Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Magellan Aerospace Corp. (MAL-T) says it has signed a five-year agreement with an undisclosed commercial aero-engine customer to manufacture magnesium and aluminum castings and finished, machined engine shafts for gas turbine engines.
The new agreement is expected to generate approximately $53-million in revenue for Magellan through 2023, the company said.
“This new long-term agreement is with an established Magellan customer and provides the framework for a new level of strategic alignment; in addition to legacy casting programs for current engine platforms, the agreement also encompasses the production of shafts at Magellan Aerospace, Haverhill, Inc. to support additional commercial engine programs,” the company stated.
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Sherritt International Corp. (S-T) reported first-quarter revenue of $39.4-million down from $72.4-million for the same quarter a year earlier. Combined revenue was $146.9-million versus $228-million a year earlier, the company said.
Its net loss was $600,000 or nil per share versus a loss of $72.6-million or 25 cents per share a year ago. Adjusted EBITDA came in at $36.4-million, which was below analysts’ expectations of $47.5-million and down from $37.2-million a year earlier.
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Capstone Mining Corp. (CS-T) reported net income from continuing operations attributable to shareholders of US$10.5-million or 3 cents per share for the first quarter ended March 31, which was in line with expectations. That compared to a loss of US$13.3-million or 3 cents a year earlier. The net income was attributable to higher realized copper prices of US$2.98 per pound compared to US$2.73 per pound in 2017, the company said. Revenue was US$103.7-million up from US$97.9-million a year earlier. Analysts were expecting revenue of US$128.2-million.
The company also updated its 2018 guidance “to reflect the decision to mine the San Rafael Zinc Zone, which is expected to significantly increase our by-product revenue at [the] Cozamin [mine].”
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Barkerville Gold Mines Ltd. (BGM-X) says it has an agreement to buy 12 mineral claims covering an area of 5,300 hectares in the Cariboo Gold District in B.C. It has agreed to pay $300,000 in cash and to issue 3 million common shares.
“The acquisition of these claims is in line with Barkerville’s current strategy to acquire neighbouring claims of geological importance,” the company said.
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Canfor Pulp Products Inc. (CFX-T) reported first-quarter sales of $359.7-million which beat expectations of $348-million and is up from $309.2-million a year earlier.
Net income was $64.3-million or 99 cents per share versus $24.1-million or 36 cents a year earlier. Analysts were expecting earnings of 86 cents in the most recent quarter.
“Notwithstanding the various disruptions caused by severe weather conditions in January and February, we had a solid operating performance in the quarter that enabled us to capitalize on the current favourable pulp market conditions and deliver new record-high sales, operating income and net income,” stated CEO Don Kayne in a release.
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Nevada Copper Corp. (NCU-T) named Matthew Gili as president and CEO effective May 1.
Mr. Gili has over 20 years of experience in the mining industry, having served in a variety of senior executive roles at Barrick and Rio Tinto, the company said. Most recently, he was chief technical officer and senior vice president, operations projects at Barrick.
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Leucrotta Exploration (LXE-X) reported fourth-quarter sales of $9.6-million, which beat expectations of $8.2-million and is up from $2.3-million for the same time a year earlier.
Its net loss was $5.1-million or 3 cents per share versus a loss of $1.7-million or a penny per share last year. Analysts were expecting zero cents per share in the most recent quarter.
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