- Amex Exploration Provides Update on Previously-Announced LIFE Offering and Concurrent Private Placement
May 15, 2026
Amex Exploration Inc.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
MONTREAL, Quebec, May 15, 2026 (GLOBE NEWSWIRE) -- Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex" or the "Company") is pleased to announce that it has received conditional acceptance of the TSX Venture Exchange (the “TSXV”) in respect of the Company’s “best efforts” private placement offering (the “LIFE Offering”) and concurrent private placement (the “Concurrent Private Placement”) previously announced on May 5 and May 11, 2026.
Accordingly, the Company expects to close the LIFE Offering and a first tranche of the Concurrent Private Placement on May 21, 2026 (the “Closing Date”) for aggregate gross proceeds of C$52,547,548.50, consisting of: (i) the LIFE Offering of 9,661,000 common shares of the Company (the “Common Shares”) at a price of C$4.50 per Common Share (the “Offering Price”) for gross proceeds of C$43,474,500; (ii) the non-brokered portion of the Concurrent Private Placement of 1,622,222 Common Shares at the Offering Price for gross proceeds of C$7,299,999; and (iii) a first tranche of the brokered portion of the Concurrent Private Placement of 394,011 Common Shares at the Offering Price for gross proceeds of C$1,773,049.50.
National Bank Financial Inc. and MDCP Securities Limited, as joint bookrunners and co-lead agents, on behalf of a syndicate of agents, have also been granted an option, exercisable in full or in part up to 48 hours prior to the Closing Date, to sell up to 1,449,150 additional Common Shares at the Offering Price for additional gross proceeds of up to $6,521,175 under the LIFE Offering.
Strategic investor Eldorado Gold Corporation (“Eldorado”) has indicated an interest to purchase up to US$15,000,000 of Common Shares under the brokered portion of the Concurrent Private Placement and is entitled to purchase up to 4,864,923 Common Shares at the Offering Price in accordance with the Investor Rights Agreement dated January 16, 2024 between the Company and Eldorado (the “Eldorado Investment”). Completion of the Eldorado Investment remains subject to receipt of all required approvals, including Eldorado being approved as a “Control Person” of the Company (as defined in, and in accordance with, the policies of the TSXV) by the Company’s disinterested shareholders at the Company’s upcoming annual general and special meeting of its shareholders to be held on June 16, 2026 (the “Meeting”), as required by the TSXV prior to the issuance of any further securities to Eldorado. Subject to receipt of disinterested shareholder approval at the Meeting, it is anticipated that the Eldorado Investment will close as a second tranche of the brokered portion of the Concurrent Private Placement following the Meeting.
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All other terms of the LIFE Offering and the Concurrent Private Placement are as described in the Company’s news release dated May 11, 2026.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available. “United States” and “U.S. person” have the meaning ascribed to them in Regulation S under the U.S. Securities Act.
About Amex
Amex Exploration Inc. has made significant high-grade gold discoveries, along with copper-rich volcanogenic massive sulphide (VMS) zones, at its 100%-owned Perron Gold Project, located approximately 110 kilometres north of Rouyn-Noranda, Quebec. The Perron Project in Quebec consists of 183 contiguous claims for a surface area of 65.75 km². The project hosts several zones of high-grade gold mineralization, VMS mineralization and 'hybrid' gold-rich VMS mineralization.
When combined with the adjacent and contiguous Perron West Project and Abbotsford and Hepburn Projects (including additional claims acquired through staking) in Ontario, the consolidated land package spans a district-scale 570.94 km². This extensive property lies within highly prospective geology favourable for both high-grade gold and VMS mineralization.
The Project benefits from excellent infrastructure: it is accessible by a year-round road, located just 30 minutes from an airport, and approximately 6.5 km from the Town of Normétal. It is also in close proximity to several process plants owned by major gold producers.
For further information, please contact:
Victor Cantore
President and Chief Executive Officer
Amex Exploration Inc.
Telephone: +1-514-866-8209
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.
Cautionary Note Regarding Forward-Looking Statements
The information contained herein contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, statements with respect to, the completion of the LIFE Offering and the Concurrent Private Placement, including the participation of Eldorado and Mr. Victor Cantore under the Concurrent Private Placement; the expected gross proceeds of the LIFE Offering and the Concurrent Private Placement; the intended use of proceeds from the LIFE Offering and the Concurrent Private Placement; the anticipated dates for closing of the LIFE Offering and the Concurrent Private Placement, including the second tranche of the brokered portion of the Concurrent Private Placement; and the receipt of all necessary regulatory and other approvals, including final approval of the TSXV. Generally, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Such forward-looking information is based on numerous assumptions including, among others, that the results of planned exploration activities are as anticipated; that the price of gold and other commodities, the anticipated cost of planned exploration activities, and general business and economic conditions will not change in a material adverse manner; that financing will be available if and when needed and on reasonable terms; that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information are considered reasonable by management at the time such assumptions were made, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements including, among others: changes in the Company’s share price, changes in world gold markets, negative operating cash flow and dependence on third party financing; uncertainty regarding the ability to obtain additional financing if and when needed and on reasonable terms; Aboriginal title and consultation issues; reliance on key management and other personnel; actual results of exploration activities being different than anticipated; changes in exploration programs based upon results; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents; effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; general business, economic, competitive, political and social uncertainties; environmental risks; changes in laws and regulations; community relations and delays in obtaining governmental or other approvals and the risk factors with respect to the Company set out in the Company’s filings with the Canadian securities regulators and available under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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- Donald Smith & Co's Strategic Moves: A Closer Look at SM Energy Co's 4.04% Portfolio Impact
May 14, 2026
This article first appeared on GuruFocus.
Exploring the Investment Strategies of Donald Smith & Co (Trades, Portfolio)
Warning! GuruFocus has detected 6 Warning Signs with AER. Is AER fairly valued? Test your thesis with our free DCF calculator.
Donald Smith & Co (Trades, Portfolio) recently submitted the 13F filing for the first quarter of 2026, offering a glimpse into the firm's strategic investment decisions. Founded by Donald G. Smith in 1980, the firm has been a beacon of deep-value investing. Smith, who served as the Chief Investment Officer until his passing in 2019, was renowned for his bottom-up approach, focusing on undervalued companies trading below tangible book value. With a background that includes a B.S. in Finance and Accounting from the University of Illinois, an MBA from Harvard University, and a J.D. from UCLA Law School, Smith's investment philosophy was deeply rooted in rigorous analysis and a long-term perspective. His legacy continues to guide the firm's investment strategies, emphasizing stocks with low price-to-tangible book ratios and promising earnings potential over the next 2-4 years.Donald Smith & Co's Strategic Moves: A Closer Look at SM Energy Co's 4.04% Portfolio Impact
Summary of New Buy
Donald Smith & Co (Trades, Portfolio) added a total of 7 stocks, among them:
The most significant addition was SM Energy Co (NYSE:SM), with 7,208,899 shares, accounting for 4.04% of the portfolio and a total value of $224.77 million. The second largest addition to the portfolio was PennyMac Financial Services Inc (NYSE:PFSI), consisting of 1,372,204 shares, representing approximately 2.16% of the portfolio, with a total value of $119.93 million. The third largest addition was Guardian Metal Resources PLC (GMTL), with 1,500,556 shares, accounting for 0.47% of the portfolio and a total value of $26.23 million.
Key Position Increases
Donald Smith & Co (Trades, Portfolio) also increased stakes in a total of 36 stocks, among them:
The most notable increase was Radian Group Inc (NYSE:RDN), with an additional 1,593,520 shares, bringing the total to 4,605,775 shares. This adjustment represents a significant 52.9% increase in share count, a 0.95% impact on the current portfolio, with a total value of $152.36 million. The second largest increase was Ally Financial Inc (NYSE:ALLY), with an additional 1,296,806 shares, bringing the total to 4,019,715. This adjustment represents a significant 47.63% increase in share count, with a total value of $157.69 million.
Summary of Sold Out
Donald Smith & Co (Trades, Portfolio) completely exited 5 holdings in the first quarter of 2026, as detailed below:
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Civitas Resources Inc (CIVI): Donald Smith & Co (Trades, Portfolio) sold all 4,485,476 shares, resulting in a -2.28% impact on the portfolio. Equinox Gold Corp (EQX): Donald Smith & Co (Trades, Portfolio) liquidated all 7,049,326 shares, causing a -1.85% impact on the portfolio.
Key Position Reduces
Donald Smith & Co (Trades, Portfolio) also reduced positions in 15 stocks. The most significant changes include:
Reduced Iamgold Corp (NYSE:IAG) by 5,151,168 shares, resulting in a -26.24% decrease in shares and a -1.59% impact on the portfolio. The stock traded at an average price of $19.82 during the quarter and has returned -14.29% over the past 3 months and 12.43% year-to-date. Reduced Tutor Perini Corp (NYSE:TPC) by 496,787 shares, resulting in a -27.45% reduction in shares and a -0.62% impact on the portfolio. The stock traded at an average price of $76.54 during the quarter and has returned 0.36% over the past 3 months and 23.90% year-to-date.
Portfolio Overview
At the first quarter of 2026, Donald Smith & Co (Trades, Portfolio)'s portfolio included 61 stocks. The top holdings included 7.78% in AerCap Holdings NV (NYSE:AER), 5.05% in Centerra Gold Inc (NYSE:CGAU), 4.9% in Iamgold Corp (NYSE:IAG), 4.49% in Eldorado Gold Corp (NYSE:EGO), and 4.04% in SM Energy Co (NYSE:SM).Donald Smith & Co's Strategic Moves: A Closer Look at SM Energy Co's 4.04% Portfolio Impact
The holdings are mainly concentrated in 6 of the 11 industries: Financial Services, Basic Materials, Consumer Cyclical, Industrials, Real Estate, and Energy.Donald Smith & Co's Strategic Moves: A Closer Look at SM Energy Co's 4.04% Portfolio Impact
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- Eldorado Gold (EGO) Reports Q1 2026 Production Results and Maintains Annual Guidance
May 13, 2026
Eldorado Gold Corp. (NYSE:EGO) is one of the best Canadian gold stocks to buy right now. On April 30, Eldorado Gold reported gold production of 100,358 ounces for Q1 2026, generating $532.4 million in revenue at an average realized gold price of $4,891 per ounce. The company maintained its annual production guidance of 490,000 to 590,000 ounces, with output expected to be weighted toward H2 of the year. Financial results were highlighted by adjusted net earnings of $188.2 million, or $0.95 per share, though free cash flow was a negative $129.1 million due to capital investment in growth projects.
CapEx for the quarter totaled $318 million, with $135.6 million specifically allocated to the Skouries project as it advances toward first concentrate production. Despite these heavy investments, Eldorado maintains a strong liquidity position with $629.7 million in cash and cash equivalents. The company also initiated its dividend program during the quarter, declaring a Q2 dividend of $0.075 per common share payable in June.Eldorado Gold (EGO) Reports Q1 2026 Production Results and Maintains Annual Guidance
Pixabay/Public Domain
Significant leadership changes are also underway, as CEO George Burns announced his retirement for Q3 2026, timed with the ramp-up at Skouries. Christian Milau, the current President, is set to succeed him as CEO. Additional corporate appointments include Simon Hille as EVP and Chief Operating Officer and Gordana Vicentijevic as SVP of Projects. These transitions, alongside the steady progress at Skouries and the initiation of shareholder returns, underscore Eldorado Gold Corp.’s (NYSE:EGO) focus on its next phase of growth and operational delivery.
Eldorado Gold Corp. (NYSE:EGO) is involved in mining, researching, developing, and selling various mineral products. Its portfolio is concentrated on gold along with silver, lead, and zinc. The company owns all the mines it operates across its key regions, which include Turkey, Greece, and Canada.
While we acknowledge the potential of EGO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy.
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- Impressive Earnings May Not Tell The Whole Story For Eldorado Gold (TSE:ELD)
May 8, 2026
Despite posting some strong earnings, the market for Eldorado Gold Corporation's (TSE:ELD) stock hasn't moved much. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit.TSX:ELD Earnings and Revenue History May 8th 2026
Zooming In On Eldorado Gold's Earnings
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
For the year to March 2026, Eldorado Gold had an accrual ratio of 0.20. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. Even though it reported a profit of US$582.5m, a look at free cash flow indicates it actually burnt through US$310m in the last year. We saw that FCF was US$28m a year ago though, so Eldorado Gold has at least been able to generate positive FCF in the past. Unfortunately for shareholders, the company has also been issuing new shares, diluting their share of future earnings.
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. In fact, Eldorado Gold increased the number of shares on issue by 27% over the last twelve months by issuing new shares. Therefore, each share now receives a smaller portion of profit. To celebrate net income while ignoring dilution is like rejoicing because you have a single slice of a larger pizza, but ignoring the fact that the pizza is now cut into many more slices. You can see a chart of Eldorado Gold's EPS by clicking here.
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A Look At The Impact Of Eldorado Gold's Dilution On Its Earnings Per Share (EPS)
Eldorado Gold has improved its profit over the last three years, with an annualized gain of 604% in that time. But EPS was only up 543% per year, in the exact same period. And at a glance the 71% gain in profit over the last year impresses. But in comparison, EPS only increased by 74% over the same period. And so, you can see quite clearly that dilution is having a rather significant impact on shareholders.
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So Eldorado Gold shareholders will want to see that EPS figure continue to increase. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.
Our Take On Eldorado Gold's Profit Performance
In conclusion, Eldorado Gold has weak cashflow relative to earnings, which indicates lower quality earnings, and the dilution means its earnings per share growth is weaker than its profit growth. Considering all this we'd argue Eldorado Gold's profits probably give an overly generous impression of its sustainable level of profitability. If you'd like to know more about Eldorado Gold as a business, it's important to be aware of any risks it's facing. To help with this, we've discovered 3 warning signs (1 shouldn't be ignored!) that you ought to be aware of before buying any shares in Eldorado Gold.
In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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- TSX Stocks Like Athabasca Oil And 2 Others Estimated To Be Trading Below Intrinsic Value
May 8, 2026
The Canadian market has shown resilience with strong corporate profits driving growth, even as it faces headwinds from higher energy prices and inflation pressures. In this environment, identifying stocks trading below their intrinsic value can offer investors potential opportunities to benefit from solid earnings performance and economic fundamentals.
Top 10 Undervalued Stocks Based On Cash Flows In Canada
Name Current Price Fair Value (Est) Discount (Est) Vermilion Energy (TSX:VET) CA$16.19 CA$28.08 42.3% Timbercreek Financial (TSX:TF) CA$6.66 CA$12.05 44.7% Pollard Banknote (TSX:PBL) CA$18.10 CA$31.57 42.7% Montage Gold (TSX:MAU) CA$14.03 CA$23.59 40.5% GURU Organic Energy (TSX:GURU) CA$3.69 CA$6.61 44.2% Gildan Activewear (TSX:GIL) CA$81.04 CA$151.29 46.4% EQB (TSX:EQB) CA$121.45 CA$211.94 42.7% Eldorado Gold (TSX:ELD) CA$45.23 CA$83.08 45.6% Chemtrade Logistics Income Fund (TSX:CHE.UN) CA$17.80 CA$32.72 45.6% Americas Gold and Silver (TSX:USA) CA$8.72 CA$14.97 41.7%
Click here to see the full list of 25 stocks from our Undervalued TSX Stocks Based On Cash Flows screener.
We're going to check out a few of the best picks from our screener tool.
Athabasca Oil
Overview: Athabasca Oil Corporation focuses on the exploration, development, and production of thermal and light oil resource plays in the Western Canadian Sedimentary Basin in Alberta, Canada, with a market cap of CA$5.57 billion.
Operations: Athabasca Oil Corporation generates revenue through its activities in exploring, developing, and producing thermal and light oil resources within Alberta's Western Canadian Sedimentary Basin.
Estimated Discount To Fair Value: 38.9%
Athabasca Oil is trading at CA$11.32, significantly below its estimated future cash flow value of CA$18.52, suggesting it may be undervalued based on cash flows. Despite a recent decline in net income to CAD 46.29 million for Q1 2026 from CAD 72 million a year ago, the company is expected to see earnings growth of over 31% annually and revenue growth exceeding 25% per year, outpacing the Canadian market averages.
Our earnings growth report unveils the potential for significant increases in Athabasca Oil's future results. Navigate through the intricacies of Athabasca Oil with our comprehensive financial health report here.TSX:ATH Discounted Cash Flow as at May 2026
Timbercreek Financial
Overview: Timbercreek Financial Corp. offers shorter-duration structured financing solutions to commercial real estate investors in Canada, with a market cap of CA$551.14 million.
Operations: Timbercreek Financial generates revenue through providing structured financing solutions tailored for commercial real estate investors in Canada.
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Estimated Discount To Fair Value: 44.7%
Timbercreek Financial, trading at CA$6.66, is significantly below its estimated future cash flow value of CA$12.05, highlighting potential undervaluation based on cash flows. Despite a drop in Q1 2026 net income to CAD 10.37 million from CAD 14.77 million a year ago, earnings are forecasted to grow over 27% annually with revenue growth exceeding 40%, surpassing Canadian market averages. However, its dividend yield of 10.36% isn't well covered by earnings or free cash flows.
In light of our recent growth report, it seems possible that Timbercreek Financial's financial performance will exceed current levels. Delve into the full analysis health report here for a deeper understanding of Timbercreek Financial.TSX:TF Discounted Cash Flow as at May 2026
Kraken Robotics
Overview: Kraken Robotics Inc. is a marine technology company that designs, manufactures, and sells sonar and optical sensors, batteries, and underwater robotic equipment for unmanned underwater vehicles, with a market cap of CA$2.20 billion.
Operations: The company's revenue segments consist of CA$61.73 million from products and CA$40.48 million from services.
Estimated Discount To Fair Value: 14.9%
Kraken Robotics is trading at CA$7.17, slightly below its estimated future cash flow value of CA$8.43, suggesting potential undervaluation. Despite a significant decline in profit margins to 2.8% from 22% last year, the company reported revenue growth to CAD 102.21 million for 2025 and expects substantial earnings growth of over 61% annually, surpassing market averages. Recent strategic partnerships and new orders worth millions bolster its long-term prospects amidst ongoing board changes.
The analysis detailed in our Kraken Robotics growth report hints at robust future financial performance. Dive into the specifics of Kraken Robotics here with our thorough financial health report.TSXV:PNG Discounted Cash Flow as at May 2026
Next Steps
Delve into our full catalog of 25 Undervalued TSX Stocks Based On Cash Flows here. Have a stake in these businesses? Integrate your holdings into Simply Wall St's portfolio for notifications and detailed stock reports. Enhance your investing ability with the Simply Wall St app and enjoy free access to essential market intelligence spanning every continent.
Curious About Other Options?
Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include TSX:ATH TSX:TF and TSXV:PNG.
This article was originally published by Simply Wall St.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- ATB Capital Downgrades Eldorado Gold Corporation (EGO), Cites Ramp-Up Risk
May 7, 2026
Eldorado Gold Corporation (NYSE:EGO) is one of the top cheap stocks to buy with the biggest upside potential. Eldorado Gold Corporation (NYSE:EGO) was downgraded to Sector Perform from Outperform by ATB Capital on May 4, with the firm bringing the price target on the stock down to C$55 from C$84. It cited the ramp-up risk at both Skouries and McIlvenna Bay this year, telling investors that with the closing of the Foran Mining acquisition in mid-April, the firm is now incorporating the value for McIlvenna Bay and the shares issued into its net asset value.Is Eldorado Gold Corporation (EGO) the Most Undervalued Silver Mining Stock to Buy According to Analysts?
The rating update came after Eldorado Gold Corporation (NYSE:EGO) announced its fiscal Q1 2026 earnings on April 30. It reported gold production of 100,358 ounces, with gold sales of 100,619 ounces at an average realized gold price per ounce sold of $4,891. The company further stated that production costs came up to $188.2 million, while total cash costs were $1,470 per ounce sold, and all-in sustaining costs were $1,942 per ounce sold.
Eldorado Gold Corporation (NYSE:EGO) is involved in the mining, development, and exploration of gold, with its operations divided into the following segments: Turkey, Canada, and Greece.
While we acknowledge the potential of EGO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 15 Stocks That Will Make You Rich in 10 Years AND 12 Best Stocks That Will Always Grow.
Disclosure: None. Follow Insider Monkey on Google News.
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- Analyst Note: Permitted, Funding Secured, And Drilling — Lake Victoria Gold's Imwelo Enters Pre-Construction Workstream
May 7, 2026
Issued on behalf of Lake Victoria Gold Ltd.
Sterilization drilling commences mid-May ahead of construction at the fully-permitted Imwelo Gold Project in Tanzania. Supported by committed and structured financing initiatives through the next development stage. Catalyst calendar tightens through Q3 2026.
VANCOUVER, British Columbia, May 07, 2026 (GLOBE NEWSWIRE) -- CanadaNewsGroup.com News Commentary — Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("LVG" or the "Company") has confirmed the mobilization of reverse circulation ("RC") drill rigs to the Imwelo Gold Project in Tanzania, with a ~21-day sterilization drilling program scheduled to commence mid-May. The program represents a defined pre-construction workstream rather than a discovery-oriented campaign, and is sized to support final infrastructure placement across planned plant and site facilities.[1]
INVESTMENT HIGHLIGHTS
Permitting status: complete. Imwelo is fully permitted for mine construction and production, an attribute that places LVG in a narrowing cohort of development-stage gold names that have cleared the principal regulatory variable.[2]
Funding stack: secured and advancing toward close. In April 2026, LVG closed a binding term sheet for a gold loan facility of up to US$25 million from Monetary Metals — backed by up to 6,000 ounces of gold and repayable in gold rather than cash — alongside a fully committed C$3.8 million convertible debenture financing led by a long-term significant shareholder. The convertible carries a 5.0% annual coupon, converts at $0.30 per share, and includes half-warrants exercisable at $0.40.[3]
Pre-construction drilling underway. The current ~1,050 metre RC sterilization program comprises ~500 metres at the proposed plant area (10 holes to ~50m depth), ~550 metres at the accommodation and stores area (11 holes to ~50m depth), and additional testing of NW and EW trending magnetic anomalies. Program duration is approximately three weeks. Results will inform final site layout, engineering design, and development sequencing.[1]
Process recoveries: up to ~97% . Imwelo metallurgical work has confirmed gold recovery rates of up to ~97% using conventional methods — a critical de-risking input for the projected low-capex open-pit operation.[4]
Resource expansion potential: supported by recent drilling. A completed Area C drill program returned grades including 11.88 g/t gold over 1.33 metres from 169.75m and confirmed mineralization extending beyond the current pit design at depth and laterally. Geotechnical and specific-gravity studies have supported potential consolidation into a single open pit design.[5]
Macro tailwind: structural. World Gold Council projections place 2026 central bank purchases at approximately 850 tonnes, a level consistent with the elevated multi-year purchasing pace.[6] J.P. Morgan Global Research has projected gold pushing toward $5,000 per ounce by Q4 2026.[7] State Street's April 2026 Gold Monitor reports sovereign gold reserves at an all-time high of 2,309 tonnes.[8]
PROJECT FRAMEWORK
Imwelo Gold Project (100% LVG). Located west of AngloGold Ashanti's Geita Gold Mine in Tanzania's Lake Victoria Goldfield. Fully permitted for mine construction and production. Historical resource estimates and a JORC 2021 pre-feasibility study underpin the development thesis. The project is positioned as a near-term development opportunity in a jurisdiction where mining investment climbed to US$9.79 billion in 2024, attracting a substantial share of total foreign capital flowing into the country's key sectors.[9]
Tembo Project (100% LVG). Located adjacent to Barrick's Bulyanhulu Mine, with over 50,000 metres of drilling completed. Recent surface artisanal sampling returned grades up to 35.45 g/t gold.[10] Tanzania's government has formally begun incorporating its statutory 16% free-carried interest in the Tembo mining licences, a required regulatory step that signals project advancement through the country's established framework.[11] LVG is also advancing discussions toward a binding toll-milling agreement with Nyati Resources at Tembo, opening a path to potential early cash flow without heavy upfront capital.[11]
MANAGEMENT COMMENTARY
Marc Cernovitch, President & CEO of Lake Victoria Gold, on the sterilization program:
"Mobilizing drill rigs to site marks another important step as we advance Imwelo toward development and construction. This program is focused on de-risking the project at the infrastructure level, ensuring that key facilities are optimally located ahead of construction. With engineering work progressing in parallel, we continue to move Imwelo forward in a disciplined manner toward near-term production."[1]
CATALYST CALENDAR
Q2 2026: Sterilization drilling completion (May–June). Final detailed site layout and engineering design incorporating drill results.[1]
Q2–Q3 2026: Advancement of final pit design and mine planning, including scheduling and sequencing of initial mining areas. Ongoing geotechnical and engineering work, including slope stability analysis, pit wall design, and near-surface material characterization.[1]
Q2–Q3 2026: Site access and infrastructure development, including roadwork and site preparation. Closing of project financing initiatives associated with the gold loan facility.[1][3]
Pending: Finalization of binding toll-milling agreement with Nyati Resources at Tembo, which would open a path to early cash flow.[11]
OWNERSHIP & ALIGNMENT
Management, directors, and strategic partners collectively own more than 60% of outstanding shares.[12] Strategic equity investors and partners include Barrick Gold and the Taifa Group — Tanzania's largest mining contractor, with over 30 years of in-country experience. Taifa Mining will conduct contract mining and civil works for the Imwelo project.[12]
KEY RISKS
Production decision risk: Imwelo has been the subject of JORC-compliant PEA, PFS, and updated PFS work, but these foreign-code studies are not current under NI 43-101 and the Company has not completed a feasibility study establishing mineral reserves under CIM Definition Standards. Any decision to commence production therefore involves increased uncertainty and a higher risk of economic and technical failure. Additional risks include variations in grade and recovery, geotechnical or metallurgical challenges, cost overruns, financing availability, and operational, regulatory, or permitting risks.[13]
BOTTOM LINE
LVG presents an unusual profile in the development-stage gold space: fully permitted, funded through near-term construction milestones, with drill rigs on site executing a defined pre-construction workstream. The Q2–Q3 2026 catalyst sequence is concentrated and on a clear schedule. The Tembo toll-milling pathway provides optionality on early cash flow. The principal investor consideration is the Production Decision Risk noted above, which is being actively addressed through the engineering, geotechnical, and infrastructure programs disclosed for the months ahead.
NOTE: For a Cautionary Note on Production Decision, please see the Disclaimer below.
Read this and more news for Lake Victoria Gold at: https://usanewsgroup.com/lvg-landing
In other industry developments and happenings in the market include:
Skeena Gold & Silver (TSX: SKE) (NYSE: SKE) on April 10, 2026 completed an offering of US$750 million aggregate principal amount of 8.500% Senior Secured Notes due 2031, in what the Company described as the first pre-revenue mining company in more than a decade to successfully complete a public high-yield notes offering.[14]
The transaction refinanced Skeena's prior project financing package and funded a partial buyback of its existing gold stream. The notes are non-callable for the first two years, with semi-annual interest payments. The refinancing cancelled and replaced an undrawn US$350 million Senior Secured Loan and a US$100 million Cost Overrun Facility, and funded the repurchase of approximately 66.67% of Skeena's existing US$200 million Gold Stream for US$184 million — an action the Company stated would materially improve future operating margins, increase exposure to gold prices, and enhance overall project economics. Skeena's Eskay Creek Gold-Silver Project in B.C.'s Golden Triangle is fully permitted and under construction, with initial production and cash flow targeted for Q2 2027.[14]
Eldorado Gold (NYSE: EGO) (TSX: ELD) reported solid first quarter 2026 financial and operational results on April 30, 2026, with Skouries steadily advancing towards first concentrate production.[15]
Eldorado produced 100,358 ounces of gold in Q1 2026 and sold 100,619 ounces at an average realized price of $4,891 per ounce, generating revenue of $532.4 million. Total cash costs were $1,470 per ounce sold and all-in sustaining costs were $1,942 per ounce. Total capital expenditures were $318.0 million, including $135.6 million of project capital invested at Skouries focused on major earthworks, infrastructure construction, and accelerated operational capital. The Company maintained its 2026 annual production guidance of 490,000 to 590,000 ounces of gold, with production weighted to the second half of the year.[15]
OceanaGold Corporation (TSX: OGC) (NYSE: OGC) on April 1, 2026 announced results from six drill holes at Wharekirauponga in New Zealand, confirming continuity and extension of a newly defined southern high-grade zone with intercepts including 14.9 metres at 16.3 g/t gold, 5.4 metres at 25.8 g/t gold, and 5.5 metres at 24.1 g/t gold.[16]
The newly defined southern high-grade zone currently spans approximately 150 metres of strike, encompasses seven drill holes averaging above 160 gram-metres, and remains open in multiple directions. The new high-grade zone sits outside current Mineral Reserves and is located closer to the planned underground access. Three drill rigs are operating at Wharekirauponga, with the Company expecting to add an additional two drill rigs during the second quarter of 2026 on new drill platforms following permit approval received in December 2025. OceanaGold commenced trading on the New York Stock Exchange under the ticker “OGC” on April 7, 2026, with the OTCQX listing discontinued.[16]
FURTHER READING: https://usanewsgroup.com/lvg-landing
CONTACT:
CANADA NEWS GROUP
info@canadanewsgroup.com
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SOURCES:
Lake Victoria Gold Ltd. — "Lake Victoria Gold Advances Imwelo Toward Construction with Commencement of Site Sterilization Drilling," May 2026.Lake Victoria Gold Ltd. — Imwelo Project corporate page, https://lakevictoriagold.com/our-projects/imwelo-project/Lake Victoria Gold Ltd. — "Lake Victoria Gold Secures up to a US$25 Million Gold Loan from Monetary Metals plus Fully Committed $3.0 Million Convertible Debenture Financing," April 2026.Lake Victoria Gold Ltd. — "Lake Victoria Gold Confirms up to Approximately 97% Gold Recovery and Free Milling Metallurgy at the Imwelo Gold Project."Lake Victoria Gold Ltd. — "Lake Victoria Gold Completes Imwelo Area C Drill Program Confirming Pit Expansion Potential and Advancing Project Toward Near-Term Production," and "Lake Victoria Gold Advances Final Pit Design with Completion of Geotechnical and Specific Gravity Studies at Imwelo."World Gold Council — Goldhub commentary, March 2026.J.P. Morgan Global Research — Commodities outlook, gold prices.State Street Global Advisors — Gold Monitor, April 2026.The Citizen — “Tanzania’s mining sector leads in attracting foreign direct investments,” April 2026, https://www.thecitizen.co.tz/tanzania/news/national/tanzania-s-mining-sector-leads-in-attracting-foreign-direct-investments-5423864Lake Victoria Gold Ltd. — "Lake Victoria Gold Reports High-Grade Artisanal Sampling Results up to 35.45 g/t Au and Advances Development Planning at Tembo."Lake Victoria Gold Ltd. — News releases 2026, https://lakevictoriagold.com/news-releases-2026/Lake Victoria Gold Ltd. — “About” corporate page (shareholder structure and strategic partnerships), https://lakevictoriagold.com/about/Lake Victoria Gold Ltd. — Cautionary Note on Production Decision, as reproduced in the Disclaimer section of this commentary; original disclosure on Company press releases.Skeena Resources Limited — “Skeena Gold & Silver Completes US$750 Million Senior Secured Notes Offering & Optimizes Capital Structure,” GlobeNewswire, April 10, 2026, https://www.globenewswire.com/news-release/2026/04/10/3271785/0/en/Skeena-Gold-Silver-Completes-US-750-Million-Senior-Secured-Notes-Offering-Optimizes-Capital-Structure.htmlEldorado Gold Corporation — “Eldorado Gold Reports Solid First Quarter 2026 Financial and Operational Results; Skouries Steadily Advancing Towards First Concentrate Production,” April 30, 2026, https://www.eldoradogold.com/investors/news-releases/eldorado-gold-reports-solid-first-quarter-2026-financial-and-operationalOceanaGold Corporation — “OceanaGold Confirms Continuity and Extension of Newly Defined Southern High-Grade Zone at Wharekirauponga,” April 1, 2026, https://oceanagold.com/news/oceanagold-confirms-continuity-and-extension-of-newly-defined-southern-high-grade-zone-at-wharekirauponga
DISCLAIMER:
Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Canada News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (MIQ). MIQ has been paid a fee for Lake Victoria Gold Ltd. advertising and digital media. There may also be 3rd parties who may have shares of Lake Victoria Gold Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Lake Victoria Gold Ltd and reserve the right to buy and sell, and will buy and sell shares of Lake Victoria Gold Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, has been approved by Lake Victoria Gold Ltd. Technical information relating to Lake Victoria Gold Ltd. has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a registered member of the South African Council for Natural Scientific Professions (SACNASP) and is a Director of Lake Victoria Gold Ltd., and therefore is not independent of the Company.
Cautionary Note on Production Decision:
Although Imwelo has been the subject of JORC-compliant PEA, PFS and updated PFS work, these foreign-code studies are not current under NI 43-101. The Company has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability and is not treating the JORC-based estimates or analyses as current under CIM Definition Standards. Any decision to commence production is not based on a feasibility study of mineral reserves and therefore involves increased uncertainty and a higher risk of economic and technical failure. There is no certainty that the planned low-capex open-pit operation will be economically viable or that production will occur as anticipated. Risks include, without limitation, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, funding availability, and operational, regulatory, or permitting risks. This is a paid advertisement, we currently own shares of Lake Victoria Gold Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
- 3 TSX Stocks That May Be Priced Below Their Estimated Value In May 2026
May 7, 2026
As the Canadian market navigates a complex landscape of rising energy prices, inflation pressures, and central bank uncertainty, strong corporate profits have emerged as a key stabilizing force. With the TSX experiencing a notable recovery amid these challenges, investors are increasingly focused on identifying stocks that may be undervalued relative to their potential, making it crucial to consider companies with robust earnings growth and strategic investments in areas like artificial intelligence.
Top 10 Undervalued Stocks Based On Cash Flows In Canada
Name Current Price Fair Value (Est) Discount (Est) Topicus.com (TSXV:TOI) CA$90.48 CA$165.56 45.3% Pollard Banknote (TSX:PBL) CA$17.91 CA$31.86 43.8% Montage Gold (TSX:MAU) CA$13.97 CA$23.63 40.9% Kits Eyecare (TSX:KITS) CA$12.38 CA$22.32 44.5% GURU Organic Energy (TSX:GURU) CA$3.79 CA$6.61 42.6% Gildan Activewear (TSX:GIL) CA$83.62 CA$151.19 44.7% EQB (TSX:EQB) CA$119.48 CA$215.53 44.6% Endeavour Mining (TSX:EDV) CA$85.70 CA$149.21 42.6% Eldorado Gold (TSX:ELD) CA$43.13 CA$82.75 47.9% Chemtrade Logistics Income Fund (TSX:CHE.UN) CA$17.64 CA$32.82 46.3%
Click here to see the full list of 24 stocks from our Undervalued TSX Stocks Based On Cash Flows screener.
Let's review some notable picks from our screened stocks.
Eldorado Gold
Overview: Eldorado Gold Corporation, along with its subsidiaries, is involved in the mining, exploration, development, and sale of mineral products mainly in Turkey, Canada, and Greece with a market cap of CA$10.39 billion.
Operations: The company's revenue primarily comes from its mining, exploration, and development activities, totaling $1.99 billion.
Estimated Discount To Fair Value: 47.9%
Eldorado Gold appears significantly undervalued, trading at CA$43.13, well below its estimated future cash flow value of CA$82.75. Despite recent shareholder dilution and insider selling, the company reported strong earnings growth with a net income of US$136.38 million in Q1 2026, up from US$72.4 million a year ago. Forecasts indicate robust annual profit growth of 34.4%, outpacing the Canadian market's average and underscoring potential value based on cash flows.
According our earnings growth report, there's an indication that Eldorado Gold might be ready to expand. Click to explore a detailed breakdown of our findings in Eldorado Gold's balance sheet health report.TSX:ELD Discounted Cash Flow as at May 2026
goeasy
Overview: goeasy Ltd. operates in Canada offering non-prime leasing and lending services through its easyhome, easyfinancial, and LendCare brands, with a market cap of CA$507.95 million.
Operations: The company's revenue is primarily generated from its Easyfinancial segment, contributing CA$1.55 billion, and its Easyhome segment, which adds CA$150.61 million.
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Estimated Discount To Fair Value: 36.1%
Goeasy is trading at CA$32.64, significantly below its estimated future cash flow value of CA$51.11, suggesting potential undervaluation. Despite a volatile share price and recent financial challenges including a net loss of CA$178.37 million in 2025 and dividend suspension, the company's revenue is forecasted to grow by 46% annually, outpacing the Canadian market average. However, concerns remain with high debt levels not well covered by operating cash flow and ongoing legal issues impacting investor sentiment.
Our expertly prepared growth report on goeasy implies its future financial outlook may be stronger than recent results. Delve into the full analysis health report here for a deeper understanding of goeasy.TSX:GSY Discounted Cash Flow as at May 2026
Pollard Banknote
Overview: Pollard Banknote Limited, along with its subsidiaries, manufactures and sells lottery and charitable gaming products and solutions across the United States, Canada, and internationally, with a market cap of CA$487.22 million.
Operations: The company's revenue primarily comes from the Lottery and Gaming Industry, generating CA$596.02 million.
Estimated Discount To Fair Value: 43.8%
Pollard Banknote, trading at CA$17.91, is valued below its estimated future cash flow value of CA$31.86, highlighting potential undervaluation. The company's earnings are forecasted to grow significantly at 34.8% annually, surpassing the Canadian market average growth rate of 10.8%. Recent executive changes include the planned retirement of CFO Rob Rose by year-end 2026 after decades of leadership during substantial company growth. Despite steady revenue growth, challenges remain with modest profit increases and executive transitions underway.
The analysis detailed in our Pollard Banknote growth report hints at robust future financial performance. Click here and access our complete balance sheet health report to understand the dynamics of Pollard Banknote.TSX:PBL Discounted Cash Flow as at May 2026
Where To Now?
Get an in-depth perspective on all 24 Undervalued TSX Stocks Based On Cash Flows by using our screener here. Have you diversified into these companies? Leverage the power of Simply Wall St's portfolio to keep a close eye on market movements affecting your investments. Maximize your investment potential with Simply Wall St, the comprehensive app that offers global market insights for free.
Ready For A Different Approach?
Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include TSX:ELD TSX:GSY and TSX:PBL.
This article was originally published by Simply Wall St.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Eldorado Gold Corporation (EGO): An Oversold Canadian Stock Capitalizing on Higher Gold Prices
May 7, 2026
Eldorado Gold Corporation (NYSE:EGO) is one of the most Oversold Canadian stocks to invest in. On April 30, Eldorado Gold Corporation (NYSE:EGO) delivered impressive first-quarter results, capitalizing on higher gold prices.Eldorado Gold Corporation (EGO): An Oversold Canadian Stock Capitalizing on Higher Gold Prices
Gold bars. Photo by Zlaťáky.cz on Pexels
Gold production in the quarter totaled 100,358 ounces, and the company sold 100,619 ounces at an average realized price of $4,891. Production costs in the quarter totaled $188.2 million, as capital expenditures totaled $318 million. Eldorado Gold Corporation has reiterated its 2026 annual production guidance of 490,000 and 590,000 ounces of gold.
Revenue in the first quarter totaled $532.4 million, resulting in net cash generated from operating activities of $141.4 million. Adjusted net earnings attributable to shareholders totaled $188.2 million or $0.95 earnings per share. During the quarter, the company completed the acquisition of Foran Mining Corporation. With the acquisition, the company has added McIlvenna Bay, a high-quality, long-life asset in a premier mining jurisdiction. The asset provides exposure to high-quality multi-decade Canadian copper, zinc, gold, and silver assets.
Eldorado Gold Corporation is a Canadian-based mid-tier mining company that explores, develops, and operates high-quality gold and base metal (copper, silver, lead, zinc) properties. With over 30 years of experience, it operates mines primarily in Turkey, Canada, and Greece, focusing on producing gold bullion and concentrates.
While we acknowledge the potential of EGO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 10 Best Stocks to Buy in 2026 According to Billionaire George Soros and Top 10 Undervalued REIT Stocks to Buy Now.
Disclosure: None. Follow Insider Monkey on Google News.
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- Mining Companies Recognized for Excellence in Responsible Mining
May 5, 2026
OTTAWA, ON, May 5, 2026 /CNW/ - The Mining Association of Canada's (MAC) Community of Interest Advisory Panel has selected Eldorado Gold and Teck Resources to receive this year's prestigious Towards Sustainable Mining® (TSM) Excellence Awards. The two projects were recognized last night at the CIM Awards Gala in Vancouver.The Mining Association of Canada logo (CNW Group/The Mining Association of Canada)
"The awards selection committee was particularly impressed with the number and quality of submissions this year. We are pleased to recognize this year's winners as they truly exemplify best practice in environmental performance and community engagement." - said Dr. Jocelyn Fraser, Post-Doctoral Fellow at the University of British Columbia's Liu Institute for Global Affairs and TSM awards selection committee member.
"Mining companies recognized by the TSM Excellence Awards represent the leading edge when it comes to exemplary responsible practices and strong commitments to environmental and social performance," said Pierre Gratton, MAC's President and CEO. "Our industry has a particularly important role to play in ensuring the minerals and metals needed for the technologies we rely on are readily available and it is essential that they be mined using the highest standards in the world, like TSM."
A mandatory component of MAC membership, TSM is driving performance improvement across a range of social and environmental issues where it matters most — at the mine site level. This focus on mine site performance makes TSM a go-to system for investors and manufacturers looking to invest in and purchase responsibly mined materials. A national independent Community of Interest Advisory Panel oversees the program, including representatives from Indigenous communities, environmental organizations, labour, finance, local mining communities, social and faith-based organizations and academia.
TSM performance is evaluated across a set of detailed environmental and social performance standards, including tailings management, climate change, water stewardship, Indigenous and community relationships, safety and health, biodiversity conservation, equity, diversity, and inclusion, crisis management and preventing child and forced labour.
"We are proud that TSM, a made-in-Canada standard, is now being implemented by 13 mining associations around the world, making it the most widespread mining standard of its kind," said Gratton. "We applaud the work being done by this year's Excellence Award winners as it showcases the positive results that can be achieved when environmental stewardship and community engagement are prioritized."
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Established in 2014, the TSM Excellence Awards include the TSM Environmental Excellence Award and the TSM Community Engagement Excellence Award. To be eligible for the awards, mining companies must be actively implementing TSM and demonstrate exceptional achievements in environmental and/or community engagement. The Community of Interest Advisory Panel provides guidance and advice on the development and implementation of TSM and selects the winners of the TSM Excellence Awards.
2026 TSM COMMUNITY ENGAGEMENT EXCELLENCE AWARD WINNER – Teck Resources, Quebrada Blanca Mine - Indigenous–Led Conservation: Protecting the Salar de Alconcha Through Partnership, Culture, and Stewardship
The Alconcha Conservation Project is a groundbreaking co–management initiative between Teck Resources and the Indigenous Quechua Community of Ollagüe (CIQO) to create the first Indigenous–led conservation area in Chile, located in the Salar de Alconcha in the Antofagasta Region.
Covering more than 6,000 hectares of high–Andean wetlands, the project safeguards an ecosystem of ecological, cultural, and spiritual importance while revitalizing Indigenous governance and long–term environmental stewardship.
The initiative was co–developed with CIQO to ensure legal certainty, cultural relevance, and permanence. It ensures meaningful Indigenous participation in decisions related to water, biodiversity, and cultural heritage, delivering lasting community benefits and a self–sustaining conservation model.
A core innovation is the transfer of mining and water rights associated with the Salar de Alconcha to the Chilean State, guaranteeing the area's protection in perpetuity. Community members have also been trained and employed as Indigenous park rangers, supporting monitoring, conservation, and local livelihoods.
The project establishes a governance model in which the Indigenous community leads the protection and management of its own territory, with Teck acting as a long–term partner. It is the first conservation area in Chile created on Indigenous land with explicit Indigenous identity, governance authority, and cultural foundation.
Over 30 culturally significant sites are incorporated into the conservation plan. A sustainability–based economic model, including an endowment, secures long–term funding for conservation activities. Twelve Indigenous community members have been trained as park rangers, enhancing monitoring and management.
The Alconcha model is highly replicable, built on principles such as early Indigenous engagement, shared governance, and alignment with cultural values. Future plans include establishing an Indigenous–led 'Alconcha Model Academy' to support replication across other communities and industries.
The project has reshaped the relationship between Teck and CIQO—from consultation to co–leadership—and has received national recognition as a leading example of Indigenous–led conservation.
2026 TSM ENVIRONMENTAL AWARD WINNER – Eldorado Gold - Kışladağ Mine - From Sun to Villages, From Water to Life: Solar-Powered Water Access Transforms Communities
Eldorado Gold's Kışladağ Gold Mine has launched an inspiring sustainability initiative that is already transforming daily life in nearby villages. The project brings clean, reliable, and cost-free energy to local water wells by powering them with solar systems, ensuring steady access to drinking and utility water for more than 1,000 residents across six villages.
Villages including Gümüşkol, Katrancılar, Söğütlü, Küçükilyaslı, Gedikler, and Karacaömerli now rely on solar-powered infrastructure that delivers uninterrupted water supply without the burden of electricity costs. By removing recurring energy expenses for pumping water, the project has eased financial pressures on households and improved long–term water security.
What makes this initiative stand out is its extension of renewable energy beyond mine operations and into surrounding rural infrastructure. Instead of focusing solely on on-site energy use, Kışladağ Gold Mine directed solar investment to where it could meet critical community needs. The result: reduced fossil fuel dependence, zero electricity cost for water pumping, lower carbon emissions, and sustained economic relief for communities.
The project includes 125 kW of installed solar capacity dedicated to powering village water wells—an efficient, scalable configuration that can be replicated easily in other rural or industrial contexts. Its modular nature means similar communities can adopt the model without high capital costs or complex infrastructure upgrades.
A key pillar of the project's success has been active community engagement. Village headmen (muhtars) and local stakeholders helped determine system capacities based on population, subscription numbers, and actual water consumption patterns. This hands-on involvement ensured that each installation met real community needs while fostering a sense of ownership.
By eliminating electricity costs, reducing emissions, and ensuring resilient water access, the solar-powered water initiative delivers a powerful combination of environmental stewardship and social value. It demonstrates how targeted renewable energy investments can uplift communities while advancing broader sustainability goals.
For more information about the TSM Excellence Awards and past winners, please visit www.mining.ca/tsm-excellence-awards.
The mining industry is a major sector of Canada's economy, contributing $117 billion to the national GDP and is responsible for 21 percent of Canada's total domestic exports. Canada's mining sector employs 694,000 people directly and indirectly across the country. The industry is proportionally the largest private sector employer of Indigenous peoples in Canada and a major customer of Indigenous-owned businesses.
About MAC
The Mining Association of Canada is the national organization for the Canadian mining industry. Its members account for most of Canada's production of base and precious metals, uranium, diamonds, metallurgical coal, mined oil sands and industrial minerals and are actively engaged in mineral exploration, mining, smelting, refining and semi-fabrication. Please visit www.mining.ca.TSM Logo (CNW Group/The Mining Association of Canada)Cision
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