Dundee Precious Metals Reports Wide High-Grade Intercepts from the Dumitru Potok Prospect; Results include 190 metres at 2.07% Cu, 1.23 g/t Au and 12.19 g/t Ag – Toronto Stock Exchange News Today – EIN Presswire
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A service for global professionals · Wednesday, February 19, 2025
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Canadian miner Barrick Gold has signed a new agreement with the Malian government to end an almost two-year-old dispute over its mining assets in the West African country, four people familiar with the developments told Reuters on Wednesday.
Barrick has signed the agreement and it is now up to Mali’s government to formally approve the deal, the sources told Reuters. An official announcement could come as early as Thursday. Another source said that though a deal was close, last-minute hurdles could still derail it.
The Toronto-based miner and Mali have been locked in a dispute since 2023 over the implementation of the West African country’s new mining code that gives Mali’s government a greater share in the gold mine.
As part of the new agreement, Barrick will pay a total of 275-billion CFA or $438-million to the Mali government, in return for the release of detained employees, seized gold, and restarting the operations at the Loulo-Gounkoto mine.
Barrick did not immediately respond to an email query by Reuters. A spokesperson for Mali’s mines ministry declined to comment.
The company’s shares were up 3.37% on the Toronto Stock Exchange at 2:38 p.m.
A delegation of more than 15 representatives of Malian ministries as well as the private consulting firm Iventus Mining completed a three-day inspection of Barrick’s mining complex on Wednesday, according to five sources.
Mali late last week gave Barrick a one-week deadline to restart operations, four of the sources said.
A new agreement with Mali would give a bump to Barrick’s operations at a time when the gold prices have been hitting an all-time high but investors have not seen a similar return reflected on the company’s share performance.
In an interview with Reuters earlier this month Mark Bristow, CEO Barrick said that both the company and Mali were losing on the closure of the mine, with Mali losing out on its share of the revenue with every week the mine remained shut.
He said that Barrick paid $460-million to the Mali government last year and would have contributed about $550-million to the nation’s treasury this year if operations had not been suspended.
Barrick lowered its gold output forecast this year to between 3.2-million ounces and 3.5-million ounces due to the temporary halt at the Mali mine. Barrick’s gold output was 3.9-million ounces last year and 4.1-million ounces in 2023.
Military governments in Mali, Niger and Burkina Faso are using legal disputes, arrests, and nationalisations, as well as threats to deepen their ties with Russia, to assert greater control over their gold and uranium wealth.
After seizing power in 2020, Mali’s junta pledged to scrutinise its mining sector so the state would benefit more from gold prices running at all-time highs.
Some Western miners, like Canada’s B2Gold, reached an agreement swiftly. Others, like Australia’s Resolute, whose CEO was detained while in Mali for talks, took longer.
Barrick has also launched arbitration against Mali, and it is unclear whether, in light of the new agreement, the company will drop its case.
For 2024, Mali contributed $1.07-billion in revenues for Barrick, a 1% increase from the previous year.
Mali’s industrial gold production plunged 23% year-over-year in 2024.
Perhaps shredding the rulebook that has governed global trade since the Second World War was a bit hasty, after all. This is investment reporter Tim Shufelt filling in for Scott Barlow, and today we’re focusing on what investors think of the blitzkrieg of trade warfare Donald Trump has levelled against allies and adversaries alike. We’ll also look at what has worked for fund investors over the last 20 years. Plus, have we, as a society, considered how boring it must be to be a vampire?
Traders work on the floor of the New York Stock Exchange during morning trading on Feb. 19.Michael M. Santiago/Getty Images
U.S. STOCKS
Trump’s brand of chaos has Wall Street on edge
When Donald Trump reclaimed the U.S. presidency three months ago, the consensus view was that Trump 2.0 would probably be good for the U.S. stock market. Taxes would fall, regulations would be cut, the fat cats in corporate America would be treated very well, and the market’s animal spirits would be unleashed.
But then Trump brought a whirlwind of chaos from Day One, moving quickly to neutralize the federal bureaucracy, undermine the authority of U.S. Congress over federal spending, dismantle the global rules-based system of trade, and generally stupefy the entire world with wild threats and power grabs.
The last month has been a lot for everyone to process, the corporate sector and the stock market included.
Crushing tariffs proposed against continental neighbours have reignited inflationary fears and befuddled American executives.
JP Morgan, the country’s largest bank, wondered if Trump’s policy mix might be “business unfriendly” – fighting words by Wall Street standards.
Ford Motor Co. CEO James Farley said tariffs are creating “cost and chaos” that could devastate the North American auto industry.
Billionaire hedge fund investor Ken Griffin, who also happens to be one of the Republican Party’s biggest donors, said the President’s rhetoric toward America’s closest allies is an “impediment to growth.”
Meanwhile, the rally in U.S. stocks has wobbled. Earnings are still strong, that’s not the problem. In fact, S&P 500 profits are trouncing forecasts and on track to rise by around 12 per cent, year over year.
But investors have been indifferent to a stellar earnings season. Stocks beating estimates have trailed the S&P 500 by an average of 0.1 per cent on the day of reporting earnings, according to Bloomberg Intelligence.
Since American voters made their controversial choice, the S&P 500 index is up by around 6 per cent – not at all exceptional, compared to the run in European and Chinese stocks over that time.
Let’s look a little more closely at how some non-U.S. markets have fared.
Europe
European stocks have stormed out of the gate in 2025, rising by around 11 per cent in the first six weeks of the year. This fact may strike readers as strange, for two reasons.
First, European stocks have stunk for a very long time. In the 10 years up to the end of 2024, the MSCI European Index returned an average of 2.2 per cent annually. That compares extremely unfavourably to the S&P 500, which generated an average annual return of 11.1 per cent over that time.
And second, Europe has a lot of problems. Slow growth. Lots of internal trade barriers. Political turmoil. And now the pall of Trump’s tariffs. Sound familiar?
But financially and economically, some stars are aligning. European stocks are very cheap after spending years in the wilderness. A weakened euro helps. As do continuing rate cuts.
There is also a movement underway to remove Europe’s own impediments to free trade, which former European Central Bank president Mario Draghi said are causing far more economic harm than U.S. tariffs would.
China
The Chinese government is trying to revive an economy wounded by the pandemic, an antitrust crackdown on the tech sector and a real estate crisis.
But investor sentiment seems to be improving. Year to date, the Hang Seng Index is up by 14 per cent.
Two big forces are at work here. A sweeping stimulus package announced by the Chinese government in September. And DeepSeek, a low-budget artificial intelligence app that shook up the global tech scene when it was released last month.
“DeepSeek may be stimulating an AI frenzy in China now too,” investment strategist Ed Yardeni wrote in a note to clients.
Canada
We are painfully aware of Canada’s economic shortcomings now that Trump has decided to exploit them for his benefit. But the TSX has held up relatively well even in the face of a trade war that could be devastating for the domestic economy.
Since the U.S. election, the S&P/TSX Composite Index has more or less kept pace with U.S. stocks. Ours being a globally oriented stock market, most of the TSX’s earnings power is not highly exposed to tariffs.
Now let’s see if policy makers can seize the moment and make progress on the reforms needed to spark domestic growth.
A pile of coins with an open blue umbrella.hyejin kang/iStockPhoto / Getty Images
INVESTMENT FUNDS
Why you should bet on low fees
Up until the 1700s, the life expectancy of Britain’s wealthiest people was much shorter than the general population, Morgan Housel, author of The Psychology of Money, once wrote.
“The best explanation is that the rich were the only ones who could afford all the quack medicines and sham doctors who peddled hope but increased your odds of being poisoned.”
Housel speculated further. “I would bet good money the same happens today with investing advice.”
In other words, those of means tend to avail themselves of exotic investments that fail to outperform, largely because of their hefty fees. Like hedge funds.
Jeffrey Ptak at Morningstar recently pored through 20 years of U.S. fund data to see how well fees predicted performance.
He grouped the population of equity and bond funds by their expense ratios, from cheapest to most expensive.
Not only did low fees translate to better returns. But the cheapest funds outperformed the priciest funds, on average, in every single year that spanned the study, he wrote.
“Investors choosing funds should start with fees, favouring those that levy lower expense ratios than peers.”
Diversions
The vampires of Silicon Valley
The obsession with anti-aging has reached horrifying proportions. Tech entrepreneur Bryan Johnson is the subject of a new Netflix documentary chronicling his campaign to live forever by spending millions on experimental treatments. Apparently, he has moved on from injecting his son’s blood to something called “total plasma exchange.” Johnson announced this on X while holding a bag of bright yellow plasma. Nightmare fuel.
Immortality is probably not all it’s cracked up to be. The boredom alone.
Marcus Aurelius said it best. “Death smiles on us all. All a man can do is smile back.” At least, that’s how Russell Crowe delivered the line in Gladiator.
The essentials
Looking for our updates on market movers, analyst actions, stock technicals, insider trades and other daily, weekly and monthly insight? Click here to visit our Inside the Market page.
The Rundown
America’s tech behemoths have driven the S&P to new heights over the past few years. But don’t ignore Canada’s tech players, warns Gordon Pape. Firms like Celestica and Constellation Software tend to fly under the radar but have been offering strong earnings in recent months.
Trying to invest based on U.S. President Donald Trump’s next move is a fool’s game, writes Colin White of the Verecan Group. Now’s the time for longterm planning-along with a few smart moves that allow you to stay patient amid instability.
What’s up next
Thursday will offer insight into Canada’s economic strength with the release of the new housing price index for January as well as the industrial product and raw materials price indexes.
Bank of Canada Governor Tiff Macklem will address a joint meeting of the Mississauga Board of Trade and Oakville Chamber of Commerce on Friday. The topic is “Trade friction, structural change and monetary policy.”
Earnings expected in the next few days include Altus Group Ltd., Boardwalk REIT; Cameco Corp., Eldorado Gold Corp., Hydro One Ltd., Iamgold Corp., Loblaw Companies Ltd., Lundin Gold Inc., Newmont Goldcorp Corp., Quebecor Inc., Teck Resources Ltd.; TransAlta Corp., and Walmart Inc.
(MENAFN– Newsfile Corp)
Vancouver, British Columbia–(Newsfile Corp. – February 18, 2025) – South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) (” SPMC ” or the ” Company “) is pleased to announce that that following the successful closing of its recent C$6.3 million financing , the Company is now set to proceed with extensive exploration programs across its 3,100 square kilometre (km2) portfolio of four gold-copper projects in Papua New Guinea.
Upcoming exploration activities at May River, Osena, Anga and Kili Teke Projects will include systematic sampling, trenching, and drilling to further define and expand the mineral potential of each property. These programs are designed to build on existing geological data, confirm high-priority targets, and plans to drill multiple targets and advance the projects toward potential resource delineation.
“We are excited and ready to move on the next phase of our exploration strategy with full financial backing,” said Michael Murphy, Executive Chair of SPMC. “With this funding secured, we can now aggressively advance our projects. While we are continuing with surface exploration programs to identify additional targets, next steps will involve drilling select targets and focusing on high-potential areas confirmed last year. Drill programs have been designed to capitalize on known project mineralization and to test new high-priority zones.”
Investor Relations
The Company also announces that, subject to the acceptance of the TSX Venture Exchange (the ” TSX-V “), it has engaged Danayi Capital Corp. (” Danayi “), an arm’s-length service provider, to provide certain investor relations and digital marketing services (the ” Services “) to the Company. Danayi is a marketing, advertising and public awareness firm based out of Vancouver, British Columbia, specializing in the mining and metals sector.
The Services are to be provided pursuant to a digital marketing agreement dated February 18, 2025 (the ” Agreement “) and will include digital media, marketing strategies, and advertising for a fee of US$50,000 for one trial month. Upon conclusion of the trial month, the Agreement is extendable at the Company’s option.
Danayi has no current interest, directly or indirectly, in the Company nor its securities, and has no right or intent to acquire such an interest while the Services are being performed.
About South Pacific Metals Corp.
South Pacific Metals Corp is an emerging gold-copper exploration company operating in the heart of Papua New Guinea’s proven gold and copper production corridors. With an expansive 3,100 km2 land package and four transformative gold-copper projects contiguous with major producers K92 Mining, PanAust and neighbouring Barrick/Zijin, new leadership and experienced in-country teams are prioritizing thoughtful and rigorous technical programs focused on boots-on-the-ground exploration to prioritize discovery across its portfolio projects: Anga, Osena, Kili Teke and May River.
Immediately flanking K92’s active drilling and gold producing operations to the northeast and southwest, SPMC’s Anga and Osena Projects are located within the high-grade Kainantu Gold District – each having the potential to host similar-style lode-gold and porphyry copper-gold mineralization as that present within K92’s tenements. Kili Teke is an advanced exploration project situated only 40 km from the world-class Porgera Gold Mine and hosts an existing Inferred Mineral Resource with multiple opportunities for expansion and further discovery. The May River Project is located adjacent to the world-renowned Frieda River copper-gold project, with historical drilling indicating potential for a significant, untapped-gold mineralized system. SPMC common shares are listed on the TSX Venture Exchange (TSXV: SPMC), the OTCQB Marketplace, and Frankfurt Stock Exchange (FSE: 6J00).
For further information please contact:
Michael Murphy, Executive Chair South Pacific Metals Corp. Tel: +1 604-428-6128 Email: …
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer and Forward-Looking Information
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included herein, including without limitation, statements relating the future operations and activities of SPMC, are 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. Forward-looking statements in this news release relate to, among other things, statements in respect of the Company’s upcoming exploration programs and purposes thereof, including the potential of defining and expanding mineral potential, and the receipt of regulatory approval of the Agreement with Danayi for the provision of the Services. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by SPMC, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, changes in general economic, market and business conditions, and the ability of the Company to obtain regulatory approval of the Agreement with Danayi. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. SPMC does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
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The content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content.
Not for distribution to United States newswire services or for dissemination in the United States
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TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — PIMCO Global Income Opportunities Fund (TSX: PGI.UN) (the “Fund”) announced today that the Fund has renewed its at-the-market equity program (the “ATM Program”). The ATM Program allows the Fund to issue Class A units of the Fund (the “Units”) having an aggregate sale price of up to $80,000,000, to the public from time to time, at the discretion of PIMCO Canada Corp. (the “Manager”). Any Units issued under the ATM Program will be sold at the prevailing market price at the time of sale through the Toronto Stock Exchange (“TSX”) or any other marketplace in Canada on which the Units are listed, quoted or otherwise traded. This ATM Program replaces the prior at-the-market equity program of the Fund, which commenced on January 20, 2023 and expired on February 16, 2025.
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The volume and timing of distributions under the ATM Program, if any, will be determined at the Manager’s sole discretion. The ATM Program will be effective until March 14, 2027, unless terminated prior to such date by the Fund. The Fund intends to use the proceeds from the ATM Program in accordance with its investment objectives, investment strategies and investment restrictions.
Sales of Units through the ATM Program will be made pursuant to the terms of an equity distribution agreement entered into by the Fund (the “Equity Distribution Agreement”), dated February 18, 2025, with National Bank Financial Inc. (the “Agent”).
Sales of Units will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Units in Canada. Since Units will be distributed at prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. The ATM Program is being offered pursuant to a prospectus supplement dated February 18, 2025 (the “Prospectus Supplement”) to the Fund’s short form base shelf prospectus dated February 14, 2025 (the “Shelf Prospectus”).
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Copies of the Prospectus Supplement, the Shelf Prospectus and the Equity Distribution Agreement may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the Agent, and are available on SEDAR+ at www.sedarplus.ca.
The Manager retains Pacific Investment Management Company LLC (“PIMCO”), to provide investment management services to the Fund.
About PIMCO
PIMCO is a global leader in active fixed income with deep expertise across public and private markets. PIMCO invests their clients’ capital across a range of fixed income and credit opportunities, drawing upon PIMCO’s decades of experience navigating complex debt markets. PIMCO’s flexible capital base and deep relationships with issuers have helped PIMCO become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.
This is not an offer to sell Units and not a solicitation of an offer to buy Units in any region where the offer or sale is not permitted. Before you invest, you should carefully read the Fund’s disclosure documents and consider carefully the risks you assume when you invest in the Units. There can be no assurance that the Fund will achieve its investment objectives or be able to structure its investment portfolio as anticipated. Copies of the Fund’s disclosure documents may be obtained from your financial advisor.
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Forward-Looking Statements
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Fund, the Manager and/or PIMCO’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Fund, the Manager and/or PIMCO believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund, the Manager and/or PIMCO undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.
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You will usually pay brokerage fees to your dealer if you purchase or sell Units on the TSX. If the Units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying the Units and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning the Units. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in these documents.
Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
A short form base shelf prospectus and a prospectus supplement containing important detailed information about the securities being offered have been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the Equity Distribution Agreement, the short form base shelf prospectus and the prospectus supplement may be obtained from the Agent. Investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision.
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The products and services provided by PIMCO Canada Corp. may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose. PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.
PIMCO Canada Corp. 199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2, 416-368-3350.
Numinus Wellness (TSX: NUMI) (OTCQX: NUMIF) informed investors after the markets closed on Friday that it plans to wind down certain non-operating subsidiaries as part of an effort to simplify the company’s corporate structure and concentrate resources on its core business areas.
The company also recently announced that Michael Tan had been appointed CEO of the company, with Payton Nyquvest transitioning to the role of executive chair. At the time, Tan said he would prioritize strengthening Numinus’ clinical research and practitioner training programs while aligning the company’s focus to better address emerging opportunities in mental health care.
Not long after the change in the C-suite, the company acknowledged it was delayed in publishing its financial statements and noted that the British Columbia Securities Commission issued a “failure to file” cease trade order (FFCTO). The Toronto Stock Exchange suspended trading in the company’s securities due to the order, and the company said an audit was underway.
The subsidiaries affected and their respective wind-down methods are as follows:
Mindspace Services Inc. (Canada) – Bankruptcy
Neurology Centre of Toronto Inc. (Ontario) – Bankruptcy
Numinus Bioscience Inc. (British Columbia) – Bankruptcy
Salvation Bioscience Inc. (Canada) – Bankruptcy
Numinus Health Corp. (British Columbia) – Bankruptcy
Numinus said in a statement that these actions do not affect the overall company’s ability to continue operations, which remain focused on its research and training businesses around mental health solutions and psychedelic-assisted therapies.
“By streamlining its corporate structure, Numinus is ensuring a more sustainable and efficient path forward,” the statement read.
“This initiative allows us to allocate resources more effectively and maintain focus on our core operations,” Tan said.
In December, Numinus sold its clinics to Stella for $3.53 million. Stella plans on partnering with Numinus to share operational data from its network of 12 mental health clinics. Numinus is developing an AI-based SaaS solution leveraging its deep patient care expertise.
The content in this section is supplied by Business Wire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content.
TORONTO — Largo Inc. (“Largo” or the “Company“) (TSX: LGO) (NASDAQ: LGO) today announces a leadership transition as part of its ongoing efforts to enhance operational performance and strengthen its production strategy. Largo has promoted and appointed Mr. Gordon Babcock and Mr. Luis Rendón as Co-Chief Operating Officers (“COO”). Both executives, who recently joined the Largo operations team in other capacities, bring extensive mining sector leadership and operational expertise to Largo and will carry on with implementing operational improvements at the Maracás Menchen Mine. These promotions and appointments follow the resignation of former COO, Celio Pereira for personal reasons.
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Daniel Tellechea, Interim CEO of Largo, stated: “To ensure a smooth transition and maintain our focus on strengthening operational improvements in Brazil, we have appointed Gordon Babcock and Luis Rendón as Co-Chief Operating Officers. Both have been actively engaged in our efficiency initiatives and bring deep expertise in mine management, engineering, and production optimization. Their leadership will be instrumental in advancing our operational realignment as part of our broader turnaround strategy. These leadership changes are intended to support our focus on enhancing efficiency, improving cost control, and optimizing production at the Maracás Menchen Mine. We also extend our gratitude to Celio for his contributions and wish him the best in his future endeavors.”
The Co-COO structure is intended to enhance oversight of the Company’s operations, with each executive assuming responsibility for distinct operational areas to improve efficiencies.
Gordon Babcock is a mining professional with over 40 years of experience in mine operations, engineering, and project development. He has held senior leadership roles at multiple mining companies, including serving as COO at Sierra Metals and Jaguar Mining, where he played a key role in driving operational efficiency and production stability. At Nyrstar, he served as Vice President and General Manager, overseeing complex underground and open-pit mining operations. Gordon has also worked as an independent consultant, advising mining companies on mine planning, operational optimization, and cost reduction strategies. Gordon holds a Bachelor of Science in Mining Engineering from Queen’s University and is a registered Professional Engineer.
Luis Rendón is a metallurgical engineer with over 40 years of experience in mineral processing, plant operations, and cost optimization. He has held senior leadership roles at Sierra Metals, Compañía Minera Kolpa, and Pan American Silver, where he managed plant expansions, implemented advanced metallurgical techniques, and optimized production processes to improve efficiency and cost control. At Largo, he has been instrumental in enhancing process performance and supporting operational realignment efforts at the Maracás Menchen Mine. Luis has also worked as an independent consultant, advising mining operations on production planning and metallurgical enhancements. Luis holds a degree in Metallurgical Engineering from Universidad Nacional de San Agustín (UNSA) in Arequipa, Peru.
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About Largo
Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world’s largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.
Largo is also strategically invested in the long-duration energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S.
Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol “LGO”. For more information on the Company, please visit www.largoinc.com.
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; costs of future activities and operations, including, without limitation, the effect of inflation and exchange rates; the effect of unforeseen equipment maintenance or repairs on production; timing of ilmenite production; the ability to produce high purity V2O5 and V2O3 according to customer specifications; the extent of capital and operating expenditures; the ability of the Company to make improvements on its current short-term mine plan; and the impact of global delays and related price increases on the Company’s global supply chain and future sales of vanadium products.
The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company’s operations at the Maracás Menchen Mine or relating to Largo Clean Energy, specially in respect of the installation and commissioning of the EGPE project; the availability of financing for operations and development; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company’s ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company’s mine plan at the Maracás Menchen Mine; that the Company’s current plans for ilmenite can be achieved; the Company’s ability to protect and develop its technology; the Company’s ability to maintain its IP; the competitiveness of the Company’s product in an evolving market; the Company’s ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals;that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; and receipt of regulatory and governmental approvals, permits and renewals in a timely manner.
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Forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”, although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo’s annual and interim MD&A which also apply.
The content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content.
Exchange Bank of Canada is to cease operations and refer the majority of its banknote and payments customers and selected employees to interested parties;
Currency Exchange International reiterates long-term positive outlook, with strategic focus on high potential U.S. business growth by leveraging its proprietary FX and payment software.
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TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (“CXI” or the “Company”) (TSX: CXI) (OTC: CURN), today announced its decision to cease the operations of its wholly-owned subsidiary, Exchange Bank of Canada (“EBC”), a federally chartered, non-deposit-taking, non-lending Canadian Schedule I bank. Following the cessation of operations, EBC intends to apply to the Minister of Finance (Canada) to discontinue from the Bank Act. The voluntary discontinuance is expected to be completed in the 4th quarter of 2025, subject to receipt of all necessary regulatory approvals.
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On January 7, 2025, CXI announced that a Special Committee of independent directors was actively considering a range of strategic options for EBC with the aim of identifying opportunities to maximize long-term value for shareholders. After the assessment of strategic options, assisted by an independent financial advisor, INFOR Financial Inc., CXI’s Board has decided to discontinue operations of its subsidiary, EBC. As part of this process, the Special Committee actively explored different options and supported a plan to cease EBC’s operations, pursue referral agreements for both the majority of its customers and select employees to well-established Canadian financial businesses, and seek discontinuance from the Bank Act.
“The decision to seek discontinuance from the Bank Act for EBC was taken very seriously and not made lightly and reflects a difficult business environment in Canada. We are optimistic that the contemplated referral agreements are the best outcome for EBC stakeholders as well as CXI shareholders,” said Randolph Pinna, CEO of CXI. “Importantly, the CXI group continues to perform very well. This strategic move allows CXI to focus resources on its U.S. operations, where we see significant growth potential with both existing and new client relationships.”
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CXI’s long-term outlook remains positive due to the Company’s focus on its growing fintech businesses in the U.S. and anticipated additional new product growth in the U.S. market. The Company will provide further updates as the Canadian business operations are being discontinued. In connection with the cessation of operations and discontinuance, certain one time costs will be incurred, primarily over the next six months, largely driven by restructuring, vendor termination fees, severance obligations, professional fees and other related charges. CXI expects to remain profitable during this period. During this process, EBC is committed to ensuring minimal disruption to all its stakeholders.
CXI is grateful to all EBC’s team members for their contributions over the years and is committed to providing support and guidance to all employees during this transition to ensure a smooth and respectful process.
The Company plans to host a conference call on Wednesday, February 19, 2025 at 8:30 AM (EST). To participate in or listen to the call, please dial the appropriate number:
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Toll Free: 1 (800) 717-1738
Conference ID number: 00133
About Currency Exchange International, Corp.
Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com (“OnlineFX”).
The Group’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services in Canada and select international foreign jurisdictions. Customers are served through the use of its proprietary software, www.ebcfx.com(“EBCFX”), related APIs to core banking platforms, and personal relationship managers.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the voluntary cessation of operations and discontinuance of Exchange Bank of Canada (EBC), the conclusion of referral agreements for customers and selected employees, regulatory approvals required for the discontinuance process, establishing direct correspondent banking relationships to support its U.S. payments business, the management of employee and customer transitions, the Company’s liquidity position during the cessation and discontinuance period, financial performance in fiscal 2025 and 2026, and the associated costs and outcomes of the cessation and discontinuance period in general. Forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “preliminary,” “project,” “will,” “would,” and similar terms and phrases, including references to assumptions.
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Forward-looking information is based on the opinions and estimates of management at the date such information is provided and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, and assumptions that could cause the Company’s actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the inability of the Company to complete the cessation of EBC and discontinuance in accordance with applicable regulatory and legal requirements on a basis which is cost effective and protects the goodwill of the Company, an inability to establish direct correspondent banking relationships to support its U.S. payments business on terms which are economic or at all, the impact of delays or challenges in obtaining regulatory approvals, a failure to obtain the necessary approvals for referral agreements for customers and selected employees or an inability to conclude such arrangements on a basis which is beneficial to the Company and its selected employees, an inability to manage one-time wind-down costs and severance obligations on cost-effective basis, potential disruptions to operations during the transition period. the risk of reduced liquidity during the transition periods and, generally, the potential for unforeseen liabilities arising during or after the cessation of operations and discontinuance of EBC.
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Additional risks include the ability of the Company to comply with regulatory requirements in general, the competitive nature of the foreign exchange industry, the impact of geo political changes, and trade wars on factors relevant to the Company’s business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, unexpected losses or challenges associated with customer attrition during the discontinuance, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, as well as the factors identified throughout this press release and in the section entitled “Financial Risk Factors” of the Company’s Management’s Discussion and Analysis for the twelve months ended October 31, 2024.
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The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events, or otherwise, except as required under applicable securities laws.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained in this press release.
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