Latest news with #Sprott
News.com.au
3 days ago
- Business
- News.com.au
Up, Up, Down, Down: Uranium lit up in May as gold paused to catch its breath
Uranium leads the winners as commodities wait for direction in May Gold comes off record highs, as volatile US trade policy dominates sentiment Iron ore, lithium and nickel all struggle WINNERS Uranium (Numerco) Price: US$72/lb % Change: +6.05% Uranium returned to the limelight off the back of a string of executive orders from Donald Trump designed to increase nuclear power capacity in the USA fourfold by 2060. Part of the plan is to ramp up domestic mining and enrichment capabilities, cutting reliance on a supply chain dominated by Russia and nations friendly to Putin like Kazakhstan and Uzbekistan. That saw a small lift in spot prices after months of inactivity and a large bump for uranium equities after a year long sell-off. UP Wood Mackenzie says the small modular reactor pipeline has grown 42% in the past quarter to 47GW, with data centres now at a 39% share of the unrisked demand pipeline. Sprott says with more clarity over US Government policy, yellowcake contracting has resumed, with as much as 67% of the market out to 2045 uncovered by utilities. DOWN Incentive prices remain too low for most new developers, who want to see prices of US$100/lb or above before pushing the button on capital intensive new uranium projects. The Global X Uranium ETF is sitting on a 9.89% month gain, but it remains 6.45% YTD with investors yet to really set up their stall behind U3O8 miners. Copper Price: US$9498/t % Change: +4.09% Copper mines continue to be a long term investment goal for major miners, with M&A heating up even as prices remain rangebound. Johannesburg-headquartered Harmony Gold's US$1.03bn deal to buy MAC Copper (ASX:MAC), a $160m deal for Xanadu Mines (ASX:XAM) and London-listed Central Asia Metals' $185m purchase of New World Resources (ASX:NWC) show how keen miners globally remain to snap up copper projects. UP An underground shutdown of the Kakula mine in the DRC due to seismicity and flooding has helped support copper prices on the supply side. Ivanhoe and Zijin's phase 1 and 2 concentrators are running at half capacity on surface stockpiles, though the phase 3 concentrator, fed from the operating Kamoa mine, remains fully operational. Aluminium and steel tariffs levied by the Don this past week have lifted expectations of copper tariffs that could dramatically increase prices in the US, Benchmark analysts say. The CME-LME arbitrage lifted 38% over the weekend. DOWN Copper was projected to be in a 327,000t surplus for the first three months of 2025, according to the International Copper Study Group. First Quantum Minerals will be able to sell around 121,000t of copper in concentrate from its suspended Cobre Panama mine to fund maintenance activities on the site. The 350,000tpa operation's early closure due to political opposition helped stir a sudden tightening of the copper market in late 2023 and early 2024. Coal (Newcastle 6000 kcal) Price: US$103.30/t % Change: +5.95% Coal's been in a tough place for a while now, with rising mining costs seeing a number of equities in the doghouse as strong supply hurts pricing. Glencore has given some support to thermal coal prices, by trimming output from its Cerrejon operation in Colombia. China has been ramping up domestic production and trimming imports in a hit for thermal coal producers, while met coal prices are also at cyclical lows (albeit at historically strong levels of around US$186/t) on weak steel demand in China. The caveat there is that only a c0uple BHP mines in Queensland actually pull in that premium price point. For PCI and semi-soft coking coal miners the world is a bit tough right now. UP Prices are miles into the cost curve for both thermal and coking coal, suggesting prices will have to rise with both market demand and green tape shackling investment in new sources of supply. With a number of miners struggling, calls are set to grow louder for the end of a coal royalty regime that pulled in billions of additional dollars for the Queensland Government following the Russian invasion of Ukraine and subsequent coal boom. The LNP Government says no for now ... we'll see. DOWN Westpac says the met coal market will remain in surplus until 2027, with a number of miners now struggling to make ends meet. Thermal coal is also in strong supply heading into the typically muted demand market of the northern hemisphere's shoulder season. Rare Earths (NdPr Oxide) Price: US$60.78/kg % Change: +6.66% Rare earths prices are moving back in a positive direction (note: the chart below contains prices which exclude China's value added tax). Shanghai Metals Market analysts think prices will fluctuate upwards across 2025 as the market moves into balance and new sources of demand, like humanoid robots, emerge. Away from prices, rare earth stocks have received strong support from the policies of US President Donald Trump, with miners increasingly hopeful of seeing a ramp up in demand as America aims to restore its mineral and energy security. The race for the world's top deposits is on in earnest, with China's Shenghe Resources signing a deal to acquire Peak Rare Earths (ASX:PEK) and its Ngualla project in Tanzania in a $150.5m takeover. UP Shanghai Metals Market experts think praseodymium and neodymium demand will increase 5.4% this year despite falling magnet metal exports, related to controls placed by China on rare earth materials after Trump's tariffs were introduced. China's access to imported rare earth metal ores is set to drop from 55,000t in 2024 to 43,000t in 2025 as local supply chain buildout by MP Materials reduces supply to China from its Mountain Pass mine in California. DOWN Despite lifting revenue by around a quarter, US producer MP Materials sunk from a US$16.5m profit in the first quarter of 2024 to a US$22.6m loss in the first quarter of 2025. A recent rise in NdPr oxide prices was led by restocking from Chinese magnet producers, which could make the recent price run short-lived. LOSERS Gold Price: US$3277.55/oz % Change: -0.76% After months of gains driven by economic uncertainty, a trade war, actual wars and the unpredictability of Donald Trump, gold hit the pause button in May. An apparent thawing in relations between the US and China, including a pause in the extraordinary 145% tariff regime levied on Beijing by Washington (reciprocated by a vengeful Xi Jinping) took prices below US$3200/oz for the first time since Liberation Day changed the game for gold miners. Investors flocked back for safe haven as the month progressed however, with a late dip below US$3300/oz coming as US annual inflation came in at a five month low of 2.1% late last month, with core inflation of 2.5% slightly below expectations. UP M&A continues to rage in the gold market as ASX mid-tiers look to grow, exemplified by Genesis Minerals' (ASX:GMD) $250m cash splash on Focus Minerals' (ASX:FML) 4Moz Laverton gold project. Liquidity is starting to get very strong for gold juniors. Warriedar Resources (ASX:WA8) raised $17m in a recent placement while Golden Horse Minerals (ASX:GHM) pulled in $15m. All this just to drill – a sign of the times given the modest nature of the two WA gold explorers. DOWN While gold bulls have been waiting for a big move into gold ETFs to add to demand from China and central banks that has stirred the record price run, US retail investors have been shifting to Bitcoin ETFs instead. An auction of one of Australia's largest gold mines has reportedly been called off after EMR Capital and Indonesia's Golden Energy and Resources were reportedly unable to find an acceptable bidder for the Ravenswood mine in Queensland. READ Nickel Price: US$15,237/t % Change: -1.17% Not much to write home about for nickel this month, which remains in a holding pattern after Indonesian supply growth surged well ahead of demand. UP The head of Indonesia's nickel mining association APNI has warned miners they will need to clean up their operations to remain players in the global nickel industry after a string of media reports criticising the sector's ESG credentials. A royalty rise for Indonesia's nickel mines could lead to some mine closures and layoffs, which could support prices with a number of producers in the Southeast Asian country already losing cash. DOWN Bloomberg says an Indonesian HPAL plant that killed two workers in a landslide in March has restarted operations. A 198,000t surplus, around 5% of mined supply, is expected for the nickel market in 2025 as per the International Nickel Study Group. READ Monsters of Rock: The West is talking the talk on critical metals, but it ain't walking the walk Iron ore (SGX Futures) Price: US$93.63/t % Change: -2.78% Iron ore tumbled steeply at the end of May at the China Iron and Steel Association warned in its monthly report that steel markets are oversupplied ahead of a hot and wet season in China when construction activity normally falls. MySteel reported last week that Chinese mills were keeping less stock on hand ahead of the low period, hitting a YTD low of 12.1Mt. It has come amid broader discontent in Australia over the future of the Aussie cash cow, with Pilbara iron ore miner Andrew Forrest warning competition from new high grade African iron ore sources means WA and Australia needs to invest in 'green iron' making capacity at home. Whether that talk can be converted into action remains anyone's guess. The iron ore trade to China remains a lucrative one, for now. UP Despite fears over the impact of the US-China trade war, steel exports from China continue to rise, up 13.42% YoY in April to over 10Mt. It's the second 10Mt month in a row, with exports picking up the slack of weak demand from the Chinese property sector. Port iron ore stocks are at their lowest level in 15 months in China, down for a fourth straight week to end May on 138.7Mt. DOWN Chinese rebar prices hit an 8-year low in early June. The key steel product is especially exposed to property and construction markets. Concerns are growing over the impact of high grade exports from West Africa on Australian iron ore demand. With ore grades declining and weak steel profits pushing mills to purchase less pure ores, Fastmarkets has introduced a 61% Fe iron ore index, down on the traditional 62% benchmark. Lithium (Fastmarkets Carbonate CIF China, Japan and Korea) Price: US$8150/t % Change: -6.32% Lithium prices crumbled to a new four year low, with spodumene concentrate particularly hard hit. The benchmark price for the product delivered to the Chinese market by WA hard rock miners has sunk to US$615/t, but the actual sale price of Aussie product is likely lower still, given few shipments meet the 6% Li2O grade set out in the benchmark price. As prices rip lower, the question is how soon before supply really starts to get taken out of the battery supply chain? UP With prices plunging even further, the bottom must be near ... surely? Rio Tinto (ASX:RIO) signalled ita confidence in the long-term outlook for lithium, announcing big investments into brine assets in Chile. DOWN Albemarle's woes have been compounded, with the world's largest lithium producer falling off the Fortune 500 list on the back of a sustained downturn in prices. SQM's latest accounts showed a US$137.5m quarterly profit, well below the US$171.2m tipped by analysts. But the boss of the Chilean miner, Ricardo Ramos, said he thought a "reasonable price environment" would return next year. OTHER METALS Prices correct as of May 30, 2025. Silver Price: US$33.08/oz %: +2.64% Tin Price: US$30,406/t %: -3.00% Zinc Price: US$2620/t %: -11.26% Cobalt Price: $US33,700/t %: 0.00% Aluminium Price: $2444/t %: +1.85% Lead Price: $1958/t %: +0.03% Graphite Price: US$420/t %: + 1.20%
Yahoo
4 days ago
- Business
- Yahoo
Eric Sprott Announces Changes to His Holdings in Kirkland Lake Discoveries Corp.
Toronto, Ontario--(Newsfile Corp. - June 2, 2025) - Eric Sprott announces that, on May 30, 2025, 4,000,000 common share purchase warrants (Warrants) of Kirkland Lake Discoveries Corp. held by 2176423 Ontario Ltd., a corporation beneficially owned by him, expired unexercised representing a decrease in holdings of approximately 3.0% of the outstanding common shares (Shares) on a partially diluted basis since the date of the last early warning report. Prior to such expiry, Mr. Sprott beneficially owned and controlled 8,509,250 Shares and 8,000,000 Warrants representing approximately 7.6% of the outstanding Shares on a non-diluted basis and approximately 13.7% on a partially diluted basis assuming the exercise of such Warrants. As a result of the expiry of the Warrants, Mr. Sprott now beneficially owns 8,509,250 Shares and 4,000,000 Warrants representing approximately 7.6% of the outstanding Shares on a non-diluted basis and approximately 10.7% on a partially diluted basis assuming the exercise of such Warrants. The Warrant expiry resulted in a partially diluted ownership change of greater than 2% and, therefore, the filing of an update to the early warning report. The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. Kirkland Lake Discoveries address is 1055 West Georgia Street, Suite 2129., Vancouver, British Columbia, V6E 3P3. A copy of the early warning report with respect to the foregoing will appear on Kirkland Lake Discoveries profile on SEDAR+ at and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto, Ontario, M5C 3C5). To view the source version of this press release, please visit
Yahoo
4 days ago
- Business
- Yahoo
Robex Reports Operational and Financial Results for Q1 2025
QUÉBEC CITY, June 02, 2025 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex" or the "Company") (TSXV: RBX/ASX: RXR) Matthew Wilcox, Managing Director, commented: "The company has had a strong start to 2025, construction continues to advance at Kiniero, and we are well positioned for first gold in Q4 2025, meeting both schedule and budget. In parallel, we closed the senior debt facility with Sprott for US$130 million USD in Q1 2025 and progressed our ASX IPO with trading set to commence on 5th June 2025." CURRENCY Unless otherwise indicated, all references to "$" in this news release are to Canadian dollars. References to "US$" in this news release are to U.S. dollars. KEY PRIORITIES 2025 Delivering the construction project in Guinea as planned: Construction is progressing well and remains on schedule. Concrete work for the process plant is nearing completion. The first shipment of structural steel has arrived on site, with additional deliveries scheduled every two weeks. The Structural, Mechanical & Piping contract has commenced, with structural steel erection for the first process plant set to begin in early June. The milling installation contract has been awarded with key mill deliveries arriving on site. Work for the mill installation will also begin in early June. Securing subsequent utilization of a senior debt facility for the Kiniero Project: The Company has used US$25 million from the US$130 million senior debt facility obtained from Sprott Lending Corp. ('Sprott') to finance the construction of Kiniero. ASX listing and equity raise: The Company has received approval, subject to the usual conditions, from the ASX to Robex's admission to the Official List and to the Official Quotation of Robex's CDIs. Robex is working with ASX to meet the listing conditions, and it is expected that trading in Robex's CDIs (assigned a code of "RXR") on the ASX will commence on a normal settlement basis on June 5th , 2025. The net proceeds of AUD$120 million raised through the dual listing on the ASX will be used for the development of Kiniero – as well as to cover financing costs, corporate expenses and working capital requirements. RESULTS HIGHLIGHTS (Q1 2025) Ore mined was at 632 kt in Q1 2025, a 7% decrease compared to the same quarter in 2024, the operational stripping ratio was 3.8 compared to 1.6; Ore processed increased by 1.5% to 559 kt, while grade and recoveries stood at 0.82 g/t and 87.6%, respectively; Gold production reached 12,892 ounces, at an all-In Sustaining Cost ('AISC') per ounce of gold sold1 of $2,342. Operating income was $16.3 million in Q1 2025; Operating cash flow was positive at $17.2 million in Q1 2025 and; Cash and net debt1 stood at $33.0 million and $6.1 million respectively at the end of Q1 2025. OPERATIONAL AND FINANCIAL SUMMARY Unit Three-month periodsEnded March 31 SAFETY OF OPERATIONS 2025 2024 Number of hours of work without lost time injury Mh 4.1 1.0 MINING OPERATIONS Ore mined kt 632 681 Waste mined kt 2,370 1,090 Operational stripping ratio x 3.8 1.6 MILLING OPERATIONS Ore processed kt 559 551 Head grade g/t 0.82 0.82 Recovery % 87.6 89.5 Gold production oz 12,892 12,957 Gold sales oz 11,869 14,071 UNIT COST OF PRODUCTION Total cash cost (per once of gold sold)(1) $/t 1,537 801 All-in sustaining cost ("AISC") per ounce of gold sold(1) $/oz 2,342 1,134 INCOME Revenues – gold sales $000s 49,373 39,183 Operating income $000s 16,259 11,755 Net loss $000s (29,239 ) (32,082 ) CASH FLOWS Cash flows from operating activities $000s 17,221 20,907 Cash flows from investing activities $000s (49,644 ) (16,042 ) Cash flows from financing activities $000s 24,524 (60 ) Increase (decrease) in cash $000s (8,460 ) 4,382 FINANCIAL POSITION As at March 31, 2025 As at December 31, 2024 Cash, end of the period $000s 32,983 16,604 Net debt (net cash position)(1) $000s 6,097 (5,782 ) Gold Production and Financial Results For the quarter ended March 31st, 2025, gold production reached 12,892 ounces, down 0.5% from the corresponding period in 2024. This slight decline resulted from a decrease in the recovery rate to 87.6% in the quarter ended 31st March 2025 from 89.5% in the comparative period. The quantity of ore processed came in 1.4% higher at 559,013 tonnes than in the comparative quarter in 2024 while head grade was flat at 0.82g/t. The volume of gold sold declined by 15.7%, from 14,071 ounces in the first quarter of 2024 to 11,869 ounces in the first quarter of 2025. Gold sales declined due to the timing of shipments of gold produced alongside a decrease in production as outlined above. Gold sales revenues rose by 26.0% reaching $49.4 million in the first quarter of 2025, compared to $39.2 million in the same period of 2024. This increase was driven by a 49.4% rise in the average realized selling price, which reached $4,160 per ounce in the Q1 2025, up from $2,785 per ounce in Q1 2024. The increase in mining income for the quarter was partially offset by a significant rise in mining royalties, which totaled $6.8 million in Q1 2025, compared to $1.5 million in the comparative period. This increase was directly attributable to the new Mining Convention signed in Mali in February 2025 which implemented a higher effective tax regime under the 2023 Mining Code. Despite the increase in mining income, the Company recorded a net loss of $29.2 million for the first quarter of 2025, compared to a net loss of $32.1 million in the same period of 2024, representing an 8.9% reduction. The Q1 2025 result was mainly impacted by a $17.6 million change in the fair value of share purchase warrants and the $14.7 million buyback of the Taurus Kiniero Royalty. In comparison, the net loss for Q1 2024 included a $43.0 million provision for tax contingencies in Mali, recorded following a final notice of reassessment received in May 2024. Cash Flows and Strategic Investments Cash flows from operating activities totaled $17.2 million in the first quarter of 2025, compared to $20.9 million for the same period in 2024. The decrease was mainly attributable to an increase in VAT receivable, primarily related to unrecovered value-added tax on recent property, plant and equipment additions for the Kiniero Gold Project in Guinea, as well as the repayment of the Taurus Royalty. These outflows were partially offset by an increase in accounts payable, and by higher mining income before non-cash depreciation expense compared to the first quarter of 2024. Investing cash flows amounted to $49.6 million in Q1 2025, an increase of $33.6 million, or 209.5%, compared to the same period in 2024. This significant increase reflects the Group's continued investment in the development of the Kiniero project, as construction activities accelerated ahead of the expected first gold pour in Q4 2025. To support the advancement of the Kiniero Gold Project, the Company completed a $34.0 million equity financing in January 2025 and drew down $35.9 million (USD$25 million) from the Sprott project financing facility in March 2025. These funds enabled the Group to advance feasibility work, pursue earthworks, erect key infrastructure, and procure critical production equipment. Separately, the Company repaid in full the remaining balance of the Taurus bridge loan ($28.7 million) in January 2025, as part of its broader capital management strategy. As a result, financing activities generated $24.5 million in the first quarter of 2025, compared to nil in the same period of 2024. SUMMARY OF Q1 2025 FINANCIAL RESULTS Three-month periodsEnded March 31 2025 2024 $ $ Gold production (ounces) 12,892 12,957 Gold sales (ounces) 11,869 14,071 MINING Revenues – gold sales 49,373,309 39,182,893 Mining expenses (11,440,003 ) (9,811,669 ) Mining royalties (6,807,988 ) (1,461,631 ) Depreciation of property, plant and equipment and amortization of intangible assets (9,182,802 ) (10,667,110 ) MINING INCOME 21,942,516 17,242,483 OTHER EXPENSES Administrative expenses (6,757,134 ) (5,596,851 ) Stock option and performance share units compensation cost (956,362 ) --- Depreciation of property, plant and equipment and amortization of intangible assets (290,549 ) 83,501 Write-off of property, plant and equipment and intangible assets (19,972 ) --- Reversal of VAT provision 2,275,879 --- Other income 64,715 26,311 OPERATING INCOME 16,259,093 11,755,444 FINANCIAL EXPENSES Financial expenses (969,607 ) (551,814 ) Interest revenue 160,654 --- Foreign exchange losses (1,730,226 ) (307,395 ) Change in the fair value of share purchase warrants (17,578,461 ) 733,444 Expense related to extinguishment of the matured bridge loan (14,743,616 ) --- INCOME (LOSS) BEFORE INCOME TAX EXPENSE (18,602,163 ) 11,629,679 Income tax expense (10,636,478 ) (43,712,133 ) NET LOSS (29,238,641 ) (32,082,454 ) ATTRIBUTABLE TO COMMON SHAREHOLDERS: Net loss (29,561,651 ) (29,134,726 ) Basic earnings per share (0.322 ) Diluted earnings per share (0.322 ) Adjusted net income(1)1 3,191,107 13,507,145 Adjusted basic earnings per share(1) 0.149 CASH FLOWS Cash flows from operating activities 17,221,363 20,907,386 Cash flows from operating activities per share(1) 0.231 OUTLOOK AND 2025 STRATEGY Nampala's 2025 forecast is as follows: Achievements in the first quarter of 2025 Forecast for 2025 Nampala mine Gold production 12,892 ounces 46,000 to 48,000 ounces All-in sustaining cost (AISC)(1)(per ounce of gold sold) $2,342 < $2,000 Capital expenditures (included in AISC) Sustaining CAPEX $9,550,586 $24 to $28 million Stripping costs $7,597,218 $20 to $24 million The 2025 forecast for sustaining capital expenditures is expected to range between $24 million to $28 million, while stripping costs are estimated to range between $20 million and $24 million. The following assumptions were used in preparing the 2025 forecast:- Average realized selling price for gold: $3,197 per ounce- Fuel price: $1.85 per litre- USD/$ exchange rate: 1.39 The Nampala AISC (per ounce of gold sold) has been revised in the forecast for 2025 from <$1,500 per ounce of gold sold at December 31, 2024 to <$2,000 per ounce of gold sold at March 31, 2025. The upward adjustment follows the implementation of the 2023 mining code and associated fiscal terms during Q1 2025. Kiniero's 2025 forecast is as follows: Achievements in the first quarter of 2025 Forecast for 2025 Development Capital Expenditures (Capex) $38,190,588 $210 to $225 million Pre-production / Pre-operating --- $33 to $35 million While the budgets were prepared in U.S. dollars, the amounts presented above have been converted to Canadian dollars using a USD/CAD exchange rate of 1.39 for the forecast. DETAILED INFORMATION We strongly recommend that readers consult Robex's Management's Discussion and Analysis and Consolidated Financial Statements for the first quarter of 2025, which are available on Robex's website at and under the Company's profile on SEDAR+ at for a more complete discussion of the Company's operational and financial results. ___________________________(1) Non-IFRS financial measure, non-IFRS ratio, or supplementary financial measure. Please refer to the 'Non-IFRS and other financial measures' section of this press release for definitions of these measures and their reconciliation to the most directly comparable IFRS measure, as applicable. NON-IFRS AND OTHER FINANCIAL MEASURES The Company's audited consolidated financial statements for the quarter ended 31 March, 2025, are available under the Company's profile on SEDAR+ at are prepared in accordance withIFRS Accounting Standards ('IFRS') as issued by the International Accounting Standards Board (IASB). However, the Company also discloses the following non-IFRS financial measures, non-IFRS financial ratios and supplementary financial measures in this news release, for which there is no definition in IFRS: all-in sustaining cost and net debt (non-IFRS financial measures); adjusted net income, cash operating cost per tonne processed, all-in sustaining cost per ounce of gold sold and adjusted basic earnings per share (non-IFRS ratios); and cash flow from operating activities per share and average realized selling price per ounce of gold sold (supplementary financial measures). The Company's management believes that these measures provide additional insight into the Company's operating performance and trends and facilitate comparisons across reporting periods. However, the non-IFRS measures disclosed in this news release do not have a standardized meaning prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information to investors and other stakeholders and should not be considered in isolation from, confused with or construed as a substitute for performance measures calculated according to IFRS. These non-IFRS financial measures and ratios and supplementary financial measures and non-financial information are explained in more detail below and in the "Non-IFRS and Other Financial Measures" section of the Company's Management's Discussion and Analysis for the for the quarter ended 31 March, 2025 ("MD&A"), which is incorporated by reference in this news release, filed with securities regulatory authorities in Canada, available under the Company's profile on SEDAR+ at and on the Company's website at Reconciliations and calculations between non-IFRS financial measures and the most comparable IFRS measures are set out below in the "Reconciliations and Calculations" section of this news release. RECONCILIATIONS AND CALCULATIONSAISC and adjusted AISC per ounce of gold sold are non-IFRS ratios. AISC per ounce of gold sold is calculated by adding the total cash cost, which is the sum of mining expenses and mining royalties, to sustaining capital expenditures and then dividing by the number of ounces of gold sold. Adjusted AISC per ounce of gold sold is calculated in the same manner as AISC and by deducting stripping costs and exploration expenses, then dividing by the number of ounces of gold sold. The Company reports AISC and adjusted AISC per ounce of gold sold to provide investors with information on the main measures used by management to monitor the performance of the mine site in commercial production (the Nampala mine) and its ability to generate a positive cash flow. The following tables reconcile AISC and adjusted AISC, as well as AISC and adjusted AISC per ounce of gold sold for the current and comparative periods to the most directly comparable financial measure in the financial statements, i.e., Mining expenses. Three-month periodsEnded March 31, 2025 2024 Ounces of gold sold 11,869 14,071 (in dollars) Mining expenses 11,440,003 9,811,669 Mining royalties 6,807,988 1,461,631 Total cash cost 18,247,991 11,273,300 Sustaining capital expenditures 9,550,586 4,679,551 All-in sustaining cost 27,798,577 15,952,850 All-in sustaining cost (per ounce of gold sold) 2,342 1,134 Three-month periodsEnded March 31, 2025 2024 Ounces of gold sold 11,869 14,071 (in dollars) Mining expenses 11,440,003 9,811,669 Mining royalties 6,807,988 1,461,631 Total cash cost 18,247,991 11,273,300 Sustaining capital expenditures 9,550,586 4,679,551 Stripping costs (7,597,218 ) (3,334,593 ) Exploration expenses (1,161,317 ) (603,992 ) Adjusted all-in sustaining cost 19,040,042 12,014,265 Adjusted all-in sustaining cost (per ounce of gold sold) 1,604 854 Net debt (net cash position) is a non-IFRS financial measure that represents the total amount of bank indebtedness, including lines of credit, project financing facility, long term debt and lease liabilities, less cash at the end of a given period. Management uses this metric to analyze the Company's debt position and assess the Company's ability to service its debt. The following table presents a reconciliation to the most directly comparable financial measure in the financial statements, i.e., total liabilities less current assets, for the current and comparative periods. Net debt (net cash position) is calculated as follows. As at March 31,2025 As at December 31,2024 $ $ Lines of credit --- 1,120,417 Project financing facility 32,906,073 28,164,224 Lease liabilities 6,174,014 6,376,888 Less: Cash (32,983,193 ) (41,443,440 ) NET DEBT (NET CASH POSITION) 6,096,894 (5,781,911 ) The table below provides a reconciliation to the most directly comparable financial measure in the financial statements, total liabilities less current assets, for the current and comparative period. As at March 31,2025 As at December 31,2024 $ $ TOTAL LIABILITIES 207,984,939 147,418,924 Less: Accounts payable (96,446,008 ) (60,743,505 ) Share purchase warrants (66,101,202 ) (46,342,000 ) Deferred share units (699,841 ) (131,689 ) Environmental liabilities (3,342,875 ) (2,561,441 ) Other long-term liabilities (2,314,926 ) (1,978,760 ) 39,080,087 35,661,529 CURRENT ASSETS 74,579,985 71,796,511 Less: Restricted cash (682,685 ) --- Short-term investment (150,205 ) --- Inventory (17,002,028 ) (17,283,826 ) Accounts receivable (5,445,717 ) (7,624,128 ) Prepaid expenses (2,612,330 ) (1,810,237 ) Deposits paid (1,185,837 ) (1,273,209 ) Deferred financing charges (14,517,990 ) (2,361,671 ) 32,983,193 41,443,440 NET DEBT (NET CASH POSITION) 6,096,894 (5,781,911 )Adjusted net earnings attributable to common shareholders per share is a non-IFRS ratio calculated by dividing adjusted net earnings available to common shareholders by the basic weighted average number of common shares issued and outstanding. The Company uses this measure as an indicator of the financial performance of the Company's activities, and it allows the Company to present adjusted net earnings attributable to Robex shareholders. Share price divided by adjusted net earnings attributable to common shareholders per share allows investors to compare the Company's valuation to that of its peers. The following table reconciles adjusted net earnings attributable to common shareholders and adjusted net earnings attributable to common shareholders per share for the current and comparative periods to the most directly comparable financial measure in the financial statements, i.e., 'Basic and diluted net earnings attributable to common shareholders'. This reconciliation is provided on a consolidated basis. Three-month periodsEnded March 31, 2025 2024 (in dollars) Basic and diluted net loss attributable to common shareholders (29,561,651 ) (29,134,726 ) Stock option and performance share units compensation cost 956,362 --- Foreign exchange losses 1,730,226 307,395 Reversal of VAT provision (2,275,879 ) --- Change in fair value of share purchase warrants 17,578,461 (733,444 ) Write-off of property, plant and equipment 19,972 --- Provision for tax adjustment from previous years --- 43,067,920 Expense related to extinguishment of the Matured Bridge Loan 14,743,616 --- Adjusted net income attributable to common shareholders 3,191,107 13,507,145 Weighted basic average number of common shares outstanding 162,694,686 90,393,824 Adjusted basic earnings per share (in dollars) 0.020 0.149 Cash flow from operating activities per share is a supplementary financial measure. It consists of cash flow from operating activities divided by the basic weighted average number of shares outstanding. This supplementary financial measure enables investors to understand the Company's financial performance on the basis of cash flows generated by operating activities. For the quarter ended March 31, 2025, cash flows from operating activities were $17,221,363 and the basic weighted average number of shares outstanding was 162,694,686, for a per-share amount of $0.106. For the quarter ended March 31, 2024, cash flows from operating activities were $20,907,386 and the basic weighted average number of shares outstanding was 90,393,824, for a per-share amount of $0.231. For more information ROBEX RESOURCES INC. Matthew Wilcox, Managing Director and Chief Executive OfficerAlain William, Chief Financial Officer+1 581 741-7421Email: investor@ CAUTION REGARDING CONSTRAINTS RELATED TO THE REPORTING OF SUMMARY RESULTS This earnings release contains limited information intended to assist the reader in evaluating Robex's performance, but this information should not be relied upon by readers unfamiliar with Robex and should not be used as a substitute for Robex's financial statements, notes to the financial statements and MD&A. FORWARD-LOOKING INFORMATION AND FORWARD-LOOKING STATEMENTS Certain information set forth in this news release contains 'forward‐looking statements' and 'forward‐looking information' within the meaning of applicable Canadian securities legislation (referred to herein as 'forward‐looking statements'). Forward-looking statements are included to provide information about the Company's management's ('Management's') current expectations and plans that allow investors and others to have a better understanding of the Company's business plans and financial performance and condition. Statements made in this news release that describe the Company's or Management's estimates, expectations, forecasts, objectives, predictions, projections of the future or strategies may be 'forward-looking statements', and can be identified by the use of the conditional or forward-looking terminology such as 'aim', 'anticipate', 'assume', 'believe', 'can', 'contemplate', 'continue', 'could', 'estimate', 'expect', 'forecast', 'future', 'guidance', 'guide', 'indication', 'intend', 'intention', 'likely', 'may', 'might', 'objective', 'opportunity', 'outlook', 'plan', 'potential', 'should', 'strategy', 'target', 'will' or 'would' or the negative thereof or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. In particular and without limitation, this news release contains forward-looking statements pertaining to the Facility Agreement, including the fulfilment of the conditions precedent thereunder, the ability of the Company to utilize any proceeds from the Initial Utilization, the ability of the Company to draw down on the Debt Facility for each Subsequent Utilization, the development of the Kiniero Gold Project and the issuance of Bonus Shares. Forward-looking statements and forward-looking information are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements or information. There can be no assurance that such statements or information will prove to be accurate. Such statements and information are based on numerous assumptions, including: the ability to execute the Company's plans relating to the Kiniero Gold Project as set out in the feasibility study with respect thereto, as the same may be updated, the whole in accordance with the revised timeline previously disclosed by the Company; the Company's ability to complete its planned exploration and development programs; the absence of adverse conditions at the Kiniero Gold Project; the absence of unforeseen operational delays; the absence of material delays in obtaining necessary permits; the price of gold remaining at levels that render the Kiniero Gold Project profitable;; the ability of the Company to realize on the mineral resource and mineral reserve estimates; assumptions regarding present and future business strategies, local and global geopolitical and economic conditions and the environment in which the Company operates and will operate in the future; satisfaction of the conditions subsequent under the Facility Agreement; the Borrower's access to the facility made available under the Facility Agreement; and the utilization of any amount received by the Borrower under the Facility Agreement for the purposes identified by the Company. Certain important factors could cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements including, but not limited to: the risk that the Borrower is unable to fulfil the conditions precedent to drawdowns under the Facility Agreement, and is therefore not able to borrow some or all of the principal amount otherwise available under the Facility Agreement; the risk that the Company is unable to generate sufficient cash flow or complete subsequent debt or equity financings to allow it to repay amounts borrowed under the Facility Agreement; the risk that the obligors under the Facility Agreement are unable to comply with the financial and other covenants under the Facility Agreement, giving rise to an event of default; geopolitical risks and security challenges associated with its operations in West Africa, including the Company's inability to assert its rights and the possibility of civil unrest and civil disobedience; fluctuations in the price of gold; uncertainties as to the Company's estimates of mineral reserves and mineral resources; the speculative nature of mineral exploration and development; the replacement of the Company's depleted mineral reserves; the Company's limited number of projects; the risk that the Kiniero Gold Project will never reach the production stage (including due to a lack of financing); the Company's capital requirements and access to funding; changes in legislation, regulations and accounting standards to which the Company is subject, including environmental, health and safety standards, and the impact of such legislation, regulations and standards on the Company's activities; equity interests and royalty payments payable to third parties; price volatility and availability of commodities; instability in the global financial system; uncertainty surrounding the imposition of tariffs by one country, including, but not limited to, the United States, on goods or services being imported into that country from another country and the ultimate effect of such tariffs on the Company's supply chains; the effects of high inflation, such as higher commodity prices; fluctuations in currency exchange rates, particularly as between the Canadian dollar, in which the Company presently raises its equity financings, and the US dollar; the risk of any pending or future litigation against the Company; limitations on transactions between the Company and its foreign subsidiaries; volatility in the market price of the Common Shares; tax risks, including changes in taxation laws or assessments on the Company; the Company obtaining and maintaining titles to property as well as the permits and licenses required for the Company's ongoing operations; changes in project parameters and/or economic assessments as plans continue to be refined; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; the effects of public health crises on the Company's activities; the Company's relations with its employees and other stakeholders, including local governments and communities in the countries in which it operates; the risk of any violations of applicable anticorruption laws, export control regulations, economic sanction programs and related laws by the Company or its agents; the risk that the Company encounters conflicts with small-scale miners; competition with other mining companies; the Company's dependence on third-party contractors; the Company's reliance on key executives and highly skilled personnel; the Company's access to adequate infrastructure; the risks associated with the Company's potential liabilities regarding its tailings storage facilities; supply chain disruptions; hazards and risks normally associated with mineral exploration and gold mining development and production operations; problems related to weather and climate; the risk of information technology system failures and cybersecurity threats;; the risk that the Borrower is not able to access the proceeds of the Debt Facility or use any amount received under the Facility Agreement for the purposes identified by the Company; and the risk that the Company may not be able to insure against all the potential risks associated with its operations. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These factors are not intended to represent a complete and exhaustive list of the factors that could affect the Company; however, they should be considered carefully. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or Management's estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company's expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company's plans and objectives, and may not be appropriate for other purposes. See also the 'Risk Factors' section of the Company's Annual Information Form for the year ended 2024, available under the Company's profile on SEDAR+ at or on the Company's website at for additional information on risk factors that could cause results to differ materially from forward-looking statements. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Neither the 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 in to access your portfolio
The Market Online
28-05-2025
- Business
- The Market Online
Eric Sprott takes controlling stake in New Found Gold
New Found Gold (TSXV:NFG) will undertake a C$49 million bought-deal offering and a C$20 million non-brokered private placement Prominent mining investor Eric Sprott will participate in both financings, increasing his investment into a controlling over 20-per-cent stake New Found Gold is a top gold explorer and project developer in Newfoundland and Labrador, a tier-one mining jurisdiction New Found Gold stock has given back 59.2 per cent year-over-year but remains up by 32.47 per cent since 2020 New Found Gold (TSXV:NFG) will undertake a C$49 million bought-deal offering and a C$20 million non-brokered private placement, including lead orders by prominent mining investor Eric Sprott. The bought-deal offering, with BMO Capital Markets, SCP Resource Finance and a syndicate of undewriters, involves 21.4 million charity flow-through shares priced at C$2.29. Closing is expected in tranches on June 3 and June 12, 2025. Proceeds will go towards flow-through mining expenditures by December 31, 2026, on the company's Queensway gold project in Newfoundland and Labrador. Queensway offers exposure to an initial resource estimate of 2 million ounces indicated plus inferred, robust expansion potential across the 1,756-square-kilometre land package and a preliminary economic assessment expected by the end of Q2 2025. The private placement will see New Found Gold issue 12,269,939 non-flow-through shares priced at C$1.63, with proceeds going towards Queensway, as well as general corporate and working capital purposes, and closing contingent on disinterested shareholder approval. Sprott will invest in the offering to maintain his approximately 19-per-cent position in New Found, and in the private placement for enough shares to increase his investment beyond the 20-per-cent mark, which would make him a Control Person in the company. Leadership insights 'With a significant lead order by Eric Sprott on both the offering and the private placement, the proceeds from the financing will allow us to advance the Queensway gold project to the development stage,' Keith Boyle, New Found Gold's chief executive officer, said in a statement. 'Mr. Sprott has been a highly supportive shareholder in the company since its early days and we thank him for his continued support as we embark on this next chapter for the company.' About New Found Gold New Found Gold is a top gold explorer and project developer in Newfoundland and Labrador, a tier-one mining jurisdiction. New Found Gold stock (TSXV:NFG) is up by 13.97 per cent on the news trading at C$2.04 per share as of 9:57 am ET. The stock has given back 59.2 per cent year-over-year but remains up by 32.47 per cent since 2020. Join the discussion: Find out what everybody's saying about this Canadian gold stock on the New Found Gold Corp. Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Yahoo
27-05-2025
- Business
- Yahoo
New Found Gold Announces C$49 Million Bought Deal Financing and C$20 Million Private Placement: Continued Support with Lead Orders by Strategic Investor Eric Sprott
The Base Shelf Prospectus is accessible, and the Prospectus Supplement will be accessible within two business days, through SEDAR+ VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) -- New Found Gold Corp. ('New Found Gold' or the 'Company')(TSX-V: NFG, NYSE-A: NFGC) has announced today that it has entered into an agreement with BMO Capital Markets and SCP Resource Finance LP, on behalf of themselves and a syndicate of underwriters (collectively, the 'Underwriters') led by BMO Capital Markets and SCP Resource Finance LP, under which the Underwriters have agreed to buy, on a bought deal basis, 21,400,000 charity flow-through common shares of the Company (the 'Charity Flow-Through Common Shares') at a price of C$2.29 per Charity Flow-Through Common Share for aggregate gross proceeds of approximately C$49 million (the 'Offering'). The Company has granted the Underwriters an option, exercisable at the offering price up to 30 days following the closing of the Tranche 1 (as defined below), to purchase up to an additional 15% of the Charity Flow-Through Common Shares issued in connection with the Offering. Each Charity Flow-Through Common Share will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada). Subsequent to the Offering, the Company also expects to complete a non-brokered private placement of up to 12,269,939 non-flow-through common shares (the 'Common Shares') at a price of C$1.63 per Common Share of the Company for gross proceeds of approximately C$20 million (the 'Private Placement' and, together with the Offering, the 'Financing'). The Common Shares issued pursuant to the Private Placement will be subject to a statutory hold period of 4 months and one day. The Private Placement is subject to the Company receiving all necessary approvals, including shareholder approval and the approval of the TSX Venture Exchange (the 'TSXV') and authorization of the NYSE American LLC (the 'NYSE American'). Eric Sprott has indicated his intention to participate in the Offering to maintain his approximate 19% shareholdings and the Private Placement for such number of Common Shares that results in Mr. Sprott holding more than 20% of the issued and outstanding common shares of the Company. Following the closing of the Private Placement, the Company expects that Mr. Sprott will become a new 'Control Person' (as defined in the policies of the TSXV) and, therefore, the Company intends to obtain disinterested shareholder approval in accordance with the TSXV policies prior to the closing of the Private Placement. Keith Boyle, CEO of New Found Gold, commented, 'With a significant lead order by Eric Sprott on both the Offering and the Private Placement, the proceeds from the Financing will allow us to advance the Queensway Gold Project to the development stage. Mr. Sprott has been a highly supportive shareholder in the Company since its early days and we thank him for his continued support as we embark on this next chapter for the Company.' The gross proceeds from the Offering will be used by the Company to incur eligible 'Canadian exploration expenses' that qualify as 'flow-through mining expenditures' as such terms are defined in the Income Tax Act (Canada) (the 'Qualifying Expenditures') related to the Company's Queensway Gold Project ('Queensway'), on or before December 31, 2026. All Qualifying Expenditures will be renounced in favour of the subscribers for the Charity Flow-Through Common Shares effective on or before December 31, 2025. The gross proceeds from the Private Placement will be used by the Company to advance its 100% owned Queensway Gold Project ('Queensway') and for general corporate and working capital purposes. The Charity Flow-Through Common Shares will be offered in all of the provinces and territories of Canada, excluding Quebec and Nunavut by way of a prospectus supplement (the 'Prospectus Supplement') to the Company's short form base shelf prospectus dated May 23, 2025 (the 'Base Shelf Prospectus'). The Charity Flow-Through Common Shares will also be offered by way of a U.S. prospectus supplement forming part of the Company's registration statement on Form F-10 in the United States. The closing of the Offering will consist of an initial tranche ('Tranche 1') that is expected to close on or about June 3, 2025 as well as a second tranche ('Tranche 2') that is expected to close on or about June 12, 2025. Tranche 1 will consist of 15,265,000 Charity Flow-Through Common Shares to be issued pursuant to the Offering. Tranche 2 will consist of 6,135,000 Charity Flow-Through Common Shares to be issued pursuant to the Offering. Both closings are subject to the Company receiving all necessary regulatory approvals, including the approval of the TSXV and authorization of the NYSE American. Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendments thereto are provided in Canada in accordance with securities legislation relating to the procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment to such documents. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days from the date hereof), accessible through SEDAR+ at An electronic or paper copy of the Prospectus Supplement, the Base Shelf Prospectus, and any amendment to these documents, may be obtained, without charge, from BMO Nesbitt Burns Inc., Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 by telephone at 905-791-3151 Ext 4312 or by email at torbramwarehouse@ and in the United States by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, or by telephone at (800) 414-3627 or by email at bmoprospectus@ by providing BMO Capital Markets with an email address or mailing address, as applicable. Copies of the Base Shelf Prospectus and Prospectus Supplement, when available, can be found under the Company's profile on SEDAR+ at and a copy of the registration statement and the Prospectus Supplement can be found on EDGAR at This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Charity Flow-Through Common Shares or the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. About New Found Gold New Found Gold holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce. The Company has completed an initial mineral resource estimate at Queensway (see New Found Gold news release dated March 24, 2025). A fully funded preliminary economic assessment is underway, with completion scheduled for late Q2/25. Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600 hectare project that covers a 110 km strike extent along two prospective fault zones. New Found Gold has a new management team in place, a solid shareholder base, which includes a 19% holding by Eric Sprott, and is focused on growth and value creation at Queensway. Please see the Company's SEDAR+ profile at and the Company's EDGAR profile at Keith BoyleChief Executive OfficerNew Found Gold Corp. Contact For further information on New Found Gold, please visit the Company's website and contact us through our investor inquiry form or contact: Fiona Childe, Ph.D., President, Communications and Corporate DevelopmentPhone: +1 (416) 910-4653Email: contact@ Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release contains certain 'forward-looking statements' within the meaning of Canadian securities legislation relating to the Financing, the closing of the Tranche 1 and Tranche 2 and the timing thereof, the closing of the Private Placement, including obtaining shareholder approval and the timing thereof, the proceeds of the Financing and the use of such proceeds; the approval by the TSXV and authorization by the NYSE American; and the tax treatment of the Charity Flow-Through Common Shares. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'interpreted', 'intends', 'estimates', 'projects', 'aims', 'suggests', 'indicate', 'often', 'target', 'future', 'likely', 'encouraging', 'pending', 'scheduled', 'potential', 'goal', 'objective', 'opportunity', 'prospective', 'possibly', 'preliminary', and similar expressions, or that events or conditions 'will', 'would', 'may', 'can', 'could' or 'should' occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company receiving all approvals necessary for the completion of the Financing, including shareholder approval of the Private Placement, and the timing of such approvals, and the tax treatment of the Charity Flow-Through Common Shares. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Data Analysis and Retrieval+ (SEDAR+) at and on the Securities Exchange Commission's Electronic Data Gathering, Analysis and Retrieval (EDGAR) system at for a more complete discussion of such risk factors and their potential in to access your portfolio
