Category: Canada

Paladin Energy will debut on the Toronto Stock Exchange (TSX) at 9:30am local time on December 27, under the ticker symbol “PDN,” the company said Friday, as its ASX-listed shares jumped almost 3.5%. 

The uranium company remains primarily listed on the ASX, with its dual-listing following the acquisition of Fission Uranium, as Paladin taps new opportunities in high-quality uranium exploration and development across Canada. 

“We are delighted to reach this milestone with our shares now trading on the TSX, and we welcome Fission shareholders to Paladin. We are truly excited by the opportunities ahead,” Paladin Energy chief executive Ian Purdy said. 

“The combination of Paladin and Fission creates a world-class diverse uranium producer operating in multiple countries, with a high-quality portfolio of production, development and exploration assets.”  

The Perth-based company completed its acquisition of Fission Uranium on Christmas eve, in a strategic bid to strengthen its global position in the uranium sector and expand its operations into North America. 

The deal provides Paladin full control of the Patterson Lake South project, which is seen as one of the most advanced and promising uranium exploration projects globally. 

The move gives Fission shareholders around 24% of Paladin’s outstanding shares, increasing Paladin’s asset base and boosting its market capitalisation. 

Paladin plans to integrate Fission’s management into its operations, with a focus on optimising and advancing the Patterson Lake South project, despite Fission’s CEO Ross McElroy resigning following the deal. 

Paladin shares tanked in November after the company announced cuts to production and revised its fiscal 2025 production guidance for its Langer Heinrich Mine in Namibia, marking the worst trading performance in seven years.

Uranium prices consolidated during 2024, but analysts are still predicting a rebound for the energy fuel with supply constraints and increasing demand ahead. 

After hitting a 17-year high in February, the uranium spot price fell before stabilising for the remainder of 2024. Uranium ended the year around US$73.75 per pound, lower than its previous highs, but still above historical levels. 

Paladin Energy (ASX: PDN) shares were trading up 3.25% at $7.80 at the time of writing and has a market capitalisation of A$2.34 billion. 

Vermilion Energy Inc. has signed a deal to take over Westbrick Energy Ltd., which owns producing and non-producing assets in Canada’s Deep Basin, via a CAD 1.075 billion ($746.04 million) stock purchase.

Westbrick shareholders including holders of securities convertible to shares will receive up to 1.7 million common shares of Vermilion with up to CAD 25 million in value. The reference will be Vermilion’s five-day volume weighted average price on the Toronto Stock Exchange immediately before the signing of the agreement, oil and gas exploration and production firm Vermilion said in a statement.

Subject to shareholder, court and regulatory approvals, the transaction is expected to close in the first quarter of 2025.

The Westbrick assets can contribute 50,000 barrels of oil equivalent a day, of which 75 percent is gas and 25 percent liquids, to Vermilion’s production next year, according to the statement on Vermilion’s website.

“This production level represents five percent year-over-year growth and is forecast to generate more than [CA]$110 million of annual free cash flow based on forward commodity prices”, Calgary-based Vermilion added. “Revenue from the acquired assets will be derived approximately 50 percent from liquids and 50 percent from gas.

“In conjunction with the Acquisition, Vermilion plans to actively and opportunistically hedge gas production to mitigate financial risk”.

The acquisition will give Vermilion 1.1 million acres of land and four operated gas plants with a collective capacity of 102 million cubic feet per day (MMcfd) in the southeast of the Deep Basin trend in Alberta province. “This footprint is contiguous and complementary to Vermilion’s legacy Deep Basin assets providing significant operational and financial synergies, including: capital efficiency improvements, infrastructure optimization, gas marketing opportunities, and other corporate synergies”, Vermilion said.

The “significant, high-quality drilling inventory adds over 700 locations in the Ellerslie, Notikewin, Rock Creek, Falher, Cardium, Wilrich and Niton formations, with half-cycle IRRs [internal rate of returns] ranging from 40 percent to over 100 percent based on estimates provided by McDaniel & Associates Consultants Ltd and using three consultant average October 1, 2024 pricing assumptions”, Vermilion added

The acquisition excludes undeveloped rights in the Duvernay play spanning 300,000 (290,000 net) acres, which will be retained by Westbrick investors.

The acquisition will bring proven developed producing (PDP) reserves of about 92 million barrels of oil equivalent (MMboe) and proven plus probable reserves of 256 MMboe, based on estimates by McDaniel & Associates Consultants Ltd. The estimates cover around 30 percent of the over 700 identified drilling locations, according to Vermilion.

“The acquisition price per boe of PDP reserves is $11.70, which translates to an implied recycle ratio of 1.3 times based on 2025 forecasted operating netbacks and 1.5 times based on 2026 forecasted operating netbacks”, Vermilion said.

“Vermilion’s Canadian liquids-rich gas assets, combined with over 100 mmcf/d of high-netback, low-decline European natural gas production provides the Company with a premium realized natural gas price”, it said.

“Vermilion is committed to strategically growing its international assets both organically, as demonstrated by recent successes in Germany and Croatia, and via acquisitions.

“In the near term, the Company will focus on operational execution, debt reduction, return of capital, and further high-grading of assets within its portfolio, including non-core asset sales, to enhance long-term shareholder value”.

Dion Hatcher, president and chief executive of Vermilion, said, “The strategic acquisition of Westbrick represents a significant step forward in Vermilion’s North American high-grading initiative to increase operational scale and enhance full-cycle margins in the liquids-rich Deep Basin”.

“The Deep Basin is an area Vermilion has been operating in for nearly three decades and is currently the largest producing asset in the Company”, Hatcher added.

Vermilion plans to fund the transaction using an undrawn CAD 1.35 billion revolving credit facility.

“In connection with the Acquisition, Vermilion has also entered into a new fully underwritten [CA]$250 million term loan maturing May 2028 through a debt commitment letter with TD Securities Inc. (acting as underwriter) and a new fully underwritten US$300 million bridge facility through a debt commitment letter with Royal Bank of Canada and TD Securities Inc.”, it added.

“Upon Closing, Vermilion is expected to have net debt of [CA]$2.0 billion with a pro forma year-end 2025 net debt to fund flows from operations ratio of 1.5 times and liquidity of approximately [CA]$500 million”.

To contact the author, email jov.onsat@rigzone.com

As the final trading days of 2024 wind down, BMO Capital Markets takes a look at the year that was

Published Dec 24, 2024  •  Last updated 1 day ago  •  4 minute read

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It’s been another banner year for investors, despite last week’s stumble. The S&P 500 is headed for the finish line up 25 per cent, following a more than 20 per cent gain the year before.

As the final trading days of 2024 wind down, BMO Capital Markets economist Robert Kavcic takes a look at the year’s hits and misses.

The markets

The S&P 500 is up 25 per cent since the end of 2023 with the top seven biggest technology stocks accounting for more than half of that advance.

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The Nasdaq has led the gains so far, up 30 per cent after a stunning 43 per cent rise in 2023. If this year’s advance holds, it will be only the third back-to-back increase this high since the late 1960s, said Kavcic.

The TSX has also had a solid year, up 17.4 per cent.

Most improved

The United States’ robust economy, interest rate cuts and a steepening yield curve made bank stocks a winner this year, said Kavcic. The U.S. sector rallied 34 per cent after the bank failures of 2023. Earnings results among Canadian banks were more “hit-and-miss” but the sector still managed a 16 per cent gain, up from 3.6 per cent the year before.

Underperformers

It was a tough year for resources and U.S. energy and materials are down on the year, said Kavcic. The rally in gold prices helped Canada, but oil prices are wrapping up the year about where they started with West Texas Intermediate at around US$70.

Worst performers

Canadian telecoms were the worst performers in North America, pressured by tougher competition, high debt loads and Ottawa’s new caps on population growth, said Kavcic. The sector is down more than 20 per cent and the hits keep coming.

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Telecom companies were the biggest losers on the TSX yesterday, which one analyst attributed to tax-loss selling at the end of the year. Rogers Communications Inc. fell 0.7 per cent Monday after the Competition Bureau Canada said it was suing the company for allegedly making misleading claims about its infinite wireless plans.

BCE Inc. was down almost 1.4 per cent and Telus Corp. dropped 0.9 per cent.

“It’s been a tough year for the communication services sector,” Kevin Burkett, a portfolio manager at Burkett Asset Management, told The Canadian Press.

And then there’s bitcoin …

It’s been a year of milestones and records for the digital currency. Bitcoin ETFs began trading in the United States on Jan. 11, 2024, and by March the price had hit a new record of US$73,000 as investors poured in. (Note: Bitcoin ETFs launched in Canada in February 2021, the first in the world.)

But there were more records to come. The election of Donald Trump, known for his pro-crypto policies, pushed the currency over US$100,000 this month for the first time.

That rally has since flagged, with bitcoin trading at US$93,944 this morning

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A pause or a cut? Gross domestic product data that came out Monday evoked a mixed reaction from economists, who were eager to see how the latest numbers would affect the Bank of Canada’s next decision.

GDP grew by 0.3 per cent in October, stronger than expected, but Statistics Canada’s early estimate for November suggested the economy shrank by 0.1 per cent, the first contraction this year.

Oxford Economics says the reading shows the economy is not firing on all cylinders and predicts the central bank will press on with four more 25-basis-point cuts to bring the interest rate to 2.25 per cent by mid-2025.

Capital Economics, however, had a more upbeat take on the economy. Stephen Brown said the hit to November’s GDP was hardly surprising considering the impact of two earlier port strikes and the Canada Post walkout that started Nov. 15.  Even with November’s dip, fourth-quarter GDP growth will be close to the Bank of Canada’s forecast of 2 per cent annualized, he said, increasing the odds that the bank will pause next month.

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• The TSX closes at 1 p.m. ET for Christmas Eve
• Today’s Data: United States building permits, durable goods orders, new home sales

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From a drug smuggling CEO to smoking senior executives, five unusual tales from portfolio manager Peter Hodson take a look at the lighter side of his career in the investment and portfolio management industry. Read more 

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As inflation and the cost of living soar for Canadians, consumers are getting ‘justifiably angry’ about junk fees — We look at what the problem is, and what are some solutions. Read more 

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Caledonia Mining Corporation, angling to become a multi-asset gold producer in Zimbabwe, says a new feasibility study on its Bilboes Gold Project, expected to become the countryls largest gold asset, will be published early next year.

The Toronto Stock Exchange (TSX)-listed group, which has a secondary listing on the Victoria Falls Stock Exchange (VFEX), owns Matabeleland South Province-based Blanket Mine, one of Zimbabwe’s major gold mining assets.

It is also the proprietor of the Motapa gold project situated adjacent to the Bilboes mine in Matabeleland North Province, Maligreen Goldfields, and Glen Hulme projects in Gweru, in the Midlands Province.

In 2022, Caledonia acquired the Bilboes project for US$53,3 million from businessman Mr Victor Gapare.

The mining group is on record saying that judging from its findings of a Preliminary Economic Assessment (PEA), Bilboes holds huge potential to become a transformative asset and Zimbabwe’s biggest gold mining operation producing, 150 000 ounces annually.

The PEA confirmed the results of a feasibility study carried out by the previous owner of the Bilboes, which detailed strong potential from a potentially luctrative open-pit project.

“The company intends to publish a new feasibility study for the project in the first quarter of 2025,” Caledonia said in its latest update.

Caledonia says the project may have its first gold pour by 2028, according to the firm’s PEA. The Bilboes project is expected to produce 1,52 million ounces of the yellow metal over a 10-year mine life.

“On June 3, 2024, Caledonia published a new technical report for Bilboes, which superseded prior technical reports and technical report summaries for Bilboes.

“The new Bilboes technical report was a preliminary economic assessment prepared in accordance with Canada’s National Instrument 43-101 and did not comply with S-K 1300.

“The purpose of the technical report summary filed yesterday is to report mineral resources for the project in accordance with S-K 1300, to present the results of an initial assessment for the implementation of open pit mining to recover the gold mineralisation and to propose additional work required for feasibility level studies,” said the mining group.

Meanwhile, gold output at Blanket Mine in the nine months to September this year was 56 815 ounces up from 55 244oz in the comparable period in 2023.

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Caledonia has reiterated its production guidance for this year at between 74 000 and 78 000oz at Blanket.

Gold is Zimbabwe’s biggest single export. Fidelity Gold Refinery, the country’s sole buyer of gold produced locally, said production reached 32 tonnes in the first 11 months of this year.

During the period under review, the artisanal and small-scale mining sector delivered 20,3 tonnes while primary producers or the large-scale miners produced 11,7 tonnes.

Last year, Zimbabwe produced 30,1 tonnes of the bullion and this year the Government targets 35 tonnes.

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Billionaires are booming. With the AI goldrush in full swing, celebrity and athlete earnings climbing higher than ever, and the stock market at record highs, Forbes found scores of new billionaires in 2024. These new members of the three-comma club join more than 2,800 others, worth a stunning $15.4 trillion in all, on our Real Time Billionaires list.

The youngest new billionaires in 2024 are Ed Craven ($1.3 billion) and Bijan Tehrani ($1.3 billion)—28 and 30, respectively—of crypto-backed online casino Stake.com. The richest fresh faces are Marilyn Simons (estimated net worth: $31 billion)—the widow of hedge fund legend Jim Simons, who died in May at age 86—and Lyndal Stephens Greth ($27.4 billion), whose late father Autry Stephens (d. August) founded oil and gas firm Endeavor Energy Resources.

Techies riding AI into the billionaire ranks this year include Brett Adcock, whose company Figure is building robots with a goal to enter the workforce, and Herald Chen of marketing software company AppLovin.

Others have gotten super rich in everything from pumping iron (Arnold Schwarzenegger), fashion (Aritzia founder Brian Hill) and sandwiches (Jersey Mike’s Subs’ founder Peter Cancro).

Here are some of the most notable members of the 2024 billionaire class: (Net worths are as of December 19, 2024)

Peter Cancro

Source of Wealth: Jersey Mike’s Subs

Net Worth: $5.6 bil

Age: 67

Citizenship: United States

The owner and CEO of the popular sandwich chain Jersey Mike’s got his start in 1971 at age 14, when he began working at Mike’s Subs in his hometown of Point Pleasant, New Jersey. Cancro would go on to buy the store three years later after taking out a loan, changing its name to Jersey Mike’s and beginning to franchise across the U.S. in 1981. In November, he agreed to sell a majority of the fast-growing business to Blackstone at a reported valuation of $8 billion, including debt, but plans to retain a stake and stay on as chief executive.

Ed Craven & Bijan Tehrani

Source of Wealth: Online casino

Combined Net Worth: $2.6 bil

Ages: 28, 30

Citizenships: Australia, U.S.

Their company Stake.com is believed to be the largest crypto-backed online casino in the world. The site, founded by Craven and Tehrani in 2017, generated $2.6 billion in revenue last year, despite the fact that such gambling is either not legal or not available in the U.S., United Kingdom and much of Europe. They have put the Stake brand on Formula 1 cars, English Premier League jerseys and UFC octagons. After Stake streams were banned on Twitch in late 2022, Craven and Tehrani launched Kick, their own streaming service. Between 2020 and 2022, Stake’s gross gaming revenue jumped from $100 million to more than $2 billion.

Herald Chen

Source of Wealth: Software

Net Worth: $1.3 bil

Age: 54

Citizenship: United States

A KKR alum, Chen joined AppLovin, a marketing software firm that helps companies grow their apps, in 2019, before its 2021 IPO. Chen was the company’s president and chief financial officer before stepping down in 2023, and is the company’s fifth billionaire thanks to the boatload of stock options he was awarded during his tenure. AppLovin’s stock has surged more than 700% this year.

Brett Adcock

Source of Wealth: Robots

Net Worth: $1.5 bil

Age: 38

Citizenship: United States

Figure, Adcock’s robot company, wants to bring AI-powered humanoid machines–capable of performing myriad tasks and communicating with humans–into the labor force. The company, backed by investors including Microsoft, Nvidia, Jeff Bezos and OpenAI, was valued at $2.6 billion in February. Between his approximately 50% stake in Figure and shares from a previous startup, he’s now worth an estimated $1.5 billion.

Luis von Ahn

Source of Wealth: Duolingo

Net Worth: $1.2 bil

Age: 46

Citizenship: United States, Guatemala

Raised in Guatemala in a low-income family, von Ahn immigrated to the U.S. in 1996 to study math at Duke University and then got a Ph.D. in computer science from Carnegie Mellon University. There, he co-created the CAPTCHA verification system, which distinguishes humans from robots online, and sold it to Google in 2009 for an undisclosed sum before starting the language learning app Duolingo. Von Ahn took Duolingo public in 2021 and owns around 10% of its shares, which have risen more than 40% this year. His cofounder, Severin Hacker, is also a new billionaire.

Selcuk Bayraktar

Source of Wealth: Military Drones

Net Worth: $1.2B

Age: 45

Citizenship: Turkey

The son-in-law of Turkish president Recep Tayyip Erdogan, he’s profiting off the war in Ukraine through unmanned military drone manufacturer Baykar. Founded by his father in 1984 to make parts for the Turkish auto industry, Baykar recorded sales of $1.4 billion in 2022. In 2023, its exports rose to $1.8 billion. It’s a key seller of drones to Ukrainian troops. Bayraktar owns 52.5% of Baykar, chairs the board and serves as chief technological officer. His brother Haluk, also a new billionaire, is CEO and owns the rest.

Peter Beck

Source of Wealth: Rockets

Net Worth: 1.2 bil

Age: 47

Citizenship: New Zealand

The New Zealand native’s rocket company, Rocket Lab USA, develops rockets, satellites and other spacecrafts for government and commercial customers. A self-taught engineer who skipped college, Beck owns around 10% of Rocket Lab’s shares, which have shot up more than 300% this year thanks to successful results and new rockets.

Brian Hill

Source of Wealth: Fashion retail

Net worth: $1.1 bil

Age: 62

Citizenship: Canada

His Vancouver-based fashion chain Aritzia went viral in the U.S. during the Covid-19 pandemic with its focus on “everyday luxury” at an “attainable price.” Hill opened the first Aritzia in a Vancouver mall in 1984, but did not touch down in the U.S. until 2007. Now, there are 47 U.S. outposts, most having opened over the past five years. Hill, who is executive chairman, owns about 18% of the Toronto Stock Exchange-listed company’s stock, which is up nearly 100% in 2024.

Arnold Schwarzenegger

Source of Wealth: Movies, Investments

Net Worth: $1.1 bil

Age: 77

Citizenship: United States

The bodybuilder, actor and politician was born into a poor family in Thal, a small Austrian village with a population of 2,500, where he discovered his father had been a member of the Nazi party. Now, he’s a billionaire thanks to some $500 million made from Hollywood films (before taxes and fees), investments in California real estate, stakes in some of the world’s biggest brands and a minority stake in Dimensional Fund Advisors, which manages nearly $800 billion in assets.

Martine Rothblatt

Source of Wealth: Pharmaceuticals

Net Worth: $1.1 bil

Age: 70

Citizenship: United States

Founded by Rothblatt in 1996, United Therapeutics experiments with pig cloning and genetic modification to create lungs the human body doesn’t reject. It also sells lifesaving, FDA-approved drugs. Rothblatt pivoted from Sirius Satellite Radio, which she cofounded in 1990, to biotech after her daughter was diagnosed with pulmonary arterial hypertension, a rare lung and heart condition without a cure. The Silver Spring, Maryland-based company generated $2.1 billion in sales last year and has seen its stock jump more than 50% in 2024. Perhaps America’s best-known transgender CEO, she underwent gender reassignment surgery in 1994 and has spent decades as an advocate for LGBTQ rights.

Canadian rare earths company Aclara Resources is raising $25m through a non-brokered private placement to fund its Carina project in Brazil.

This placement involves the issuance of more than 51 million common shares at C$0.70 ($0.40) apiece, which marks a 41% premium to Aclara’s last closing price on the Toronto Stock Exchange.

The company has entered subscription agreements with Chilean mining holding company CAP, Hochschild Mining Holdings, and New Hartsdale Capital for the purchase of the shares.

This transaction requires shareholder approval, which Aclara will seek at a special meeting anticipated for early 2025. The closing of the private placement is expected by the end of February 2025 while key development milestones for the Carina project are set for next year.

These milestones range from submitting an environmental impact study to completing a pre-feasibility study.

A smaller portion of the funds, potentially supplemented by government funding, will be allocated to a separation project in the US.

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Aclara chairman Eduardo Hochschild Chairman said: “We are thrilled to welcome CAP as a strategic investor. Beyond their financial strength, CAP brings deep industry expertise, making them an invaluable partner in our mission to establish a sustainable and integrated supply chain for rare earths.

“CAP joins Hochschild Mining as a major shareholder of Aclara, uniting two distinguished companies with decades of proven success across the Americas. With their strong support, Aclara is well-positioned to advance its projects in Brazil, Chile, and the United States, paving the way to becoming a global leader and driving meaningful progress in the fight against climate change.”

The Penco Module in Chile will not utilise proceeds from this placement, as its development is entirely covered by CAP’s investment in REE Uno made in April 2024.

Aclara CEO Ramon Barua said: “CAP has proven to be a very effective contributor in our work at the Penco Module and, through this offering, we welcome them to the shareholder base of Aclara Resources. Through their continued financial support of our development plan, our key shareholders are demonstrating their steadfast commitment to propelling Aclara towards its goal of becoming an integrated producer of rare earths outside of Asia.”

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At the close in Toronto, the S&P/TSX Composite gained 0.40%.

The best performers of the session on the S&P/TSX Composite were ATS Corporation (TSX:ATS), which rose 4.29% or 1.84 points to trade at 44.75 at the close. Meanwhile, BlackBerry Ltd (TSX:BB) added 4.05% or 0.22 points to end at 5.65 and Vermilion Energy Inc . (TSX:VET) was up 2.82% or 0.36 points to 13.13 in late trade.

The worst performers of the session were Denison Mines Corp (TSX:DML), which fell 2.15% or 0.06 points to trade at 2.73 at the close. Jamieson Wellness Inc (TSX:JWEL) declined 1.78% or 0.66 points to end at 36.46 and Telus Corp (TSX:T) was down 1.52% or 0.30 points to 19.45.

Rising stocks outnumbered declining ones on the Toronto Stock Exchange by 556 to 275 and 112 ended unchanged.

Shares in BlackBerry Ltd (TSX:BB) rose to 52-week highs; up 4.05% or 0.22 to 5.65. Shares in Telus Corp (TSX:T) fell to 5-year lows; losing 1.52% or 0.30 to 19.45.

The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was down 2.00% to 10.79.

Gold Futures for February delivery was up 0.20% or 5.30 to $2,633.50 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in February rose 1.33% or 0.92 to hit $70.16 a barrel, while the March Brent oil contract rose 1.24% or 0.90 to trade at $73.22 a barrel.

CAD/USD was unchanged 0.07% to 0.70, while CAD/EUR unchanged 0.12% to 0.67.

The US Dollar Index Futures was up 0.18% at 108.00.