Category: Canada

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Published Apr 16, 2024  •  4 minute read

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VANCOUVER, British Columbia, April 16, 2024 (GLOBE NEWSWIRE) — 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.

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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.

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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.

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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.

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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.

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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.

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Western Copper and Gold has reached an agreement with Eight Capital, acting for a syndicate of underwriters, to sell 13,158,000 common shares at $1.90 each, aiming to raise gross proceeds of $25.2m (C$34.77m).

The bought-deal offering is expected to bolster the company’s financial position as it advances its Casino Project in the Yukon Territory.

In addition to the initial offering, the underwriters have been granted an over-allotment option.

Under the option, they can buy up to a further 1,973,700 common shares, which is 15% of the offering, to manage over-allotments and for market stabilisation, exercisable within 30 days post-closing.

The net proceeds from the offering are earmarked for the progression of permitting and engineering activities at the Casino Project.

Additionally, Western Copper and Gold also intends to allocate funds for general corporate and working capital purposes.

Casino Project, located in the Yukon Territory, is expected to be one of the most economically viable greenfield copper-gold mining projects globally.

The company emphasises its commitment to responsible mining practices and collaboration with First Nations and local communities.

The offering is scheduled to close around 30 April 2024, contingent on receiving all necessary regulatory approvals, including those from the Toronto Stock Exchange and the NYSE American.

Earlier this month, Western Mines Group initiated deep diamond drilling at its Mulga Tank Project on the Minigwal Greenstone Belt in Western Australia, after completing a phase two reverse circulation drilling programme.

The aim of this drill-hole is to explore the potential for a sulphide-enriched keel within the deepest segment of the Mulga Tank complex.

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This section is

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by GlobeNewswire

Author of the article:

GlobeNewswire

Published Apr 16, 2024  •  13 minute read

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MONTREAL, April 16, 2024 (GLOBE NEWSWIRE) — Osisko Metals Incorporated (the “Company” or “Osisko Metals“) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce preliminary metallurgical and grindability testwork results from the Gaspé Copper Project located near Murdochville in the Gaspé peninsula in Québec. Testwork was performed on eighteen composite samples of mineralized drill core from selected intersections of the 2023 drill program at Copper Mountain, and employed a conventional copper-molybdenum flotation flowsheet and reagents.

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Highlights

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• Copper recoveries averaged 91.9% from nineteen bulk Cu-Mo locked-cycle flotation tests (including one composite sample) and averaged 94.2% from three locked-cycle Cu-Mo separation tests.
• Copper concentrate grades averaged 24.1% Cu from nineteen bulk Cu-Mo locked-cycle flotation tests and averaged 28.0% Cu from three locked-cycle Cu-Mo separation tests.
• Molybdenum recoveries averaged 84.3% and concentrate grades averaged of 1.18% Mo from nineteen locked-cycle Cu-Mo bulk tests. Molybdenum recoveries averaged 72.3% and concentrate grades averaged of 0.85% Mo from three bulk Cu-Mo locked-cycle Cu-Mo separation test. Molybdenum stage recoveries average 87.2% and concentrate grade averaged 58.8% Mo. The overall combined molybdenum recoveries averaged 65.2%.
• Silver recoveries averaged 71.1% from nineteen bulk Cu-Mo locked-cycle flotation tests and averaged 71.8% from the three locked-cycle Cu-Mo separation tests, with concentrate grades averaging 120 g/t Ag for all locked-cycle tests.
• Eighteen grindability tests produced an average Bond Rod Mill Work index (RWi) of 13.8 kWh/t and an average Bond Ball Mill Work Index (BWi) of 10.5 kWh/t, indicating average hardness of mineralized material.

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Robert Wares, CEO and Chairman of the Board, commented: “Preliminary testwork on Copper Mountain material has produced excellent numbers. At approximately 92% average copper recoveries and 65% molybdenum recoveries, these results indicate that Gaspé Copper should produce both copper and molybdenum concentrates with excellent metal grades and a payable silver credit added to the copper concentrate. These results have surpassed expectations relative to historical numbers from past production at Copper Mountain and will provide positive input into ongoing PEA work. Pending multi-element analyses of final concentrates will provide trace element data that will establish if any smelter penalty thresholds are reached, and this additional information will be disclosed as soon as possible. Work on the updated Mineral Resource Estimate (MRE) for Copper Mountain is also progressing well and we expect to release the new MRE in the coming weeks.”

Metallurgical Testwork

A bench-scale metallurgical test work program was undertaken at Base Metallurgical Laboratories located in Kamloops British Columbia. The testwork program included:

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1) Sample Characterization;
2) Grindability;
3) Conventional flotation flowsheet and reagent schemes;
4) Batch and locked-cycle Cu-Mo bulk flotation tests to produce copper (Cu) and molybdenum (Mo) concentrates;
5) Composite Cu-Mo bulk flotation followed by Cu-Mo separation tests;
6) Head grades tested ranged from 0.21% to 0.90% copper, 44 to 1347 g/t molybdenum and 0.9 to 5.0 g/t silver;

Sample Selection

Eighteen composite samples, totaling of 1100 kg, produced from drill core providing a suitable range of copper grades were selected for metallurgical testing. Head assays for the eighteen composite samples ranged from 0.21% to 0.90% copper, 44 to 1347 g/t molybdenum, 0.9 to 5.0 g/t silver and 0.01 to 0.07 g/t gold. Table 1 provides drill hole intervals and composite head grades for the metallurgical samples:

Table 1 – Details of Metallurgical Sample Selection

Metallurgical Sample #	Hole ID	Interval From (m) -To (m)	Cu %	Mo (g/t)	Ag (g/t)
MGMET23-01	30-1005	225.0 – 244.5	0.43	49	2.5
MGMET23-02	30-1005	868.5 – 891.0	0.90	721	4.6
MGMET23-03	30-1003	388.5 – 405.0	0.38	21	4.0
MGMET23-04	30-1003	717.0 – 744.0	0.52	1347	3.5
MGMET23-05	30-1003	1171.5 – 1191.0	0.26	122	1.1
MGMET23-06	30-1012	513.0 – 531.0	0.47	152	2.2
MGMET23-07	30-1006	547.5 – 565.5	0.32	197	1.2
MGMET23-08	30-1008	546.0 – 564.0	0.47	486	3.2
MGMET23-09	30-1011	424.5 – 442.5	0.47	247	1.3
MGMET23-10	30-1024	702.0 – 717.0	0.29	272	0.9
MGMET23-11	30-1021A	388.5 – 408.0	0.33	312	1.4
MGMET23-12	30-1019	412.5 – 429.0	0.23	163	1.4
MGMET23-13	30-995	351.0 – 369.0	0.22	66	2.1
MGMET23-14	30-999	741.0 – 765.0	0.31	300	1.6
MGMET23-15	30-984	273.0 – 291.0	0.21	63	1.2
MGMET23-16	30-988	235.5 – 253.3	0.30	111	1.9
MGMET23-17	30-979	216.5 – 236.0	0.39	125	5.0
MGMET23-18	30-993	199.5 – 217.5	0.22	44	1.5

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Testing Procedures

Composites were created based on the selected drill core intervals (Table 2). Once created each composite was stage crushed to nominal 1.5 inch (3.8 cm), representative mass was split out for SMC testing at the -31.5 mm and +26.5 mm range. Once SMC testing was completed the products were returned and the composites were again stage crushed to -½ inch (-1.3 cm) where 15 kg was removed for Rod Mill Work Index testing. The remaining mass was stage-crushed to -6 mesh. The crushed material was blended and split into 24 kg sub-lots, each sub-lot was rotary split into 2 kg charges. A single test charge was riffle split to remove 250 g for head assay. The head cuts were pulverized to 80% passing 75 µm.

Metallurgical samples comprising drill core were crushed, split and sub-sampled for comminution testwork and head assays. Samples were wet-grinded in a closed batch mill at 65% solids targeting the required grind size. Ground samples were discharged into a flotation cell and pulp-level adjusted to the appropriate volume and density for flotation testing. The pulp was conditioned with reagents before beginning flotation. A series of open-circuit batch rougher and cleaner flotation tests were undertaken to optimize flotation conditions prior to operating locked-cycle flotation tests. The combined rougher concentrate was dewatered ahead of regrinding while retaining the process water for the cleaner stage. The rougher concentrate was reground to a target size with the regrind discharge size confirmed by laser particle sizing. The reground product was cleaned in successive dilution stages. The final concentrate and intermediate tails were filtered and dried separately in a low temperature oven before assaying.

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The general approach to locked cycle testing was conducted as per the batch tests. Each cycle test was completed with 5 cycles, the rougher and 1^st cleaner were completed open circuit, the intermediate cleaner tailings were recirculated to the feed of each subsequent stage for the following cycle; that is the 3^rd cleaner tailing of cycle A was recirculated to the 2^nd cleaner Feed of cycle B, the 2^nd cleaner tail A was recirculated to the feed of the 1^st cleaner Feed B. This process continued for cycles C, D and E. All final products and final intermediate streams were filtered, dried, and assayed for metallurgical balancing. Locked cycle testing provides a methodology to best estimate steady-state metallurgical projections for a full-scale operation.

Reagents used for bulk Cu-Mo flotation included lime, potassium amyl xanthate (PAX), 3418A, and methyl isobutyl carbinol (MIBC). Nitrogen sparging, fuel oil, sodium hydrosulfide (NaHS) and MIBC were used for Cu-Mo separation.

Analysis was completed on pulverized sample splits using wet digestion methods for copper, molybdenum and silver. In each case, the samples were digested by a strong oxidization using a combination of Aqua-Regia, potassium chlorate and bromine. Copper was analyzed using atomic adsorption (AA) spectroscopy, and molybdenum and silver by inductively coupled plasma – optical emission spectroscopy (ICP-OES).

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Metallurgical tests assay quality is evaluated by producing material balances of all products reconciled head which is compared to the direct head for all elements in consideration.

Grindability

Grindability tests were performed on each of the metallurgical samples. The average SMC Axb value was 46.6, average Bond Ball Mill Work index (BWi) was 10.49 kWh/t, average Rod Mill Work Index (RWi) was 13.89 kWh/t and average Abrasion index (Ai) was 0.384.

Batch Flotation Tests

A composite sample was initially tested with average copper grade to determine the optimal grind size for further flotation tests. Four (4) grind sizes ranging from 80% passing (P₈₀) of 66 microns to 125 microns were tested. P₈₀ of 75 microns was selected as the primary grind size for further testing.

Bulk Cu-Mo Locked-Cycle Flotation

Cu-Mo locked cycle tests (LCT) were performed at a grind size of 75 microns for the rougher stage with regrind to a target of 30 microns for the cleaner stages. Table 2 shows the bulk Cu-Mo concentrate grades and recovery results. Copper concentrate grades ranged from 17.1% to 30.9% with recoveries ranging from 86.1% to 95.7%. Molybdenum grades ranged from 0.08% to 2.74% with recoveries ranging from 75.7% to 92.3%.

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Table 2. Bulk Cu-Mo LCT Results

Test ID	Sample ID	Concentrate grade			Recovery (%)
		Cu %	Mo %	Ag (g/t)	Cu	Mo	Ag
LCT25	LOM Comp	20.6	0.74	98	94.5	83.6	75.6
LCT66	MGMET23-01	30.4	0.35	182	94.5	88.2	85.3
LCT49	MGMET23-02	22.9	1.81	80	94.8	85.8	78.1
LCT59	MGMET23-03	24.0	0.08	193	93.3	76.3	84.4
LCT67	MGMET23-04	17.1	1.25	96	96.5	93.1	78.2
LCT60	MGMET23-05	25.5	1.06	64	95.1	85.0	66.5
LCT50	MGMET23-06	23.1	0.63	48	87.2	82.3	42.6
LCT61	MGMET23-07	24.8	1.57	47	94.6	89.8	60.4
LCT62	MGMET23-08	24.5	2.74	115	93.8	92.8	71.1
LCT51	MGMET23-09	24.8	1.17	40	92.0	86.5	47.8
LCT52	MGMET23-10	23.0	2.53	71	86.1	88.0	62.7
LCT65	MGMET23-11	17.1	1.12	67	87.1	75.7	74.0
LCT53	MGMET23-12	19.9	1.42	99	87.4	84.8	67.1
LCT56	MGMET23-13	25.3	0.61	165	90.1	79.6	70.2
LCT64	MGMET23-14	24.5	1.68	102	95.7	81.3	72.2
LCT57	MGMET23-15	29.3	1.10	139	90.4	84.3	76.2
LCT68	MGMET23-16	21.7	0.84	120	91.3	80.5	76.2
LCT54	MGMET23-17	28.0	0.75	334	94.7	75.4	86.8
LCT55	MGMET23-18	30.9	1.05	205	87.8	89.2	77.2
Average:		24.1	1.18	119	91.9	84.3	71.1

Cu-Mo Separation

To produce molybdenum concentrates, due to the low feed concentrations, metallurgical samples were combined to produce three larger composite samples (low-, medium- and high-grade copper samples) for batch bulk flotation tests and subsequent Cu-Mo separation testing. Table 3 shows the composite sample head grades. Copper head grades ranged from 0.26% to 0.55%, molybdenum grades ranged from 135 to 234 g/t and silver head were consistently 2.2 g/t.

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Table 3. Composite Sample Assays for Cu-Mo Separation Tests

Composite Sample	Metallurgical Samples	Head Grades
		Cu %	Mo (g/t)	Ag (g/t)
	MGMET23-02, MGMET23-06,
1	MGMET23-09	0.551	1981	2.21
	MGMET23-03, MGMET23-05,
	MGMET23-07, MGMET23-08,
2	MGMET23-11, MGMET23-14,	0.32	234	2.2
	MGMET23-16
	MGMET23-10, MGMET23-12,
3	MGMET23-13, MGMET23-15,	0.26	135	2.2
	MGMET23-17, MGMET23-18

¹ Calculated head grade

Multiple large batch flotation tests were performed for each composite sample to produce bulk Cu-Mo concentrates followed by Cu-Mo separation tests. Three Cu-Mo separation locked-cycle tests were performed at a grind size of 30 microns for the rougher stage with regrind to a target of 15 microns for the cleaner stages. Table 4 shows final copper concentrate grades and recoveries for the locked-cycle tests. Copper grade ranged from 22.2% to 30.9% with recoveries ranging from 92.3% to 96.6%.

Table 4. Copper Concentrate Assays and Recoveries

Composite Sample	Assay			Recoveries %
	Cu %	Mo %	Ag (g/t)	Cu	Mo	Ag
1 2 3	30.9 22.2 28.6	0.1 0.1 0.1	92 76 162	96.6 92.3 92.7	8.1 9.1 9.5	70.1 58.2 75.5

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Table 5 shows final molybdenum concentrate grades and recoveries for the locked-cycle tests. Molybdenum grade ranged from 55.7% to 60.7% with recoveries ranging from 57.7% to 70.7%.

Table 5. Molybdenum Concentrate Assays and Recoveries

Composite Sample	Assay			Recoveries %
	Cu, %	Mo, %	Ag (g/t)	Cu	Mo	Ag
1 2 3	0.35 1.03 0.55	60.0 55.7 60.7	29 33 48	0.01 0.08 0.02	57.7 67.3 70.7	0.3 0.5 0.3

Full multi-element analyses of final concentrates are pending and further testing is planned during 2024 to further optimize metallurgical performance.

Qualified Person

Christian Laroche is a consultant for Synectiq Inc. and the independent Qualified Person (“QP”) responsible for the technical data related to all testing reported in this press release. Mr. Laroche is a registered member of the Ordre des Ingénieurs du Québec.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space, more specifically copper and zinc. The Company is a joint venture partner with Appian Capital Advisory LLP for the advancement of one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories, for which the 2022 PEA (as defined herein) has indicated an after-tax NPV of C$602 million and an IRR of 25%, based on long-term zinc price of US$1.37/lb and the current mineral resource estimates that are amenable to open pit and shallow underground mining. The current mineral resource estimate in the 2022 PEA consists of 15.7 Mt grading 5.55% ZnEq of Indicated Mineral Resources and 47.2 Mt grading 5.94% ZnEq
of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada” dated August 26, 2022 (with an effective date of July 30, 2022), which was prepared for Osisko Metals and PPML by representatives of BBA Engineering Inc., HydroRessources Inc., PLR Resources Inc. and WSP Canada Inc. (the “2022 PEA”). Please refer to the full text of the 2022 PEA, a copy of which is available on SEDAR (www.sedar.com) under the Osisko Metals’ issuer profile, for the assumptions, methodologies, qualifications and limitations described therein. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, with paved highway access, an electrical substation, as well as 100 kilometres of viable haulage roads.

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In addition, the Company also acquired in July 2023, from Glencore Canada Corporation, a 100% interest in the past-producing Gaspé Copper Mine, located near Murdochville in the Gaspé peninsula of Québec. The Company is currently focused on resource evaluation of the Mount Copper Deposit that hosts (in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects) an Inferred Mineral Resource of
456Mt grading 0.31% Cu (see April 28, 2022 news release of Osisko Metals entitled “Osisko Metals Announces Maiden Resource at Gaspé Copper – Inferred Resource of 456 Mt Grading 0.31% Copper”). Gaspé Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.

For further information on this news release, visit www.osiskometals.com or contact:

Robert Wares, Chairman & CEO of Osisko Metals Incorporated

Email: info@osiskometals.com
www.osiskometals.com

Follow Osisko Metals on Facebook at https://www.facebook.com/osiskometals/, on LinkedIn at https://www.linkedin.com/company/osiskometals/, and on X at https://twitter.com/osiskometals.

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Cautionary Statement on Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking information pertaining to the Pine Point and Gaspé Copper Projects, including, among other things, the results of the 2022 PEA on Pine Point and the IRR, NPV and estimated costs, production, production rate and mine life; the ability to identify additional resources and reserves (if any) and exploit such resources and reserves on an economic basis; the expected high quality of the metal concentrates; the potential economic impact of the projects on local communities, including but not limited to the potential generation of tax revenues and contribution of jobs; the timing and ability for Projects to reach construction decision (if at all); the estimated costs to take the Projects to construction decision (if at all) and the impact to the Company of the disposition of ownership interest and control in the Pine Point Project, which is a material property of the Company; Gaspé Copper hosting the largest undeveloped copper resource in Eastern North America and Glencore becoming a Control Person of the Company.

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Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: favourable equity and debt capital markets; the ability and timing for the Pine Point joint-venture parties to fund cash calls to advance the development of the Pine Point Project and pursue planned exploration and development; future spot prices of copper, zinc, lead and molybdenum; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public disclosure record on SEDAR (www.sedar.com) under Osisko Metals’ issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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11 a.m.

What’s next?

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In the immediate future, Bank of Canada Governor Tiff Macklem will be speaking alongside his American counterpart, Federal Reserve chair Jerome Powell, at an event in Washington on Tuesday afternoon. The central bankers will share their perspectives on the economic outlook and their approaches to monetary policy, among other topics.

Also today, the federal government will table its budget for the 2024-25 fiscal year, which should shed light on whether Ottawa’s spending initiatives are working at cross-purposes with the Bank of Canada’s efforts to tame inflation.

In an interview with The Globe last week, Mr. Macklem said higher spending in recent provincial budgets was “not making it any easier to get inflation down to our 2-per-cent target.”

The next inflation report will be published on May 21. It will be the final CPI release before the Bank of Canada’s next rate decision on June 5. Economists and investors will be eyeing this report closely for any indications of how the central bank will react – and particularly, whether it will lower interest rates from 5 per cent.

– Matt Lundy

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10:25 a.m.

Gasoline prices continue to slow Canada’s march toward lower inflation

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Gasoline prices remain a thorn in the side of consumers and the Bank of Canada. Higher prices at the pump were the main contributor to the annual inflation rate accelerating to 2.9 per cent in March, up from 2.8 per cent in February.

Canadians paid on average 4.5 per cent more at gas stations last month compared with March of 2023. The increase from February to March of this year was even steeper, with prices climbing 4.9 per cent on a monthly basis.

To understand those numbers, it helps to zoom out and look at price fluctuations over the course of the past eight months. Gasoline prices started falling from around $1.68 a litre around the start of September last year and continued on that downward trend for the rest of 2023, according to data from GasBuddy, which tracks real-time prices at the pump.

That decline reflected weak global energy demand amid higher interest rates, slow growth in China and relatively high inventories of both oil and gasoline in the United States, among other factors. And those tumbling gasoline prices helped contain Canada’s overall inflation rate during the latter part of 2023.

Since around the start of this year, though, the trend has reversed. Gasoline prices have staged sizable month-over-month gains as a variety of factors put upward pressure on oil prices. For one, the OPEC+ group of oil-exporting countries has said it will extend voluntary supply cuts into the April-to-June part of the year, a move intended to support crude prices.

There are also continued concerns over risks to the global energy supply from Russia’s ongoing attack on Ukraine and, more recently, the Israel-Hamas war.

In the latest geopolitical tit-for-tat that reverberated across energy markets, the price of Brent crude – a key international benchmark – at first rose and then fell as Iran staged its first direct attack on Israel over the weekend. Oil prices had climbed in anticipation of the Iranian strike, which saw the country fire more than 300 missiles and drones against Israel in retaliation for the recent Israeli bombing of an Iranian consular building in Syria.

Crude prices then slipped lower on Monday after news that Israel and its allies had thwarted the attack, which resulted in no fatalities. Tehran had also announced its unprecedented strike and portrayed it as a one-off response, which helped assuage concerns about the risk of a wider conflict in the region.

As of Tuesday morning, however, Israel had yet to rule out a high-stakes response to Tehran’s attack.

For Canadians, the implications of a sizable and sustained rise in oil prices go beyond pain at the pump. During its most recent interest rate announcement on April 10, the Bank of Canada warned that escalating global tensions could boost energy prices and worsen international shipping disruptions, keeping overall inflation higher for longer.

– Erica Alini

---

9:45 a.m.

How economists are reacting to today’s inflation report

Here’s a sampling of how economists are reacting:

Olivia Cross, North America economist, Capital Economics

The March CPI data showed the third consecutive month of muted gains in the Bank of Canada’s preferred core inflation measures, suggesting that there is a growing chance of the bank cutting interest rates at its next meeting in early June.

The bank will not be too concerned by the modest rebound in headline inflation to 2.9 per cent, from 2.8 per cent, which was partly due to higher gasoline prices and also unfavourable base effects. The much more important news is that both CPI-trim and CPI-median rose by just 0.1 per cent m/m on a seasonally adjusted basis for the third month running. That took the average annual rate down to 2.9 per cent, within the 1-3 per cent target range for headline inflation for the first time since June, 2021. The three-month annualized rates showed an even more dramatic easing, falling to just 1.3 per cent. Governor Tiff Macklem said at the most recent Bank of Canada meeting that “we are seeing what we need to see, but we need to see it for longer,” and the March inflation data certainly fit with the trend of downward momentum in core inflation seen so far this year. The bank will probably want to see the same again in the April CPI data, which will be released before the bank’s next meeting, although a modest pick-up in the average monthly gain seems unlikely to prevent a cut in June.

Royce Mendes, managing director and head of macro strategy, Desjardins Securities

When Macklem said he wanted to see more of what he had seen in January and February, this type of release was exactly what he was looking for. As a result, we are retaining our call for a rate cut in June. That said, co-operation from the federal government this afternoon and the next CPI release will both be key in seeing that forecast materialize.

Douglas Porter, chief economist, BMO Capital Markets

It seems strange that a near-3 per cent headline inflation result, coupled with a 0.6 per cent monthly rise, would pass off as good inflation news these days. But the steady cooling in core inflation is welcome news indeed, with now three of the four measures of core below 3 per cent for the first time since the summer of 2021. For the Bank of Canada, this result is likely just good enough to keep them on track for a potential trim in June. We’ll get one more CPI before that decision, as well as Q1 GDP — and today’s federal budget of course — but odds are leaning to a June move for now.

Dominique Lapointe, director of macro strategy, Manulife Investment Management

All in all, this report suggests that the reinflation happening in the U.S. has not yet translated to Canada, leaving the institution a clear path to cut rates in June. It is also worth reminding the more precarious situation of Canadian households relative to the U.S., leaving us also anticipating more regular cuts in Canada (4) as opposed to the Fed this year.

Read the full roundup of economist reaction.

– Darcy Keith

---

9:32 a.m.

Here’s a list of March inflation rates for Canadian provinces

Here’s what happened in the provinces (previous month in brackets):

• Newfoundland and Labrador: 3.1 per cent (2.0)
• Prince Edward Island: 2.6 per cent (1.5)
• Nova Scotia: 3.3 per cent (2.8)
• New Brunswick: 2.6 per cent (2.1)
• Quebec: 3.6 per cent (3.3)
• Ontario: 2.6 per cent (2.4)
• Manitoba: 0.8 per cent (0.9)
• Saskatchewan: 1.5 per cent (1.7)
• Alberta: 3.5 per cent (4.2)
• British Columbia: 2.7 per cent (2.6)

– The Canadian Press

---

9:22 a.m.

Here’s a list of March inflation rates for selected Canadian cities

Canada’s annual inflation rate was 2.9 per cent in March, Statistics Canada says. The agency also released rates for major cities, but cautioned that figures may have fluctuated widely because they are based on small statistical samples (previous month in brackets):

• St. John’s, N.L.: 3.8 per cent (2.5)
• Charlottetown-Summerside: 2.5 per cent (1.3)
• Halifax: 3.6 per cent (3.4)
• Saint John, N.B.: 2.7 per cent (2.3)
• Quebec City: 3.4 per cent (3.3)
• Montreal: 4.1 per cent (3.4)
• Ottawa: 2.1 per cent (1.8)
• Toronto: 3.1 per cent (3.0)
• Thunder Bay, Ont.: 2.3 per cent (2.2)
• Winnipeg: 1.0 per cent (1.0)
• Regina: 1.9 per cent (2.0)
• Saskatoon: 1.8 per cent (2.1)
• Edmonton: 3.3 per cent (4.2)
• Calgary: 4.2 per cent (5.1)
• Vancouver: 2.8 per cent (2.9)
• Victoria: 2.3 per cent (2.5)
• Whitehorse: 2.4 per cent (2.5)
• Yellowknife: 2.2 per cent (1.7)
• Iqaluit: 2.2 per cent (3.1)

– The Canadian Press

---

9:15 a.m.

Inflation highlights: Consumers see food prices drop, but rent prices rise

Open this photo in gallery:

Here are some highlights from the report:

• Inflation has calmed in the supermarket aisle. The year-over-year price increase for food purchased from stores was 1.9 per cent in March, down from 2.4 per cent in February. Grocery inflation peaked at more than 11 per cent in late 2022 and early 2023.
• In some cases, consumers are seeing outright price declines for some food. Fresh fruit has dropped 2.5 per cent in price over the past year, according to Statscan, while bread has fallen 2.8 per cent.
• Rents are a significant challenge. Those costs have risen 8.5 per cent over the past year. Rents have jumped 14.2 per cent in Alberta, which is seeing a large wave of migration to the province of late. In New Brunswick and Newfoundland, rents have increased 11 per cent on an annual basis.
• On a three-month annualized basis, the Bank of Canada’s preferred measures of core inflation have slowed to an average of 1.3 per cent, suggesting that price pressures have eased significantly in recent months.

– Matt Lundy

---

8:58 a.m.

Traders raise bets on Bank of Canada rate cut after Tuesday’s inflation report

Traders immediately raised their bets that the Bank of Canada will soon cut interest rates as today’s inflation report was released.

Implied probabilities in the swaps market now show 57 per cent odds of the bank cutting interest rates in June, up from 43 per cent, according to Refinitiv Eikon data. The odds of a cut have increased to about 83 per cent for the July monetary policy decision, up from 72 per cent. Money markets are pricing in a full 50 basis points of easing by this October.

How economists and market bets for rate cuts reacted to today’s inflation report

The weaker-than-expected core readings immediately sparked heavy rounds of trading in bond and forex markets. The Canadian dollar fell about a quarter of a cent against the U.S. dollar to about 72.40 US cents. The Canada two-year bond yield fell about 10 basis points to 4.220 per cent, although that’s nearly flat for the session. U.S. Treasuries, which set much of the direction for Canadian bonds, are having a quiet morning and are largely directionless so far.

– Darcy Keith

---

8:50 a.m.

The new inflation numbers

Open this photo in gallery:

Canada’s inflation rate ticked higher in March, in large part because of higher gasoline prices last month.

The Consumer Price Index rose at an annual rate of 2.9 per cent last month, edging up from 2.8 per cent in February, Statistics Canada said Tuesday in a report. The result matched expectations on Bay Street.

Gas prices rose 4.5 per cent in March, year over year. So far in April, they’ve continued to rise, posing a challenge for central bankers as they try to wrestle inflation back down to 2 per cent. Excluding gas, the CPI rose at an annual pace of 2.8 per cent, down from 2.9 per cent in February.

Shelter is another thorn for the Bank of Canada. Those prices rose 6.5 per cent, year over year, owing to higher mortgage rates, but also entrenched issues of housing supply shortages across the country.

Tuesday’s report was the first of two before the Bank of Canada makes its next interest rate decision in June. Governor Tiff Macklem has said the central bank is encouraged by the progress it’s seeing with easing inflation, but that it needs to see this trend play out longer before it opts to lower its benchmark interest rate from 5 per cent.

The Bank of Canada’s core measures of inflation – which strip out volatile movements in the CPI – rose at an average annual rate of 2.95 per cent in March, down from 3.1 per cent in February.

– Matt Lundy

---

8:30 a.m.

Canada’s inflation rate ticked up to 2.9 in March: Statscan

Canada’s inflation rate ticked higher in March, as expected. The Consumer Price Index rose at an annual rate of 2.9 per cent last month, edging up from 2.8 per cent in February. The result matched expectations on Bay Street.

– Matt Lundy

---

7:40 a.m.

Markets ahead of March’s inflation report

Futures for Canada’s main stock index tumbled on Tuesday as oil and metal prices ticked lower, with investors wary ahead of a key domestic inflation reading and ongoing Middle East tensions.

June futures on the S&P/TSX index were down 0.7 per cent at 6:43 a.m. ET, mirroring losses in their Wall Street counterparts.

Premarket: TSX futures fall as commodities dip; investors eye key inflation data

Energy shares could see another session of decline as oil edged lower after easing supply concern and escalating Middle East tensions offset data showing faster than expected growth in China’s economy.

Spot gold prices also fell amid high U.S. Treasury yields, while most non-ferrous metals dipped on a stronger dollar and disappointing economic data from China.

A monthly reading of the consumer prices index (CPI) in Canada is on the radar, which will have investors adjusting their bets on the timing of interest rate cuts by the Bank of Canada in the year.

The dataset follows BoC Governor Tiff Macklem’s hint that the central bank was open to commencing the easing cycle in June if the recent cooling trend in inflation was sustained.

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.7 per cent lower on Monday, its lowest closing level in over a month. The sell-off was driven by climbing long-term borrowing costs and investor worry that the country’s federal budget, due on Tuesday at 4:00 p.m. ET, would propose raising taxes and re-apportion money.

– Reuters

---

7 a.m.

March inflation report to be released today

Open this photo in gallery:

After two months of subdued inflation readings, progress could be tough to find in the next Consumer Price Index report, published on Tuesday morning.

Financial analysts expect the annual inflation rate ticked up to 2.9 per cent in March from 2.8 per cent in February, partly owing to an increase in gasoline prices. According to data from Kalibrate Technologies, the national average price of regular unleaded gas was nearly 6 per cent higher at the end of March, compared with the end of February. Gas prices have continued to rise in April.

The CPI report is the first of two before the Bank of Canada’s next interest rate decision in June. It could prove highly influential in whether the central bank opts to lower its policy rate from 5 per cent. As of now, traders see it as roughly a 50-50 chance that rates are lowered, but those expectations should shift as new data come in.

At last week’s decision, where rates were held steady, Bank of Canada Governor Tiff Macklem said he was encouraged by recent progress to tame inflation, but that he needs to see it for longer. He did, however, say a June rate cut was a possibility.

“We don’t want to leave monetary policy this restrictive longer than we need to,” he said. “But if we lower our policy interest rate too early or cut too fast, we could jeopardize the progress we’ve made bringing inflation down.”

In January and February, inflation numbers came in lower than expected. The Bank of Canada now expects annual CPI growth to average 2.8 per cent in the first quarter, down from a previous estimate of 3.2 per cent.

The central bank expects inflation to linger around 3 per cent over the first half of the year, in part because of rising gas prices. The bank has said that geopolitical tensions in the Middle East and Ukraine could affect commodity prices, amounting to an upside risk for the inflation outlook.

The Bank of Canada expects inflation to ease below 2.5 per cent in the second half of the year, then return to its 2-per-cent target in 2025.

“Inflation may have heated up slightly in March, but that is unlikely to offset all of the better-than-expected progress seen in the first two months of the year,” Andrew Grantham, senior economist at CIBC Capital Markets, said in a research note.

– Matt Lundy

---

---

9:45 a.m.

How economists are reacting to today’s inflation report

Here’s a sampling of how economists are reacting:

Olivia Cross, North America economist, Capital Economics

The March CPI data showed the third consecutive month of muted gains in the Bank of Canada’s preferred core inflation measures, suggesting that there is a growing chance of the bank cutting interest rates at its next meeting in early June.

The bank will not be too concerned by the modest rebound in headline inflation to 2.9 per cent, from 2.8 per cent, which was partly due to higher gasoline prices and also unfavourable base effects. The much more important news is that both CPI-trim and CPI-median rose by just 0.1 per cent m/m on a seasonally adjusted basis for the third month running. That took the average annual rate down to 2.9 per cent, within the 1-3 per cent target range for headline inflation for the first time since June, 2021. The three-month annualized rates showed an even more dramatic easing, falling to just 1.3 per cent. Governor Tiff Macklem said at the most recent Bank of Canada meeting that “we are seeing what we need to see, but we need to see it for longer,” and the March inflation data certainly fit with the trend of downward momentum in core inflation seen so far this year. The bank will probably want to see the same again in the April CPI data, which will be released before the bank’s next meeting, although a modest pick-up in the average monthly gain seems unlikely to prevent a cut in June.

Royce Mendes, managing director and head of macro strategy, Desjardins Securities

When Macklem said he wanted to see more of what he had seen in January and February, this type of release was exactly what he was looking for. As a result, we are retaining our call for a rate cut in June. That said, co-operation from the federal government this afternoon and the next CPI release will both be key in seeing that forecast materialize.

Douglas Porter, chief economist, BMO Capital Markets

It seems strange that a near-3 per cent headline inflation result, coupled with a 0.6 per cent monthly rise, would pass off as good inflation news these days. But the steady cooling in core inflation is welcome news indeed, with now three of the four measures of core below 3 per cent for the first time since the summer of 2021. For the Bank of Canada, this result is likely just good enough to keep them on track for a potential trim in June. We’ll get one more CPI before that decision, as well as Q1 GDP — and today’s federal budget of course — but odds are leaning to a June move for now.

Dominique Lapointe, director of macro strategy, Manulife Investment Management

All in all, this report suggests that the reinflation happening in the U.S. has not yet translated to Canada, leaving the institution a clear path to cut rates in June. It is also worth reminding the more precarious situation of Canadian households relative to the U.S., leaving us also anticipating more regular cuts in  Canada (4) as opposed to the Fed this year.

Read the full roundup of economist reaction.

– Darcy Keith

---

9:32 a.m.

Here’s a list of March inflation rates for Canadian provinces

Here’s what happened in the provinces (previous month in brackets):

• Newfoundland and Labrador: 3.1 per cent (2.0)
• Prince Edward Island: 2.6 per cent (1.5)
• Nova Scotia: 3.3 per cent (2.8)
• New Brunswick: 2.6 per cent (2.1)
• Quebec: 3.6 per cent (3.3)
• Ontario: 2.6 per cent (2.4)
• Manitoba: 0.8 per cent (0.9)
• Saskatchewan: 1.5 per cent (1.7)
• Alberta: 3.5 per cent (4.2)
• British Columbia: 2.7 per cent (2.6)

– The Canadian Press

---

9:22 a.m.

Here’s a list of March inflation rates for selected Canadian cities

Canada’s annual inflation rate was 2.9 per cent in March, Statistics Canada says. The agency also released rates for major cities, but cautioned that figures may have fluctuated widely because they are based on small statistical samples (previous month in brackets):

• St. John’s, N.L.: 3.8 per cent (2.5)
• Charlottetown-Summerside: 2.5 per cent (1.3)
• Halifax: 3.6 per cent (3.4)
• Saint John, N.B.: 2.7 per cent (2.3)
• Quebec City: 3.4 per cent (3.3)
• Montreal: 4.1 per cent (3.4)
• Ottawa: 2.1 per cent (1.8)
• Toronto: 3.1 per cent (3.0)
• Thunder Bay, Ont.: 2.3 per cent (2.2)
• Winnipeg: 1.0 per cent (1.0)
• Regina: 1.9 per cent (2.0)
• Saskatoon: 1.8 per cent (2.1)
• Edmonton: 3.3 per cent (4.2)
• Calgary: 4.2 per cent (5.1)
• Vancouver: 2.8 per cent (2.9)
• Victoria: 2.3 per cent (2.5)
• Whitehorse: 2.4 per cent (2.5)
• Yellowknife: 2.2 per cent (1.7)
• Iqaluit: 2.2 per cent (3.1)

– The Canadian Press

---

9:15 a.m.

Inflation highlights: Consumers see food prices drop, but rent prices rise

Open this photo in gallery:

Here are some highlights from the report:

• Inflation has calmed in the supermarket aisle. The year-over-year price increase for food purchased from stores was 1.9 per cent in March, down from 2.4 per cent in February. Grocery inflation peaked at more than 11 per cent in late 2022 and early 2023.
• In some cases, consumers are seeing outright price declines for some food. Fresh fruit has dropped 2.5 per cent in price over the past year, according to Statscan, while bread has fallen 2.8 per cent.
• Rents are a significant challenge. Those costs have risen 8.5 per cent over the past year. Rents have jumped 14.2 per cent in Alberta, which is seeing a large wave of migration to the province of late. In New Brunswick and Newfoundland, rents have increased 11 per cent on an annual basis.
• On a three-month annualized basis, the Bank of Canada’s preferred measures of core inflation have slowed to an average of 1.3 per cent, suggesting that price pressures have eased significantly in recent months.

– Matt Lundy

---

8:58 a.m.

Traders raise bets on Bank of Canada rate cut after Tuesday’s inflation report

Traders immediately raised their bets that the Bank of Canada will soon cut interest rates as today’s inflation report was released.

Implied probabilities in the swaps market now show 57 per cent odds of the bank cutting interest rates in June, up from 43 per cent, according to Refinitiv Eikon data. The odds of a cut have increased to about 83 per cent for the July monetary policy decision, up from 72 per cent. Money markets are pricing in a full 50 basis points of easing by this October.

How economists and market bets for rate cuts reacted to today’s inflation report

The weaker-than-expected core readings immediately sparked heavy rounds of trading in bond and forex markets. The Canadian dollar fell about a quarter of a cent against the U.S. dollar to about 72.40 US cents. The Canada two-year bond yield fell about 10 basis points to 4.220 per cent, although that’s nearly flat for the session. U.S. Treasuries, which set much of the direction for Canadian bonds, are having a quiet morning and are largely directionless so far.

– Darcy Keith

---

8:50 a.m.

The new inflation numbers

Open this photo in gallery:

Canada’s inflation rate ticked higher in March, in large part because of higher gasoline prices last month.

The Consumer Price Index rose at an annual rate of 2.9 per cent last month, edging up from 2.8 per cent in February, Statistics Canada said Tuesday in a report. The result matched expectations on Bay Street.

Gas prices rose 4.5 per cent in March, year over year. So far in April, they’ve continued to rise, posing a challenge for central bankers as they try to wrestle inflation back down to 2 per cent. Excluding gas, the CPI rose at an annual pace of 2.8 per cent, down from 2.9 per cent in February.

Shelter is another thorn for the Bank of Canada. Those prices rose 6.5 per cent, year over year, owing to higher mortgage rates, but also entrenched issues of housing supply shortages across the country.

Tuesday’s report was the first of two before the Bank of Canada makes its next interest rate decision in June. Governor Tiff Macklem has said the central bank is encouraged by the progress it’s seeing with easing inflation, but that it needs to see this trend play out longer before it opts to lower its benchmark interest rate from 5 per cent.

The Bank of Canada’s core measures of inflation – which strip out volatile movements in the CPI – rose at an average annual rate of 2.95 per cent in March, down from 3.1 per cent in February.

– Matt Lundy

---

8:30 a.m.

Canada’s inflation rate ticked up to 2.9 in March: Statscan

Canada’s inflation rate ticked higher in March, as expected. The Consumer Price Index rose at an annual rate of 2.9 per cent last month, edging up from 2.8 per cent in February. The result matched expectations on Bay Street.

– Matt Lundy

---

7:40 a.m.

Markets ahead of March’s inflation report

Futures for Canada’s main stock index tumbled on Tuesday as oil and metal prices ticked lower, with investors wary ahead of a key domestic inflation reading and ongoing Middle East tensions.

June futures on the S&P/TSX index were down 0.7 per cent at 6:43 a.m. ET, mirroring losses in their Wall Street counterparts.

Premarket: TSX futures fall as commodities dip; investors eye key inflation data

Energy shares could see another session of decline as oil edged lower after easing supply concern and escalating Middle East tensions offset data showing faster than expected growth in China’s economy.

Spot gold prices also fell amid high U.S. Treasury yields, while most non-ferrous metals dipped on a stronger dollar and disappointing economic data from China.

A monthly reading of the consumer prices index (CPI) in Canada is on the radar, which will have investors adjusting their bets on the timing of interest rate cuts by the Bank of Canada in the year.

The dataset follows BoC Governor Tiff Macklem’s hint that the central bank was open to commencing the easing cycle in June if the recent cooling trend in inflation was sustained.

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.7 per cent lower on Monday, its lowest closing level in over a month. The sell-off was driven by climbing long-term borrowing costs and investor worry that the country’s federal budget, due on Tuesday at 4:00 p.m. ET, would propose raising taxes and re-apportion money.

– Reuters

---

7 a.m.

March inflation report to be released today

Open this photo in gallery:

After two months of subdued inflation readings, progress could be tough to find in the next Consumer Price Index report, published on Tuesday morning.

Financial analysts expect the annual inflation rate ticked up to 2.9 per cent in March from 2.8 per cent in February, partly owing to an increase in gasoline prices. According to data from Kalibrate Technologies, the national average price of regular unleaded gas was nearly 6 per cent higher at the end of March, compared with the end of February. Gas prices have continued to rise in April.

The CPI report is the first of two before the Bank of Canada’s next interest rate decision in June. It could prove highly influential in whether the central bank opts to lower its policy rate from 5 per cent. As of now, traders see it as roughly a 50-50 chance that rates are lowered, but those expectations should shift as new data come in.

At last week’s decision, where rates were held steady, Bank of Canada Governor Tiff Macklem said he was encouraged by recent progress to tame inflation, but that he needs to see it for longer. He did, however, say a June rate cut was a possibility.

“We don’t want to leave monetary policy this restrictive longer than we need to,” he said. “But if we lower our policy interest rate too early or cut too fast, we could jeopardize the progress we’ve made bringing inflation down.”

In January and February, inflation numbers came in lower than expected. The Bank of Canada now expects annual CPI growth to average 2.8 per cent in the first quarter, down from a previous estimate of 3.2 per cent.

The central bank expects inflation to linger around 3 per cent over the first half of the year, in part because of rising gas prices. The bank has said that geopolitical tensions in the Middle East and Ukraine could affect commodity prices, amounting to an upside risk for the inflation outlook.

The Bank of Canada expects inflation to ease below 2.5 per cent in the second half of the year, then return to its 2-per-cent target in 2025.

“Inflation may have heated up slightly in March, but that is unlikely to offset all of the better-than-expected progress seen in the first two months of the year,” Andrew Grantham, senior economist at CIBC Capital Markets, said in a research note.

– Matt Lundy

---

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Toronto Stock Exchange-listed mining and exploration junior Pambili Natural Resources Corporation has set the stage for a significant leap in its development trajectory with the announcement of a non-brokered private placement of up to 2 million units, generating proceeds of C$100,000.

Rudairo Mapuranga

The move marks a pivotal moment for Pambili as it seeks to bolster its operations, particularly following the acquisition of the Golden Valley mine in Zimbabwe.

The Offering, comprising Units priced at $0.05 each, presents an enticing opportunity for investors to engage with Pambili’s growth journey. Each Unit encompasses one common share and one warrant, with the latter offering the holder the right to acquire one common share at a predetermined price within a specified timeframe. This strategic initiative is poised to infuse Pambili with the necessary financial impetus to advance its objectives.

While the participation of certain directors or officers in the Offering constitutes a “related party transaction,” Pambili is leveraging exemptions to streamline the process, ensuring compliance with regulatory standards while maintaining momentum.

The company’s CEO, Jon Harris, emphasizes the significance of this Offering as it not only garners support from insiders but also attracts attention from international investors, underlining the growing global interest in Pambili’s endeavors.

“Although the Offering is backed by insiders, there is strong support from new international investors who have been following the Pambili story with interest since our previously announced acquisition of the Golden Valley mine in Zimbabwe. Their participation in the Offering is an endorsement of our approach to provide attractive shareholder returns through the consolidation of underexplored and underdeveloped gold projects in Zimbabwe,” Harris said.

The infusion of capital from this Offering is earmarked for general working capital, underscoring Pambili’s commitment to prudent financial management and strategic allocation of resources. The Corporation’s focus on consolidating underexplored and underdeveloped gold projects in Zimbabwe aligns with its overarching objective of delivering sustainable shareholder value.

Pambili’s journey, characterized by strategic acquisitions and prudent financial management, continues to capture the imagination of investors worldwide. The allure of the Golden Valley mine, coupled with Pambili’s vision and execution prowess, positions the Corporation as a compelling investment proposition in the ever-evolving natural resources landscape. As Pambili harnesses the support of both insiders and international investors, it embarks on a transformative phase poised to unlock new avenues of growth and prosperity.

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PS: This is not the Patchway based Golden Valley mine owned by the John Mack Company.