TNM names 2024 award winners: Jack and Adam Lundin, Amparo Cornejo, and Ross Beaty
The Northern Miner has named Jack and Adam Lundin as its Persons of the Year for 2024.
Harte Gold’s (TSX: HRT) strategic review process has yet to result in any binding offers being received by the company, though discussions remain ongoing with a number of parties with respect to a potential transaction, the company said.
On Monday, the troubled gold miner amended, for the third time, its forbearance agreement with BNP Paribas, extending the date to which BNP will refrain from enforcing its rights and remedies to November 30, 2021.
Under the forbearance agreement, Harte Gold would continue to carry out a sale and investment solicitation process as part of its strategic review.
However, at the time of Monday’s release, the company said “it does not expect that the strategic review process will result in a transaction which would provide any value for holders of Harte Gold’s equity securities.”
Shares of Harte Gold plunged to an all-time low of C$0.02 share following the news, but recovered by 25% at Tuesday’s market open.
Harte Gold is currently operator of the Sugar Zone mine in Ontario, which entered commercial production in 2019 and is estimated to have mine life of approximately 13 years.
However, due to low production guidance and higher cost estimates, the company said earlier this year it would not generate sufficient cash from operations to fully fund its planned investment activities, including a planned expansion of the mine, and its debt service obligations to BNP.
To preserve liquidity to support the strategic review process, the company said on Monday it would continue to defer the implementation of mitigation measures that were aimed at addressing production issues at Sugar Zone. It has also reduced certain capital expenditures.
Based on the current cash flow forecast, Harte Gold added that it would require additional financing before year-end to continue operations and conclude the strategic review process.
Harte Gold also reported its Q3 financial results on Monday, highlighted by revenue of C$32.2 million from the sale of 14,669 oz of gold and a net loss of C$3.1 million.
At the end of the third quarter, the company had C$11.4 million cash on hand.
