Category: Canada

Chartwell Retirement Residences is already Canada’s largest provider of seniors housing, has grown by more than $1 billion in acquisitions during the past 10 months, and intends to continue its prodigious expansion.

Its latest new properties were announced on April 1, when Chartwell closed on two residences in Quebec City and acquired the remaining 15 per cent interest it didn’t previously own in a third building just outside the provincial capital.

“We see and are feeling great tailwinds for our business,” Chartwell chief investment officer Jonathan Boulakia told RENX.

“Our occupancies at our existing properties have increased significantly over the last couple of years, and there’s a great sense of optimism for the industry generally and for our company specifically for the future, so we think this is a good opportunity to be acquiring newer assets. 

“We are trying to optimize our portfolio by buying newer stock assets and lowering the age of our portfolio by increasing our ownership stake in newer assets. And these acquisitions have all been of newly built properties in great markets, and we’re acquiring them for significantly less than their replacement cost.”

Chartwell owns interests in over 170 residences in four Canadian provinces, serving over 25,000 residents.

Supply and demand is benefitting retirement residences

Retirement residences have bounced back well after the asset class experienced a downturn during the height of the COVID-19 pandemic. Chartwell’s same property occupancy rate was 92 per cent in January, up from 86.4 per cent a year earlier.

“There were a couple of years where there was more reluctance to move in to congregate living, but we are a needs-based business so that has created pent-up demand, which we’re enjoying,” Boulakia noted. “We’re enjoying very strong demographic growth in our market segment.

“The 75-year-old-plus segment of the Canadian population is growing at a rate in excess of the general population. Just to keep up with existing market penetration and the increased demand, there would have to be a lot more product coming online, which there isn’t because there was a slowdown in construction for the last few years. 

“So we’re seeing less inventory coming on the market. We’re seeing more demand simply because of demographics. So it’s a simple supply and demand equation which is helping us.”

Chartwell’s development pipeline

Chartwell isn’t just focused on acquisitions. Boulakia said it also has a development pipeline with sites across Canada. 

“We’re still working on figuring out how to make them work with increased development costs. But it’s not a question of whether, it’s a question of when we take on these developments.

“We’re also focused on developing partnerships with local developers, the same kind of model that we have in Quebec, where we align ourselves with reputable developers to build product to our specifications that we will manage and lease up and then acquire once it’s full. 

“That achieves our goal of maintaining a strong pipeline of new assets. It also works very well for developers who are maybe not as interested in operating assets, but rather in developing new product.”

Selling non-core properties

While Chartwell has a growth strategy utilizing both acquisitions and development, it’s also looking to optimize its portfolio through selling certain residences.

“We’re continuously identifying product that is no longer core to our strategy, and that might be for a number of reasons,” Boulakia explained. “It could be geography, it could be size since we’re now shifting towards bigger product, or it could be age.

“A number of factors will play into the equation, and it could result in us deciding that a property is no longer core to our strategy.”

Boulakia declined to name any of these properties and didn’t want to get into specifics about future acquisitions, but said: “There are a handful of assets in Ontario and Quebec that we will be looking at and that we no longer consider core to our portfolio. And at any given time there are a number of acquisition opportunities that we’re evaluating and underwriting and at various stages of negotiation on.”

Chartwell is a “very purpose-driven company” with a vision of making people’s lives better, Boulakia said.

“We look at every acquisition, disposition and development through that angle. Are we making the lives of our residents and their families and our staff better? That’s what drives our decisions.”

Debt and equity financing

Financing for Chartwell’s acquisitions and developments comes from a mix of debt and equity. It had liquidity of $282.9 million on Feb. 27, which included $43.7 million of cash and cash equivalents and $239.2 million of available borrowing capacity on its credit facilities.

Chartwell trades on the Toronto Stock Exchange and has a market cap of about $4.5 billion. Its share price closed at $16.32 on April 7, closer to the top than the bottom of its 52-week high and low prices of $17.69 and $12.15.

“We get attractive debt for our residences,” Boulakia said. “Stabilized residences attract CMHC financing, which is at very attractive rates in Canada.

“So debt is an important component and equity, our share price, has been a strong performer over the last couple of years. Our corresponding cost of capital has come down a fair bit over the last couple years, so we’re able to access the public markets for good accretive transactions.”

• ISS cites “attractive cash offer that represents a healthy premium” in endorsing the Arrangement
• Shareholders are encouraged to vote well in advance of the proxy deadline of April 29, 2025 at 4:00 p.m. (Eastern Daylight Time)
• Innergex Shareholders who have questions or need assistance in voting should contact Laurel Hill Advisory Group by telephone at 1-877-452-7184 (North American Toll Free) or 1-416-304-0211 (Outside North America), or by email at [email protected]

LONGUEUIL, QC, April 9, 2025 /CNW/ – Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) is pleased to announce that Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisor, has issued a report recommending that common shareholders of Innergex (“Innergex Shareholders”) vote FOR the previously announced plan of arrangement (the “Arrangement”) with CDPQ. Under the terms of the Arrangement, Innergex Shareholders will receive $13.75 for each share of Innergex owned (other than those already held by CDPQ and its affiliates and the shares to be rolled over by certain members of senior management) (the “Consideration”). The Consideration represents a premium of 58% to the closing price of Innergex shares on the Toronto Stock Exchange on February 24, 2025 and approximately 80% to the 30-day volume weighted average share price on the TSX for the period ending on the same date, being the last trading day prior to the execution of the Arrangement Agreement.

In issuing its endorsement of the Arrangement to clients, ISS highlighted the “attractive cash offer that represents a healthy premium” while also finding the risk of non-approval unappealing due to economic and political issues. In addition to its analysis on the Arrangement, ISS also recommended Innergex Shareholders vote FOR all director nominees, the Corporation’s advisory vote on executive compensation, and the appointment of the Auditors.

As an independent proxy advisory firm, ISS has approximately 3,400 clients including many of the world’s leading institutional investors who rely on ISS’ objective and impartial analysis to make important voting decisions.

Details of the Meeting

An annual and special meeting of shareholders (the “Meeting”) is scheduled to be held in a virtual-only format on May 1, 2025 at 4:00 p.m. (Eastern Daylight Time) by live webcast at https://meetnow.global/MVGJCFQ.

The deadline for Innergex Shareholders to submit votes by proxy is Tuesday, April 29, 2025 at 4:00 p.m. (Eastern Daylight Time)

The Circular provides important information on the Arrangement and related matters, including the background to the Arrangement, the rationale for the recommendation made by the Special Committee and the Board, voting procedures and how to virtually attend the Meeting. Shareholders are urged to read the Circular carefully and in its entirety, and if assistance is required, to consult their financial, legal, tax or other professional advisors. The Circular has been mailed to Innergex Shareholders and is available on the SEDAR+ profile of Innergex at www.sedarplus.ca and at https://www.innergex.com/en/events/annual-and-special-meeting-of-shareholders.

In addition to the above, the holders of cumulative rate reset preferred shares, Series A of Innergex (the “Series A Preferred Shares”) will also vote as a separate class at the Meeting to approve the acquisition of all of the outstanding Series A Preferred Shares at a price of $25.00 per share (plus all accrued and unpaid dividends and an amount in cash per Series A Preferred Share equal to the dividends that would have been payable in respect of such share until January 15, 2026, which is the next available redemption date).

Shareholder Questions and Voting Assistance

Innergex Shareholders who have questions or need assistance in voting should contact Laurel Hill Advisory Group by telephone at 1-877-452-7184 (North American Toll Free) or 1-416- 304-0211 (Outside North America), or by email at [email protected].

About Innergex Renewable Energy Inc.

For 35 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 91 operating facilities with an aggregate net installed capacity of 3,737 MW (gross 4,693 MW), including 42 hydroelectric facilities, 36 wind facilities, 10 solar facilities and 3 battery energy storage facilities. Innergex also holds interests in 16 projects under development with a net installed capacity of 915 MW (gross 1,547 MW), 5 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 10,288 MW. Its approach to building shareholder value is to generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital. To learn more, visit innergex.com or connect with us on LinkedIn.

Cautionary Statement Regarding Forward-Looking Information

To inform readers of the Corporation’s future prospects, this press release contains forward-looking information within the meaning of applicable securities laws (“Forward-Looking Information”), including statements relating to the Transaction, the ability to complete the transactions contemplated by the Arrangement Agreement and the timing thereof, including the parties’ ability to satisfy the conditions to the consummation of the Transaction, the receipt of the required shareholder approvals, regulatory approvals and court approval and other customary closing conditions, the possibility of any termination of the Arrangement Agreement in accordance with its terms, and the expected benefits to the Corporation and its shareholders of the Transaction, and other statements that are not historical facts. Forward-Looking Information can generally be identified by the use of words such as “approximately”, “may”, “will”, “could”, “believes”, “expects”, “intends”, “should”, “would”, “plans”, “potential”, “project”, “anticipates”, “estimates”, “scheduled” or “forecasts”, or other comparable terms that state that certain events will or will not occur. It represents the projections and expectations of the Corporation relating to future events or results as of the date of this press release.

Risks and uncertainties related to the transactions contemplated by the Arrangement Agreement include, but are not limited to: the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory, shareholder and court approvals and other conditions to the closing of the Transaction or for other reasons; the negative impact that the failure to complete the Transaction for any reason could have on the price of the Corporation’s securities or on its business; CDPQ’s failure to pay the consideration at closing of the Transaction; the failure to realize the expected benefits of the Transaction; the restrictions imposed on the Corporation while the Transaction is pending; the business of the Corporation may experience significant disruptions, including loss of clients or employees due to Transaction-related uncertainty, industry conditions or other factors; risks relating to employee retention; the risk of regulatory changes that may materially impact the business or the operations of the Corporation; the risk that legal proceedings may be instituted against the Corporation; significant transaction costs or unknown liabilities; and risks related to the diversion of management’s attention from the Corporation’s ongoing business operations while the Transaction is pending; and other risks and uncertainties affecting the Corporation. For more information on the risks and uncertainties, please refer to the “Forward-Looking Information” section of the Management’s Discussion and Analysis for the year ended December 31, 2024.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in Forward-Looking Information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such Forward-Looking Information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on Forward-Looking Information, which speaks only as of the date made. The Forward-Looking Information contained in this press release represents the Corporation’s expectations as of the date of this press release (or as the date they are otherwise stated to be made) and are subject to change after such date. However, the Corporation disclaims any intention or obligation or undertaking 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. All of the Forward-Looking Information contained in this press release is expressly qualified by the foregoing cautionary statements.

SOURCE Innergex Renewable Energy Inc.

Pambili Natural Resources Corporation, a junior gold miner listed on the Toronto Stock Exchange (TSX), is poised to accelerate its exploration in Zimbabwe after securing a significant financial lifeline from its largest shareholder. The capital raise underscores mounting investor interest in Zimbabwe’s largely untapped gold reserves and positions Pambili at the forefront of a potential resurgence in the country’s mining sector.

Strategic Capital Raise to Support Expansion

Pambili announced it will raise C$500,000 (US$352,000) through a series of convertible loan notes, pending approval from the TSX Venture Exchange (TSX-V). The raise is anchored by Kavango Resources Plc, which has committed C$340,000 (US$239,000), further entrenching its role as Pambili’s cornerstone investor.

“The proceeds of the raise will provide Pambili with the working capital required to develop its Golden Valley A1 mining claim, as well as to conduct initial due diligence on the London Wall option,” said Jon Harris, Chief Executive Officer of Pambili. “We believe the London Wall mine has significant potential to be a company builder.”

The funds will be used to settle outstanding liabilities, sustain operations, and finance exploration across Pambili’s growing Zimbabwean asset base.

Related News

Spotlight on Zimbabwe’s Underexplored Gold Belts

The financing arrives at a pivotal time. Zimbabwe, long viewed as a high-risk mining jurisdiction, is experiencing a cautious reawakening as investors reassess its mineral potential. Pambili’s portfolio reflects a calculated bet on this opportunity.

Last year, the company entered a 12-month agreement with Long Strike Investments to acquire the London Wall group of 21 gold claims in Gwanda, Matabeleland South Province—an area traversed by three major gold-bearing geological structures. Among the claims are two previously producing mines: London Wall and New Jessie.

The acquisition is being marketed as transformational. If successful, it would significantly expand Pambili’s operating footprint, complementing its existing assets—the Golden Valley Mine and the Happy Valley Mine, both located near Bulawayo.

Deal Terms Reflect Junior Market Realities

The capital raise, structured as convertible loan notes, will be redeemed through the issuance of Units priced at C$0.05. Each Unit comprises one common share and one-half of a share purchase warrant. These warrants will entitle holders to buy additional shares at C$0.10 within 12 months.

Pambili will also issue finder’s fees of up to 7% in the form of shares and warrants—standard practice for small-cap resource companies where access to capital remains constrained.

All securities will be subject to a statutory hold period of four months and one day under Canadian law, reinforcing the speculative nature of the investment.

Backing from Kavango Signals Institutional Confidence

Kavango’s lead role in the raise is more than symbolic. It’s a signal to the market that institutional investors still see upside in Zimbabwe’s gold sector, despite the country’s longstanding policy and currency risks.

“Kavango is Pambili’s largest shareholder. Its participation in this raise demonstrates its continued support for our strategic approach to developing the vast modern mining and production potential on offer across Zimbabwe’s underexplored gold belts,” Harris noted.

The alignment is strategic: both companies share a focus on African resources and operate within similarly frontier jurisdictions.

A Calculated Bet on Zimbabwe’s Gold Revival

Pambili’s ambitions align with a broader shift underway in Zimbabwe’s mining industry. The government is pushing to formalize and attract foreign investment into artisanal and small-scale gold mining, which accounts for more than 60% of national output. This trend is opening the door to new entrants, provided they have the capital and risk appetite to operate in the country’s complex environment.

For Pambili, that means striking early while valuations are still depressed and regional consolidation is nascent.

“The potential here is substantial,” said a person familiar with the transaction. “But this is also about timing. Whoever establishes scale and operating credibility first could be very well-positioned.”

Pambili’s latest raise may seem modest in scale, but its implications are far-reaching. With Kavango doubling down and exploration set to begin at the London Wall group, the company is placing itself at the vanguard of Zimbabwe’s gold mining revival. The next 12 months will be critical—both for validating its asset base and for proving that small-cap resource plays can still unlock value in high-risk jurisdictions.

If the bet pays off, Pambili’s story could become a blueprint for navigating one of Africa’s most promising, yet precarious, gold frontiers.

The Canadian stock market turmoil continued for a fourth straight session on Wednesday amid global trade tensions and shaky investor confidence as the U.S. went ahead with its higher tariff plan targeting Chinese imports. The S&P/TSX Composite Index fell by 353 points, or 1.5%, to settle at 22,507.

While all key market sectors ended the session with losses, the TSX selloff was mainly led by steep declines in healthcare, energy, and consumer cyclical stocks.

Although the broader market showed a minor recovery at the open, those early gains quickly faded as selling pressure intensified through the session with U.S. president Donald Trump escalating trade tensions by signing an executive order, sharply increasing tariffs even on low-value imports from China.

Top TSX Composite movers and active stocks

Shares of Tilray Brands (TSX:TLRY) tanked by 21% after it reported a steep net loss of nearly US$794 million for the February quarter. While the cannabis company’s revenue remained steady at US$186 million, investors seemed rattled by the large non-cash impairment charges driven by macroeconomic headwinds and a sharp drop in its market value.

Despite these setbacks, Tilray highlighted improved gross margins, strong international cannabis growth, and ongoing debt reduction as part of its long-term strategy. TLRY stock has now lost 35% of its value over the last month.

NovaGold Resources, Vermilion Energy, and Baytex Energy were also among the day’s bottom performers on the Toronto Stock Exchange, with each plunging by over 10%.

On the flip side, Kinaxis, IAMGOLD, and K92 Mining climbed by more than 2% each, making them the session’s top-performing TSX stocks.

Based on their daily trade volume, TD Bank, TC Energy, Canadian Natural Resources, Cenovus Energy, and Baytex Energy were the five most active stocks on the exchange.

TSX today

Crude oil prices extended their decline for a sixth consecutive session early Wednesday, but metals prices witnessed a recovery. Given the divergence in commodity trends, sector performance on the TSX is expected to remain uneven at the open today.

While no major domestic economic releases are due, Canadian investors may want to keep an eye on the U.S. Fed’s latest meeting minutes today. As U.S. tariffs on most of its key trade partners, including China, take effect today, market sentiment is likely to remain fragile as investors await potential trade developments.

On the corporate events side, the TSX-listed North West Company and Cogeco Communications will release their latest quarterly earnings reports today.

Market movers on the TSX today

231 ETFs

Metal ETFs, Miners ETFs, Metal and Miners Hedged & Leveraged ETFs
Total Assets (AUM) ~ $362.9 B USD

Total assets for the World’s 231 Metal & Mining ETFs finished Q1.2025, at USD $362.9 B. This is an increase of +11.0% from the Q4.2024, year end close of USD $330.7 B. Growth in Metal & Mining ETF assets over Q1.2025, was driven principally by gains in Gold ETFs which still make up ~72% of all Metal & Mining ETF assets worldwide.

There was 1 new Mining ETF launched in Q1.2025, Sprott Active Gold & Silver Miners ETF (NASDAQ: GBUG) (first day of trading, February 20^th, 2025). 0 ETFs were retired or delisted.

Performance Leaders, Q1 2025

Leveraged Gold Metal Miners ETFs (Miners Leveraged ETFs, subcategory) lead the performance tables for Q1.2025.

Performance Laggards, Q1 2025

Inverse Leveraged Gold Miners ETFs (Miners Leveraged ETFs, subcategory) were performance laggards for Q1. 2025.

Metal and Mining ETFs, Q1 2025

The best performing Gold ETF and the best performing Silver ETF internationally for Q1.2025 were QNB Finans Portföy Gold ETF (Borsa Istanbul: GLDTR.F) +24.1% and QNB Finans Portföy Silver ETF (Borsa Istanbul: GMSTR.F) +29.4% respectively. Outperformance of these ETFs, which are denominated in Turkish Lira (TRY, ₺), resulted from Turkish Lira  (TRY, ₺) depreciation against other major currencies during Q1.2025. Turkish Lira depreciation enhanced domestic performance for both gold and silver resulting in ETF outperformance when measured in Lira (TRY, ₺).

The best performing physical metal ETC for Q1.2025 was Xtrackers Physical Rhodium ETC (London Stock Exchange: XRH0) +51.9%. Rhodium prices finally bounced in Q1.2025 after a multi-year sell off following all-time highs for Rhodium which were set in February 2021.

The worst performing physical metal ETF for Q1.2025 was Sprott Physical Uranium Trust $USD (Toronto Stock Exchange: U.UN) -17.5%. This performance, as Uranium bottomed completing retracement after hitting a 17 year high of $106/lb. in February 2024. Pursuant to tariff induced volatility, most analysts expect Uranium prices to recover through the balance of 2025.

The lead performing sub-category for Q1.2025 was Miners Leveraged ETFs +21.9% followed closely by Precious Metal Miners ETFs +16.8%, as precious metal miners began the process of closing the valuation gap with metals. Many analysts expect this revaluation of miners against underlying metals to continue with an ascendant market pursuant to an extended multi-year period of underinvestment in mineral exploration and development.

World Metal & Mining ETFs – Q1 2025

		METAL & MINING ETFs
		231 ETFs (Exchange Traded Funds)		March 31, 2025
						Q1
Avg. ETF Size			# ETFs	Assets ($USD)	% of Assets	% chg.	31.Dec.24
$USD M		METAL ETFs
$3,738		Gold ETFs	70	$261,656,302,958	72.2%	10.3%	$237,299,897,093
$1,449		Silver ETFs	19	$27,524,869,337	7.6%	9.9%	$25,055,625,061
$1,404		Precious Metal ETFs	5	$7,021,627,574	1.9%	10.7%	$6,343,357,787
$1,726		Uranium & Battery Metal ETFs	3	$5,179,404,356	1.4%	-17.2%	$6,252,946,698
$215		Platinum Group Metal ETFs	13	$2,799,131,598	0.8%	4.9%	$2,669,538,357
$219		Base Metal ETFs	11	$2,412,095,464	0.7%	9.8%	$2,196,965,871
			121	$306,593,431,287	84.6%	9.6%	$279,818,330,867
$USD M		MINERS ETFs
$1,205		Precious Metal Miners ETFs	24	$28,911,916,982	8.0%	16.8%	$24,759,028,471
$430		Uranium & Battery Metal Miners ETFs	18	$7,748,200,685	2.1%	-8.9%	$8,506,195,114
$614		Base Metal Miners ETFs	10	$6,139,897,279	1.7%	1.6%	$6,044,367,522
			52	$42,800,014,947	11.8%	8.9%	$39,309,591,107
$USD M		HEDGED & LEVERAGED METAL ETFs
$442		Currency Hedged Metal ETFs	22	$9,734,663,061	2.7%	11.0%	$8,770,198,534
$66		Metals Leveraged ETFs	28	$1,848,571,058	0.5%	4.5%	$1,768,501,640
$182		Miners Leveraged ETFs	8	$1,453,629,038	0.4%	21.9%	$1,192,957,821
			58	$13,036,863,157	3.6%	12.6%	$11,580,320,948
			231	$362,430,309,391	100.0%	9.6%	$330,708,242,922

Fully ~ 84.6% of Assets in Metal & Mining ETFs are Physical Metal ETFs. A further ~ 11.8% of Assets are Mining Company ETFs and a final ~ 3.6% of Assets are Hedged or Leveraged ETFs.

Physical Metal ETFs make up the majority (~ 84.6%) of World Metal & Mining ETF (231) Assets

70 Gold ETFs make up the vast majority of Physical Metal ETF Assets (~ 85%). 19 Silver ETFs make up a further ~ 9% of Assets.

Gold ETFs make up the majority (~ 85%) of Physical Metal ETF (121) Assets

Avg. Size			# ETFs		Assets ($USD)		% of Assets
$USD M		EXCHANGE
$4,184		NYSE Arca	49		$205,009,477,792		56.5%
$1,299		London Stock Exchange	56		$72,731,193,383		20.0%
$2,857		Deutsche Börse Xetra	7		$19,995,959,704		5.5%
$443		Toronto Stock Exchange	34		$15,045,252,136		4.1%
$1,469		SIX Swiss Exchange	10		$14,685,778,398		4.0%
$5,874		Euronext Paris	1		$5,874,264,891		1.6%
$661		Shanghai Stock Exchange	8		$5,286,277,212		1.5%
$794		Tokyo Stock Exchange	5		$3,968,958,318		1.1%
$346		Bombay Stock Exchange	11		$3,800,579,325		1.0%
$539		Shenzhen Stock Exchange	7		$3,771,920,196		1.0%
$531		National Stock Exchange of India	7		$3,715,320,495		1.0%
$676		CBOE BZX Exchange	3		$2,029,083,262		0.6%
$796		Johannesburg Stock Exchange	2		$1,591,568,507		0.4%
$142		Nasdaq Stock Market	11		$1,559,339,656		0.4%
$411		New York Stock Exchange	3		$1,234,241,073		0.3%
$284		Australian Securities Exchange	3		$852,863,066		0.2%
$273		Borsa Istanbul	2		$546,532,597		0.2%
$128		Borsa Italiana	4		$512,363,381		0.1%
$158		Deutsche Boerse AG	2		$315,266,566		0.1%
$112		Hong Kong Exchanges & Clearing	2		$224,714,009		0.1%
$56		Euronext Amsterdam	3		$168,833,115		0.0%
$25		Bursa Malaysia	1		$24,596,006		0.0%
			231		$362,944,383,088		100.0%

~ 56.5% of World Metal & Mining ETF Assets trade on NYSE Arca Exchange

currency symbol	code	units	FX rate
	USD		1.00
Swiss Franc SFr	CHF	SFr / $USD	0.88
Euro  €	EUR	€ / $USD	0.92
Mexican Peso  $	MXN	$ / $USD	20.48
Japanese Yen  ¥	JPY	¥ / $USD	149.72
Pound Sterling  £	GBP	£ / $USD	0.77
Canadian Dollar  $	CAD	$ / $USD	1.44
Australian Dollar  $	AUD	$ / $USD	1.60
Rupees Indian Rupee  ₹	INR	₹ / $USD	85.47	1 Core = 10M Rupees, 1 lakh = 100K Rupees
Chinese Yuan  ¥	CNY	¥ / $USD	7.26
South African Rand  R	ZAR	R / $USD	18.32
Hong Kong Dollar  HK$	HKD	HK$ / $USD	7.78
Malaysian Ringgit  RM	MYR	RM / $USD	4.44
Turkish Lira  ₺	TRY	₺ / $USD	37.92

Live real-time prices and a complete list of ETFs, ETCs and Exchange Traded Trusts traded on all Exchanges and across all transaction currencies can be reviewed at: https://mineralfunds.com

Data Fields Including: ISIN, Bloomberg, Reuters, SEDOL, LEI, WKN, CUSIP numbers and symbols, Management Fees, Total MERs, Web Pages, All Exchange Listings and Outstanding Shares for ETFs, ETCs and Exchange Traded Trusts are available to Substack subscribers only.

STAY IN TOUCH WITH MINERALFUNDS

ROUYN-NORANDA, Quebec, April 09, 2025 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges
and GLBXF – OTCQX International in the US) is pleased to inform shareholders that Renforth Resources Inc. (RFR-CSE, RFHRF-OTC, 9RR-FSE) has reported a 29% increase in the gold resource at Globex’s 3% Gross Metal Royalty Parbec Gold Deposit property in a press release dated April 7, 2025. It is important to note that 12% of the new mineral resource estimate is in the Measured category and 61% is in the Indicated category, demonstrating a greater confidence in the resource located in Malartic Township on the gold localizing Cadillac Break, approximately 4.8 km west-northwest of the large Canadian Malartic Gold Mine open pit and adjoining the East Amphi Gold deposit at its east boundary.

Committed to Mongolia’s vast mining potential, Xanadu Mines discovers and defines international porphyry copper-gold mines in the country and the surrounding region. Spencer Cole, Chief Development Officer, and Colin Moorhead, Managing Director, tell us more.

EXPLORING A GREAT COPPER FRONTIER

Committed to Mongolia and its vast potential as one of the last remaining great copper landmarks, Xanadu Mines (Xanadu) is an exploration company that discovers and defines globally significant porphyry copper-gold deposits. 

As an Australian Securities Exchange (ASX) and Toronto Stock Exchange (TSX)-listed operation, Xanadu provides investors exposure to globally significant, large-scale copper-gold discoveries and low-cost inventory growth.  

Equally, it remains one of the few junior explorers to jointly control a globally significant mineral deposit with its 50-50 joint venture (JV) partner, Zijin Mining Group (Zijin). 

“We see Mongolia as our key advantage – underexplored, flat, a great mining culture, a well-educated population, a location just north of China, and a government that invests in mining infrastructure,” introduces Spencer Cole, Chief Development Officer. 

Xanadu is led by an expert team of exploration and mining professionals with a track record of discovery and value creation. With its partners, the company is progressing each project in its portfolio to create value for shareholders. 

The company boasts well-trained Mongolian geology and operations teams with vast experience running large exploration programmes and no expatriate (expat) presence on site or in country. 

Currently, the industry is facing new and rapidly emerging technological advancements whilst navigating a turbulent geopolitical world. 

“The nature of the mining industry has always been closely associated with geopolitics and movements in the global economy. Who we work with and what we focus on moves with both these factors,” details Cole. 

This is directly illustrated through new trends such as nickel, lithium, copper, and gold alongside recent events in countries such as Russia and China. 

Equally, there is much focus on human impact on the planet and how companies can reduce their environmental footprint and resource consumption. 

“Mining is ultimately the solution rather than the problem,” insights Colin Moorhead, Managing Director. 

“Solar arrays, wind farms, electric cars, and smart grids all depend on effective output from the mining industry. Communicating that effectively is a challenge for the industry.” 

THE FIVE VALUES OF SUCCESS

After graduating with a mechanical and materials engineering degree, Cole began his career as an aerospace material and process engineer in California, eventually moving to ExxonMobil. 

It wasn’t until a trip to Australia that he began thinking about transitioning to the mining industry. 

After working in myriad commercial and project roles in the booming sector, he received an invitation to join Xanadu in 2020. 

“My purpose was to help move the company and its flagship project from an exploration play up the value curve to commercialisation,” he expands. 

Conversely, Moorhead has been in the mining industry since the get-go, having trained as a geologist and worked in operations, resource development, and discovery exploration. 

With a team that discovered the Ridgeway Mine at Cadia Valley and the Cracow Mine in Queensland, Moorhead has enjoyed a long and successful career in mining, culminating in his position as Managing Director of Xanadu. 

Both Cole and Moorhead have brought their expertise to the company, working to leverage the experience and relationships developed over their careers to deliver low-cost and effective discovery and resource growth. 

Equally, to continue its growth and reputation for success, Xanadu adheres to five key values – sustainability, integrity and honesty, scientific basis, disciplined capital management, and culture and performance.  

On the former, Cole notes that Xanadu is a good corporate citizen and neighbour to its partners in Mongolia.  

“We operate and explore in a way that keeps our team safe, cares for the environment, and supports the communities where we operate,” he dictates. 

Regarding integrity and honesty, the company goes out of its way to comply with all standards and requirements alongside operating to the highest levels of safety, sustainability, and disclosure. 

To ensure a scientific basis, Xanadu uses modern techniques and best practices for exploration and project development. 

“We aim to fail fast. If results and science fail to back a project to deliver our objectives, we move on to the next,” insights Moorhead.   

The management team treats shareholder money like their own to ensure disciplined capital management. Equally, the company behaves as owners and emphasises long-term value creation over short-term gains. 

Finally, in terms of culture and performance, Xanadu promotes technical excellence and innovation, aiming to attract and retain the best people. 

“We lead by example, support each other to act with integrity and accountability, and consistently live out our values,” dictates Moorhead. 

A REPUTATION FOR EXPERTISE

Xanadu’s most substantial endeavour to date is the Kharmagtai copper-gold project located in Omnogovi Province, approximately 420 kilometres (km) southeast of Ulaanbaatar. 

As an estimated 2.2 billion tonne (t) resource containing 4.7 metric tonnes (Mt) of copper and 11 million ounces (Moz) of gold, the project has been granted a 30-year mining licence and is now certified as a registered water resource, signifying its importance. 

“Scale and mine life are globally meaningful. The project will likely extend to become an underground block cave mine,” details Cole.   

The Kharmagtai deposit remains open at depth, demonstrating increasing grade as it goes further down and indicating vast potential for a significant underground discovery. 

In 2023, Xanadu joined a 50-50 JV with Zijin for the project’s progression, highlighting that the deposit is one major companies are interested in. 

“Kharmagtai is too big for us to build on our own, which is why we brought in Zijin. This gave legitimacy to the project, funding for the next stage, and clarity that there was sufficient financial heft to develop it into a fruitful success,” notes Moorhead. 

Equally, whilst many new projects are taking longer to come online due to being deeper, harder to mine, and burdened with environmental, social, and governance (ESG) barriers, Kharmagtai is a conventional truck and shovel mine with an outcropping orebody which has the capacity to be up and running within the next three years due to available infrastructure, government support, flat ground, and its proximity to the Chinese border. 

The project will be the third global-scale copper mine in the country and the second established by foreign direct investment (FDI) – something the Mongolian government is directly supporting. 

“The DNA of the company is to explore, discover, develop, and move projects on to deliver a liquidity event for our shareholders and then do it all again,” explains Moorhead.   

DISCOVERING A BRIGHT FUTURE

As Xanadu continues to look towards a successful future of exploration and discovery, it is highlighting its sustainability efforts and support for local communities. 

The company endeavours to commit to safe and healthy operations, minimise its environmental footprint, develop and maintain strong relationships with communities and government, and act transparently and ethically. 

“One of our key initiatives is a school refurbishment programme in regional communities near our operations,” discloses Cole. 

“This has been highly successful and is currently being expanded.” 

Alongside its school refurbishment programme, Xanadu supports local communities through hospital upgrades, education initiatives to send local students to university, and various health programmes. 

It also pays for groundwater wells and training for well monitoring and water quality analysis, provides animal feed during cold winters, and takes part in cultural events and celebrations. 

In addition to its sustainability endeavours and community support, the company’s key priorities for the upcoming year include the continual progression of Kharmagtai alongside its Red Mountain and Sant Tolgoi projects. 

Ultimately, as Xanadu works towards further triumph and expansion in the mining industry, it is continuing to emphasise the qualities that make it truly unique. 

By creating value for shareholders through giving exposure to large-scale copper-gold discoveries in Mongolia, creating liquidity events at peak points in the mining life cycle, and progressing projects from discovery to pre-feasibility, Xanadu is positioned for continued growth and success well into the future. 

“We will also continue to evaluate new base metals and copper-gold project opportunities in Mongolia and the surrounding region and process new project acquisitions at the appropriate time,” Cole concludes. 

XANADU MINES PARTNER

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