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  • Writer's pictureLucas Friesen

Market Summary: January 17, 2024

The TSX dropped 253 points today.

Melinda Rogers-Hixon and Martha Rogers are retiring from the Rogers Communications Inc. board of directors “as part of a private settlement between members of the Rogers family.” Rogers is a communications and media company. It has a market capitalization of $26.57-billion.

Pan American Silver Corp. produced 20.4 million ounces of silver and 882,900 ounces of gold in 2023. Its Ag production was below its 2023 guidance range of 21 million to 23 million oz. Its Au production was within its 2023 guidance of 870,000 to 970,000. The company produced 38,800 tonnes of zinc in 2023, which was also below its 2023 guidance of 41,000 to 45,000 t. The company has set its 2024 guidance for Ag at 21 million to 23 million oz and for Au at 880,000 to one million oz. Pan American is a producer of precious metals in the Americas. It has a market cap of $6.75-billion.

Triple Flag Precious Metals Corp. had fiscal 2023 revenue of $204-million (U.S.). This compares with its fiscal 2022 revenue of $151.9-million (U.S.). The company sold 105,087 oz of gold equivalent in fiscal 2023, compared with selling 84,571 oz AuEq in fiscal 2022. Triple Flag is a streaming and royalty company focused on precious metals. It has a market cap of $3.34-billion.

CI Financial Corp. had preliminary assets of $444.8-billion at December 31, 2023. This compares with total assets of $383.6-billion at Dec. 31, 2022. CI Financial is an asset and wealth management company. It has a market cap of $2.4-billion.

Dye & Durham Ltd. has arranged a $126-million bought deal offering of 10.4 million shares at $12.10 per share. This price is below its current trading price of $13.12. The stock was halted at close, prior to the news release for the offering. The company will use the proceeds to repay debt. Dye & Durham is a software company with a market cap of $720.34-million.

FPX Nickel Corp. has arranged a private placement exclusively with Sumitomo Metal Mining Canada Ltd., a subsidiary of Sumitomo Metal Mining Co. Ltd. Under the financing, Sumitomo Canada will acquire 30.1 million shares of FPX at $0.48 per share for gross proceeds of $14.45-million. This will give Sumitomo Canada a 9.9% interest in FPX’s issued and outstanding shares, on a non-diluted basis. FPX is exploring and developing the Decar district in British Columbia. The company has a market cap of $82.19-million.

NOA Lithium Brines Inc. drilled 400 metres with an average of 619 milligrams of lithium per litre at its Rio Grande project. NOA’s project is in Argentina. It began trading on the TSX-V in March, 2023, after it completed a reverse takeover of Navion Capital Inc. The company has a market cap of $40.71-million.

Blackrock Silver Corp. has arranged a $3.7-million offering. The company will issue up to 18.5 million units at $0.20 per unit. Each unit will consist of one share and one warrant to purchase a share at $0.30 for 36 months after the closing of the offering. Blackrock is an exploration company with properties in Nevada. It has a market cap of $38.74-million.

Taiga Motors Corp. has signed an exclusive, three-year distribution agreement with Comfort Industria E Comercio Ltda. (Ventura). The agreement will make Ventura the exclusive distributor of Orca personal watercraft in Brazil, Argentina, Chile and Paraguay. Taiga makes off-road vehicles. It has a market cap of $32.78-million.

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