Category: Canada

Globex Reports First Four Infill Ironwood Drill Holes

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ROUYN-NORANDA, Quebec, Dec. 04, 2024 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges
and GLBXF – OTCQX International in the US) is pleased to present the assays from the first four (4) drill holes on Globex’s 100% owned Ironwood gold deposit located in Cadillac Township, Quebec, 2.6 km east of the town of Cadillac.

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Previous wide spaced drilling outlined a gold deposit from 30 metres to ± 225 metres vertical with an Inferred Resource of 243,200 tonnes grading 17.26 g/t Au. The 2008 NI 43-101 Technical Report is by Consulting geologist and Qualified Person, Reno Pressacco, M.Sc. (A), P.Geo. titled “Technical Report for the Mineral Resource Estimate, Ironwood Project, Cadillac Township, Quebec (32D01).

The current drill program consists of at least 17 holes designed as infill holes and, as well, targeting and determining the outside boundaries of the deposit. Despite the relatively small size of the deposit, it is speculated that subject to determining an accurate grade and overall shape of the body, various potential mining methods may be considered to mine the zone.

The relevant information as regards the first four holes is given below.

Hole Number From (m) To (m) Core
length
True
Widths
Grade g/t Au Remarks
NIW-24-01 9.1 11 1.9 m 1.3 13.56 Hole designed to intersect zone close to sub outcrop at a vertical depth of approximately 8 m.
SIW-24-01 178.6 182 3.4 m 2.62 21.78 Hole designed to detect eastern limit at a vertical depth of approximately 142 m.
SIW-24-02 163 166 3.0 m 2.15 3.14 Hole designed to detect western limit at a vertical depth of approximately 123 m.
SIW-24-03 204.7 219.8 15.1 m 11.08 16.63 Hole designed to approach the western limit at a vertical depth of approximately 165 m.

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Globex has currently completed 14 holes. Core logging and core splitting is continuing and samples are currently being sent MSALABS, 13 rue Turgeon, Val-d’Or, Qc, J9P 0A2. Globex has intersected the Ironwood Gold Zone in every hole to date.

Lab information

The samples were crushed to a particle size of 70% passing through a two-millimeter sieve, and then a 500-gram portion was taken for gold analysis by gamma ray (photon assay). According to MSALABS’ internal procedure, blank samples and certified reference materials are systematically inserted into the analysis sequence. Globex procedures also used blank and duplicate sample as well as certified reference materials. MSALABS operates several laboratories worldwide and holds ISO-17025 accreditation for numerous metal determination methods, including the photon assay method.

This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101 with technical input from Pierre Riopel, P.Geo.

We Seek Safe Harbour.   Foreign Private Issuer 12g3 – 2(b)
  CUSIP Number 379900 50 9
LEI 529900XYUKGG3LF9PY95
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470
info@globexmining.com
www.globexmining.com

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Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”.  These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”).  No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom.  A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDARplus.ca


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Winnipeg deploys SHREWD across the region

Mike NaderWINNIPEG – VitalHub Corp. is pleased to announce that it has successfully completed an implementation of its regional patient flow and whole-system visibility platform; SHREWD, to support improved patient flow and safer, more effective care coordination across the Winnipeg region. SHREWD is a real-time operational management platform which supports – and gathers data from – hospitals, long-term care facilities, community and cancer care services, inter-facility transport services, ambulance and paramedic services, and telehealth services.

The platform provides an operational solution for whole-system visibility that is used as a single source of the truth in real-time, leveraging existing Health Information Systems to provide intelligent insights that allow key decision-makers and clinicians to take the right action at the right time.

SHREWD is enabling the Winnipeg Regional Health Authority (WRHA) to leverage data from a wide variety of disparate information systems across the health network, aggregated to provide them with visibility of system pressures at a glance.

SHREWD is supporting quality improvement and optimized patient flow across the acute facilities and will soon be adding support for three hybrid facilities in the region. The WRHA has been using VitalHub’s Oculys patient flow and operational visibility suite of solutions since 2015. The SHREWD platform is now delivering the next evolution of system integration and regional visibility to improve patient flow.

The Winnipeg Regional Health Authority and Shared Health Manitoba now join the likes of organizations like the National Health Service of England (NHS England), which has implemented SHREWD across 29 System Coordination Centres to power command centers located across England.

SHREWD also provides NHS England with their National Urgent and Emergency Care Coordination Centre, which provides local, regional, and national teams with access to patient flow information from across the country in support of a fully integrated health and care system.

“Regional collaboration plays an important role in our ever-changing healthcare landscape by supporting better care coordination and enhancing the services we provide to both Winnipeg residents and our surrounding communities. The ability to not only view where pressures are across our system, but also to understand why they’re occurring and see the actions required to relieve them, means SHREWD allows us to balance resources intelligently to support the parts of our system under stress,” said Mike Nader (pictured), president and chief executive officer, Winnipeg Regional Health Authority.

Katherine Graham, executive director, Acute and Community Care Coordination, Winnipeg Regional Health Authority, said: “Collating real time demand and volume and providing an ability to view data across multiple facilities within a single place makes SHREWD a powerful tool to have at our disposal. The increased whole-system visibility into pressures across the Winnipeg region lets us see what’s coming our way so we can plan appropriately and take action, further supporting our ability to take a more proactive approach to regional patient flow.”

“We’ve learned that when a bottleneck exists in one part of a healthcare system, it doesn’t take long for that bottleneck to negatively impact upstream services and other supports around it,” said Niels Tofting, executive vice president and managing director, North America at VitalHub Corp. “SHREWD will now provide stakeholders across the Winnipeg region with an early-warning system and a single source of truth they can use to easily identify where pressures in the system are, what they are related to, why they are happening, and the actions requires to relive them.”

About the Winnipeg Regional Health Authority
The WRHA serves a population of more than 750,000 people, including residents of the city of Winnipeg and the rural municipalities of East and West St. Paul. It also provides healthcare support and speciality referral services to nearly half a million Manitobans who live beyond these boundaries, as well as residents of northwestern Ontario and Nunavut, who often require the services and expertise available within the WRHA. Among the largest employers in Manitoba, the WRHA and its associated operating entities employs approximately 18,000 people. With an annual operating budget of $2.2 billion, the WRHA is the largest health authority in the province and operates or funds over 200 health service facilities and programs.

About Shared Health Manitoba
Shared Health is Manitoba’s provincial health authority, providing provincial planning, health services and operational support for Manitoba’s health system. Shared Health is a designated bilingual health authority which has more than 18,000 employees working in all aspects of health care across Manitoba. Our teams work closely with Manitoba’s cancer authority and the five regional health authorities.

About VitalHub
VitalHub is a leading software company dedicated to empowering Health and Human Services providers with solutions designed to simplify the user experience and optimize outcomes. Our clients include hospitals, regional health authorities, mental health and addictions services providers for children and adults, long-term care facilities, home health agencies, correctional services, and community and social services providers. VitalHub’s comprehensive suite of SaaS solutions include:

  • Electronic Health Record (EHR), Case Management, Care Coordination, and Optimization
  • Patient Flow, Operational Visibility, and Patient Journey Optimization
  • Workforce Automation and Compliance

The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive MandA plan. Currently VitalHub serves more than 1,000 clients across Canada, USA, UK, Australia, the Middle East, and Europe. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The VitalHub team comprises more than 500 team members globally. The Company is publicly traded on the Toronto Stock Exchange (TSX) under the symbol “VHI” and on the OTC Markets OTCQX Exchange under the symbol “VHIBF”.

India’s GDP set to rebound amid policy shifts and capex boost: Mark Matthews

“I would simply say in conclusion that Donald Trump does not like a strong dollar. When he talks about the dollar, he says he would want it to go down. So, if it does keep going up, I think that he would not like that very much,” says Mark Matthews, Julius Baer.

What looks like a buy America, sell emerging market trade looks like it is reversing. In last couple of days, emerging markets and especially India, they have made a comeback. So, do you think the transition what we saw after Donald Trump got elected, that long dollar trade, is that getting over? Is that getting rusty?
Mark Matthews: Hard to say. There are so many moving parts to this incoming administration. But on a fair value purchasing power basis, the dollar is slightly overvalued. So, fundamentally, it should not go up anymore. But if this Trump administration really ignites the animal spirits of the US economy, if they remove sanctions, which they may do, which would attract more buying of treasuries, and if they introduce tariffs, all of that would conspire to the dollar going up more.I would simply say in conclusion that Donald Trump does not like a strong dollar. When he talks about the dollar, he says he would want it to go down. So, if it does keep going up, I think that he would not like that very much.

Easier said than done. For dollar to go down, the economy has to either contract or they will have to do something different which they have not done in last couple of years. So, while Donald Trump does not like strong dollar, he loves tariffs. How will the combination of both of these factors work?
Mark Matthews: Really, I do not know because he, as you know, has been talking about tariffs on all kind of countries, including a 25% tariff on Canada. But the Toronto Stock Exchange is at an all-time high. So, those two facts are incongruous. If the Americans are really going to put a 25% tariff on all of the approximately half a trillion dollars of imports that they get from Canada every year, the Toronto Stock Exchange would be going down, and actually so would the S&P. So, the market is telling you that this is not going to happen and the market is usually pretty smart.

So, where does it leave India then, like Nikunj was asking earlier, and now you have got some political turmoil going on in South Korea as well. You think out of the entire emerging market plus Asia-Pac, India continues to look attractive and more so after the recent correction which has taken place?
Mark Matthews: It does not particularly look more attractive after the recent correction because the earnings have been downgraded by around the same amount that the market has corrected. But I still think it is a good market and the reasons why it has come down a little bit, most of them will move in the rearview mirror. So, when I count those reasons, earlier you were talking about Swiggy, so there has been all these new IPOs that have taken the attention of the secondary market, that I think is still an issue. But the GDP growth, which was very soft in the most recent quarter, that I think is in the rearview mirror because it was due to the heavy rains, it was due to the government spending being delayed, and the government prioritising welfare spending instead. Now, the big Maharashtra state election is behind us, the government will start to increase capex again. And the RBI, which had told banks to sort of slow down their credit, well, that has happened and HDFC Bank has brought its credit to loan ratio down to a very reasonable 80%.
So, looking forward, we are going to see a reacceleration and GDP growth of around 6% next year. Now, where that leaves EPS growth, I am not so sure. But I guess what I am trying to say is that when I add up all the pros and cons, there are more pros than cons for India.
But given all of this, what happens to consumption because the upper end of the consumption was doing quite okay. It was the mass segment which is under pressure because rural is also recovering, but I think it is just that middle class segment of sorts which is actually under pressure. When do you anticipate a bit of a revival there and what should the stock positioning be like just ahead of that?
Mark Matthews: I am sorry, I cannot really think of anything intelligent to say about middle class spending, apart from the fact that long term I see it as a strong thing because the middle class is going to get bigger and bigger in India. And as it does, middle class will consume more. So, GDP per capita, which is about $2,600 this year should go up to about $4,000 over, let us say, by 2029, 2030. And if that is the case, I would not be too worried about whatever recent pullback there has been in middle class spending. For whatever reason that has happened, I do not know, I am sorry.
But given the fact you are talking about how India is favourably placed, what then will call for a reversal in FII flows? Maybe we have seen very initial signs of it. But the expectation is that earnings are only going to get moderated from here on. We are not expecting a big recovery in earnings and the valuation multiples cannot expand further. I mean, we are already the third most expensive market when it comes to the GDP to market cap ratio right now. What then will bring back the FII money into India?
Mark Matthews: Well, it did not leave because of anything that was going on in India, it was simply that the dollar was going up and whenever the dollar goes up, you will see foreign outflows from Asian markets including India. So, I would simply say when the dollar stops going up and just to reiterate what I said earlier, fundamentally, there is not really a case for the dollar to appreciate much more. And when we get used to this Trump 2.0 administration, which I think the market is gradually starting to get used to it and the dust settles, then the dollar should probably revert to fairer valuations, which would be below where it is now.

Now, a lot really hinges on how markets would react to the new Republican regime, which would be in place from January. From a market standpoint, how much of the adjustment of the new Republican regime, whether it is on tariff, whether it is on boosting US manufacturing, whether it is on de-globalisation, is something markets have already factored in. Like they say that you buy the rumour and sell the news. Could the same be at play in 2025 after Donald Trump takes over?
Mark Matthews: All I can say is that if you look at the markets, they are telling you the big tariffs that Trump is threatening on BRIC countries, on its neighbours to the North and South, are not going to happen. Because if they did, there would be a huge burden on the American consumer, thousands of dollars of increase in the consumer’s annual bill if all of a sudden imports from all of those countries became much more expensive. So, I guess the market is calling Trump’s bluff. Now, if it is wrong and Trump really does those things, then of course the market is going to go down a lot.

But at least for now, it is looking at this incoming administration in a very different light than it did back in 2017 when we had a tremendous amount of volatility in the first Trump administration. Maybe one reason is that there are some very good people in this incoming administration, not the least of which is the presumptive Treasury Secretary Scott Bessent, who is not a fan of tariffs, would like the dollar to remain a reserve currency, but does not like a strong dollar. And I think he and some of the other key advisors to Trump like Vivek Ramaswamy, like Elon Musk will bring economic rationality to their policies and that is why the market is not tanking on these bombastic statements that Trump is making on the social media.

Why do we have this synchronised move in gold and Bitcoin and the dollar? Bitcoin is a play that the world fears that US balance sheet is shaky, that is the time Bitcoin started going higher. Gold is a play because nobody wants to go to financial assets, that is gold. But the fact that dollar is also going higher means that there is belief coming back in dollar. So, dollar, gold, Bitcoin normally and logically should not move in tandem with each other or until and unless I am getting it wrong.
Mark Matthews: Well, I suppose that correlations and inverse correlations do not remain forever and the world economy is changing, what we used to call the developing world or the emerging world is much bigger and much richer than it was before. So, you have seen people in that part of the world continuing to buy gold, even if they are not fans of the dollar and the dollar, I guess, is being bought by other people.

So, there is more money spread around the world than there was before and so people who have appetites that differ from what we have traditionally seen can set new trends and asset prices. As for the cryptocurrencies, clearly, it is because of the Trump administration’s declaration that it will be embracing the crypto, Bitcoin in particular, so that would be very sentiment driven, that one in particular.

The intrinsic value of Canadian oil stocks and what Trump’s proposed tariff would mean for them

What are we looking for?

Is U.S. president-elect Donald Trump’s proposed 25-per-cent tariff on Canada and Mexico a negotiating tactic to secure U.S. borders and stem drug flow, or will he actually issue an executive order on Jan. 20? On Nov. 26, the day after Mr. Trump posted his proposal on Truth Social, the S&P/TSX Capped Energy Index fell 2.2 per cent. How would the tariff affect Canadian oil exports and stock prices for Canadian producers?

The screen

We used stockcalc’s screener to select the top 10 oil and gas stocks by market capitalization listed on the Toronto Stock Exchange. We then used stockcalc’s valuation tools to calculate fundamental (or intrinsic) valuation for each stock to see if it is undervalued or overvalued compared with its price.

Overview of the techniques used:

  • Discounted cash flow (DCF value) is a valuation technique in which cash-flow projections are discounted back to the present to calculate value per share;
  • a price comparables (price comps) technique values a company on the basis of ratios from selected comparable companies;
  • an adjusted book value (ABV) is calculated by multiplying a company’s book value per share by its 10-year average price-to-book ratio;
  • if there is analyst coverage, we may consider the consensus target price.

More about stockcalc

Stockcalc is a fundamental valuation platform with tools to calculate and report on value per share for thousands of public companies listed on major North American stock exchanges. Stockcalc also contains numerous tools to understand what stocks you are investing in are worth. Globe Unlimited subscribers can subscribe to stockcalc using the promo code “Globe30,” which offers a 30-day free trial and special pricing for the second month.

What we found

Evaluating Canada’s oil stocks

Name Ticker Market Cap ($ Mil) Recent Close ($) StockCalc Val ($) Diff (%) DCF Value($) Price Comps($) ABV ($) Analyst Target ($) 1 Year Return(%) Dividend Yield(%)
Canadian Natural Res CNQ-T 100416.2 47.52 48.65 2.4 57.63 26.95 29.85 57.95 9.5 4.5
Suncor Energy SU-T 70033.8 55.71 60.35 8.3 69.80 67.64 49.56 63.82 28.2 4.1
Imperial Oil IMO-T 54271.6 103.69 87.41 -15.7 74.47 74.28 65.17 105.23 38.0 2.3
Cenovus Energy CVE-T 40514.5 22.18 25.65 15.6 31.03 30.30 18.65 30.73 -4.6 3.2
Tourmaline Oil TOU-T 24549.2 66.08 59.20 -10.4 59.69 42.41 59.06 75.92 5.6 2.1
Ovintiv OVV-T 16564.5 63.81 71.84 12.6 113.53 40.86 75.22 112.59 8.8 2.5
ARC Resources ARX-T 15271.8 25.81 25.73 -0.3 46.13 11.19 22.02 31.67 22.4 2.6
PrairieSky Royalty PSK-T 7105.5 29.73 27.67 -6.9 4.49 12.62 23.11 31.78 23.2 3.3
Strathcona Resources SCR-T 6821.3 31.84 32.50 2.1 50.14 32.50 35.00 43.9 0.8
MEG Energy MEG-T 6627.6 25.20 26.85 6.5 26.49 28.09 10.07 32.44 -1.4 0.4

Source: www.stockcalc.com

You can see in the accompanying table the percentage difference between each stock’s recent close price and its intrinsic value. The “stockcalc valuation” column is a weighted calculation derived from our models and analyst target data if used.

Background: In 2023, Canada produced 5.1 million barrels a day of crude oil, with 4.3 million barrels exported to the United States, 84 per cent of Canada’s total oil production. In 2022, Canada produced 15.6 billion cubic feet a day of marketable natural gas, exporting 8.3 billion cubic feet to the U.S.

Canadian crude oil imports constituted 24 per cent of U.S. refinery throughput, and natural gas imports from Canada accounted for 9 per cent of total U.S. natural gas consumption.

Alberta’s share constituted 87 per cent of the total volume of oil and gas exported to the U.S.

Patrick De Haan, head of petroleum analysis at GasBuddy, says U.S. gasoline prices could rise 30 to 40 US cents a gallon under Mr. Trump’s tariff plan. Other analysts say gas prices in the Midwest could be even more vulnerable because of the large inflow of Canadian oil there, with prices rising upward of 75 US cents a gallon.

Investors hold Canadian oil and gas stocks for growth when oil prices rise, and for dividends, with 3- to 4-per-cent yields common for large firms. The median EV to EBITDA multiple (enterprise value to earnings before interest, taxes, depreciation and amortization) for Canadian oil and gas stocks over the past 10 years is about 5, and it varies from 4 to 7 for upstream, midstream or downstream firms.

The valuation impact under a 25-per-cent tariff therefore lies in that multiple and the cash flow that these companies generate. A reduction in the multiple at the same time as a reduction in free cash flow would have a compounding negative impact on share price. A drop of 1 in the multiple along with a 20-per-cent drop in free cash flow would mean a valuation reduction approaching 40 per cent.

We can play out a number of scenarios, but the impact of different combinations grows quickly.

Another of the many considerations, of course, is how the underlying price of oil behaves in this environment. We would also expect Canadian companies to start looking for new export markets, but that could be a long and expensive process. With that, our table shows valuations we have under the existing (non-tariff) scenario and company highlights include:

Cenovus Energy Inc. CVE-T produces conventional crude oil, natural gas liquids and natural gas in Alberta, with refining operations in the U.S. The company reported $600-million in free cash flow in the most recent quarter along with $1.1-billion in share buybacks and dividends. Our models show upside to the current stock price.

Tourmaline Oil Corp. TOU-T is engaged in natural gas and crude oil acquisition, exploration, development and production in the Western Canada Sedimentary Basin. Its operations include the Alberta Deep Basin, the Northeast B.C. Montney and the Peace River Triassic Oil complex. Our models for Tourmaline’s share price are below current analyst consensus and show the company as slightly overvalued.

Brian Donovan, CBV, is the president of StockCalc, a Canadian fintech based in Miramichi, N.B.

Cartier Intersects High Grade Values on Globex’s Nordeau West Royalty Claims


Cartier Intersects High Grade Values on Globex’s Nordeau West Royalty Claims – Toronto Stock Exchange News Today – EIN Presswire


















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Ero Copper Announces Updated Mineral Reserve and Resource Estimates for the Xavantina Operations


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Fortuna reports progress on its share buyback program

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VANCOUVER, British Columbia, Dec. 03, 2024 (GLOBE NEWSWIRE) — Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to report that during the fourth quarter as of Friday, November 29, 2024, it has repurchased under the Company’s normal course issuer bid (NCIB) an aggregate of 6,402,640 common shares on the open market of the New York Stock Exchange. Shares were repurchased at a weighted-average price of $4.77 per common share for a total gross amount of $30,529,066, excluding brokerage fees; these shares will be cancelled. To date, the Company has repurchased 41.88 percent of the 15,287,201 shares it is authorized to repurchase under the NCIB (refer to Fortuna news release dated April 30, 2024).  

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Jorge A. Ganoza, Chief Executive Officer of Fortuna commented, “With record earnings in the third quarter, and strong free cash flow generation supported by historically high gold prices, Fortuna is positioned to return capital to its shareholders.” Mr. Ganoza continued, “Our capital priorities moving forward will be to continue to balance returns to shareholders with advancing high value opportunities in our portfolio.”

About Fortuna Mining Corp.

Fortuna Mining Corp. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d’Ivoire, Mexico, and Peru, as well as the preliminary economic assessment stage Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website.

ON BEHALF OF THE BOARD

Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.

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Investor Relations:
Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube

Forward-looking Statements

This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements relating to Fortuna’s intentions with respect to the NCIB and the effects of repurchases of common shares thereunder, including any enhancement to shareholder value; and Fortuna’s capital priorities and its business strategy, plans and outlook. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “expected”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated” “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

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Forward-looking Statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, legislative or regulatory developments; any significant changes to common share price or trading volume; continued availability of capital and financing; changes to general economic, market or business conditions; business opportunities that become available to, or are pursued by, Fortuna; operational risks associated with mining and mineral processing; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian conflict and the Israel – Hamas war, and the impacts such conflicts may have on global economic activity; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities; as well as those factors discussed under “Risk Factors” in the Company’s Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

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Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to prevailing and further market prices for Fortuna’s common shares; that Fortuna’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital; future cash flow and debt levels; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected head grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); that there will be no significant disruptions affecting the Company’s operations; and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.


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Metavista3D Earns Global Innovation Awards


Metavista3D Earns Global Innovation Awards – Toronto Stock Exchange News Today – EIN Presswire

























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International Petroleum Corporation Announces TSX Approval for Renewal of Normal Course Issuer Bid


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CARIBBEAN UTILITIES COMPANY, LTD. ISSUES 2024 SUSTAINABILITY REPORT

The Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol “CUP.U”.

Grand Cayman, Cayman Islands – Caribbean Utilities Company, Ltd. (“CUC or the “Company”) is pleased to announce the release of its 2024 Sustainability Report which covers CUC’s sustainability performance from January 1, 2023, to December 31, 2023. This comprehensive report captures the Company’s ongoing dedication to environmental stewardship, social responsibility, and economic sustainability, as well as its commitment to fostering a more sustainable future for Grand Cayman.

Highlights include:
 Environmental
o Continued advancement in system hardening and grid resiliency, including the undergrounding
of main transmission lines.
o Completion of the country’s first utility-scale battery energy storage system. The systems are
now fully operational and will provide savings on fuel by up to 6%.
o $62 million dollars have been allocated for alternative energy and resiliency projects, included in
the Company’s 2024-2028 Capital Investment Plan.
o Green Diamond Award winner for recycling excellence.

Social
o 64% of the Board of Directors are female.
o Recipients of the Investors in People Gold certification for the third time.
o Over 14k hours of employee training completed.
o $403k in community donations.
o Over 1k of volunteer hours dedicated to community projects.

Governance
o 3% increase in dividend rate to US$0.74.
o As a direct result of CUC’s ongoing investments in resiliency, for 2023, customers experienced an
average power outage of only 1.7 hours for the entire year, which was better than North
American standards.
o Earnings per Share of US$1.00

“During 2023, CUC has remained committed to our goals to reduce our carbon footprint, continue to support our
community and find better solutions for our customers to live well and save energy. Our goal as a company is to affordable service to our customers.

CUC has been an engaged corporate citizen, a responsible steward of our environment, and has worked closely with the regulator on the recent certificate of need submission which called for 100 megawatts (“MW”) of utility- scale solar and 36.1 MW of firm power. The Company is committed to the introduction of renewables on the grid and to the reduction of costs for customers. Utility Scale Solar and the proposed introduction of liquified natural gas as a transitional fuel will significantly reduce Green House Gas (“GHG”) emissions and provide lower and more stable cost energy to the electricity grid,” said President and CEO, Mr. Richard Hew.

The Company is committed to the reduction of carbon emissions and the introduction of more renewable energyon its grid. CUC has targets that aim to reduce 60% of GHG emissions by 2030 and rely on 70% renewable energyby 2037. The achievement of the CUC’s Sustainable Energy Plan and Grid Resiliency and Modernisation Plan will enable the Company to meet these targets.

To access a copy of the report, please visit the Company’s website at www.cuc-cayman.com.

Caribbean Utilities Company, Ltd. (“CUC” or the “Company”) includes “forward-looking information” and ’forward- looking statements’’ in this report within the meaning of applicable Canadian securities laws.

Forward-looking statements and information included in this report reflects the expectations of CUC’s management regarding anticipated future events, results of operations, circumstances, performance or expectations with respect to the Company and its operations, including its strategy and financial performance and condition. Forward looking statements include statements that are predictive in nature, depend upon future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “intends”, “targets”, “projects”, “forecasts”, “schedules”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. Forward-looking statements and information include, without limitation,
statements or information relating to: the anticipated renewal of the Company’s T&D License; the progress and outcomes of requests for proposal; the ability of the Company to implement, achieve and or integrate into its corporate strategy its sustainability, environmental and human resources targets, goals, policies and practices; and the intended outcomes of CUC’s initiatives.

Forward-looking statements are based on underlying assumptions and management’s beliefs, estimates and opinions, and are subject to inherent risks and uncertainties surrounding future expectations generally that may cause actual results to vary from plans, targets and estimates. Some of the important risks and uncertainties that could affect forward looking statements include but are not limited to operational, general economic, market and business conditions, regulatory developments and weather. CUC cautions readers that actual results may vary significantly from those expected should certain risks or uncertainties materialise, or should underlying assumptions prove incorrect. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information
may not be appropriate for other purposes. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.

Unless otherwise specified, all financial and monetary information referenced in this report is expressed in United States dollars.

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