Latest news with #AuMEGAMetals
Globe and Mail
16-07-2025
- Business
- Globe and Mail
AuMEGA Metals Strengthens Board with Appointment of James Withall
Edmonton, Alberta--(Newsfile Corp. - July 16, 2025) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") is pleased to announce the appointment of Mr James Withall as a Non-Executive Director, effective 1 August 2025. Mr. Withall was formerly Chief Executive Officer of Rupert Resources Ltd. (TSX: RUP). Mr. Withall will serve as the Company's fourth Non-Executive Director. AuMEGA Metal's Chair of the Board of Directors, Justin Osborne commented: "We are delighted to welcome James to the Board of AuMEGA Metals. He brings deep and diverse experience across the mining sector - from his early work as a geologist in Western Australia, to his role as a portfolio manager at BakerSteel in London, and most recently as Chief Executive Officer of Rupert Resources. Under his leadership, Rupert transformed from a small-cap explorer with a mature resource into a multi-million-ounce discovery story, achieving a market valuation approaching CAD $1 billion at the time of his departure in late 2024. With the scale of our business and the early-stage nature of the work we have been doing, James' experience particularly from exploring in regions with considerable overburden, will serve the business well. On behalf of the Board, I welcome James and look forward to his contributions as we enter our next phase of growth." Incoming Non-Executive Director, James Withall stated: "I'm excited to join what I believe is one of the most compelling opportunities in the junior exploration space. AuMEGA is led by a talented and disciplined team that continues to make smart, well-timed decisions - an approach that closely mirrors what we pursued at Rupert Resources. The Board includes highly respected directors who have created meaningful shareholder value throughout their careers. The Company's strong backing from B2Gold and several major global funds gives AuMEGA a uniquely supportive and strategic ownership structure for a company at this stage. I look forward to contributing to its continued success." About Mr James Withall Mr Withall brings nearly thirty years of international experience in mining, exploration, and natural resource investing. From 2017 to 2024, he served as Chief Executive Officer of Rupert Resources, where he led the discovery and advancement of the Ikkari gold project in northern Finland - a multi-million-ounce project. Prior to that, he spent thirteen years as Managing Partner and Fund Manager at BakerSteel Capital Managers, a multi-award-winning natural resources investment specialist. Earlier in his career, Mr Withall worked as a geological consultant and held operational roles with Xstrata AG (now Glencore) and a number of junior companies in Western Australia. He holds a degree in Applied Geology from Leicester University and a Masters in Mineral Project Appraisal from Imperial College London, both in the United Kingdom. This announcement has been authorised for release by the Company's Board of Directors. To learn more about the Company, please visit or contact: Sam Pazuki, Managing Director & CEO About the Company AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) is utilising best-in-class exploration to explore on its district scale land package that spans 105 kilometres along the Cape Ray Shear Zone, a significant under-explored geological feature recognised as Newfoundland, Canada's largest identified gold structure. This zone currently hosts Equinox Gold's Valentine Gold Project, which is the region's largest gold deposit (+5 million ounces), along with AuMEGA's expanding Mineral Resource. The Company is supported by a diverse shareholder registry of prominent global institutional investors, and strategic investment from B2Gold Corp, a leading, multi-million-ounce a year gold producer. Additionally, AuMEGA holds a twenty-seven kilometre stretch of the highly prospective Hermitage Flexure and has also secured an Option Agreement for the Blue Cove Copper Project in southeastern Newfoundland, which exhibits strong potential for gold, copper and other base metals. AuMEGA's Cape Ray Shear Zone hosts several dozen high potential targets along with its existing defined gold mineral resource of 6.1 million tonnes of ore grading an average of 2.25 g/t, totaling 450,000 ounces of indicated resources, and 3.4 million tonnes of ore grading an average of 1.44 g/t, totaling 160,000 ounces in inferred resources 1. AuMEGA acknowledges the financial support of the Junior Exploration Assistance Program, Department of Industry, Energy and Technology, Provincial Government of Newfoundland and Labrador, Canada. ________________________ 1 News release dated 30 May 2023
Yahoo
16-07-2025
- Business
- Yahoo
AuMEGA Metals Strengthens Board with Appointment of James Withall
Edmonton, Alberta--(Newsfile Corp. - July 16, 2025) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") is pleased to announce the appointment of Mr James Withall as a Non-Executive Director, effective 1 August 2025. Mr. Withall was formerly Chief Executive Officer of Rupert Resources Ltd. (TSX: RUP). Mr. Withall will serve as the Company's fourth Non-Executive Director. AuMEGA Metal's Chair of the Board of Directors, Justin Osborne commented: "We are delighted to welcome James to the Board of AuMEGA Metals. He brings deep and diverse experience across the mining sector - from his early work as a geologist in Western Australia, to his role as a portfolio manager at BakerSteel in London, and most recently as Chief Executive Officer of Rupert Resources. Under his leadership, Rupert transformed from a small-cap explorer with a mature resource into a multi-million-ounce discovery story, achieving a market valuation approaching CAD $1 billion at the time of his departure in late 2024. With the scale of our business and the early-stage nature of the work we have been doing, James' experience particularly from exploring in regions with considerable overburden, will serve the business well. On behalf of the Board, I welcome James and look forward to his contributions as we enter our next phase of growth." Incoming Non-Executive Director, James Withall stated: "I'm excited to join what I believe is one of the most compelling opportunities in the junior exploration space. AuMEGA is led by a talented and disciplined team that continues to make smart, well-timed decisions - an approach that closely mirrors what we pursued at Rupert Resources. The Board includes highly respected directors who have created meaningful shareholder value throughout their careers. The Company's strong backing from B2Gold and several major global funds gives AuMEGA a uniquely supportive and strategic ownership structure for a company at this stage. I look forward to contributing to its continued success." About Mr James Withall Mr Withall brings nearly thirty years of international experience in mining, exploration, and natural resource investing. From 2017 to 2024, he served as Chief Executive Officer of Rupert Resources, where he led the discovery and advancement of the Ikkari gold project in northern Finland - a multi-million-ounce project. Prior to that, he spent thirteen years as Managing Partner and Fund Manager at BakerSteel Capital Managers, a multi-award-winning natural resources investment specialist. Earlier in his career, Mr Withall worked as a geological consultant and held operational roles with Xstrata AG (now Glencore) and a number of junior companies in Western Australia. He holds a degree in Applied Geology from Leicester University and a Masters in Mineral Project Appraisal from Imperial College London, both in the United Kingdom. This announcement has been authorised for release by the Company's Board of Directors. To learn more about the Company, please visit or contact: Sam Pazuki, Managing Director & CEO Canada Phone: +1 780 665 4925 Australia Phone: +61 8 6117 0478 Email: info@ About the Company AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) is utilising best-in-class exploration to explore on its district scale land package that spans 105 kilometres along the Cape Ray Shear Zone, a significant under-explored geological feature recognised as Newfoundland, Canada's largest identified gold structure. This zone currently hosts Equinox Gold's Valentine Gold Project, which is the region's largest gold deposit (+5 million ounces), along with AuMEGA's expanding Mineral Resource. The Company is supported by a diverse shareholder registry of prominent global institutional investors, and strategic investment from B2Gold Corp, a leading, multi-million-ounce a year gold producer. Additionally, AuMEGA holds a twenty-seven kilometre stretch of the highly prospective Hermitage Flexure and has also secured an Option Agreement for the Blue Cove Copper Project in southeastern Newfoundland, which exhibits strong potential for gold, copper and other base metals. AuMEGA's Cape Ray Shear Zone hosts several dozen high potential targets along with its existing defined gold mineral resource of 6.1 million tonnes of ore grading an average of 2.25 g/t, totaling 450,000 ounces of indicated resources, and 3.4 million tonnes of ore grading an average of 1.44 g/t, totaling 160,000 ounces in inferred resources1. AuMEGA acknowledges the financial support of the Junior Exploration Assistance Program, Department of Industry, Energy and Technology, Provincial Government of Newfoundland and Labrador, Canada. ________________________1 News release dated 30 May 2023 To view the source version of this press release, please visit
Yahoo
03-04-2025
- Business
- Yahoo
We Think AuMEGA Metals (ASX:AAM) Needs To Drive Business Growth Carefully
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse. Given this risk, we thought we'd take a look at whether AuMEGA Metals (ASX:AAM) shareholders should be worried about its cash burn. In this article, we define cash burn as its annual (negative) free cash flow, which is the amount of money a company spends each year to fund its growth. Let's start with an examination of the business' cash, relative to its cash burn. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. You can calculate a company's cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. When AuMEGA Metals last reported its December 2024 balance sheet in March 2025, it had zero debt and cash worth CA$16m. Looking at the last year, the company burnt through CA$8.5m. Therefore, from December 2024 it had roughly 22 months of cash runway. That's not too bad, but it's fair to say the end of the cash runway is in sight, unless cash burn reduces drastically. Depicted below, you can see how its cash holdings have changed over time. See our latest analysis for AuMEGA Metals AuMEGA Metals didn't record any revenue over the last year, indicating that it's an early stage company still developing its business. So while we can't look to sales to understand growth, we can look at how the cash burn is changing to understand how expenditure is trending over time. Over the last year its cash burn actually increased by 16%, which suggests that management are increasing investment in future growth, but not too quickly. However, the company's true cash runway will therefore be shorter than suggested above, if spending continues to increase. While the past is always worth studying, it is the future that matters most of all. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company . While AuMEGA Metals does have a solid cash runway, its cash burn trajectory may have some shareholders thinking ahead to when the company may need to raise more cash. Companies can raise capital through either debt or equity. Many companies end up issuing new shares to fund future growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations. Since it has a market capitalisation of CA$30m, AuMEGA Metals' CA$8.5m in cash burn equates to about 29% of its market value. That's not insignificant, and if the company had to sell enough shares to fund another year's growth at the current share price, you'd likely witness fairly costly dilution. On this analysis of AuMEGA Metals' cash burn, we think its cash runway was reassuring, while its cash burn relative to its market cap has us a bit worried. Even though we don't think it has a problem with its cash burn, the analysis we've done in this article does suggest that shareholders should give some careful thought to the potential cost of raising more money in the future. On another note, AuMEGA Metals has 4 warning signs (and 3 which are a bit unpleasant) we think you should know about. Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts) Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
