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Freegold Ventures Limited (TSX: FVL) has announced that in connection with its previously announced best efforts private placement offering, the company and Paradigm Capital Inc., have agreed to increase the size of the offering.

The company will now issue up to 42,492,000 units of the company at a price of C$0.85 per unit for total gross proceeds of up to C$36,500,700. Each unit will be comprised of one common share of the company and one half of one common share purchase warrant of the company.

Each Warrant will be exercisable to acquire one common share of the company for 24 months from the closing date at an exercise price of C$1.30 per warrant share. The warrants shall be callable by the company should the daily volume-weighted average trading price of the common shares of the company on the Toronto Stock Exchange exceed C$1.30 for a period of 20 consecutive trading days, at any time during the period (i) beginning on the date that is six months from the closing date of the offering, and (ii) ending on the date the warrants expire.

Following a call trigger, the company may give notice to the holders of the warrants that any warrant that remains unexercised by the holder thereof shall expire 30 days following the date on which the call notice is given.

To find out more, please visit www.freegoldventures.com

To read more articles like this, please visit www.theassay.com/news

ETFGI, a leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends, reported today that assets invested in the Global ETFs industry reached a new record of US$15.50 trillion at the end of February, according to ETFGI’s February 2025 Global ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted)

March 9th marked the 35th anniversary of the listing of the first ETF. The Toronto 35 Index Participation Units “TIPS” began trading on the Toronto Stock Exchange (TSX) on March 9, 1990. TIPs tracked the performance of the 35 largest stocks on the TSX. On March 6, 2000 the TIPs ETF and the TSE 100 Index Participation Fund merged and is now known as the S&P/TSE Index Participation Fund (ticker XIU).

Highlights

• Assets invested in the ETFs industry globally reached a new record of $15.50 Tn at the end of February, beating the previous record of $15.45 Tn at the end of January 2025.
• 35th anniversary of the ETFs industry was on March 9th.
• Net inflows of $152.13 Bn during February.
• YTD net inflows of $304.70 Bn are the highest on record, while the second highest recorded YTD net inflows were of $252.60 Bn in 2024 and the third highest recorded YTD net inflows are of $224.30 Bn in 2020.
• 69th month of consecutive net inflows.

“The S&P 500 index decreased by 1.30% in February bit is up by 1.44% YTD in 2025.  The developed markets excluding the US index increased by 1.31% in February and is up 6.08% YTD in 2025. Luxembourg (up 14.10%) and Spain (up 8.87%) saw the largest increases amongst the developed markets in February. The emerging markets index decreased by 0.04% during February but is up 0.26% in 2025. Indonesia (down 15.94%) and Thailand (down 9.48%) saw the largest decreases amongst emerging markets in February”, according to Deborah Fuhr, managing partner, founder, and owner of ETFGI.

Growth in assets in the Global ETFs industry as of the end of February

The Global ETFs industry has 13,630 products, with 27,015 listings, assets of $15.50 Tn, from 841 providers on 81 exchanges in 63 countries at the end of February.

During February, ETFs gathered net inflows of $152.13 Bn. Equity ETFs gathered net inflows of $59.96 Bn, bringing YTD net inflows to $125.29 Bn, lower than the $140.22 Bn in net inflows YTD point in 2024. Fixed income ETFs reported net inflows of $35.47 Bn during February, bringing net inflows YTD to $65.57 Bn, higher than the $45.03 Bn in net inflows fixed YTD in 2024. Commodities ETFs reported net inflows of $10.75 Bn during February, bringing YTD net inflows to $12.47 Bn, much higher than the $7.34 Bn in net outflows YTD in 2024. Active ETFs attracted net inflows of $51.72 Bn during the month, gathering net inflows for the year of $103.69 Bn, much higher than the $46.40 Bn in net inflows YTD in 2024.

Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $61.67 Bn during February. SPDR S&P 500 ETF Trust (SPY US) gathered $8.67 Bn, the largest individual net inflow.

Top 20 ETFs by net new assets February 2025: Global

Name		Ticker	Assets ($ Mn) Feb-25	NNA ($ Mn)  YTD-25	NNA ($ Mn) Feb-25
SPDR S&P 500 ETF Trust		SPY US	624,480.35	(10,749.43)	8,666.13
Vanguard S&P 500 ETF		VOO US	620,570.99	27,654.71	7,269.81
AMUNDI MSCI WORLD UCITS ETF – USD		MWOF GY	10,968.85	7,335.15	6,936.57
Invesco QQQ Trust		QQQ US	321,465.99	4,578.06	3,874.77
SPDR Gold Shares		GLD US	82,394.16	3,107.54	3,768.57
iShares 0-3 Month Treasury Bond ETF		SGOV US	35,509.93	5,649.40	3,465.18
iShares 10-20 Year Treasury Bond ETF		TLH US	9,809.84	2,616.27	2,385.56
iShares Core U.S. Aggregate Bond ETF		AGG US	125,526.91	2,826.71	2,312.44
iShares S&P 100 ETF		OEF US	17,248.46	2,435.82	2,248.07
Vanguard Total Stock Market ETF		VTI US	464,305.20	6,255.30	2,070.45
iShares S&P 500 Value ETF		IVE US	38,001.13	1,922.92	2,063.37
Vanguard Total Bond Market ETF		BND US	127,251.30	3,344.55	2,012.21
Janus Henderson AAA CLO ETF		JAAA US	21,881.12	5,200.56	2,008.14
iShares Core MSCI Emerging Markets ETF		IEMG US	81,266.28	1,942.71	1,942.71
JPMorgan Ultra-Short Income ETF		JPST US	30,877.11	2,671.77	1,917.34
iShares High Yield Muni Active ETF		HIMU US	1,826.92	1,814.09	1,814.09
SPDR Dow Jones Industrial Average ETF		DIA US	39,217.30	(340.05)	1,809.10
iShares Gold Trust		IAU US	37,476.62	1,736.80	1,801.06
KraneShares CSI China Internet ETF		KWEB US	8,014.62	1,818.40	1,787.15
Vanguard Total International Stock Index Fund ETF		VXUS US	80,642.37	1,680.16	1,520.49

The top 10 ETPs by net new assets collectively gathered $1.80 Bn over February. ProShares UltraShort DJ-UBS Natural Gas (KOLD US) gathered $535.25 Mn, the largest individual net inflow.

Top 10 ETPs by net new assets February 2025: Global

Name		Ticker	Asset ($ Mn) Feb-25	NNA ($ Mn)  YTD-25	NNA ($ Mn) Feb-25
ProShares UltraShort DJ-UBS Natural Gas		KOLD US	684.44	546.07	535.25
WisdomTree Physical Silver		PHAG LN	1,930.07	474.10	350.80
iShares Physical Silver ETC		SSLN LN	1,354.69	290.50	205.39
Hana Securities Hana CD Interest Rate Investment ETN 26		700026 KS	671.74	141.42	141.42
Japan Physical Gold ETF		1540 JP	3,874.69	196.91	139.18
iShares Ethereum Trust		ETHA US	2,860.91	749.28	137.25
CoinShares Physical Bitcoin		BITC SW	1,271.08	154.11	75.37
Fidelity Ethereum Fund		FETH US	975.44	(90.79)	72.87
Global X Physical Gold		GOLD AU	2,426.69	92.16	69.60
WisdomTree Brent Crude Oil		BRNT LN	311.57	(253.72)	68.34

Investors have tended to invest in Equity ETFs during February.

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Freegold Ventures Limited (TSX: FVL) has entered into an agreement with Paradigm Capital Inc. in connection with a proposed best efforts private placement financing for total proceeds of up to approximately C$30M, consisting of up to 32,295,000 units of the company at a price of C$0.85 per unit.

Each unit will be comprised of one common share of the company and one half of one common share purchase warrant of the company.

Each warrant will be exercisable to acquire one common share of the company for 24 months from the closing date at an exercise price of C$1.30 per warrant share. The warrants shall be callable by the company should the daily volume-weighted average trading price of the common shares of the company on the Toronto Stock Exchange exceed C$1.30 for a period of 20 consecutive trading days, at any time during the period (i) beginning on the date that is six months from the closing date of the offering, and (ii) ending on the date the warrants expire (call trigger).

Following a call trigger, the company may give notice to warrant holders that any remaining warrants unexercised by the holder thereof shall expire 30 days following the date on which the call notice is given.

Additionally, the company will grant the agent an option to sell up to that number of additional units equal to 15% of the base offering size, exercisable by notice in writing to the company at any time not less than 48 hours prior to the closing date.

The agent will be paid by the company on closing of the offering a cash commission equal to 6% of the gross proceeds of the offering including on any exercise of the over-allotment option.

The net proceeds from the offering will be used for general working capital and corporate purposes.

To find out more, please visit www.freegoldventures.com

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The State of the Ontario Mining Sector, a report published by the Ontario Mining Association (OMA), supported by Ontario’s Ministry of Mines, reveals that Ontario’s domestic mineral exports — minerals and metals extracted in the province — were valued at $64 billion in 2023, making up more than 25% of Ontario’s total exported goods. Ontario’s mineral exports to the USA totaled $42 billion, including $5.7 billion from critical minerals such as platinum group metals (PGMs), nickel, copper, uranium and zinc. As far as Ontario’s critical mineral exports, 57% went to the USA. Editor’s note: All values in this article are Canadian dollars.

With 18 gold mines, Ontario produced approximately 2.9 million ounces of gold in 2023 valued at $6.5 billion — 45% of Canada’s total and 3% of global production. The province also has 12 advanced gold exploration projects.

The province is also home to nine active critical mineral mines and 10 processing facilities, producing materials such as nickel, copper, PGMs, and cobalt, saw total production value of $6.4 billion in 2023. By 2040, demand for nickel is projected to be 14 times higher than in 2021, while cobalt demand is expected to rise sevenfold and copper demand threefold. The Sudbury Basin and the Ring of Fire contain key deposits of nickel, copper, platinum, and chromite.

The sector contributes $23.8 billion to Ontario’s gross domestic product (GDP) in 2023, nearly 3% of the province’s total GDP. Mining invested $5.2 billion in capital expenditures, supporting employment and regional development. Approximately 22,000 people are directly employed in mining, earning an average of $150,000 annually, nearly double the provincial all-industry average. Additionally, 12% of the mining workforce identifies as Indigenous, compared to 3% across Ontario’s overall workforce. A further 126,000 jobs are indirectly supported by the sector.

“Ontario’s mining sector is a cornerstone of our technology-driven economy, delivering well-paying jobs, producing essential inputs to North America’s manufacturing supply chain, and plays a vital role in our continental security,” said Priya Tandon, president of the OMA.

Ontario had 36 active mining operations in 2023, with mineral production valued at $15.7 billion — a 50% increase over the past decade. Between 2019 and 2024, four new operating mines opened in Northern Ontario, with six new mine projects and four mine expansions currently underway.

Ontario is also the leading global centre for mining finance. The Toronto Stock Exchange and TSX Venture Exchange list 40% of the world’s publicly traded mining companies, with a combined market value of $603 billion at the end of 2024 — more than triple their 2015 value.

Exploration spending reached $976 million in 2023, representing 23% of total exploration spend across Canada. Exploration is especially vital for nickel, copper, and zinc where reserves have decreased substantially over the past quarter century: nickel by 58%, copper by 67%, and zinc by 95%. There are 32 significant mineral projects in Ontario, including projects in the Ring of Fire area.

Looking ahead, Ontario’s mining sector is poised for continued growth and global competitiveness, Tandon explained. “By leveraging its rich mineral resources, embracing innovation, and strengthening community and Indigenous partnerships, Ontario will remain a global leader in responsible mining,” she said. “The sector’s contributions to GDP, trade, and technological advancement underscore its pivotal role in shaping Ontario’s economic future.”

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Canadian mining companies and most domestic mining associations seem to agree on one idea: The permitting and approvals process in Canada needs to be vastly improved so that mining projects come into production much quicker than they do now.

Canada’s focus on securing critical minerals to overcome the Chinese monopoly has led many politicians and policy makers to give mining approvals a second look. Critical minerals are low hanging fruit. The International Energy Agency says demand for copper, nickel and zinc will explode over the next 15 years.   Their conclusion? Canada will assuredly look the race for critical minerals and rare earth elements if the nation’s policy makers do not streamline and expedite approvals and permitting.

The Mining Association of Canada (MAC) – a national organization which has served as the national voice for Canada’s mining industry for decades – released a landmark report in November 2022 called Project Permitting in Canada and the Mining Industry put a microscope onto this important issue.

Here is the MAC report’s conclusion: “There is a broad consensus that the timeline for the planning and approval process for new projects, (including “no go”) has to be shortened from 10-15 years without losing the requirements for good planning, environmental protection and Indigenous consultation.”

The report went on to describe the obstacle to reform: “For nearly 30 years, the objective of “one project one assessment” remains elusive.  The combination of provincial and federal assessment and approval processes, and related necessary Indigenous engagement, continues to fall short of coordinated, timely and efficient planning.  Such uncoordinated process duplication is not seen in other countries.”

Numerous reform attempts have sought to achieve this laudable “one project one assessment” goal, but governments at both levels seem to continually add more nebulous evaluative criteria to mining approvals. Indigenous consultation requirements can also affect timelines, which creates more incentive for an expedited permitting process that brings Indigenous parties into the process throughout.

Media have documented over the years how the oil and gas sector has managed to do a better job at creating so-called “single window” permitting process, such as the B.C. Energy Regulator, which has now added renewable energy projects to its purview.  

While there are indeed examples and case studies in Canada to draw upon, some other jurisdictions have attempted more radical changes to bring the full attention of government to the goal of vastly expediting permitting.

One such example is Idaho’s so-called SPEED Act. We turn to that now.

Idaho’s SPEED Act and mining approvals

On January 24, 2025, Idaho Governor Brad Little Signed executive order 2025-02, the Strategic Permitting, Efficiency, and Economic Development (SPEED) Act. The Act aimed at better coordinating state permitting on major projects that promote energy independence, support national security, and drive the economy. Thus, the governor passed the law to push forward priority projects that met the above criteria.

How exactly does the SPEED Act work? Well, according to a government news release, the executive order creates a new SPEED council comprised of several state agency directors that will aim to expedite the review of permits and increase collaboration with project proponents. The order’s overarching goal is to seek to eliminate duplicative or unnecessary statutes and rules.

The new policy regime also aims to include all infrastructure requirements within the approvals process. The press release reads: “Large scale projects that require permits from multiple state agencies could include electricity generation and transmission projects, mining projects, data center development, fabrication facilities, water facilities, and other important projects that support communities across Idaho, as determined by the SPEED Council.”

A full copy of the SPEED Act can be viewed here: https://gov.idaho.gov/wp-content/uploads/2025/01/eo-2025-02.pdf

Mining industry observers also highlighted the unprecedented co-ordination between the governor’s office and state agencies. During the unveiling of the new executive order, Governor Little was joined by joined by Lt. Governor Scott Bedke and several state agency directors. Government sources announced that Richard Stover – administrator of the Governor’s Office of Energy and Mineral Resources – will chair the SPEED Council and Lt. Governor Scott Bedke will advise the council.

At the unveiling news conference, Governor Little stated, “Idaho leads the nation in streamlining regulations and promoting good government, but there is always more we can do to improve. With President Trump’s return to the White House, there is a renewed focus on efficiency in government at the federal level. In that same spirit, here in Idaho we are going to take even more steps to make sure state government does not get in the way of projects that support our economy.”

Before continuing forward, it is important to get a better sense of Idaho as a mining destination and how the regulatory climate was prior to the SPEED Act.

Idaho as an historic mining jurisdiction

Idaho is famously called the “gem state.” This was a nickname it received during its pre-state territorial days. However, it did not gain the name from its gem or mineral wealth. Historical sources say the name was more about hype. The word Idaho was supposedly derived from a purported Indian word “EDah-Hoe” meaning “Gem of the Mountains” or “Light on the Mountain.”  Thus, the name was adopted to draw attention to the territory in order to make its case for statehood. However, since that time, the state has become renowned for its rich mining history and potential.  

It was in fact gold that drew many non-Indigenous settlers to the state in the first place and its discovery propelled the territory to statehood in 1863. However, gold deposits began to disappear, leading prospectors to seek other minerals. By the late 1800s, silver, lead, and zinc were discovered in the Coeur D’Alene area. Idaho now produces about 45% of all silver in the United States. The state also produces about 15% of the phosphate produced in the United States. Finally, true to its original name, Idaho now produces many precious and semi-precious stones.

To get an international perspective, it is important to see how Idaho sits relative to other similarly suited jurisdictions. The Fraser Institute’s Annual Survey of Mining Companies presents one tool to evaluate the mining policy attractiveness of various jurisdictions. Many jurisdictions around the world have strong mineral potential but are not stable policy environments that are enticing to investors and mining exploration. The Fraser Institute’s survey involves interacting with mining executives, so it reflects the opinions of decision makers.

When asked about the Fraser Institute’s most recent 2023 figures, Fraser Institute Policy Analyst Julio Mejía pointed out that Idaho ranked 20^th out of 86 jurisdictions in terms of investment attractiveness and 25^th of 86 in terms of policy alone.

He added that, “Investors in Idaho expressed reduced concern over infrastructure issues and uncertainty surrounding disputed land claims, with none of the respondents citing these factors as deterrents to investment. Only 11% of respondents stated that Idaho’s labor regulations deter investment, a decrease of 3 percentage points compared to 2022.”

One potential area where comparing Idaho to Canada becomes tricky is in Indigenous land claims. Although U.S. mining companies do have to deal with Native American groups, especially if a project affects a tribe’s lands, but land claims uncertainty is much of a pronounced issue in Canada, especially given unceded lands in B.C. and elsewhere. In the United States, tribal boundaries are much clearer.

Regarding permit times, Mejía said the Fraser Institute did not receive enough responses to include Idaho in the 2023 permit times sub survey, as only Alaska and Nevade received more than the five necessary responses to meet the threshold to be included in the survey.  Thus, it would be difficult to state with certainty exactly how Idaho stood in permitting immediately before the SPEED Act was brought in.

U.S. states ahead of Canada in terms of permitting: Analyst

Although the Fraser Institute’s annual survey could not provide the most clarity on Idaho’s position, Mejía, however, said overall this most recent survey and previous ones have highlighted general trends between Canada and the United States. Mejía said that the U.S. has on average the highest percentage of respondents indicating that they received their permits in six months or less (80 percent). By contrast, this average was 59 percent amongst Canadian jurisdictions. Similarly, on average, 54 percent of respondents for Canadian jurisdictions indicated that permit approval times had lengthened either somewhat or considerably (emphasis added) over the past 10 years, which compares to 35 percent who said that was the case in the United States.

Moreover, an average of 73 percent of respondents indicated that the US met its established timelines for approval decisions between 60 and 100 percent of the time, in contrast, on average, 59 percent of respondents for Canada said this was the case. Also, an average of 38 percent of respondents for Canada said that a lack of transparency deters investment in the country, compared to 32 percent for the US. Finally, an average of 77 percent of survey respondents in Canada expressed either confidence or high confidence that the necessary permits will be granted, compared to 83 percent of respondents for the United States.

Thus, it seems that, at least according to the mining executives that are involved in the Fraser Institute’s annual survey, it would be more likely good ideas to speed up permitting and approvals would come from the United States. In fact, some mining companies that are seeking to build mines in Idaho are specifically mentioning the SPEED Act as a contributor factor in their decision to build in Idaho. We turn now to two projects, the first being Perpetua Resource’s Stibnite gold project and the second being Liberty Gold’s Black Pine project.

Perpetua Resources, Stibnite gold, and the SPEED Act

Perpetua Resources Corp, headquartered in Boise, Idaho, is publicly traded on Nasdaq and the Toronto Stock Exchange.  The company is fully determined to complete its Stibnite gold project in central Idaho. The new operation will involve recovery of an abandoned mine site. The site is about 44 air miles northwest of Cascade, Idaho and near Yellowpine, Idaho.

The company’s pre-feasibility study from 2014 found the Stibnite gold project had the largest known source of antimony in the United States. Antimony is a critical mineral vital for defense, technology, and energy application. With an estimated reserve of 148 million pounds of antimony, the project could meet up to 35% of U.S. antimony demand in its initial six years of production, significantly reducing reliance on foreign supply chains.

Moreover, the study also found the project contained one of the top 10 gold deposits in the United States. In total, the company estimated in its study that it could recover more than four million ounces of gold over the mine’s projected 12 years of life. The study also concluded the high grades of the gold to be recovered would keep operating costs low relative to gold operations overseas.

The Idaho-based company has already taken steps on the mining project, including signing s environmental clean up agreement in 2021 with the EPA and US Forest Service. The agreement granted permission to Perpetua to conduct early-action cleanup, and under the oversight of the agencies, to remove legacy waste and maintain water quality.

Perpetua was delighted when the Idaho governor introduced the SPEED Act, as it believed its mining operation achieved the exact objectives that the Act was introduced for.

Jon Cherry, CEO of Perpetua Resources, commented, “We are thrilled to see Governor Little take decisive action to streamline permitting without compromising environmental integrity. The SPEED Act aligns perfectly with Perpetua’s vision to restore an abandoned mine site and responsibly develop domestic mineral resources for a more secure future.”

The Idaho Mining Association – a non-profit organization acting as a voice for the industry in the state – has also apparently been impressed with the SPEED Act and is backing it.  

Ben Davenport, the executive director of the organization, stated, “The SPEED Act exemplifies Idaho’s common sense, forward-thinking leadership. We hope that by improving communication and coordination, Idaho can help vital projects like the Stibnite gold project deliver hundreds of well-paid and highly skilled jobs to our rural communities.”

Liberty Gold and the SPEED Act

Liberty Gold – a Vancouver-based mining company – has set its sights on a reviving a gold project in southern Idaho. The company has placed much hope in an expedited timeline the SPEED Act is making possible. The Black Pine oxide gold project, located in southeastern Idaho, is a past producing open pit, run-of-mine heap leach mine. In the past, Pegasus Gold mined about 435, 000 ounces of gold and 189,000 ounces of silver from five open pit mines between 1991 and 1997.

Liberty Gold says the exploration site now covers about 40 sq. km. In the middle of 2024, Liberty Gold launched a 20,000-metre drilling effort on seven new high priority targets. The company has now completed a preliminary feasibility study for the project showing strong economic potential.

Henry Lazenby, a journalist with the Northern Miner (a sister publication to the Canadian Mining Journal), has written how Liberty Gold has set an ambitious 2028 construction start for the Black Pine project.

Liberty Gold CEO said, “We are establishing a strong foundation for advancing Black Pine through the permitting process to a potential construction decision within three years, ensuring the project meets the highest environmental and operating standards.”

The Northern Miner article also mentioned Liberty signed an agreement with government agencies with the aim of helping it complete reviews for the environmental impact statement. The company is expecting that to start next year. Final permits should be ready by 2027 and the company believes a construction decision could be made by early 2028.

Black Pine is set to benefit from the provisions of the SPEED Act as it navigates a presumably more efficient permitting landscape.

L3 Capital analysts told the Northern Miner that this framework can reduce permitting risks. It also hoped that it may also speed up the construction decision process.

However, company officials have stressed much of the SPEED Act’s promise is still theoretical at this stage. Matt Zietlow, Liberty Gold’s director of regulatory affairs and sustainability, said, “While the governor did sign an executive order creating the SPEED Act in January, it is not (yet) a functionally active process.  They anticipate a Q3 or Q4 launch this fall.”

He clarified, “Given that, we of course can’t opine on any actual “Liberty Gold experience” with the SPEED Act yet, but Liberty strongly supports and commends the Governor’s efforts to improve and streamline the overall permitting process in Idaho.”

Zietlow also added that for more than a year Liberty Gold and key staff from the Idaho Department of Environmental Quality and the Idaho Department of Lands have already been engaged in frequent consultation on status of the Black Pine project, proposed design, ongoing baseline studies and projected permit timelines.

He said: “These joint efforts, along with a recently completed memorandum of understanding between Liberty Gold, state agencies, and the U.S Forest Service and Bureau of Land Management, directly address Governor Little’s stated first responsibility for members of the environmental council to be created by the SPEED Act.”

While expediting the regulatory and permitting process, Zietlow said the SPEED Act, from his reading, does not affect regulatory and environmental rigour.

He said: “The SPEED Act aims to improve overall efficiency of the permitting process with a more visible process, enhanced communication, and regular accountability to help insure reasonable and predictable permit timelines can be achieved. The Act does not circumvent or eliminate any environmental safeguards or required and appropriate environmental analyses.”

Thus, despite all the promise on paper, the jury is still out on the exact and measurable performance of the SPEED Act on the ground. Both Perpetua Resources and Liberty Gold will come to see how the executive order improves permitting timelines and whether it can enhance investor confidence in Idaho projects. Liberty Gold has already taken the next step with an optimistic timeline for construction.

Challenge is in reforming bureaucracies: Mining policy analyst

For some mining policy analysts, it is always about bridging permitting reform with actual performance on shovel-ready projects.

Heather Exner-Pirot is a senior fellow with the non-partisan Macdonald-Laurier Institute in Ottawa. She is also the Institute’s director of energy, natural resources, and environment. When asked about the SPEED Act and permitting reform in general, she replied by email that, “Every jurisdiction in the western world is looking at how to reduce regulatory and permitting burdens. The overriding philosophy is no longer coming from the environmental side, but from the economic and national security sides.”

She added, “Getting rid of red tape and building things are politically winning messages right now. The challenge is reforming bureaucracies, so they respond in kind.”

In other words, permitting reforms are likely only as good as the bureaucracies that are administering the process changes.

The Canadian Mining Journal shared a full link to the SPEED Act to a few Canadian mining associations, asking for comment. One organization gave a response in time for publication, issuing a warning to Canadian jurisdictions to take the issuing of new executive orders as evidence that they need to respond likewise to maintain our competitive edge.

Michael Goehring – CEO of the Mining Association of BC – stated, “If more states than just Idaho begin to match President Trump’s recent executive order on energy and critical minerals to boost domestic energy and mineral production, the competitive position of BC’s and Canada’s mining sector will further erode. These state and federal executive orders require an urgent policy response to keep Canadian capital and mining talent from heading to the United States. Together with Trump’s tariffs, these executive orders are a double-barrel threat to our economy, people, and prosperity and underscore the urgency for the BC and federal governments to secure First Nations partnerships and streamline permitting processes to get new mines built in the provincial and national interest.”

More information is posted on the Mining Association of Canada: www.Mining.ca,  Idaho Mining Association: www.MineIdaho.com, Fraser Institute: www.FraserInstitute.org, Perpetua Resources: www.PerpetuaResources.com, Liberty Gold: www.LibertyGold.ca, Macdonald-Laurier Institute: www.MacdonaldLaurier.ca, Mining Association of British Columbia: www.Mining.bc.ca.  

Sagicor is cautioning its shareholders in Barbados and elsewhere about a mini-tender offer New York Stock and Bond LLC has made to buy up to 100 000 of the group’s common shares for about US$430 000.

“Sagicor is in no way associated with New York Stock and Bond and does not recommend or endorse acceptance of this unsolicited offer,” Sagicor Financial Company Limited advised in a release last week.

The group, which has its beginnings in Barbados and whose stock is now listed exclusively on the Toronto Stock Exchange (TSX) in Canada, said it was notified of an unsolicited mini-tender offer made by New York Stock and Bond “to purchase up to 100 000 Sagicor common shares, or less than 0.075 per cent of the common shares outstanding, at a price of US$4.30 per common share”.

“The unsolicited offer represents a discount of approximately 23.98 per cent below the closing price of Sagicor’s common shares on the TSX on February 13, 2025, the last trading day before the mini-tender offer was commenced, and a discount of approximately 14.17 per cent to the closing price of Sagicor’s common shares on the TSX on March 7, 2025,” Sagicor said.

Serious concerns

“The common shares do not trade on a recognised stock exchange in the United States (US).”

The group told shareholders that mini-tender offers “are designed to seek less than five per cent of a company’s outstanding shares, avoiding disclosure

and procedural requirements applicable to most bids under Canadian and US securities regulations”.

It reminded that securities regulators “have expressed serious concerns about mini-tender offers”.

Sagicor advised shareholders to “carefully review the New York Stock and Bond offer documents and current market price for Sagicor common shares and consult their investment advisors regarding any offer they may receive and review with their advisors all options for their investment in Sagicor common shares”.

The group added: “According to New York Stock and Bond’s offer documents, Sagicor shareholders who have already tendered their common shares can withdraw their shares no more than 14 days after the date of delivery of their tender form to the depositary by following the procedure described in the offer documents.” (SC)