower demand deposits and certificate of deposit accounts. Shareholders' equity was $58.6 million on June 30, 2025, representing growth of $4.7 million or 8.7% over a year ago, primarily attributable to increased retained earnings from net income. For the Company's subsidiary, Pacific Valley Bank, equity increased to $74.7 million on June 30, 2025 compared to $73.9 million on March 31, 2025. The Bank is classified as well capitalized with a Community Bank Leverage Ratio of 13.37%, significantly above the regulatory minimum of 9.00%. Net Interest Income was $4.9 million for the quarter ended June 30, 2025, compared to $4.2 million for the quarter ended June 30, 2024. Net interest income was affected by increased interest income of $0.8 million, partially offset by increased interest expense of $0.1 million. Net interest margin for the second quarter of 2025 was 3.61% compared with 3.32% for the same period in 2024. The increase was the result of higher loan interest income and relatively flat deposit interest expense. Net interest income was $9.5 million for the six months ended June 30, 2025, compared to $8.7 million for the six months ended June 30, 2024. Net interest income was impacted by increased interest income of $1.2 million, partially offset by increased interest expense of $0.3 million. Net interest margin for the six months ended 2025 was 3.50% compared with 3.45% for the same period in 2024. The increase was the result of higher loan interest income, partially offset by a small increase in deposit interest expense. No provision for credit losses was recorded in the quarters or six months ended June 30, 2025 or June 30, 2024. The lack of provision in 2025 and 2024 reflects the quality of the Company's loan portfolio. The allowance for credit losses was 1.54% of gross loans as of June 30, 2025. Credit quality remains very strong; non-performing loans to gross loans as of June 30, 2025 was 0.04% compared to 0.22% as of June 30, 2024. For the quarter ended June 30, 2025, non-interest income was $396 thousand compared with $412 thousand for the quarter ended June 30, 2024, and $567 thousand for the quarter ended March 31, 2025. The decrease from the previous quarter was due to $200 thousand of income recognized in the prior quarter from a lease buyout transaction concerning our purchase of a new branch office building in Salinas. Year to date non-interest expense was $7.8 million compared with $6.3 million for the six months ended June 30, 2024, an increase of $1.5 million, or 24.3%. The increase was primarily caused by higher personnel expenses. Non-interest expense was $4.0 million for the second quarter of 2025, an increase of $848 thousand, or 27.1%, compared to the quarter ended June 30, 2024, also primarily related to higher personnel expense from the increase in loan and deposit production staff. Return on average assets was 0.66% and 0.67% for the three months and six months ended June 30, 2025, respectively, versus 0.78% and 0.85% for the comparable periods of the prior year, due to higher personnel expense, partially offset by higher interest income. Pacific Valley Bancorp Selected Financial Data - Unaudited $ In thousands, Except per Share DataAssetsJune 30, 2025March 31, 2025June 30, 2024 Cash and Due From Banks$38,086$38,873$41,735 Investment Securities25,12224,43126,966 Gross Loans Outstanding499,335491,654455,811 Allowance for Credit Losses(7,672)(7,640)(7,544) Other Assets17,56216,60616,823 Total Assets$572,433$563,924$533,791Liabilities and CapitalJune 30, 2025March 31, 2025June 30, 2024 Non-Interest Bearing Deposits$160,412$149,549$173,783 Interest Bearing Deposits329,799329,500285,856 Borrowings19,90823,89416,855 Other Liabilities3,7463,4313,398 Equity58,56857,55053,899 Total Liabilities and Capital$572,433$563,924$533,791Key Ratios:June 30, 2025March 31, 2025June 30, 2024 Net Loan to Deposits100.30 %101.04 %97.53 % Allowance for credit losses to gross loans1.54 %1.55 %1.66 % Non-performing loans to gross loans0.04 %0.03 %0.22 % Equity to Year-to-Date Average Assets10.43 %10.27 %10.37 % Book Value per Share$11.83$11.60$10.95 Income Statement, Three Months EndedJune 30, 2025March 31, 2025June 30, 2024 Interest Income $7,692$7,324$6,854 Interest Expense2,7952,7332,699 Net Interest Income 4,8974,5914,155 Provision for Credit Losses000 Non-Interest Income396567412 Non-Interest Expense3,9813,8193,133 Income Tax389394420 Net Income$923$945$1,014Key Ratios, Three Months Ended:June 30, 2025March 31, 2025June 30, 2024 Earnings per basic share$0.19$0.19$0.21 Net Interest Margin, annualized3.61 %3.43 %3.32 % Quarter Efficiency Ratio75.21 %74.04 %68.60 % Return on Average Assets, annualized0.66 %0.67 %0.78 % Return on Average Equity, annualized6.28 %6.62 %7.40 % Pacific Valley Bancorp Selected Financial Data - Unaudited $ In thousands, Except per Share DataIncome Statement, Six Months EndedJune 30, 2025June 30, 2024 Interest Income $15,016$13,836 Interest Expense5,5285,186 Net Interest Income 9,4888,650 Provision for Credit Losses00 Non-Interest Income963763 Non-Interest Expense7,8006,274 Income Tax783923 Net Income$1,868$2,216Key Ratios, Six Months EndedJune 30, 2025June 30, 2024 Earnings per basic share$0.38$0.45 Net Interest Margin, annualized3.50 %3.45 % Efficiency Ratio74.63 %66.65 % Return on Average Assets0.67 %0.85 % Return on Average Equity6.44 %8.26 % ABOUT PACIFIC VALLEY BANCORP:Pacific Valley Bancorp completed its formation and reorganization as a bank holding company for Pacific Valley Bank on January 4, 2022. The Company is a registered bank holding company with the Federal Reserve Bank, but it has not registered its securities under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, and it therefore does not file periodic reports with the Securities and Exchange Commission. Pacific Valley Bank is a full service business bank that commenced operations in September 2004 to provide exceptional service to customers in Monterey County. Pacific Valley Bank operates business at three locations; administrative headquarters and branch offices in Salinas, King City and Monterey, California. The Bank offers a broad range of banking products and services, including credit and deposit services to small and medium sized businesses, agriculture related businesses, non-profit organizations, professional service providers and individuals. For more information, visit . This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. Accordingly, readers should not place undue reliance on these forward- looking statements. These risks and uncertainties include, but are not limited to, economic conditions in all areas in which the Company conducts business, including the competitive environment for attracting loans and deposits; supply and demand for real estate and periodic deterioration in real estate prices and/or values in California or other states where we lend; changes in the financial performance and/or condition of our borrowers, depositors, key vendors or counterparties; changes in our levels of delinquent loans, nonperforming assets, allowance for loan losses and charge-offs; the effect of changes in laws and regulations, including accounting practices; changes in estimates of future reserve requirements and minimum capital requirements based upon periodic review thereof under relevant regulatory and accounting requirements; fluctuations in the interest rate and market environment; cyber-security threats, including the loss of system functionality, theft, loss of customer data or money; technological changes and the expanding use of technology in banking; the costs and effects of legal, compliance and regulatory actions; acts of war or terrorism, or natural disasters; and other factors beyond the Company's control. These forward-looking statements, which reflect management's views, are as of the date of this release. Pacific Valley Bancorp has no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. ContactAnker Fanoe, Chief Executive Officer (831) 771-4384 View original content to download multimedia: SOURCE Pacific Valley Bancorp
Hamilton Spectator
5 hours ago
- Hamilton Spectator
Atico Mining Announces Closing of the Fully Subscribed $3.2M LIFE Offering, Raising $6.5M Combined with the Rights Offering
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, July 28, 2025 (GLOBE NEWSWIRE) — Atico Mining Corporation (the 'Company' or 'Atico') (TSX.V: ATY | OTC: ATCMF) is pleased to announce the closing of its offering under the listed issuer financing exemption (the 'LIFE Offering'), previously disclosed in the Company's press releases dated June 9, 2025, June 13, 2025 and July 22, 2025. Under the LIFE Offering, Atico sold 29,090,910 units of the Company (the 'LIFE Units'), at a subscription price of $0.11 per LIFE Unit, for gross proceeds of $3,200,000. Under the LIFE Offering and the Company's rights offering that closed on July 22, 2025 (the 'Rights Offering', and together with the LIFE Offering, the 'Offerings'), the Company raised aggregate gross proceeds of $6,487,572.42. 'We are thrilled with the successful completion of our Rights and LIFE Offerings, which have significantly strengthened our financial foundation. This achievement positions us to advance our strategic goals at both El Roble mine and the La Plata project.' said Fernando E. Ganoza, CEO. 'I extend my gratitude to our loyal shareholders, new investors, and company insiders for their substantial support and trust in our vision. Together, we are poised to steer back the company toward becoming a top mid-tier producer.' Each LIFE Unit consisted of one common share of the Company (a 'Common Share') and one transferable Common Share purchase warrant (a 'LIFE Warrant'), with each LIFE Warrant exercisable into one Common Share (a 'LIFE Warrant Share') at a price of $0.18 per LIFE Warrant Share for a period of two years from the issue date. In connection with the LIFE Offering, PowerOne Capital Markets Limited (the 'Finder') acted as finder in connection with a portion of the LIFE Offering. The Company paid a cash finder's fee of approximately $62,820 and issued 571,091 non-transferable Common Share purchase warrants (the 'Finder Warrants') to the Finder, an arm's length party to the Company. Each Finder Warrant is exercisable for one Common Share at an exercise price of $0.18 for a period of two years following the closing date of the LIFE Offering. The LIFE Units were issued pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions . Certain LIFE Units were also issued in the United States pursuant to exemptions from the registration requirements in Regulation D of the U.S. Securities Act of 1933, as amended. The Company intends to use the net proceeds from the Offerings to pay for development of the Company's La Plata project in Ecuador (the 'La Plata Project'), additional drilling at the Company's El Roble mine in Colombia (the 'El Roble Mine'), and for general corporate purposes. Following closing of the LIFE Offering, the Company has a total of 180,264,117 Common Shares outstanding. Certain officers of the Company, considered 'related parties' under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transaction ('MI 61-101'), acquired an aggregate of 590,001 LIFE Units under the LIFE Offering. Accordingly, the LIFE Offering constituted a related party transaction under MI 61-101. The LIFE Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed or quoted on any of the stock exchanges or markets listed in subsection 5.5(b) of MI 61-101, and the fair market value of the securities distributed and the consideration received for the securities under the LIFE Offering does not exceed 25% of the Company's market capitalization. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the 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. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or under any state securities laws in the United States, and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements. About Atico Mining Corporation Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing its high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit . ON BEHALF OF THE BOARD Fernando E. Ganoza CEO Atico Mining Corporation Trading symbols: TSX.V: ATY | OTCQX: ATCMF Investor Relations Igor Dutina Tel: +1.604.729.5765 Neither the TSX Venture Exchange (the 'TSXV') nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward Looking Statements This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as 'forward-looking statements'). These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'anticipates', 'believes', 'estimates', 'expects', 'confirm' and similar expressions, or the negatives of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'should', 'might', or 'will' be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date hereof or as of the date specified in such statement. Specifically, this news release includes, but is not limited to, forward-looking statements regarding the use of proceeds from the Offerings. Inherent in forward-looking statements are risks, uncertainties and other factors beyond Atico's ability to predict or control. These risks, uncertainties and other factors include, but are not limited to, risks associated with the Company's outstanding debt, including amounts due and payable to each of Trafigura PTE. Ltd. and Dundee Corporation ('Dundee') on or before July 25, 2025 and December 30, 2025, respectively, or the ability to successfully negotiate to amend or extend the terms of the convertible debenture with Dundee; the availability and cost of funds; discretion in the Company's use of available funds from the Offerings; risks relating to negative operating cash flows of the Company; dilution of the shareholdings of shareholders who did not exercise all of their rights under the Rights Offering ('Rights'); irrevocability of the exercise of Rights by a shareholder; the possibility that the subscription price is not indicative of the Company's value; if a shareholder fails to follow the subscription procedure and abide by the subscription deadline their subscription may be rejected; mining operations; market fluctuations in commodity prices; title risks and surface rights and access; changes in legislation; political instability; government or regulatory approvals; non-compliance with laws and regulations and compliance costs; environmental compliance; climate change; uninsured and uninsurable risks; water disposal, tailings and reclamation obligations; financing risks; risks associated with outstanding debt; global economic conditions; availability and costs of supplies; community relations; mineral reserve and mineral resource estimates; future production rates; labour relations; currency fluctuations; the Company may engage in hedging activities; infrastructure; exploration and development capital expenditures; social media and reputation; negative publicity; human rights; business objectives; concentrate sales risks; shortage of personnel; health and safety; pandemics, epidemics or infectious disease outbreak; physical security; conflicts of interest; claims and legal proceedings; information systems and cyber security; internal controls; violation of anti-bribery or corruption laws; competition; tax considerations; compliance with listing standards; enforcement of civil liabilities; financing requirement risks; market price volatility of Common Shares; and other risks and uncertainties related to the Company's business and the Offerings, including those described in the Company's public disclosure documents on SEDAR+ at . Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements. Actual results and developments are likely to differ and may differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such statements are based on a number of assumptions which may prove to be incorrect, including but not limited to, (1) the Company's ability to generate positive cash flows from ongoing operations at the El Roble Mine, including the ability to sell its mineral concentrates in inventory; (2) that all required third party contractual, regulatory and governmental approvals will be obtained for the development, construction and production of the Company's properties, (3) there being no significant disruptions affecting operations, whether due to labor disruptions, supply disruptions, power disruptions, damage to equipment, non-renewal of title to the Company's claims or otherwise, (4) permitting, development, expansion and power supply proceeding on a basis consistent with the Company's current expectations, (5) currency exchange rates being approximately consistent with current levels, (6) certain price assumptions for copper, gold, zinc and silver, (7) prices for and availability of fuel oil, electricity, parts and equipment and other key supplies remaining consistent with current levels, (8) production forecasts meeting expectations, (9) the accuracy of the Company's current mineral resource and reserve estimates, (10) labor and materials costs increasing on a basis consistent with the Company's current expectations, (11) matters related to the ongoing dispute with the National Mining Agency in Colombia, and (12) general marketing, political, business and economic conditions. Forward-looking statements may be affected by known and unknown risks, uncertainties and other factors including without limitation, those referred to in the Offering Documents that may cause Atico's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise any forward-looking statements, whether as a result of new information or future events or otherwise, except as may be required by law. If Atico does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.
Hamilton Spectator
9 hours ago
- Hamilton Spectator
Mandalay Shareholders Overwhelmingly Approve Transaction with Alkane Resources
TORONTO, July 28, 2025 (GLOBE NEWSWIRE) — Mandalay Resources Corporation ('Mandalay' or the 'Company') (TSX: MND, OTCQB: MNDJF) is pleased to announce that Mandalay shareholders (the 'Mandalay Shareholders') have overwhelmingly approved a special resolution (the 'Arrangement Resolution') authorizing an arrangement under the Business Corporations Act (British Columbia) (the 'Arrangement') pursuant to which Alkane Resources Limited ('Alkane') (ASX: ALK, OTC: ALKEF) will indirectly acquire all of the issued and outstanding common shares of Mandalay (the 'Mandalay Shares') at a special meeting (the 'Meeting') of Mandalay Shareholders held earlier today on July 28, 2025. The Arrangement Resolution required the approval of at least two-thirds of the votes cast at the Meeting in person or by proxy by Mandalay Shareholders. The voting results from the Meeting are as follows: Full voting results will be filed under Mandalay's profile on SEDAR+ at . Alkane announced earlier today that its shareholders approved the issuance of the Alkane ordinary shares as consideration to Mandalay Shareholders under the Arrangement. Mandalay will seek a final order of the Supreme Court of British Columbia to approve the Arrangement at a hearing to be held on August 1, 2025. The Arrangement is expected to be completed on or about August 5, 2025. In conjunction with the Arrangement, Alkane has applied to upgrade its current U.S. over-the-counter (OTC) listing from the Pink Limited Market to the OTCQX Market around the time of closing of the Arrangement. This uplisting is expected to provide enhanced visibility, improved liquidity, and greater accessibility for U.S.-based investors who will receive Alkane shares in exchange for their Mandalay Shares. Frazer Bourchier, President and CEO of Mandalay, commented: 'We are pleased with the overwhelming support our shareholders have shown for the combination with Alkane. This transformative transaction will create a powerful, dual ASX and TSX listed gold and antimony producer operating in tier-one jurisdictions and poised for growth. We look forward to delivering the full benefits of the merger to all shareholders as we work toward a closing and integration.' Further information regarding the Arrangement is available in the management information circular dated June 24, 2025, which is available on Mandalay's website at and under Mandalay's profile on SEDAR+. For Further Information: Frazer Bourchier President and Chief Executive Officer Edison Nguyen Director, Business Valuations and IR Contact: 647.258.9722 About Mandalay Resources: Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement. Forward-Looking Statements: This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively 'Forward-looking Information'). Forward-looking Information may relate to future outlook and anticipated events, such as the consummation and timing of the Arrangement. Forward-looking Information is generally identified by the use of words like 'will', 'create', 'enhance', 'improve', 'potential', 'expect', 'upside', 'growth' and similar expressions and phrases or statements that certain actions, events or results 'may', 'could', or 'should', or the negative connotation of such terms, are intended to identify Forward-looking Information. Although Mandalay believes that the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Mandalay as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks related to the closing of the Arrangement; risks relating to changes in the gold and antimony price and the factors identified in the section titled 'Risk Factors' in Mandalay's most recently filed Annual Information Form which is available on SEDAR+ at . Forward-looking Information is designed to help readers understand Mandalay's views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Mandalay assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Mandalay updates any one or more forward-looking statements, no inference should be drawn that either company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this news release is expressly qualified in its entirety by this cautionary statement.
