Author: TSX Stocks

Wednesday, 14 May 2025

The accelerated review is part of a strategic response to the national energy emergency declared by President Donald Trump in January, the department said, and is expected to “significantly contribute to meeting urgent energy demands” as well as addressing national energy security concerns. Velvet-Wood is the first uranium project to be prioritised under the emergency procedures.

“The expedited mining project review represents exactly the kind of decisive action we need to secure our energy future,” said Secretary of the Interior Doug Burgum. “By cutting needless delays, we’re supporting good-paying American jobs while strengthening our national security and putting the country on a path to true energy independence.”

Anfield acquired the Velvet-Wood uranium and vanadium mine from Uranium One in 2015. Some 4 million pounds U3O8 (1539 tU) – as well as 5 million pounds of V2O5 – were recovered from the Velvet deposit between 1979 and 1984 by previous owner Atlas Minerals. The combined Velvet and Wood historical mines are currently estimated to contain 4.6 million pounds U3O8 of measured and indicated resources and inferred resources of 552,000 pounds U3O8.

Anfield submitted a Plan of Operation for the mine to the State of Utah and the Bureau of Land Management in May 2024. It is advancing Velvet-Wood towards production-ready status concurrently with the Shootaring Canyon mill. The Plan of Operation includes specific operating actions and controls, reclamation actions, an estimate of reclamation surety based on third-party costs and technical bases for how the actions meet state and federal regulatory requirements.

Anfield CEO Corey Dias said the company was pleased that Velvet-Wood had been selected for expedited permitting. “As a past-producing uranium and vanadium mine with a small environmental footprint, Velvet-Wood is well-suited for this accelerated review,” he said. “This marks a major milestone for Anfield as we look to play a meaningful role in rebuilding America’s domestic uranium and vanadium supply chain and reducing reliance on imports from Russia and China.”

Anfield is listed on the TSX Venture Exchange, the OTCQB Marketplace and the Frankfurt Stock Exchange, and is also currently pursuing a NASDAQ listing.

Online stockbroker and trading giant Robinhood Markets Inc. announced today it has agreed to acquire WonderFi Technologies Inc., a Canadian digital asset and cryptocurrency trading firm for CA$250M, or $179 million, in an all-cash deal.

Founded in 2021, WonderFi operates two of Canada’s largest regulated crypto trading platforms, BitBuy and Coinsquare. Together, they handle over CA$2.1 billion in assets under custody.

The deal values WonderFi’s shares at around CA$0.36 each, a 41% premium to their closing on May 12 on the Toronto Stock Exchange, and a premium of 71% compared to the 30-day volume-weighted average trading price.

Johann Kerbrat, senior vice president and general manager of Robinhood Crypto, said the company looks forward to working with WonderFi and serving Canadian customers by delivering crypto-centric products. “WonderFi has built a formidable family of brands serving beginner and advanced crypto users alike, making them an ideal partner to accelerate Robinhood’s mission in Canada,” said Kerbrat.

This move represents Robinhood’s continued efforts to expand its cryptocurrency services globally with its Robinhood Crypto trading capabilities, which allow users to buy and sell crypto assets like they can stocks.

Robinhood added crypto trading for United States customers to its platform during a slow rollout in 2018, beginning with a small number of cryptocurrencies and expanding to more than 30 crypto assets, including bitcoin and Ethereum. In 2024, the company agreed to acquire Bitstamp Ltd. for $200 million. Bitstamp is a notable crypto exchange with global reach; the company holds more than 50 licenses and registrations globally, facilitating expansion into new markets like the United Kingdom, the European Union and Asia.

According to the company, WonderFi will continue to operate its product after the acquisition closes and its leadership team will stay on as part of Robinhood Crypto. Robinhood has an established Canadian headquarters in Toronto in 2024 that will serve as a hub for the new partnership.

The acquisition is expected to close in the second half of 2025, subject to regulatory approval, closing conditions and approval by WonderFi’s shareholders.

Image: Pixabay

PRESSURE is growing on Lucara Diamond which said it will draw on additional financing facilities to remain liquid.

Commenting in notes to its first quarter results, the company’s CEO William Lamb said the firm’s lenders approved the drawdown of $28m from emergency funding account known as the cost overrun reserve account.

The $61.7m Cora is supplied by Lucara’s largest shareholder Nemesia, which represents the Lundin Group. Of this account, $35m is to complete the underground expansion of Karowe, Lucara’s only asset, in Botswana.

Lucara said the company would also draw from working capital generated by Karowe.

Diamond prices have slumped with De Beers cutting prices 10% in the first auction of 2025.

Lucara said in its first quarter announcement it was cautious on diamonds as the market “continues to navigate structural shifts”.

In this context, Lucara is looking for additional funding, including the possibility of issuing more shares. “The company continues to develop plans to raise additional debt or equity financing required for UGP completion,” said Lamb.

In 2023 Nemesia provided a guarantee consisting of up to $63m to lenders in return for which it will receive 1.9 million Lucara shares and a further 7,500 shares for each $500,000 withdrawn under the guarantee.

Lucara shares have fallen by 26% year-to-date on the Toronto Stock Exchange. The company is valued at C$154m.

“While the Company has previously been successful in raising debt and equity financing, future fundraising efforts may not succeed or may fall short of the required amounts,” said Lucara in its quarterly notes, adding in a regulatory standard statement there was no guarantee Lucara would remain a going concern.

The project, which is planned to replace mining from the Karowe open pit, ran into development problems in 2023 resulting in a project overshoot on budget and timeline. It is expected to be completed in the first half of 2028, two years late. Lucara said in February $347.9m of the $683m project capex has been spent to date.