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May 18, 2022

Samherji Fish Farming’s share capital increased by 26 million USD and Alf-Helge Aarskog joins the board of directors

12.05.2022 Samherji will build and operate a land-based farm in Reykjanes Peninsula Samherji fiskeldi ehf. (Samherji Fish Farming), the aquaculture arm of Samherji has just completed a share capital increase of 26 million USD. The funds will be used to build a pilot project for land-based salmon farming in Öxarfjördur, in…

Samherji fiskeldi ehf. (Samherji Fish Farming), the aquaculture arm of Samherji has just completed a share capital increase of 26 million USD. The funds will be used to build a pilot project for land-based salmon farming in Öxarfjördur, in Northeast Iceland, and design and construct a 40,000-tonne salmon farm in the Resource Park next to the Reykjanes Power Plant in the Reykjanes Peninsula.

This is the first phase of a share capital increase of 56,5 million USD that has already been approved. Following the share capital increase, a new board will be elected in Samherji Fish Farming at the company’s annual general meeting. Norwegian Alf-Helge Aarskog, former CEO of Mowi and one of the world’s most experienced experts in the field of aquaculture, has invested in Samherji Fish Farming and will join the company’s board of directors.

Aarskog’s board participation is a significant vote of confidence for Samherji Fish Farming and its ambitious plans for land-based aquaculture. Aarskog is a very successful business executive. Until recently, he was the CEO of Mowi, the largest fish farming company globally, which produces 20 percent of all salmon sold worldwide.

A recognition of Samherji’s development of land farming

“There are few people in the world who have more experience in fish farming than Alf-Helge Aarskog. An individual with vast knowledge and experience in international aquaculture and a large network is now joining the board to take our knowledge to the next level. This is a great recognition of Samherji’s development of land farming over the past two decades,” says Jón Kjartan Jónsson, managing director of Samherji Fish Farming.

Jón Kjartan Jónsson

The site in Öxarfjördur will double in size

The operations of Samherji Fish Farming are involved in all stages of aquaculture and processing, from roe to the consumer. The company currently operates five farms and two processing plants. The company specializes in land farming of Arctic char and salmon. Until now, Arctic char has been the majority of the production, but development is currently underway for a significant increase in the production of salmon. Construction has begun on the expansion of land farming on the site in Öxarfjördur. Today, the facility produces 1,500 tonnes of salmon annually, but production will increase to 3,000 tonnes when the pilot project is completed. According to current projections, fish will enter the new tanks on-site by the end of this year. The farm in Öxarfjördur has for several years been one of the world’s largest producers of salmon raised on land.

The farm in Öxarfjördur

A 340 milljon USD investment in Reykjanes

Samherji will build and operate a land-based farm in Reykjanes Peninsula, where the aim is to produce 40,000 tonnes of salmon annually. The fish farm will be in the Resource Park next to the Reykjanes Power Plant and will consist of a hatchery, a breeding farm, a processing plant, and service buildings. The total investment is estimated at over 340 million USD. Work on the environmental assessment and local planning for the facility is currently underway. The fish farm will be designed and constructed based on the experience of new units in the pilot project in Öxarfjördur and Samherji’s employees’ more than twenty years of experience and development in farming salmon and Arctic char on land.

Fascinating times ahead

“I am honored to be asked to take part in this project. The competence of the people in Samherji around fish and land-based farming is a great foundation. The fact that Samherji has produced Atlantic salmon and Arctic Char on land for a long period of time makes this the first land-based project I have looked at that I really can believe in. The location chosen for this project, with abundant resources of water and energy, makes the project extremely interesting. There are fascinating times ahead for Samherji Fish Farming. The company has ambitious plans and the ability to achieve them and become a leading company in salmon farming in the world. I am very excited about this project and look forward to participating in the development and growth ahead,” says Alf-Helge Aarskog.

Alf-Helge Aarskog/Mowi

The largest investment in the history of Samherji

“Alf-Helge Aarskog’s investment and board participation is not only a gain for Samherji Fish Farming but also Icelandic business as a whole. His board membership is, of course, a great vote of confidence for Samherji’s staff. Moreover, the expansion that has begun at Samherji Fish Farming marks a certain milestone, as this is the largest investment project that Samherji and affiliated companies have embarked on in Samherji’s 39-year history,” says Thorsteinn Már Baldvinsson, CEO of Samherji.

Thorsteinn M. Baldvinsson/samherji
Original press release obtained from
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May 17, 2022

AEC put blue economy on the agenda at Arctic Frontiers

16. May 2022 The Arctic blue economy can help save the world – that was one of the conclusions at an expert workshop held during Arctic Frontiers 2022 in Tromsø, Norway. Here leading decision-makers from all over the Arctic gathered to discuss the Arctic finance, development and collaboration. The Arctic Economic Council, Troms and Finnmark…

16. May 2022

The Arctic blue economy can help save the world – that was one of the conclusions at an expert workshop held during Arctic Frontiers 2022 in Tromsø, Norway. Here leading decision-makers from all over the Arctic gathered to discuss the Arctic finance, development and collaboration.

The Arctic Economic Council, Troms and Finnmark County Council, Biotech North and PolArctic hosted a blue economy workshop that ended with valuable inputs to the way forward for companies in the north.

The workshop was held as a side event at the Arctic Frontiers conference and the main focus was on a changing Arctic – with innovations in business operations and technology as significant factors to ensure that a sustainable blue economy can flourish.

– In May 2023, Norway will take over the leadership of the Arctic Council and the Arctic Economic Council (AEC). The ocean has already been designated as one of the main focus areas for the Norwegian chairmanship. In this workshop we focused on the blue economy of the future and gather input that we can take with us in the further work of promoting blue business development in the Arctic, says Mads Qvist Frederiksen, Executive Director of AEC.

Game changers for the blue economy of the future
During the interactive  session the participants were asked “What would be the game changer for the blue economy of the future?” Sustainability, hydrogen and aquaculture was pointed out as the three main game changers. Resource, innovation and investments followed as key factors for a growing blue economy in the Arctic.

Kelp, kelp, kelp
The more than 35 experts from industry, public and finance institutions also brainstormed around possible solutions for the future of the blue economy of the Arctic. The ideas were many and great. One that stood out as measure to save a growing population was kelp. Marine infrastructure, aquaculture-agriculture integration, and smart ships and ports was also highlighted as important to ensure a sustainable blue economy in the Arctic.

The international crowd at the Norwegian event stated that the countries with the greatest potential in the blue economy are Norway, Canada and Iceland.

Photo: David Jensen

Press release obtained from the AEC website

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May 16, 2022

Arctic Fish Annual Report

MAY 12, 2022 In 2021, Arctic Fish was prosperous. The company sold about 11,500 tons of salmon, which is more than ever before. The company also produced 3.3 million juveniles, most of which went to its own aquaculture. The company was listed on the Norwegian Euronext Growth stock market and new share capital was raised to strengthen the…

MAY 12, 2022

KvígyndisdalurIn 2021, Arctic Fish was prosperous. The company sold about 11,500 tons of salmon, which is more than ever before. The company also produced 3.3 million juveniles, most of which went to its own aquaculture. The company was listed on the Norwegian Euronext Growth stock market and new share capital was raised to strengthen the company’s infrastructure and future growth. An expansion of the company’s juvenile farm in Tálknafjörður was launched, an investment of around ISK 3.8 billion and increasing the company’s production capacity for juveniles up to 5 million juveniles. The company also invested in real estate and a site in Bolungarvík, where it is planned to build a slaughterhouse for the company’s production. It is estimated that the investment in the slaughterhouse will amount to up to ISK 4 billion.

The company was granted a new license in Dýrafjörður, where the maximum permitted biomass went from 4,000 tonnes to 10,000 tonnes. At the end of 2021, the company had a license for more than 23 thousand tonnes of fish in the sea. All locations of the company and the fire of the company went through an extensive and thorough assessment and all locations are with international environmental certification ASC (e. Aquaculture Stewardship Council).

Arctic Fish’s revenue in 2021 amounted to ISK 8.8 billion, compared to revenue of ISK 5.5 billion in 2020. Operating EBIT for the year amounted to ISK 1,279 million, which is ISK 1,186 million more than in the year 2020.

The average sales price per kilo in 2021 was ISK 764, compared to ISK 671 in 2020, which is an increase of 14%. Sold products increased by 54% between years, from 7,443 tonnes to 11,479 tonnes. Production costs decreased between years by 4% from ISK 662 to ISK 636 per kilo.

The margin for the year before payment of interest and taxes (Operational EBIT per kg) amounted to ISK 127 per kilo sold during the year, compared to ISK 9.4 per kilo sold in 2020. The improved margin can be attributed to two key factors, higher sales prices and lower production costs. following increased economies of scale.

The company’s profit for the year after financial items was ISK 2,246 million, compared to a loss of ISK 567 million in 2020.

At the end of 2021, the Group’s total assets were ISK 21.1 billion, while at the end of 2020, total assets amounted to ISK 16.7 billion. The main increase between years was in the form of fixed assets, which increased by ISK 1,495 million and biomass increased from ISK 5,920 million to ISK 7,536 million at the end of 2021.

Net interest-bearing debt at the end of the year amounted to ISK 4.7 billion, compared to ISK 6.9 billion net interest-bearing debt at the end of 2020. Net interest-bearing debt decreased by ISK 2.2 billion between years.

The equity ratio at the end of 2021 was 68.0%.

With this performance in 2021, Arctic Fish has become one of the largest salmon farming companies in Iceland. The company is still growing and has excellent staff and has the financial strength to achieve its growth goals.

 

The full report can be accessed here

This press release was obtained from here and translated into English

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May 13, 2022

Iceland fish farm merger nears completion

6th May 2022 A merger between two of Iceland’s leading fish farming companies has moved into its final phase. The board of Ice Fish Farm has approved a draft agreement to take over Laxar Fiskeldi. Both companies are majority owned by Måsøval of Norway. They already cooperate in a number of areas but by coming together,…

6th May 2022

A merger between two of Iceland’s leading fish farming companies has moved into its final phase.

The board of Ice Fish Farm has approved a draft agreement to take over Laxar Fiskeldi. Both companies are majority owned by Måsøval of Norway.

They already cooperate in a number of areas but by coming together, the companies say, they will have a combined biomass of 36,800 tonnes and will create a more efficient and environmentally aware business. Talks on a possible merger began almost a year ago.

Less welcome news has been the discovery of a suspected infectious salmon anaemia (ISA) related disease at one of Laxar’s sites which is likely to reduce next year’s harvest.

An Ice Fish Farm announcement to the Oslo Stock Exchange said the company expects the merger transaction to be completed this summer.

The statement said: “The board of directors’ of the company (Ice Fish Farm) have today approved the draft share purchase agreement to effect the combination and closing of the transaction is expected to occur by end of Q2 2022.

“In connection with closing, the company will call for an EGM to approve the issuance of the 37,525,424 new consideration shares to the shareholders of Laxar, which will increase the total numbers of shares outstanding in the company to 91,525,424.”

The fish farms of both companies are physically close to each other and are mainly concentrated in the eastern part of Iceland, although Ice Fish Farm also has operations in the south of the country.

Laxar Fiskeldi is a fully integrated business and also has its own smolt production and hatchery facilities. It produces high quality salmon mainly for markets in the United States and Europe.

Ice Fish Farm, which is listed on Oslo’s EuroNext Growth market, successfully turned loss into profit during the final quarter of last year.

The original article can be found on the Fish Farmer website

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May 12, 2022

Contract awarded to replace Nisutlin Bay Bridge

Published 05/05/2022 The Yukon government’s Nisutlin Bay Bridge replacement project has been awarded to Graham Infrastructure LP for $160 million. The new Nisutlin Bay Bridge will be the largest capital project in Yukon history. It is an incredibly important crossing to the community and serves as a critical transportation link for the territory, the nation…

Published 05/05/2022

The Yukon government’s Nisutlin Bay Bridge replacement project has been awarded to Graham Infrastructure LP for $160 million.

The new Nisutlin Bay Bridge will be the largest capital project in Yukon history. It is an incredibly important crossing to the community and serves as a critical transportation link for the territory, the nation and the continent.

In 2019, the Government of Yukon and the Teslin Tlingit Council signed a project charter for the bridge replacement. The new bridge was designed with input from the community and in collaboration with the Teslin Tlingit Council. The project will create many local and First Nations jobs over the coming years.

The Nisutlin Bay Bridge is a critical link along the Alaska Highway and an important landmark for Teslin. Originally designed in 1953, the bridge is nearing the end of its lifespan and needs to be replaced. The new bridge will be safer for drivers and pedestrians and will accommodate increased traffic volumes. It can also handle larger loads of commercial and strategic goods to supply the Yukon and Alaska.

The project is anticipated to begin in the coming weeks and be complete in 2026.

“The Nisutlin Bay Bridge is an important landmark for Teslin, a key gateway to the Yukon and a critical transportation link along the Alaska Highway that keeps our communities connected. This project is an excellent example of the benefits provided by the Yukon First Nations Procurement Policy and will create jobs for Teslin Tlinglit community members and Yukoners. I look forward to seeing this new bridge constructed to continue allowing travellers and goods to enter the territory while better protecting the safety of drivers and pedestrians for years to come.”

Minister of Highways and Public Works Nils Clarke

“Replacing the iconic Nisutlin Bay Bridge is a major project for our community, the largest in recent memory. We look forward to continuing to work with Yukon government and Graham Infrastructure LP to maximize the economic benefits for the community while minimizing the social impacts of the project.”

Naa Shaáde Háni of Teslin Tlingit Council Eric Morris

The original press release can be found on the Yukon government website

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May 11, 2022

Tapojärvi renews Kemi mine contracts with Outokumpu

7th May 2022 Tapojärvi Oy has agreed with Outokumpu on two significant contracts at the Kemi underground chromite mine. The agreements were signed on April 28, 2022 in Tornio, Finland. The agreements are a continuation of Outokumpu’s and Tapojärvi’s long-term cooperation at the Kemi mine regarding equipment and excavation work. The contracts took effect on…

7th May 2022

Tapojärvi Oy has agreed with Outokumpu on two significant contracts at the Kemi underground chromite mine. The agreements were signed on April 28, 2022 in Tornio, Finland.

The agreements are a continuation of Outokumpu’s and Tapojärvi’s long-term cooperation at the Kemi mine regarding equipment and excavation work. The contracts took effect on May 1, 2022. The equipment contract concerns the construction and maintenance of the entire Kemi underground mine infrastructure.

The excavation contract includes rear-end and support work in preparation for production. The contracts are valid for more than three years and employ a total of about 80 people.

The contractor said they agreements reached are important for continuity. In the agreements, the requirements for the development of safety and productivity have also been set to a new level, says Martti Kaikkonen, Chief Operating Officer of Tapojärvi.

“We are looking for a synergy advantage between different contracts. We are better able to take care of the safety, efficiency and quality of all our contracts when we are responsible for the best possible condition of the mine’s infrastructure,” said Anssi Rytkönen, Director of Mining Operations at Tapojärvi.

The original article can be found on the international mining website

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May 10, 2022

Yukon’s fibre-to-the-home assets now Indigenous-owned as Northwestel and 13 First Nations companies form new partnership.

WHITEHORSE, YT, May 5, 2022  /CNW/ – For the first time in Canada, the vast majority of a province or territory’s in-community fibre assets are now Indigenous-owned.  Northern Canada’s telecommunications provider Northwestel today announced the sale of its Yukon fibre-to-the-home (FTTH) assets to a group of 13 Yukon First Nation development corporations.  The announcement took place at the Arctic Indigenous Investment Conference…

WHITEHORSE, YTMay 5, 2022  /CNW/ – For the first time in Canada, the vast majority of a province or territory’s in-community fibre assets are now Indigenous-owned.  Northern Canada’s telecommunications provider Northwestel today announced the sale of its Yukon fibre-to-the-home (FTTH) assets to a group of 13 Yukon First Nation development corporations.  The announcement took place at the Arctic Indigenous Investment Conference in Whitehorse.

The ground-breaking partnership, named the Shared Pathways Network, will see Northwestel making regular payments for the fibre network’s full use for 20 years, guaranteeing direct economic benefits to participating Yukon First Nation communities for decades. Northwestel will operate and maintain the network at its own cost for that period.

“We’re showing that by working cooperatively, First Nations can make these types of major investments and create more opportunities for investment and ownership in infrastructure and communications projects that impact the lives of our citizens,” said Fred Koe, Da Daghay Development Corporation Chair and designated spokesperson for the newly formed Yukon First Nations Telco LP.  “We thank the First Nations Development Corporations that formed this partnership.  We look forward to working with Northwestel’s dedicated northern employees to make our community connections even better.”

“We believe stronger connections build stronger communities.  This partnership gives Northwestel the ability to invest more upfront in northern network improvements, but more importantly it strengthens our ties over the long run to the communities we exist to serve,” says Northwestel President Curtis Shaw.   “Yukon’s Shared Pathways network is a testament to our joint commitment to walking the path of reconciliation together, for many years to come.”

The fibre assets that make up the Shared Pathways network are those being built as part of Northwestel’s Every Community Project, a three-year plan to bring high-speed unlimited Internet to every community in the NWT and Yukon.  That project is funded by the CRTC Broadband Fund and Northwestel’s own significant investments.  Fibre service with home Internet speeds of 300 Mbps has already launched in the Yukon communities of Dawson CityTeslinWatson Lake and Fort Liard, with the remaining communities coming online this year and next.  Old Crow, YT has received faster Internet speeds through improved satellite service.

Northwestel has a record of successful partnerships with Indigenous governments and development corporations throughout its history, including a recent partnership with the Tlicho government in the NWT that will see Northwestel build and operate a Tlicho-owned fibre-line to Whati, NWT.  The company hopes these partnerships can serve as a model for more Indigenous people across the North to share in ownership over the infrastructure that serves their communities.

The participating First Nations development corporations are Carcross/Tagish Management Corporation (C/TMC), Carmacks Development Corporation, Chief Isaac Group of Companies, Chu Niikwan Development Corporation/Chu Níikwän Limited Partnership, Copper Nïïsüü Limited Partnership, Da Daghay Development Corporation (DDDC), Dena Nezziddi Development Corporation, First Kaska, Kluane Dana Shaw Corporation (KDSC), Na-Cho Nyak Dun Development Corporation, Selkirk Development Corporation, Vuntut Gwitchin LP/ Vuntut Gwitchin Trust.

The original press release can be found on the Cision newswire website

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May 09, 2022

LKAB chooses Luleå for the circular industrial park for phosphorus and rare earth elements

03 May 2022 By-products from iron ore mining will be extracted via innovative circular and fossil-free processes. LKAB can increase Europe’s self-sufficiency in the critical raw materials phosphorus and rare earth elements that are needed for sustainable agriculture and the green transition · LKAB is now initiating consultation on the establishment, which will be operational…

03 May 2022

By-products from iron ore mining will be extracted via innovative circular and fossil-free processes. LKAB can increase Europe’s self-sufficiency in the critical raw materials phosphorus and rare earth elements that are needed for sustainable agriculture and the green transition · LKAB is now initiating consultation on the establishment, which will be operational in 2027 and can entail investments amounting to as much as 10 billion kronor and create more than 500 jobs.

“LKAB is leading the transformation of the iron and steel industry with the transition to carbon-dioxide-free sponge iron. We will now broaden our business by extracting phosphorus and rare earth elements as residual products from iron ore production and increase Europe’s self-sufficiency in these critical raw materials,” explains Jan Moström, LKAB’s President and CEO.

Initially, apatite concentrate will be extracted in Kiruna and Gällivare/Malmberget. The concentrate will then be hauled by rail to the industrial park in Luleå, where it will be dissolved and processed to separate the products phosphorus, rare earth elements and fluorine, as well as gypsum as a by-product.

“We have assessed several locations in Sweden and Norway for the site of the circular industrial park. Luleå has good logistics, sufficient land, electricity, lower costs, a good labour market and housing and, not least, synergies with our existing operations. We are now initiating consultation and inviting the public and important stakeholders to meetings in preparation for our coming permit applications,” explains Leif Boström, Senior Vice President, Business Area Special Products, LKAB.

LKAB is, however, leaving the door open for the other operating locations, since a future volume increase in production may necessitate expansion at other sites. All focus is now on the development of the industrial park in Luleå.

“LKAB is important for Luleå and Luleå is important for LKAB. We have been active here for more than a century and we have close collaboration with, for example, SSAB and Luleå University of Technology. And we already have more than 220 employees and our head office, R&D and shipping facilities, as well as stockpiles and production of additives in Luleå,” says Leif Boström.

Norrbotten and Luleå have attracted global attention as a centre for the green transition. A lot will be happening in the region, which presents both opportunities and challenges.

“We have good co-operation with the Municipality of Luleå and the County Administrative Board of Norrbotten, both of which are acting to create the prerequisites for the green transition and new industrialisation. This has to do with attractiveness, permitting issues and infrastructure, for example, and it is a task that has only just begun and must accelerate,” adds Jan Moström.

For Luleå, LKAB’s planned industrial park means important development for local business. In addition to major investment and up to 500 new jobs, a whole new industrial cluster for chemical engineering will be created.

“Fantastic news! LKAB’s investment means many new jobs in an exciting future industry and that we can further strengthen Luleå as a hub for the green transition,” says municipal executive board chair Carina Sammeli (S).

The original article can be found on the LKAB website

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May 09, 2022

Churchill Acquires More Ground from Altius at Taylor Brook

TORONTO, May 02, 2022 (GLOBE NEWSWIRE) — Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that Altius Resources Inc. (“Altius”) has agreed to assign five mineral licenses totalling 262.25km2 to the Company, which tie on to the Company’s existing Taylor Brook South block, and cover a large portion of the regional…

TORONTO, May 02, 2022 (GLOBE NEWSWIRE) — Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that Altius Resources Inc. (“Altius”) has agreed to assign five mineral licenses totalling 262.25km2 to the Company, which tie on to the Company’s existing Taylor Brook South block, and cover a large portion of the regional gravity feature that has been shown to host the nickel-bearing Layden Magmatic Intrusive and the adjacent Taylor Brook Gabbro Complex.

Under the terms of the agreement, the Company will reimburse to Altius their staking deposits ($52,450) and grant to Altius a 1.6% Gross Sales Royalty on the five assigned licenses.

The five new licenses will be designated as the Cormack Property and were originally staked by Altius for their gold potential as they also lie along the major Doucer’s Valley Fault Zone which has been shown to be associated with a number of gold prospects and deposits to the northeast of Taylor Brook. The Cormack Licenses have received very little exploration to date, and cover the contact between the Precambrian Grenville rocks that host the Layden and Taylor Brook gabbroic intrusives, and the younger sedimentary rocks within the Deer Lake Sub-Basin, all immediately adjacent to the Doucer’s Valley Fault Zone as per the figure below.

The Company intends to complete a first pass program in Q2 2022 of stream sediment sampling as the terrain is ideal for this method with a large number of drainage basins feeding into the valley. Initial sampling will be done by helicopter from nearby Deer Lake airport, with road and trail-accessible areas to follow as the area dries out after the spring melt. Anomalous areas for nickel, gold or other commodities of interest will receive follow-up sampling, prospecting and airborne geophysical surveys as warranted.

Paul Sobie, Chief Executive Officer of Churchill remarked, “We are pleased to continue our successful collaboration with the Altius team, and are excited to tie up more of the area of this regional gravity anomaly and fault zone. The planned work programs for Cormack are natural adjuncts to that taking place at Taylor Brook during 2022, and are expected to be easily accomplished.”

Taylor Brook Project Update

Churchill’s Phase 2 program at Taylor Brook has recently commenced with the camp being opened, and the following activities are scheduled to commence during May:

Figure 1: Property Map: https://www.globenewswire.com/NewsRoom/AttachmentNg/18fe23cc-af0f-4e0a-a995-69545a314020 

      1)   Historical core transfer to Taylor Brook camp, for relogging and sampling by CRI geologists.

2)   Cut-line grid expansion along strike from the Layden Intrusive.

3)   Surface large-loop time domain EM surveying over existing and new grid lines.

4)   Detailed Heli-GT™ magnetic gradiometer surveying at 50m line spacing along the Layden Trend, a 14km x 4km swath of the project from the Layden Intrusive in the northwest to the Taylor Brook batholith magnetic-gravity feature in the southeast.

5)   Phase 2 core drilling at the Layden Intrusive and along strike.

6)   Borehole EM surveying of select 2021 holes as well as new 2022 drillholes.

7)   Geochem sampling and prospecting along the Layden trend.

Florence Lake Project

The helicopter-borne VTEM and Horizontal Gradiometer Geophysical Survey re-commenced in early April, after having been postponed due to deteriorating weather conditions in December. The survey should be completed by early May with preliminary data delivered asap thereafter.

Churchill has commissioned Goldspot Discoveries Corp. (TSX-V: SPOT) to compile all historical exploration data on the project, for integration with the results from the VTEM survey. This work is now complete and will be used to plan follow-up geochemical sampling and prospecting for mid-summer of this year.

The technical and scientific information in this news release has been reviewed and approved by Paul Sobie, P.Geo., CEO, who is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Churchill Resources Inc.

Churchill is managed by career mining industry professionals and currently holds four exploration projects, namely Taylor Brook in Newfoundland, Florence Lake in Labrador, Pelly Bay in Nunavut and White River in Ontario. All projects are at the evaluation stage, with known mineralized Nickel-Copper-Cobalt showings at Taylor Brook, Florence Lake and Pelly Bay, and significantly diamondiferous kimberlitic intrusives at White River and Pelly Bay. The primary focus of Churchill is on the continued exploration and development of the Taylor Brook and Florence Lake Nickel Projects.

Further Information

For further information regarding Churchill, please contact:

Churchill Resources Inc.
Paul Sobie, Chief Executive Officer
Tel. +1 416.365.0930 (o)
+1 647.988.0930 (m)
Email [email protected]
Alec Rowlands, Corporate Consultant
Tel. +1 416.721.4732 (m)
Email [email protected]

 

This press release was originally posted on the website of GlobeNewswire.

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May 09, 2022

Islandsbanki hf.: Publication of 1Q2022 results

April 28 2022: Íslandsbanki will publish its first quarter 2022 financial results after market close on 5 May 2022. A webcast will take place on Friday 6 May at 8.30 Reykjavík/GMT, 9.30 London/BST, 10.30 CET Íslandsbanki will host a webcast in English for investors and market participants on Friday 6 May at 8.30 GMT. Birna…

April 28 2022: Íslandsbanki will publish its first quarter 2022 financial results after market close on 5 May 2022.

A webcast will take place on Friday 6 May at 8.30 Reykjavík/GMT, 9.30 London/BST, 10.30 CET

Íslandsbanki will host a webcast in English for investors and market participants on Friday 6 May at 8.30 GMT. Birna Einarsdóttir, CEO, and Jón Guðni Ómarsson, CFO, will give an overview of the first quarter financial results and operational highlights.

Participant registration is accessible via this link. A recording will be available after the meeting on the Investor Relations website.

To participate in the webcast via telephone and in order to be able to ask questions please use the following dial-in details:

Iceland: +354 800 74 37
Denmark: +45 354 45 577
Sweden: +46 8 566 42 651
Norway: +47 235 00 243
United Kingdom: +44 33 330 00 804
United States: +1 631 913 1422

Confirmation Code:  11682344#

Investor relations
For further information please contact Investor Relations at [email protected]

Íslandsbanki IR releases
If you wish to receive Íslandsbanki press releases by e-mail please register at: https://www.islandsbanki.is/en/article/email_list_ir

About Íslandsbanki
With a history that dates from 1875, Íslandsbanki is an Icelandic universal bank with a strong customer focus. The Bank believes in moving Iceland forward by empowering its customers to succeed – reflecting a commitment to run a solid business that is a force for good in society. Driven by the ambition to be #1 for service, Íslandsbanki’s banking model is led by three business divisions that build and manage relationships with its customers. Íslandsbanki maintains a strong market share with the most efficient branch network in the country, supporting at the same time its customers’ move to more digital services. The Bank operates in a highly attractive market and, with its technically strong foundations and robust balance sheet, is well positioned for the opportunities that lie ahead. Íslandsbanki has a BBB/A-2 rating from S&P Global Ratings. The Bank’s shares are listed on Nasdaq Iceland Main Market.

The original press release can be found at GlobeNewswire.com.

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Samherji Fish Farming’s share capital increased by 26 million USD and Alf-Helge Aarskog joins the board of directors

12.05.2022 Samherji fiskeldi ehf. (Samherji Fish Farming), the aquaculture arm of Samherji has just completed a share capital increase of 26 million USD. The funds will be used to build a pilot project for land-based salmon farming in Öxarfjördur, in Northeast Iceland, and design and construct a 40,000-tonne

Samherji fiskeldi ehf. (Samherji Fish Farming), the aquaculture arm of Samherji has just completed a share capital increase of 26 million USD. The funds will be used to build a pilot project for land-based salmon farming in Öxarfjördur, in Northeast Iceland, and design and construct a 40,000-tonne salmon farm in the Resource Park next to the Reykjanes Power Plant in the Reykjanes Peninsula.

This is the first phase of a share capital increase of 56,5 million USD that has already been approved. Following the share capital increase, a new board will be elected in Samherji Fish Farming at the company’s annual general meeting. Norwegian Alf-Helge Aarskog, former CEO of Mowi and one of the world’s most experienced experts in the field of aquaculture, has invested in Samherji Fish Farming and will join the company’s board of directors.

Aarskog’s board participation is a significant vote of confidence for Samherji Fish Farming and its ambitious plans for land-based aquaculture. Aarskog is a very successful business executive. Until recently, he was the CEO of Mowi, the largest fish farming company globally, which produces 20 percent of all salmon sold worldwide.

A recognition of Samherji’s development of land farming

“There are few people in the world who have more experience in fish farming than Alf-Helge Aarskog. An individual with vast knowledge and experience in international aquaculture and a large network is now joining the board to take our knowledge to the next level. This is a great recognition of Samherji’s development of land farming over the past two decades,” says Jón Kjartan Jónsson, managing director of Samherji Fish Farming.

Jón Kjartan Jónsson

The site in Öxarfjördur will double in size

The operations of Samherji Fish Farming are involved in all stages of aquaculture and processing, from roe to the consumer. The company currently operates five farms and two processing plants. The company specializes in land farming of Arctic char and salmon. Until now, Arctic char has been the majority of the production, but development is currently underway for a significant increase in the production of salmon. Construction has begun on the expansion of land farming on the site in Öxarfjördur. Today, the facility produces 1,500 tonnes of salmon annually, but production will increase to 3,000 tonnes when the pilot project is completed. According to current projections, fish will enter the new tanks on-site by the end of this year. The farm in Öxarfjördur has for several years been one of the world’s largest producers of salmon raised on land.

The farm in Öxarfjördur

A 340 milljon USD investment in Reykjanes

Samherji will build and operate a land-based farm in Reykjanes Peninsula, where the aim is to produce 40,000 tonnes of salmon annually. The fish farm will be in the Resource Park next to the Reykjanes Power Plant and will consist of a hatchery, a breeding farm, a processing plant, and service buildings. The total investment is estimated at over 340 million USD. Work on the environmental assessment and local planning for the facility is currently underway. The fish farm will be designed and constructed based on the experience of new units in the pilot project in Öxarfjördur and Samherji’s employees’ more than twenty years of experience and development in farming salmon and Arctic char on land.

Fascinating times ahead

“I am honored to be asked to take part in this project. The competence of the people in Samherji around fish and land-based farming is a great foundation. The fact that Samherji has produced Atlantic salmon and Arctic Char on land for a long period of time makes this the first land-based project I have looked at that I really can believe in. The location chosen for this project, with abundant resources of water and energy, makes the project extremely interesting. There are fascinating times ahead for Samherji Fish Farming. The company has ambitious plans and the ability to achieve them and become a leading company in salmon farming in the world. I am very excited about this project and look forward to participating in the development and growth ahead,” says Alf-Helge Aarskog.

Alf-Helge Aarskog/Mowi

The largest investment in the history of Samherji

“Alf-Helge Aarskog’s investment and board participation is not only a gain for Samherji Fish Farming but also Icelandic business as a whole. His board membership is, of course, a great vote of confidence for Samherji’s staff. Moreover, the expansion that has begun at Samherji Fish Farming marks a certain milestone, as this is the largest investment project that Samherji and affiliated companies have embarked on in Samherji’s 39-year history,” says Thorsteinn Már Baldvinsson, CEO of Samherji.

Thorsteinn M. Baldvinsson/samherji
Original press release obtained from
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AEC put blue economy on the agenda at Arctic Frontiers

16. May 2022 The Arctic blue economy can help save the world – that was one of the conclusions at an expert workshop held during Arctic Frontiers 2022 in Tromsø, Norway. Here leading decision-makers from all over the Arctic gathered to discuss the Arctic finance, development and collaboration. The Arctic Economic Council, Troms and

16. May 2022

The Arctic blue economy can help save the world – that was one of the conclusions at an expert workshop held during Arctic Frontiers 2022 in Tromsø, Norway. Here leading decision-makers from all over the Arctic gathered to discuss the Arctic finance, development and collaboration.

The Arctic Economic Council, Troms and Finnmark County Council, Biotech North and PolArctic hosted a blue economy workshop that ended with valuable inputs to the way forward for companies in the north.

The workshop was held as a side event at the Arctic Frontiers conference and the main focus was on a changing Arctic – with innovations in business operations and technology as significant factors to ensure that a sustainable blue economy can flourish.

– In May 2023, Norway will take over the leadership of the Arctic Council and the Arctic Economic Council (AEC). The ocean has already been designated as one of the main focus areas for the Norwegian chairmanship. In this workshop we focused on the blue economy of the future and gather input that we can take with us in the further work of promoting blue business development in the Arctic, says Mads Qvist Frederiksen, Executive Director of AEC.

Game changers for the blue economy of the future
During the interactive  session the participants were asked “What would be the game changer for the blue economy of the future?” Sustainability, hydrogen and aquaculture was pointed out as the three main game changers. Resource, innovation and investments followed as key factors for a growing blue economy in the Arctic.

Kelp, kelp, kelp
The more than 35 experts from industry, public and finance institutions also brainstormed around possible solutions for the future of the blue economy of the Arctic. The ideas were many and great. One that stood out as measure to save a growing population was kelp. Marine infrastructure, aquaculture-agriculture integration, and smart ships and ports was also highlighted as important to ensure a sustainable blue economy in the Arctic.

The international crowd at the Norwegian event stated that the countries with the greatest potential in the blue economy are Norway, Canada and Iceland.

Photo: David Jensen

Press release obtained from the AEC website

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Arctic Fish Annual Report

MAY 12, 2022 In 2021, Arctic Fish was prosperous. The company sold about 11,500 tons of salmon, which is more than ever before. The company also produced 3.3 million juveniles, most of which went to its own aquaculture. The company was listed on the Norwegian Euronext

MAY 12, 2022

KvígyndisdalurIn 2021, Arctic Fish was prosperous. The company sold about 11,500 tons of salmon, which is more than ever before. The company also produced 3.3 million juveniles, most of which went to its own aquaculture. The company was listed on the Norwegian Euronext Growth stock market and new share capital was raised to strengthen the company’s infrastructure and future growth. An expansion of the company’s juvenile farm in Tálknafjörður was launched, an investment of around ISK 3.8 billion and increasing the company’s production capacity for juveniles up to 5 million juveniles. The company also invested in real estate and a site in Bolungarvík, where it is planned to build a slaughterhouse for the company’s production. It is estimated that the investment in the slaughterhouse will amount to up to ISK 4 billion.

The company was granted a new license in Dýrafjörður, where the maximum permitted biomass went from 4,000 tonnes to 10,000 tonnes. At the end of 2021, the company had a license for more than 23 thousand tonnes of fish in the sea. All locations of the company and the fire of the company went through an extensive and thorough assessment and all locations are with international environmental certification ASC (e. Aquaculture Stewardship Council).

Arctic Fish’s revenue in 2021 amounted to ISK 8.8 billion, compared to revenue of ISK 5.5 billion in 2020. Operating EBIT for the year amounted to ISK 1,279 million, which is ISK 1,186 million more than in the year 2020.

The average sales price per kilo in 2021 was ISK 764, compared to ISK 671 in 2020, which is an increase of 14%. Sold products increased by 54% between years, from 7,443 tonnes to 11,479 tonnes. Production costs decreased between years by 4% from ISK 662 to ISK 636 per kilo.

The margin for the year before payment of interest and taxes (Operational EBIT per kg) amounted to ISK 127 per kilo sold during the year, compared to ISK 9.4 per kilo sold in 2020. The improved margin can be attributed to two key factors, higher sales prices and lower production costs. following increased economies of scale.

The company’s profit for the year after financial items was ISK 2,246 million, compared to a loss of ISK 567 million in 2020.

At the end of 2021, the Group’s total assets were ISK 21.1 billion, while at the end of 2020, total assets amounted to ISK 16.7 billion. The main increase between years was in the form of fixed assets, which increased by ISK 1,495 million and biomass increased from ISK 5,920 million to ISK 7,536 million at the end of 2021.

Net interest-bearing debt at the end of the year amounted to ISK 4.7 billion, compared to ISK 6.9 billion net interest-bearing debt at the end of 2020. Net interest-bearing debt decreased by ISK 2.2 billion between years.

The equity ratio at the end of 2021 was 68.0%.

With this performance in 2021, Arctic Fish has become one of the largest salmon farming companies in Iceland. The company is still growing and has excellent staff and has the financial strength to achieve its growth goals.

 

The full report can be accessed here

This press release was obtained from here and translated into English

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Iceland fish farm merger nears completion

6th May 2022 A merger between two of Iceland’s leading fish farming companies has moved into its final phase. The board of Ice Fish Farm has approved a draft agreement to take over Laxar Fiskeldi. Both companies are majority owned by Måsøval of Norway. They already cooperate in a number of areas but by coming

6th May 2022

A merger between two of Iceland’s leading fish farming companies has moved into its final phase.

The board of Ice Fish Farm has approved a draft agreement to take over Laxar Fiskeldi. Both companies are majority owned by Måsøval of Norway.

They already cooperate in a number of areas but by coming together, the companies say, they will have a combined biomass of 36,800 tonnes and will create a more efficient and environmentally aware business. Talks on a possible merger began almost a year ago.

Less welcome news has been the discovery of a suspected infectious salmon anaemia (ISA) related disease at one of Laxar’s sites which is likely to reduce next year’s harvest.

An Ice Fish Farm announcement to the Oslo Stock Exchange said the company expects the merger transaction to be completed this summer.

The statement said: “The board of directors’ of the company (Ice Fish Farm) have today approved the draft share purchase agreement to effect the combination and closing of the transaction is expected to occur by end of Q2 2022.

“In connection with closing, the company will call for an EGM to approve the issuance of the 37,525,424 new consideration shares to the shareholders of Laxar, which will increase the total numbers of shares outstanding in the company to 91,525,424.”

The fish farms of both companies are physically close to each other and are mainly concentrated in the eastern part of Iceland, although Ice Fish Farm also has operations in the south of the country.

Laxar Fiskeldi is a fully integrated business and also has its own smolt production and hatchery facilities. It produces high quality salmon mainly for markets in the United States and Europe.

Ice Fish Farm, which is listed on Oslo’s EuroNext Growth market, successfully turned loss into profit during the final quarter of last year.

The original article can be found on the Fish Farmer website

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Contract awarded to replace Nisutlin Bay Bridge

Published 05/05/2022 The Yukon government’s Nisutlin Bay Bridge replacement project has been awarded to Graham Infrastructure LP for $160 million. The new Nisutlin Bay Bridge will be the largest capital project in Yukon history. It is an incredibly important crossing to the community and serves as a critical transportation link for the territory, the nation

Published 05/05/2022

The Yukon government’s Nisutlin Bay Bridge replacement project has been awarded to Graham Infrastructure LP for $160 million.

The new Nisutlin Bay Bridge will be the largest capital project in Yukon history. It is an incredibly important crossing to the community and serves as a critical transportation link for the territory, the nation and the continent.

In 2019, the Government of Yukon and the Teslin Tlingit Council signed a project charter for the bridge replacement. The new bridge was designed with input from the community and in collaboration with the Teslin Tlingit Council. The project will create many local and First Nations jobs over the coming years.

The Nisutlin Bay Bridge is a critical link along the Alaska Highway and an important landmark for Teslin. Originally designed in 1953, the bridge is nearing the end of its lifespan and needs to be replaced. The new bridge will be safer for drivers and pedestrians and will accommodate increased traffic volumes. It can also handle larger loads of commercial and strategic goods to supply the Yukon and Alaska.

The project is anticipated to begin in the coming weeks and be complete in 2026.

“The Nisutlin Bay Bridge is an important landmark for Teslin, a key gateway to the Yukon and a critical transportation link along the Alaska Highway that keeps our communities connected. This project is an excellent example of the benefits provided by the Yukon First Nations Procurement Policy and will create jobs for Teslin Tlinglit community members and Yukoners. I look forward to seeing this new bridge constructed to continue allowing travellers and goods to enter the territory while better protecting the safety of drivers and pedestrians for years to come.”

Minister of Highways and Public Works Nils Clarke

“Replacing the iconic Nisutlin Bay Bridge is a major project for our community, the largest in recent memory. We look forward to continuing to work with Yukon government and Graham Infrastructure LP to maximize the economic benefits for the community while minimizing the social impacts of the project.”

Naa Shaáde Háni of Teslin Tlingit Council Eric Morris

The original press release can be found on the Yukon government website

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Tapojärvi renews Kemi mine contracts with Outokumpu

7th May 2022 Tapojärvi Oy has agreed with Outokumpu on two significant contracts at the Kemi underground chromite mine. The agreements were signed on April 28, 2022 in Tornio, Finland. The agreements are a continuation of Outokumpu’s and Tapojärvi’s long-term cooperation at the Kemi mine regarding equipment and excavation work. The contracts took effect

7th May 2022

Tapojärvi Oy has agreed with Outokumpu on two significant contracts at the Kemi underground chromite mine. The agreements were signed on April 28, 2022 in Tornio, Finland.

The agreements are a continuation of Outokumpu’s and Tapojärvi’s long-term cooperation at the Kemi mine regarding equipment and excavation work. The contracts took effect on May 1, 2022. The equipment contract concerns the construction and maintenance of the entire Kemi underground mine infrastructure.

The excavation contract includes rear-end and support work in preparation for production. The contracts are valid for more than three years and employ a total of about 80 people.

The contractor said they agreements reached are important for continuity. In the agreements, the requirements for the development of safety and productivity have also been set to a new level, says Martti Kaikkonen, Chief Operating Officer of Tapojärvi.

“We are looking for a synergy advantage between different contracts. We are better able to take care of the safety, efficiency and quality of all our contracts when we are responsible for the best possible condition of the mine’s infrastructure,” said Anssi Rytkönen, Director of Mining Operations at Tapojärvi.

The original article can be found on the international mining website

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Yukon’s fibre-to-the-home assets now Indigenous-owned as Northwestel and 13 First Nations companies form new partnership.

WHITEHORSE, YT, May 5, 2022  /CNW/ – For the first time in Canada, the vast majority of a province or territory’s in-community fibre assets are now Indigenous-owned.  Northern Canada’s telecommunications provider Northwestel today announced the sale of its Yukon fibre-to-the-home (FTTH) assets to a group of 13 Yukon First Nation development corporations.  The announcement took place at the Arctic Indigenous Investment Conference

WHITEHORSE, YTMay 5, 2022  /CNW/ – For the first time in Canada, the vast majority of a province or territory’s in-community fibre assets are now Indigenous-owned.  Northern Canada’s telecommunications provider Northwestel today announced the sale of its Yukon fibre-to-the-home (FTTH) assets to a group of 13 Yukon First Nation development corporations.  The announcement took place at the Arctic Indigenous Investment Conference in Whitehorse.

The ground-breaking partnership, named the Shared Pathways Network, will see Northwestel making regular payments for the fibre network’s full use for 20 years, guaranteeing direct economic benefits to participating Yukon First Nation communities for decades. Northwestel will operate and maintain the network at its own cost for that period.

“We’re showing that by working cooperatively, First Nations can make these types of major investments and create more opportunities for investment and ownership in infrastructure and communications projects that impact the lives of our citizens,” said Fred Koe, Da Daghay Development Corporation Chair and designated spokesperson for the newly formed Yukon First Nations Telco LP.  “We thank the First Nations Development Corporations that formed this partnership.  We look forward to working with Northwestel’s dedicated northern employees to make our community connections even better.”

“We believe stronger connections build stronger communities.  This partnership gives Northwestel the ability to invest more upfront in northern network improvements, but more importantly it strengthens our ties over the long run to the communities we exist to serve,” says Northwestel President Curtis Shaw.   “Yukon’s Shared Pathways network is a testament to our joint commitment to walking the path of reconciliation together, for many years to come.”

The fibre assets that make up the Shared Pathways network are those being built as part of Northwestel’s Every Community Project, a three-year plan to bring high-speed unlimited Internet to every community in the NWT and Yukon.  That project is funded by the CRTC Broadband Fund and Northwestel’s own significant investments.  Fibre service with home Internet speeds of 300 Mbps has already launched in the Yukon communities of Dawson CityTeslinWatson Lake and Fort Liard, with the remaining communities coming online this year and next.  Old Crow, YT has received faster Internet speeds through improved satellite service.

Northwestel has a record of successful partnerships with Indigenous governments and development corporations throughout its history, including a recent partnership with the Tlicho government in the NWT that will see Northwestel build and operate a Tlicho-owned fibre-line to Whati, NWT.  The company hopes these partnerships can serve as a model for more Indigenous people across the North to share in ownership over the infrastructure that serves their communities.

The participating First Nations development corporations are Carcross/Tagish Management Corporation (C/TMC), Carmacks Development Corporation, Chief Isaac Group of Companies, Chu Niikwan Development Corporation/Chu Níikwän Limited Partnership, Copper Nïïsüü Limited Partnership, Da Daghay Development Corporation (DDDC), Dena Nezziddi Development Corporation, First Kaska, Kluane Dana Shaw Corporation (KDSC), Na-Cho Nyak Dun Development Corporation, Selkirk Development Corporation, Vuntut Gwitchin LP/ Vuntut Gwitchin Trust.

The original press release can be found on the Cision newswire website

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LKAB chooses Luleå for the circular industrial park for phosphorus and rare earth elements

03 May 2022 By-products from iron ore mining will be extracted via innovative circular and fossil-free processes. LKAB can increase Europe’s self-sufficiency in the critical raw materials phosphorus and rare earth elements that are needed for sustainable agriculture and the green transition · LKAB is now initiating consultation on the establishment, which will be

03 May 2022

By-products from iron ore mining will be extracted via innovative circular and fossil-free processes. LKAB can increase Europe’s self-sufficiency in the critical raw materials phosphorus and rare earth elements that are needed for sustainable agriculture and the green transition · LKAB is now initiating consultation on the establishment, which will be operational in 2027 and can entail investments amounting to as much as 10 billion kronor and create more than 500 jobs.

“LKAB is leading the transformation of the iron and steel industry with the transition to carbon-dioxide-free sponge iron. We will now broaden our business by extracting phosphorus and rare earth elements as residual products from iron ore production and increase Europe’s self-sufficiency in these critical raw materials,” explains Jan Moström, LKAB’s President and CEO.

Initially, apatite concentrate will be extracted in Kiruna and Gällivare/Malmberget. The concentrate will then be hauled by rail to the industrial park in Luleå, where it will be dissolved and processed to separate the products phosphorus, rare earth elements and fluorine, as well as gypsum as a by-product.

“We have assessed several locations in Sweden and Norway for the site of the circular industrial park. Luleå has good logistics, sufficient land, electricity, lower costs, a good labour market and housing and, not least, synergies with our existing operations. We are now initiating consultation and inviting the public and important stakeholders to meetings in preparation for our coming permit applications,” explains Leif Boström, Senior Vice President, Business Area Special Products, LKAB.

LKAB is, however, leaving the door open for the other operating locations, since a future volume increase in production may necessitate expansion at other sites. All focus is now on the development of the industrial park in Luleå.

“LKAB is important for Luleå and Luleå is important for LKAB. We have been active here for more than a century and we have close collaboration with, for example, SSAB and Luleå University of Technology. And we already have more than 220 employees and our head office, R&D and shipping facilities, as well as stockpiles and production of additives in Luleå,” says Leif Boström.

Norrbotten and Luleå have attracted global attention as a centre for the green transition. A lot will be happening in the region, which presents both opportunities and challenges.

“We have good co-operation with the Municipality of Luleå and the County Administrative Board of Norrbotten, both of which are acting to create the prerequisites for the green transition and new industrialisation. This has to do with attractiveness, permitting issues and infrastructure, for example, and it is a task that has only just begun and must accelerate,” adds Jan Moström.

For Luleå, LKAB’s planned industrial park means important development for local business. In addition to major investment and up to 500 new jobs, a whole new industrial cluster for chemical engineering will be created.

“Fantastic news! LKAB’s investment means many new jobs in an exciting future industry and that we can further strengthen Luleå as a hub for the green transition,” says municipal executive board chair Carina Sammeli (S).

The original article can be found on the LKAB website

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Churchill Acquires More Ground from Altius at Taylor Brook

TORONTO, May 02, 2022 (GLOBE NEWSWIRE) — Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that Altius Resources Inc. (“Altius”) has agreed to assign five mineral licenses totalling 262.25km2 to the Company, which tie on to the Company’s existing Taylor Brook South block, and cover a large portion of the regional

TORONTO, May 02, 2022 (GLOBE NEWSWIRE) — Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that Altius Resources Inc. (“Altius”) has agreed to assign five mineral licenses totalling 262.25km2 to the Company, which tie on to the Company’s existing Taylor Brook South block, and cover a large portion of the regional gravity feature that has been shown to host the nickel-bearing Layden Magmatic Intrusive and the adjacent Taylor Brook Gabbro Complex.

Under the terms of the agreement, the Company will reimburse to Altius their staking deposits ($52,450) and grant to Altius a 1.6% Gross Sales Royalty on the five assigned licenses.

The five new licenses will be designated as the Cormack Property and were originally staked by Altius for their gold potential as they also lie along the major Doucer’s Valley Fault Zone which has been shown to be associated with a number of gold prospects and deposits to the northeast of Taylor Brook. The Cormack Licenses have received very little exploration to date, and cover the contact between the Precambrian Grenville rocks that host the Layden and Taylor Brook gabbroic intrusives, and the younger sedimentary rocks within the Deer Lake Sub-Basin, all immediately adjacent to the Doucer’s Valley Fault Zone as per the figure below.

The Company intends to complete a first pass program in Q2 2022 of stream sediment sampling as the terrain is ideal for this method with a large number of drainage basins feeding into the valley. Initial sampling will be done by helicopter from nearby Deer Lake airport, with road and trail-accessible areas to follow as the area dries out after the spring melt. Anomalous areas for nickel, gold or other commodities of interest will receive follow-up sampling, prospecting and airborne geophysical surveys as warranted.

Paul Sobie, Chief Executive Officer of Churchill remarked, “We are pleased to continue our successful collaboration with the Altius team, and are excited to tie up more of the area of this regional gravity anomaly and fault zone. The planned work programs for Cormack are natural adjuncts to that taking place at Taylor Brook during 2022, and are expected to be easily accomplished.”

Taylor Brook Project Update

Churchill’s Phase 2 program at Taylor Brook has recently commenced with the camp being opened, and the following activities are scheduled to commence during May:

Figure 1: Property Map: https://www.globenewswire.com/NewsRoom/AttachmentNg/18fe23cc-af0f-4e0a-a995-69545a314020 

      1)   Historical core transfer to Taylor Brook camp, for relogging and sampling by CRI geologists.

2)   Cut-line grid expansion along strike from the Layden Intrusive.

3)   Surface large-loop time domain EM surveying over existing and new grid lines.

4)   Detailed Heli-GT™ magnetic gradiometer surveying at 50m line spacing along the Layden Trend, a 14km x 4km swath of the project from the Layden Intrusive in the northwest to the Taylor Brook batholith magnetic-gravity feature in the southeast.

5)   Phase 2 core drilling at the Layden Intrusive and along strike.

6)   Borehole EM surveying of select 2021 holes as well as new 2022 drillholes.

7)   Geochem sampling and prospecting along the Layden trend.

Florence Lake Project

The helicopter-borne VTEM and Horizontal Gradiometer Geophysical Survey re-commenced in early April, after having been postponed due to deteriorating weather conditions in December. The survey should be completed by early May with preliminary data delivered asap thereafter.

Churchill has commissioned Goldspot Discoveries Corp. (TSX-V: SPOT) to compile all historical exploration data on the project, for integration with the results from the VTEM survey. This work is now complete and will be used to plan follow-up geochemical sampling and prospecting for mid-summer of this year.

The technical and scientific information in this news release has been reviewed and approved by Paul Sobie, P.Geo., CEO, who is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Churchill Resources Inc.

Churchill is managed by career mining industry professionals and currently holds four exploration projects, namely Taylor Brook in Newfoundland, Florence Lake in Labrador, Pelly Bay in Nunavut and White River in Ontario. All projects are at the evaluation stage, with known mineralized Nickel-Copper-Cobalt showings at Taylor Brook, Florence Lake and Pelly Bay, and significantly diamondiferous kimberlitic intrusives at White River and Pelly Bay. The primary focus of Churchill is on the continued exploration and development of the Taylor Brook and Florence Lake Nickel Projects.

Further Information

For further information regarding Churchill, please contact:

Churchill Resources Inc.
Paul Sobie, Chief Executive Officer
Tel. +1 416.365.0930 (o)
+1 647.988.0930 (m)
Email [email protected]
Alec Rowlands, Corporate Consultant
Tel. +1 416.721.4732 (m)
Email [email protected]

 

This press release was originally posted on the website of GlobeNewswire.

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Islandsbanki hf.: Publication of 1Q2022 results

April 28 2022: Íslandsbanki will publish its first quarter 2022 financial results after market close on 5 May 2022. A webcast will take place on Friday 6 May at 8.30 Reykjavík/GMT, 9.30 London/BST, 10.30 CET Íslandsbanki will host a webcast in English for investors and market participants on Friday 6 May at 8.30 GMT. Birna

April 28 2022: Íslandsbanki will publish its first quarter 2022 financial results after market close on 5 May 2022.

A webcast will take place on Friday 6 May at 8.30 Reykjavík/GMT, 9.30 London/BST, 10.30 CET

Íslandsbanki will host a webcast in English for investors and market participants on Friday 6 May at 8.30 GMT. Birna Einarsdóttir, CEO, and Jón Guðni Ómarsson, CFO, will give an overview of the first quarter financial results and operational highlights.

Participant registration is accessible via this link. A recording will be available after the meeting on the Investor Relations website.

To participate in the webcast via telephone and in order to be able to ask questions please use the following dial-in details:

Iceland: +354 800 74 37
Denmark: +45 354 45 577
Sweden: +46 8 566 42 651
Norway: +47 235 00 243
United Kingdom: +44 33 330 00 804
United States: +1 631 913 1422

Confirmation Code:  11682344#

Investor relations
For further information please contact Investor Relations at [email protected]

Íslandsbanki IR releases
If you wish to receive Íslandsbanki press releases by e-mail please register at: https://www.islandsbanki.is/en/article/email_list_ir

About Íslandsbanki
With a history that dates from 1875, Íslandsbanki is an Icelandic universal bank with a strong customer focus. The Bank believes in moving Iceland forward by empowering its customers to succeed – reflecting a commitment to run a solid business that is a force for good in society. Driven by the ambition to be #1 for service, Íslandsbanki’s banking model is led by three business divisions that build and manage relationships with its customers. Íslandsbanki maintains a strong market share with the most efficient branch network in the country, supporting at the same time its customers’ move to more digital services. The Bank operates in a highly attractive market and, with its technically strong foundations and robust balance sheet, is well positioned for the opportunities that lie ahead. Íslandsbanki has a BBB/A-2 rating from S&P Global Ratings. The Bank’s shares are listed on Nasdaq Iceland Main Market.

The original press release can be found at GlobeNewswire.com.

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Project proposed to abandon natural gas pipeline in southeast Yukon

May 03, 2022 The roughly 54-kilometre gas line operated for about 40 years transporting natural gas The Yukon Environmental and Socio-economic Assessment Board (YESAB) is reviewing a proposed project to abandon a roughly 54-kilometre pipeline in the territory’s southeast. (Alexandra Byers/CBC) There is a proposed project in front of the Yukon Environmental and Socio-economic Assessment

May 03, 2022

The roughly 54-kilometre gas line operated for about 40 years transporting natural gas

The Yukon Environmental and Socio-economic Assessment Board (YESAB) is reviewing a proposed project to abandon a roughly 54-kilometre pipeline in the territory’s southeast. (Alexandra Byers/CBC)

There is a proposed project in front of the Yukon Environmental and Socio-economic Assessment Board to abandon a roughly 54-kilometre natural gas pipeline in the Liard Basin.

The Pointed Mountain pipeline, which runs from the N.W.T. through Yukon and into British Columbia, transported natural gas for heating purposes for about 40 years until it was deactivated in 2008 and 2016.

The Yukon portion of the project is located about 260 kilometres from Watson Lake.

Location of the Pointed Mountain pipeline, which Westcoast Energy wants to abandon. (Westcoast Energy)

“In recent years, drilling activity has decreased in the Liard area and there’s no other need for the gas,” said David Coll, senior communications advisor with Westcoast Energy, the company behind the project. “As a result, the pipeline is no longer needed, so we plan to abandon it in-place.”

A third-party environmental and socio-economic assessment, which was commissioned by the company, states abandoning the pipeline in-place – rather than excavating and removing it – will do less damage to the environment.

Coll said, pending regulatory approvals, abandonment activities are slated to begin in Yukon and B.C. later this year. He added that the portion of work in the N.W.T. is set to start next summer.

He said the pipeline has been purged of gas, cleaned and severed from above-ground facilities, which are flagged for removal.

Ross River Dena Council chief welcomes project

The proposed project falls within the traditional territories of the Kaska Nation.

Dylan Loblaw, the chief of the Ross River Dena Council, told CBC News he’s pleased the pipeline will be abandoned and that ancillary facilities will be dismantled.

“Anytime you cleanup pipelines or do any type of remediation work on the land there, the biodiversity benefits from it,” he said. “Not only that, our nation can benefit from employment.”

The original article can be found on the CBC news website

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Coeur Provides Balance Sheet and Liquidity Update

CHICAGO–(BUSINESS WIRE)–Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today announced the completion of three initiatives to bolster its liquidity and materially enhance its balance sheet flexibility as it advances the transformational expansion of its Rochester silver and gold operation in Nevada. Increased its gold hedging program to provide meaningful downside price

CHICAGO–(BUSINESS WIRE)–Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today announced the completion of three initiatives to bolster its liquidity and materially enhance its balance sheet flexibility as it advances the transformational expansion of its Rochester silver and gold operation in Nevada.

  1. Increased its gold hedging program to provide meaningful downside price protection – Coeur has added to its gold hedging program to now cover 70% of its 2022 expected gold production at an average forward price of $1,955 per ounce. Additionally, the Company has hedged 38% of its 2023 expected gold production at an average forward price $1,982 per ounce. By converting its existing zero-cost collars into gold forward sales and adding new forward sales to its hedging program, the Company has put significant downside price protection in place for the remainder of the Rochester expansion, which is scheduled for completion in mid-2023. The Company’s silver price exposure remains unhedged.
  2. Expanded its revolving credit facility (“RCF”) –The Company has worked with its bank lending syndicate to increase its total available borrowing capacity under its RCF to $390 million from $300 million. The RCF’s other key terms remain unchanged.
  3. Completed its existing $100 million at-the-market (“ATM”) equity offering – Coeur completed a previously announced ATM program in March with the sale of approximately 22 million shares of common stock at an average price of $4.53 per share for gross proceeds of $100 million.

“These three actions provide enhanced funding clarity and significantly greater balance sheet flexibility as we look to unlock the value of the ongoing major expansion of our Rochester silver and gold operation in Nevada, which is expected to help drive strong free cash flow following completion,” said Thomas S. Whelan, Senior Vice President and Chief Financial Officer.

About Coeur

Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with four wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip silver-zinc-lead development project in British Columbia and has interests in several precious metals exploration projects throughout North America.

Cautionary Statement

This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding financial position, liquidity, balance sheet flexibility, the expansion project at Rochester and free cash flow. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that the anticipated benefits of the initiatives described in this news release will not be achieved as expected or at all, the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions), changes in the market prices of gold, silver, zinc and lead and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions, grade and recovery variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the uncertainties inherent in the estimation of mineral reserves, changes that could result from Coeur’s future acquisition of new mining properties or businesses, the loss of access or insolvency of any third-party refiner or smelter to which Coeur markets its production, the potential effects of the COVID-19 pandemic, including impacts to workforce, materials and equipment availability, inflationary pressures, continued access to financing sources, government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production and on the communities where we operate, the effects of environmental and other governmental regulations and government shut-downs, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, Coeur’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings 17 made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur’s most recent report on Form 10-K. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities. This does not constitute an offer of any securities for sale.

Contacts

Coeur Mining, Inc.
Attention: Jeff Wilhoit, Director, Investor Relations
Phone: (312) 489-5800
www.coeur.com

This press release was originally posted on the website of BusinessWire.

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Marel Q1 2022: Record orders and strategic platform acquisition, revenues targeted to ramp up with improved cost coverage and profitability

April 27 2022: Financial highlights Q1 2022 New record in orders received and order book, pipeline remains strong fueled by pioneering solutions and scale up in local sales and service coverage globally ahead of the growth curve Profitability hampered by continued cost pressures due to inflation and inefficiencies in the supply chain, pandemic-related absenteeism

April 27 2022:

Financial highlights Q1 2022

  • New record in orders received and order book, pipeline remains strong fueled by pioneering solutions and scale up in local sales and service coverage globally ahead of the growth curve
  • Profitability hampered by continued cost pressures due to inflation and inefficiencies in the supply chain, pandemic-related absenteeism at an all time high in January and February
  • Gradual revenue ramp up in line with order book and dynamic pricing to improve price/cost coverage leading to improvement in operational performance in 2H22, towards YE23 financial targets
  • Orders received were EUR 421.7m (4Q21: 400.7m, 1Q21: 369.4m).
  • Order book was EUR 619.0m (4Q21: 569.0m, 1Q21: 455.3m).
  • Revenues were EUR 371.6m (4Q21: 367.4m, 1Q21: 334.0m).
  • EBIT1 was EUR 31.3m (4Q21: 41.0m, 1Q21: 38.0m), translating to an EBIT1 margin of 8.4% (4Q21: 11.2%, 1Q21: 11.4%).
  • Net result was EUR 21.7m (4Q21: 28.5m, 1Q21: 21.2m).
  • Basic earnings per share (EPS) were EUR 2.87 cents (4Q21: 3.79 cents, 1Q21: 2.82 cents)
  • Cash flow from operating activities before interest and tax was EUR 32.7m (4Q21: 54.5m, 1Q21: 60.2m), includes inventory buildup of EUR 27.6m. Free cash flow amounted to EUR 14.6m (4Q21: 15.8m, 1Q21: 45.5m).
  • Net debt/EBITDA was 1.2x (4Q21: 1.0x), dividend and payment for Curio in 1Q22.

Notes: Operating income adjusted for PPA related costs, including depreciation and amortization, and acquisition related costs.

Subsequent events

  • Agreement to acquire Wenger announced on 27 April 2022 subject to customary closing conditions. US based Wenger is a global leader in processing solutions focused on pet food, alternative protein and aqua feed and has around 500 employees and ~USD 190m in annual revenues. The USD 540m acquisition of Wenger is a platform investment into new and attractive growth markets for Marel and will form a fourth business segment for the Marel brand, in addition to the current full-line offering for poultry, meat and fish. Pro forma leverage expected to be around 3x net debt / EBITDA.
  • Acquisition of Sleegers Technique announced on 22 April 2022. With 27 FTEs and revenues of ~EUR 5m, Sleegers is a Dutch provider of interleaving, stacking, loading, and slicing solutions. Complimentary product offering and strategic fit with case-ready products within plant-based proteins, as well as poultry, meat and fish.

Árni Oddur Thórdarson, CEO

We have delivered yet another record quarter in orders received of EUR 422 million. Our pioneering solutions and our decisive decision to ramp up the sales and service coverage ahead of the growth curve is clearly bearing fruits in strengthening our market position, while short-term it is increasing the operating cost as a proportion of revenues.

It is interesting to see how fast the investment appetite by our poultry and fish customers is increasing. In an inflationary environment, those segments can provide excellent consumer ready food at favorable feed conversion rates. Furthermore, while mobility increases, sushi is clearly back on the menu. We are seeing significant organic increase in order intake in the fish segment, with strong order intake in the poultry segment while the meat segment is stable between quarters.

Revenues are at EUR 372 million, a slight increase between quarters and 11% increase between years. While we were targeting higher revenue levels, the year started slowly impacted by absenteeism and disrupted flows in the value chain, but ramped up gradually throughout the quarter. Operational results are hampered with 8.4% EBIT margins. Cash flow remains strong. We are taking action to clarify accountability, improve the flow and increase the speed. Additionally, we have implemented dynamic pricing adjustments in the recent two quarters that will counterbalance inflation although it takes time to filter through. We will gradually ramp up revenues throughout the year that support better cost coverage and stronger operational results. We stay firm on our target to reach a run rate of 16% EBIT before yearend 2023.

We are thrilled to announce the agreement to acquire Wenger, a US-based company with 500 employees and ~USD 190 million in annual revenues and good profitability. Marel and Wenger have a shared passion to transform the way food is processed through innovation in close partnerships with customers. This platform acquisition will form the fourth segment in our business model, in addition to our full-line offering for the poultry, meat and fish industries. This is a decisive step into the plant-based protein industry where the addressable market is forecast to grow at a rate of 15-20% annually. Consumers are demanding a healthy and balanced diet where proteins, animal and plant-based, will be at the center of the plate. Additionally, Wenger is a leading global provider of solutions to the sizeable pet food industry and has a strong foothold in the aquafeed industry.

On a pro-forma basis, this new business segment accounts for around 10% of Marel’s total revenues and 12% of combined EBITDA. Leverage following completion of the acquisition is estimated at close to 3x net debt/EBITDA. Based on our strong financials, robust cash flow and organizational readiness, our continued focus is on strategic moves that support our 2026 growth targets.”

Financial performance

Strong start to the year following record orders in 2021

Orders received in the quarter were EUR 421.7m up 5.2% QoQ and 14.2% YoY (4Q21: 400.7m, 1Q21: 369.4m), with strong orders across all industries and all processing stages benefiting from structural volume growth in the industry.

Good product mix with clear step up in sales of standard consumer-ready solutions and continued momentum in aftermarket.

Megatrends such as increased need for automation and digitalization CAPEX in food processing are ongoing, accelerated by the pandemic and increased geopolitical tensions. Coupled with rising commodity prices, labor scarcity, and increased focus from consumers and regulators on sustainability in food production, the demand for Marel’s pioneering solutions is on the rise evidenced by record orders received and a very strong pipeline.

M&A continues to stimulate organic growth and accelerate the innovation roadmap. Recent bolt-on acquisitions in the fish sector have positively contributed to record orders received for Marel Fish in the quarter where a broader product portfolio following recent acquisitions was key.

Order book at a high level

The order book at end of March was EUR 619.1m, up 8.8% QoQ and 36.0% YoY (4Q21: 569.0m, 1Q21: 455.3m), representing 44.3% of 12-month trailing revenues.

The book-to-bill ratio in the quarter was 1.13, compared to an average of 1.11 in the past four quarters (2Q21-1Q22), and the fifth consecutive quarter where book-to-bill is around 1.10.

Revenues rose to EUR 372m with 40% recurring aftermarket revenues contributing to earnings resilience

Revenues totaled EUR 371.6m, up 1.1% QoQ and 11.3% YoY (4Q21: 367.4m, 1Q21: 334.0m).

Revenues were below expectations mainly due to inefficiencies in availability of parts and absenteeism at an all time high in the quarter, resulting in slower throughput and installation and thus revenue recognition, especially in the first two months of the year.

Marel is targeting further step-up in revenue growth in 2H22 and into 2023 on the back of a high order book and strong pipeline.

Resilience of earnings supported by aftermarket revenues, comprised of services and spare parts, at 40% of total revenues in the quarter (4Q21: 40%, 1Q21: 39%). Spare parts were at a record level for the third sequential quarter, continued full focus on strengthening the spare parts delivery model and shortening lead times.

Price increases coupled with volume upside will support margin improvement

Gross profit margin was 36.1% in the quarter (4Q21: 35.9%, 1Q21: 37.2%) and gross profit was EUR 134.0m (4Q21: 131.9m, 1Q21: 124.4m), impacted by array of headwinds, inflationary environment, and general inefficiencies due to supply chain pressures, bottlenecks and pandemic-related absenteeism peaking in early 2022.

It is expected that cost pressures from global supply chain, logistics and inflation will continue to have an impact on operational results in 2022, thereafter returning to more normalized levels.

Continued focus on mitigating actions to offset cost inflation and parts availability, e.g. improving flexibility of operations and dynamic value-based pricing. Marel has actively raised prices in the last two quarters, while orders and pipeline build up continues on a strong note. Time lag in cost/revenue development varies somewhat depending on business mix, where aftermarket takes on average 6-8 weeks to price through, standard equipment between 3-6 months and larger projects on average 9-12 months.

Continued investment to transform spare parts handling with focus on investments in fulfillment centers and digitizing and automating the end-to-end parts handling to ensure shorter lead times. A new and digitalized global distribution center will be located in Eindhoven, strategically located close to Marel’s major distribution partners.

Step up in revenues to provide better cost coverage

SG&A of 21.5% (4Q21: 19.2%, 1Q21: 19.7%), compared to the mid-term YE23 target of 18.0%. SG&A is temporarily higher and better cost coverage will be reached through more volume.

Sales and marketing (S&M) costs were at a level of 13.8% of revenues in 1Q22 (4Q21: 12.4%, 1Q21: 12.0%), compared to 12.2% of orders received, and reflect the customer activity and step up in market coverage, which has started to translate into increased orders.

Travel for customer visits and exhibitions on the rise as restrictions are lifted, focus on maintaining cost efficiencies from new ways of working, but expecting high customer activity with key upcoming trade exhibitions taking place in Q1 and Q2.

General administrative (G&A) costs were 7.7% of revenues (4Q21: 6.8%, 1Q21: 7.7%), with important transformative initiatives ongoing to support YE23 targets aimed at lowering G&A costs.

Innovation costs at 6.1% (4Q21: 5.5%, 1Q21: 6.2%).

Marel does not adjust results for non-recurring costs, except for PPA and acquisition related costs.

Continued focus on improved EBIT margin

EBIT1 was EUR 31.3m (4Q21: 41.0m, 1Q21: 38.0m), translating to an EBIT1 margin in the quarter of 8.4% (4Q21: 11.2%, 1Q21: 11.4%).

EBIT margin in the quarter was colored by continued external margin pressures on gross profit from supply chain challenges, geopolitics and absenteeism at an all time high, in addition to higher operating expenses as a result of step up in market coverage and infrastructure initiatives to increase speed and agility.

Strong orders received across all industries and processing stages will increase volume with foreseen more favorable industry mix, resulting in better cost coverage and higher operating profits.

Management continues to target medium and long-term EBIT margin expansion for all industries. In the short term however, higher costs and non-recurring costs will continue to put pressure on margins in 2Q22.

Group margin improvement expected in 2H22 with full focus to reach YE23 financial targets of 16% EBIT margin.

Robust cash flow conversion

Operating cash flow was EUR 32.7m in the quarter (4Q21: 54.5m, 1Q21: 60.2m). Operating cash flow before inventory buildup at healthy level.

Strong balance sheet used to mitigate supply chain challenges, inventory buildup of EUR 27.6m in the quarter, tying up capital and cash flow, to ensure timely delivery of equipment and spare parts to customers.

Cash capital expenditures (Cash CAPEX) excluding R&D investments are expected to increase to on average 4-5% of revenues in 2021-2026, thereafter, returning to more normalized levels.

Cash CAPEX excluding R&D investments in 1Q22 were EUR 7.7m (4Q21: 25.0m, 1Q21: 6.8m).

Free cash flow was EUR 14.6m in the quarter (4Q21: 15.8m, 1Q21: 45.5m). Free cash flow in the quarter was impacted by inventory buildup, negative development in working capital and higher trade debtors.

Full acquisition of fish processing solutions provider Curio announced and completed on 1 February 2022, where the additional 50.0% of the share capital of Curio was acquired for an investment of EUR 15.9m, bringing Marel’s total share of Curio to 100%.

Strong cash conversion supports continued investments in innovation, infrastructure and strategic inventory buildup when needed.

Strong balance sheet and robust financial position to support the 2017-2016 growth strategy

Leverage was 1.2x at the end of 1Q22 (4Q21: 1.0x, 1Q21: 0.8x), well below the targeted capital structure of 2-3x.

Committed liquidity of EUR 622.1m at the end of 1Q22, including fully committed all-senior funding in place until 2025.

The strong financial position enables continued investment and will facilitate future strategic moves in the ongoing industry consolidation wave, in line with the company’s 2017-2026 growth strategy.

As a subsequent event, Marel has announced the agreement to acquire Wenger on 27 April and the acquisition of Sleegers on 22 April. Pro forma leverage expected to be around 3x net debt EBITDA.

All proposals approved at the 2022 AGM

The AGM agreed to a dividend of 5.12 euro cents per share for the operational year 2021 which was paid out in 1Q22. The total dividend payment in 2022 was EUR 38.7 million, corresponding to approximately 40% of net results for the operational year 2021 (2021: 40%, 2020: 40%), and is in line with Marel’s targeted capital allocation and dividend policy.

The 2021 Annual Report, proposals and other relevant material, including video recordings of the reports by the Chairman of the Board and the CEO, are archived and available on marel.com/agm.

Statement on the Russian military invasion of Ukraine

Marel strongly condemns the military actions of the Russian government in Ukraine. We express our deepest condolences to those affected by the violence.

Marel took immediate action to ensure the safety of our employees inside Ukraine.

Marel has a balanced exposure to global economies and local markets through its global reach, innovative product portfolio and diversified business mix. Marel’s business model has proven to be resilient during times of turbulence. The global reach, years of investment in innovation and digital solutions have proven to be key differentiating factors for Marel.

Marel’s annual revenues and order book in Russia and Ukraine amount to approximately 4% of total, most weighted towards the meat segment.

Marel has taken the decision to pause all new projects in Russia.

Marel operates a sales and service office in Russia and employs a team of approximately 70 people. There is limited reliance on vendors and Marel has no manufacturing facilities in the area.

Marel will continue to comply with all applicable sanctions.

Industry performance Q1 2022

Marel Poultry – 51% of total revenues with 12.0% EBIT1 margin

Full-line offering with one of the largest installed base world-wide, focusing on roll-out of innovative solutions and market penetration through cross-selling of secondary and further processing solutions.

Orders received for Marel Poultry were strong in 1Q22, driven by demand for consumer-ready solutions. After three strong sequential quarters, the first quarter was dominated by a higher volume of smaller and midsize orders while softer for larger projects. Strong pipeline and outlook for 2H22, supporting stronger volume going forward with a favorable product mix.

Revenues in 1Q22 for Marel Poultry were EUR 188.6m, up 18.5% YoY (4Q21: 179.5m, 1Q21: 159.1m).

EBIT1 margin in 1Q22 was 12.0% (4Q21: 14.7%, 1Q21: 16.2%) impacted by margin pressures due to inefficiencies related to supply chain bottlenecks and absenteeism resulting in lower revenues than targeted and less cost coverage.

Management targets short-term EBIT margin expansion for Marel Poultry. On the back of a healthy order book and strong pipeline, volume is expected to gradually improve throughout the year with foreseen better price and product mix, resulting in higher operating profits.

Marel Meat – 34% of total revenues with 6.7% EBIT1 margin

Full-line offering with focus on strong product development, increased standardization and modularization, market penetration and further cross- and upselling in key growth markets alongside significant step up in market coverage ahead of the growth curve.

M&A: Acquisitions stimulating organic growth and accelerating the innovation roadmap by transferring technology across industries. Acquisition of Sleegers Technique, announced on 22 April, will benefit sales in the case-ready and prepared foods segments.

Orders received in 1Q22 for Marel Meat were stable QoQ with well-balanced mix and increased sales in consumer-ready solutions. The need for automation has never been clearer and Marel will present 15 new products and new technology at the upcoming IFFA trade show. Pipeline visibility is mixed by geography, with strong demand expected to continue in the Americas while softness to be expected from the Russian and Chinese markets.

Revenues in 1Q22 for Marel Meat were at EUR 125.9m, stable YoY (4Q21: 127.4m, 1Q21: 125.8m).

EBIT1 margin in 1Q22 of 6.7% (4Q21: 7.5%, 1Q21: 7.8%), volume and cost/price pressures impacting margins. Mitigating actions in place, but price adjustments take longer to filter through in the meat industry, average time to delivery of large projects is around 12-24 months, compared to 9-12 months for the poultry and fish industries.

Management continues to target medium and long-term EBIT margin expansion for Marel Meat.

Marel Fish – 12% of total revenues with -2.3% EBIT1 margin

Full-line offering, the recent acquisitions of Curio, Stranda and Valka will further accelerate the innovation roadmap to reach full-line offering for salmon, as well as wild and farmed whitefish. Combined platform will further unlock synergies in terms of cross- and upselling, market penetration and gradually expanding species coverage.

Orders received in 1Q21 for Marel Fish were at all-time high levels, with significant organic growth. Customers are investing in large scale projects, in addition to various transformational projects in the salmon industry centered around seamless flow, market channel agility and sustainability. Continued strong pipeline for larger projects in salmon, while whitefish leads gradually picking up, and high conversion from pipeline into orders expected in coming quarters.

Revenues for Marel Fish in 1Q22 were EUR 43.6m (4Q21: 45.7m, 1Q21: 39.8m). Weighted more towards standard equipment with shorter lead times, availability and delivery times of parts from suppliers can cause swings in delivery schedules and thus revenue recognition. Mitigation actions in place and order book targeted to convert faster into revenues in coming quarters

EBIT1 margin in 1Q22 was -2.3% (4Q21: 4.6%, 1Q21: 5.3%). Temporary decline in margins mainly due to less revenues against cost. Additionally, integration costs of newly acquired companies are not adjusted and impacting financial performance in 1Q22. Integration of newly acquired entities on fast track and will also color operational performance in 2Q22. Management continues to target medium and long-term EBIT margin expansion for Marel Fish.

Outlook

Market conditions have been challenging due to geopolitical uncertainty and the peak of pandemic related absenteeism in 1Q22. Marel enjoys a balanced exposure to global economies and local markets through its global reach, innovative product portfolio and diversified business mix. Current supply chain challenges are resulting in inefficiencies in manufacturing and higher costs associated with timely delivery. Marel is targeting a gradual build-up of revenues during 2022 and better price/cost coverage in new orders.

Marel is committed to achieve its mid- and long-term growth targets. The 2023 financial targets are to achieve gross profit around 40%, SG&A of around 18% and maintain innovation at the 6% strategic level by year-end 2023.

In the period 2017-2026, Marel is targeting 12% average annual revenue growth through market penetration and innovation, complemented by strategic partnerships and acquisitions.

  • Maintaining solid operational performance and strong cash flow is expected to support 5-7% revenue growth on average by acquisition.
  • Marel’s management expects average annual market growth of 4-6% in the long term. Marel aims to grow organically faster than the market, driven by innovation and growing market penetration.
  • Management believes that market growth will be at a level of 6-8% in the medium term (2021-2026), due to catch up effect from the past five years and a very strong tailwind in the market.
  • Marel’s management expects basic EPS to grow faster than revenues.
  • Recurring revenues to reach 50% of total revenues by YE26, including software, services and spares.

Growth is not expected to be linear but based on opportunities and economic fluctuations. Operational results may vary from quarter to quarter due to general economic developments, fluctuations in orders received and timing of deliveries of larger systems.

Cash capital expenditures excluding R&D investments are expected to increase to on average 4-5% of revenues in 2021-2026, thereafter, returning to more normalized levels.

Virtual investor meeting and live webcast/conference call 28 April 2022

On Thursday 28 April 2022, at 8:30 am GMT (10:30 am CET), Marel will host a virtual investor meeting where senior management will give an overview of the financial results and operational highlights in the first quarter of the year.

The meeting is webcast live on marel.com/webcast and a recording is available after the meeting on marel.com/ir.

Members of the investment community can also join the meeting through a conference call by dialing:

  • IS: +354 800 7437 (PIN 37176101#)
  • NL: +31 20 721 9496
  • UK: +44 33 3300 9032
  • US: +1 631 913 1422 (PIN 37176101#)

Additional investor meeting: Agreement to acquire Wenger

Marel will host an additional investor meeting where senior management will introduce the agreement to acquire Wenger Manufacturing LLC, including the strategic rationale, business model development and growth objectives, on Thursday 28 April at 4pm CET (2pm GMT / 3pm BST / 9am CDT / 10am EDT).

The virtual meeting will be webcast live on via the link below and a recording will be available after the meeting on marel.com/ir.

A link to the webcast and presentation material will be sent out before the meeting.

Upcoming investor events

  • Berenberg Tarrytown Conference USA, New York, 25 May
  • JP Morgan Capital Goods CEO Conference, London, 9-10 June
  • ING Benelux Europe Conference, London, 7 September
  • Citi European Growth Conference, London, 7-8 September
  • Kepler Cheuvreux Autumn Conference, Paris, 13-15 September

Upcoming events

  • Anuga FoodTec in Cologne, Germany, 26-29 April
  • Seafood Processing Europe in Barcelona, Spain, 26-28 April
  • IFFA in Frankfurt, Germany, 14-19 May
  • VIV Europe in Utrecht, Netherlands, 31 May-2 June

Financial calendar

  • Q2 2022 – 27 July 2022
  • Q3 2022 – 2 November 2022
  • Q4 2023 – 8 February 2023
  • AGM – 22 March 2023

Investor relations

For further information, please contact Marel Investor Relations via email [email protected] or tel. +354 563 8001.

About Marel

Marel (NASDAQ: MAREL; AEX: MAREL) is a leading global provider of advanced food processing equipment, systems, software and services to the poultry, meat and fish industries. Marel has more than 7,000 employees in over 30 countries. In 2021, Marel delivered EUR 1.4 billion in revenues, and invests around 6% of revenues in innovation annually. By continuously transforming food processing, Marel enables its customers to increase yield and throughput, ensure food safety and improve sustainability in food production. Marel was listed on Nasdaq Iceland in 1992 and dual-listed on Euronext Amsterdam in 2019.

Forward-looking statements

Statements in this press release that are not based on historical facts are forward-looking statements. Although such statements are based on management’s current estimates and expectations, forward-looking statements are inherently uncertain. We therefore caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements, and that we do not undertake to update any forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.

Market share data

Statements regarding market share, including those regarding Marel’s competitive position, are based on outside sources such as research institutes, industry and dealer panels in combination with management estimates. Where information is not yet available to Marel, those statements may also be based on estimates and projections prepared by outside sources or management. Rankings are based on sales unless otherwise stated.

The original press release can be found at GlobeNewswire.com.

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New Chairman of the Board of the Norwegian Chamber of Commerce and Industry

On Thursday 28 April, the annual meeting elected Andreas Østenrød, Harriet Willassen and Christian Hjort as new board members of the Business Association in the Tromsø region. We are very pleased to welcome new forces to the team. Photo: from Andreas Østenrød, Harriet Willassen and Christian Hjort. New chairman is ready to

On Thursday 28 April, the annual meeting elected Andreas Østenrød, Harriet Willassen and Christian Hjort as new board members of the Business Association in the Tromsø region. We are very pleased to welcome new forces to the team.

Photo: from Andreas Østenrød, Harriet Willassen and Christian Hjort.

New chairman is ready to unleash the potential of the region

In addition to being newly elected to the board, ceo of Ressurs Andreas Østenrød has also been elected as the new chairman of the association. He takes over for Andreas Willumsen, who is stepping down from the board after many years of work.

We are incredibly pleased to bring in a capacity with Andrea’s experience in strategy, management and development. Andreas has a solid background as a senior executive, and it is especially great to have his knowledge of development, manpower and inclusion from Ressurs into the board, says CEO. in the trude nilsen association.

Andreas looks forward to contributing to the association and setting the course for the development of business in the region.

I am very much looking forward to leading the board’s work, and not least to working with Trude and her team. The potential in our region is great, and I hope that through my background I can help us realize some of this. In the first instance, I want to update myself on the current status and follow up that we are already realizing good initiatives such as “2000nye” and the trainee program Foremost. And not least that we work well for our 650 member companies,” says Østenrød.

Harriet Willassen and Christian Hjort come from the member companies Tromsø Havn and JM Hansen Eiendom respectively. Harriet has worked at Tromsø Havn for 16 years and is in the management team as Marketing and Communications Manager.

I look forward to contributing to the board. The Business Association is an important player that sets the agenda for both business and society, and I look forward to contributing to this work,” says Willassen.

Christian Hjort holds a master’s degree in business administration and has worked at Deloitte in Oslo before retiring to his hometown to start as CEO of JM Hansen Eiendom.

Like the Business Association, I have a burning commitment to the region and especially Tromsø. I look forward to working purposefully with the board and management to achieve the vision of a climate neutral, urban and high-tech city up to 2035,” says Hjort.

Good with new powers in the association

Outgoing Chairman Andreas Willumsen is pleased to have new powers in the association and is now resigning after 10 years on the board.

What a journey the last ten years have been! I am humbled to have been able to help move the association forward. It has been particularly rewarding to work structurally with the establishment of Tromsø Sentrum AS and the development of Næringslivets Hus. Two important steps to cultivate and strengthen the association. In all modesty, I leave it with all arrows pointing upwards. We have a good economy, a skilled administration and a strong position in the Tromsø region. Now new competent forces have taken over, and I look forward to following the development of the association further as a proud member,” says Willumsen.

Andreas Østenrød with Andreas Willumsen

Roar Karlsen (Maritime Welding Service) and Aid Schei Lillegård (Thon Hotel Tromsø) also leave the board. The Trade Association thanks them and Andreas Willumsen for their long-term contribution on behalf of the business community in the Tromsø region.

We would like to thank Andreas, Roar and Aid for their formidable efforts, good discussions and many hours of voluntary work for the association,” says CEO. Trude Nilsen.

Eirik Stavem from Mystore was re-elected as a board member, and our new board now consists of the following people.

Board of the Business Association

  • Andreas Østenrød (Chairman of the Board), Resource Tromsø

  • Harriet Willassen, Tromsø Harbour

  • Christian Hjort, JM Hansen Real Estate

  • Eirik Stavem, Mystore

  • Christian Bue Nordahl, Stella Polaris

  • Kjell-Are Vassmyr, AT Plan & Architecture/Tromsø Mechanical

  • Hanne Karoline Kræmer, SNN Finans

The original press release can be found on the Norwegian chamber of commerce website

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Høstlund back as NRS CEO, for now

25th April 2022 Charles HøstlundCharles Høstlund has returned as Chief Executive Officer at Norway Royal Salmon – but only on an interim basis. Høstlund, who was CEO of NRS from 2014 till September 2021, has stepped in to replace the previous interim CEO, Klaus Hatlebrekke, who returns to his regular post of Chief Operating Officer

25th April 2022

Charles HøstlundCharles Høstlund has returned as Chief Executive Officer at Norway Royal Salmon – but only on an interim basis.

Høstlund, who was CEO of NRS from 2014 till September 2021, has stepped in to replace the previous interim CEO, Klaus Hatlebrekke, who returns to his regular post of Chief Operating Officer as of today.

The move follows an extraordinary general meeting last week at which a new board for Norway Royal Salmon (NRS) was elected. The company has been at odds with seafood group NTS ASA, which owns a majority stake in NRS, over the NRS board’s plan to merge the company with SalmoNor, which NTS acquired last year. The move has been opposed by competitor SalMar, which is in the process of acquiring the whole NTS group, and the NTS board has called on NRS to drop its plans.

Charles Høstlund stepped down from his post as CEO at NRS when NTS acquired the company, also last year.

He said on his reappointment: “I have accepted to lead NRS in an interim period, and it is exciting to be back with the company. I am looking forward to seeing many familiar faces the coming weeks.”

Klaus Hatlebrekke said: “It is natural to make a change now in this phase for the company. Charles and I have worked together for many years, and I look forward to continuing the collaboration.”

Paal E. Johnsen, Chairman of the Board of Directors, thanked Hatlebrekke for his service as interim CEO.

The original article can be found here

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Century Aluminum Company Reports First Quarter 2022 Results

April 28 2022: Chicago – Century Aluminum Company (NASDAQ: CENX) today announced its first quarter 2022 results. Business Highlights Shipments up 5% sequentially Net Sales up 14% sequentially on higher LME prices Global ~1 million tonnes supply deficit and lowest LME inventory levels since 2005 Realized LME aluminum price of $2,762/T in first quarter

April 28 2022: Chicago – Century Aluminum Company (NASDAQ: CENX) today announced its first quarter 2022 results.

Business Highlights

  • Shipments up 5% sequentially
  • Net Sales up 14% sequentially on higher LME prices
  • Global ~1 million tonnes supply deficit and lowest LME inventory levels since 2005
  • Realized LME aluminum price of $2,762/T in first quarter is up $158/T from prior quarter

First Quarter 2022 Financial Results

 

$MM (except shipments and per share data)

 

Q4 2021 Q1 2022
Shipments (tonnes) 200,961 211,411
Net sales $ 659.1 $ 753.6
Net income $ 60.4 $ 17.7
Diluted earnings per share $ 0.59 $ 0.18
Adjusted net income(1) $ 17.2 $ 60.7
Adjusted earnings per share(1) $ 0.17 $ 0.59
Adjusted EBITDA(1) $ 82.2 $ 105.5

 

Notes:
(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures.

Shipments of primary aluminum for the quarter ended March 31, 2022 increased 5 percent sequentially, driven primarily by the restart project at Mt. Holly. Net sales for the first quarter of 2022 increased by 14 percent sequentially due to volume and higher aluminum prices.

Century reported net income of $17.7 million for the first quarter of 2022, a $42.7 million decrease sequentially. First quarter results were negatively impacted by $42.3 million of net exceptional items, in particular $39.0 million of unrealized losses on derivative instruments and $3.3 million in share-based compensation costs. Thus, Century reported an adjusted net income of $60.7 million for the first quarter of 2022, a $43.5 million improvement sequentially.

Adjusted EBITDA for the first quarter of 2022 was $105.5 million. This was an increase of $23.3 million from the prior quarter primarily driven by higher prices of primary aluminum and volume, partially offset by higher raw material costs.

Century’s liquidity position at quarter end was $154.3 million, an increase of $54.8 million from the prior quarter.

“We are pleased to report these excellent results for the first quarter,” commented President and Chief Executive Officer Jesse Gary. “Our investments towards restarting production at Hawesville and Mt. Holly, combined with the hard work of our employees, have put us in a great position to benefit from the market conditions that we are experiencing today.

“Demand remains strong in our core markets in the U.S. and Europe and inventories have been drawn down to post-financial crisis lows. While we continue to see inflationary pressure in energy markets and other key raw materials, our focus on cost discipline and execution leaves us well situated to benefit from historically high aluminum prices.”

About Century Aluminum Company

Century Aluminum Company owns primary aluminum capacity in the United States and Iceland. Century’s corporate offices are located in Chicago, IL. Visit www.centuryaluminum.com for more information.

Non-GAAP Financial Measures

Adjusted net income (loss), adjusted earnings (loss) per share and adjusted EBITDA are non-GAAP financial measures that management uses to evaluate Century’s financial performance.  These non-GAAP financial measures facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Century’s ongoing operating performance and ability to generate cash.  Management believes these non-GAAP financial measures enhance an overall understanding of Century’s performance and our investors’ ability to review Century’s business from the same perspective as management.  The tables below, under the heading “Reconciliation of Non-GAAP Financial Measures,” provide a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.  Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Century’s reported results prepared in accordance with GAAP.  In addition, because not all companies use identical calculations, adjusted net income (loss), adjusted earnings (loss) per share and adjusted EBITDA included in this press release may not be comparable to similarly titled measures of other companies.  Investors are encouraged to review the reconciliations in conjunction with the presentation of these non-GAAP financial measures.

Cautionary Statement

This press release and statements made by Century Aluminum Company management on the quarterly conference call contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Forward-looking statements are statements about future events and are based on our current expectations.  These forward-looking statements may be identified by the words “believe,” “expect,” “hope,” “target,” “anticipate,” “intend,” “plan,” “seek,” “estimate,” “potential,” “project,” “scheduled,” “forecast” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” or “may.”  Our forward-looking statements include, without limitation, statements with respect to: our assessment of global and local financial and economic conditions; our assessment of the aluminum market and aluminum prices (including premiums); our assessment of alumina pricing, costs associated with our other key raw materials, including power, and supply and availability of those key raw materials, including any power curtailments; the impact of the COVID-19 pandemic, and governmental guidance and regulations aimed at addressing the pandemic, including any possible impact on our business, operations, financial condition, results of operation, global supply chains or workforce; the impact of the war in Ukraine, including any sanctions and/or export controls targeting Russia and businesses tied to Russia and to sanctioned entities and individuals, including any possible impact on our business, operations, financial condition, results of operations and global supply chains; the future financial and operating performance of Century and its subsidiaries; our ability to successfully manage market risk and to control or reduce costs; our plans and expectations with respect to future operations, including any plans and expectations to curtail or restart production, including the expected impact of any such actions on our future financial and operating performance; our plans and expectations with regards to future operations of our Mt. Holly smelter, including our expectations as to the restart of curtailed production at Mt. Holly, including the timing, costs and benefits associated with this restart project; our plans with regards to future operations of our Hawesville smelter, including our expectations as to the restart of curtailed production at Hawesville and bringing the smelter back to full production and expectations as to the timing, costs and benefits associated with this restart project; our plans and expectations with regards to the Grundartangi casthouse project, including our expectations as to the timing, costs and benefits associated with the Grundartangi casthouse project; our ability to successfully obtain and/or retain competitive power arrangements for our operations; the impact of Section 232 relief, including tariffs or other trade remedies, the extent to which any such remedies may be changed, including through exclusions or exemptions, and the duration of any trade remedy; the impact of any new or changed law, regulation, including, without limitation, sanctions or other similar remedies or restrictions; our anticipated tax liabilities, benefits or refunds including the realization of U.S. and certain foreign deferred tax assets and liabilities; our ability to access existing or future financing arrangements and the terms of any such future financing arrangements; our ability to repay or refinance debt in the future; our ability to recover losses from our insurance; our assessment and estimates of our pension and other postretirement liabilities, legal and environmental liabilities and other contingent liabilities; our assessment of any future tax audits or insurance claims and their respective outcomes; negotiations with labor unions or future representation by a union of our employees; our assessment of any information technology related risks, including the risk from the previously disclosed February 2022 cyber incursion event; and our future business objectives, plans, strategies and initiatives, including our competitive position and prospects.

Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.  However, our forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements.  Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K, quarterly reports on Form 10-Q and in other filings made with the Securities and Exchange Commission.  Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that could cause actual results or events to differ from those anticipated, estimated or intended.  Many of these factors are beyond our ability to control or predict.  Given these uncertainties, investors are cautioned not to place undue reliance on our forward-looking statements.  We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

CENTURY ALUMINUM COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(Unaudited)
Three months ended
March 31, December 31, March 31,
2021 2021 2022
NET SALES:
Related parties $ 268.3 $ 411.7 $ 433.1
Other customers 175.7 247.4 320.5
Total net sales 444.0 659.1 753.6
Cost of goods sold 464.7 589.7 660.4
Gross profit (loss) (20.7 ) 69.4 93.2
Selling, general and administrative expenses 16.1 18.6 11.7
Other operating expense – net 0.1 0.3 0.2
Operating income (loss) (36.9 ) 50.5 81.3
Interest expense – Hawesville term loan (0.3 ) (0.5 )
Interest expense (9.0 ) (6.2 ) (7.3 )
Interest income 0.1 0.6 0.1
Net gain (loss) on forward and derivative contracts (98.1 ) 26.8 (56.7 )
Other income – net 1.9 2.5 2.0
Income (loss) before income taxes (142.3 ) 73.7 19.4
Income tax benefit (expense) 2.3 (13.2 ) (1.7 )
Income (loss) before equity in earnings of joint ventures (140.0 ) 60.5 17.7
Equity in earnings (losses) of joint ventures (0.1 )
Net income (loss) $ (140.0 ) $ 60.4 $ 17.7
Less: net income (loss) allocated to participating securities 3.9 1.1
Net income (loss) allocated to common stockholders $ (140.0 ) $ 56.5 $ 16.6
EARNINGS (LOSS) PER COMMON SHARE:
Basic $ (1.55 ) $ 0.62 $ 0.18
Diluted $ (1.55 ) $ 0.59 $ 0.18
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic 90.1 90.5 91.2
Diluted 90.1 96.7 97.1

 

 

CENTURY ALUMINUM COMPANY
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
(Unaudited)
December 31, 2021 March 31, 2022
ASSETS
Cash and cash equivalents $ 29.0 $ 26.6
Restricted cash 11.7 21.6
Accounts receivable – net 80.6 127.7
Due from affiliates 8.3 18.6
Inventories 425.6 426.5
Derivative assets 34.8 73.3
Prepaid and other current assets 28.2 34.2
Total current assets 618.2 728.5
Property, plant and equipment – net 892.5 893.3
Other assets 59.2 66.9
TOTAL $ 1,569.9 $ 1,688.7
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Accounts payable, trade $ 186.5 $ 202.8
Interest payable 9.4
Due to affiliates 65.8 88.3
Accrued and other current liabilities 62.7 63.0
Derivative liabilities 102.1 122.2
Accrued employee benefits costs 8.9 10.2
U.S. revolving credit facility 63.6 35.3
Iceland revolving credit facility 50.0 35.0
Industrial revenue bonds 7.8 7.8
Total current liabilities 547.4 574.0
Senior notes payable 245.8 246.0
Convertible senior notes payable 84.0 84.1
Grundartangi casthouse debt facility 39.4
Accrued pension benefits costs – less current portion 28.6 26.0
Accrued postretirement benefits costs – less current portion 93.3 92.6
Other liabilities 46.3 51.0
Leases – right of use liabilities 22.9 22.4
Due to affiliates – less current portion 21.9 52.9
Deferred taxes 58.7 60.5
Total noncurrent liabilities 601.5 674.9
SHAREHOLDERS’ EQUITY:
Series A Preferred stock (one cent par value, 5,000,000 shares authorized; 160,000 issued and 58,542 outstanding at December 31, 2021 and March 31, 2022) 0.0 0.0
Common stock (one cent par value, 195,000,000 authorized; 98,418,132 issued and 91,231,611 outstanding at December 31, 2021 and March 31, 2022) 1.0 1.0
Additional paid-in capital 2,535.5 2,536.0
Treasury stock, at cost (86.3 ) (86.3 )
Accumulated other comprehensive loss (82.3 ) (81.7 )
Accumulated deficit (1,946.9 ) (1,929.2 )
Total shareholders’ equity 421.0 439.8
TOTAL $ 1,569.9 $ 1,688.7

 

CENTURY ALUMINUM COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Three Months Ended March 31,
2021 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (140.0 ) $ 17.7
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on derivative instruments 94.4 35.5
Depreciation and amortization 20.9 19.4
Change in deferred tax benefit (3.1 ) 1.3
Other non-cash items – net 6.3 (1.7 )
Change in operating assets and liabilities:
Accounts receivable – net (6.4 ) (47.1 )
Due from affiliates (12.2 ) (10.3 )
Inventories (11.8 ) (0.9 )
Prepaid and other current assets (3.1 ) (4.2 )
Accounts payable, trade (4.9 ) 31.6
Due to affiliates 7.0 (1.2 )
Accrued and other current liabilities 3.8 1.6
Other – net (0.7 ) (4.3 )
Net cash provided by (used in) operating activities (49.8 ) 37.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (7.4 ) (26.0 )
Proceeds from sale of property, plant and equipment 0.0
Net cash used in investing activities (7.4 ) (26.0 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments on Hawesville term loan (5.0 )
Borrowings under revolving credit facilities 197.6 264.1
Repayments under revolving credit facilities (192.2 ) (307.4 )
Debt issuance costs (0.6 )
Borrowings under Grundartangi casthouse debt facility 40.0
Net cash provided by (used in) financing activities 0.4 (3.9 )
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (56.8 ) 7.5
Cash, cash equivalents and restricted cash, beginning of year 84.3 40.7
Cash, cash equivalents and restricted cash, end of year $ 27.5 $ 48.2
Supplemental Cash Flow Information:
Cash paid for:
Interest $ 16.1 $ 1.2
Taxes 0.5
Non-cash investing activities:
Capital expenditures 1.8 4.2
Capitalized Interest 1.0

 

CENTURY ALUMINUM COMPANY
SELECTED OPERATING DATA
(in millions, except shipments)
(Unaudited)
SHIPMENTS – PRIMARY ALUMINUM(1)
United States Iceland Total
Tonnes Sales $ Tonnes Sales $ Tonnes Sales $
2022
1st Quarter 134,953 494.8 76,458 247.5 211,411 742.3
2021
4th Quarter 121,549 411.8 79,412 238.9 200,961 650.7
1st Quarter 116,437 275.6 79,260 164.2 195,697 439.8
Notes:
(1) Excludes scrap aluminum sales and alumina sales.

 

CENTURY ALUMINUM COMPANY
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Three months ended
December 31, 2021 March 31, 2022
$MM EPS $MM EPS
Net income (loss) as reported (1) $        57.2 $        0.59 $        17.3 $        0.18
Unrealized (gain) loss on derivative contracts, net of tax (53.8 ) (0.56 ) 39.0 0.40
Share-based compensation 9.9 0.10 3.3 0.03
Impact of preferred and convertible shares 3.9 0.04 1.1 (0.02 )
Adjusted net income (loss) $        17.2 $        0.17 $        60.7 $        0.59
Notes:
(1) In periods of positive earnings, this represents earnings allocated to participating dilutive shares. For the three months ended March 31, 2022 and December 31, 2021, this includes earnings allocated to common stockholders plus an add-back of $0.7 million net interest expense related to the convertible notes.

 

Three months ended
December 31, 2021 March 31, 2022
Net Income (loss) as reported $                             60.4 $                             17.7
Interest expense 6.2 7.3
Interest expense – Hawesville term loan 0.5
Interest income (0.6 ) (0.1 )
Net (gain) loss on forward and derivative contracts (26.8 ) 56.7
Other income – net (2.4 ) (2.0 )
Income tax expense 13.2 1.7
Equity in losses of joint ventures 0.1
Operating income (loss) 50.6 81.3
Share-based compensation 9.9 3.3
Depreciation and amortization 21.7 20.9
Adjusted EBITDA $                             82.2 $                          105.5

Contact
Peter Trpkovski
(Investors and media)
312-696-3132

Source: Century Aluminum Company

The original press release can be found at GlobeNewswire.com.

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Trailbreaker Resources Acquires The Connector Gold Property, Adjacent To The Past-producing Brenda Mine

VANCOUVER, British Columbia, May 04, 2022 (GLOBE NEWSWIRE) — Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce the acquisition of the Connector Gold property in the Merritt area of British Columbia (BC). The newly-staked claims are located just 500 metres north of the past-producing Brenda Cu-Mo (copper-molybdenum) mine. Highlights of the new Connector

VANCOUVER, British Columbia, May 04, 2022 (GLOBE NEWSWIRE) — Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce the acquisition of the Connector Gold property in the Merritt area of British Columbia (BC). The newly-staked claims are located just 500 metres north of the past-producing Brenda Cu-Mo (copper-molybdenum) mine.

Highlights of the new Connector Gold property

  • Located 40 km north of Kelowna and 55 km southeast of Merritt, BC, and straddles Highway 97C (the Okanagan Connector)
  • Excellent road accessibility via numerous well maintained forest service roads that extend from the highway
  • 100%-owned by Trailbreaker Resources with no underlying payments or royalties
  • Covers 1,894 hectares of ground just 500 m north of the past-producing Brenda Cu-Mo mine
  • 15 km northeast of the producing Elk Gold mine, held by Gold Mountain Mining, which has a Measured and Indicated (M+I) resource of 806,000 oz AuEq (gold equivalent), at a grade of 5.8 g/t Au (gold)
  • Historic exploration shows a similar style of gold mineralization and geologic setting as the Elk deposit, with grab samples at the Connector Gold property grading up to 187.5 g/t Au and 71.8 g/t Ag (silver)
  • Very limited gold-targeted historic drilling has been conducted on the property

About the Connector Gold property

The 1,894 ha, 100%-owned Connector Gold property straddles Highway 97C and is located 40 km west of Kelowna and 55 km southeast of Merritt in south-central BC. The property is contiguous with Glencore Corp’s Brenda property which hosts the past-producing Cu-Mo porphyry Brenda Mine. The mine is located just 500 meters to the south of Trailbreaker’s claims (see Map 1 – Location).

The Connector Gold property was aggressively explored for Cu-Mo deposits in the early 1960s through to the 1990s, when the Brenda deposit was discovered and developed into a producing mine. At the Connector, many Cu-Mo soil geochemical anomalies were identified, and several drill holes intersected significant Cu-Mo porphyry mineralization. Exploration for precious metals, however, was largely ignored until 2008 with the rise in precious metal prices.

In 2009, Bitterroot Resources discovered a high-grade gold-bearing vein system located only 300 metres from the highway, during a trenching program targeting gold-in-soil anomalies. Numerous narrow gold-bearing shear zones and quartz veins were intersected over a 900-metre span with bedrock grab samples assaying up 187.5 g/t Au and 71.8 g/t Ag (see Map 2 – Geology and Highlights). Several significant channel sample intercepts were encountered, including 39 g/t Au and 6.3 g/t Ag over 0.25 meters. In 2018, an inaugural 6-hole drill campaign tested a portion of the gold-bearing quartz vein system exposed by trenching. While no significant high-grade gold intercepts were encountered, anomalous gold values were detected in all holes. No exploration has been conducted on the property since 2018, rendering several other gold-in-soil anomalies un-tested by drilling.

The geological setting and style of gold mineralization are very similar to the currently producing Elk Gold mine located 15 km to the southwest (806,000 oz AuEq, M+I resource). As with the Connector Gold property, high-grade gold and silver within the Elk deposit is hosted in narrow quartz veins cutting Jurassic intrusive rocks adjacent to Triassic Nicola volcanic rocks. Trailbreaker’s team believes this recent, high-grade gold discovery at the Connector Gold property has been overlooked and has strong potential to host high-grade gold mineralization similar to the nearby Elk Gold deposit. At the Elk Gold mine, Gold Mountain Mining continues to grow their resource, with a 32% increase in its total resource base reported in late 2021.

For more details on Connector Gold, see the dedicated section on Trailbreaker’s website. Additional property-scale maps will be added in the coming weeks.

Message from the President

“I am pleased to add another exciting asset to our portfolio. As with our recent Eakin Creek acquisition, the Trailbreaker team has generated a target in a highly prospective geological setting with excellent access and infrastructure.

The Connector Gold and Eakin Creek projects’ locations also allow for an expanded exploration season. I anticipate a steady news flow as the Trailbreaker team investigates the historic showings and intensively explores the property.

As always, stay tuned for further updates!”

ON BEHALF OF THE BOARD

Daithi Mac Gearailt
President and Chief Executive Officer

Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Trailbreaker’s BC and Yukon exploration projects, and has reviewed and approved the technical information in this release.

For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681-1820 or at [email protected].

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.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, Trailbreaker does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

This press release was originally posted on the website of GlobeNewswire.

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LKAB invests MSEK 700 in preparations for sponge iron in Gällivare

29th April 2022 LKAB’s Board of Directors has today decided to invest in works within its industrial area in Malmberget/Gällivare in preparation for the world’s first industrial-scale plant for hydrogen-produced sponge iron. “In order not to lose time in our transformation, we want to get started and free up land for the demo plant and

29th April 2022

LKAB’s Board of Directors has today decided to invest in works within its industrial area in Malmberget/Gällivare in preparation for the world’s first industrial-scale plant for hydrogen-produced sponge iron.

“In order not to lose time in our transformation, we want to get started and free up land for the demo plant and associated buildings. The aim is to start production in 2026,” says Jan Moström, President and CEO LKAB.

The Hybrit technology that LKAB has produced together with SSAB and Vattenfall is to be industrialised starting in Gällivare, where the first plant is to be ready in 2026. The capacity increase that LKAB is now planning for will mean the equivalent of another three such plants in Gällivare within just a few years of the first. Right now, work is in progress on a comprehensive environmental permit application for all of LKAB’s operations in and around the mine in Malmberget/Gällivare, including the new plant.

“The environmental permit application will be submitted this year and we hope that it will be processed efficiently with a prompt decision. The IPCC reports from the UN regarding the climate situation show that there is no time to lose in transforming our society and cutting emissions of greenhouse gases – which is why we are already now investing in the preparatory work, in order to keep up the pace,” says Jan Moström.

The size of the demo plant means that land needs to be freed up and prepared to accommodate the new structure within LKAB’s industrial area. Existing buildings, roads and infrastructure need to be moved before construction work can start. The investment decision made also includes freeing up land for future sponge iron plants.

“Our plan was already ambitious when we launched our new strategy in 2020, and recently we raised the bar even higher. Our transformation will take place faster – all production in Gällivare is to be carbon-free by the early 2030s, for example – and in addition we will increase production by 20–30 percent. We will cut global carbon emissions by 40–50 million tonnes a year, which is equivalent to greenhouse gas emissions for the whole of Sweden. That’s why we need to roll up our sleeves and get on with the work right now,” says Jan Moström.

The original press release can be found on the LKAB website

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GREENLAND RESOURCES WILL PRESENT AT THE EIT / ERMA RAW MATERIAL SUMMIT IN BERLIN

PRESS RELEASE 22-06                                           PRESS RELEASE 22-06 APRIL 21, 2022 TORONTO, ONTARIO — (April 21, 2022) – Greenland Resources Inc. (NEO: MOLY, FSE: 2LF) (“Greenland Resources” or the “Company”) is pleased to announce that on 24

PRESS RELEASE 22-06                                           PRESS RELEASE 22-06 APRIL 21, 2022

TORONTO, ONTARIO — (April 21, 2022) – Greenland Resources Inc. (NEO: MOLY, FSE: 2LF) (“Greenland Resources” or the “Company”) is pleased to announce that on 24 May, 2022, the Company will present at the EIT Raw Materials Summit in Berlin, Germany, the Malmbjerg molybdenum project located in central east Greenland and its product application to the world-leading European ultra-high-strength steels industry and the European Green Deal. The Company’s Chairman, Dr. Ruben Shiffman, and the Company’s Senior Technical Advisor, Dr. Hardy Mohrbacher will present the compelling story. The Raw Materials Summit program can be found at https://www.eitrmsummit.com/programme.

The Malmbjerg project benefits from a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, which concluded an expected Base case after-tax IRR of 22.4%, NPV6% of US$1.17 billion (€1.02 billion) and a Levered pre-tax IRR of 40.4%, after tax IRR of 33.8% and payback of 2.4 years.

The European Institute of Innovation and Technology (EIT) RawMaterials, was initiated and funded by the European Union and has the overarching mandate to support securing the supply of critical and other strategically important raw materials to the European industry by driving innovation along the raw materials value chain. The European Raw Materials Alliance (ERMA), was launched by the European Commission in 2020 as part of an action plan aiming to reduce Europe’s raw materials’ dependency on third countries, diversifying supply from both primary and secondary sources and improving resource efficiency and circularity while promoting responsible sourcing worldwide. ERMA is managed by EIT RawMaterials.

Qualified Person Statement

The news release has been reviewed and approved by Mr. Jim Steel, P.Geo., M.B.A. a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects”.

About Greenland Resources Inc

Greenland Resources is a Canadian public company with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned world-class Climax type pure molybdenum deposit located in central east Greenland. The Malmbjerg molybdenum project is an open pit operation with an environmentally friendly mine design focused on reduced CO2 emissions and water usage, with Proven and Probable Reserves of 245 million tonnes at 0.176% MoS2, for 571 million pounds of contained molybdenum metal. The Malmbjerg project benefits from a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022 and had a previous exploitation license granted in 2009. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site (www.greenlandresources.ca) and our Canadian regulatory filings on Greenland Resources’ profile at www.sedar.com

About Molybdenum and the European Union

Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition (World Bank, 2020; IEA, 2021). When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021 where the European Union (“EU”) as the second largest steel producer in the world used approximately 25% of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel dependent industries like the automotive, construction, and engineering, represent around 18% of the EU’s » US$16 trillion GDP. Greenland Resources strategically located Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 25 million pounds per year, of environmentally friendly molybdenum from a responsible EU Associate member country, for decades to come. The high quality of the Malmbjerg ore, having low impurity content, makes it an ideal source of molybdenum for the world leading high performance steel industry in Europe.

For further information please contact:

Ruben Shiffman, PhD Chairman, President

Keith Minty, P.Eng, MBA Engineering and Project Management

Jim Steel, P.Geo, MBA Exploration and Mining Geology

Nauja Bianco, M.Pol.Sci. Public and Community Relations

Gary Anstey Investor Relations

Eric Grossman, CPA, CGA Chief Financial Officer

Corporate office Suite 1410, 181 University Av. Toronto, Ontario, Canada M5H 3M7 Telephone +1 647 273 9913

Email [email protected]

Web www.greenlandresources.ca

 

This press release was obtained from

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Millrock Reports Drilling Has Commenced On The Treasure Creek Gold Exploration Project, Fairbanks, Alaska

VANCOUVER, BRITISH COLUMBIA, May 3, 2022 – Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that Felix Gold (ASX: FXG, “Felix Gold” or “Felix”) has commenced drilling on the Treasure Creek gold project, which lies just north of the City of Fairbanks. Felix indicates that it plans to drill 7,000 meters

VANCOUVER, BRITISH COLUMBIA, May 3, 2022 – Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that Felix Gold (ASX: FXG, “Felix Gold” or “Felix”) has commenced drilling on the Treasure Creek gold project, which lies just north of the City of Fairbanks.

Felix indicates that it plans to drill 7,000 meters with a small reverse circulation drill rig. Millrock has assigned its Treasure Creek mineral rights to Felix Gold in return for cash, shares and production royalties featuring advanced minimum royalty streams. Millrock owns 9,957,157  Felix Gold shares that today have a market value of approximately AUD$1,643,000 (CDN$1,495,000).

Millrock President & CEO Gregory Beischer commented: “The targets to be drilled by Felix Gold have a strong chance of successfully identifying a gold deposit. A new discovery here would propel the value of Millrock’s shareholding in Felix Gold and in return increase the value of Millrock shares. The project is certainly well-situated, about 20 kilometers north and west of Kinross’ Fort Knox gold mine, and 10 kilometers west of Freegold’s new discovery at Golden Summit. Alluvial gold deposits in gravels of Treasure Creek point to a bedrock source on the Felix Gold claims where large, strong soil geochemical anomalies are known from historical work and a major soil sampling program done in 2021. We will look forward to assay results from the current drilling program with great anticipation. Felix Gold has built an excellent exploration team and is well-capitalized. The team has a great chance of making discoveries and revealing the substantial potential for more major gold deposit discoveries in the Fairbanks gold mining camp. In my view, the potential in Fairbanks has been generally under-recognized by the industry. This has allowed Felix, through Millrock, to consolidate a tremendous land position. As a result of the agreement with Felix, Millrock is entitled to production royalties at Treasure Creek and throughout the Fairbanks district.”

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.

About Millrock Resources Inc.

Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.

ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO 

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to perform further exploration on the Treasure Creek project. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.

This press release was originally posted on the website of Millrock Resources.

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