Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Westport Fuel Systems Inc. (WPRT-T; WPRT-Q) announced it has been awarded a program to develop and supply liquefied petroleum gas (LPG) systems for a number of vehicle applications for a global original equipment manufacturer (OEM). The deal is forecasted to provide €38 million in revenue through the end of 2025, with production expected to begin in the fourth quarter of 2023, the company stated.
**
Mountain Province Diamonds Inc. (MPVD-T) said it sold 586,763 carats in the second quarter, a 16-per-cent increase relative to the first quarter. It said total proceeds of US$76-million represented the second-highest quarterly revenue in the company’s history and a 14-per-cent increase relative to the first quarter.
The company also provided updated full-year 2022 production guidance which it said “reflects a slower-than-planned ramp-up following COVID-19 and process facility-related difficulties in the first quarter.”
**
MDA Ltd. (MDA-T) announced it has been awarded a contract from York Space Systems to design and build Ka-Band steerable antennas for satellites to be produced by York Space Systems. The contract was added to MDA’s backlog in the second quarter of fiscal 2022, with the work expected to be completed over the next 24 months.
“This contract represents another opportunity to demonstrate MDA’s best-in-class satellite design and manufacturing capabilities for a U.S.-based prime contractor,” stated Mike Greenley, CEO of MDA.
MDA technology has been integrated into more than 350 satellite missions to date, the company stated.
**
Alithya Group Inc. (ALYA-Q; ALYA-T) announced it has signed a contract, expected to generate about US$10-million in revenues over 2.5 years, to accompany an existing Oracle client through its digital transformation processes.
“This agreement seals the deal on one of the largest contracts ever awarded to the Alithya Oracle Practice,” stated Mike Feldman, senior vice-president, Oracle Practice at Alithya.
**
Hamilton Thorne Ltd. (HTL-X) announced the appointment of Francesco Fragasso as chief financial officer, effective on or about Sept. 1, upon the retirement of existing CFO Michael Bruns.
Mr. Fragasso currently serves as the CFO of Fluence Corp. (FLC-A), a provider of water and wastewater treatment solutions.
**
Pure Gold Mining Inc. (PGM-X) announced that it’s launching a strategic review process “with the objective of maximizing shareholder value and the value of its PureGold mine in Ontario.”
The company also said it’s postponing until August a guidance update that had previously been scheduled for last month. It said the delay is to better forecast the mine’s near-term production.
Pure Gold also announced the finalization of several agreements with its lending partner, a fund managed by Sprott Resource Lending Corp., including a new debt repayment schedule to boost its liquidity and provide financial flexibility.
**
Step Energy Services Ltd. (STEP-T) said it has an agreement with a syndicate of Canadian banks to amend and extend its credit agreement. The principal terms include a $215-million revolving facility, a $15-million operating facility, a US$15-million operating facility and a three-year term with a maturity date of July 12, 2025.
**
Anglo Pacific (APY-T) said on Tuesday it would buy a portfolio of royalties with copper and nickel projects from diversified miner South32 Ltd. for up to US$200-million.
“We believe this is an attractive copper and nickel entry point with substantial commodity price upside potential, all the while meeting our disciplined approach to acquisitions and robust sustainability criteria,” CEO of Anglo Pacific Marc Bishop Lafleche said.
The British company values South32′s portfolios at about US$185-million with further contingent consideration of up to US$15-million.
After completion of the transaction, South32 will hold about 16.9-per-cent stake in the London-listed company, Mr. Lafleche added.
**
Dye & Durham Ltd. (DND-T) is weighing walking away from pursuing Australian data-services company Link Administration Holdings Ltd., Bloomberg reported on Tuesday, citing people familiar with the matter.
“The Toronto-based firm may not table a new offer for the Australian pension fund management platform after its revised bids were rejected, according to the people, who asked not to be identified as the matter remained confidential,” the report states.
**
New Gold Inc. (NGD-T; NGD-A) cut its production forecast for this fiscal year and said expenses increased. It says operations at its Rainy River Mine were negatively impacted by heavy rainfall and flooding around the Fort Frances area in northwestern Ontario in the second quarter. It also said tonnes mined at its New Afton mine were lower than expected.
Due to the revisions at both Rainy River and New Afton, the company said consolidated gold equivalent production for 2022 is now expected to be between 325,000 and 365,000 ounces (previously 380,000 to 440,000 ounces). It also said all-in sustaining costs will come in between US$1,875 to US$1,975 per gold equivalent ounce (previously US$1,470 to US$1,570).
With files from Reuters