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New book explores Viola MacMillan’s rise and scandal in Canadian mining

A new book hitting shelves mid-February takes readers deep into the remarkable, and at times scandalous, life of Viola MacMillan, a trailblazer in Canada’s mining industry. 

Titled Windfall: Viola MacMillan and Her Notorious Mining Scandal, the book by author Tim Falconer explores the highs and lows of a woman who defied norms, broke barriers, and ultimately became entangled in one of Canada’s most infamous stock market frauds.

Viola MacMillan’s story begins in the 1920s, when she and her husband, George MacMillan, ventured into prospecting—a field almost entirely dominated by men at the time. Viola quickly proved herself in the rough-and-tumble world of mineral exploration, gaining respect for her tenacity and sharp instincts. 

By the late 1940s, she had her first producing mine, and her star only rose through the 1950s, when she struck success with a series of lucrative mining operations.

The scandal that shook Canada

New book explores Viola MacMillan's rise and scandal in Canadian mining
Image: ECW Press.

MacMillan’s career took a dramatic turn in 1964, when she became the central figure in the Windfall mining scandal. Shares in her company, Windfall Oil and Mines, skyrocketed from 56 cents to C$5.70 in just a few weeks, fuelled by speculation and rumors of a major copper-silver-zinc discovery reaching her claim near Timmins, Ontario.

The truth was far less dazzling: core samples from the claim contained no significant traces of such metals. Viola and her husband delayed releasing this crucial information, allowing the stock to soar. When the truth finally came out, the stock plummeted, leaving countless small investors devastated.

The fallout from the scandal was seismic. It tarnished the reputation of the Toronto Stock Exchange as a global mining hub and led to significant regulatory reforms, including changes to the Ontario Securities Commission. Viola spent several weeks in prison but was later pardoned. She even went on to receive the Order of Canada for her contributions to the mining industry.

Unique perspective

Falconer, a seasoned writer with a background in mining engineering and exploration, brings a rare combination of technical expertise and storytelling to Windfall. Having worked in mines and studied at McGill University before transitioning to English literature, he offers a compelling perspective on both the industry and its historical context.

With five previous non-fiction books under his belt and two making the Globe and Mail’s top 100, Falconer is no stranger to crafting narratives that resonate. His meticulous research and nuanced storytelling promise to make Windfall both a gripping read and an important historical account.

Viola MacMillan remains a polarizing figure — a trailblazer who opened doors for women in mining, but also someone whose ambition led to a notorious scandal. Falconer’s book is set to arrive in bookstores at the on February 18.

Chart Scan – Feb 11, 2025

Chart Scan – Feb 11, 2025

ADY.V – Adyton Resources Corp.

CMB.V – CMC Metals Ltd.

GLD.V – GoldON Resources Ltd.

LGC.V – Lavras Gold Corp.

NFG.V – New Found Gold Corp.

PEGA.V – Pegasus Resources Inc.

IPO.TO – InPlay Oil Corp.

MATR.TO – Mattr Corp.

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Rogers, NHL and NHLPA Team Up to Support Sun Youth in Montreal During 4 Nations Face-Off


Rogers, NHL and NHLPA Team Up to Support Sun Youth in Montreal During 4 Nations Face-Off – Toronto Stock Exchange News Today – EIN Presswire




















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Canada removes digital asset funds from reduced margin eligibility

Digital asset funds are no longer eligible for reduced margin exemptions in Canada under the country’s latest quarterly list.

The Canadian Investment Regulatory Organization recently updated the List of Securities Eligible for Reduced Margin (LSERM), with digital asset funds the notable exclusion.

“Until further notice, cryptocurrency funds are not eligible for reduced margin. This eligibility status also applies to cryptocurrency funds against which OCC options are traded. For cryptocurrency funds, margin eligibility may be otherwise determined according to [other requirements],” CIRO’s guide now states.

In Canada, the LSERM lists securities that regulators allow a reduced margin rate of 25% for inventory positions and 30% for client positions. Updated quarterly, the list only accepts securities listed on the Toronto Stock Exchange and its sister company Venture Exchange (TSXV), Cboe Canada and the Canadian Securities Exchange.

Eligibility criteria include a price volatility margin lower than 25%, over $70 million in public float and over $750,000 in daily trading volume in a given quarter. The security must also be listed on a Canadian exchange for at least six months. While digital assets meet all the other criteria, their volatility was deemed excessive for the LSERM.

Digital assets’ delisting will impact trading in Canada as investors have a smaller pool of funds to borrow from for margin trading, translating into higher upfront capital to trade. In turn, this leads to lower liquidity and a higher likelihood of big trades causing price swings.

Higher margin requirements also mean that digital asset traders are more likely to face forced liquidations in the event of a market dip, as the wiggle room is much smaller.

Canada’s tightening digital asset regulations

Like many other major economies, Canada has been paying closer attention to digital assets over the past few years and tightening its regulations to curb crime and protect investors.

Last October, the country adopted the OECD crypto-asset reporting framework, which will take full effect in 2026, boosting tax transparency and cross-border cooperation with dozens of other countries, including all EU member states, Australia, New Zealand, Mexico, and South Africa.

The biggest shift came on December 31 when new guidelines from the Canadian Securities Administrators took effect. They include a requirement for daily reports by exchanges, stricter leverage and custody requirements and a new license to offer stablecoins.

The new rules led to an exodus by VASPs from Canada, with notable exits including Winklevoss-owned Gemini, Binance, OKX, Paxos and Bybit. Some industry stakeholders have criticized Canada’s approach, which is heavy-handed in nature and which they believe will stifle innovation.

“In Canada right now, we’re still having conversations around how do we regulate stablecoins within our securities framework versus actually having a conversation around the fact that stablecoins around the world are used for payments,” stated Sophia Cote, who heads public policy at Shakepay, a Canadian digital currency payments processor.

The sector is betting big on this year’s elections, with opposition leader Pierre Poilievre emerging as the country’s most ‘crypto-friendly‘ candidate. Poilievre has received the support of ‘crypto bros,’ from Elon Musk to Coinbase (NASDAQ: COIN) CEO Brian Armstrong, who believes Canada could have its own ‘Trump moment.’

Czech inaugurates law exempting taxes for HODLers

Elsewhere, the President of the Czech Republic, Petr Pavel, has signed a new law that exempts taxes from residents who have held their digital assets for at least three years.

The new law was passed by the country’s lawmakers in December as part of the country’s implementation of the EU’s Markets in Crypto Assets (MiCA) framework.

In addition to the three-year exemption, the law excludes Czechs from reporting their transaction when filing taxes if the total sum is below 100,000 koruna (roughly $4,150) annually.

“The principle is if cryptoassets are held for more than three years, their sale will not be taxed, or transactions up to CZK 100,000 [$4,136] per year will not be obliged to report in the tax declaration, similar to securities,” a government official told media outlets.

The new law comes days after the governor of the Czech National Bank, Aleš Michl, proposed a national strategic BTC reserve, similar to Trump’s initiative in the U.S. Michl wants the bank to invest up to 5% of its €140 billion ($143.3 billion) in the digital asset, joining Brazil, Poland, Russia and Germany in the push to align with Trump.

Watch: Richard Baker on engineering a smarter financial world with blockchain

Assays on Duquesne West Property Continue to Support Open Pit Potential


Assays on Duquesne West Property Continue to Support Open Pit Potential – Toronto Stock Exchange News Today – EIN Presswire


















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Anfield Energy to Present at the Metals and Mining Growth Virtual Investor Conference February 13th


Anfield Energy to Present at the Metals and Mining Growth Virtual Investor Conference February 13th – Toronto Stock Exchange News Today – EIN Presswire




















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Calfrac Well Services Ltd. 2024 Fourth Quarter Earnings Release, Conference Call and Webcast


Calfrac Well Services Ltd. 2024 Fourth Quarter Earnings Release, Conference Call and Webcast – Toronto Stock Exchange News Today – EIN Presswire




















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