Latest news with #Cangrejos
Yahoo
28-05-2025
- Business
- Yahoo
Scorpio Gold Appoints Leo Hathaway as Executive Technical Director
Vancouver, British Columbia--(Newsfile Corp. - May 28, 2025) - Scorpio Gold Corporation (TSXV: SGN) (OTCQB: SRCRF) (FSE: RY9) ("Scorpio Gold", or the "Company") is pleased to announce the appointment of Leo Hathaway to its Board of Directors and management team as Executive Technical Director. Leo Hathaway, P. Geo., is a Professional Geologist with 30 years of experience in the mineral exploration industry and is currently Executive Chairman of Golden Shield Resources Inc. and Senior Vice President of Lumina Gold Corp. Mr. Hathaway played a pivotal role in the acquisition, advancement and sale of the ten original Lumina Copper projects in the Americas to seven different companies, aggregating $1.65bn. He has also had key involvement in numerous successful public and private ventures, such as Ventana Gold's La Bodega project in Colombia and its $1.5bn sale to AUX, as well as the origination, acquisition and advancement of Lumina Gold's 20.5moz Cangrejos gold project in Ecuador. Mr. Hathaway holds a BSc (Hons) in Applied Geology from the University of Plymouth, an MSc in Mineral Exploration from Imperial College, London. He is a registered Professional Geoscientist with EGBC. "Leo's appointment is a transformational step for Scorpio Gold as we gear up for a new era of exploration-led growth," said Zayn Kalyan, CEO and Director of Scorpio Gold. "His exceptional track record of value creation in high-grade, multimillion-ounce discoveries and strategic exits aligns perfectly with our renewed focus on Manhattan's world-class potential. As we shift our attention toward defining and expanding resources at this historically rich and underexplored district-just 10 miles south of Kinross's Round Mountain operation-Leo's leadership will be instrumental in guiding our exploration strategy, technical oversight, and shareholder value creation." About Scorpio Gold Corp. Scorpio Gold holds a 100% interest in two past producing projects, the Manhattan District and the Mineral Ridge Mine, both located in the Walker Lane Trend of Nevada, USA. Scorpio Gold's Manhattan District is ~4,780-hectares and comprises the advanced exploration-stage Goldwedge Mine, with a 400 ton per day gravity mill, and four past-producing pits that were acquired from Kinross in 2021. The consolidated Manhattan District presents an exciting late-stage exploration opportunity, with over 100,000 metres of historical drilling, significant resource potential, and valuable permitting and water rights. Scorpio Gold also holds a 100% interest in the Mineral Ridge gold project located in Esmeralda County, Nevada. Scorpio Gold produced over 222,440 oz of gold at Mineral Ridge between 2010 and 2017. With a proven and probable resource, valuable permits, water rights, and infrastructure, Mineral Ridge has significant near-term development potential. ON BEHALF OF THE BOARD OF SCORPIO GOLD CORPORATION Zayn Kalyan, Chief Executive Officer and DirectorTel: (604)-252-2672Email: zayn@ Investor Relations Contact:Kin Communications (604) 684-6730Email: SGN@ Connect with Scorpio Gold:Email | Website | Facebook | LinkedIn | X | YouTubeTo register for investor updates please visit: SGN | OTC: SRCRF | FSE: RY9 Forward-Looking Statements The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding: the Company's ability to continue creating shareholder value and build on the success of historical work at the Manhattan Mine; the Company's commitment to organic growth across its portfolio of assets, with a core focus on exploration at Manhattan and development and rerate opportunities at Mineral Ridge; the Company's ability to deliver accretive and meaningful shareholder value in coming months; the Company's plan to strength its management team; the Company's plans for exploration at the North Star target; the Company's focus for 2024 and the 2024 Program, including the scope and timing thereof; the Company's plan to update the resource estimate on the Manhattan Mine; potential updates to the 2018 feasibility study on the Mineral Ridge project; the effect of the amalgamation with Altus Gold; the potential to increase the resource at Mineral Ridge and leverage its established infrastructure and permitting; the Company's upcoming participation at marketing conferences; and the engagement of Matrix and the expected services to be derived from such engagement. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR+. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit 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
The Australian
08-05-2025
- Business
- The Australian
CEL secures protection for El Guayabo
Special Report: Challenger Gold has secured a great deal of certainty for its investment into the El Guayabo project after reaching an investment protection agreement with the Ecuadorian government. Challenger Gold secures El Guayabo certainty with Ecuador investment protection agreement Initial eight-year IPA covers $75m worth of investment from initial acquisition in 2019 to any spending to the end of 2027 El Guayabo shares the same geology as Lumina Gold's nearby 20.5Moz Cangrejos project The project is just 6km from Lumina Gold's 20.5Moz Cangrejos project that secured a $300m streaming deal with Wheaton Precious Metals in 2023. It also shares the same geology, surface footprint, mineralisation style and similar grades as Cangrejos with both deposits interpreted as being part of the same system that is split by a tenement boundary. Adding further interest, Lumina is being acquired by China's CMOC Group for C$581m ($650m), highlighting the potential value of Challenger Gold's (ASX:CEL) El Guayabo project. Under the investment protection agreement, the government has granted the company legal protections including stability of the regulatory framework, resolution of disputes through international arbitration, and protection of the company's investment. The IPA covers US$75m of investment encompassing its initial acquisition of El Guayabo in 2019 through to expenditure incurred until the end of 2027. It has an initial term of eight years and is renewable. This comes on the back of the company upgrading resources in Ecuador by 100% to 9.1Moz silver equivalent in April 2025, making it one of the larger, undeveloped gold resources in South America. The El Guayabo project in Ecuador. Pic: Challenger Gold 'The completion of the Investment Protection Agreement is a significant development for the project,' managing director Kris Knauer said. 'The IPA provides certainty with respect to the legal framework governing the project, including stable mining regulations and fiscal terms, and security of title and investment for the term of the agreement. 'Additionally, it provides protection from all forms of confiscation and a mechanism for international arbitration should there be any disputes related to the project. 'The IPA is also timely given recent corporate action in Ecuador as we take steps to monetise our Ecuador assets following the significant resource upgrade from 4.5 million ounce to 9.1 million ounce.' Investment Protection Agreement The IPA provides regulatory stability and protection from changes to the current legal framework. It means the legal framework at the time of execution will continue to apply if the terms are more favourable to the project owner than any potential new framework. The agreement also guarantees rights including non-discriminatory treatment, property protection and legal certainty. Should any disputes arise in relation to the project, both parties will undergo international arbitration in London under the rules of the International Chamber of Commerce. Ecuadorian projects CEL holds 100% of El Guayabo and half of Colorado V, which sit 35km from a deepwater port with existing power, water and road access and are located on granted mining leases. The current 9.1Moz resource is based on drilling at five of the 15 regionally significant gold-copper in soil anomalies located across the project. All 13 soil anomalies drilled by the company have returned significant mineralisation. Monetisation options being considered include a TSX-listing of the Ecuador assets, an outright sale to generate cash for development of the Hualilan development in Argentina or a strategic partnership/farm-in with a major mining company. Listen: Kris Knauer chats with Barry FitzGerald In a previous instalment of the Explorers Podcast, host Barry FitzGerald spoke with CEL managing director Kris Knauer, about the company's progress at Hualilán in Argentina, which is fast approaching mining and toll milling readiness. This article was developed in collaboration with Challenger Gold, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Yahoo
22-04-2025
- Business
- Yahoo
China's CMOC Group Acquires Lumina Gold For $420 Million
Chinese CMOC Group, the world's largest producer of cobalt, has announced an all-cash acquisition of Canadian development-stage mining company Lumina Gold Corp (OTCQB:LMGDF), valued at C$581 million (around $420 million). Upon acquisition, CMOC will gain control over the Cangarejos gold-copper project, one of the world's largest undeveloped gold assets located in southwest Ecuador. "After advancing the Cangrejos project for over ten years and taking it from no defined resources to being poised to be one of the largest gold projects globally, the Lumina Group is excited for the transition of the Cangrejos project to CMOC," said Lumina CEO Marshall Koval. "We look forward to working with CMOC and all existing stakeholders to ensure the successful future development of the project." According to Lumina's 2023 prefeasibility study, Cangrejos is expected to operate for 26 years, with an average annual production of 371,000 ounces of gold and 41 million pounds of copper. About 80% of the project's revenue is expected to come from gold, with average gold-equivalent production projected at 469,000 ounces annually. The project's design is scalable, starting at 30,000 tons per day and increasing to around 80,000 tons per day by the seventh year of production. The study places the initial capital cost at US$925 million, with an after-tax NPV of US$2.2 billion and an internal rate of return of 17.2%, based on base-case metal prices. All-in sustaining costs are estimated at US$671/oz, net of by-product credits. The acquisition offers C$1.27 per Lumina share, representing a 71% premium over Lumina's 20-day volume-weighted average and a 41% premium to the company's April 17 closing price. The transaction, structured through a court-approved plan of arrangement, has already garnered support from shareholders holding 52.3% of Lumina's outstanding shares. The agreement includes standard deal protections, such as a C$23.3 million termination fee payable by Lumina under certain circumstances and a C$2.8 million expense reimbursement clause in CMOC's favor. Lumina retains a fiduciary out, enabling it to consider superior proposals, subject to CMOC's right to match. CMOC will also purchase unsecured convertible notes to provide US$20 million in interim financing to Lumina. These notes mature in April 2026, carry a 6% annual interest rate, and convert into Lumina shares at C$1.00 per share. This financing is intended to support ongoing development at Cangrejos before the transaction's closing. The transaction is expected to be completed in the third quarter of 2025, subject to shareholder, court, and regulatory approvals. Once finalized, Lumina Gold will be delisted from the TSX Venture Exchange and cease to be a reporting issuer under Canadian securities laws. Read Next:Photo courtesy: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article China's CMOC Group Acquires Lumina Gold For $420 Million originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
22-04-2025
- Business
- Yahoo
CMOC to acquire Lumina Gold in $419m all-cash deal
CMOC Singapore, a subsidiary of China-based CMOC Group, has entered an arrangement agreement with Canadian miner Lumina Gold to acquire all issued and outstanding shares of Lumina at C$1.27 per share, for a total equity value of approximately C$581m ($419.3m). Shareholders holding 52.3% of Lumina shares have agreed to support the transaction, which includes immediate liquidity and removes risks associated with future dilution and commodity prices. In conjunction with the arrangement, CMOC has agreed to provide Lumina with interim financing of $20m to support the Cangrejos gold-copper project in Ecuador. The financing comes in the form of convertible notes with a 6% annual interest rate, maturing on 21 April 2026, and convertible into Lumina shares at C$1 each. The private placement of convertible notes is expected to close on 30 April 2025, subject to TSX Venture Exchange acceptance and not contingent on the transaction's completion. Lumina CEO Marshall Koval said: 'After advancing the Cangrejos project for over ten-years and taking it from no defined resources to being poised to be one of the largest gold projects globally, the Lumina Group is excited for the transition of the Cangrejos project to CMOC. The Lumina team looks forward to working with CMOC and all existing stakeholders to ensure the successful future development of the project.' The all-cash transaction, to be executed via a court-approved plan of arrangement, includes provisions for a non-solicitation covenant, a "fiduciary out" and a termination fee of C$23.28m payable to CMOC under certain conditions. Lumina options and restricted share units will be settled for their in-the-money value at the transaction's effective time. Completion of the acquisition is subject to several conditions including approval by Lumina securityholders, acceptance by the TSX Venture Exchange and approval from the British Columbia Supreme Court. The transaction is expected to conclude in the third quarter of 2025 (Q3 2025), after which Lumina shares will be delisted. The Lumina board, advised by RBC Capital Markets and following a special committee's recommendation, has unanimously approved the transaction and advises shareholders to vote in favour. Legal counsel for Lumina includes Borden Ladner Gervais, Skadden Arps Slate Meagher & Flom and Tobar ZVS in Canada, the US, and Ecuador, respectively. BMO Capital Markets is advising CMOC, with McCarthy Tétrault and Bustamante Fabara acting as legal counsel in Canada and Ecuador. In November 2024, Lumina Gold signed a binding term sheet with the Government of Ecuador to finalise the exploitation contract for its Cangrejos project. "CMOC to acquire Lumina Gold in $419m all-cash deal" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
