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Cygnus raises $18.3m to accelerate resource growth and mining studies

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Highlights

  • Cygnus has received firm commitments totalling A$18.3m via a share placement to institutional and sophisticated investors
  • The Placement was priced at A$0.086 per share, being an 8.5% discount to the last sale price of A$0.094
  • The Placement was extremely well-supported with strong demand from existing and new investors, particularly North American investors, resulting in applications being scaled back
  • The Placement will be split into two tranches:
    • Tranche 1 – unconditional tranche to raise approximately A$18.2m; and
    • Tranche 2 – A$0.1m tranche to a director, subject to shareholder approval
  • Following a highly successful drilling campaign at the flagship Corner Bay deposit and the identification of high-grade gold/copper at the new Golden Eye prospect, the Company is planning a Resource update next quarter
  • Funds from the Placement will be used for Resource growth, Resource conversion, exploration of multiple prospects, permitting and advancing studies
  • Canaccord Genuity and Euroz Hartleys acted as Joint Lead Managers to the Placement.

Cygnus Managing Director David Southam said   : ‘We have been generating outstanding results at Chibougamau and the proceeds of this raising will enable us to unlock the value much faster.

‘There is clearly immense scope to grow and upgrade the project’s resource on the back of Corner Bay and Golden Eye. Given this potential, we want to move as quickly as possible on the exploration front and advance our study work at the same time.

‘This comes against a backdrop of increased M&A activity in the copper space which demonstrates that finding high-grade copper/gold projects with infrastructure in mining friendly jurisdictions are rare – we just happen to have one of the best’.

Cygnus Metals Limited (ASX:CY5) is pleased to advise that it has received commitments from institutional and sophisticated investors to raise A$18.3 million (before costs) through the issue of 212,790,697 fully paid ordinary shares in the Company (‘Shares’) at an issue price of A$0.086 per Share (‘Placement’). Pro-forma cash at bank at 30 June 2025 is forecast to be approximately A$23.7m (before Placement costs).

Use of funds

Proceeds of the Placement are planned to be used at the Chibougamau Copper-Gold Project to cover exploration, resource growth, resource conversion, permitting and advancing studies from the preliminary economic assessment (‘PEA’) previously completed by Doré Copper Mining Corp. in 2022. Other uses include general working capital and costs associated with the Placement.

Note: Cygnus cautions that the PEA is a preliminary technical, conceptual and economic study undertaken by Doré of the initial evaluation and potential development of the Chibougamau Project. It is at scoping study level only, which is based on a lower level of technical assessment that is not sufficient to support the estimation of Ore Reserves and is inherently uncertain. The production targets and forecast financial information disclosed in the PEA are underpinned by Measured Mineral Resources (approximately 1.17%), Indicated Mineral Resources (approximately 32.10%) and Inferred Mineral Resources (approximately 66.73%). However, Cygnus is not able to disclose the outcomes of the PEA as the significant proportion of Inferred Resources included in the Life of Mine means that pursuant to ASX and ASIC guidance there is not considered to be sufficiently reasonable grounds for the production targets and forecast financial information disclosed in the PEA. Accordingly, Cygnus is not disclosing the production targets and forecast financial information reported in the PEA and cautions investors against making investment decisions based on such targets and forecasts.

Placement

Cygnus will undertake the Placement in two tranches:

  • Tranche 1 of 211,627,907 Shares (‘Tranche 1 Shares’) will be conducted using the Company’s existing capacity under ASX Listing Rules 7.1 (126,025,591) and 7.1A (84,925,316) to raise a total of A$18,200,000 (before costs), with settlement expected to occur on 26 June 2025. The first tranche is not subject to shareholder approval.
  • Tranche 2 of 1,162,790 Shares (‘Tranche 2 Shares’) will be issued to Non-Executive Director Raymond Shorrocks or his nominees, subject to shareholder approval, to raise up to an additional A$100,000 (before costs). The second tranche is conditional and will be subject to shareholder approval at a forthcoming General Meeting expected to be held in August 2025.

The issue price represents a discount of 8.5% to the last closing price of A$0.094 on Tuesday, 17 June 2025 and an 11.1% discount to the 15-day VWAP of A$0.097.

Indicative Timetable*

Event Date
Trading Halt lifted Friday, 20 June 2025
Settlement of Tranche 1 Shares Thursday, 26 June 2025
Issue and application for quotation of Tranche 1 Shares Friday, 27 June 2025
General meeting of Cygnus shareholders to approve issue of Tranche 2 Shares Targeting August 2025
Settlement of Tranche 2 Shares Shortly after receipt of shareholder approval

* The above timetable is indicative only and remains subject to change at Cygnus’ discretion, subject to compliance with the Corporations Act, the ASX Listing Rules and other applicable laws. Cygnus reserves the right to change the timetable, subject to regulatory requirements.

David Southam Ernest Mast Media:
Executive Chair President & Managing Director Paul Armstrong
T: +61 8 6118 1627 T: +1 647 921 0501 Read Corporate
E: info@cygnusmetals.com E: info@cygnusmetals.com T: +61 8 9388 1474

About Cygnus Metals

Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.

News Provided by GlobeNewswire via QuoteMedia

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Brightstar Resources

Investor Insight

With multiple catalysts ahead, including resource upgrades, expanded production, and further development of its Laverton, Menzies, and Sandstone hubs, Brightstar Resources presents a compelling investment case in a rising gold market.

Overview

Gold has continued to demonstrate its resilience as a store of value, with prices peaking at US$3,500.05 per ounce, its all-time high. Amid ongoing global economic uncertainty, including inflationary pressures, rising geopolitical tensions, and volatile interest rate environments, investors have turned to gold as both a safe haven asset and a hedge against macroeconomic instability.

Brightstar Resources (ASX:BTR) is strategically positioned to capitalize on this environment as a low-cost, multi-asset gold developer with near-term production potential. The company controls over 1,500 square kilometers of highly prospective ground across three of Western Australia’s most prolific gold belts: the Laverton Tectonic Zone, the Menzies Shear Zone, and the Sandstone Greenstone Belt.

Unlike many junior exploration companies, Brightstar has a key differentiator: it owns a fully permitted, strategically located processing facility near Laverton. This existing infrastructure offers the company a critical advantage, enabling a low-capex restart scenario and faster time to cash flow compared to peers who must first secure permits and fund costly plant construction. This plant is subject of a DFS due for announcement in June 2025.

Through a focused multi-hub strategy, Brightstar has built a robust pipeline of development-ready and resource-growth projects, supported by:

  • Over 3 million ounces of gold resources across Laverton, Menzies, and Sandstone;
  • Ongoing high-grade drilling success in 2024 and 2025, including intercepts of up to 10m @ 43.8 g/t gold;
  • A track record of low-cost, value-accretive acquisitions, such as Linden Gold Alliance and Alto Metals;
  • A dedicated, in-house technical team executing on aggressive exploration, fast-tracked studies, and staged development.

With global gold demand remaining strong, Brightstar is well-positioned to deliver material shareholder value through its integrated production plan, supported by scalable infrastructure, a growing resource base, and access to capital. The company’s strategic approach includes combining brownfields development, organic exploration, and corporate M&A, placing it at the forefront of a new generation of Australian gold producers.

Company Highlights

  • ASX-listed gold exploration and development company with a consolidated mineral endowment of 3 Moz of gold across Laverton, Menzies, and Sandstone hubs in Western Australia.
  • Owns and operates 100 percent of project areas: 300 sq km in Laverton Tectonic Zone, 80 sq km in Menzies Shear Zone, and 1,200 sq km in Sandstone Greenstone Belt.
  • Gold processing operations at the Laverton facility have commenced under an Ore Purchase Agreement (OPA) with Genesis Minerals Ltd (ASX:GMD), marking a significant milestone in transitioning from exploration to production.
  • Recent drilling campaigns have yielded strong high-grade results, including:
    • 16m @ 8.0 g/t gold at Second Fortune (Laverton)
    • 10m @ 43.8 g/t gold at Musketeer (Sandstone)
    • 16m @ 8.0 g/t gold at Yunndaga (Menzies)
  • Following the successful Linden Gold Alliance acquisition, Brightstar has commenced a DFS for the wider development of its Laverton and Menzies assets which is due for release imminently in June 2025.
  • Ongoing Sandstone drilling continues to return high-grade intercepts, further supporting project advancement and MRE conversion.
  • In 2024, Brightstar signed a $4 million drill-for-equity deal with Topdrill to fast-track exploration at Sandstone.
  • The company has successfully executed a US$11.5 million (AU$18 million) revolving stockpile finance facility with Ocean Partners Australia.

Key Projects

Laverton Hub

Brightstar’s Laverton hub is comprised of the Cork Tree Well, Jasper Hills, Second Fortune, Beta and Alpha project areas.

Highlights:

  • Combined, the Laverton Hub JORC mineral resource estimate is 15.7 Mt @ 1.7 g/t gold for 848 koz (49 percent measured and indicated category). All mineral resources are on granted mining leases
    • Cork Tree Well (6.4 Mt at 1.4 g/t gold for 292 koz gold)
    • Alpha (1.4 Mt at 2.3 g/t gold for 106 koz gold)
    • Beta (1.9 Mt at 1.7 g/t gold for 102 koz gold)
    • Lord Byron (5.2 Mt at 1.5 g/t gold for 251 koz gold)
    • Fish (376 kt at 4.0 g/t gold for 49 koz gold)
    • Second Fortune (92 kt at 13.4 g/t gold for 40 koz gold)
    • Gilt Key (168 kt at 1.3 g/t gold for 8 koz gold)
  • Main project area Cork Tree Well is open at depth and along strike with recent drilling results of 34.4 meters at 7.94 g/t gold from 43.5 meters (CTWMET004) and 27.6 meters at 17.8 g/t gold from 51 m (CTWMET003)
  • Second Fortune has a mineral resource estimate head grade of ~11g/t gold with an average ore body width of 0.6 meters.
  • Jasper Hills is located 50 km from Brightstar’s existing processing facility along a wholly-owned private haul road, allowing unimpeded, direct access to both projects
    • Permitted, previously mined and production-ready
    • Last mined by current owners in 2020 with 23,000 oz gold mined

Menzies Hub

The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to the Goldfields Highway in Menzies (130km north of Kalgoorlie).

Highlights:

  • Total Current Resource: 12.7 Mt at 1.4 g/t gold for 589 koz gold (37 percent measured and indicated)
  • DFS: due for delivery in June 2025, including design and costs for open pit and underground mining for toll processing/ore sales to a regional Kalgoorlie-Menzies mill.
  • Growth Drivers:
    • Lady Shenton Open Pit: Proposed multi-year consistent open pit production to provide cash generation. Targeting approvals received and ‘mine ready’ in 2025
    • Yunndaga Underground: Planned infill drilling targeting conversion of Inferred Mineral Resources to M+I to support inclusion in future mining operations – recent results from this program include 16m @ 8.0 g/t gold
    • Development: Advancing discussions with regional mills for 3rd party processing capacity in the Kalgoorlie-Menzies region, targeting a mining decision.

Sandstone Hub

The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.

Growth Drivers:

  • Sandstone: Upgrade the Lords, Vanguard, Indomitable and Havilah camps to Indicated classification (40,000m RC+DD)
  • Montague: Infill Montague and Whistler to Indicated classification (5,000m RC and 1,200m DD) – RC
  • Greenfields: Follow up drilling of priority prospects across Sandstone Hub (West Hacks, Hancocks, Bulchina, Lords Corridor, Duplex) – recent drilling success includes exceptional intercepts at the Musketeer prospect yielding 10m @ 43.8 g/t gold

Management Team

Alex Rovira – Managing Director

Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.

Richard Crookes – Non-executive Chairman

Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.

Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.

Andrew Rich – Executive Director

Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).

Ashley Fraser – Non-executive Director

Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.

Jonathan Downes – Non-executive Director

Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.

Dean Vallve – Chief Development Officer

Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).

Nicky Martin – Chief Financial Officer

Nicky Martin is an experienced finance and accounting professional holding tertiary qualifications in accounting and finance and is a qualified CPA. Martin was previously the Head of Finance at Pilbara Minerals Ltd (ASX:PLS) where she oversaw and was actively involved in a rapidly growing mining success story.

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Heritage Mining Provides Corporate Update

(TheNewswire)

NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC TheNewswire – June 19, 2025 Heritage Mining Ltd. (CSE: HML FRA:Y66) (‘ Heritage ‘ or the ‘ Company ‘) is pleased to announce that the board has approved the grant of incentive stock options pursuant to its stock option plan (the ‘ Plan ‘) to certain directors, officers, and consultants to purchase up to an aggregate of 2,925,000 common shares in the capital of the company (the ‘ Options ‘). The Options are exercisable at a price of $0.05 per common share and will expire three years from the date of grant. The Options are subject to the terms of the Plan, the applicable Option agreements and the policies of the Canadian Securities Exchange (‘ CSE ‘).

The Company further announces that it has agreed to settle $76,124 of debt owing to certain consultants, service providers and a director and officer of the Company by issuing an aggregate of 1,522,480 common shares (the ‘ Shares ‘) in the capital of the Company at a deemed price of $0.05 per common share (the ‘ Debt Settlement ‘).

‘We greatly appreciate the support settling current debt for equity as we progress our exploration efforts across all projects in our Ontario Project Portfolio. We also have taken an inclusive effort regarding our option program and have recognized and rewarded valued team members of the Company. We look forward to communicating project findings and conclusions once available in the near future.’ Commented Peter Schloo, President, CEO and Director.

The Debt Settlement is subject to the approval of the Canadian Securities Exchange and all Shares issued pursuant to the Debt Settlement will be subject to a statutory hold period of four (4) months and one (1) day from the date of issuance, in accordance with applicable securities laws and the policies of the CSE. The Debt Settlement will not create a new control person.

The Company believes the Debt Settlement is in the best interest of its shareholders to reduce the amount of accrued indebtedness and improve its financial position.

The issuance of a portion of the Shares pursuant to the Debt Settlement constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘ MI 61-101 ‘), as a company controlled by Peter Schloo, a director and officer of the Company, will receive an aggregate of 166,640 Shares. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the Debt Settlement as the fair market value of such related party participation does not exceed 25% of the Company’s market capitalization. The material change report in relation to the related party transactions may not filed more than 21 days before the completion of the Debt Settlement as the Company wished to complete the Debt Settlement as soon as commercially feasible. The disinterested directors of the Company have approved the terms of the Debt Settlement.

ABOUT HERITAGE MINING LTD.

The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.

For further information, please contact:

Heritage Mining Ltd.

Peter Schloo, CPA, CA, CFA

President, CEO and Director

Phone: (905) 505-0918

Email: peter@heritagemining.ca

FORWARD-LOOKING STATEMENTS

This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as ‘seek’, ‘anticipate’, ‘plan’, ‘continue’, ‘estimate’, ‘expect’, ‘forecast’, ‘may’, ‘will’, ‘project’, ‘predict’, ‘potential’, ‘targeting’, ‘intend’, ‘could’, ‘might’, ‘should’, ‘believe’, ‘outlook’ and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company’s estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company’s projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.

This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.

Copyright (c) 2025 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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Critical Metals Secures US$120 Million Loan LOI for Tanbreez Rare Earths Project

Critical Metals (NASDAQ:CRML) got a boost on Monday (June 16), landing a letter of interest (LOI) for a non-dilutive US$120 million funding package from the Export-Import Bank of the US (EXIM).

The funds would be used to advance its Tanbreez rare earths project in Southern Greenland.

Touted as one of the world’s largest rare earths deposits, Tanbreez is expected to produce up to 85,000 metric tons of rare earth material annually, with more than 27 percent classified as heavy rare earth elements.

“This is a tremendous milestone for Critical Metals Corp which highlights to the rare earths supply chain, Western Governments and investors that Tanbreez is a world-class asset that will provide mission-critical rare earth metals to counter China’s continued dominance,” said Critical Metals CEO and Chairman Tony Sage.

The funding would support pre-production, technical studies and early mining activities. EXIM’s financing falls under its new Supply Chain Resiliency Initiative and comes with a 15 year repayment term.

Critical Metals acquired a controlling stake in Tanbreez in June 2024 in a transaction valued at up to US$211 million. It expects the asset to require US$290 million in capital expenditure to advance to initial commercial production.

The US$120 million from EXIM would support key early stage work at Tanbreez, including technical and economic studies, pre-production activities and the start of mining operations.

The company is aiming to complete a definitive feasibility study by late 2025.

Critical Metals also plans to invest an additional US$10 million in exploration this year, giving it the option to increase its ownership in the project to 92.5 percent through the acquisition of a further 50.5 percent stake.

“We are now razor focused to put Tanbreez into production as soon as possible,’ said Sage.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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Mali Court Seizes Control of Barrick Gold Mine Amid Escalating Dispute

A court in Bamako has ordered the temporary transfer of operational control of Barrick Mining’s (TSX:ABX,NYSE:B) Loulo-Gounkoto gold-mining complex to a state-appointed administrator for six months.

The ruling, handed down on Tuesday (June 17) by the Tribunal de Commerce, empowers former health minister and certified accountant Soumana Makadji to run one of Barrick’s most lucrative global assets.

The company has described the move as “unjustified” and “unprecedented.”

According to Judge Issa Aguibou Diallo, the ruling was made under Article 160-1 of the OHADA corporate law framework, which allows a court to appoint a provisional administrator when the regular functioning of a company becomes impossible. The administrator, Makadji, is tasked with reopening the mine site, participating in negotiations with Barrick and reporting to the court on a quarterly basis — though not to the government.

Makadji is seen in Bamako as a technocrat with strong ethical credentials. His appointment is intended to stabilize operations at Loulo-Gounkoto, which Barrick suspended in January 2024 after the Malian government physically removed unsold gold from the mine and froze the company’s ability to export.

Despite the administrative change, Barrick maintains that its subsidiaries remain the legal owners of the mine.

In a statement released on Monday (June 16), the company emphasized that its “ongoing efforts to reach a constructive and sustainable resolution” have been met with escalatory actions by the state.

“While the company has made a number of good-faith concessions in the spirit of partnership, it cannot accept terms that would compromise the legal integrity or long-term viability of the operations,” Barrick said.

Arbitration and legal fallout

Barrick has already launched international arbitration proceedings at the World Bank’s International Center for Settlement of Investment Disputes, as per a May 29 Reuters article.

The company has asked the tribunal to declare that its Malian subsidiaries are protected under longstanding mining conventions, which it argues are not subject to retroactive legislative changes. Mali, however, contends that the convention covering Loulo expired in April 2023, subjecting it to the updated mining code.

The arbitration tribunal has now been formally constituted, and Barrick has filed a request for provisional measures to prevent Mali from further intervening until the dispute is resolved.

A disputed settlement

In February 2024, a tentative settlement appeared close. According to Jeune Afrique, Barrick had agreed in principle to pay 225 billion West African CFA francs (roughly US$396 million) in instalments, recognize the new 2023 mining code and convert Mali’s 20 percent equity stake in Loulo-Gounkoto into “priority shares.”

The government would in turn release the seized gold and free the detained executives.

But the deal collapsed. A Malian negotiator later claimed Barrick had signed the “wrong” agreement and warned the government had “the right to take control of the mines” if the company failed to resume operations.

The ruling junta, led by Colonel Assimi Goïta, has made resource nationalism a hallmark of its post-coup economic strategy. Since coming to power in 2020, the military-led regime has shown a willingness to pressure foreign firms to comply with state priorities, especially in strategic sectors like mining.

The Loulo-Gounkoto dispute is now emblematic of the wider uncertainty surrounding foreign investment in Mali, a country where gold accounts for over 70 percent of export earnings.

Future implications

Loulo-Gounkoto is a cornerstone of Barrick’s global portfolio.

In 2023, the complex produced 723,000 ounces of gold, second only to Barrick’s Carlin mine in Nevada. It boasts remaining reserves of 7.3 million ounces, making it one of the largest high-grade gold systems in the world.

The financial implications of the shutdown are significant. Analysts warned in December that continued disruptions at the site could cut 11 percent from Barrick’s projected 2025 EBITDA.

Morningstar had earlier projected that Loulo-Gounkoto would contribute 250,000 ounces to Barrick’s output this year — an estimate now scrapped from the company’s 2025 guidance.

Further complicating matters, the permit for the Loulo section of the complex is set to expire in February 2025, just weeks after the six month provisional administration period ends. Barrick said it applied for a renewal four months ago, but has received no response from the government. The Gounkoto permit remains valid for another 17 years.

Barrick has said it remains committed to reaching a “mutually acceptable solution” and has appealed the court’s decision. But with no public comment from the Malian government and the provisional administrator now in place, a quick resolution appears unlikely.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Anne Wojcicki to buy back 23andMe and its data for $305 million

Anne Wojcicki, the co-founder and former CEO of 23andMe, has regained control over the embattled genetic testing company after her new nonprofit, TTAM Research Institute, outbid Regeneron Pharmaceuticals, the company announced Friday.

TTAM will acquire substantially all of 23andMe’s assets for $305 million, including its Personal Genome Service and Research Services business lines as well as telehealth subsidiary Lemonaid Health. It’s a big win for Wojcicki, who stepped down from her role as CEO when 23andMe filed for Chapter 11 bankruptcy protection in March.

Last month, Regeneron announced it would purchase most of 23andMe’s assets for $256 million after it came out on top during a bankruptcy auction. But Wojcicki submitted a separate $305 million bid through TTAM and pushed to reopen the auction. TTAM is an acronym for the first letters of 23andMe, according to The Wall Street Journal.

“I am thrilled that TTAM Research Institute will be able to continue the mission of 23andMe to help people access, understand and benefit from the human genome,” Wojcicki said in a statement.

23andMe gained popularity because of its at-home DNA testing kits that gave customers insight into their family histories and genetic profiles. The five-time CNBC Disruptor 50 company went public in 2021 via a merger with a special purpose acquisition company. At its peak, 23andMe was valued at around $6 billion.

The company struggled to generate recurring revenue and stand up viable research and therapeutics businesses after going public, and it has been plagued by privacy concerns since hackers accessed the information of nearly seven million customers in 2023.

TTAM’s acquisition is still subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri.

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Trump made millions on guitars, Bibles and watches with his name on them, disclosure reveals

President Donald Trump continues to enjoy income streams from scores of luxury properties and business ventures, many of which are worth tens of millions of dollars, according to a financial disclosure form filed late Friday.

Released by the Office of Government Ethics, Trump’s 2025 financial disclosure spans 234 pages in all, including 145 pages of stock and bond investments. It is dated Friday with Trump’s signature.

One of the largest sources of income is the $57,355,532 he received from his ownership stake in World Liberty Financial, the cryptocurrency platform launched last year. The form shows that World Liberty’s sales of digital tokens have been highly lucrative for Trump and his family. Trump’s three sons, Donald Jr., Eric and Barron, are listed on the company’s website as co-founders of the firm.

Separately, Trump’s meme coin, known on crypto markets simply as $TRUMP, was not released until January and is therefore not subject to the disclosure requirements for this form, which covered calendar year 2024.

It was a lucrative year for Trump when it came to royalty payments for the various goods that are sold featuring his name and likeness.

Among the royalty payments:

The filing also includes a listing of liabilities, including at least $15,000 on an American Express credit card and payments due to E. Jean Carroll, the woman who successfully sued Trump over sexual abuse and defamation, though he is still seeking to appeal the decision.

The rest of the document includes dozens of pages of lengthy footnotes about his various assets.

The form was filed to comply with federal requirements for executive branch office holders. By comparison, the form former President Joe Biden filed in 2024 was 11 pages and consisted largely of conventional sources of income like bank and retirement accounts, while Kamala Harris’ was 15 pages.

Many of Trump’s key assets are held in a revocable trust overseen by Donald Trump Jr., his eldest son. They include more than 100,000 shares of Trump Media and Technology Group, the social media company that went public in 2024. Trump is the largest shareholder, and his nearly 53% is worth billions of dollars. Those holdings were still disclosed in the form.

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Starbucks moves to the next phase in its turnaround: Winning over employees

As Starbucks aims to bring back customers and assuage investors with its turnaround strategy, it is also winning over its store managers with promises to add more seating inside cafes and promote internally.

Since CEO Brian Niccol’s first week at the company, he’s been pledging to bring the company “back to Starbucks” to lift sluggish sales. That goal was in full view at the company’s Leadership Experience, a three-day event in Las Vegas for more than 14,000 store leaders this week.

Starbucks unveiled a new coffee called the 1971 Roast, a callback to the year that its first location opened at Pike Place in Seattle. The finalists at Starbucks’ first-ever Global Barista Championships referred to “back to Starbucks” as they prepared drinks for judges. Even the Wi-Fi password was “backtostarbucks!”

To investors, Niccol has already presented a multi-part strategy that involves retooling the company’s marketing strategy, improving staffing in cafes, fixing the chain’s mobile app issues and making its locations cozier. The company also laid off roughly 1,100 corporate workers earlier this year, saying it aimed to operate more efficiently and reduce redundancies.

Starbucks shares have climbed nearly 20% since April and are trading just shy of where they were after a nearly 25% spike the day Niccol was announced as CEO.

While Starbucks has taken major steps to win back customers and Wall Street, it’s also trying to regain faith among its employees. Staffers have had concerns about hours and workloads for years, sparking a broad union push across the U.S.

To excite the chain’s store managers, Starbucks executives’ pitch this week focused on giving them more control. Before launching new drinks, like a protein-packed cold foam, the company is first testing them in five stores to gain feedback from baristas.

When the chain increases its staffing this summer, managers will have more input on how many baristas they need. And next year, most North American stores will add an assistant manager to their rosters.

“You are the leaders of Starbucks. Your focus on the customer is critical. Your leadership is critical. And as you return to your coffeehouses, please remember: coffee, community, opportunity, all the good that follows,” Niccol said on Tuesday.

Niccol’s “back to Starbucks” strategy centers on the idea that the company’s culture has faltered. Its Leadership Experience, typically held every couple of years, was the first since 2019 — three CEOs ago.

“We are a business of connection and humanity,” Niccol said on Tuesday afternoon, addressing a crowd of more than 14,000 managers. “Great people make great things happen.”

As more customers order their lattes via the company’s app, its cafes have lost their identity as a “third place” for people to hang out and sip their drinks.

To return to Starbucks’ prior culture, the company is unwinding previous decisions — like removing seats from its cafes. In recent years, the chain has removed 30,000 seats from its locations. Those renovations have irritated both customers and employees; the manager of Niccol’s local Starbucks in Newport Beach, California, even asked him to remove her store from its renovation list because she wanted to keep the seating, according to Niccol.

“We’re going to put those seats back in,” Niccol said, bringing a big wave of applause from the audience.

He earned more applause from the audience when discussing the chain’s plans to promote internally as it eventually adds 10,000 more locations in the U.S.

Although historically roughly 60% of Starbucks store managers have been internal promotions, the company wants to raise that to 90% for its retail leadership roles. Thousands of new cafes means 1,000 more district managers, 100 regional directors and 14 regional vice presidents for the company — and more upward career mobility for its store leaders.

Staffing more broadly has been a concern for Starbucks and its employees, fueling a wave of union elections across hundreds its stores. Past management teams have cut down on the labor allotted to stores, helping profit margins at the cost of burning out baristas and slowing service.

Under Niccol, Starbucks is changing the trend. The company is accelerating plans to roll out its new Green Apron labor model by the end of the summer, because tests have shown that it improves service times and boosts traffic. As part of the model, managers will have more input on how much labor their store needs.

And Chief Partner Officer Sara Kelly received a standing ovation from the crowd for her announcement that most North American locations will receive a full-time, dedicated assistant store manager next year.

“For much of the time, your store is operating without you there, and you share that even when you’re not in the store, you’re not able to fully disconnect, and it can feel like the weight of everything is on your shoulders. … It affects everything, the partner experience, the customer experience, the performance of your store,” Kelly said, addressing the store managers in the audience.

Underscoring the challenges Niccol faces in recapturing the company’s brand, the two speakers who scored the most applause from store managers are no longer actively involved in the company.

Former chairwoman Mellody Hobson scored standing ovations during both her entry and exit onto the arena’s stage. Hobson, wiping tears from her eyes, thanked the Starbucks employees whom she said always made her feel welcome in their stores.

She stepped down from her position earlier this year, ending a roughly two-decade tenure that culminated with her becoming the first African American woman to become the independent chair of a Fortune 500 company. Hobson also serves as co-CEO of Ariel Investments.

Hobson ceded her position as chair of the board to Niccol when he joined the company in September. Niccol credited her with poaching him from Chipotle as Starbucks sought to find a leader who could turn around its flailing business.

“A quick conversation [with Hobson] turned into something really special for me,” Niccol said.

And Hobson’s longtime friend Howard Schultz also earned standing ovations from store managers.

Schultz, the three-time CEO who grew Starbucks from a small chain into a coffee powerhouse, made a surprise appearance at the Leadership Experience on Wednesday morning. It marked the first time that he’s appeared with Niccol publicly since the board tossed out his handpicked successor, Laxman Narasimhan, and selected the then-Chipotle CEO to take the reins.

Starbucks has long been plagued by questions about its succession, given Schultz’s former willingness to return to the helm of the company. But since Niccol’s appointment, industry analysts have thought that he might finally be the CEO who manages to escape Schultz’s lingering influence over the coffee giant.

The ghost of Schultz lingered earlier in the event. Niccol shared a story about being inspired hearing Schultz speak at Yum Brands, Niccol’s then-employer, back in 2008. The 71-year-old chairman emeritus also appeared in video form on Tuesday afternoon to thank Hobson for her service to the company.

During his conversation with Niccol on Wednesday, Schultz co-signed his plan to get “back to Starbucks,” saying that he did a cartwheel in his living room the first time that he heard about it.

He also asked managers to bring that energy back to their own Starbucks locations.

“Be true to the coffee, be true to your partners,” Schultz told the audience. “And I know we’re going to come out of here … like a tidal wave and surprise and delight the world and prove all those cynics wrong again, just as we did in 1987.”

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