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  • Writer's pictureLucas Friesen

Market Summary: January 24, 2024

The TSX dropped 8.81 points today.

B2Gold Corp. produced 1.06 million ounces of gold in 2023, which was within its 2023 guidance. The company expects to produce between 860,000 to 940,000 oz Au in 2024. The company said “lower production at the Fekola complex” is the reason for the year-to-year production decrease. The delay B2Gold had in receiving its exploitation licence from the Mali government caused production to lower, said the company by new release. B2Gold has a market cap of $4.68-billion.

Capstone Copper Corp. produced 164,353 tonnes of copper in 2023. The company plans to spend $275-million and produce between 190,000 and 220,000 tonnes Cu in 2024. Capstone has a market cap of $4.67-billion.

Denison Mines Corp. and Orano Canada Inc. will restart uranium mining operations at the McClean North deposit, with mining expected to restart by 2025. The restarting costs in 2024 have a budget of $7-million. Denison has a 22.5% interest in McClean Lake and has a market cap of $2.36-billion.

BlackBerry Ltd. has arranged an offering of convertible senior notes due 2029 with a principal amount of $160-million. There is an additional $25-million offering option, if purchasers choose within 13 days. The company will use the proceeds to buy back its 1.75% debentures due February 15, 2024. BlackBerry has a market cap of $2.3-billion.

AGF Management Ltd. has assets under management of $42.2-billion, as of November 30, 2023. The company had $42.3-billion of assets under management on November 30, 2022. The company earned $87.7-million in fiscal 2023 on revenue of $338.1-million. In fiscal 2022, the company earned $66.6-million on revenue of $333.2-million. AGF has a market cap of $503.45-million.

Organigram Holdings Inc. has closed the first of three tranches of its $124.55-million investment from BT DE Investments Inc., a subsidiary of British American Tobacco PLC. In the first tranche, BT DE has acquired 12.89 million shares at $3.22 per share for $41.51-million. The final tranches will close on August 30, 2024, and February 28, 2025. Organigram has a market cap of $188.29-million.

Mako Mining Corp. drilled 3.9 metres of 51.78 grams per tonne gold at the El Limon vein in the Las Conchitas area, south of the San Albino mine in Nicaragua. The company also drilled two m of 25.75 g/t Au at the Mango vein, Las Conchitas. The company has a market cap of $166.12-million.

An affiliate of STG Partners LLC has agreed to acquire all MediaValet Inc. shares at $1.71 per share. This values the company at approximately $80-million, a 30% premium to the stock’s close yesterday, January 23, 2024. The company still needs to get shareholder approval, which it plans to obtain at a meeting in March, 2024. The company has a market cap of $69-million.

Falco Resources Ltd. has signed an operating licence and indemnity agreement with Glencore Canada Corp., which gives Falco the right to develop and operate the Horne 5 project in Quebec. Under the agreement, a technical committee of two Falco members and two Glencore members will determine parameters of the project. Glencore receives the right to appoint someone to Falco’s board. Falco has a market cap of $61.1-million.

Baselode Energy Corp. has arranged a $5-million bought deal offering of 2.22 million units at $0.45 per unit. Each unit consists of one share and one-half of one share purchase warrant, with each warrant entitling the holder to a $0.65 Baseline share. Baselode has a market cap of $54.44-million.

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