Latest news with #ChristianMilau
Yahoo
2 days ago
- Business
- Yahoo
NEW GOLD ANNOUNCES DIRECTOR DEPARTURE
TORONTO, Aug. 18, 2025 /CNW/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) announces the resignation of Christian Milau from the Board of Directors (the "Board"), effective immediately, to pursue other opportunities. "On behalf of the Board and the team at New Gold, I would like to thank Christian for his contributions over the past year," said Richard O'Brien, Chair of the Board. "New Gold was active during Christian's tenure, with many corporate development activities and other operational achievements, and we remain well positioned to achieve our goal of being a leading intermediate gold producer. We wish Christian all the best on his future endeavors." About New Gold New Gold is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in Canada, the New Afton copper-gold mine and the Rainy River gold mine. New Gold's vision is to be the most valued intermediate gold and copper producer through profitable and responsible mining for our shareholders and stakeholders. For further information on the Company, visit View original content to download multimedia: SOURCE New Gold Inc. View original content to download multimedia: 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
Cision Canada
2 days ago
- Business
- Cision Canada
NEW GOLD ANNOUNCES DIRECTOR DEPARTURE
TORONTO, Aug. 18, 2025 /CNW/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) announces the resignation of Christian Milau from the Board of Directors (the " Board"), effective immediately, to pursue other opportunities. "On behalf of the Board and the team at New Gold, I would like to thank Christian for his contributions over the past year," said Richard O'Brien, Chair of the Board. "New Gold was active during Christian's tenure, with many corporate development activities and other operational achievements, and we remain well positioned to achieve our goal of being a leading intermediate gold producer. We wish Christian all the best on his future endeavors." About New Gold New Gold is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in Canada, the New Afton copper-gold mine and the Rainy River gold mine. New Gold's vision is to be the most valued intermediate gold and copper producer through profitable and responsible mining for our shareholders and stakeholders. For further information on the Company, visit SOURCE New Gold Inc.
Yahoo
5 days ago
- Business
- Yahoo
Eldorado Gold Announces Appointment of Christian Milau as President
VANCOUVER, British Columbia, Aug. 15, 2025 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) ('Eldorado' or the 'Company') is pleased to announce that Christian Milau will be joining the Company as President, effective September 12, 2025. Christian brings over 25 years of experience in finance, capital markets and mining. He has deep expertise in operational leadership, government and stakeholder relations, and has worked across key mining jurisdictions in North and South America, Africa, and other global regions. As a mining executive, he has led growth-focused exploration, development and operating companies in gold and copper with a clear focus on fostering a values-based performance culture and building lasting stakeholder partnerships. He was most recently the Chief Executive Officer and a founder of Saudi Discovery Company, a private copper and gold exploration company focused on exploration in Saudi Arabia, as well as a non-executive board member with several gold and copper companies including New Gold Inc., Northern Dynasty Minerals Ltd., Arras Minerals Corp. and Copper Standard Resources Inc. As part of his transition, Christian will be stepping down from his non-executive board member appointments. Prior to that, Christian served as Chief Executive Officer of Equinox Gold from 2016 to 2022, leading the company through significant growth from a single-asset developer to a multi-mine producer with eight operating mines. Prior to Equinox, he served as Chief Executive Officer at True Gold Mining, as well as Chief Financial Officer of Endeavour Mining and Vice President, Treasurer at New Gold. He holds a Chartered Professional Accountant (CA) designation. With this appointment, George Burns, Eldorado's President & Chief Executive Officer, will transition to the role of Chief Executive Officer. Christian will oversee both the Executive Vice President and Chief Financial Officer, as well as the Executive Vice President Operations and Technical Services. His areas of accountability will include Canada and Türkiye Operations, Technical Services, Exploration, Finance, Human Resources, and Health, Safety and Sustainability. Steven Reid, Chair of the Board commented, 'As we position the company for its next leg of growth, the Board conducted a comprehensive search to identify a President with the right blend of experience, vision, and leadership. Christian is a proven leader who will complement our executive team and help unlock the full potential of our business. His appointment reflects our commitment to thoughtful leadership and succession planning and long-term value creation.' 'Christian's experience is a perfect fit for Eldorado,' said George Burns, President & Chief Executive Officer. 'He brings a rare combination of operational depth, financial acumen, and strategic vision. His leadership through transformative periods at multiple mining companies strengthens our executive team. I look forward to working alongside Christian as we advance toward the completion of Skouries construction – a key inflection point for our company. As we prepare to bring our new copper-gold mine into production Christian's insights and experience will be instrumental in driving our next phase of strategy, growth and capital allocation.' 'The team at Eldorado has executed well on a disciplined and long-term growth strategy and I'm thrilled to be joining this superb team at such a transformative time in its journey,' said Christian Milau. 'With Skouries coming online next year, the company is entering an exciting new chapter, and I'm eager to contribute to that momentum. What drew me to Eldorado is not just its quality asset base and growth trajectory, but its values of collaboration, agility, courage, drive and integrity. Strong values have guided me throughout my career, and it's clear these principles are deeply embedded in Eldorado's culture. I look forward to working with George and the broader team to build on the company's strong foundation to realize value for stakeholders, deliver on strategic growth opportunities within the portfolio and to shape the next phase of Eldorado's evolution as a leading gold and base metals producer.' About Eldorado Gold Eldorado is a gold and base metals producer with mining, development and exploration operations in Türkiye, Canada and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO). Contact Investor Relations Lynette Gould, VP, Investor Relations, Communications & External Affairs647 271 2827 or 1 888 353 8166 MediaChad Pederson, Director, Communications and Public Affairs236 885 6251 or 1 888 353 8166 of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", 'continue', 'projected', "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. In particular, such forward-looking statements include, but are not limited to, statements relating to Eldorado's intention to bring the Skouries Project into production. Eldorado's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information, including assumptions about: general market conditions, including prevailing market prices of our common shares and other available investment and business opportunities. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release. Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: our assumptions relating to general market conditions, including prevailing market prices of our common shares, and other available investment and business opportunities, as well as those risk factors discussed in the sections titled 'Forward-Looking Statements' and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR+ and EDGAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations. The inclusion of forward-looking statements and information is designed to help you understand management's current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change.
Yahoo
27-05-2025
- Business
- Yahoo
Bear Creek Mining Reports Q1 2025 Financial and Operating Results
Vancouver, British Columbia--(Newsfile Corp. - May 27, 2025) - Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) ("Bear Creek" or the "Company") reports its interim consolidated financial results for the three months ended March 31, 2025 ("Q1 2025"). This news release should be read in conjunction with the Company's interim consolidated financial statements and management discussion and analysis ("MD&A") for the three months ended March 31, 2025, which are available on SEDAR+ ( and the Company's website ( Monetary amounts in this news release are in United States dollars unless otherwise stated and all capitalized terms herein have the same meaning as defined in the Q1 2025 financial statements. Highlights During Q1 2025 and to the date of this release include, the Company: Produced 8,262 oz of gold and 36,466 oz of silver from its Mercedes mine in Q1 2025. Issued updated Mineral Resources and Mineral Reserves for the Mercedes Mine and filed a related Technical Report (as defined in NI 43-101). Completed a brokered private placement on a bought deal basis of 64,445,000 common shares of the Company at a price of C$0.225 per share wherein aggregate gross proceeds totaling $10 million (C$14.5 million) were raised (the "Offering"). Amended agreements with each of Sandstorm Gold Ltd. ("Sandstorm") and Equinox Gold Corp. ("Equinox") to temporarily defer, to December 2025, the payment of interest under certain outstanding debt arrangements otherwise due between February and November 2025. These debt amendments were approved by the TSX Venture Exchange ("TSX-V") on April 10, 2025. Initiated a strategic review process ("Strategic Review") to explore and evaluate the strategic and financial options available to the Company with the ultimate view of enhancing value. Mr. Christian Milau was engaged as a strategic advisor to the Board to assist with oversight of the Strategic Review. At the date of this MD&A an estimate of the financial effect of such Strategic Review on the Company's interim Q1 2025 financial statements cannot be determined. Announced the retirements of Mr. Andrew Swarthout and Ms. Sandra Daycock from the Company's board of directors (the "Board") and appointed Peter C. Mitchell and Ian Grundy to the Board. Announced the issuance of a secured promissory note to a wholly owned subsidiary of Sandstorm (the "2025 Sandstorm Note") in the principal amount of up to US$6.5 million, with Sandstorm committing up to US$600,000 per month of credit to the Company for working capital purposes. The 2025 Sandstorm Note was approved by TSX-V on May 8, 2025. Subsequent to the end of the quarter, funds in the amount of US$1.2 million were drawn down by the Company pursuant to the 2025 Sandstorm Note. Appointed Mr. Eduardo Flores in the position of Senior Vice President, Business Development. Selected Q1 2025 Financial and Production Results Mercedes Operating Highlights Three Months Ended March 31, 2025 Gold ounces produced 8,262 Silver ounces produced 36,466 Cash costs per gold ounce sold (1) $2,066 AISC per gold ounce sold (1) $2,646 Tonnes mined (thousands) 102,886 Tonnes processed (thousands) 105,611 Average gold grade mined (g/t) 3.00 Average gold grade processed (g/t) 2.56 Recovery rate gold 95% Gold ounces sold 7,870 Average realized gold price (2) $2,877 Development (meters) 2,469 Financial Results (thousands of dollars, except share and per share amounts) Three Months EndedMarch 31, 2025 Revenue $23,685 Comprehensive earnings (loss) after taxes $(13,355) Comprehensive earnings (loss) per share (3) $(0.06) Cash generated from (used in) operating activities $(3,172) Cash generated from (used in) investing activities $(5,888) Cash generated from (used in) financing activities $9,037 Weighted average shares during period 242,051,896 Shares issued and outstanding at end of period 292,175,785 (1) Non-GAAP Measure. Please see "Non-GAAP Measures" below for further information.(2) Inclusive of final settlement adjustments on sales for non-streamed ounces(3) Per share amounts are based on weighted average shares during the period Eric Caba, President & CEO, states, "Q1 2025 was focused on managing the transition to narrow vein mining at Mercedes, completing the Technical Report associated with the update to the Mineral Resources and Reserves at Mercedes, and launching the Strategic Review. We expect the transition at Mercedes to continue through the second quarter of 2025 as we work to resolve contractor issues and bring Marianas production in line with expectations to fully capitalize on the current robust gold markets. We are very pleased to have recently welcomed Eduardo Flores to the Bear Creek team as SVP, Business Development, and look forward to his contributions to our management team." Mercedes Mine, Mexico The Mercedes mine is a fully mechanized, ramp-access operation that produces gold and silver. Eleven individual deposits have been mined or are in production. Seven additional deposits have been identified and are in the early exploration or drill definition stage. Additional mineralized zones proximal to existing workings have been identified and are at the exploration or drill definition stage. Exploration During Q1 2025, the Company continued with its Mineral Resource delineation and infill drilling program with a particular focus on the Marianas deposit, as well as ongoing work at Diluvio West, San Martin, and Neo. This drilling is intended to provide increased confidence in the Mineral Resource classification categories, ultimately reducing risk during Mineral Resource to Reserve conversion and subsequent mine planning stages. Through the first quarter the 2025 brownfields Mineral Resource surface exploration and extension drilling program commenced on Diluvio Northwest. In parallel, underground Mineral Resource delineation and/or conversion drilling began at the Marianas, Diluvio West, San Martin, and Neo deposits. Mineral Resource delineation and/or conversion drilling expenditures were $0.4 million during the quarter. Mineral Resource and Mineral Reserve Updates Updated and improved geological and block models prepared by the Company in 2024 formed the basis of updated Mercedes Mineral Resource and Mineral Reserve estimates (the "2024 Estimates") announced by the Company on January 29, 2025 and supported by the Technical Report entitled "NI 43-101 Technical Report, Mercedes Gold - Silver Mine, Sonora State, Mexico", dated effective September 30, 2024 and filed on March 14, 2025, both of which are available on the Company's website and on SEDAR+. Development During Q1 2025, 2,469 meters of development were achieved at the Mercedes Mine. The management team has finalized ventilation designs for the Marianas deposit and the installation of a ventilation raise is expected to be completed during the third quarter of 2025. Production Mercedes' production during Q1 2025 was primarily garnered from the San Martin deposit, with lesser contributions from Marianas, Diluvio, Rey de Oro Alta and Barrancas. The reduced ore throughput in Q1 2025, as compared with previous periods, is primarily a result of significant underperformance by a contractor engaged in late 2024 to provide specialized narrow vein mining equipment (to reduce dilution) and personnel. This contractor underperformance delayed advancement of the Marianas and Rey de Oro deposits planned for the Q1 2025, which negatively impacted the grade and tonnes mined during the quarter. The lower than planned Q1 2025 ore production from Marianas was partially offset by accelerated pillar recovery at the San Martin deposit. The Mercedes Mine had no fatalities, no lost time incidents, and no reportable environmental incidents during the quarter ended March 31, 2025. As of the date of this news release, Bear Creek has not provided production guidance for the Mercedes Mine for 2025. Corani Project Activities at the Corani Property during Q1 2025 focused primarily on assessment of the Oxides opportunity, continuation of a geometallurgical test program, and ongoing community support initiatives. Oxides Opportunity The Company believes the Oxides - near-surface, silver-rich oxidized material that occurs within the Este, Main and Minas deposits at Corani as outlined in the 2019 Corani Report - provide an exciting opportunity to add silver resources to the Corani mineral inventory, and potentially extend the anticipated Corani mine life, but that additional work is required to fully develop the scope of this opportunity. Subsequent to the quarter-end, the Company announced that as it is engaged in its Strategic Review process, such additional work will not be undertaken at this time, and hence it will not proceed with completion of an economic study related to the Oxides. Additional details regarding the Oxides opportunity are provided in the Company's news release dated September 9, 2024. Social and Environmental Initiatives During Q1 2025 the Company continued environmental monitoring of the area around the Corani camp and the within the Corani Property. New and Restructured Debt On April 10, 2025, Sandstorm, Equinox and the Company executed agreements to defer the monthly interest payments on the certain existing debt agreements, whereby monthly interest payments payable from and including February 2025 to November 2025, are deferred until December 31, 2025 (the "Deferred Interest"). Interest automatically accrues on the Deferred Interest at the same rate applicable to the principal under the debt agreements, such rate being 7% per annum, compounded monthly, and the Deferred Interest and any accrued and unpaid interest thereon is payable in full on December 31, 2025. All other terms of the debt agreements remain unchanged and in full force and effect. After receiving TSX-V approval on May 8, 2025, the Company issued a secured promissory note to a wholly owned subsidiary of Sandstorm (the "2025 Sandstorm Note") in the principal amount of up to US$6.5 million (the "Credit Extension"), with Sandstorm committing up to US$600,000 per month of credit to the Company for working capital purposes. The 2025 Sandstorm Note contains substantially similar terms to the Sandstorm Promissory Note, including a maturity date of September 22, 2028, an interest rate of 7% per annum and a conversion price of C$0.73 per common share (or such greater price as may be required by the TSX-V). Additional details regarding the terms of the 2025 Sandstorm Note are available in the Company's news release dated May 8, 2025. Overview of Results of Operations, Liquidity and Capital Resources For the three months ended March 31, 2025, the Company recorded revenue of $23.7 million from the sale of gold and silver. The cost of goods sold was $16.3 million and depletion, amortization and depreciation amounted to $9.3 million. During Q1 2025 the Company had a gross loss of $1.9 million and an operating loss of $5.5 million. After operating expenses, other income and expenses, changes in the fair value of the financial instruments (principally due to higher gold prices), and tax expenses and recoveries, the Company recorded a comprehensive net loss of $13.3 million ($0.06 per share) for Q1 2025 During the three months ending on March 31, 2025, with the focus to improve liquidity, the Company completed the Offering - a bought deal private placement of 64,445,000 common shares at a price of C$0.225 per share for aggregate gross proceeds of $10 million (C$14.5 million). At March 31, 2025 the Company held cash and cash equivalents and short terms investments totaling $6.7 million. During Q1 2025, operating activities used $3.2 million, investing activities used $5.9 million and financing activities generated $9.0 million in cash. At March 31, 2025, the Company's net working capital deficiency (current assets less current liabilities) was $88.2 million (compared to $97.0 million at December 31, 2024). Significant amounts contributing to the March 31, 2025 net working capital deficiency are $30.0 million in accounts payable, $22.1 million in current portion of Note payable, $8.8 million in current portion of stream arrangements, and $48.8 million in convertible debentures and notes. The Company's interim consolidated financial statements for the three months ended March 31, 2025 were prepared following accounting principles applicable to a going concern, which assumes the Company will be able to continue in operation for at least twelve months from March 31, 2025 and will be able to realize its assets and discharge its liabilities in the ordinary course of operations. Despite completing the Offering and taking other measures to improve liquidity, material uncertainty remains in relation to the ability of the Company to achieve the operating results and cash flow generation from the Mercedes mine necessary to avoid seeking additional financing, which gives rise to significant doubt about the Company's ability to continue as a going concern. There can be no assurance that the steps management is taking to improve the Company's liquidity will be successful. The Company's interim condensed consolidated financial statements for the three months ended March 31, 2025 do not include adjustments to the carrying values of the assets and liabilities, the reported revenues and expenses, and the balance sheet classifications used, should the Company be unable to continue as a going concern. These adjustments could be material. Non-GAAP Measures This news release includes disclosure of certain financial measures or ratios, as such terms are used in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure, including Cash Costs and AISC. These Non-GAAP financial measures are not standardized financial measures under IFRS Accounting Standards, as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), and might not be comparable to similar measures presented by other companies. The Company believes that these measures and ratios provide investors with an improved ability to evaluate the prospects of the Company as they provide additional information related to operating performance and are widely used in the mining industry. The Company has adopted the practice of calculating a performance measure consisting of the net cost of producing an ounce of gold after deducting revenues gained from silver by-product production. Cash Cost and AISC are calculated per ounce of gold sold net of credits for realized silver revenues. The Company adds the governmental royalty of 1% for special mining law (0.5% in 2024), third-party net smelter royalties and adjustments for finished goods related to the increase or decrease in remaining inventory to the cost of production. Other adjustments may be made as required. For further information regarding these Non-GAAP financial measures including reconciliations of these measures to the applicable costs items as reported in the consolidated financial statements for the respective periods, please see the information under the heading "Cash Cost and All-in-Sustaining Cost ("AISC") for Mercedes" in the Company's MD&A for the three months ended March 31, 2025 (available on the Company's website and on SEDAR+). On behalf of the Board of Directors, Eric CabaPresident and CEO For further information contact:Barbara Henderson - VP Corporate CommunicationsDirect: 604-628-1111E-mail: barb@ to Bear Creek Mining news NI 43-101 Disclosure Unless otherwise indicated, scientific and technical information in this news release is based on work programs and initiatives conducted under the supervision of, and has been reviewed and approved by, Donald Mc Iver, Fellow SEG and Fellow Aus-IMM. Mr. Mc Iver is Vice President, Exploration and Geology of Bear Creek Mining Corporation and is a qualified person ("Qualified Person" or "QP") as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Additional information related to the Mercedes Mine and the Corani Project, including the Quality Assurance and Quality Control measures applied to the Company's sampling and assaying practices, is available in its Annual Information Form for the year ended December 31, 2024, available on its website and on SEDAR+. Cautionary Statement Regarding Forward-Looking Information This news release contains forward-looking statements regarding: the deferral of interest payments under the 2025 Debt Arrangements until December 31, 2025; the payment of the Deferred Interest on December 31, 2025; the Credit Extension and the 2025 Sandstorm Note; the Strategic Review process; the purpose and potential outcomes of Mercedes exploration drilling programs; plans for Mercedes; anticipated 2025 Mercedes mining plans and sources of production; Mercedes' 2025 development and capital investment plans; potential benefits and impacts of the Oxides material on the Corani project resources and reserves, forecasted production and mine life; the requirement for additional analysis to fully understand the potential benefits of the Oxides on the Corani project; future resolution and/or recourse related to the contractor underperformance and delays in procurement of equipment and personnel and the delivery of mining services at the Marianas deposit; the Strategic Review; and the Company's ability to remain a going concern. These forward-looking statements are provided as of the date of this news release and reflect predictions, expectations or beliefs regarding future events based on the Company's beliefs at the time the statements were made, as well as various assumptions made by and information currently available to them. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to, assumptions related to the Company's operating results, business objectives, goals and capabilities. Although management considers the assumptions underlying its forward-looking statement to be reasonable based on information available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and the risk exists that estimates, forecasts, projections, and other forward-looking statements will not be achieved or that assumptions on which they are based do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the expectations expressed in them. These risk factors may be generally stated as the risk that the assumptions expressed above do not occur, but may include additional risks as described in the Company's latest Annual Information Form, and other disclosure documents filed by the Company on SEDAR+. The foregoing list of factors that may affect future results is not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on behalf of the Company, except as required by law. Neither 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. To view the source version of this press release, please visit
