Skip to main content
The Globe and Mail
Support Quality Journalism
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); }
Coronavirus information
Coronavirus information
The Zero Canada Project provides resources to help you make the most of staying home.
Visit the hub

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Equinox Gold Corp. (EQX-T) announced it will temporarily suspend mining activities at its Los Filos Mine in Guerrero State, Mexico in compliance with a federal government order requiring the temporary suspension of all non-essential businesses until April 30.

The company has also temporarily suspended operations at its Pilar Mine in Goiás State, Brazil in compliance with state government restrictions. Its RDM Mine in Minas Gerais State, Brazil is recommencing full operations after a previously announced short-term suspension of mining activities in compliance with a municipal restriction.

Story continues below advertisement

The company said its other producing mines continue to operate normally with COVID-19 safety and preventive measures in place, adding that it's "currently unable to determine the potential effects of the COVID-19 pandemic on fiscal 2020 guidance and will provide updates as practical."

The company drew down the remaining $180-million from its $400-million revolving credit facility in March as a proactive measure given the uncertainty of the potential effects of the COVID-19 pandemic on its operations. "There are no current plans to deploy these funds and Equinox Gold remains in a strong financial position with approximately $300-million in cash and cash equivalents," it stated.

**

International Petroleum Corp. (IPC-T) announced plans to reduce its total forecast 2020 expenditures by between US$125-million and US$190-million. IPC said its revised total estimated 2020 capital and decommissioning expenditures account for approximately US$85 million of the total forecast reduction. Its total forecast 2020 operating costs are revised downwards by between US$40-million and US$105-million, “depending on production levels and commodity prices.”

“Following the extraordinary developments in the world since we released our 2020 budget and production guidance and held our 2020 Capital Markets Day in February, IPC is taking decisive action to reset our 2020 expenditure plans in order to maximize the financial flexibility of the corporation," stated CEO Mike Nicholson.

IPC said it has "significant financial and operational flexibility to react swiftly to recent events and to positively prepare the Corporation to navigate through this period of extremely low commodity prices."

The company said it expects to be able to fully fund its revised 2020 expenditure program from cash flows and current borrowing capacity.

Story continues below advertisement

**

Boralex Inc. (BLX-T) announced that four of its projects totalling 70.4 MW have been selected in the latest calls for tenders conducted by the Ministry for the Ecological and Inclusive Transition of France.

"This success confirms that Boralex develops competitive projects, but also points out the vitality of solar power, a sector for which we have ambitious goals in France and in North America," said Nicolas Wolff, vice-president and general manager of Boralex, Europe.

**

Endeavour Silver Corp. (EDR-T) announced that it has started the process of suspending its three mining operations in Mexico until April 30 as mandated by the government, which declared a national health emergency due to the COVID-19 pandemic.

Endeavour said it's retaining essential personnel at each mine site during the suspension period to maintain safety protocols, environmental monitoring, security measures and equipment maintenance.

Story continues below advertisement

“As this health emergency is dynamic and given the ultimate duration of the suspension period is uncertain, management is unable to determine its impact on the company’s 2020 production and costs,” it stated, and has withdrawn its production and cost guidance until further notice.

**

Cineplex Inc. (CGX-T) announced the closure of its network of theatres and location-based entertainment venues across Canada will remain in effect beyond April 2. “The re-opening of locations will be reassessed as further guidance is provided by Canadian public health authorities and applicable government authorities,” the company said.

**

Premier Gold Mines Ltd. (PG-T) announced that it’s in process of taking final steps to place the Mercedes mine in Mexico into care and maintenance “as part of action required in order to help protect the health of our employees, their families and neighbouring communities from the growing threat of the COVID-19 pandemic.”

The company said on-site activity will be "limited to work required to prevent irreversible damage to the mine or the surrounding environment as a result of suspending normal operations. Precautionary measures and controls to help protect the care and maintenance personnel will be taken. These measures will include a requirement for employees on-site to remain at the mine for extended periods to limit the potential for transfer of the virus."

Story continues below advertisement

The company said there are no known or suspected cases of COVID-19 infection among mine personnel.

**

Badger Daylighting Ltd. (BAD-T) said it has been designated an essential service provider and has taken actions to protect the health and safety of its employees, customers and communities where it operates and to minimize the disruption to its business. The company said the effects of the COVID‑19 pandemic and government or customer actions, “although anticipated to be temporary, could materially disrupt Badger’s business operations in the short term.”

Badger said its senior leadership salaries will be reduced by 20 per cent, its CEO's salary will be reduced by 40 per cent, and the board of directors annual cash retainers will be reduced by 40 per cent. It will also curtail production of hydrovac trucks at its Red Deer plant.

"Further cost reduction initiatives include the reduction of staffing levels and minimizing discretionary costs," it stated.

The company is also withdrawing its 2020 financial outlook for adjusted EBITDA and hydrovac builds. “We continue to target doubling the revenue in our U.S. business and growing our adjusted EBITDA by a 15-per-cent compound annual growth rate over the next three to five years.”

Story continues below advertisement

**

MORE TO COME

Report an error Editorial code of conduct
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies