CALGARY, Alberta, Feb. 04, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (“Gibson” or the “Company”) announced that Sean Brown has stepped down today from his role as Senior Vice President and Chief Financial Officer.
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“On behalf of the Board and leadership team, I want to thank Sean for his role in building Gibson’s strong financial foundation,” said Curtis Philippon, President & Chief Executive Officer. “Also, his contributions to date to ensure a seamless transition are appreciated and I wish him the best in his future endeavors.”
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Concurrently, the Company is pleased to announce that effective immediately Riley Hicks, Senior Vice President, Corporate Development, Marketing & Strategy, will succeed Mr. Brown as Senior Vice President and Chief Financial Officer.
“Since joining Gibson in 2018, Riley has held critical roles in several areas of the business and was the ideal choice to step into the role of Chief Financial Officer,” Mr. Philippon added. “His deep knowledge of the business and proven leadership will be instrumental in driving our financial strategy forward, delivering long-term value to shareholders and will help position Gibson for future successes.”
Riley Hicks Biography
Mr. Hicks joined Gibson in 2018 and most recently held the position of Senior Vice President, Corporate Development, Marketing & Strategy. Prior to this position, Riley held various leadership roles across the finance, commercial, and marketing organizations. Before joining the Company, Riley developed a comprehensive understanding of the midstream and energy sector through experience in accounting, equity research, and corporate valuation consulting for energy clients. Riley holds a Bachelor of Science in Economics degree from Trinity College, an MBA from Northeastern University, and is a member of the Chartered Professional Accountants of Canada and Alberta (CPA).
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About Gibson
Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.
Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements) including, but not limited to, statements concerning Gibson’s ability to execute its corporate strategy and achieve the expected outcomes therefrom. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ‘‘anticipate’’, ‘‘plan’’, ‘‘contemplate’’, ‘‘continue’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘propose’’, ‘‘might’’, ‘‘may’’, ‘‘will’’, ‘‘shall’’, ‘‘project’’, ‘‘should’’, ‘‘could’’, ‘‘would’’, ‘‘believe’’, ‘‘predict’’, ‘‘forecast’’, ‘‘pursue’’, ‘‘potential’’ and ‘‘capable’’ and similar expressions are intended to identify forward looking statements.. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form and Management’s Discussion and Analysis, each dated February 20, 2024, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.
For further information, please contact:
Investor Relations:
(403) 776-3077
investor.relations@gibsonenergy.com
Media Relations:
(403) 476-6334
communications@gibsonenergy.com
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Markets tumbled Monday before recovering revealing which sectors and companies are most vulnerable
Canadian investors got a sneak peek into the potential winners and losers from a trade war on Monday, as markets tumbled to start the day before recovering after it was revealed that U.S. President Donald Trump had paused tariffs for 30 days, first on Mexico and then on Canada.
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Analysts have been trying to grasp the short and long-term effects of potential tariffs on different industries and most have concluded that a trade war with Canada’s biggest trading partner would be losing scenario for investors.
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“It’s going to be hard to find any real winners because this is bad on Canada,” said Barry Schwartz, executive vice-president and chief investment officer at Baskin Wealth Management. “It hurts our economy. It could cause a recession. That’s not good for consumer spending. That’s not good for animal spirits.”
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Schwartz said Monday’s biggest large-cap losers on the S&P/TSX composite index were companies that rely heavily on moving goods across the border, such as oil producer Imperial Oil Ltd., industrial equipment dealer Finning International Inc., powersport products manufacturer and dealer BRP Inc., mining and metals company First Quantum Minerals Ltd., auto parts manufacturer Magna International Inc., transport and logistics company TFI International Inc. and railway holding company Canadian Pacific Kansas City Ltd.
While most of their stock prices picked up after Monday morning’s plunge, Schwartz said the declines told the tale.
“The market reacts in real time with who the winners and losers will be,” he said.
“If there is a prolonged trade war against Canada, obviously it will be the oil companies, anything to do with automotive, anything to do with shipping or minerals,” he said. “Those kinds of companies are going to be the most affected.”
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Schwartz said energy companies like Tourmaline Oil Corp., ARC Resources Ltd. or Peyto Exploration & Development Corp. could benefit if the price of natural gas goes up and the loonie continues to weaken, which could help offset tariffs.
“It’s just how much of the impact of the tariffs hurts them versus the Canadian dollar,” he said.
While tariffs don’t apply to Canadian banks, a trade war could bring “serious negative implications” for Canadian bank stocks, as “their fortunes are intimately tied to the health of the Canadian economy,” Bank of Nova Scotia analyst Meny Grauman said in a Feb. 3 note.
Canadian banks could see “significant downside and volatility in the short term as a result of the tariffs and related economic uncertainty,” RBC Capital Markets analyst Darko Mihelic said in a note on the weekend, before Monday’s tariff pause.
Mihelic said bank stocks could be impacted by volatility in capital markets, an “abrupt and potentially volatile change” in Canada’s economic situation, slower loan growth, a large increase in performing provisions for credit losses and potential measures from provincial and federal governments and regulators aimed at protecting Canada’s economy.
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Canadian life insurance company stocks may have a more muted reaction than bank stocks because more of their earnings come from outside of Canada, Mihelic said, but “equity market, interest rate, and spread volatility” could be a source of short-term pain. In particular, iA Financial Corporation Inc. — “the most ‘Canadian’ of the lifecos” — may be more negatively impacted by short-term volatility than other life insurance companies.
One financial services winner Schwartz sees could be TMX Group Ltd., which owns and operates stock exchanges in Canada including the Toronto Stock Exchange.
“There’s going to be heightened volatility and increased trading, and they make money on stock trading and the tariffs have no impact,” he said.
Sectors such as telecommunications and utilities were not likely to be materially impacted by tariffs, said Rebecca Teltscher, portfolio manager at New Haven Asset Management Inc.
The infrastructure and client base of telecom giants such as BCE Inc. and Telus Corp. are predominantly located in Canada, Teltscher said, and those companies should be better positioned to weather a recession compared to other sectors because they have stable revenues and provide critical services.
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“If a consumer is trying to cut down spending, they are most likely going to stop travelling or eating at restaurants before they decide to cut their internet or cell phone service,” she said.
Canadian utilities companies such as Emera Inc. and Fortis Inc. do have cross-border operations, but their operations don’t rely on cross-border supply chains.
“Utilities are rate regulated by the different jurisdictions they operate in,” said Teltscher. “Emera and Fortis own distribution utilities in both Canada and the U.S. but they operate as standalone entities and are not impacted by cross-border trade.”
If tariffs on Canadian goods are implemented, analysts don’t expect them to last long — but even if the tariffs are temporary, “the implications of this trade war will be with us for a long time,” said Scotiabank’s Grauman in his note.
Schwartz said the market pullback could be an opportunity for investors to buy Canadian companies they’ve been eyeing, especially if the stocks aren’t impacted by tariffs or are just down due to selling from index funds.
But as the tariff situation develops, investors shouldn’t panic and react to day-to-day changes in the market, said Craig Basinger, chief market strategist at Purpose Investments.
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“Even as the day progresses, things dramatically change. I don’t think you can react to it overnight, nor do I think you should,” he said.
The question of how long potential tariffs could last, Basinger said, depends on whether common sense prevails or whether the Trump administration is conducting an economic experiment.
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“I’m optimistic it doesn’t last very long. That’s sort of our base case, because I think it’s going to, on the margin, be inflationary in the U.S.,” he said. “I think that’s a bigger problem on the U.S. side from a political perspective. I don’t think it prevails at these rates. But again, there’s a lot of illogical arguments going on out there.”
• Email: jswitzer@postmedia.com
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A highly productive December quarter at the Green Bay Copper-Gold Project in Newfoundland, Canada, has put FireFly Metals Ltd in a strong position to drive further value “by demonstrating the immense production upside”, according to managing director Steve Parsons.
A key milestone during the quarter was a substantial increase in the Green Bay measured and indicated resource to 24.4 million tonnes at 1.9% for 460,000 tonnes copper equivalent while the inferred resource grew to 34.5 million tonnes at 2% for 690,000 tonnes.
This reflected the results of a highly successful 2023-2024 underground drilling campaign but FireFly is not resting on its laurels with four rigs continuing to drill underground in a fully-funded 130,000-metre drill campaign focused on growing and upgrading the resource.
Parsons said: “Our exploration program has been highly successful, delivering a big increase in the resource base while highlighting the world-scale nature of the Green Bay Project.
“We now have four rigs working with the twin aims of growing and upgrading the resource. These goals are part of our overall strategy to drive value by demonstrating the immense production upside at Green Bay.”
READ: FireFly Metals begins trading on Toronto Stock Exchange main board
Another milestone passed in the quarter was FireFly beginning trading on the Toronto Stock Exchange (TSX) under the symbol FFM, in addition to its primary ASX listing, with the aim of increasing its profile in the North American investment community and attracting local exploration and development talent.
The company also completed the transaction to acquire the 115-square-kilometre, Tilt Cove copper-gold regional exploration project in Newfoundland.
READ: FireFly Metals snaps up second copper-gold project near Green Bay ahead of major exploration push
The transaction strengthens the company’s regional land holding by adding further exploration tenure continuous to the emerging world-class Green Bay Copper-Gold Project.
The 54% increase in land holding sees the Green Bay Project grow to a total area of ~326 square kilometres.
Tilt Cove is highly prospective for volcanogenic massive sulphide (VMS) deposits similar to FireFly’s rapidly growing Ming Mine. The project also contains high-grade orogenic-style gold mineralisation.
FireFly’s tenure in Newfoundland, Canada including the acquired Tilt Cove Project.
READ: Firefly Metals expands SPP to $8 million after receiving $27.7 million in subscriptions
After raising A$8 million in a significantly oversubscribed share purchase plan following a $65 million placement in September 2025, FireFly is well funded for its accelerated growth strategy in 2025 with ~A$84.1 million in cash, receivables and liquid investments at December 31, 2024.
Green Bay Project hosts two distinct styles of copper mineralisation: one contains high-grade copper-gold massive sulphide zones (VMS) and the other is a large-scale, copper-rich stringer sulphides Footwall Zone (FWZ).
The resource increase was driven mainly by mineralisation from the large-scale FWZ copper zone directly below the high-grade VMS due to the Phase 1 drill platform locations.
Continuous copper-gold intersections (copper-equivalent – CuEq) which are wide (~true thickness) and high-grade were returned, including FireFly’s best assays yet at Green Bay:
The resource consists of two components – Ming Mine containing 21.5 million tonnes at 1.8% for 393,000 tonnes CuEq of measured and indicated resources and 28.4 million tonnes at 2.0% for 576,000 tonnes CuEq of inferred resources and Little Deer deposit with 2.9 million tonnes of measured and indicated resources at 2.3% for 65,000 tonnes CuEq and 6.2 million tonnes of inferred resources at 1.8% for 114,000 tonnes CuEq.
All resource growth was attributable to the Ming Mine, with no additional resource growth drilling at Little Deer.
Exploration drilling has demonstrated that the Ming Mine resource extends over considerable distances, now reaching a strike length of about 2 kilometres.
Both the high-grade massive sulphide zones and broad footwall stringer zones remain open, with downhole geophysical surveys indicating probable extensions to the mineralisation.
Phase 2 drilling is well underway with drilling targeting the high-grade copper-gold VMS zones which are expected to underpin the next round of resource growth.
Four drill rigs are operating underground, with the focus split between extension/exploration (two rigs) and resource conversion drilling (two rigs).
Key 2024-2025 milestones for the Green Bay Copper-Gold Project. Timelines are indicative and may be subject to change.
At a regional level, exploration will accelerate in the current quarter with surface drilling to begin imminently.
Drilling will initially focus on the historical mines within 5 kilometres of the Ming deposit that contain unmined intersections such as 25 metres at 4.1% CuEq (4.7 g/t gold and 0.23% copper).
Data compilation for the newly acquired Tilt Cove property is also in progress with numerous copper and gold targets for exploration.
“There is a huge opportunity for FireFly to show that Green Bay is perfectly placed to fill the void between the numerous smaller copper producers and the limited number of major mines around the world,” Parsons added.
“This pathway will see us generate substantial shareholder value as we continue to grow and upgrade the resource and test compelling regional targets. This work will underpin a growing realisation of the size of the prize at Green Bay in a global context.”
Planned 2024-2025 resource extension drilling at the Ming Mine.
Work on engineering studies continues to evaluate various scenarios for an up-scaled restart to operations, which will incorporate the expected 2025 resource updates once finalised.
Following the success of the drilling programs to date, the company intends to complete the next phase of growth drilling before delineating the size of any future potentially upscaled mining operation, to avoid unduly limiting the scale of such operations.
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Toronto, Ontario–(Newsfile Corp. – February 3, 2025) – Denis Ricard, President and Chief Executive Officer of iA financial Group (iA) (TSX: IAG), along with his team, joined Loui Anastasopoulos, Chief Executive Officer of Toronto stock exchange (TSX), to open the market in celebration of iA’s 25th anniversary of being listed on TSX.
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iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations extending into the United States. Founded in 1892 as a mutual company, iA transitioned to a share capital company in 2000 and has been listed on TSX under the ticker symbol IAG (common shares) ever since.
iA’s purpose is for its clients to be confident and secure about their future, and its ambition is to be the leading financial institution that best combines the human and digital experience.
iA is a Canadian leader in individual insurance and dealer services, supported by an unparalleled breadth of distribution. It also leads the seg fund industry in Canada, driven by its comprehensive range of products, advanced digital tools, and extensive distribution network.
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