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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news

Equinox Gold Corp. (EQX-T) and Sandstorm Gold Ltd. (SSL-Tannounced the creation of Sandbox Royalties Corp., a new diversified metals royalty company.

Equinox Gold and Sandstorm announced they have each entered into definitive purchase and sale agreements with Rosedale Resources Ltd. Rosedale will acquire a portfolio of royalties from Equinox Gold for US$28.4-million in common shares of Rosedale and from Sandstorm for consideration of US$65-million comprising US$32.1-million in common shares of Rosedale and US$32.9-million in a promissory note convertible into common shares of Rosedale.

“Sandbox will have exposure to a range of resource royalties including gold, silver, copper, zinc, graphite and uranium, immediate cash flow from producing royalties, a strong treasury and significant leverage to strengthening metal prices and resource growth,” the companies stated.

Sandbox will hold a portfolio of 23 metals royalties across a range of assets and jurisdictions, including the existing royalties held by Rosedale, the release states.


Entrée Resources Ltd. (ETF-T) announced that it has started arbitration proceedings to enforce certain provisions of the equity participation and earn-in agreement with Turquoise Hill Resources Ltd.


Ayr Wellness Inc. (AYR.A-CN) reported revenue of $111.2-million up from US$58.4-million a year ago. The expectation was for revenue of US$112.7-million.

Its operating loss was US$21.1-million versus US$8.4-million a year ago. Adjusted EBITDA of US$19.5-million compared to US$18.4-million  a year earlier.


Quisitive Technology Solutions Inc. (QUIS-X) reported first-quarter revenue increased 256 per cent to $44.9-million compared to $12.6-million for the same period last year. The result was ahead of expectations of $41.6-million.

Adjusted EBITDA increased to $6.4-million compared to $1.2-million for the quarter ended March 31, 2021.

Its net loss was $1.5-million versus a loss of $2-million a year ago.


Arianne Phosphate Inc. (DAN-X) reported a net loss of $1.3-million for the first quarter versus a loss of $4.4-million for the same time last year.

“The lower loss in 2022 is explained by borrowing costs that were higher in 2021 due to the conversion in share of the loans that created a loss on conversion and the extension of the credit line as at Q1 2021,” the company stated.

Arianne is a development-stage company and said it didn’t generate revenue or positive cash flow in the first quarter.


CVW CleanTech Inc. (CVW-X) announced a first-quarter net loss of $836,000 or a penny per share. The result compared to a loss of $912,000 or a penny per share a year ago, the company stated.

The company said it remains in the development stage and has not earned any revenue from the sale of products or services associated with its technologies to date.


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