Category: Canada

Forayna Vintage Park Apartments in Houston, Texas (Photo provided by BSR)

BSR Real Estate Investment Trust of Little Rock on Thursday announced the purchase of two recently built multifamily properties in the Houston area for $141 million.

The transaction is part of the company’s effort to reshape its portfolio in its core Texas market.

Forayna Vintage Park Apartments is a 350-unit apartment complex in Houston. Botanic Luxury Apartments is a 288-unit complex in Spring, Texas. Both complexes were built in 2023 and have amenities including a saltwater pool, two-story fitness center, cyber lounge, movie theater and pet spa.

The seller was Davis Development of Atlanta, Georgia.

The deal comes after BSR completed the $618.5 million sale of nine Texas multifamily properties to AvalonBay Communities Inc. of Arlington, Virginia, with plans to redeploy the proceeds toward acquisitions with higher potential returns.

“We have wasted no time finding two high-quality assets that complement our portfolio, enhance the REIT’s growth profile, and allow us to accretively redeploy a portion of the proceeds from our recent sale of nine stabilized properties,” Dan Oberste, CEO of BSR, said in the release. “Forayna Vintage Park and Botanic Luxury are both well positioned to benefit from the BSR operating platform and drive growth for our unitholders. By adding these communities, we have quickly executed on a significant portion of the strategy we presented to the market in the first quarter of the year.”

BSR now owns 25 properties consisting of 6,802 apartment units.

The company, which is publicly traded on the Toronto Stock Exchange (TSX HOM.U), recently reported first-quarter operating income of $24.03 million, up 0.8% from the previous year. Net operating income is a key measure of performance used by real estate operating companies and REITs.

(MENAFN– GlobeNewsWire – Nasdaq) Material sent to 3rd party lab for analysis

MONTREAL, May 15, 2025 (GLOBE NEWSWIRE) — PyroGenesis Inc. (“PyroGenesis”) () (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), a high-tech company that designs, develops, manufactures and commercializes all-electric plasma processes and sustainable solutions to support heavy industry in their energy transition, emission reduction, commodity security, and waste remediation efforts, announces today that further to its news release dated May 13, 2025 , and further to today’s press release from the Company’s client HPQ Silicon Inc. (“HPQ”), material produced during the latest phase of system testing of the Fumed Silica Reactor (the“FSR”) pilot plant has been successfully retrieved from the baghouse. The material, assumed to be fumed silica, has been sent to a 3^rd party laboratory for analysis. PyroGenesis has been engaged to develop the Fumed Silica Reactor by HPQ Silica Polvere Inc. (“Polvere”), a subsidiary of HPQ.

Image 1: actual material produced by fumed silica reactor and retrieved from baghouse.

As announced, the new PyroGenesis designed FSR pilot plant has progressed through several important stages. After successfully proving out the underlying assumptions using lab scale tests, PyroGenesis is now testing the assumptions at pilot plant scale, with the current focus on validating equipment scale-up from lab to pilot scale and replicating the lab-scale fumed silica product quality.

The achievements announced today were undertaken to produce, and then collect, fumed silica from the product recovery unit, known as the“baghouse”. If the 3^rd party lab analysis is successful, this would confirm (i) underlying assumptions that the PyroGenesis process can produce material for collection from within the baghouse of the system, (ii) that what has formed is what was expected, and (iii) that any impurities that are observed were not only anticipated but are also in a state that was expected and which can be removed.

This announcement today confirms that powder-like material assumed to be fumed silica was successfully produced and then collected from the baghouse and has been sent to a 3^rd party lab for analysis. The results are expected over the next several days.

“This is a welcomed result,” said P. Peter Pascali, President and CEO of PyroGenesis,“and we anxiously await the results from the 3^rd party lab to confirm, or otherwise, that we have achieved this key milestone.”

Fumed silica is one of the most widely used industrial materials, and can be found in thousands of products we use every day, including personal care, cosmetics, toothpaste, pet litter, powdered food, milkshakes, instant coffee, pharmaceuticals, agriculture (food & feed), adhesives, paints, inks, photocopy toner, sealants, fiber optic cables, thermal insulation, construction materials, and batteries, just to name a few. It is often used in these products as a thickening/anti-caking agent, used to stabilize and improve the texture and consistency of the end-product.

PyroGenesis’ involvement in developing fumed silica from quartz is part of its three-vertical solution ecosystem that aligns with economic drivers that are key to global heavy industry. Fumed powders are part of PyroGenesis’ Commodity Security & Optimization vertical, where the development of advanced material production techniques, and the use of technology such as plasma to recover viable metals, chemicals, and minerals from industrial waste, helps to maximize raw materials and improve the availability of critical minerals. The Company’s other verticals are Energy Transition and Emission Reduction and Waste Remediation .

About PyroGenesis Inc.

PyroGenesis, a high-tech company, is a proud leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG) and are economically attractive alternatives to conventional“dirty” processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, and its 3,800 m² and 2,940 m² manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997. PyroGenesis’ shares are publicly traded on the TSX in Canada (TSX: PYR), the OTCQX in the US (OTCQX: PYRGF), and the Frankfurt Stock Exchange in Germany (FRA: 8PY1).

Cautionary and Forward-Looking Statements

This press release contains“forward-looking information” and“forward-looking statements” (collectively,“forward-looking statements”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as“plans”,“targets”,“expects” or“does not expect”,“is expected”,“an opportunity exists”,“is positioned”,“estimates”,“intends”,“assumes”,“anticipates” or“does not anticipate” or“believes”, or variations of such words and phrases or state that certain actions, events or results“may”,“could”,“would”,“might”,“will” or“will be taken”,“occur” or“be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.

Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by PyroGenesis as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under“Risk Factors” in PyroGenesis’ latest annual information form, and in other periodic filings that it has made and may make in the future with the securities commissions or similar regulatory authorities, all of which are available under PyroGenesis’ profile on SEDAR+ at These factors are not intended to represent a complete list of the factors that could affect PyroGenesis. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. PyroGenesis undertakes no obligation to publicly update or revise any forward-looking statement, except as required by applicable securities laws.

Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the OTCQX Best Market accepts responsibility for the adequacy or accuracy of this press release.

For further information please contact:
Rodayna Kafal, Vice President, IR/Comms. and Strategic BD
E-mail: …

A photo accompanying this announcement is available at:

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(MENAFN– PR Newswire)
Highlights

Large property package comprised of 12,229 Ha located 22 km southeast from Panuco and immediately south of the recently acquired San Enrique prospect (see press released dated April 16, 2024).

Fully permitted 350 tpd flotation plant that produces silver and gold from a northwest trending epithermal vein.

From 2020 through 2024, the Santa Fe mine processed 370,366 tonnes of ore at average head grades of 203 g/t silver and 2.17 g/t gold.

The project area is covered 100% with LiDAR and high-resolution aero-magnetic and radiometric surveys as well as detailed mapping and IP geophysics around the mine area.

Previous drilling campaigns completed by Aurico Gold and Fortuna Mining in 2014 and 2020, respectively, outlined the high-grade shoot currently being mined but also reported anomalous silver intercepts in four other target areas.

The producing Santa Fe mine and known vein prospects identified to date account for approximately 12% of the total property package.

“Vizsla Silver continues to expand its land position in western Mexico along the highly prospective Sinaloa Silver Belt with the acquisition of the producing Santa Fe mine,” stated Michael Konnert, President, and CEO. “With an option agreement now in place on the Santa Fe production concessions, Vizsla Silver has the potential to bolster its overall production profile well beyond the 20.2 million ounces AgEq of initial annual production envisioned for Panuco Project #1. This is supported by permitted operating infrastructure including a 350 tpd flotation plant and open-ended mineralized vein structures located right at surface. Furthermore, the mine production and historic drilling completed to date covers less than 12% of the overall Santa Fe property package. With previous geophysical surveys highlighting at least four key target areas outboard of the underground mine, the Santa Fe exploration concessions provide Vizsla Silver with increased exploration upside along trend of known mining centers. Although we continue to be active in terms of corporate development, the Company remains focused on delivering a feasibility study for Panuco in the second half of this year, with a goal of achieving first silver in the second half of 2027.”

About the Santa Fe Project

Mining at Santa Fe likely dates back to the Spanish era, based on a historic shaft and smelter-furnace discovered by the previous operator, Mr. Eduardo de La Peña, when he started mining historic waste dumps on the property in 2008. Approximately 20,000 tonnes of dump-material containing ~2.0 g/t gold and ~200 g/t silver were trucked to the El Coco mill in Panuco for processing (Pers. Comm. Eduardo de la Peña).

Between 2008 and 2014, Mr. de La Peña staked additional claims around the original Santa Fe mine and in 2014 drilled the first 1,000 meters on the property. In 2014, Oro de Altar (ODA, a subsidiary of Aurico Gold) optioned the property and conducted a high-resolution airborne survey, detailed mapping of the mine area and drilled 11,957 meters in 45 diamond drill holes. Aurico ́s drilling delineated a high-grade shoot along the main “Mother” vein, which motivated Mr. de la Peña to construct additional mine infrastructure including a 6 km long power line in 2016, and later, in 2018 a processing plant and underground mine. In 2020, Minera Cuzcatlan (subsidiary of Fortuna Silver Mines Inc.) optioned the property and drilled 7,547 metres in 17 holes and completed a LiDAR survey. Between 2020 and 2024 the Santa Fe plant processed 370,366 tonnes of ore with average head grades of 203 g/t silver and 2.17 g/t gold (Internal exploration and production reports provided by Eduardo de la Peña).

Transaction Terms

Option Agreement – Production Concessions

The Company entered into an option agreement (the ” Option Agreement “) dated May 14, 2025 with Mr. Eduardo de la Peña Gaitán, on his own behalf and in representation of Margarita Gaitán Enríquez, Mariano Pablo Fuente Chapoy, Industrial Minera Tres Tortugas, S.A. de C.V., Grupo Tres Tortugas, S.A. de C.V., Industrial Minera Sinaloa, S.A. de C.V. and Inca Azteca Gold, S.A. de C.V. (collectively, the ” Optionors “). Under the terms of the Option Agreement, Vizsla Silver has the option (the ” Option “) to acquire a 100% interest in certain production concessions (the ” Production Concessions “) comprising the Santa Fe Project over a five-year period.

The Company may exercise the Option by:

incurring exploration expenditures of US$4,000,000 on the Production Concessions according to the following schedule:

US$500,000 within 24 months of the effective date of the Option Agreement (the ” Effective Date “)

an additional US$500,000 within 36 months of the effective date of the Effective Date

an additional US$2,500,000 within 48 months of the effective date of the Effective Date

an additional US$500,000 within 60 months of the effective date of the Effective Date

paying to the Optionors a total cash consideration of US$1,500,000 according to the following schedule:

US$300,000 within 12 months of the Effective Date

an additional US$300,000 within 24 months of the Effective Date

an additional US$300,000 within 36 months of the Effective Date

an additional US$300,000 within 48 months of the Effective Date

an additional US$300,000 within 60 months of the Effective Date

issuing to the Optionors 1,373,390 common shares in the capital of the Company (the ” Option Shares “) according to the following schedule:

274,678 Option Shares within 12 months of the Effective Date

an additional 274,678 Option Shares within 24 months of the Effective Date

an additional 274,678 Option Shares within 36 months of the Effective Date

an additional 274,678 Option Shares within 48 months of the Effective Date

an additional 274,678 Option Shares within 60 months of the Effective Date

All Option Shares will be subject to a hold period expiring four months and one day after their date of issue pursuant to applicable Canadian securities laws. In addition, the Optionors have agreed to voluntary resale restrictions whereby 1/3 of the Option Shares will be released from voluntary resale restrictions 12, 24 and 36 months after their issue date. In addition to the voluntary resale restrictions, if at any time the Optionors wish to sell or otherwise dispose of an amount equal to or greater than 20,000 shares in a single day, or 100,000 shares over any five consecutive trading days, the Company will have a right of first refusal to purchase such shares. The Optionors must notify the Company in advance of any such sale, and the Company will have five business days to exercise its purchase right.

In addition, the Company agreed to pay 50% of the mining duties payable on the Production Concessions until the date that is 60 months after the Effective Date.

No finder’s fees were paid on the arm’s length Option Agreement.

Purchase Agreement – Exploration Concessions

The Company also entered into a purchase agreement (the ” Purchase Agreement “) dated May 14, 2025 with Mr. Eduardo de la Peña Gaitán (the ” Vendor “). Under the terms of the Purchase Agreement, Vizsla Silver agreed to purchase (the ” Purchase “) certain exploration concessions (the ” Exploration Concessions “) comprising the Santa Fe Project.

The Company may complete the Purchase by:

paying to the Vendor a total cash consideration of US$1,428,571 on the effective date of the Purchase Agreement (the ” Effective Date “)

issuing to the Vendor 2,746,780 common shares in the capital of the Company (the ” Purchase Shares “) within 15 calendar days of the Effective Date.

All Purchase Shares will be subject to a hold period expiring four months and one day after their date of issue pursuant to applicable Canadian securities laws. In addition, the Vendor has agreed to voluntary resale restrictions whereby 1/3 of the Purchase Shares will be released from voluntary resale restrictions 12, 24 and 36 months after their issue date. In addition to the voluntary resale restrictions, if at any time the Optionors wish to sell or otherwise dispose of an amount equal to or greater than 20,000 shares in a single day, or 100,000 shares over any five consecutive trading days, the Company will have a right of first refusal to purchase such shares. The Optionors must notify the Company in advance of any such sale, and the Company will have five business days to exercise its purchase right.

As part of the consideration under the Purchase Agreement, the Vendor will receive from the Company the processing plant known as El Coco plant, including associated assets, in-kind. The Company will provide an inventory valuation of the El Coco plant within 30 days of the effective date.

In addition, the Company agreed to pay 50% of the mining duties due on the Exploration Concessions which amounts to approximately US$394,682.

No finder’s fees were paid on the arm’s length Purchase Agreement.

The Option and Purchase are subject to applicable regulatory approvals, including the approval of the TSX and NYSE and the satisfaction of certain other closing conditions customary in transactions of this nature.

About the Panuco Project

The newly consolidated Panuco silver-gold project is an emerging high-grade discovery located in southern Sinaloa, Mexico, near the city of Mazatlán. The 7,189.5-hectare, past-producing district benefits from over 86 kilometres of total vein extent, 35 kilometres of underground mines, roads, power, and permits.

The district contains intermediate to low sulfidation epithermal silver and gold deposits related to siliceous volcanism and crustal extension in the Oligocene and Miocene. Host rocks are mainly continental volcanic rocks correlated to the Tarahumara Formation.

On January 6, 2025, the Company announced an updated mineral resource estimate for Panuco which includes an estimated in-situ combined measured and indicated mineral resource of 222.4 Moz AgEq and an in-situ inferred resource of 138.7 Moz AgEq (please refer to our Technical Report on Updated Mineral Resource Estimate and Preliminary Economic Assessment for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico, by Allan Armitage, Ben Eggers, Henri Gouin, Peter Mehrfert, James Millard, Sott Elfen and Jonathan Cooper dated February 20, 2025 and Vizsla’s press release dated January 6, 2025)).

About Vizsla Silver

Vizsla Silver is a Canadian mineral exploration and development company headquartered in Vancouver, BC, focused on advancing its flagship, 100%-owned Panuco silver-gold project located in Sinaloa, Mexico. The Company recently completed a Preliminary Economic Study for Panuco in July 2024 which highlights 15.2 Moz AgEq of annual production over an initial 10.6-year mine life, an after-tax NPV5% of US$1.1B, 86% IRR and a 9-month payback at US$26/oz Ag and US$1,975/oz Au. Vizsla Silver aims to become the world’s leading silver company by implementing a dual track development approach at Panuco, advancing mine development, while continuing district scale exploration through low-cost means.

Qualified Person

In accordance with NI 43-101, Jesus Velador, Ph.D. MMSA QP, Vice President of Exploration, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news release.

Historical data disclosed in this news release relating to sampling results from previous operators are historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company’s future exploration work may include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of exploration projects.

Information Concerning Estimates of Mineral Resources

The scientific and technical information in this news release was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”). The terms “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” used herein are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Definition Standards”), which definitions have been adopted by NI 43-101. Accordingly, information contained herein providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

You are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, “inferred mineral resources” are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.

Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the “SEC Modernization Rules”), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. Information regarding mineral resources contained or referenced herein may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC Modernization Rules are purported to be “substantially similar” to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral resources that the Company may report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the resource estimates under the standards adopted under the SEC Modernization Rules.

Website:

SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS

This news release includes certain “Forward–Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward–looking information” under applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “would”, “could”, “schedule” and similar words or expressions, identify forward–looking statements or information.

Forward-looking statements in this news release include, but are not limited to, statements and information related to closing of the Option and the Purchase; anticipated benefits of the Option and the Purchase to the Company its shareholders; the receipt of required stock exchange and regulatory approvals for the Option and the Purchase; the ability of Option and the Purchase to satisfy the other conditions to, and to complete, the Option and the Purchase; the exploration potential of the Santa Fe Project, future mineral production; the merits and benefits to be derived from the Option and the Purchase and other statements regarding future plans, expectations, guidance, projections, objectives, estimates and forecasts, as well as statements as to management’s expectations with respect to such matters.

Forward–looking statements and forward–looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Vizsla Silver, future growth potential for Vizsla Silver and its business, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of silver, gold, and other metals; costs of exploration and development; the estimated costs of development of exploration projects; Vizsla Silver’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

These statements reflect Vizsla Silver’s respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, 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 or forward-looking information and Vizsla Silver has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company’s dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company’s mining activities in Mexico; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding mineral resources and reserves; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities and artisanal miners; the Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption “Risk Factors” in Vizsla Silver’s management discussion and analysis. Readers are cautioned against attributing undue certainty to forward–looking statements or forward-looking information. Although Vizsla Silver has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. Vizsla Silver does not intend, and does not assume any obligation, to update these forward–looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

SOURCE Vizsla Silver Corp.

MENAFN15052025003732001241ID1109552793

Bryce C. Tingle is the N. Murray Edwards Chair in Business Law at the University of Calgary’s faculty of law. His book Hard Lessons in Corporate Governance was shortlisted for the Donner Prize.

Canada has been shaken out of its complacency by the actions of the Trump administration over the past 100 days. As this country considers how it can compete against a suddenly antagonistic southern neighbour, some consideration should be given to the woeful state of our public markets.

The Toronto Stock Exchange, long the crown jewel of Canada’s financial system, has shrunk almost by half in terms of the number of operating companies it supports. Most of the missing companies have gone to the U.S. In the terminology we generally use for businesses, the TSX is being badly outcompeted by the U.S.

At a time when Quebec’s Premier is musing about accepting pipelines, and various other provinces are considering reducing long-standing trade barriers, improving the competitiveness of our public markets needs to be a priority.

Our stock exchanges’ competitors include both American companies that buy the Canadian startups that would otherwise have listed on the TSX, as well as the American stock exchanges that directly attract Canadian companies away from the TSX.

Many Canadians shrug at the news that the TSX is faring poorly, but that would be a mistake. The decline of operating companies on the TSX is not just a problem for Bay Street, but a problem for the whole country.

Canada has largely failed to economically keep pace with the rest of the world this century. The past 10 years have been particularly bad, but low productivity (and the real wage growth it brings) has been a problem since the 1990s. It is probably the most important public policy issue we face – particularly as we cope with a suddenly hostile trading partner.

The decline of Canada’s economic fortunes has been intensively studied. Most researchers have concluded that a major problem is the country’s failure to grow its innovative new businesses into large companies.

This growth process is called “scaling up,” and it is the subject of research by Charles Plant, founder of the Narwhal Project, which is focused on improving Canada’s ability to create world-class technology companies. According to a recent paper by Mr. Plant we are worse at scaling up than any developed country he examined.

This gets us to the reason the average Canadian should care about the travails of the TSX. Such stock exchanges provide companies with locked-in capital and the time and peace to pursue long-term growth strategies. When a company’s shares are traded publicly, investors can buy and sell shares in that company constantly without significantly affecting the company’s business operations.

Thus, money given to the company by investors does not have to be given back by the company (the locked-in capital), and the investment decisions of investors don’t impact the business (allowing long-term growth strategies). For these reasons, most of Canada’s national champions have historically scaled up through the TSX.

In contrast to public companies, private businesses must provide liquidity to their investors every five to seven years. As a result, the life of private companies is marked by frequent sales of the entire company to new owners.

Corporate sales produce considerable disruption to management and the business, along with efforts by each new owner to extract as much from the business as they can during the time they control the company. The techniques of private equity firms to maximize the returns from a business through asset stripping and high levels of leverage are well known.

The competitive problem of the TSX can be stated simply: Canadian companies don’t want to join the exchange. Instead, startups increasingly sell themselves to larger competitors.

In many industries, such as tech, these purchasers are foreign. One study found that of 164 acquisitions of Canadian technology firms between 2004 and 2021, just one featured a Canadian purchaser. These sorts of corporate sales now constitute nearly all the exits tracked by the Canadian Venture Capital Association.

Initial public offerings on the TSX aren’t even a rounding error in the statistics. In some recent years, there hasn’t been even a single new listing on the exchange.

The TSX has two interlocking problems. First, it has a regulatory regime (much of which is generated by Canada’s securities commissions and other third parties) that is regarded with considerable dislike by Canadian entrepreneurs considering whether to pursue a public listing. (Polls regularly show that even the directors of established public companies have a low regard for the corporate governance regime we impose upon them.)

Second, this unpopular regulatory regime is, in some ways, worse than the one in the U.S. In that country, 90 per cent of new listings have staggered boards, making it hard to replace all directors quickly. Ninety-four per cent do not have majority voting, which means directors can often stay even if most shareholders oppose them. Eight-four per cent don’t permit shareholders to call special elections, which prevent them from causing disruptions between annual meetings. And almost all IPO companies have poison pills or other types of takeover defences in place.

These measures heavily insulate companies from undue shareholder influence or hostile takeovers. Without exception, none of these choices by newly listed companies in America would be permitted in Canada.

Indeed, the TSX itself has rules mandating majority voting and forbidding staggered boards. They would make sense if empirical studies showed that companies with such measures performed better than their peers. But the evidence doesn’t show this. In fact, it shows the opposite.

The public markets in Canada are filled with long lists of best practices to be observed by boards and managers in everything from the kind of people they hire, to the ways they pay are paid. Board processes that once were the site of experimentation and firm-specific adjustments are now one-size-fits-all practices imposed on directors by outside actors.

Again, none of these best practices are supported by empirical studies as benefiting public companies’ operational performance. The U.S. has, for this reason, preserved greater heterogeneity in their governance regime.

The TSX has an unusual business. Like Amazon and Google, the TSX’s core business is to create a market bringing the buyers of shares (investors) together with the sellers of shares (companies). What we have been seeing over the past two decades or so is that the TSX now has a market that is attracting buyers of shares, but doing a very bad job of attracting sellers of shares.

This is unsurprising, as investors have been the principal beneficiaries of Canada’s public market changes over the past three decades, at the expense of companies and their managers. The result is a market that most sellers have decided to boycott.

Canada will never be able to equal the depth and volume of the American stock exchanges, but it can create a better market for public companies. This would require the TSX and Canadian securities regulators to dramatically reverse course.

For most of the past few decades, Canada has diligently copied reforms in the U.S., even mandating best policies that remain voluntary in that country. Any attempt to improve the TSX’s competitive fortunes will require differentiating the two countries’ regulatory regimes, almost certainly in ways that remove the pain points for companies considering listing their shares.

There are reasons for hope that the TSX can improve its position. The U.S. doesn’t have all the advantages in the competition for public companies. The American legal system is expensive and volatile, compared with the predictability of Canadian courts.

Our deeply polarized neighbour produces wild swings at the level of securities regulation depending on who sits in the White House. Regulators and prosecutors in the US have so much power that nearly all securities indictments end in conviction or plea deals. (This should be a source of soul-searching in a liberal country. No one thinks that every party targeted by the police is guilty.)

The biggest advantage Canada has, however, is that we can cater to smaller companies. The very size of the American markets prevents them from doing this. Historically, we have been the best in the world at supporting small and medium-sized public companies. We are the only country, after all, that has been able to maintain a junior public market for more than a few years. Ours has lasted over a century.

Canada will probably never be able to overcome the attractions of the American exchanges for giant companies in hot sectors. But for every other company (and that is most of them), we can create a public market that works.

We can design a public market in which smaller issuers scaling themselves up will not get lost. A market that pays attention to rapidly growing businesses in temporarily ignored industries. A market with a regulatory regime that is right-sized for the kinds of smaller companies the TSX has historically nurtured.

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – May 15, 2025) – Premium Resources Ltd. (TSXV: PREM) (OTC Pink: PRMLF) ( ” PREM ” or the ” Company ” ) announces that a surface drilling program is underway and provides details of the work program at its past-producing copper-nickel-cobalt-platinum group elements (” Cu-Ni-Co-PGE “) sulphide Selkirk mine (” Selkirk Mine “) in Botswana. The drilling program is designed to demonstrate resource expansion and metallurgical flowsheet development. These initiatives are aimed at de-risking the project to support future development decisions.

Highlights of Selkirk Work Program

Drilling program initiated – A 12-hole drill program is underway at Selkirk ( Figure 1 ), focused on twinning historical holes to validate legacy data, adding key data points to support a future resource model update, and resource expansion through continued resampling of historical core (See news release April 10, 2025 ).

Continued resampling of historical core – In 2024, 17 historical drill holes were resampled to obtain complete PGE analysis (See press releases dated October 28, 2024 , titled: “Selkirk Deposit Provides Strong Historic Drill Core Results Including 186.25 Metres of 1.65% CuEq “). An additional 34 historical holes have been identified for resampling.

Metallurgical program ongoing – Aimed at refining orebody domains and developing a more comprehensive, de-risked metallurgical model reflected in an updated Mineral Resource Estimate (” MRE “) and supporting studies.

Morgan Lekstrom, CEO of Premium Resources states: “Resampling the historical drill core has proven to be a cost-effective and impactful way to enhance our understanding of the Selkirk deposit. This phase of drilling will prove critical for resource reclassification as we rapidly advance toward restoring the project’s legacy resource estimate . We remain focused on accelerating Selkirk and positioning it for near future development.”

The surface drilling program will collect fresh HQ-sized core to support metallurgical flowsheet, generate material for preliminary X-ray Transmission (” XRT “) ore-sorting tests, and support the potential expansion and upgrade of the National Instrument 43-101 (“NI 43-101”) compliant 44.2Mt Inferred MRE to the Indicated category (see news release dated November 27, 2024 ).

Historical production at the Selkirk Mine took place between 1989 and 2002 with Anglo American mining high grade Cu-Ni massive sulphides and producing 1 million tonnes at 2.6% Ni and 1.5% Cu . Thereafter, in 2006, LionOre Mining International Ltd. (” LionOre “) published a technical report in accordance with NI 43-101 and more recently in 2013, Norilsk Nickel Africa commissioned GiproNickel Institute to calculate an updated mineral resource estimate in accordance with JORC Code (Joint Ore Reserves Committee) that demonstrated a historical resource of 128.4 Mt 0.21% Ni, 0.23% Cu Measured & Indicated / 123.8 Mt 0.17% Ni, 0.19% Cu Inferred (See Historical Estimates).

The Company will continue to provide regular updates as drilling activities progress and metallurgical test work advances.

Figure 1 and Figure 2

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Premium Engages ICP Securities Inc.

The Company has engaged the services of ICP Securities Inc. (” ICP “) to provide automated market making services, including use of its proprietary algorithm, ICP PremiumTM, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. ICP will be paid a monthly fee of C$7,500, plus applicable taxes, which will be paid from the Company’s working capital. The agreement between the Company and ICP was signed with a start date of May 15, 2025, and is for four (4) months (the ” Initial Term “) and shall be automatically renewed for subsequent one (1) month terms (each month called an ” Additional Term “) unless either party provides at least thirty (30) days’ written notice prior to the end of the Initial Term or an Additional Term, as applicable. There are no performance factors contained in the agreement and no stock options or other compensation securities issuable in connection with the engagement. ICP presently has no interest, directly or indirectly, in the Company or its securities. ICP and its clients may acquire an interest in the securities of the Company in the future.

ICP is an arm’s length party to the Company. ICP’s office is located at 204 – 251 Queens Quay East, Toronto, Ontario, M5A 0X3. ICP’s market making activity will be primarily to correct temporary imbalances in the supply and demand of the Company’s shares. ICP will be responsible for the costs it incurs in buying and selling the Company’s shares, and no third party will be providing funds or securities for the market making activities. The appointment of ICP is subject to approval by the TSX Venture Exchange.

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, Vice President Exploration of the Company, who is a “qualified person” for the purposes of National Instrument 43-101.

Technical Report

The Mineral Resource Estimate on the Selkirk Mine is supported by the technical report entitled “NI 43-101 Technical Report Selkirk Nickel Project, North East District, Republic of Botswana”, dated November 1, 2024 (with an effective date of January 10, 2025) (the ” Technical Report “) prepared by SLR Consulting (Canada) Ltd. for PREM. Reference should be made to the full text of the Technical Report for the assumptions, qualifications and limitations set forth therein, a copy of which is available on SEDAR+ ( ) under PREM’s issuer profile.

Historical Estimates

Certain of the mineral resource estimates referred to in this release are historical in nature and should not be relied upon as a current mineral resource estimate. While management believes that these historical mineral resource estimates could be indicative of the presence of mineralization on the Selkirk Mine property, a “qualified person” (for purposes of NI 43-101) has not completed sufficient work to classify the historical mineral estimates as a current mineral resource estimates and the Company is not treating the historical mineral estimates as current mineral resource estimates.

About Premium Resources Ltd.

PREM is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and cobalt resources mines owned by the Company in the Republic of Botswana.

PREM is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering experience on projects like the Company’s Selebi and Selkirk mines. PREM’s senior team members have on average more than 20 years of experience in every single aspect of mine discovery and development, from geology to operations.

For further information about Premium Resources Ltd., please contact:

Morgan Lekstrom
CEO and Director
…

Jaclyn Ruptash
Vice President, Communications and Investor Relations
…

Cautionary Note Regarding Forward-Looking Statements

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. 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. For the purposes of this release, forward looking information includes, but is not limited to: the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selkirk Mine as currently contemplated; the anticipated ability of exploration activities (including drill results) to accurately predict mineralization; the timing of release of assay results; the timing and ability of the Company to implement its drilling, geoscience and metallurgical work on its properties and work plans generally, including metallurgical flowsheet development and preliminary XRT ore-sorting tests; the goal of the Company to define additional or upgrade existing mineral resource estimates on the Selkirk Mine in accordance with NI 43-101; the results of the exploration program at the Selkirk Mine and the timing and disclosures of the Company regarding same; the benefits of the Company’s approach to exploration; and management’s belief that the historical resource estimates disclosed in this news release could be indicative of the presence of mineralization on the deposits. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; the ability of exploration results to predict mineralization, prefeasibility or the feasibility of mine production; the risk that the Company will not be able to advance the Selkirk Mine as currently contemplated; the risk that the Company will not be able to define additional or upgrade existing mineral resource estimates on the Selkirk Mine in accordance with NI 43-101; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public disclosure record on SEDAR+ ( ) under PREM’s 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) accepts 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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Figure 1: Location of planned drill holes

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Figure 2: Selkirk Mining License

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To view the source version of this press release, please visit

SOURCE: Premium Resources Ltd.

MENAFN15052025004218003983ID1109552406

Global shares and Wall Street were higher on an easing in trade tensions between the world’s two largest economies, while the US dollar extended losses as benign US inflation data kept Federal Reserve rate cuts on the table.

Gold prices fell as the US-China trade truce dimmed bullion’s safe-haven appeal.

European stocks eased after four sessions of gains. Asian shares gained. MSCI’s gauge of stocks across the globe rose 2.24 points, or 0.26%, to 873.44.

As a truce in the tariff spat between China and the United States appeared to hit pause in the global trade war, investors have pushed global equities higher, although European shares took a breather on Wednesday.

“It’s all about the change in risk appetite,” said Lars Skovgaard, senior investment strategist at Danske Bank.

“I have a hard time seeing that we’ll go back to this extreme political noise,” he added.

On Wall Street, the Dow Jones Industrial Average rose 64.35 points, or 0.15%, to 42,204.78, the S&P 500 rose 2.26 points, or 0.04%, to 5,888.81 and the Nasdaq Composite rose 72.27 points, or 0.38%, to 19,082.35.

Europe’s STOXX 600 retreated after having jumped over 17% since its trough on April 9, the day US President Donald Trump announced he would be pausing most of the reciprocal tariffs on US trading partners.

MSCI’s broadest index of Asia-Pacific shares outside Japan closed higher by 1.56%, to 614.33, while Japan’s Nikkei fell 55.13 points, or 0.14%, to 38,128.13.

The broader Topix snapped a 13-day winning run, its longest streak in nearly 16 years.

Hong Kong’s Hang Seng index jumped, lifted by tech stocks after Chinese e-commerce retailer JD.com posted strong results. Tencent, China’s biggest tech company, posted a 13% rise in first-quarter revenue on Wednesday.

Focus this week will also be on earnings from Alibaba on Thursday.

Data on Tuesday showing softer-than-expected US consumer inflation also provided some relief to investors worried about the inflationary impact of US tariff policies, which had severely undercut expectations of near-term Fed rate cuts.

Though traders expect inflation to pick up as tariffs lift import costs, the uncertainty over the outlook remains as Washington moves ahead to strike deals with its trading partners.

“US tariffs on Chinese goods are still much higher than they were months ago,” said Wei He, China economist at Gavekal Research.

“There’s still plenty of uncertainty about the outlook.” Trump in an interview on Tuesday said he could see himself dealing directly with Chinese President Xi Jinping on details of a trade pact. His touted “potential deals” with India, Japan and South Korea are still pending.

ASSESSING TARIFF IMPACT The Fed has warned of rising economic uncertainty, signalling it is prepared to wait to assess the impact of US tariffs before moving to cut interest rates again. Fed Chair Jerome Powell is scheduled to give remarks on Thursday.

The US dollar, which has taken a beating recently on the back of the economic and policy uncertainty, fell 0.24% against a basket of currencies including the yen and the euro.

Global asset managers held their biggest underweight position in the dollar in 19 years in May, as Trump’s trade policy cut investor appetite for US assets, Bank of America’s global fund manager survey (FMS) showed on Tuesday.

The euro gained 0.25% to $1.1212.

US yields rose as investors weighed softer-than-expected April inflation data against expectations that tariffs will fuel higher prices in the coming months.

Eurozone yields meanwhile retreated.

The next major signal for US economic health is retail sales data for April due on Thursday. The same day, talks are planned between Ukraine and Russia in Istanbul with hopes of a ceasefire three years into the deadliest conflict in Europe since World War Two.

In commodities, rising US crude stockpiles pressured prices. Brent crude futures fell to $66.07 per barrel, down 0.84% on the day. US crude fell 0.91% to $63.09 a barrel Spot gold fell 1.96% to $3,183.69 an ounce.

Canada’s main stock index fell on Wednesday, after six straight sessions of gains, as investors took a breather while awaiting signals from ongoing trade developments.

The Toronto Stock Exchange’s S&P/TSX composite index was down 0.13% at 25,583.02 points after rising 2.6% in the past six sessions and hitting a three-month high last week.

Markets have been rising on trade optimism after a limited US-UK agreement and the United States and China pausing their fierce tariff dispute assuaged fears about a global economic slowdown.

Agencies

H.C. Wainwright, one of the most prestigious financial firms in the U.S., upgraded Galaxy Digital’s price target to $39.

Mike Novogratz’s Galaxy Digital Holdings is riding high ahead of its uplisting on Nasdaq. On Wednesday, May 14, financial firm H.C. Wainwright reaffirmed its Buy rating on Galaxy Digital, raising its price target from $30 to $39.

The crypto financial services and AI infrastructure firm, owned by billionaire Mike Novogratz, currently trades at $32.09 per share. The decision came despite underwhelming financial results for the first quarter of 2025, when the firm posted a $295 million net loss.

These were, as H.C. Wainwright explained, partially due to challenging macro conditions for crypto firms. However, the financial firm pointed to strong potential for growth in the short term, as well as the upcoming listing on Nasdaq, set for May 16. So far, Galaxy Digital has been listed on the Toronto Stock Exchange.

Galaxy Digital has strong growth potential, analysts state

A listing on a more prestigious exchange is a signal to investors about the prestige and trustworthiness of a company. At the same time, Galaxy Digital will benefit from the fact that it will be available on retail trading apps, including Robinhood and eToro.

What is more, the company is expected to benefit from the expected rebound in crypto assets in the second quarter of 2025. This is both due to the services it offers in the space, as well as its own crypto assets.

“We believe Galaxy’s client-facing digital asset businesses and the company’s large crypto portfolio are poised to benefit from rising prices in 2H25, as the industry benefits from greater regulatory clarity and growing institutional adoption,” H.C. Wainwright.

What is more, Galaxy Digital is expected to earn significant revenue from its AI data centers. For instance, the company has secured a contract with CoreWeave, worth approximately $13 million in revenues for the next 15 years.