Category: Canada

TMX VettaFi, an indexing, digital distribution, analytics and thought leadership company and TMX Group subsidiary, announced the acquisition of Credit Suisse‘s Bond Indices from UBS, enhancing its fixed income index capabilities.

Tom Hendrickson, President, TMX VettaFi said:

“We are excited to announce another significant step forward in our index expansion strategy, designed to strengthen our fixed income indexing capabilities, and broaden the services we provide to a growing international network of clients and partners. We see tremendous opportunity for indexing across the fixed income asset class – especially with the growth of bond ETFs – and we look forward to partnering with even more asset managers to unlock new bond ETF innovation.”

The bond index franchise includes key bond indices “covering government, credit, and emerging markets bonds, as well as advanced tools and analytics that support the custom development of innovative fixed income exposures.”

This marks the fourth significant acquisition by TMX VettaFi in the last 18 months, following “the acquisitions of iNDEX Research in October 2024, an end-to-end index provider with US$10B in linked assets across equity and fixed income exposures; the ROBO Global Index Suite in April 2023; and EQM Indexes in September 2023.”

With the addition of the Credit Suisse bond indices, TMX VettaFi boasts an indexing platform “spanning more than 700 indexes with $53 billion in assets passively tracking those indexes and $41 billion in benchmarked assets.”

Its team of veterans use cloud-based technology for “index research, design, calculation, dissemination and management for customers.”

As noted in the update, TMX Group operates global markets, and “builds digital communities and analytic solutions that facilitate the funding, growth and success of businesses, traders and investors.”

TMX Group’s operations include Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, TSX Trust, TMX Trayport and TMX VettaFi, which “provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products and other services to the financial community.”

TMX Group is headquartered in Toronto and operates offices “across North America (Montréal, Calgary, Vancouver and New York), as well as in international markets including London, Singapore and Vienna. “

A new mine plan was recently released for Talon Metals’ proposed Tamarack nickel mine project in Aitkin County. The Dec. 27 News Tribune story, “

Proposed nickel mine near Tamarack alters design

,” reported again that Talon Metals agreed in 2022 to supply nickel to Tesla. Such claims can also be found in past press releases from the company and on the company’s website.

Talon Metals’ own investor documentation, however, says otherwise.

The company provides additional details on its so-called “Tesla supply agreement” in the document, “

MANAGEMENT’S DISCUSSION AND ANALYSIS

,” published Nov. 14. It is found at sedar.com, which stores financial documents required for stocks listed on the Toronto stock exchange. Talon’s registered office is in the British Virgin Islands while its financial statements are in Canadian dollars. The company, in essence, is Canadian.

Page 35 of the document details the “Conditions Relating to the Tesla Supply Agreement.” They include:

• Talon earning a 60% interest in the Tamarack North Project. It currently has a 51% interest and has provided no plan or schedule to meet this condition.
• Talon commencing commercial production at the Tamarack North Project this year. However, in its newly released mine plan (its updated

  EAW

  , or environmental assessment worksheet), the company sets a 2029 date as the earliest for nickel production. As such, it won’t meet this condition.

• The parties completing negotiations and executing detailed supply terms and conditions for a supply agreement. That is to say, an actual supply agreement must still be negotiated. 

In essence, Talon, in this management and analysis filing, says there is no supply agreement, simply an agreement to attempt to negotiate a supply agreement if it can produce nickel before the end of 2025. And we know from the newly updated Talon EAW that the company doesn’t expect to have nickel production until at least 2029.

Yet the press continues to report, with Talon Metals apparently choosing not to correct it, that the company has an agreement with Tesla to supply nickel. And Talon continues to include this on its website. Talon apparently doesn’t point the press to its investor documents that suggest otherwise.

This seems to me an intent to deceive. How can we then trust anything Talon says?

Talon makes all kinds of claims about how safe and environmentally responsible it is, but with no evidence. Talon seems to be all talk.

Minnesota should better vet foreign mining companies prior to mineral-lease and permitting requests to provide some confidence that the company is not just a marketing effort intent on deceiving our citizens.

Tom W. Anderson of Tamarack, Minnesota, is a principle technologist for the Alliance for Telecommunications Industry Solutions, or ATIS (

atis.org

), a Washington, D.C., nonprofit that assists businesses with information and communications technology. His views expressed here are his own, written exclusively for publication in the News Tribune.

(MENAFN– Newsfile Corp)
Scottsdale, Arizona–(Newsfile Corp. – February 21, 2025) – TriStar GoldInc. (TSXV: TSG) (OTCQB: TSGZF) (“TriStar” or the “Company”) is pleased to announce that it has closed the final tranche of its non-brokered private placement of up to 11,538,461 common shares announced in news releases dated January 13, 2025, and February 6, 2025 (the “Offering”). A total of 1,300,000 common shares of the Company were sold under the final tranche of the Offering, at a price of C$0.13 per common share for gross proceeds to the Company of C$169,000. With respect to the sale of this final tranche, a 3% finder’s fee of C$5,070 was paid to a Canadian based financial services firm.

In total, the Company sold 8,319,777 common shares for gross proceeds of C$1,081,571 with respect to this placement. The Company intends to use the net proceeds of the Offering for general working capital purposes and to further advance its Castelo de Sonhos gold project.

Please refer to the news release dated February 6, 2025 for full disclosure of all insiders and the early warning report with respect to this placement.

All securities issued in connection with the final tranche of the Offering are subject to a four month hold period expiring on June 22, 2025 in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The Offering is subject to final approval of the TSX Venture Exchange.

About TriStar

TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have the potential to become significant producing mines. The Company’s current flagship property is Castelo de Sonhos in Pará State, Brazil. The Company’s shares trade on the TSX Venture Exchange under the symbol TSG and on the OTCQB under the symbol TSGZF. Further information is available at .

On behalf of the Board of Directors of the Company:

Jessica Van Den Akker, Acting CEO and director

For further information, please contact:

TriStar Gold Inc.

Scott Brunsdon,
CFO
480-794-1244
…

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 release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward-Looking Statements

Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the “safe harbour” provisions under the United States Private Securities Litigation Reform Act of 1995. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects” or “it is expected”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward looking statements in this press release include all statements regarding the planned use of proceeds of the Offering. Such forward-looking statements are based upon the Company’s reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company’s plans to change include risks related to regulatory approval and permit challenges, changes in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the Company’s projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 applicable securities laws.

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH US NEWSWIRE SERVICES

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

SOURCE: TriStar Gold Inc.

MENAFN21022025004218003983ID1109235963

Trucking company TFI International is planning on re-domiciling its business from Canada to the U.S.

Alain Bedard, chairman, president and CEO of TFI International, said in an earnings call that the decision was made to “better align with our shareholder base and commercial presence.”

Approximately 70 percent of the Montreal-based company’s business is domestic trucking in the U.S., while 25 percent remains in Canada. The remaining roughly 4 percent encompasses cross-border trade.

As of last summer, 49.9 percent of shareholders were based in the U.S., Bedard said, above the 45 percent that were Canadian.

TFI’s subsidiaries include less than truckload (LTL) carrier TForce Freight and flatbed trucking provider Daseke, which the company acquired for $1.1 billion in April 2024.

Bedard cited that the move is easier for Daseke since the company has a contract with the U.S. Department of Defense.

Operationally, TFI does not have current plans to move employees from Canada to the U.S. The trucking company has offices in Montreal, Toronto, Calgary, Chicago and Miami.

The whole process, from application through shareholder approval, is expected to take between nine and 12 months.

Currently trading on both the New York Stock Exchange and the Toronto Stock Exchange, TFI will not be delisting from the Canadian market as part of the move.

The expected move comes amid a tense backdrop in U.S.-Canada relations.

President Donald Trump’s threat to slap 25 percent duties on all imports from Canada still hangs in the balance even after the tariffs were deferred to March 4. Canada is also expected to start paying 25 percent tariffs on any steel and aluminum products entering the U.S. starting March 12.

If the countries don’t cut a border security deal before March 4 and Trump moves ahead with imposing the duties, Canada would place retaliatory tariffs on imports from the U.S.

According to Bedard, the tariffs and their potential impacts on cross-border trade—as well as inflation concerns—have prevented the trucking firm from issuing guidance.

TFI may not be alone in its Canadian exodus plans. In the current geopolitical climate, more Canadian businesses are looking to invest in U.S. assets. Forty-eight percent of 250 Canadian companies surveyed by KPMG plan to shift investments to the U.S. and set up operations or production south of the border to serve the U.S. market and reduce costs.

“The new U.S. administration’s economic and trade policies are having huge ripple effects in Canada and around the world,” says Lucy Iacovelli, managing partner, tax and legal, KPMG in Canada, in a statement. “There are important steps that Canadian businesses can take to prepare for trade disruption and higher costs and build resiliency. No matter when or if U.S. tariffs or tax cuts take effect, now is the time to be proactive and understand your exposure and develop mitigation strategies.”

One of TFI’s Canadian shareholders, pension fund Caisse de Depot et Placement du Quebec (CDPQ), shared its dismay with the decision. CDPQ owned a more than 4 percent stake in TFI as of Dec. 31, according to data compiled by Bloomberg.

“The company has not informed us of its intentions, and we will express our dissatisfaction,” a CDPQ spokesperson said in a statement. “Quebec’s interests are always at the heart of our priorities as a shareholder.”

‘The volumes are not there,” CEO says amid ‘disaster’ quarter

TFI International’s fourth quarter reflected trucking industry fears that the freight recession still pervades, with Bedard not holding back on his assessment of the period in the earnings call

“Q4 was a disaster for us,” he said, citing the trucking company’s poor management of labor costs and accident claims that reached 0.9 percent of total revenue.

Stock feel for more than 20 percent on the report Thursday.

Revenue rose 5.5 percent to $2.08 billion from $1.97 billion. Analysts were looking for $2.19 billion, according to FactSet.

“We’re like our peers. It’s really a very difficult start of the year. It’s very foggy,” said Bedard. “The volumes are not there. So it’s going to be a difficult 2025. When we made our plan in October for 2025, we never anticipated this kind of situation, which is still difficult in terms of volumes, both truckload and LTL.”

TFI posted a profit of $88.1 million, or $1.03 a share, in the fourth quarter, compared with $131.4 million, or $1.53 a share, a year earlier. Adjusted per-share earnings came in at $1.19 a share, missing the $1.58 analysts surveyed by FactSet expected.

I would like to add some gold to my portfolio as a hedge against the political and economic upheaval we’ve seen recently. In your opinion, what is the best way to get exposure to gold, and how much should I own?

With the price of gold surging about 45 per cent in the past year and hitting fresh record highs this month, more investors are turning to gold to add some juice to their portfolios and to hedge against uncertainty. Central banks have also been adding to their bullion holdings to diversify their foreign currency reserves.

If you’re keen on owning gold, my advice is to indulge in moderation. Yes, gold has been on a roll recently, but there are no guarantees the rally will continue. Moreover, unlike a stock or bond, gold pays no dividends or interest, so the only way to come out ahead is to sell your gold at a higher price than you paid for it. For these reasons, I believe a percentage allocation in the single digits is plenty for most people.

That said, I’ve never owned gold personally – except for my wedding ring – but I believe the metal does have benefits as a store of value and as a tool for diversification.

There are several different ways to invest in gold, each with its own pros and cons.

If you want to own physical gold directly, you can buy gold bars or coins from an online dealer or in person. Shop around for the best price and be sure to read customer reviews to make sure you are dealing with a reputable company. Regardless of where you buy your physical gold, you will pay a premium over the spot price of bullion. When you sell, you’ll take another haircut.

These price spreads are not trivial.

When I checked online bullion dealer silvergoldbull.ca earlier this week, the difference between the company’s selling and buying prices for a one-ounce gold bar produced by the Royal Canadian Mint was about $250. What’s more, you’ll face additional costs if you decide to insure your physical gold and store it securely in a safe deposit box at the bank, with the dealer or in a home safe.

If you want to avoid the hassles and expense of holding physical gold, buying an exchange-traded fund that owns gold may be the way to go. Gold ETFs trade on a stock exchange and are therefore more liquid than owning gold bars or coins directly. They have reasonable management expense ratios, and many gold ETFs come in both currency-hedged and non-hedged versions.

Examples include the iShares Gold Bullion ETF (ticker: CGL.C; MER: 0.55 per cent), its hedged counterpart (CGL; 0.56 per cent), the BMO Gold Bullion ETF (ZGLD; 0.23 per cent) and the hedged version (ZGLH; 0.23 per cent). The Royal Canadian Mint also offers exchange-traded receipts (MNT; 0.35 per cent) that provide investors with an interest in gold bullion held in custody by the mint, which is a federal Crown corporation.

A third option is to invest in gold mining stocks. This approach has the potential to offer higher returns than owning the commodity itself, because miners’ profits are leveraged to the price of gold. Many gold stocks also pay modest dividends, which may appeal to income-oriented investors. Another benefit is that some miners hedge part of their production to protect against swings in the price of the commodity.

However, mining is a risky business, which means it is important to do your due diligence before investing in any gold stock. Among Canada’s major gold producers, Agnico Eagle Mines Ltd. AEM-T is highly regarded by analysts for its strong free cash-flow generation, solid balance sheet and growth potential. Agnico Eagle’s quarterly dividend of 40 US cents equates to a yield of about 1.6 per cent, with the potential for the dividend to grow in the years ahead.

All 12 analysts who cover Agnico Eagle rate the stock a “buy,” with an average price target of $145.83, according to Refinitiv. The shares were trading Friday afternoon at about $138 on the Toronto Stock Exchange.

If the idea of owning individual gold mining stocks makes you nervous, consider an ETF that holds a basket of gold producers, such as the BMO Equal Weight Global Gold Index ETF (ZGD) or the iShares S&P/TSX Global Gold Index ETF (XGD).

Gold has been shining recently as geopolitical instability and economic uncertainty cause investors to look for safe-haven assets. Gold can help to diversify your portfolio and has the potential to provide capital gains over the long run. If you keep your exposure to gold modest, shop around for the best prices and focus on high-quality producers, you’ll be golden.

E-mail your questions to jheinzl@globeandmail.com. I’m not able to respond personally to e-mails but I choose certain questions to answer in my column.

“We increased this liability based on our expectation that more customers will redeem more of their … points going forward,” said chief financial officer Richard Durfresne on a conference call discussing the results.

“What it reflects is that more and more consumers are liking PC Optimum, are using it, and so from our perspective … we’re more than happy to do it because it reflects what’s happening in our stores.”

The parent company of Loblaws and Shoppers Drug Mart says its net earnings available to common shareholders amounted to $462 million or $1.52 per diluted share for the quarter ended Dec. 28.

The result was down from a profit of $541 million or $1.72 per diluted share in the fourth quarter of 2023.

Amid a looming trade war with the U.S. that could see import tariffs on both sides of the border, Loblaw has been highlighting domestic products in its stores as shoppers look to buy Canadian. It also added a “swap and shop” feature to its loyalty app to help shoppers find Canadian products more easily.

The efforts appear to be paying off.

“As we continue to expand this feature, we are already seeing a significant uplift in sales (of) products identified as prepared in Canada,” said CEO Per Bank.

Loblaw is also monitoring how tariffs could affect prices on its U.S. products. If Trump brings in tariffs and Canada retaliates, it may have to pay more for items it brings in from south of the border, which would also put upward pressure on retail prices.

Less than 10% of the company’s supply comes from the U.S., said Bank, with most of it being produce. Canada is particularly reliant on produce imports in the winter.

“If tariffs are applied on produce, there’s where we will be mostly impacted,” said Bank.

The company has some plans to mitigate the effects of tariffs, but produce is the hardest thing to replace, said Bank, estimating Loblaw could mitigate the impact on about half of the U.S. produce the company buys.

“We are seeing these tariffs as a kind of tax on products that will hurt consumers on both sides,” he said.

But in other areas, the company is better positioned to offer consumers an alternative, Bank said. For example, Loblaw carriers household and cleaning products from more than 30 U.S. vendors but also has a strong array of products in that category among its private-label brands No Name and President’s Choice, he said.

“If the tariffs will be applied on household and cleaning, then of course, those products will not be competitive anymore, and all the sales will go to our control brands, and they’re all produced in Canada,” he said.

“So that’s good for Canada, it’s good for customers, and it’s good for us.”

The weakness of the Canadian dollar is adding further inflationary pressure at a time when Canada relies on the U.S. for fresh produce, added Dufresne.

“That is inflationary, and we’ve been starting to feel it quite seriously over the last few weeks.”

The loonie’s decline is also compounding the fact that Loblaw continues to see higher-than-normal price increase requests from large global suppliers, he said.

On Wednesday Loblaw announced it plans to spend $2.2 billion in 2025, opening 80 new grocery and pharmacy stores with about 50 of them being discount grocers. Bank says many will be smaller-format stores, building the company’s network of those types of grocers after launching small-format No Frills stores for the first time last May.

The investment, which is part of about $10 billion over five years, will also add 100 pharmacy care clinics to the company’s network.

The company is also planning to open the first phase of its new automated distribution centre in East Gwillimbury, Ont. The ramp-up starts with frozen products, said Bank.

Loblaw opened 52 new stores in 2024 as well as 78 new clinics.

On an adjusted basis, Loblaw says it earned $2.20 per diluted share in its latest quarter, up from an adjusted profit of $2 per diluted share a year earlier.

Revenue for the quarter totalled $14.9 billion, up from $14.5 billion, as food retail same-stores sales rose by 2.5%. Excluding the favourable impact of the timing of Thanksgiving, Loblaw says food retail same-store sales were up about 1.5%.

Consumers continue to favour discount stores over conventional stores, though the gap is stabilizing, said Dufresne.

Drug retail same-store sales rose 1.3%, with pharmacy and health care services same-store sales up 6.3%, offset in part by a 3.1% drop in front store same-store sales.

Loblaw shares fell 2.6% to $174.75 Thursday on the Toronto Stock Exchange.

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Profit at TFI International fell in the fourth quarter of 2024 even as revenue rose on the back of the acquisition of flatbed carrier Daseke.

Increased costs, a decrease in less-than-truckload tonnage and idle specialty truckload rolling stock hurt TFI earnings in the most recent quarter as the North American freight market remained in a rut, said CEO Alain Bédard, warning analysts the outlook was no better for 2025.

TFI posted Q4 net income of $88.1 million, a 33% slump compared with $131.4 million in Q4 2023, while revenue rose to $2.08 billion from $1.97 billion.

Montreal-based TFI saw its truckload unit revenue jump 64% to $693.2 million from $399.3 million in the year-ago period, but revenue at the LTL and Logistics divisions fell by 13% and 14%, respectively.

Daseke, the No. 1-ranked flatbed carrier in North America, boosted revenue at TFI’s specialized truckload unit to $531.9 million from $283.4 million in the same period a year earlier.

TFI Q4 2024 Year End Report

However, the specialized truckload unit’s operating ratio was 91.6 in Q4, compared with 87 in the year-ago period.

Operating ratio provides insight into how well a company is balancing its costs and revenue generation. The lower the ratio, the better a company’s performance.

The unit operated 6,888 trucks on average in the most recent quarter, compared with 4,051 a year earlier.

A lot of the specialized truckload unit’s equipment is not being used very often, Bédard said during a Feb. 20 conference call with analysts, particularly as wind turbine installation sags.

The truckload market is still weak, and rates remained under pressure in the first quarter of 2025, he said, adding that the cost side of the equation was also hurting margins, particularly if measured in revenue per mile.

“We still have a lot of work to do on cost [at Daseke],” he said. “We still have a lot of work to do to become lean and mean.”

Daseke ordered a lot of trucks ahead of its acquisition by TFI, which had to honor those purchases. The company has a lot of equipment lying around, said the company’s top executive, adding that TFI plans to start unloading the excess trucks in the first quarter.

By the end of 2025, TFI expects the operating ratio of the specialty truckload division to be below 90, he said.

TFI ranks No. 4 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 8 among both truckload and LTL players.

The company reported a 9.8% year-over-year decrease in LTL revenue to $737.3 million in the most recent quarter from $817.3 million.

TFI’s U.S. LTL operations shipped 811,000 tons of freight in Q4, compared with 835,000 tons a year earlier, while its Canadian LTL operations shipped 609,000 tons, down from 639,000 tons in the year-ago period.

However, the U.S. LTL operations — the backbone of which is the TForce Freight unit bought from UPS in 2021 — continue to perform nowhere near Bédard’s expectations.

The U.S. LTL unit’s operating ratio in Q4 was 97.3, compared with 91 a year earlier. TFI’s Canadian LTL operations posted an operating ratio of 81, compared with 79.9 in the year-ago period.

“TForce is a big rock in my shoe, no doubt about it,” Bédard told analysts.

TFI has been cutting its U.S. LTL costs, but volume has been falling at the same time, he said, noting: “It’s like a dog chasing its tail.”

“We’re losing small and medium customers, and they have the best margins … we have to be way more aggressive on sales to small and medium-sized customers,” he said.

The company is trying to increase its sales, while at the same time raising pickup density.

“Density is the name of the game,” he said, adding that TFI was pushing for less miles and picking up more at each stop at the U.S. LTL operations. “Our density is [expletive],” he said.

“If you can’t get the density organically from your sales team, you have to do more M&A to improve your density,” he noted.

Looking forward, Bédard is not optimistic about the freight environment in 2025.

TFI has yet to issue any guidance for the current year. “It’s still very foggy. We are still in a deep recession. It’s going to be a very difficult 2025,” he said.

Truckload and LTL volumes so far in 2025 have been weaker than the company expected in October, when executives formulated plans for 2025, he said.

American Trucking Associations projected Jan. 16 that after two years of declines, U.S. freight volumes are set to grow 1.6% in 2025.

As the market and Bédard await a turnaround, TFI intends to re-domicile to the U.S. Around 70% of TFI’s operations are based in the United States. It began operating in the U.S. in 2011.

TFI will not delist from the Toronto Stock Exchange, in what Bédard termed an evolution of the company.

The company’s headquarters will not change either, he said. TFI’s head office team is spread out between Montreal, Toronto, Chicago and Minneapolis. “We’re not moving the head office. Every member of the TFI head office is staying where they are,” he said.