Category: Canada

Karora Resources sets 2024 production guidance at 175,000-185,000 ounces of gold

Neil WatkinsonKalgoorlie Miner

Karora Resources is aiming to continue increasing production at its Goldfields mines this year, setting a 2024 goal of churning out 175,000 to 185,000 ounces of gold.

The Canadian company last week told the Toronto Stock Exchange this target followed record gold production of 160,492oz in 2023.

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Titan Medical signs deal to merge with Conavi Medical

Canadian surgical device manufacturer Titan Medical has announced that it plans to merge with imaging guidance company Conavi Medical, with the new combined entity pushing ahead with the latter’s Novasight Hybrid system.

The agreement means that Titan will acquire all of the issued and outstanding shares of Conavi, with shareholders being provided equivalent common shares in the newly amalgamated company which plans to continue the development of Conavi’s Novasight Hybrid System following its 510(k) approval from the US Food and Drug Administration (FDA).

The news follows a turbulent period for Titan Medical. Last June, it announced that it would be terminating its research and development arms to primarily focus on the development of robotic-assisted surgical devices. Pivoting its business away from manufacturing medical devices and into licensing and managing portfolios of intellectual properties and medical device patents.

Conavi’s CEO Thomas Looby said: “This planned merger comes at a pivotal moment in the evolution of our company as we continue to advance the Novasight Hybrid System, which provides simultaneous and complementary data with which to better inform patient care while offering providers a more cost- and space-effective option when purchasing intravascular imaging equipment.”

As a result of this merger, Titan Medical has announced that it plans to delist itself from the Toronto Stock Exchange and instead apply to have the company listed on the TSX Venture Exchange, an alternative Canadian stock exchange based out of Calgary.

The March 18 announcement saw the company’s stock fluctuate with shares sitting at an average of C$0.090 before the announcement on March 15, before rising to C$0.10 immediately following the announcement and then settling back down at C$0.090 per share.

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GlobalData’s Medical Device Intelligence Centre details how Titan Medical currently only has one Class III medical device active in its pipeline –  the Enos Robotic Single Access Surgical System. Three other products all relating to the company’s Amadeus surgical robot system remain inactive following the company’s decision to cease R&D.

Titan’s interim CEO Paul Cataford said: “This merger is the result of a thoughtful and careful review of strategic options and reflects the continued commitment of our management team and board of directors to deliver value to shareholders.

“Conavi is an exciting commercial-stage company with groundbreaking technology and an accomplished management team. We are confident in their ability to continue to drive adoption of the Novasight Hybrid System.”

The deal follows several mergers and acquisitions across the medical device space, including radiology company Deepc’s acquisition of medical imaging software, the Osimis Platform, last month. In addition, US private equity company Thomas H Lee Partners acquired medical technology management and service solutions provider Agiliti, valuing the business at approximately $2.5bn.


DIRTT Announces Intention to Adopt Shareholder Rights Plan

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CALGARY, Alberta, March 19, 2024 (GLOBE NEWSWIRE) — DIRTT Environmental Solutions Ltd. (TSX: DRT; OTC: DRTTF), a leader in industrialized construction, announced today that its Board of Directors intends to adopt a shareholder rights plan.

“We are grateful to all DIRTT shareholders, including DIRTT’s two largest shareholders, 22NW Fund, LP and WWT Opportunity #1 LLC, who participated in our recent rights offering and increased their financial investment in DIRTT. The CAD$30 million raised through the offering not only positions DIRTT for future growth and success, but also demonstrates the confidence of our current shareholders. We also believe that adopting the proposed rights plan is in the best interests of DIRTT and all shareholders, large and small, and will allow our people and our construction partners to focus on our clients and the Company’s future,” commented Board Chair Ken Sanders.

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The proposed rights plan, once adopted, will be substantially similar to the shareholder rights plan adopted by the Company in 2021 and is intended to limit further concentration of ownership in the Company. The proposed rights plan will be subject to the approval of the Toronto Stock Exchange and to shareholder ratification within six months of its adoption. The date and time of the special meeting of shareholders to ratify the rights plan will be announced by the Company at a future date. If the rights plan is not ratified by DIRTT shareholders at such meeting, the rights plan and any rights issued thereunder will terminate and cease to be effective at that time. The proposed rights plan is not being adopted in response to any specific proposal to acquire control of the Company, and the Board is not aware of any pending or potential take-over bid for the Company.

ABOUT DIRTT

DIRTT is a leader in industrialized construction. DIRTT’s system of physical products and digital tools empowers organizations, together with construction and design leaders, to build high-performing, adaptable, interior environments. Operating in the workplace, healthcare, education, and public sector markets, DIRTT’s system provides total design freedom, and greater certainty in cost, schedule, and outcomes. DIRTT’s interior construction solutions are designed to be highly flexible and adaptable, enabling organizations to easily reconfigure their spaces as their needs evolve. Headquartered in Calgary, AB Canada, DIRTT trades on the Toronto Stock Exchange under the symbol “DRT”.

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IMPORTANT ADDITIONAL INFORMATION

DIRTT intends to file proxy statements with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for its 2024 annual meeting of shareholders and its special meeting of shareholders (collectively, the “Meetings”). DIRTT, its directors and certain of its executive officers will be deemed to be participants in the solicitation of proxies from shareholders in respect of the Meetings. Information regarding the names of DIRTT’s directors and executive officers and their respective interests in DIRTT by security holdings or otherwise is set forth in DIRTT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on February 21, 2024, and DIRTT’s proxy statement for the 2023 annual meeting of shareholders, as filed with the SEC on April 14, 2023. To the extent holdings of such participants in DIRTT’s securities are not reported, or have changed since the amounts described, in the 2023 proxy statement, such changes have been reflected on Statements of Change in Ownership on Form 4 filed with the SEC. These documents can be obtained free of charge from the SEC’s website, www.sec.gov. Details concerning the proposed rights plan will be included in the Company’s proxy statements. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENTS AND ANY SUPPLEMENTS THERETO WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the Company’s definitive proxy statements and other relevant documents filed by DIRTT free of charge from the SEC’s website, www.sec.gov. DIRTT’s shareholders will also be able to obtain, without charge, a copy of the definitive proxy statements and other relevant filed documents by directing a request by mail to DIRTT Environmental Solutions Ltd., 7303 30th Street S.E., Calgary, Alberta, Canada T2C 1N6 or at ir@dirtt.com or from the investor relations section of DIRTT’s website, www.dirtt.com/investors.

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FOR FURTHER INFORMATION, PLEASE CONTACT

DIRTT Investor Relations at ir@dirtt.com

FORWARD-LOOKING STATEMENTS

Certain statements contained in this news release are “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact included in this news release are forward-looking statements. When used in this news release, the words “anticipate,” “expect,” “intend,” “may,” “will,” “should,” “would,” “could,” “can,” the negatives thereof, variations thereon and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular, and without limitation, this news release contains forward-looking information pertaining to the proposed rights plan, including the terms and the Board’s expected adoption thereof, the impact of the proposed rights plan on the Company and its shareholders, the ratification of the proposed rights plan by the Company’s shareholders and the timing thereof.

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Forward-looking statements are based on certain estimates, beliefs, expectations, and assumptions made in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that may be appropriate. Forward-looking statements necessarily involve unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed or implied in such statements. Due to the risks, uncertainties, and assumptions inherent in forward-looking information, you should not place undue reliance on forward-looking statements. Factors that could have a material adverse effect on our business, financial condition, results of operations and growth prospects include, but are not limited to, risks described under the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC and applicable securities commissions or similar regulatory authorities in Canada on February 21, 2024. Our past results of operations are not necessarily indicative of our future results. You should not rely on any forward-looking statements, which represent our beliefs, assumptions and estimates only as of the dates on which they were made, as predictions of future events. We undertake no obligation to update these forward-looking statements, even though circumstances may change in the future, except as required under applicable securities laws. We qualify all of our forward-looking statements by these cautionary statements.


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MAG Silver Reports 2023 Annual Financial Results

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VANCOUVER, British Columbia, March 19, 2024 (GLOBE NEWSWIRE) — MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG”, or the “Company”) announces the Company’s consolidated financial results for the year ended December 31, 2023. For details of the audited consolidated financial statements of the Company for the year ended December 31, 2023 (“2023 Financial Statements”) and management’s discussion and analysis for the year ended December 31, 2023 (“2023 MD&A”), please see the Company’s filings on the System for Electronic Document Analysis and Retrieval Plus (“SEDAR+”) at (www.sedarplus.ca) or on the Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) at (www.sec.gov).  

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All amounts herein are reported in $000s of United States dollars (“US$”) unless otherwise specified (C$ refers to Canadian dollars).

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KEY HIGHLIGHTS (on a 100% basis unless otherwise noted)

  • MAG reported net income of $48,659 ($0.47 per share) driven by income from Juanicipio (equity accounted) of $65,099 and Adjusted EBITDA1 of $97,480 for the year ended December 31, 2023.
  • MAG reported net income of $15,694 ($0.15 per share) driven by income from Juanicipio (equity accounted) of $21,069 and Adjusted EBITDA1 of $29,787 for the three months ended December 31, 2023.
  • A total of 346,766 tonnes of mineralized material at a silver head grade of 467 grams per tonne (“g/t”) was processed at Juanicipio during the fourth quarter. Milling performance for 2023 totalled 1,268,757 tonnes at a head grade of 472 g/t.
  • Juanicipio achieved silver production of 4.5 million ounces during the fourth quarter. Silver production for 2023 totalled 16.8 million ounces.
  • Juanicipio continued to capitalize on available milling capacity at the Saucito plant (100% Fresnillo owned) to maintain processing rates during periods of maintenance. Approximately 5% of the material processed during the fourth quarter was processed through the Saucito plant.
  • Juanicipio delivered robust cost performance with cash cost2 of $3.76 per silver ounce sold and all-in sustaining cost2 of $9.17 per silver ounce sold in the fourth quarter.

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  • Juanicipio generated strong operating cash flow of $84,038 and free cash flow2 of $61,993 in the fourth quarter. Operating cash flow and free cash flow2 for 2023 totalled $145,064 and $60,814, respectively.
  • At the end of the year, Juanicipio held cash balances of $42,913, representing an increase of $41,811 over 2022, driven by strong operating cash flows.
  • Juanicipio returned a total of $18,765 in interest and loan principal repayments to MAG during the fourth quarter. Interest and loan principal repayments returned to MAG during 2023 totalled $33,354.
  • MAG concluded a $40,000 senior secured revolving credit facility (the “Credit Facility”) with the Bank of Montreal on October 4, 2023.
  • Effective June 20, 2023, MAG was included in the NYSE Arca Gold Miners Index which is tracked by the VanEck Vectors Gold Miners ETF.

CORPORATE

  • In September the Company published its second annual sustainability report underscoring its commitment to transparency with its stakeholders while providing a comprehensive overview of the Company’s environmental, social and governance (“ESG”) commitments, practices and performance for the 2022 year. The 2022 sustainability report is supported by the MAG Silver 2022 ESG Data Table which discloses MAG’s historical ESG performance data. 
  • During early 2024, as part of the Company’s longer term succession planning, Dr. Lex Lambeck was promoted to the position of Vice President, Exploration. Lex has been the project manager for the Deer Trail Project in Utah since it was acquired by MAG in 2019, led by Dr. Peter Megaw. Lex’s leadership was instrumental in the application of the “Hub and Spoke” thesis at Deer Trail as well as the Carissa discovery demonstrating his strong skills in generative exploration in district scale settings which will be invaluable in overseeing the Company’s portfolio of exploration properties, including exploration at Juanicipio. 
  • Marc Turcotte, with his almost 10 years experience at MAG as Vice President, Corporate Development, was promoted to the position of Chief Development Officer. In this broader executive role, Marc will leverage his proven track record in identifying unique situations to zero-in-on and assess inorganic growth opportunities aligned with the Company’s commitment to continued Tier-1 growth and expansion. Marc was the architect of the consolidation of the Deer Trail project in Utah as well as the catalyst behind the acquisition of Gatling Exploration which brought the Larder project into MAG’s portfolio of high quality, high impact exploration properties.
  • Tom Peregoodoff was appointed to the Board of Directors of MAG effective January 1, 2024. Mr. Peregoodoff will fill the vacancy to be created by the planned retirement in June 2024 of Dan MacInnis, who does not plan to seek re-election at the Company’s 2024 annual general meeting of shareholders. Tom brings with him over 30 years of industry knowledge and leadership and has extensive experience in all aspects and stages of the global mining business, specializing in mineral exploration.

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EXPLORATION

  • Juanicipio:
    • Infill drilling at Juanicipio continued in 2023, with one rig on surface and one underground with the goal of upgrading and expanding the Valdecañas Vein System at depth and further defining areas to be mined in the near to mid-term.
    • During 2023, 13,273 metres (three months ended December 31, 2023: nil metres) and 22,015 metres (three months ended December 31, 2023: 6,686 metres), were drilled from surface and underground respectively. Drilling for the year, both surface and underground, was infill in nature and continues to confirm defined mineralization.
  • Deer Trail Project, Utah:
    • Results from the 12,157 metres in surface-based Phase 2 drilling on the Deer Trail Carbonate Replacement Deposit project were reported on January 17, 2023 and August 3, 2023 (see news releases dated January 17, 2023 and August 3, 2023 available under the Company’s SEDAR+ profile at www.sedarplus.ca).
    • On May 29, 2023 MAG started a Phase 3 drilling program focused on up to three porphyry “hub” targets thought to be the source of the manto, skarn and epithermal mineralization and extensive alteration throughout the project area including that at the Deer Trail and Carissa zones. An early onset of winter snowfall impacted the commencement of the third porphyry “hub” target which is expected to be drilled next season and drilling has shifted to offset the Carissa discovery and test other high-potential targets.
    • During 2023, 5,525 metres (three months ended December 31, 2023: 1,609 metres) were drilled at high elevation with final results and interpretation pending.
  • Larder Project, Ontario:
    • On July 12, 2023 drilling resumed at the Larder Project to test additional targets by the end of the year on the Cheminis and Bear areas. During 2023 17,504 metres were drilled at Swansea, Cheminis and Bear.
    • Cheminis Success: The magnetotellurics survey carried out in the summer of 2023 enabled modelling of the south volcanic gold zone at Cheminis and is proving to be applicable elsewhere across the property. Drilling in three successive Cheminis drillholes (GAT-23-019, 020A, and 021B, see Table 1 below) intersected grades of 1.1 to 20.3 g/t gold over core lengths of 0.6 – 11.1 metres demonstrating continuity. This also extended the gold-hosting mine sequence down to 700 metres below surface, more than 370 metres below the deepest workings in this portion of the Cadillac-Larder Break. Incorporating these results into the model should enhance predictability in follow-up drilling.
    • Bear Success: Increased predictability has led to continued success and further definition of the North Bear zone, especially in hole GAT-23-022NA (see Table 1 below) which cut 5.1 metres grading 4.6 g/t gold (including a high-grade zone of 1.4 metre grading 16.2 g/t gold). These intercepts extend gold mineralization to 650 metres below surface, and it remains open in all directions.

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Table 1: 2023 Larder Drillholes Highlights

Hole ID From (m) To (m) Length (m)1 Gold (g/t) Lithology Target/Zone
GAT-23-019 767.00 776.50 9.50 2.1 Mafic Volcanics South Cheminis Mine Sequence Zone
Including 767.40 768.80 1.40 5.1 South Volcanics South Cheminis Mine Sequence Zone
Including 767.80 768.00 0.30 11.0 South Volcanics South Cheminis Mine Sequence Zone
and 945.00 955.00 10.00 1.1 Green Komatiites North Cheminis Zone
Including 946.00 949.50 3.50 2.1 Green Komatiites North Cheminis Zone
GAT-23-020A 605.30 605.90 0.60 9.4 Quartz Vein & South Volcanics South Cheminis Zone
and 672.90 678.80 5.90 3.5 Komatiite-Syenite Contact North Cheminis Zone
Including 676.30 678.80 2.50 6.3 Komatiite-Syenite Contact North Cheminis Zone
Including 678.30 678.80 0.50 20.3 Green Komatiite-Syenite Contact North Cheminis Zone
GAT-23-021B 757.40 768.50 11.10 3.2 Brecciated South Volcanics with Graphite South Cheminis Mine Sequence Zone
Including 766.00 768.00 2.00 10.2 South Volcanics South Cheminis Mine Sequence Zone
GAT-23-022NA 784.60 785.50 0.90 6.0 Green Komatiites North Bear Zone
and 789.50 794.60 5.10 4.6 Green Komatiite with Graphite North Bear Zone
Including 790.30 791.70 1.40 16.2 Quartz Vein with Graphite North Bear Zone
Including 791.20 793.70 0.50 33.8 Quartz Vein with Graphite North Bear Zone
and 939.50 940.20 0.70 5.7 South Volcanics South Bear Zone

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JUANICIPIO RESULTS

All results of Juanicipio in this section are on a 100% basis, unless otherwise noted.

Operating Performance

The following table and subsequent discussion provide a summary of the operating performance of Juanicipio for the years ended December 31, 2023 and 2022, unless otherwise noted.

Key mine performance data of Juanicipio (100% basis) Year ended
December 31, December 31,
2023 2022
     
Metres developed (m) 14,864   12,999  
     
Material mined (t) 1,097,289   792,693  
Material processed (t) 1,268,757   646,148  
     
Silver head grade (g/t) 472   520  
Gold head grade (g/t) 1.27   1.39  
Lead head grade (%) 1.14 % 0.90 %
Zinc head grade (%) 2.05 % 1.72 %
     
Silver payable ounces (koz) 15,318   8,697  
Gold payable ounces (koz) 31.73   20.27  
Lead payable pounds (klb) 25,862   9,892  
Zinc payable pounds (klb) 36,881   14,898  
 

During the year ended December 31, 2023 a total of 1,097,289 tonnes of mineralized material were mined. This represents an increase of 38% over 2022. Increases in mined tonnages at Juanicipio have been driven by the operational ramp up of the milling facility.

During the year ended December 31, 2023 a total of 1,268,757 tonnes of mineralized material were processed through the Juanicipio, Saucito and Fresnillo plants. This represents an increase of 96% over 2022. The increase in milled tonnage has been driven by the Juanicipio mill commissioning and operational ramp up. As reported by the operator, Fresnillo, the Juanicipio processing facility achieved nameplate capacity of 4,000 tpd during September 2023 with silver recovery consistently above 88%. Juanicipio continued to capitalize on available milling capacity at the Saucito plant (100% Fresnillo owned) to maintain processing rates during periods of maintenance. Approximately 5% of the material processed during the fourth quarter of 2023 was processed through the Saucito plant.

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The average silver head grade for the mineralized material processed in the year ended December 31, 2023 was 472 g/t (year ended December 31, 2022: 520 g/t).

The following table provides a summary of the total cash costs(1) and all-in-sustaining costs (“AISC”)(1) of Juanicipio for the years ended December 31, 2023, and 2022.

Key mine performance data of Juanicipio (100% basis) Year ended
December 31, December 31,
2023 2022
     
Total operating cash costs (1) 88,080   40,522  
Operating cash cost per silver ounce sold ($/oz) (1) 5.75   4.66  
     
Total cash costs (1) 93,025   40,871  
Cash cost per silver ounce sold ($/oz) (1) 6.07   4.70  
     
All-in sustaining costs (1) 158,151   83,463  
All-in sustaining cost per silver ounce sold ($/oz) (1) 10.32   9.60  

(1) Total operating cash costs, operating cash cost per ounce, total cash costs, cash cost per ounce, all-in sustaining costs, and all-in sustaining cost per ounce are non-IFRS measures, please see below ‘Non-IFRS Measures’ section and section 12 of the 2023 MD&A dated March 18, 2024, available on SEDAR+ at www.sedarplus.ca for a detailed reconciliation of these measures to the 2023 Financial Statements.

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Financial Results

The following table presents excerpts of the financial results of Juanicipio for the years ended December 31, 2023 and 2022 (MAG’s share of income from its equity accounted investment in Juanicipio).

  Year ended
  December 31, December 31,
  2023 2022
  $ $
Sales 442,288   215,736  
Cost of sales:    
Production cost (171,830 ) (61,985 )
Depreciation and amortization (68,475 ) (20,913 )
Gross profit 201,983   132,838  
Consulting and administrative expenses (18,768 ) (8,436 )
Extraordinary mining and other duties (4,945 ) (349 )
Interest expense (18,524 ) (2,298 )
Exchange losses and other (2,937 ) (5,160 )
Net income before tax 156,809   116,595  
Income tax expense (27,381 ) (26,348 )
Net income (100% basis) 129,428   90,247  
MAG’s 44% portion of net income 56,948   39,709  
Interest on Juanicipio loans – MAG’s 44% 8,150   1,058  
MAG’s 44% equity income 65,099   40,767  
         

Sales increased by $226,552 during the year ended December 31, 2023, mainly due to 84% higher metal volumes and 5% higher realized metal prices.

Offsetting higher sales was higher depreciation ($47,561) as the Juanicipio mill achieved commercial production and commenced depreciating the processing facility and associated equipment, and higher production cost ($109,845) which was driven by higher sales and operational ramp-up in mining and processing, including $44,027 in inventory movements as commissioning stockpiles were drawn down.

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Other expenses increased by $28,932 mainly as a result of higher extraordinary mining and other duties ($4,596) related to higher precious metal revenues from the sale of concentrates, higher consulting and administrative expenses ($10,332) as an operator services agreement became effective upon initiation of commercial production whereby Fresnillo and its affiliates continue to operate the mine, and higher interest incurred on shareholder loans ($16,227) which were completely expensed during 2023, whereas being only partly expensed with the rest capitalized to construction in progress during 2022.  

Taxes increased by $1,033 impacted by deferred tax charges associated with fixed assets as well as higher taxable profits generated during the period.

Mineralized Material Processed at Juanicipio, Saucito and Fresnillo Plants (100% basis)

Year Ended December 31, 2023 (1,268,757 tonnes processed) Year Ended
December 31, 2022
Amount

$
 
Payable Metals Quantity Average Price
$
Amount
$
 
Silver 15,317,765 ounces 23.66 per oz 362,457   188,722  
Gold 31,735 ounces 1,978.07 per oz 62,774   36,958  
Lead 11,731 tonnes 0.96 per lb. 24,746   9,380  
Zinc 16,729 tonnes 1.15 per lb. 42,496   23,398  
Treatment, refining, and other processing costs (2) (50,185 ) (42,722 )
Sales 442,288   215,736  
Production cost (171,830 ) (61,985 )
Depreciation and amortization (1) (68,475 ) (20,913 )
Gross Profit 201,983   132,838  

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(1) The underground mine was considered readied for its intended use on January 1, 2022, whereas the Juanicipio processing facility started commissioning and ramp-up activities in January 2023, achieving commercial production status on June 1, 2023.
(2) Includes toll milling costs from processing mineralized material at the Saucito and Fresnillo plants.

Sales and treatment charges are recorded on a provisional basis and are adjusted based on final assay and pricing adjustments in accordance with the offtake contracts.

MAG FINANCIAL RESULTS – YEAR ENDED DECEMBER 31, 2023

As at December 31, 2023, MAG had working capital of $67,262 (December 31, 2022: $29,232) including cash of $68,707 (December 31, 2022: $29,955) and no long-term debt. As well, as at December 31, 2023, Juanicipio had working capital of $86,336 including cash of $42,913 (MAG’s attributable share is 44%). 

The Company’s net income for the year ended December 31, 2023 amounted to $48,659 (December 31, 2022: $17,644) or $0.47/share (December 31, 2022: $0.18/share). MAG recorded its 44% income from equity accounted investment in Juanicipio of $65,099 (December 31, 2022: $40,767) which included MAG’s 44% share of net income from operations as well as loan interest earned on loans advanced to Juanicipio (see above for MAG’s share of income from its equity accounted investment in Juanicipio).

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    December 31, December 31,
  2023 2022
  $ $
     
Income from equity accounted investment in Juanicipio 65,099   40,767  
General and administrative expenses (13,594 ) (12,352 )
General exploration and business development (736 ) (193 )
Exploration and evaluation assets written down   (10,471 )
Operating Income 50,769   17,751  
     
Interest income 2,594   630  
Other income 1,017    
Foreign exchange loss (144 ) (366 )
Income before income tax 54,236   18,015  
     
Deferred income tax expense (5,577 ) (371 )
     
Net income 48,659   17,644  
 

NON-IFRS MEASURES

The following table provides a reconciliation of operating cash cost and cash cost per silver ounce of Juanicipio to production cost of Juanicipio on a 100% basis (the nearest IFRS measure) as presented in the notes to the 2023 Financial Statements. 

  Year ended December 31,
(in thousands of US$, except per ounce amounts) 2023 2022
Production cost as reported 171,830   61,985  
Depreciation on inventory movements (3,919 ) 5,551  
Adjusted production cost 167,911   67,536  
Treatment, refining, and other processing costs 50,185   42,722  
By-product revenues (2) (130,016 ) (69,736 )
Total operating cash costs (1) 88,080   40,522  
Extraordinary mining and other duties 4,945   349  
Total cash costs (1) 93,025   40,871  
Silver ounces sold 15,317,765   8,697,372  
Operating cash cost per silver ounce sold ($/ounce) 5.75   4.66  
Cash cost per silver ounce sold ($/ounce) 6.07   4.70  

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(1)   As Q3 2023 represented the first full quarter of commercial production, information presented for total operating cash costs and total cash costs together with their associated per unit values are not directly comparable.
(2)   By-product revenues relates to the sale of other metals contained in the lead and zinc concentrates produced and delivered, namely gold, lead, and zinc.

The following table provides a reconciliation of AISC of Juanicipio to production cost and various operating expenses of Juanicipio on a 100% basis (the nearest IFRS measure), as presented in the notes to the 2023 Financial Statements. 

  Year ended December 31,
(in thousands of US$, except per ounce amounts) 2023 2022
Total cash costs 93,025   40,871  
General and administrative expenses 18,768   8,436  
Exploration 7,575   7,824  
Sustaining capital expenditures 37,728   25,268  
Sustaining lease payments 856   854  
Interest on lease liabilities (48 ) (23 )
Accretion on closure and reclamation costs 247   232  
All-in sustaining costs (1) 158,151   83,463  
Silver ounces sold 15,317,765   8,697,372  
All-in sustaining cost per silver ounce sold ($/ounce) 10.32   9.60  
Average realized price per silver ounce sold ($/ounce) 23.66   21.70  
All-in sustaining margin ($/ounce) 13.34   12.10  
All-in sustaining margin 204,306   105,259  

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(1)   As Q3 2023 represented the first full quarter of commercial production, information presented for all-in sustaining costs and all-in sustaining margin together with their associated per unit values are not directly comparable.

For the year ended December 31, 2023 the Company incurred corporate general and administrative expenses of $13,242 (year ended December 31, 2022: $12,216), which exclude depreciation expense.

The Company’s attributable silver ounces sold for the year ended December 31, 2023 were 6,739,817 (year ended December 31, 2022: 3,826,844), resulting in additional AISC for the Company of $1.96/oz (year ended December 31, 2022: $3.19/oz), in addition to Juanicipio’s AISC presented in the above table.

The following table provides a reconciliation of Earnings before interest, tax, depreciation and amortization (“EBITDA”) and Adjusted EBITDA attributable to the Company based on its economic interest in Juanicipio to net income (the nearest IFRS measure) of the Company per the 2023 Financial Statements. All adjustments are shown net of estimated income tax. 

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  Year ended December 31,
(in thousands of US$) 2023 2022
Net income after tax 48,659   17,644  
Add back (deduct):    
Taxes 5,577   371  
Depreciation and depletion 352   136  
Finance costs (income and expenses) (3,467 ) (264 )
EBITDA (1) 51,121   17,887  
Add back (deduct):    
Adjustment for non-cash share-based compensation 2,894   3,250  
Exploration property write-down   10,471  
Share of net earnings related to Juanicipio (65,099 ) (40,767 )
MAG attributable interest in Junicipio Adjusted EBITDA 108,564   65,403  
Adjusted EBITDA (1) 97,480   56,244  

(1) As Q3 2023 represents the first full quarter of commercial production, information presented for EBITDA and Adjusted EBITDA is not directly comparable.

The following table provides a reconciliation of free cash flow of Juanicipio to its cash flow from operating activities on a 100% basis (the nearest IFRS measure), as presented in the notes to the 2023 Financial Statements.

  Year ended December 31,
(in thousands of US$) 2023 2022
Cash flow from operating activities 145,064   129,261  
Less:    
Cash flow used in investing activities (83,393 ) (155,758 )
Sustaining lease payments (856 ) (854 )
Juanicipio free cash flow (1) 60,814   (27,351 )

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(1) As Q3 2023 represents the first full quarter of commercial production, comparative information presented for free cash flow of Juanicipio is not directly comparable.


Qualified Persons:
All scientific or technical information in this press release including assay results referred to, and mineral resource estimates, if applicable, is based upon information prepared by or under the supervision of, or has been approved by Dr. Peter Megaw, Ph.D., CPG, MAG’s Chief Exploration Officer and Gary Methven, P.Eng., Vice President, Technical Services; both are “Qualified Persons” for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About MAG Silver Corp.

MAG Silver Corp. is a growth-oriented Canadian exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG is emerging as a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tonnes per day Juanicipio Mine, operated by Fresnillo plc (56%). The mine is located in the Fresnillo Silver Trend in Mexico, the world’s premier silver mining camp, where in addition to underground mine production and processing of high-grade mineralised material, an expanded exploration program is in place targeting multiple highly prospective targets. MAG is also executing multi-phase exploration programs at the 100% earn-in Deer Trail Project in Utah and the 100% owned Larder Project, located in the historically prolific Abitibi region of Canada.

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Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.

Certain information contained in this release, including any information relating to MAG’s future oriented financial information, are “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation (collectively herein referred as “forward-looking statements”), including the “safe harbour” provisions of provincial securities legislation, the U.S. Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended and Section 27A of the U.S. Securities Act. Such forward-looking statements include, but are not limited to:

  • statements that address achieving the nameplate 4,000 tpd milling rate at Juanicipio;
  • statements that address our expectations regarding exploration and drilling;
  • statements regarding production expectations and nameplate;
  • statements regarding the additional information from future drill programs;
  • estimated future exploration and development operations and corresponding expenditures and other expenses for specific operations;
  • the expected capital, sustaining capital and working capital requirements at Juanicipio, including the potential for additional cash calls;
  • expected upside from additional exploration;
  • expected results from Deer Trail Project Phase 3 drilling;
  • expected results from the Larder Project at the Cheminis zone;
  • expected capital requirements and sources of funding; and
  • other future events or developments.

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When used in this release, any statements that express or involve discussions with respect to predictions, beliefs, plans, projections, objectives, assumptions or future events of performance (often but not always using words or phrases such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “strategy”, “goals”, “objectives”, “project”, “potential” or variations thereof or stating that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions), as they relate to the Company or management, are intended to identify forward-looking statements. Such statements reflect the Company’s current views with respect to future events and are subject to certain known and unknown risks, uncertainties and assumptions.

Forward-looking statements are necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control and many of which, regarding future business decisions, are subject to change. Assumptions underlying the Company’s expectations regarding forward-looking statements contained in this release include, among others: MAG’s ability to carry on its various exploration and development activities including project development timelines, the timely receipt of required approvals and permits, the price of the minerals produced, the costs of operating, exploration and development expenditures, the impact on operations of the Mexican tax and legal regimes, MAG’s ability to obtain adequate financing, outbreaks or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally, nationally, regionally and internationally.

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Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements including amongst others: commodities prices; changes in expected mineral production performance; unexpected increases in capital costs or cost overruns; exploitation and exploration results; continued availability of capital and financing; general economic, market or business conditions; risks relating to the Company’s business operations; risks relating to the financing of the Company’s business operations; risks related to the Company’s ability to comply with restrictive covenants and maintain financial covenants pursuant to the terms of the Credit Facility; the expected use of the Credit Facility; risks relating to the development of Juanicipio and the minority interest investment in the same; risks relating to the Company’s property titles; risks related to receipt of required regulatory approvals; pandemic risks; supply chain constraints and general costs escalation in the current inflationary environment heightened by the invasion of Ukraine by Russia and the events relating to the Israel-Hamas war; risks relating to the Company’s financial and other instruments; operational risk; environmental risk; political risk; currency risk; market risk; capital cost inflation risk; risk relating to construction delays; the risk that data is incomplete or inaccurate; the risks relating to the limitations and assumptions within drilling, engineering and socio-economic studies relied upon in preparing economic assessments and estimates, including the 2017 PEA; as well as those risks more particularly described under the heading “Risk Factors” in the Company’s Annual Information Form dated March 27, 2023 available under the Company’s profile on SEDAR+ at www.sedarplus.ca

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Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. The Company’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and, other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change. For the reasons set forth above, investors should not attribute undue certainty to or place undue reliance on forward-looking statements.

Please Note: Investors are urged to consider closely the disclosures in MAG’s annual and quarterly reports and other public filings, accessible through the Internet at www.sedarplus.ca and
www.sec.gov.

LEI: 254900LGL904N7F3EL14


1 Adjusted EBITDA is a non-IFRS measure, please see below ‘Non-IFRS Measures’ section and section 12 of the 2023 MD&A dated March 18, 2024, available on SEDAR+ at www.sedarplus.ca, for a detailed reconciliation of these measures to the 2023 Financial Statements.

2 Total cash costs, cash cost per ounce, all-in sustaining costs, all-in sustaining cost per ounce and free cash flow are non-IFRS measures, please see below ‘Non-IFRS Measures’ section and section 12 of the 2023 MD&A dated March 18, 2024, available on SEDAR+ at www.sedarplus.ca, for a detailed reconciliation of these measures to the 2023 Financial Statements.


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XORTX Highlights Achievements of 2023 and Preparation for Registration Clinical Trial


XORTX Highlights Achievements of 2023 and Preparation for Registration Clinical Trial – Toronto Stock Exchange News Today – EIN Presswire




















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Toronto Falls Into Pit of Urban Decline that’s Plagued U.S. Cities

toronto-city-center.jpg

For years, American urbanists and city planners have looked at Canadian cities with envy, as they had managed to avoid the searing decline of their American counterparts. And Toronto was where the late Jane Jacobs chose to make her home, largely due to her enthusiasm for urban neighbourhoods.

But more recently, the Greater Toronto Area has been showing signs of the urban ills that are commonly associated with city life south of the border. Carjackings, for example, have boomed; one recent victim was Maple Leafs star Mitch Marner.

Last year, CTV reported that downtown infrastructure has been deteriorating, as have cleanliness and order, which were once the city’s strong suits. Thomas Caldwell, chairman of Caldwell Investment Management Ltd. and former governor of the Toronto Stock Exchange, took out an ad in the Globe and Mail last fall describing Toronto as a “declining city.” Even with the pandemic gone, Toronto restaurants have reported declining customers for in-person dining.

Toronto’s downtown malaise, which is mirrored in other Canadian cities, reflects in part the accelerating decline of what Jean Gottman once called the “transactional city” — a place defined largely by high rise offices. In the United States, office occupancy has been declining since the turn of the century.

This crisis has been made worse by planning policies, which are common throughout Canada’s largest cities, that limit suburban growth, the normal way cities have long expanded. Seeking to squelch the development of new single family homes, planners have targeted the aspirations of Canada’s young families. This has had two unintended effects: making housing in and near the city more expensive; and, ironically, chasing people even further away to the far fringes of the region and beyond.

According to Demographia’s 2023 survey of 94 major housing markets around the world, Toronto was the 10th least affordable. The region’s price-to-income ratio (“median multiple”) has increased from 5.2 in 2010, to 9.5 today, making Toronto more expensive than virtually any American city outside California and Hawaii.

For its part, Vancouver had the third-worst median multiple according to Demographia’s survey, trailing only Hong Kong and Sydney. Vancouver’s price-to-income ratio has increased from 5.3 in 2005 to 12 in 2023. Imagine this: Vancouver is pricier than London, New York, San Francisco, Los Angeles and Chicago.

Read the rest of this piece at National Post.


Joel Kotkin is the author of The Coming of Neo-Feudalism: A Warning to the Global Middle Class. He is the Roger Hobbs Presidential Fellow in Urban Futures at Chapman University and and directs the Center for Demographics and Policy there. Learn more at joelkotkin.com and follow him on Twitter @joelkotkin.

Photo: Toronto Views, via Flickr, under CC 2.0 License.

Cordoba Minerals : Corporate Presentation (March 18, 2024)

Cautionary Statement

These presentation slides (the “Slides”) do not comprise a prospectus or other form of offering document relating to Cordoba Minerals Corp. (“the Company”), and do not constitute an offer or invitation to purchase or subscribe for any securities of the Company or any other company and should not be relied on in connection with a decision to purchase or subscribe for any such securities. The Slides and the accompanying presentation do not constitute a recommendation regarding any decision to sell or purchase securities of the Company or any other company. Your attention is drawn to the risk factors set out below.

This presentation contains forward-looking information including, but not limited to, results of the FS, resource estimates and EIA; the future joint venture relationship with JCHX and the receipt of any remaining funds under the Strategic Framework Agreement between JCHX and Cordoba; project milestones and anticipated development of the Alacran Project; results of the Alacran FS; growth profile; timing and positive decision to proceed with a development decision, construction and operation of a mineral project at Alacran; potential at Perseverance and results of upcoming work programs on the property, including timing and results of Typhoon survey, comments regarding the timing and content of upcoming work programs; potential for additional mineralization on Alacran and surrounding exploration ground; discovery of a porphyry system at Perseverance; geological interpretations, receipt of property titles and increased interest for Cordoba under the Perseverance option earn-in; results of metallurgical test work and potential metal recoveries, potential mineral recovery processes, project optimizations; exploration plans, and targets and other related matters. Forward-looking information address future events and conditions and therefore involve inherent risks and uncertainties. The Company’s current projects are at an early stage and all estimates and projections are based on limited, and possibly incomplete data. Actual results may differ materially from those currently anticipated in this presentation. No representation or prediction is intended as to the results of future work, nor can there be any guarantee that estimates and projections herein will be sustained in future work or that the projects will otherwise prove to be economic.

Forward-looking information are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. Such assumptions and estimates include, but are not limited to, assumptions with respect to the status of community relations and the security situation on site and in Colombia; general business and economic conditions; continuity of drilling programs; the availability of additional exploration and mineral project; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners and significant shareholders; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company’s interpretation of drill results; the geology, grade and continuity of the Company’s mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; currency fluctuations.

There can be no assurance that forward-looking information will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements as a result of assumptions and risks related to the statements. Important factors that could cause actual results to differ materially from the Company’s expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site; actual exploration results; interpretation of metallurgical characteristics of the mineralization; changes in project parameters as plans continue to be refined; future metal prices; availability of capital and financing on acceptable terms, general economic, market or business conditions; uninsured risks, regulatory changes and changes to laws and government policy; delays or inability to receive required approvals; and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading “Risks and Uncertainties” in the Company’s most recently filed MD&A. The Company does not undertake to update or revise any forward-looking information, except in accordance with applicable law.

This presentation also contains references to estimates of Mineral Resources and Reserves. The estimation of Mineral Resources and Reserves involve subjective judgments about many relevant factors. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from the Company’s projects, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that ultimately may prove to be inaccurate. Mineral Reserves may have to be re-estimated based on changes to prevailing factors and assumptions used in the calculation, including costs, recovery rates, metal pricing and other factors.

Cordoba will file a Technical Report prepared in accordance with NI 43-101 on SEDAR+ at www.sedarplus.com and on Cordoba’s website at www.cordobaminerals.com within 45 days of the issuance of the FS News Release on December 18, 2023. This technical report includes relevant information regarding the effective date and the assumptions, parameters and methods of the Mineral Resources and Reserve estimates on the Alacran Project cited in this presentation, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this presentation in respect of the Alacran Project.

The technical information in this presentation pertaining to the Alacran Project has been reviewed and verified by Mark Gibson, P.Geo., a Qualified Person for the purpose of NI 43-101. Mr. Gibson is the Chief Operating Officer of Cordoba, and is not considered independent under NI 43-101.

The technical information in this presentation pertaining to the Perseverance Project has been reviewed and verified by Charles N. Forster, P.Geo., a Qualified Person for the purpose of NI 43-101. Mr. Forster is a consultant for Perseverance Project at Cordoba, and is not considered independent under NI 43-101.

All dollar amounts are in US$, unless otherwise stated.

TSX-V: CDB │ OTCQB: CDBMF

Evening Update: Parliament debates Palestine recognition; Trump seeks bond for $454-million judgment

Good evening, let’s start with today’s top stories:

NDP calls vote on Palestinian statehood, opens Liberals to more caucus division on Israel-Hamas war

The House of Commons is set to vote late Monday on an NDP motion calling for the recognition of a Palestinian state, a move that opponents say would reward Hamas for its deadly invasion of Israel, but which New Democrats say is an imperative step to creating a lasting peace between Israelis and Palestinians.

However, by mid-day Monday Foreign Affairs Minister Mélanie Joly signalled to the House of Commons that the government would vote against it, even though she dodged direct questions from the NDP and Conservatives to clarify the government’s precise position on the motion under debate.

Meanwhile, Immigration Minister Marc Miller says Canada will allow more people trapped in Gaza who have extended family members in Canada to apply for temporary refuge – but he admits the move is “cold comfort.”

Read more

  • The UN food agency said that “famine is imminent” in northern Gaza, where 70 per cent of the remaining population is experiencing catastrophic hunger, and that a further escalation of the war could push around half of Gaza’s total population to the brink of starvation.
  • UNICEF says over 13,000 children have been killed in Gaza in Israel offensive
  • EU agrees on sanctions on Hamas, violent Israeli settlers in the West Bank

This is the daily Evening Update newsletter. If you’re reading this on the web, or it was sent to you as a forward, you can sign up for Evening Update and more than 20 more Globe newsletters here. If you like what you see, please share it with your friends.


Ottawa to release review of ArriveCan contractor’s use of Indigenous program

After previously saying it would be kept secret, the Indigenous Services department now says it will release audit summaries of how an ArriveCan contractor used a federal government procurement program aimed at supporting Indigenous businesses.

Dalian Enterprises describes itself as an aboriginally owned company, and it regularly works in joint ventures with a larger company called Coradix Technology Consulting Ltd., which does not contend to be Indigenous. The two companies have been paid more than $400-million over the past decade.

Dalian founder David Yeo, who was suspended from the public service last month after federal ministers learned he was working as a Defence Department employee, is scheduled to appear tomorrow before a House of Commons committee.


Today in U.S. politics

  • At the U.S. Supreme Court, justices appear skeptical of a challenge on free speech grounds to how President Joe Biden’s administration encouraged social media platforms to remove posts that federal officials deemed misinformation, including about elections and COVID-19.
  • Donald Trump failed to secure a bond to cover a US$454-million judgment in a civil fraud case, his lawyers said, inching him closer to the possibility of having his properties seized.
  • Opinion: The Trump-Biden rematch shows how far America’s political parties have fallen
Open this photo in gallery:

Aaron Kheriaty, a plaintiff in “Murthy v. Missouri” speaks during a rally outside the U.S. Supreme Court after justices heard opening arguments in an appeal by President Joe Biden’s administration of restrictions imposed by lower courts on its ability to encourage social media companies to remove content deemed misinformation, in Washington, U.S., March 18, 2024.Bonnie Cash/Reuters


The Globe nominations at the NNA awards

The Globe and Mail has received 20 nominations for this year’s National Newspaper Awards, across 16 categories, for work that includes coverage of foreign interference in Canadian elections and the newspaper’s Secret Canada project, which exposed how this country’s access-to-information laws are failing.

The Globe has the most nominations of any media outlet and had multiple entries that are finalists in four categories. Check out the full list of nominees and the stories that are up for awards.


ALSO ON OUR RADAR

Russian elections: As President Vladimir Putin claims victory in sham Russian election, Yulia Navalnaya, the widow of Alexei Navalny, steps in as his chief opponent. Putin appeared briefly at an open-air concert to mark the 10th anniversary of Russia’s annexation of Crimea from Ukraine.

Health care: Newfoundland, eager to shed dependency on expensive travel nurses, launches program for rural communities.

Auto theft: Toronto’s police chief says more than 12,000 vehicles were stolen across the city last year, a figure that equates to a car theft every 40 minutes.

Housing: Canadian home prices were flat in February after falling for five straight months, a potential sign that the country’s housing market may be rebounding after last year’s slump.

Justice: Ottawa is challenging a court decision directing it to step up the pace of judicial appointments to address an “untenable” number of vacancies.

Artificial intelligence: Two investment advisers have agreed to pay penalties to settle U.S. Securities and Exchange Commission charges that they made false and misleading statements about their use of AI, including Toronto-based Delphia Inc., which did not admit or deny the agency’s charges.

Technology: Nuvei stock soars as Montreal digital payments processing company confirms talks that could lead to a takeover.

MARKET WATCH

Wall Street higher as investors juggle Fed nerves with AI enthusiasm; TSX slips

Wall Street’s main indexes advanced on Monday, with megacap growth stocks such as Alphabet and Tesla supporting a rebound in technology-heavy Nasdaq while investors also waited for the U.S. Federal Reserve’s meeting this week. The Canadian benchmark stock index – lacking in big tech names – was left behind, closing slightly in negative territory.

The Toronto Stock Exchange’s S&P/TSX composite index ended down 11.97 points at 21,837.18, but staying within reach of a near two-year high it posted last Wednesday at 21,970.11. The Dow Jones Industrial Average rose 75.66 points to 38,790.43, the S&P 500 gained 32.33 points to 5,149.42 and the Nasdaq Composite gained 130.27 points to 16,103.45.

The Canadian dollar traded for 73.85 cents US compared with 73.89 cents US on Friday.

Got a news tip that you’d like us to look into? E-mail us at tips@globeandmail.com. Need to share documents securely? Reach out via SecureDrop.

TALKING POINTS

Canada’s immigration system isn’t living up to its potential. Here’s how to fix it

“One of the most pressing issues in Canada’s immigration system is the absence of a minimum points threshold for eligibility under the Express Entry program, which is aimed at streamlining the selection process for economic immigrants.” – Parisa Mahboubi

How Canada can better combat Uyghur forced labour

“It must embrace a dual-track strategy that combines increased pressure on China at international institutions with the deployment of two domestic legal tools in the service of international law: a Xinjiang-specific forced labour import ban, and mandatory due-diligence legislation.” – Preston Lim

LIVING BETTER

Six canned foods to always stock in your pantry

Open this photo in gallery:

Beyond nutrition, canned foods have other benefits. They are more affordable than their fresh equivalents. Plus, they’re convenient and have a long shelf life, usually at least two years.iStockphoto/Getty Images/iStockphoto

Not all canned foods are made equal. Some have a bad reputation for being too salty or too sugary. But Leslie Beck says there are some options that are good to stock away for a rainy day.

TODAY’S LONG READ

How Globe coverage of crime and punishment has righted wrongs and made mistakes

Open this photo in gallery:

Nothing exposes a newsroom’s wealth or dearth of experience like a crime story.Tibor Kolley/The Globe and Mail

The Globe has covered crime since its inception, and one of the defining features of that coverage has been a focus on the relationship between crime and institutional justice. This reportage has led to some of the finest journalism the paper has ever produced, with stories that launched national inquiries and helped acquit innocent people. But as novelist and former Globe reporter Omar El Akkad points out, it is also behind some of the paper’s failings.

This is an excerpt from A Nation’s Paper: The Globe and Mail in the Life of Canada, a collection of history essays from Globe writers past and present, coming this fall from Signal/McClelland & Stewart.

Evening Update is written by Sierra Bein and Maryam Shah. If you’d like to receive this newsletter by e-mail every weekday evening, go here to sign up. If you have any feedback, send us a note.

Largo Announces a Proposed Joint Venture with Stryten Energy to Bring Innovation and Scale to North American Vanadium Flow Battery Market

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New Relationship Would Establish Integrated Supply Chain for Vanadium and Vanadium Electrolyte Manufacturing; Support Growing Demand For Long-duration Energy Storage Solutions

TORONTO — Largo Inc. (TSX: LGO) (NASDAQ: LGO) is pleased to announce the signing of a non-binding letter of intent with Stryten Energy LLC (“Stryten”) to establish a 50:50 joint venture that would combine the Company’s wholly owned subsidiary, Largo Clean Energy Corp. (“LCE”) with Stryten’s vanadium redox flow battery (“VRFB”) business (the “Proposed Transaction”). This announcement comes in concert with Enel Green Power España and LCE’s go-live of a 5.5-megawatt hour VRFB in Spain, the deployment of one of the largest utility scale vanadium system in Europe.

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The combination of the parties’ decades of VRFB technology expertise, access to raw vanadium supplies from friendly sources, and high-volume electrolyte production capabilities is expected to transform the long-duration energy storage (“LDES”) sector in North America.

The estimated market in North America for VRFB LDES solutions is hundreds of Gigawatts in size, requiring the creation of a vertically integrated vanadium supply chain to reliably meet this demand. It is expected that this joint venture would provide access to U.S.-produced vanadium electrolyte needed for VRFB manufacturers to accelerate the commercial deployment of vanadium battery solutions.

“The agreement is a direct result of our review and evaluation of strategic alternatives to unlock and fully maximize the value of LCE,” said Daniel Tellechea, Director and Interim Chief Executive Officer of Largo. “The distinctive value proposition LCE presents for vanadium batteries and the long-duration energy storage sector, including its patented vanadium flow battery stack technology, electrolyte purification technology and access to vanadium through Largo Physical Vanadium Corp. (TSX.V:VAND, OTCQX:VANAF), were key determining factors in advancing our discussions with Stryten. Additionally, Stryten’s ability to produce electrolyte in large volumes will help reduce the overall cost for VRFB solutions, a critical factor in catalyzing the commercial adoption of the technology and meeting the DOE LCOS targets.”

The Proposed Transaction remains subject to, among other conditions, negotiation of definitive agreements, completion of due diligence by both parties and receipt of any required Board and regulatory approvals. There can be no assurance that the Proposed Transaction will be completed, nor can there be any assurance, if the Proposed Transaction is completed, that the potential benefits of the Proposed Transaction will be realized.

About Stryten Energy

Stryten Energy helps solve the world’s most pressing energy challenges with a broad range of energy storage solutions across the Essential Power, Motive Power, Transportation, Military and Government sectors. Headquartered in Alpharetta, Georgia, Stryten Energy partners with some of the world’s most recognized companies to meet the growing demand for reliable and sustainable energy storage capacity. Stryten Energy powers everything from submarines to subcompacts, microgrids, warehouses, distribution centers, cars, trains and trucks. Its stored energy technologies include advanced lead, lithium and vanadium redox flow batteries, intelligent chargers and energy performance management software that keep people on the move and supply chains running. An industry leader backed by more than a century of expertise, Stryten has The Energy to Challenge the status quo and deliver top-performing energy solutions for today and tomorrow. Learn more at www.stryten.com.

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About Largo Physical Vanadium Corp.

LPV aims to provide a secure, convenient and exchange-traded investment alternative for investors interested in having direct exposure to physical vanadium, a metal essential to achieving a greener world in key industries such as steel, aerospace and energy storage. Vanadium is non-degrading and fully recyclable when used as electrolyte in vanadium redox flow batteries (VRFBs) and offers carbon reducing attributes when used in steel alloying applications. LPV offers pure-play exposure to vanadium through its holdings of physical vanadium. LPV’s strategy is not only to achieve appreciation through the acquisition of vanadium, but to own and actively supply vanadium to end users of VRFBs to advance to integration of renewable energy in long duration storage. This strategy is integral to LPV’s business plan, as it necessarily defrays the costs to LPV associated with storage of vanadium, and demonstrates the benefits and utility of vanadium, therefore supporting vanadium’s value. For more information, please visit www.lpvanadium.com.

About Largo

Largo is a globally recognized vanadium company known for its high-quality VPURE™ and VPURE+™ products, sourced from its Maracás Menchen Mine in Brazil. The Company is currently focused on ramping up production of its ilmenite concentrate plant and is undertaking a strategic evaluation of its U.S.-based clean energy business, including its advanced VCHARGE vanadium battery technology to maximize the value of the organization. Largo’s strategic business plan centers on maintaining its position as a leading vanadium supplier with a growth strategy to support a low-carbon future.

Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol “LGO”. For more information on the Company, please visit www.largoinc.com.

Cautionary Statement Regarding Forward-looking Information:

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. Forward‐looking information in this press release includes, but is not limited to, statements with respect to the Proposed Transaction, the entering into of a definitive agreements, the conditions to Closing, including receipt of all necessary regulatory approvals.

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The following are some of the assumptions upon which forward-looking information is based: receipt of regulatory and governmental approvals and permits in connection with the Proposed Transaction in a timely manner; that the Parties will be able to work collaboratively as parties to a joint venture; that due diligence in connection with the Proposed Transaction will be completed and the results thereof being acceptable to the parties; and the ability of management of the joint venture to execute strategic goals.

Forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited: to those risks described in the annual information form of Largo and in its public documents filed on www.sedarplus.ca and available on www.sec.gov from time to time; the risk that the Proposed Transaction may not be completed in a timely manner or at all; the failure to satisfy the conditions to the consummation of the Proposed Transaction, including receiving the necessary regulatory approvals; failure to realize the anticipated benefits of the Proposed Transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the letter of intent prior to a definitive agreement being reached; the inability to implement business plans, forecasts, and other expectations after the completion of the Proposed Transaction; and any inability to raise additional funds to meet capital requirements and pursue the growth strategy of the joint venture when and in the amounts needed. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo’s annual and interim MD&A which also apply.

Trademarks are owned by Largo Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240318566497/en/

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Nuvei Board Forms Special Committee Amid Buyout Talks with Advent

Nuvei (TSX: NVEI), a Canadian payments technology company backed by actor Ryan Reynolds, is in advanced talks to be acquired by private equity firm Advent International, according to a source familiar with the matter as reported by Reuters. The potential deal, which could be announced soon, would make it one of the larger take-private transactions at a time when such buyouts have slowed down.

While not confirming a deal is imminent, Nuvei acknowledged receiving interest and said its board, through a newly formed special committee of independent directors, is evaluating “such expressions of interest as well as any other strategic alternatives that may be available under the circumstances in the best interest of the Company.” 

Nuvei also confirmed that “it is engaged in discussions with certain third parties in connection with a potential transaction involving continued significant ownership” by shareholders with multiple voting shares, including the company’s founder, chairman, and CEO Phil Fayer.

Neither Advent nor Nuvei have confirmed the terms being discussed, and the talks could still fall apart, cautioned the source. However, if successfully completed, it would mark the second major deal in the past year involving a company financially supported by the Deadpool star. Last March, T-Mobile acquired Reynolds’ budget wireless provider Mint Mobile for around $1.35 billion.

The payments processor, which went public in 2020 raising $700 million in the largest tech IPO on the Toronto Stock Exchange at the time, serves major clients like General Motors, Microsoft and Shein across 200 markets. It has, however, struggled to maintain growth amid rising competition and inflation after thriving during the pandemic digital payments boom.

The potential Advent buyout comes amid an uptick in deal-making in the financial services sector, including Capital One’s $35.3 billion acquisition of Discover Financial announced in February. Another payments firm, Shift4, is currently in talks for a potential $6 billion-plus sale.


Information for this story was found via Reuters, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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