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Globe and Mail
2 days ago
- Business
- Globe and Mail
Positive Updates on Select Development Assets Outside of Current 5-Year Outlook & Acquisition of Silver Stream on South Railroad Project
MONTRÉAL, June 02, 2025 (GLOBE NEWSWIRE) -- OR Royalties Inc. (the ' Company ' or ' OR Royalties ' or ' OR ') (OR: TSX & NYSE) is pleased to provide the following select asset updates. Amounts presented are in United States dollars, except where otherwise noted. Jason Attew, President & CEO of OR Royalties commented: 'Today's update further demonstrates the embedded material optionality within OR Royalties' robust asset portfolio. None of the assets highlighted herein are included in OR's current five-year GEO delivery growth outlook of 110,000 – 125,000 GEOs, however, based on the recent positive news associated with each, some or all may potentially be included in future iterations of our 5-year growth outlook. We are also pleased to announce the acquisition of a 100% silver stream on Orla Mining's South Railroad project in Nevada, further increasing our Company's exposure to Tier-1 1 mining jurisdictions.' South Railroad (operated by Orla Mining Ltd.) On May 19 th, Osisko Bermuda Limited ('OBL'), a wholly-owned subsidiary of OR Royalites, completed the acquisition of a 100% silver stream ('Silver Stream') from a fund managed by Orion Resource Partners (USA) LP ('Orion') with reference to production from Orla Mining Ltd.'s ('Orla') South Railroad project and Jasperiod Wash deposit (collectively, the 'Project') located in Elko County, Nevada, USA. Orla is planning to release an updated Feasibility Study ('FS') for South Railroad by end-of-year 2025 and anticipates receiving final permits by mid-2026, followed by a projected pre-production construction timeline of approximately 12 months. Consequently, first production from South Railroad could occur as early as 2027. South Railroad is expected to be an open-pit heap-leach mine, using conventional processing methods, resulting in on-site doré production. Pursuant to the Silver Stream agreement, OBL will purchase refined silver equal to 100% of the recovered silver produced from the Project for the life of mine at a price equal to 15% of the prevailing market price of silver. The Silver Stream is secured by the property and assets relating to the Project. OBL paid Orion $13 million on closing representing the total consideration for the purchase of the Silver Stream. Orla is a multi-asset mid-tier gold producer; the company constructed and continues to operate the Camino Rojo open-pit heap-leach gold project in Mexico, and recently acquired the operating Musselwhite gold mine from Newmont Corp. Spring Valley (operated by Solidus Resources, LLC, a wholly-owned subsidiary of Waterton Mining) OR Royalties is pleased to report that the United States Bureau of Land Management ('BLM') has announced an expected release for a Final Environmental Impact Statement on Solidus Resources, LLC's ('Solidus') Spring Valley gold project by July 11th, 2025 2. In addition, the BLM has guided for a Record of Decision by August 11th, 2025. This is expected to allow for project construction to commence in the third quarter of 2025. On May 13, 2025, Solidus announced the receipt of a Letter of Interest from the Export-Import Bank of the United States (EXIM) regarding the potential financing of up to $835,000,000 for the Spring Valley Project 3. The funding for this project is being considered under EXIM's Make More in America initiative and its China and Transformational Exports Program. Solidus released the results of the Spring Valley FS in February 2025, which outlined a +10-year life-of-mine ('LOM') averaging over 300 thousand ounces ('koz') of gold ('Au') per year (excluding a residual year of gold leaching), with 348koz Au expected to be produced per year over the first five years. Spring Valley is envisaged as a single, large open-pit mine with a LOM strip ratio of 2.9:1. The FS was based on a Probable Mineral Reserve of 243 million short tons, grading 0.016 oz/ton Au for 3.8 million ounces ('Moz') contained Au. Production estimates are based on an average LOM gold recovery rate of 80.5%. OR Royalties owns a 2.0% to 3.5% net smelter return ('NSR') royalty on the core of the Spring Valley deposit, and a 0.5% NSR royalty on peripheral claims, the latter of which comprises only a small percentage of the overall defined Mineral Resource. The majority of the current pit constrained resource sits within OR Royalties' 3.5% NSR royalty area. The royalty on the core claims becomes payable once 500koz Au are recovered from Spring Valley. Cariboo (operated by Osisko Development Corp.) In late April 2025, Osisko Development Corp. ('Osisko Development') announced the results of a positive Optimized Feasibility Study ("OFS") for its permitted, 100%-owned Cariboo gold project ("Cariboo'), located in central British Columbia, Canada. The 2025 OFS was completed by BBA Engineering Ltd. as lead independent consultant and supported by other independent engineering firms. The OFS outlined a 10-year LOM averaging approximately 190koz Au per year, with 202koz Au expected per year over the first five years. Production estimates are based on an average LOM gold recovery rate of 92.6%. According to the OFS, the project will now proceed through a single-phase construction period, and subsequently ramp-up directly to nameplate capacity of 4,900 tonnes per day, which is aligned with the existing permitting framework. The OFS also outlined streamlined processing facilities into a single location and improved flowsheet design with incorporation of a gravity circuit, as well as production of a higher-grade concentrate end-product. The FS was based on a Probable Mineral Reserve of 17.8 million tonnes, grading 3.62 grams per tonne gold ('g/t Au') for 2.071Moz contained Au. Production estimates are based on an average LOM gold recovery rate of 92.6%. Cariboo is a fully permitted project, and subject to financing, first gold production from Cariboo could come as early as the second half of 2027 assuming construction commences in the third quarter of 2025. OR Royalties owns a 5.0% NSR royalty on the Cariboo property. Amulsar (operated by United Gold) In early June, OBL completed the sale of its ownership interest in Lydian Armenia CJSC and the Amulsar mine to United Gold, a private gold development company. Concurrently, OBL entered into an amended and restated purchase and sale agreement (gold and silver) (the 'Stream Agreement') and an amended and restated credit agreement (the 'Credit Agreement'). Pursuant to the Stream Agreement, OBL will purchase (i) refined gold equal to 3.34% of payable gold produced from the mine until ~82.3koz Au have been delivered and 1.31% of payable gold thereafter for the remaining LOM, and (ii) refined silver equal to 49.22% of payable silver produced from the mine until ~1.03Moz Ag have been delivered and 19.69% of payable silver thereafter for the remaining LOM. OBL shall pay a fixed $400 and $4.00 for each ounce of refined gold and refined silver delivered, respectively. Deliveries under the gold and silver stream shall commence upon repayment of a new third-party $150 million construction loan (expected ~4 years from the restart of construction) (the 'Delivery Start Date'). Gold and silver production attributable to OBL under the Stream Agreement prior to the Delivery Start Date shall be accrued and delivered in equal quantities over the 20 quarters following the Delivery Start Date. The previous stream cap, buy-back options in favour of the operator, and purchase price inflation adjustment have been eliminated. The existing unsecured gold offtake agreement has also been terminated. The amended gold and silver stream is secured against the assets of the Amulsar mine. Based on current estimates provided by United Gold, Amulsar is expected to produce approximately 168koz Au and 140koz Ag per annum over an initial 16-year mine life. Additionally, pursuant to the Credit Agreement, United will pay to OBL approximately $26.5 million plus accrued interest. Interest shall accrue at a fixed rate of 8% per annum. Payments under the Credit Agreement shall commence on the Delivery Start Date. The Credit Facility is secured against the assets of the Amulsar mine, pari passu with the Stream Agreement. Upper Beaver (operated by Agnico Eagle Mines Ltd.) In late April 2025, Agnico Eagle Mines Ltd. ('Agnico Eagle') provided an update on its 100%-owned Upper Beaver project ('Upper Beaver') located in the Kirkland Lake camp of northeastern Ontario; a camp which also includes the Upper Canada and Anoki-McBean deposits. In June 2024, Agnico Eagle completed a positive internal evaluation for a standalone mine and mill scenario at Upper Beaver, with the project having the potential to produce an annual average of approximately 210koz Au and 3,600 tonnes of copper over a 13-year LOM starting in 2031. In addition, Agnico Eagle believes that a standalone mine and mill at Upper Beaver could have the potential to unlock significant development potential at depth and within satellite deposits, including the Upper Canada and Anoki-McBean exploration projects. In July 2024, Agnico Eagle approved a $200 million investment over approximately three years to further de-risk the project, with work that will include developing an exploration ramp and an exploration shaft to depths of 160 metres and 760 metres, respectively, to establish underground drilling platforms and to collect bulk samples. In the second half of 2024 the shaft collar was excavated, the foundation for the headframe was completed and the power line was commissioned and energized. In the first quarter of 2025, installation of the structural steel for the exploration shaft head frame commenced. At the hoist room, the steel structure and cladding were completed during the quarter. Sinking of the exploration shaft is expected to commence in the fourth quarter of 2025. Excavation of the box cut for the ramp portal was completed during the first quarter of 2025 and excavation of the exploration ramp is expected to commence in the fourth quarter of 2025. Agnico Eagle is also advancing permitting and conducting several studies for the preparation of the impact assessment at Upper Beaver. Agnico Eagle expects to submit an impact assessment in late 2025. OR Royalties owns a 2.0% NSR royalty on the Upper Beaver project, as well as a 2% NSR royalty that covers most of Agnico Eagle's Kirkland Lake regional properties, including Amalgamated Kirkland, Anoki-McBean, Bidgood, and Upper Canada. Ermitaño (operated by First Majestic Silver Corp.) In 2024, First Majestic Silver Corp. ('First Majestic') announced the discovery of the Navidad vein system, a new significant, vein-hosted gold and silver mineralized system adjacent to its currently producing Ermitaño mine. The drilling completed during the second half of 2024 significantly expanded the gold and silver mineralization discovered at the Navidad target. During 2025, additional drilling from surface is planned to continue testing the potential expansion of Navidad, which remains open in multiple directions. Expansionary and infill resource definition drilling will also take place from multiple new underground drilling stations constructed from the Ermitaño mine. Five drill rigs are currently active at Navidad. In late March 2025, First Majestic announced its 2024 Mineral Reserve and Mineral Resource Estimates for the Ermitaño deposit. As part of the update, First Majestic announced an initial Inferred Mineral Resource at Navidad, consisting of 2.3Mt grading 81 grams per tonne silver ('g/t Ag') and 3.42 g/t Au, and containing 5.9Moz Ag and 249koz Au. To date, only a portion of the newly delineated vein system has been classified within the Inferred Mineral Resource Estimate, with significant upside potential to be realized by First Majestic through additional drilling. On May 28 th, 2025, First Majestic announced drill results targeting the Winter vein more than 100 meters east of prior drilling and intersected some of the highest-grade mineralization ever encountered on the Santa Elena Property: 6.8 meters grading 14.8 g/t Au and 642 g/t Ag. Five additional significant intersections were cut further downhole including that of the Navidad vein. Resource conversion drilling confirms the continuity of precious metal mineralization and, in general, returned significantly higher gold and silver grades than estimated from prior drilling. Independent third-party metallurgical testing of Navidad and Winter mineralization under current mineral processing parameters for the Santa Elena processing plant was completed during the fall of 2024. The testing revealed exceptional gold and silver recovery rates with gold recoveries consistently exceeding 90% and silver recoveries exceeding 85%. The results firmly establish that Navidad's mineralization is compatible with the existing processing infrastructure at First Majestic's Santa Elena operation. OR Royalties' 2.0% NSR royalty on Ermitaño includes Navidad, the Cumobabi property, as well as the Luna Zone. Wharekirauponga (Operated by OceanaGold Corporation) In early March 2025, OceanaGold Corporation ('OceanaGold') announced a significant milestone in that it had lodged its application for the grant of Fast-track approvals for the Waihi North Project ("WNP"), which includes Wharekirauponga Underground ("WUG"), under New Zealand's Fast-track Approvals Act 2024 (the "Act"). OceanaGold expects WNP to be fully-permitted (subject to any appeals) under the Act by the end of 2025. This timetable would allow OceanaGold to commence decline and underground development work for the proposed WUG mine in 2026. In 2025, $40-45 million of early works not requiring Fast-track approvals have been planned. In addition, OceanaGold also announced drill results from WUG which continued to demonstrate the continuity and upside potential beyond the 1.2 Moz of Mineral Reserves declared within OceanaGold's WNP Prefeasibility Study ('PFS'), released in December 2024. The Mineral Reserve Estimate for WUG includes Probable Reserves of 4.1 Mt grading 9.2 g/t Au, containing 1.2Moz Au. MUG is expected to be the primary ore source until 2033, when mining transitions to WUG OR Royalties owns a 2.0% NSR royalty on the Waihi West and WUG. Prior to the full-scale development of WUG, a small amount of ore from the currently operating MUG mine is expected to be sourced from within the Waihi West royalty boundary. Sources for Technical Information: South Railroad Operator Website: (Asset profile) Orla Mining Ltd. press release (dated 2025-03-18) (Asset profile) Orla Mining Ltd. press release (dated 2025-05-12) (Asset profile) NI 43-101 Technical Report – South Railroad Project Feasibility Study, Elko County, Nevada (issue date 2022-03-14) (Asset profile, Mineral Reserves and Mineral Resources, LOM, LOM Production) Spring Valley Operator Website: (Asset Profile) BLM National NEPA Register – Spring Valley Mine Project (dated 2024-04-18) (Asset profile) United States Federal Register Notice (dated 2024-03-18) (Asset profile) Solidus Resources press release (dated 2025-02-18) (Asset profile) Solidus Resources press release (dated 2025-02-18) (Mineral Resources and Mineral Reserves, LOM, LOM Production, Asset profile) Solidus Resource press release (dated 2025-05-13) (Asset profile) Cariboo Operator Website: (Asset profile) Osisko Development Corp. press release (dated 2025-04-28) (Asset profile, Mineral Reserves and Mineral Resources, LOM, LOM Production) Amulsar ArmenPress press release (dated 2025-03-05) (Asset profile) ArmenPress press release (dated 2025-04-11) (Asset profile) Feasibility Study Technical Report Amulsar Project Armenia (filed 2019-10-16) (can be found on under the issuer Lydian International Limited). Note that the internal estimates provided by United Gold are not otherwise publicly disclosed. Upper Beaver Operator website: (Asset profile) Agnico Eagle press release (dated 2024-07-31) (Asset profile, Mineral Resources) Agnico Eagle press release (dated 2025-02-13) (Asset profile, LOM, LOM Production, Mineral Resources) Agnico Eagle press release (dated 2025-02-13) (Asset profile, Mineral Resources) Agnico Eagle press release (dated 2025-04-24) (Asset Profile) Ermitaño First Majestic Santa Elena (including Ermitaño) project website: (Asset profile) First Majestic press release (dated 2025-02-04) (Asset profile) First Majestic press release (dated 2025-02-20) (Asset profile) First Majestic Management's Discussion and Analysis for the Year and Quarter Ended December 31, 2024 (dated 2025-02-20) (Asset Profile) First Majestic press release (dated 2025-04-01) (Asset Profile, Mineral Reserves and Mineral Resources) First Majestic press release (dated 2025-05-28) (Asset Profile) First Majestic Proven and Probable Mineral Reserve Estimates with an Effective Date of December 31, 2024 (dated 2025-04-01) (Mineral Reserves and Mineral Resources) Wharekirauponga Operator website: (Asset profile) OceanaGold Corporation press release (dated 2024-10-16) (Asset profile) OceanaGold Corporation press release (dated 2024-12-18) (Asset profile) OceanaGold Corporation press release (dated 2024-12-11) (LOM, LOM Production, Mineral Reserves and Mineral Resources) OceanaGold Corporation press release (dated 2025-03-04) (Asset profile) NI 43-101 Technical Report – Waihi District Pre-feasibility Study, New Zealand (fling date 2024-12-11) (LOM, LOM Production, Mineral Reserves and Mineral Resources) Qualified Person The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., Vice President, Project Evaluation at OR Royalties Inc., who is a 'qualified person' as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101'). About OR Royalties Inc. OR Royalties Inc is an intermediate precious metal royalty company which holds a North American focused portfolio of over 195 royalties, streams and precious metal offtakes, including 21 producing assets. OR Royalties' portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, home to one of Canada's largest gold mines. OR Royalties' head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2. Forward-Looking Statements Certain statements contained in this press release may be deemed 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, that OR Royalties will meet its five-year growth outlook estimate, that development and milestones to be achieved by operators of the properties in which the Company holds interest will be achieved in a timely manner and that some of the assets highlighted in this press release may potentially be included in future iterations of the Company's five-year outlook. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential', 'scheduled' and similar expressions or variations (including negative variations), or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of OR Royalties, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which OR Royalties holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from Mineral Resource Estimates or production forecasts by operators, (d) differences in conversion rate from Mineral Resources to Mineral Reserves and ability to replace Mineral Resources, (e) the unfavorable outcome of any challenges or litigation relating title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks, (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by OR Royalties, (b) a trade war or new tariff barriers, (c) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (d) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which OR Royalties holds a royalty, stream or other interest are located or through which they are held, (e) continued availability of capital and financing and general economic, market or business conditions, and (f) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on OR Royalties' business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets or (c) the determination of OR Royalties' PFIC status (d) that preliminary financial information may be subject to quarter end adjustments. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in OR Royalties' ongoing income and assets relating to determination of its PFIC status, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which OR Royalties holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets. For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of OR Royalties filed on SEDAR+ at and EDGAR at which also provides additional general assumptions in connection with these statements. OR Royalties cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. OR Royalties believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this press release are not guarantee of future performance and should not be unduly relied upon. In this press release, OR Royalties relies on information publicly disclosed by other issuers and third parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this press release. OR Royalties undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.
National Post
15-05-2025
- Automotive
- National Post
Lithium Americas Reports First Quarter 2025 Results
Article content VANCOUVER, British Columbia — Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) (' Lithium Americas ' or the ' Company ') announced that it has filed its Quarterly Report on Form 10-Q, which includes the Company's consolidated interim financial statements (' Financials ') for the three months ended March 31, 2025 (' Q1 2025 '), and provided an update on its Thacker Pass lithium project in Humboldt County, Nevada (' Thacker Pass ' or the ' Project '). Article content Jonathan Evans, President and Chief Executive Officer of Lithium Americas said, 'Major construction has commenced at Thacker Pass and the first significant construction milestone was achieved the first week of May 2025 with the initial placement of permanent concrete in the processing plant area. The site has undergone transformational change over the past year and there is excitement amongst our stakeholders and partners as we build one of North Americas largest lithium operations.' Article content As of March 31, 2025, the Company had approximately $446.9 million in cash and restricted cash. During the quarter ended March 31, 2025, $78.2 million of construction capital costs and other project-related costs were capitalized. Subsequent to Q1 2025 on April 1, 2025, the Company closed the previously announced strategic investment of $250 million from fund entities managed by Orion Resource Partners LP (collectively, ' Orion '), for the development and construction of Phase 1 of Thacker Pass (' Orion Investment '). With the Orion Investment, Lithium Americas has achieved fully funded status for the development of Phase 1 of Thacker Pass at the project and corporate level for the duration of construction. Contemporaneously with closing the Orion Investment on April 1, 2025, the Company and General Motors Holdings LLC (' GM ') announced the final investment decision (' FID ') for construction of Phase 1 of Thacker Pass. On declaring FID, GM and Lithium Americas contributed $100 million and $191.6 million in cash to the joint venture between GM and the Company (the ' JV '), respectively. The Company currently expects to make the first draw on the previously announced $2.26 billion loan from the U.S. Department of Energy (the ' DOE Loan ') sometime in the third quarter of 2025 (' Q3 2025 '). Article content Completion of Phase 1 of Thacker Pass is targeted for late 2027. Project engineering and procurement continue in line with the project schedule to support construction. Major construction has begun at Thacker Pass, with earthworks almost complete and permanent concrete placement in the processing plant area commenced in early May 2025. As of March 31, 2025, detailed engineering was over 60% design complete and expected to increase to over 90% design complete by year end 2025. The higher level of detailed engineering at the early stages of construction helps de-risks execution in terms of project schedule and cost. In April 2025, fabrication of the structural steel to be used to build the facilities at Thacker Pass commenced. First steel installation is targeted to commence in September 2025. Manufacturing of all long-lead equipment awarded continues to advance with expected delivery in line with the project schedule. During Q1 2025, the first modular housing units were installed at the workforce hub, the Company's all-inclusive housing facility for construction workers in Winnemucca (the ' Workforce Hub '). First occupancy of the Workforce Hub is targeted for the second half of 2025. The Company recently submitted a Plan of Operations to the Bureau of Land Management to build a limestone quarry named Western Quarry, approximately one hour drive from Thacker Pass via national and state highways. Western Quarry is being planned as a source of local, lower cost limestone, a reagent used in the Thacker Pass processing flowsheet to produce battery-quality lithium carbonate. Article content Mr. Evans added, 'The Company continues to review its potential exposure to the fluid tariff announcements. Our teams are working toward limiting the effect of any potential tariff or trade disputes on our construction supply chain. Approximately 75% of the Company's total capital project cost structure relates to labor, contractors and other services which are not expected to be directly affected by any of the potential tariffs or trade disputes.' Article content The scientific and technical information in this news release has been reviewed and approved by Rene LeBlanc, PhD, SME, Vice President, Growth and Product Strategy of the Company, and a 'qualified person' as defined under National Instrument 43-101 and Subpart 1300 of Regulation S-K under the United States Securities Act of 1933, as amended. Article content During Q1 2025, net loss increased due to higher general and administrative expenses reflecting continuing transition to domestic filer status, increased reporting obligations under the DOE Loan and higher transaction costs reflecting increased financing activities that concluded with the Orion Investment. Article content During Q1 2025, total assets decreased reflecting the use of cash for payment of transaction costs and other payables accrued at December 31, 2024. Article content This news release should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2025, available on the Company's issuer profile on EDGAR at SEDAR+ at and on the Company's website at Article content Lithium Americas is committed to responsibly developing the Thacker Pass project located in Humboldt County in northern Nevada, which hosts the largest known measured lithium resource (Measured and Indicated) and reserve (Proven and Probable) in the world. Thacker Pass is owned by a JV between Lithium Americas (holding a 62% interest and is the manager of the Project), and GM (holding a 38% interest). The Company is focused on advancing Phase 1 of Thacker Pass toward production, targeting nominal design capacity of 40,000 t/y of battery-quality lithium carbonate. The Company and its engineering, procurement and construction management contractor, Bechtel, entered into a National Construction Agreement (Project Labor Agreement) with North America's Building Trades Unions for construction of Thacker Pass. The three-year construction build is expected to create nearly 2,000 direct jobs, including 1,800 skilled contractors. Lithium Americas' shares are listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol LAC. To learn more, visit or follow @LithiumAmericas on social media. Article content This news release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation, and 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively referred to as ' forward-looking statements ' or ' FLS '). All statements, other than statements of historical fact, are FLS and can be identified by the use of statements that include, but are not limited to, words, such as 'anticipate,' 'plan,' 'continue,' 'estimate,' 'expect,' 'may,' 'will,' 'project,' 'predict,' 'propose,' 'potential,' 'target,' 'implement,' 'schedule,' 'forecast,' 'intend,' 'would,' 'could,' 'might,' 'should,' 'believe' and similar terminology, or statements that certain actions, events or results 'may,' 'could,' 'would,' 'might' or 'will' be taken, occur or be achieved. FLS in this news release includes, but is not limited to: statements relating to the anticipated sources and uses of funds to complete project financing, statements relating to the JV, the DOE Loan and the Orion Investment, including statements regarding satisfaction of draw-down conditions on the DOE Loan and expected timing for first draw-down on the DOE Loan; expectations and timing on the commencement of major construction and first production; project de-risking initiatives and the extent to which work to date has de-risked project execution; the expected operations, financial results and condition of the Company; the Company's future objectives and strategies to achieve those objectives, including the future prospects of the Company; the estimated cash flow, capitalization and adequacy thereof for the Company; the estimated costs of the development of Thacker Pass, including timing, progress, approach, continuity or change in plans, construction, commissioning, milestones, anticipated production and results thereof and expansion plans; cost and expected benefits of the transloading terminal; anticipated timing to resolve, and the expected outcome of, any complaints or claims made or that could be made concerning the permitting process in the United States for Thacker Pass; the timely completion of environmental reviews and related consultations, and receipt or issuance of permits and approvals, in the United States for the Company's development and resultant operations; capital expenditures and programs; estimates, and any change in estimates, of the mineral resources and mineral reserves at Thacker Pass; development of mineral resources and mineral reserves; the realization of mineral resources and mineral reserves estimates, including whether certain mineral resources will ever be developed into mineral reserves, and information and underlying assumptions related thereto; government regulation of mining operations and treatment under governmental and taxation regimes; the future price of commodities, including lithium; the creation of a battery supply chain in the United States to support the electric vehicle market; the timing and amount of future production, currency exchange and interest rates; the Company's ability to raise capital; expected expenditures to be made by the Company on Thacker Pass; statements relating to revised capital cost estimates; ability to produce high purity battery grade lithium products; settlement of agreements related to the operation and sale of mineral production as well as contracts in respect of operations and inputs required in the course of production; the timing, cost, quantity, capacity and product quality of production at Thacker Pass; successful development of Thacker Pass, including successful results from the Company's testing facility and third-party tests related thereto; statements with respect to the expected economics of Thacker Pass, including capital costs, operating costs, sustaining capital requirements, after tax net present value and internal rate of return, pricing assumptions, payback period, sensitivity analyses, net cash flows and life of mine; anticipated job creation and the completion of the Workforce Hub; the expectation that the National Construction Agreement (Project Labor Agreement) with North America's Building Trades Unions for construction of Phase 1 of Thacker Pass will minimize construction risk, ensure availability of skilled labor, address the challenges associated with Thacker Pass' remote location and be effective in prioritizing employment of local and regional skilled craft workers, including members of underrepresented communities; the expected workforce development training program being prepared with Great Basin College; the Company's commitment to sustainable development, minimizing the environmental impact at Thacker Pass and plans for phased reclamation during the life of mine including use benefits of growth media; ability to achieve capital cost efficiencies; as well as other statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Article content FLS involves known and unknown risks, assumptions and other factors that may cause actual results or performance to differ materially. FLS reflects the Company's current views about future events, and while considered reasonable by the Company as of the date of this news release, are inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately reflect actual results. Assumptions and other factors upon which such FLS is based include, without limitation: expectations regarding Phase 2 of Thacker Pass, including financing; the ability of Lithium Nevada LLC (' LN ') to draw-down on the DOE Loan on the anticipated timeline, or at all, and the absence of material adverse events affecting the Company during the construction of the Project; the ability of LN to satisfy all draw-down conditions for the DOE Loan in a timely manner; the ability of the Company to perform conditions and meet expectations regarding the Company's financial resources and future prospects; the ability to meet future objectives and priorities; a cordial business relationship between the Company and third party strategic and contractual partners; unforeseen technological and engineering problems; changes in general economic and geopolitical conditions, including as a result of regulatory changes by the current presidential administration and potential changes in United States trade policy, including the imposition of tariffs, import or export restrictions, or other trade barriers or retaliatory measures by foreign or domestic governments and the resulting consequences on, among other things, the extractive resource industry, the green energy transition and the electric vehicle market; uncertainties inherent to feasibility studies in the NI 43-101 Technical Report and S-K 1300 Technical Report and mineral resource and mineral reserve estimates; the mine processing facilities, based on the results of the testing facility and third-party tests, performing as expected; the ability of the Company to secure sufficient additional financing, advance and develop Thacker Pass, and to produce battery grade lithium; the respective benefits and impacts of Thacker Pass when production operations commence; settlement of agreements related to the operation and sale of mineral production as well as contracts in respect of operations and inputs required in the course of production; the Company's ability to operate in a safe and effective manner, and without material adverse impact from the effects of climate change or severe weather conditions; uncertainties relating to receiving and maintaining mining, exploration, environmental and other permits or approvals in Nevada; demand for lithium, including that such demand is supported by growth in the electric vehicle market and lithium-ion battery market; current technological trends; the impact of increasing competition in the lithium business, and the Company's competitive position in the industry; continuing support of local communities and the Fort McDermitt Paiute and the Shoshone Tribe in relation to Thacker Pass, and continuing constructive engagement with these and other stakeholders, including any expected benefits of such engagement; risks related to cost, funding and regulatory authorizations to develop the Workforce Hub; the stable and supportive legislative, regulatory and community environment in the jurisdictions where the Company operates; impacts of inflation, deflation, currency exchange rates, interest rates and other general economic and stock market conditions; the impact of unknown financial contingencies, including litigation costs, environmental compliance costs and costs associated with the impacts of climate change, on the Company's operations; increased attention to environmental, social, governance and safety and sustainability-related matters; risks related to the Company's public statements with respect to such matters that may be subject to heightened scrutiny from public and governmental authorities related to the risk of potential 'greenwashing,' (i.e., misleading information or false claims overstating potential sustainability-related benefits); risks that the Company may face regarding potentially conflicting initiatives from certain U.S. state or other governments; estimates of and unpredictable changes to the market prices for lithium products; development and construction costs for Thacker Pass, and costs for any additional exploration work at the Project; estimates of mineral resources and mineral reserves, including whether mineral resources not included in mineral reserves will be further developed into mineral reserves; some of the modifying factors used to convert mineral resources to mineral reserves may change materially, and could materially impact the mineral reserve estimate; reliability of technical data; anticipated timing and results of exploration, development and construction activities, including the impact of ongoing supply chain disruptions and availability of equipment and supplies on such timing; timely responses from governmental agencies responsible for reviewing and considering the Company's permitting activities at Thacker Pass; availability of technology, including low carbon energy sources and water rights, on acceptable terms to advance Thacker Pass; government regulation of mining operations and mergers and acquisitions activity, and treatment under governmental, regulatory and taxation regimes; ability to realize expected benefits from investments in or partnerships with third parties; accuracy of development budgets and construction estimates; that the Company will meet its future objectives and priorities; that the Company will have access to adequate capital to fund its future projects and plans; that such future projects and plans will proceed as anticipated; compliance by LN and GM with terms of the JV agreements and the ability of LN and GM to fund their share of funding obligations for Thacker Pass; the lack of any material disputes or disagreements between LN and GM; the regulation of the mining industry by various governmental agencies; as well as assumptions concerning general economic and industry growth rates, commodity prices, resource estimates, currency exchange and interest rates and competitive conditions. Although the Company believes that the assumptions and expectations reflected in such FLS are reasonable, the Company can give no assurance that these assumptions and expectations will prove to be correct. Article content Readers are cautioned that the foregoing lists of factors are not exhaustive. There can be no assurance that FLS will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, readers are cautioned not to place undue reliance on this information, and that this information may not be appropriate for any other purpose, including investment purposes. The Company's actual results could differ materially from those anticipated in any FLS as a result of the risk factors set out herein, and in the Company's other continuous disclosure documents available on SEDAR+ at and EDGAR at Readers are further cautioned to review the full description of risks, uncertainties and management's assumptions in the aforementioned documents and other disclosure documents available on SEDAR+ and on EDGAR. Article content Article content Article content Article content Contacts Article content Article content Article content
Yahoo
18-04-2025
- Business
- Yahoo
Institutional investors control 47% of Sandstorm Gold Ltd. (TSE:SSL) and were rewarded last week after stock increased 11%
Given the large stake in the stock by institutions, Sandstorm Gold's stock price might be vulnerable to their trading decisions A total of 25 investors have a majority stake in the company with 49% ownership Analyst forecasts along with ownership data serve to give a strong idea about prospects for a business Our free stock report includes 2 warning signs investors should be aware of before investing in Sandstorm Gold. Read for free now. A look at the shareholders of Sandstorm Gold Ltd. (TSE:SSL) can tell us which group is most powerful. With 47% stake, institutions possess the maximum shares in the company. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn). Last week's 11% gain means that institutional investors were on the positive end of the spectrum even as the company has shown strong longer-term trends. The gains from last week would have further boosted the one-year return to shareholders which currently stand at 59%. Let's take a closer look to see what the different types of shareholders can tell us about Sandstorm Gold. View our latest analysis for Sandstorm Gold Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index. We can see that Sandstorm Gold does have institutional investors; and they hold a good portion of the company's stock. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Sandstorm Gold's historic earnings and revenue below, but keep in mind there's always more to the story. Hedge funds don't have many shares in Sandstorm Gold. The company's largest shareholder is Orion Resource Partners (USA), L.P., with ownership of 9.9%. In comparison, the second and third largest shareholders hold about 8.2% and 8.0% of the stock. On studying our ownership data, we found that 25 of the top shareholders collectively own less than 50% of the share register, implying that no single individual has a majority interest. Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too. The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO. Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group. Our most recent data indicates that insiders own some shares in Sandstorm Gold Ltd.. This is a big company, so it is good to see this level of alignment. Insiders own CA$43m worth of shares (at current prices). If you would like to explore the question of insider alignment, you can click here to see if insiders have been buying or selling. The general public, who are usually individual investors, hold a 42% stake in Sandstorm Gold. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run. With an ownership of 9.9%, private equity firms are in a position to play a role in shaping corporate strategy with a focus on value creation. Sometimes we see private equity stick around for the long term, but generally speaking they have a shorter investment horizon and -- as the name suggests -- don't invest in public companies much. After some time they may look to sell and redeploy capital elsewhere. While it is well worth considering the different groups that own a company, there are other factors that are even more important. For example, we've discovered 2 warning signs for Sandstorm Gold that you should be aware of before investing here. If you would prefer discover what analysts are predicting in terms of future growth, do not miss this free report on analyst forecasts. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. 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
Bloomberg
01-04-2025
- Business
- Bloomberg
Mining's King of Private Capital Says Governments Must Intervene
Oskar Lewnowski has a good claim to be the poster boy for private capital in mining. A former investment banker who quit the legendary London-based commodity hedge fund Red Kite to start out on his own a decade ago, Lewnowski's company Orion Resource Partners is now the biggest specialist investor in metals and mining, focused on private equity and private credit.
Bloomberg
30-01-2025
- Business
- Bloomberg
Abu Dhabi Deepens Mining Push With $1.2 Billion Joint Venture
Abu Dhabi sovereign wealth fund ADQ announced a new venture to invest $1.2 billion in the metals and mining sector over four years, as the emirate deepens its push to secure supplies of critical minerals. ADQ and New York-headquartered Orion Resource Partners have set up a 50-50 partnership that'll invest in mining companies through equity, debt and production-linked instruments, such as royalties, according to a statement on Thursday.
