Latest news with #Cobalt
CTV News
02-08-2025
- CTV News
Northern Ont. drug bust nets cash, drugs and 3 arrests
Provincial police seized more than $16,000 in cash and drugs, including suspected cocaine and fentanyl, in a raid in Cobalt, Ont., on Thursday. Three face charges - two locals and a 20-year-old from southern Ontario face charges.
Techday NZ
01-08-2025
- Business
- Techday NZ
CISO report: AI, supply chain, & insider risks reshape security
Cobalt has released its CISO Perspectives Report 2025, highlighting current concerns around AI, third-party risks, and defensive strategies in enterprise security. The report, based on a survey of 225 security leaders across organisations employing between 500 and 10,000 people, captures the current attitudes and strategies among those responsible for managing cybersecurity risk. Third-party and supply chain worries Key findings show that 68% of security leaders are concerned about the risks introduced by third-party software tools and components in their organisations' technology stacks. In addition, 73% have received at least one notification about a software supply chain vulnerability or incident over the past twelve months. This increase in reported supply chain incidents demonstrates the extent to which organisations rely on software developed externally, and the potential weaknesses introduced as a result. The report highlights that these risks are further compounded by the use of open-source code and new AI-driven features, which are challenging to audit and secure comprehensively. The challenge of AI and automation Survey results noted that 46% of respondents are uneasy about AI-driven features and large language models. At the board level, the issue is viewed as particularly urgent, with 68% indicating their boards regard the secure deployment of generative AI (genAI) as a critical priority. Andrew Obadiaru, CISO at Cobalt, said, Security leaders understand that attackers are evolving at an unprecedented pace, and defensive strategies alone won't cut it. Our research shows a growing demand for offensive security to complement traditional controls. This isn't just about finding gaps - it's about building a culture of continuous resilience where security is tested as rigorously as the threats we face. The report indicates that 60% of security leaders believe attackers are moving too quickly for organisations to maintain a truly resilient security posture, as adversaries increasingly use automation and AI to scale their attacks. This rapid pace, combined with complexity introduced by digital transformation, means reactive, purely defensive approaches are unlikely to keep up. Insider threats and employee risk The internal environment remains a top concern. Over half of security leaders (55%) reported they are constantly worried that a single employee's mistake could expose the entire organisation to significant risk. The potential for a misstep or overlooked vulnerability to result in a breach with wide-ranging consequences was noted as a wake-up call for companies to improve resilience through a proactive approach. Adoption of offensive security measures The survey found that 88% of security leaders view penetration testing as an essential component of their security programme. Far from being viewed solely as a compliance requirement, penetration testing is increasingly recognised as a vital tool for identifying and mitigating vulnerabilities before exploitation. Penetration testing is now often integrated into software development processes, with 58% of respondents requiring third-party penetration test reports to validate software security. In parallel, 55% conduct independent code reviews and 53% supplement these measures with internal testing, reflecting a multi-layered approach to managing third-party risk in the digital supply chain. The report emphasises that practices such as penetration testing and red teaming are becoming integral for assessing and validating security in real-world conditions. By taking a proactive and continuous, threat-informed testing approach, organisations are aiming to reduce uncertainty and improve resilience across their digital environments. The survey underpinning the report was conducted by Emerald Research and sought responses from both C-level and VP-level security professionals, providing insight into the strategies and concerns of leaders responsible for securing medium to large organisations.
CTV News
01-08-2025
- CTV News
Three charged after cash, $15K in drugs seized in Cobalt
Police seized drugs believed to be crystal meth, cocaine, crack cocaine, fentanyl and hydromorphone pills worth $15,000, $1,525 in cash, drug trafficking paraphernalia and packaging materials. Two people from Cobalt and one person from the GTA have been charged with drug offences following a raid of a residence in the community earlier this week. After executing a search warrant on Lang Street July 30 at 3 p.m., police seized drugs believed to be crystal meth, cocaine, crack cocaine, fentanyl and hydromorphone pills worth $15,000, $1,525 in cash, drug trafficking paraphernalia and packaging materials. North York suspect 'Three individuals were arrested at the scene and are facing numerous drug-related charges,' Ontario Provincial Police said in a news release Friday. The estimated street value of the seized drugs is approximately $15,000. A 20-year-old from North York and a 44-year-old from Cobalt have been charged with several counts of drug trafficking and possession of the proceeds of crime. A 32-year-old from Cobalt has been charged with drug possession. 'All three accused are scheduled to appear before the Ontario Court of Justice in Haileybury at a later date,' police said. Anyone with information regarding drug trafficking is encouraged to contact the Temiskaming OPP at 1-888-310-1122 or anonymously through Crime Stoppers at 1-800-222-TIPS (8477).
Yahoo
31-07-2025
- Business
- Yahoo
Sherritt International Corp (SHERF) Q2 2025 Earnings Call Highlights: Navigating Challenges ...
Combined Revenue: $135.6 million, reflecting lower year-over-year performance due to decreased nickel revenue. Nickel Revenue: Declined due to a 15% decrease in average realized price and a 14% decrease in sales volumes. Cobalt Revenue: Increased with a 27% improvement in average realized price, offsetting marginally lower sales volume. Fertilizer Revenue: Lower due to timing of sales and decreased demand. Net Earnings from Continuing Operations: $10.4 million. Adjusted Net Loss from Continuing Operations: $25.6 million, excluding a $32.4 million gain from debt and equity transactions. Net Direct Cash Cost (NDCC): $5.27 per pound of nickel sold, an 8% decrease year over year. Nickel Production Guidance: Revised to 27,000 to 29,000 tons from 31,000 to 33,000 tons. Cobalt Production Guidance: Revised to 3,000 to 3,200 tons from 3,300 to 3,600 tons. Sustaining Capital Metals Guidance: Reduced from $35 million to $30 million. Tailing Facility Spending Guidance: Reduced from $40 million to $35 million. Available Liquidity in Canada: $45 million at the start of the quarter. Annualized Cost Savings: $20 million from new cost reduction measures. Warning! GuruFocus has detected 3 Warning Signs with SHERF. Release Date: July 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Sherritt International Corp (SHERF) effectively managed costs with an 8% year-over-year reduction in net direct cash costs. The company successfully closed debt and equity transactions, strengthening its capital structure and extending debt maturities. The Moa Joint Venture expansion is on track, with commissioning activities for phase two expected to complete in mid-August. Sherritt International Corp (SHERF) implemented significant cost reductions, expected to yield $20 million in annual savings. Cobalt revenue increased due to a 27% improvement in the average realized price, offsetting lower sales volumes. Negative Points Mixed sulfide production at Moa was lower than expected due to challenging operating conditions in Cuba. Nickel revenue declined year-over-year due to a 15% decrease in average realized price and a 14% decrease in sales volumes. The company revised its 2025 guidance for nickel and cobalt production downward due to operating challenges. Power production was lower due to operating in frequency control to support the Cuban National Grid and issues with a legacy gas well. Supply chain challenges and constraints in specialized labor availability contributed to increased maintenance downtime. Q & A Highlights Q: Can you elaborate on the impact of the challenging operating conditions in Cuba on your production targets? A: Leon Binedell, Executive Chairman, President and CEO, explained that the challenging conditions in Cuba, exacerbated by renewed US pressure, have led to lower mixed sulfide production at Moa. This has impacted their ability to meet production targets, prompting the formation of a task force to implement a recovery plan with Cuban partners. Q: What measures are being taken to address the low nickel price environment? A: Yasmin Gabriel, Chief Financial Officer, mentioned that Sherritt has implemented significant cost reduction measures expected to yield $20 million in annual savings. This is in addition to previous cost-saving initiatives, reflecting the company's proactive approach to managing market conditions. Q: How is the Moa Joint Venture expansion progressing? A: Elvin Saruk, COO and Head of Cuban Operations, reported that the Moa JV expansion is on track, with commissioning activities for phase two scheduled for completion in mid-August. The ramp-up is expected to commence thereafter, with increased mixed sulfide production anticipated in the fourth quarter. Q: What is the status of the power business and its impact on operations? A: Elvin Saruk noted that the Varadero facility is operating in frequency control to support the Cuban national grid, which has reduced electricity production. However, Energas is fully compensated for this reduction, and a new gas well is expected to come online in September to offset decreased gas supply. Q: How has the financial performance been affected by current market conditions? A: Yasmin Gabriel highlighted that combined revenue was lower year over year, primarily due to a decrease in nickel revenue. Despite this, the company continues to pursue cost containment and operational efficiencies to improve adjusted EBITDA and maintain liquidity. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
CTV News
15-07-2025
- CTV News
Accused in northern Ont. sword attack inches closer to trial
A file photo of the crime scene at the intersection of Upper Helen Street & Prospect Avenue in Cobalt on Nov. 3, 2024. Philip Gagnon was 18 when he was charged with attacking his former girlfriend, 16-year-old Kaylie Smith, after she got off a bus. (Jessica Rhame) The person charged with attempted murder in an attack last November in Cobalt, Ont., indicated Tuesday he won't be pleading out and wants a trial. Philip Gagnon was 18 when he was charged with attacking his former girlfriend, 16-year-old Kaylie Smith, after she got off a bus in Cobalt around 6 p.m. on Nov. 3, 2024. Gagnon is accused of hitting her with his vehicle before attacking her with a sword and severing her left hand. kaylie smith left paige smith_edited (wings).jpeg Kaylie Smith, 16, is in hospital in Ottawa after suffering a brutal attack on Nov. 3 in Cobalt, Ont. (Paige Smith) He is charged with attempted murder, aggravated assault, weapons possession and breaching his conditional sentence. Appearing from Central North Correctional Centre in Penetanguishene, Gagnon was dressed in orange prison garb and had short, dark brown hair. He's represented by North Bay law firm Perrin Ahmad LLP. Defence lawyer Evan Kilroy told Justice G.R. Maille that he was surprised by comments from the Crown that it was eager to set trial dates. Changed tracks Kilroy said the Crown said they weren't ready to set a date when asked by the defence for trial dates in June. However, Assistant Crown attorney David Kirk said they were under the impression that 'they were headed for a resolution' to the case, not a full-blown trial. That's something more complicated, Kirk said, and requires several more dates. 'This was originally on the resolution track,' he said. If there is going to be a trial, Kirk said a judicial pretrial will need to be held before trial dates can be set. The sides agreed to an Aug. 1 pretrial and will return to court Aug. 19 with the goal of setting trial dates. Before then, Maille advised the Crown and defence to provide dates when they are available for a trial, and for the defence to provide an estimate on how many days will be required.
