western copper and gold corporation ("Western" or the "Company") (TSX: WRN; NYSE American: WRN) is pleased to announce that it has entered into an amended agreement with Eight Capital, on behalf of a syndicate of underwriters (the "Underwriters") under which the Underwriters have agreed to buy from the Company, on a bought deal basis, 21,055,000 common shares of the Company (the "Common Shares") at a price of $1.90 per Common Share for gross proceeds of $40,004,500 (the "Offering"). The Company has granted the Underwriters an over-allotment option to purchase up to an additional 3,158,250 Common Shares, representing 15% of the Offering, to cover over-allotments, if any, and for market stabilization purposes, exercisable at any time up to 30 days after the closing of the Offering.
- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Western Copper and Gold Provides Update on Casino Assessment Process
Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) through its wholly-owned subsidiary, Casino Mining Corporation ("Casino") has been informed by the Executive Committee of the Yukon Environmental and Socio-Economic Assessment Board that the deadline for issuance of the final revised Environmental and Socio-Economic Statement Guidelines (the "Guidelines"), for the Casino Copper-Gold Project's review by a Panel of the Board has been extended to September 15, 2023. The previous deadline was August 17, 2023.
The Company is currently working on its Environmental and Socio-Economic Statement ("ESE Statement") and will be able to give guidance on the timing of submittal after receipt of the final Guidelines.
"Our environmental team has been working diligently through a significant summer program finalizing data collection in preparation for filing our ESE Statement," said Paul West-Sells, President and CEO. "We continue to work closely with Federal, Territorial and First Nation governments and stakeholders to ensure that the Casino Copper-Gold Project will provide long-lasting benefits to the Yukon."
ABOUT WESTERN COPPER AND GOLD CORPORATIOWestern Copper and Gold Corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project, using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com
On behalf of the board,
"Paul West-Sells"
Dr. Paul West-Sells
President and CEO
Western Copper and Gold Corporation
Cautionary Disclaimer Regarding Forward-Looking Statements and Information
This news release contains certain forward-looking statements concerning anticipated developments in Western's operations in future periods. Statements that are not historical fact are "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" as that term is defined in National Instrument 51-102 ("NI 51-102") of the Canadian Securities Administrators (collectively, "forward-looking statements"). Certain forward-looking information should also be considered future-oriented financial information ("FOFI") as that term is defined in NI 51-102. The purpose of disclosing FOFI is to provide a general overview of management's expectations regarding the anticipated results of operations and capital expenditures and readers are cautioned that FOFI may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. These forward-looking statements may include, but are not limited to, statements regarding: mineral resource and reserve estimation; mine plan and operations; internal rate of return; sensitivities; net present value; potential recoveries; design parameters; economic potential; processing mineralized material; the potential of robust economics at Casino; advancing the Project through additional engineering and towards the next step in permitting and submission of an environmental and socio-economic effects statement; key changes to the TMF design; increases to the gold recovery in the heap leach; potential economic returns from the Project; estimated initial capital investment costs; estimated operating costs; estimated mining costs; development of the airstrip and all weather access road; anticipated concentrate handling service charges; developing and operating the Project in a safe, ethical and socially-responsible manner; plans for further development and securing the required permits and licenses for further studies to consider operation; market price of precious and base metals; or other statements that are not statement of fact. The material factors or assumptions used to develop forward-looking statements include prevailing and projected market prices and foreign exchange rates, exploration estimates and results, continued availability of capital and financing, construction and operations, the Company not experiencing unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays, and general economic, market or business conditions and as more specifically disclosed throughout this document, and in the AIF and Form 40-F.
Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; risks related to joint venture operations; risks related to cooperation of government agencies and First Nations in the development of the property and the issuance of required permits; risks related to the need to obtain additional financing to develop the property and uncertainty as to the availability and terms of future financing; the possibility of delay in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in Western's AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.
Western's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly disclaims, any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
Western Copper and Gold Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Western Copper and Gold
Overview
Governments worldwide have ambitious goals to reach net-zero emissions, putting renewable energy in the spotlight. Every emerging clean technology has one material in common: copper. Thanks to its highly conductive properties, the base metal has been a standard component in existing electronics, and global electrification will increase demand drastically. As a result, copper consumption is forecasted to reach 36.6 million metric tons by 2031.
Western Copper and Gold Corporation (TSX:WRN, NYSE American:WRN) is ideally positioned to leverage this trend. It is currently focused on developing Canada’s premier copper-gold project - the Casino project. The deposit is located in the Yukon Territory, which ranks among the world's most attractive mining jurisdictions.The Yukon is known for its rich mineral deposits, including copper, gold, iron, silver and lead. It has attracted the attention of numerous major mining companies over the last few years, and recent infrastructure funding from the regional and federal governments has spurred additional investment in the territory. Miners in the Yukon, including Western Copper and Gold, are poised to benefit from this spate of new investments. The Carmacks Bypass, for example, is currently being constructed and will play an integral role in the Casino Project.
In June 2022, Western Copper and Gold released the results of its feasibility study, which incorporated an updated mineral resource. The updated estimate includes 14.8 million ounces (Moz) of gold in the measured and indicated category, and 6.3 Moz of gold in the inferred category, in addition to 7.6 billion lbs of copper in the measured and indicated category, and 3.1 billion lbs of copper in the inferred category.
Western Copper and Gold’s positive feasibility study on the Casino project indicates a 27-year mine life and cash flow over the first four years of C$951 million per year at base case prices. In addition, the company has provided estimates for potential economic changes in copper prices and indicated the project will remain profitable even if the spot price decreases.
“Casino is a rare asset in that it is sizable, economic, well-advanced and located in a great jurisdiction. Casino is the key asset in the emerging Yukon gold district,” said Paul West-Sells, Western Copper and Gold’s president and CEO.
In March 2022, the company released its project drilling results, providing assay information from the 13 holes remaining from its 2021 program.
Western Copper and Gold has begun its 2023 diamond drilling program consisting of approximately 2,200 meters of drilling in seven drill holes, ranging from 130 meters to 560 meters in depth located inside the current pit boundaries. The program is expected to result in the upgrading of some indicated resource to the measured resource category.
Rio Tinto (NYSE:RIO) made a strategic C$25.6-million investment to advance the Casino project, resulting in approximately 8 percent ownership by Rio Tinto of Western’s outstanding common shares. Western Copper and Gold remains the sole owner of the project and will continue to be its operator.
Additionally, the company announced the completion of a C$21.3 million strategic equity investment by Mitsubishi Materials Corporation to further advance the company's copper-gold Casino Project in the Yukon. Mitsubishi Materials acquired 8,091,390 common shares of the company for C$2.63 per share for proceeds of approximately C$21.3 million, resulting in Mitsubishi Materials owning approximately 5 percent of Western's issued and outstanding shares.
A highly knowledgeable management team with a proven record of success leads Western Copper and Gold and is supported by a highly qualified team of engineers dedicated to bringing Casino into production.
Company Highlights
- Western Copper and Gold is an exploration and development mining company with a significant advanced-stage copper-gold asset in the Yukon.
- The Casino deposit hosts a significant resource of almost 21 Moz of gold and 11 billion lbs of copper (M+I+I).
- A strategic investment from Rio Tinto grants Western access to additional operational funding and technical knowledge, indicating Rio’s confidence in the Casino project.
- The federal government announced a funding package to finance the access road to the Casino Project
- Western Copper and Gold’s positive feasibility study on the Casino project, indicates a 27-year mine life and cash flow over the first four years of C$951 million per year at base case prices.
- The company completed a C$21.3-million strategic equity investment by Mitsubishi Materials Corporation to further advance the company's copper-gold Casino Project in the Yukon.
- Western Copper and Gold initiated its 2023 diamond drill program at the Casino Project consisting of a metallurgical and infill drilling program with approximately 2,200 meters in seven drill holes, ranging from 130 meters to 560 meters in depth and a geotechnical and hydrogeological drilling program with 800 meters of drilling.
Key Project
Casino Project
The Casino project is a large porphyry-type copper-gold-molybdenum deposit located 560 kilometers from the year-round port of Skagway, Alaska and 380 kilometers from the capital city of Whitehorse in the Yukon Territory of Canada.
In September 2017, the territorial and federal governments announced they would provide approximately C$130 million in funding to upgrade and subsidize a large portion of the Casino access road as part of the Yukon Gateway project.
The company released its positive PFS for the Casino project in June 2022, which considered the project being constructed as an open-pit mine, with a concentrator processing 120,000 tonnes per day (td) to recover copper, gold, molybdenum and silver, as well as a 25,000 td oxide heap leach facility to recover gold, silver and copper.The PFS examined the development of the Casino project, which includes the processing of 1.43 billion tonnes of mineral reserve for both the mill and heap leach, with deposition of mill tailings and mine waste in the tailings management facility consistent with the design concepts considered during the best available tailings technology study as a base case development.
The PFS indicated a $2.3-billion after-tax NPV (8 percent) at base case metal prices with an after-tax IRR of 18.1 percent. The cash flow over the first four years is C$951 million per year contemplating a 27-year mine life.
The company has been working with the federal, territorial and First Nations governments and top environmental consultants to ensure the planned road leading into the Casino site will have the lowest possible environmental impact and will ensure maximum benefit for local communities and First Nations, according to West-Sells.
Management Team
Dr. Paul West-Sells - President
Dr. Paul West-Sells has more than 30 years of experience in the mining industry. After obtaining his Ph.D. from the University of British Columbia in metallurgical engineering, he worked with BHP, Placer Dome and Barrick in increasingly senior roles in research and development and project development. West-Sells has worked for Western Copper and Gold since 2006, where he held a number of technical and executive positions and is now the president and CEO overseeing the day-to-day operations of the company. West-Sells sits on the Yukon Minerals Advisory Board, the Board of the Yukon Mining Alliance and is also the chair of the Centre for Northern Innovation in Mining Governing Council.
Bill Williams – Interim Chairman
Bill Williams is an economic geologist with nearly 40 years of experience related to the exploration and development of mining and oil & gas projects, as well as oversight of mining operations. He provides consulting services to the mining industry with a focus on company/project (e)valuations, M&A analyses, risk analysis, project management, and permitting strategies. Most recently, he served as the interim CEO and director of Detour Gold Corporation and was a director and COO of Zinc One Resources Inc., with whom he led the team that made the discovery of the Mina Chica zinc-oxide deposit in the Bongará district, north-central Peru. He is the former CEO, president, and director of Orvana Minerals, prior to which he was a vice-president for Phelps Dodge Exploration overseeing activity in the Americas, which included the discovery of the Haquira porphyry copper deposit in Peru, and working on M&A opportunities. He holds a Ph.D. in economic geology from the University of Arizona and is a certified professional geologist.
Sandeep Singh - Chief Executive Officer
Sandeep Singh is a highly respected mining professional with 20 years of sector expertise. He was previously the president and CEO of Osisko Gold Royalties, where he led the successful turnaround of the company. For the fifteen years prior, Singh was an investment banker focusing on the North American metals and mining sector with BMO Capital Markets, Dundee Securities, and ultimately co-founding Maxit Capital, a leading independent M&A firm. He has advised numerous mining companies on financing alternatives and strategic matters as well as having acted on some of the most complex and value-enhancing M&A transactions in the mining sector. Singh holds a Bachelor of Mechanical Engineering from Concordia University and a Master of Business Administration from Oxford University.
Varun Prasad - CFO
Varun Prasad has been with Western Copper and Gold since 2011 and most recently served as interim CFO. Prior to that, he was corporate controller for the company. He has extensive experience in financial reporting and regulatory matters. Prasad holds a B.A. Technology (accounting) from British Columbia Institute of Technology and is a member of the Chartered Professional Accountants of BC.
Cameron Brown - Special Technical Advisor
Cameron Brown has 45 years of experience in mineral processing and has been responsible for plant maintenance, project engineering and project management of major base and precious metal projects. He was formerly project manager for Western Silver Corporation and worked for 22 years for Bechtel Mining & Metals in various capacities including: project manager, project engineering manager, and manager of engineering for Bechtel Mining & Metals (Global). He was Western Copper and Gold's project manager from 2006 to 2010, served as vice-president, engineering from 2010 to 2023, and is currently special technical advisor.
Shena Shaw - VP, Environmental and Community Affairs
Shena Shaw has been managing projects and contributing to environmental assessments across the North for nearly 20 years and she is supporting the Casino Project through the first ever panel review process in the Yukon. Her knowledge and advice helps the company make strategic and effective decisions when planning and implementing Indigenous and community consultation and engagement. After graduating from the University of Victoria with a Bachelor of Arts in anthropology focusing on First Nations studies and geography, Shaw joined the Yukon Chamber of Commerce supporting community-based entrepreneurship programs and services. A relocation to Yellowknife, NWT introduced her to the mining industry for the first time when she joined DeBeers Canada’s Snap Lake Project. Following that, she embarked on a lengthy career in environmental consulting in Yellowknife and Whitehorse, focusing on responsible development of resource extraction through the environmental assessment and Indigenous engagement processes of large-scale projects in the Yukon, NWT, Alaska and across Canada. Shaw participated in the consultation and socio-economic impact assessment work for the Kaminak Coffee Gold Project, Victoria Gold’s Eagle Gold Project and the Casino Project, all based in the Yukon. She is deeply familiar with the Yukon Environmental and Socio-economic Assessment Act process and was involved in the Mackenzie Gas Project Joint Review Panel process in the NWT. Shaw is currently a director for the Yukon Chamber of Mines.
Dr. Klaus Zeitler - Director
Dr. Klaus Zeitler was the founder and CEO of Inmet from 1987 to 1996. Zeitler was senior vice-president of Teck Cominco Limited from 1997 until 2002, and previously was on the board of directors of Teck Corp. from 1981 to 1997, and Cominco Limited from 1986 to 1996. Zeitler is currently director and executive chairman of Amerigo Resources Ltd. and lead director of Rio2 Limited.
Tara Christie - Director
Tara Christie has over 20 years of experience in the exploration and mining business. Currently the president and CEO of Banyan Gold, Christie serves on the boards of Constantine Metal Resources and Klondike Gold. She was formerly the president of privately owned Gimlex Gold Mines, one of the Yukon’s largest placer mining operations. Christie has been a board member of PDAC, AMEBC and other industry associations and was a founding board member of the Yukon environmental and socioeconomic assessment board. She is active in non-profits and charities, including being president of a registered charity “Every Student, Every Day” that works to improve attendance in Yukon schools.
Michael Vitton - Director
Michael Vitton is the former executive managing director, head, US Equity Sales, Bank of Montreal Capital Markets (BMO Capital Markets), where he originated and placed more than US$200 billion through public and secondary offerings and M&A transactions across all sectors. In the metals and mining sector, Vitton has acted as seed investor, lead/co-lead underwriter or in a M&A capacity in some of the most important deals in the sector, including African Platinum , Arequipa Resources, Bema Gold Brancotte Resources, Comaplex Minerals, Detour Gold, Diamond Fields Resources, Echo Bay Mines, Francisco Gold , Franco-Nevada Gammon Gold, Getchell Gold, among many others. Vitton was also the co-founder of MMX Minerals e Metalicos SA and LLX Logistica SA (Brazil). MMX sold Minas Rio and Amapa assets to Anglo American Corporation for US$5.5 billion in cash in December 2008, returning US$8.8 billion in cash or stock distributions to MMX shareholders, offering six times return from IPO. Additionally, he co-founded Petro Rio SA, one of the leading Brazilian public oil and gas producers, producing over 35,000 bbls per day. Recently, Vitton acted as seed investor and capital markets advisor to Newmarket Gold, which was sold to Kirkland Lake Gold Ltd. for C$1 billion, combining to form a C$2.4-billion company. He acted as investor and capital markets advisor to ASX-listed Gold Road Resources Ltd., raising AU$57 million, and bringing the Gruyere gold mine into production jointly with Gold Fields SA. Vitton is a graduate of the University of Michigan Business School, former seat holder, NYSE, and former president, New York Society of Metals Analysts. Vitton is focused on the energy, infrastructure, industrial and mining sectors.
Frequently Asked Questions
How can I invest in Western Copper & Gold?
Western Copper & Gold is a public company that trades in the top stock exchanges in the world, in both the New York Stock Exchange American and the Toronto Stock Exchange under the symbol "WRN".
Why is Western Copper & Gold a good investment?
Western Copper and Gold is an exploration and development mining company advancing its world-class Casino Project, one of the largest copper-gold projects in Canada, located in the Yukon. The Casino deposit hosts a significant resource of almost 21 Moz of gold and 11 billion lbs of copper (M+I+I), and robust economics. According to its feasibility study which considered the Project being constructed as an open pit mine, Casino has a 27-year mine life, with $2.33 billion NPV after tax, and 3 years payback period. Casino has also attracted strategic investments from Rio Tinto and Mitsubishi Materials, providing Western Copper & Gold access to additional operational funding and technical knowledge.
What separates Western Copper & Gold from the rest of the field?
Western Copper and Gold’s president and CEO Paul West-Sells, says, “Casino is a rare asset in that it is sizable, economic, well-advanced and located in a great jurisdiction. Casino is the key asset in the emerging Yukon gold district.” Canada’s Yukon territory ranks among the world's top most attractive mining investment jurisdictions, with major miners like Rio Tinto, Newmont, Agnico-Eagle and Kinross developing projects in Casino's neighbouring areas.
What is Western Copper & Gold's CEO most excited about for 2023?
With the feasibility study completed, Western Copper & Gold CEO Paul West-Sells says his company is now working towards their environmental assessment and permitting. The company is also looking forward to the completion of the Carmacks bypass road, which is expected to be completed in 2024.
What is Western Copper & Gold's sustainability strategy?
Western Copper & Gold is committed to developing the Casino Project guided by the following four objectives: protect public health and safety; minimize, mitigate or prevent adverse environmental impacts; reclaim the site to a land use state consistent with surrounding conditions; and ensure long-term stability of the spent ore and waste rock storage area and site water quality.
Western Copper and Gold Announces Upsize in Bought Deal Public Offering to $40 Million
The net proceeds from the sale of the Common Shares are expected to be used to advance permitting and engineering activity at the Company's Casino Project in the Yukon and for general corporate and working capital purposes.
The Offering will be made by way of a short form prospectus (together with any amendments thereto, the "Prospectus") filed in all of the provinces of Canada, except Québec, and in the United States pursuant to a prospectus filed as part of a registration statement on Form F-10 (together with any amendments thereto, the "Registration Statement") under the Canada/U.S. multi-jurisdictional disclosure system. The Prospectus and the Registration Statement are subject to completion and amendment. Such documents contain important information about the Offering. 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 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.
The Registration Statement relating to the Common Shares has been filed with the United States Securities and Exchange Commission but has not yet become effective. The Common Shares to be sold pursuant to the Offering described in this news release may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. Before readers invest, they should read the Prospectus in the Registration Statement and other documents the Company has filed with Canadian regulatory authorities and the United States Securities and Exchange Commission for more complete information about the Company and the Offering. The Prospectus is available on SEDAR+ at www.sedarplus.ca. The Registration Statement is available on EDGAR at www.sec.gov . Alternatively, the Prospectus and the Registration Statement may be obtained, for free upon request, from Enoch Lee at 100 Adelaide Street West, Suite 2900, Toronto, Ontario, Canada M4H 1S3.
The Offering is expected to close on or about April 30, 2024 and is subject to the Company receiving all necessary regulatory approvals, including that of the Toronto Stock Exchange and the NYSE American LLC.
ABOUT western copper and gold corporation
western copper and gold corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino Project using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com .
On behalf of the board,
"Sandeep Singh"
Sandeep Singh
Chief Executive Officer
western copper and gold corporation
Cautionary Disclaimer Regarding Forward-Looking Statements and Information
This news release contains certain forward-looking statements concerning the use of proceeds from the Offering, the necessary regulatory approvals required for the Offering being received and the expected closing date of the Offering. Statements that are not historical fact are "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" as that term is defined in National Instrument 51-102 ("NI 51-102") of the Canadian Securities Administrators (collectively, "forward-looking statements"). Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. The material factors or assumptions used to develop forward-looking statements include, but are not limited to, the assumptions that all regulatory approvals of the Offering will be obtained in a timely manner; all conditions precedent to completion of the Offering will be satisfied in a timely manner; and that market or business conditions will not change in a materially adverse manner.
Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties related to raising sufficient capital in a timely manner and on acceptable terms; and other risks and uncertainties disclosed in Western's AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.
Western's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly disclaims, any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
News Provided by GlobeNewswire via QuoteMedia
Western Copper and Gold Announces $25 Million Bought Deal Public Offering
western copper and gold corporation ("Western" or the "Company") (TSX: WRN; NYSE American: WRN) announces that it has entered into an agreement with Eight Capital, on behalf of a syndicate of underwriters (the "Underwriters") under which the Underwriters have agreed to buy from the Company, on a bought deal basis, 13,158,000 common shares of the Company (the "Common Shares") at a price of $1.90 per Common Share for gross proceeds of $25,000,200 (the "Offering"). The Company has granted the Underwriters an over-allotment option to purchase up to an additional 1,973,700 Common Shares, representing 15% of the Offering, to cover over-allotments, if any, and for market stabilization purposes, exercisable at any time up to 30 days after the closing of the Offering.
The net proceeds from the sale of the Common Shares are expected to be used to advance permitting and engineering activity at the Company's Casino Project in the Yukon and for general corporate and working capital purposes.
The Offering will be made by way of a short form prospectus (together with any amendments thereto, the "Prospectus") filed in all of the provinces of Canada, except Québec, and in the United States pursuant to a prospectus filed as part of a registration statement on Form F-10 (together with any amendments thereto, the "Registration Statement") under the Canada/U.S. multi-jurisdictional disclosure system. The Prospectus and the Registration Statement are subject to completion and amendment. Such documents contain important information about the Offering. 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 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.
The Registration Statement relating to the Common Shares has been filed with the United States Securities and Exchange Commission but has not yet become effective. The Common Shares to be sold pursuant to the Offering described in this news release may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. Before readers invest, they should read the Prospectus in the Registration Statement and other documents the Company has filed with Canadian regulatory authorities and the United States Securities and Exchange Commission for more complete information about the Company and the Offering. The Prospectus is available on SEDAR+ at www.sedarplus.ca. The Registration Statement is available on EDGAR at www.sec.gov . Alternatively, the Prospectus and the Registration Statement may be obtained, for free upon request, from Enoch Lee at 100 Adelaide Street West, Suite 2900, Toronto, Ontario, Canada M4H 1S3.
The Offering is expected to close on or about April 30, 2024 and is subject to the Company receiving all necessary regulatory approvals, including that of the Toronto Stock Exchange and the NYSE American LLC.
ABOUT western copper and gold corporation
western copper and gold corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino Project using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com .
On behalf of the board,
"Sandeep Singh"
Sandeep Singh
Chief Executive Officer
western copper and gold corporation
info@westerncopperandgold.com
Cautionary Disclaimer Regarding Forward-Looking Statements and Information
This news release contains certain forward-looking statements concerning the use of proceeds from the Offering, the necessary regulatory approvals required for the Offering being received and the expected closing date of the Offering. Statements that are not historical fact are "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" as that term is defined in National Instrument 51-102 ("NI 51-102") of the Canadian Securities Administrators (collectively, "forward-looking statements"). Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. The material factors or assumptions used to develop forward-looking statements include, but are not limited to, the assumptions that all regulatory approvals of the Offering will be obtained in a timely manner; all conditions precedent to completion of the Offering will be satisfied in a timely manner; and that market or business conditions will not change in a materially adverse manner.
Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties related to raising sufficient capital in a timely manner and on acceptable terms; and other risks and uncertainties disclosed in Western's AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.
Western's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly disclaims, any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
News Provided by GlobeNewswire via QuoteMedia
WESTERN COPPER AND GOLD ANNOUNCES METALLURGICAL PROGRAM AND ASSOCIATED DRILL RESULTS
western copper and gold corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) announces the launching of a metallurgical testing program (the "Metallurgical Program") for its wholly-owned Casino Copper-Gold Project (" Casino "). Fifteen composite samples were prepared from core acquired in 2023 (the "Drill Program"). Western's Technical and Sustainability Committee, comprised of members from Western, Rio Tinto Canada Inc. and Mitsubishi Materials Corporation, prepared the Drill and Metallurgical Programs.
The 2023 Drill Program consisted of seven holes for 2,244 m ranging from 130 m to 556 m in length. The drill holes were located inside the current pit boundaries and were selected to provide a range of grades, host rocks, and mineralogy for the Metallurgical Program (see Figure 1). The drill holes were also selected to convert indicated resource to measured.
The drill results continue to show the importance of the Core Zone wherein relatively higher grades are encountered as shown by DDH23-05, which intersected 158.5 m of supergene mineralization, in part oxidized, with 0.82% CuEq 1 . Furthermore, DDH23-04, which is approximately one kilometre west of the Core Zone, and DDH23-06, which is at the northwest edge of the Core Zone, intercepted 86.0 m of 0.56% CuEq 1 and 174.0 m of 0.52% CuEq 1 , respectively, in the supergene zone. Table 1 includes all results from the Drill Program.
The fifteen composite samples represent supergene and hypogene mineralization at various grades and will be subjected to comminution and flotation tests to produce a definitive concentrate from each composite. The results from this testing will be used to develop a more detailed geometallurgical model of the deposit. The test program is being carried out at ALS Metallurgy, based in Kamloops, BC , and is being supervised by Western, Rio Tinto Canada Inc., and Mitsubishi Materials Corporation personnel.
Table 1: 2023 drill program results
Zone 3 | From | To | Length | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq 1 |
DDH23-01 | ||||||||
CAP | 0.0 | 100.2 | 100.2 | 0.02 | 0.28 | 0.011 | 2.3 | 0.28 |
Supergene | 100.2 | 244.2 | 144.0 | 0.19 | 0.31 | 0.008 | 2.3 | 0.46 |
SUS | 100.2 | 244.2 | 144.0 | 0.19 | 0.31 | 0.008 | 2.3 | 0.46 |
HYP | 244.2 | 400.0 | 155.8 | 0.08 | 0.13 | 0.002 | 1.0 | 0.19 |
DDH23-02 | ||||||||
CAP | 3.2 | 72.2 | 69.0 | 0.02 | 0.25 | 0.006 | 1.4 | 0.22 |
Supergene | 72.2 | 229.0 | 156.8 | 0.21 | 0.32 | 0.013 | 1.9 | 0.50 |
SOX | 72.2 | 92.5 | 20.3 | 0.11 | 0.25 | 0.006 | 1.5 | 0.31 |
SUS | 92.5 | 229.0 | 136.5 | 0.22 | 0.33 | 0.014 | 1.9 | 0.52 |
HYP | 229.0 | 556.0 | 327.0 | 0.17 | 0.21 | 0.016 | 1.2 | 0.38 |
DDH23-03 | ||||||||
CAP | 22.1 | 25.1 | 3.0 | 0.06 | 0.10 | 0.002 | 0.7 | 0.14 |
Supergene | 25.1 | 109.5 | 84.5 | 0.24 | 0.22 | 0.006 | 1.5 | 0.43 |
SOX | 25.1 | 42.6 | 17.5 | 0.19 | 0.19 | 0.003 | 1.3 | 0.34 |
SUS | 42.6 | 109.5 | 66.9 | 0.26 | 0.23 | 0.006 | 1.6 | 0.45 |
HYP | 109.5 | 528.0 | 418.5 | 0.18 | 0.23 | 0.018 | 2.4 | 0.43 |
DDH23-04 | ||||||||
CAP | 4.7 | 56.6 | 51.9 | 0.04 | 0.15 | 0.021 | 1.9 | 0.25 |
Supergene | 56.6 | 142.6 | 86.0 | 0.30 | 0.20 | 0.027 | 2.4 | 0.56 |
SUS | 56.6 | 142.6 | 86.0 | 0.30 | 0.20 | 0.027 | 2.4 | 0.56 |
DDH23-05 | ||||||||
CAP | 5.6 | 72.0 | 66.4 | 0.03 | 0.21 | 0.031 | 1.0 | 0.31 |
Supergene | 72.0 | 230.5 | 158.5 | 0.37 | 0.41 | 0.039 | 1.6 | 0.82 |
SOX | 72.0 | 159.0 | 87.0 | 0.39 | 0.39 | 0.043 | 1.5 | 0.84 |
SUS | 159.0 | 230.5 | 71.5 | 0.35 | 0.44 | 0.032 | 1.9 | 0.79 |
DDH23-06 | ||||||||
CAP | 8.5 | 20.5 | 12.0 | 0.07 | 0.40 | 0.010 | 2.2 | 0.41 |
Supergene | 20.5 | 194.5 | 174.0 | 0.21 | 0.36 | 0.013 | 1.6 | 0.52 |
SOX | 20.5 | 86.5 | 66.0 | 0.25 | 0.53 | 0.013 | 2.0 | 0.69 |
SUS | 86.5 | 194.5 | 108.0 | 0.18 | 0.25 | 0.012 | 1.4 | 0.41 |
HYP | 194.5 | 256.8 | 62.3 | 0.06 | 0.07 | 0.011 | 0.6 | 0.16 |
DDH23-07 | ||||||||
CAP | - | - | - | - | - | - | - | |
Supergene | 34.2 | 77.1 | 42.9 | 0.22 | 0.18 | 0.006 | 1.3 | 0.39 |
SUS | 34.2 | 77.1 | 42.9 | 0.22 | 0.18 | 0.006 | 1.3 | 0.39 |
HYP | 77.1 | 130.3 | 53.2 | 0.24 | 0.25 | 0.014 | 1.8 | 0.48 |
1 CuEq metal prices: $US 3.60/lb Cu, $US 1700/oz Au, $US 14/lb Mo, $US 22/lb Ag with no adjustment for metallurgical recovery. |
2 Widths are core length, not true width of mineralized intersection |
3 CAP – leached cap, SUS – supergene sulphide, SOX – supergene oxide, HYP - hypogene |
The geological information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosures for Minerals Projects of the Canadian Securities Administrators ("NI 43-101") and supervised, reviewed, and verified by Bill Williams , CPG and Interim Chair of Western, who is a "Qualified Person" as defined by NI 43-101.
QA/QC protocol for DDH22-01, including assurance of chain of custody, has been implemented. Core samples are evenly cut by rock saw, then prepared and analyzed by ALS Geochemistry. Prepared samples are initially run using a four-acid digestion process and conventional multi-element ICP-AES analysis. Additional assaying for total copper and molybdenum is run using a four-acid digestion – AES or AAS method to a 0.001% detection limit. Gold assays are run using 30-gram samples by fire assay with an AA finish to a 0.005 ppm detection limit, with samples greater than 10 ppm finished gravimetrically. The QA/QC procedure involves regular submission of Certified Analytical Standards and property-specific duplicates. Check samples are also included and are sent to a secondary lab to test the primary labs' methods/procedures.
western copper and gold corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world. For more information, visit www.westerncopperandgold.com .
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project, using internationally recognized responsible mining technologies and practices.
On behalf of the board,
"Sandeep Singh"
Sandeep Singh
Chief Executive Officer
western copper and gold corporation
Cautionary Disclaimer Regarding Forward-Looking Statements and Information
This news release contains certain forward-looking statements concerning anticipated developments in Western's operations in future periods. Statements that are not historical fact are "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" as that term is defined in National Instrument 51-102 ("NI 51-102") of the Canadian Securities Administrators (collectively, "forward-looking statements"). Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. In making the forward-looking statements herein, the Company has applied certain material assumptions including, but not limited to, the assumption that general business conditions will not change in a materially adverse manner.
Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; risks related to joint venture operations; risks related to cooperation of government agencies and First Nations in the development of the property and the issuance of required permits; risks related to the need to obtain additional financing to develop the property and uncertainty as to the availability and terms of future financing; the possibility of delay in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in Western's AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.
Western's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly disclaims, any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
SOURCE western copper and gold corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2024/27/c0975.html
News Provided by Canada Newswire via QuoteMedia
WESTERN COPPER AND GOLD ANNOUNCES RIO TINTO EXERCISE OF THEIR ANTI DILUTION RIGHT
western copper and gold corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) announces it has completed a private placement with Rio Tinto Canada Inc. ("Rio Tinto") pursuant to Rio Tinto's subscription rights as a result of the Company's recent private placement with the incoming CEO.
Rio Tinto acquired 239,528 common shares of the Company at a price of C$1.35 per share for proceeds of C$323,363 , allowing Rio Tinto to maintain its interest of approximately 9.7%.
western copper and gold corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com .
On behalf of the board,
"Sandeep Singh"
Sandeep Singh
Chief Executive Officer
western copper and gold corporation
SOURCE western copper and gold corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2024/25/c5284.html
News Provided by Canada Newswire via QuoteMedia
WESTERN COPPER AND GOLD ANNOUNCES COMPLETION OF PRIVATE PLACEMENT WITH SANDEEP SINGH
western copper and gold corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) announces it has completed its previously announced C$3 million private placement with Sandeep Singh .
Mr. Singh acquired 2,222,222 common shares at a price of C$1.35 per share for aggregate gross proceeds of approximately C$3 million .
western copper and gold corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com .
On behalf of the board,
"Sandeep Singh"
Sandeep Singh
Chief Executive Officer
western copper and gold corporation
SOURCE western copper and gold corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2024/04/c7843.html
News Provided by Canada Newswire via QuoteMedia
Anglo American Rejects BHP's "Undervalued" US$38.8 Billion Bid
London-based Anglo American (LSE:AAL,OTCQX:AAUKF) has rejectedmining behemoth BHP's (ASX:BHP,LSE:BHP,NYSE:BHP) US$38.8 billion bid to acquire the company.
"The BHP proposal is opportunistic and fails to value Anglo American's prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders," said Anglo Chairman Stuart Chambers in a Friday (April 26) statement. BHP's offer for the company was made public on Thursday (April 25).
The proposal, whose aim is to create the world's largest copper miner while divesting Anglo's iron ore and platinum assets in South Africa, has been met with mixed reactions from market watchers.
BHP is keen to gain access to Anglo's copper mines in Chile and Peru. Combined, their output would total around 2.6 million metric tons annually, surpassing competitors such as Freeport-McMoRan (NYSE:FCX) and Chile's Codelco.
Will BHP kick off mega M&A deals?
BHP's offer of 25.08 pounds (US$31.39) per Anglo share is a premium of 31 percent from Wednesday's (April 24) closing price. If completed, it would be BHP's second big acquisition in a year after its 2023 purchase of OZ Minerals.
It would also be the first mega deal among the world's largest diversified miners in over a decade.
After years of caution following a series of failed transactions, including an attempted acquisition of Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) in 2007, BHP may now be poised to lead a resurgence in M&A activity.
Beyond copper, the proposal also holds implications for BHP's potential venture into the diamond business, as Anglo American holds an 85 percent stake in diamond giant De Beers.
Unlike Anglo American Platinum and Kumba Iron Ore, which BHP wants to see distributed to shareholders before proceeding, Anglo's diamond business would be subject to a strategic review post-transaction.
Industry reactions and future implications
Todd Warren, an Anglo shareholder and portfolio manager at Tribeca Investment Partners in Sydney, said BHP’s first offer only sought to feel out Anglo’s stance, adding that he does not expect BHP to give up easily.
"With regards to a price, I think it's pretty clear that the initial shot fired is just that. It’s just the first shot — it's not their best and final. We would need to see more money on the table before we sold our shares,” he said.
As mentioned market analysts and industry leaders have offered mixed reactions to the proposed deal. While some shareholders have expressed concern over the quality of BHP's bid, others anticipate further interest in Anglo, potentially igniting additional large-scale consolidation within the mining sector.
Analysts at Jefferies, led by Christopher LaFemina, told Fortune that BHP’s first bat will lead to more bids emerging.
They indicated that an offer valuing Anglo at US$42.6 billion, representing a 28 percent premium based on its latest share price, could be sufficient to push the deal across the finish line.
BHP's 2023 copper production of about 1.2 million metric tons on an equity basis surpasses Anglo's output of 826,000 metric tons; combined they would have a substantial 10 percent share of global mine supply.
However, analysts have cautioned that antitrust issues may pose a significant challenge, as governments often view copper as a strategic mineral. The proposal for Anglo may also prompt other mining giants to make moves.
Rio Tinto, the second largest mining company, has been actively investing in copper production, while Glencore (LSE:GLEN,OTC Pink:GLCNF) made an unsuccessful bid for Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) last year before eventually reaching a deal for the Canadian company's coal assets.
For their part, BHP investors remain optimistic about the prospect of restructuring the offer to secure the deal.
"I am a bit surprised that the deal is not an agreed deal. It likely means BHP will need to offer more to win over shareholders and management and risks creating unhelpful animosity," said Pendal portfolio manager Brenton Saunders in comments to Reuters.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Quarterly Activities & Cashflow Report - Quarter ending 31 March 2024
Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to provide a summary of activities completed during the Quarter ending 31 March 2024.
Highlights
- Gidji JV
- Preparations for RC and aircore drilling
- Bangemall Ni-Cu-Co-PGE Project
- Grant of Trouble Bore Exploration Licence
- Ground EM surveys at Mount Vernon and Trouble Bore identified multiple strong EM conductors for drill testing
- Whaleshark
- Planning of passive seismic survey
- Examination of magnetite iron potential
- Capital Raising
During the Quarter, the Company focussed on the Bangemall Ni-Cu-Co- PGE projects in the Gascoyne region of Western Australia.
Early in the Quarter, the Company announced the grant of the Trouble Bore Exploration Licence, adjacent to Mount Vernon, where historic EM surveys had identified a strong late-time EM anomaly that could be representative of buried Ni-Cu-Co-PGE mineralisation.
The Company completed a ground EM survey at Mount Vernon and Trouble Bore which identified multiple EM conductors for drill testing.
Miramar’s Executive Chairman, Mr Allan Kelly, said the Company was excited about the potential to discover a new style of Ni-Cu-Co-PGE mineralisation in the Bangemall region.
“We are looking for mineralisation similar to the giant Norilsk-Talnakh deposits in Siberia, the largest nickel deposits in the world,” he said.
“If we are successful at any one of our projects, we have a dominant position in what could be an entirely new nickel province, similar in scale to the Albany-Fraser Province prior to the discovery of Nova in 2012,” he added.
“We also have a suite of fantastic projects in the Eastern Goldfields, with potential for multiple discoveries in a record gold price environment,” he said.
Click here for the full ASX Release
This article includes content from Miramar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Canadian Critical Minerals Closes $247,500 Flow-Through Financing
Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") has closed a flow-through financing for gross proceeds of $247,500, comprised of 4,500,002 Flow-Through Shares with an issue price of $0.055 per share.
All securities issued are subject to a statutory hold period that expires four months and one day from issuance.
In connection with the financing, the Company paid finder cash commissions totalling $15,925 and issued 289,545 finder warrants. Each finder warrant entitles its holder to acquire one common share of the Company at a price of $0.055 for a 36-month period.
Proceeds from the financing will be used for exploration and development activities at the Bull River Mine project near Cranbrook, B.C.
About Canadian Critical Minerals Inc.
CCMI is a mining company primarily focused on two near-term copper production assets in Canada. CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI also owns a 34% interest in the Thierry Mine project (>1.3 billion lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.
Contact Information
Canadian Critical Minerals Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E: iberzins@canadiancriticalmineralsinc.com
Website: www.canadiancriticalmineralsinc.com
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
First Quantum Reports Q1 Loss in Wake of Cobre Panama Closure
First Quantum Minerals (TSX:FM,OTC Pink:FQVLF) reported its Q1 results on Tuesday (April 23), revealing a net loss of US$159 million (US$0.21 per share) and an adjusted loss of US$154 million (US$0.20 per share).
The company's gross profit came in at US$156 million, with EBITDA at US$180 million, both lower than last year.
These downturns have been attributed to disruptions at First Quantum's Cobre Panama mine, which led to it being taken offline and placed in a preservation and safe management phase in November 2023.
With those circumstances in mind, First Quantum emphasized its commitment to managing its finances. The firm completed a "comprehensive refinancing package" during Q1, along with other initiatives to strengthen its balance sheet, and said this has given it the ability to deliver the S3 expansion at its Zambian Kansanshi copper-gold mine.
“The company’s outlook reflects First Quantum’s enduring commitment to the success of our Zambian operations,” said CEO Tristan Pascall. “We recognize the challenges Zambia faces from the drought this year, particularly in regard to food security, even as we are pleased to be finalizing agreements to ensure adequate power supply to Trident and Kansanshi."
As its stands, the Kansanshi S3 expansion project is progressing as planned, with construction activities underway and the majority of capital spending expected in 2024. First production is anticipated in 2025.
Regarding production, First Quantum's total copper output for the first quarter was 100,605 metric tons (MT), with copper sales volumes slightly exceeding production. Kansanshi reported copper production of 31,473 MT, while Sentinel reported 62,225 MT. Enterprise produced 4,031 MT of nickel, with a focus on ramping up mining operations.
Looking ahead, First Quantum anticipates being able to secure power independently from alternative sources in response to power supply reductions in Zambia. Additionally, the company remains actively engaged in managing preservation and safe management costs at Cobre Panama and adjusting its operations accordingly.
Rippling effects from Cobre Panama closure
First Quantum's sales revenues declined from US$1.22 billion in the previous quarter to US$1.04 billion in Q1, reflecting the impact of the production halt at Cobre Panama and operational adjustments in response to external factors.
This decrease was partially offset by improved gross profit, which rose from US$87 million in Q4 2023 to US$156 million in Q1, indicating enhanced operational efficiency and cost-management measures undertaken by the company.
In terms of operational performance, First Quantum reported a general decrease in copper production to 100,605 MT in Q1 2024, compared to 160,200 MT in the fourth quarter of last year.
Gold production and sales, along with nickel production and sales, also exhibited fluctuations across operations.
In anticipation of the upcoming national elections in Panama, the company remains optimistic about the prospect of resolving the dispute surrounding Cobre Panama. Among other points, First Quantum has expressed confidence in its ability to remove already mined copper concentrate from the site post-election.
“Obviously, in the context of election politics and a strong debate around that, the balance of probability probably spills over after the election,” said Pascall during a conference call.
Cobre Panama, which accounted for about 1 percent of global copper output and contributed significantly to First Quantum's revenue, has been a focal point of negotiations between the company and Panama's government.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Ero Copper Announces Voting Results of Annual General Meeting of Shareholders
Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the "Company") reported the voting results from its Annual General Meeting of Shareholders held today in Vancouver, British Columbia. A total of 93,474,205 common shares were represented at the meeting, being 90.96% of the issued and outstanding common shares of the Company as at the March 5, 2024 record date. Shareholders voted in favour of all items of business before the meeting, including the re-election of management's nominees as directors for the ensuing year and the advisory vote on executive compensation. Detailed results of the votes are presented below.
Each item of business voted upon at the meeting is described in detail in the Company's Management Information Circular dated March 7, 2024 (the "Circular"), which is available on the Company's website ( www.erocopper.com ), on SEDAR+(www.sedarplus.ca/landingpage/) and on EDGAR (www.sec.gov).
SET THE NUMBER OF DIRECTORS AT TEN
Shareholders approved the proposal to set the number of directors at ten with 99.99% of votes cast in favour.
ELECTION OF DIRECTORS
Shareholders re-elected ten directors as follows:
Number of Common Shares Voted | Percentage of Votes Cast | ||||||
Director Nominee | For | Withheld | For | Withheld | |||
Christopher Noel Dunn | 80,016,330 | 1,122,635 | 98.62% | 1.38% | |||
David Strang | 81,120,943 | 18,022 | 99.98% | 0.02% | |||
Jill Angevine | 80,792,549 | 346,416 | 99.57% | 0.43% | |||
Lyle Braaten | 80,945,359 | 193,606 | 99.76% | 0.24% | |||
Steven Busby | 80,549,424 | 589,541 | 99.27% | 0.73% | |||
Dr. Sally Eyre | 80,806,488 | 332,477 | 99.59% | 0.41% | |||
Robert Getz | 80,578,444 | 560,521 | 99.31% | 0.69% | |||
Chantal Gosselin | 81,055,224 | 83,741 | 99.90% | 0.10% | |||
Faheem Tejani | 81,121,846 | 17,119 | 99.98% | 0.02% | |||
John Wright | 81,022,538 | 116,427 | 99.86% | 0.14% |
APPOINTMENT OF AUDITOR
Shareholders re-appointed KPMG LLP, Chartered Professional Accountants, as the auditor of the Company and authorized the directors of the Company to fix the remuneration to be paid to the auditor with 99.95% of votes cast in favour.
ADVISORY VOTE ON EXECUTIVE COMPENSATION
Shareholder approved the non-binding advisory "say on pay" resolution accepting the Company's approach to executive compensation as described in the Circular with 99.05% of votes cast in favour.
ABOUT ERO COPPER CORP
Ero is a high-margin, high-growth, low carbon-intensity copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), 100% owner of the Company's Caraíba Operations (formerly known as the MCSA Mining Complex), which are located in the Curaçá Valley, Bahia State, Brazil and include the Pilar and Vermelhos underground mines and the Surubim open pit mine, and the Tucumã Project (formerly known as Boa Esperança), an IOCG-type copper project located in Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations (formerly known as the NX Gold Mine), comprised of an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Project, can be found on SEDAR+ at www.sedarplus.ca/landingpage/ and on EDGAR (www.sec.gov). The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "ERO".
FOR MORE INFORMATION, PLEASE CONTACT
Courtney Lynn, VP, Corporate Development & Investor Relations
(604) 335-7504
info@erocopper.com
News Provided by GlobeNewswire via QuoteMedia
Forum Energy Metals to Present at the Energy Transition Metals Summit in Washington, DC April 29 - 30, 2024
Join Forum Energy Metals (TSXV: FMC) (OTCQB: FDCFF) at the Energy Transition Metals Summit being held at the Marriott Marquis in Washington, DC on Monday, April 29 and Tuesday, April 30. Forum President & CEO, Richard Mazur and Dr. Rebecca Hunter, Vice President of Exploration will be available both days of the conference for 1 X 1 meetings to update investors on Forum's high grade uranium discovery in the Thelon Basin, Nunavut.
Qualified buy side parties can register at:
https://www.precioussummit.com/event/2024-energy-transition-metals-summit-washington-d-c/
Rick Mazur, President & CEO stated, "This is an exciting Canadian uranium discovery in a geologic equivalent of the prolific Athabasca Basin, Saskatchewan. We are excited to begin our $10 million summer drill campaign in June and are currently mobilizing materials in order to begin building the camp in the next several weeks. The focus of Forum's efforts will be on our Tatiggaq deposit in Nunavut which is adjacent to Orano's 133 million pound Kiggavik uranium development project."
Technical meetings with management and partnering inquiries on Forum's portfolio of uranium and energy metals projects in Saskatchewan, Nunavut and Idaho can be arranged by contacting: Rick Mazur, President & CEO at mazur@forumenergymetals.com or by calling 604-630-1585.
About Forum Energy Metals
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut.
For further information: https://www.forumenergymetals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
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 release.
For further information contact:
Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206710
News Provided by Newsfile via QuoteMedia
Latest News
Western Copper and Gold Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.