Discovery Silver
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Discovery Announces Transformational Acquisition of Newmont’s Porcupine Complex
January 27, 2025
THE BASE SHELF PROSPECTUS IS ACCESSIBLE, AND THE SHELF PROSPECTUS SUPPLEMENT FOR THE PUBLIC OFFERING AND ANY AMENDMENT TO THE DOCUMENTS WILL BE ACCESSIBLE WITHIN TWO BUSINESS DAYS, THROUGH SEDAR+
Establishes Discovery as a growing Canadian gold producer with large Mineral Resource base in a Tier 1 jurisdiction with significant upside potential
Attractive acquisition with base case NPV of $1.2 billion using analyst consensus gold prices (including a long-term (“LT”) gold price of $2,150 per ounce) and $2.3 billion at a +23% sensitivity case using LT gold price of $2,650 per ounce
Consideration at closing of $275 million, including $200 million of cash and $75 million of equity, with additional $150 million of deferred cash consideration starting in late 2027
Attractive $555 million financing package provides substantial financial strength
Brings to the Porcupine Complex a management team, led by Tony Makuch, with a solid track record for value creation within the industry and significant experience working in the Timmins Camp
Discovery launches C$225 million(approximately $155 million) subscription receipt bought deal public offering as part of the financing package
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https://discoverysilver.com/news/...on-of-newmonts-porcupine-complex/
February 3, 2025
February 3, 2025, Toronto, Ontario - Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) today reported that the Company has closed the bought deal public offering (the “Offering”) of subscription receipts (the “Subscription Receipts”) previously announced on January 27, 2025. Pursuant to the Offering, the Company has issued an aggregate of 275,000,000 Subscription Receipts at an issue price of C$0.90 per Subscription Receipt, for gross proceeds of C$247,500,000, which includes 25,000,000 Subscription Receipts issued pursuant to the exercise, in full, of the over-allotment option granted to the Underwriters (as defined below) in connection with the Offering.
Tony Makuch, Discovery’s CEO commented: “We are extremely pleased with the favourable reaction of the investment community to the Offering, which included the full exercise of the Underwriters' over-allotment option. We regard the strong investor interest as a clear endorsement of our recently announced acquisition (the “Acquisition”) of Newmont Corporation’s Porcupine Complex, located in and near Timmins, Ontario. Through the Acquisition, we will establish Discovery as a new Canadian gold producer with a large Mineral Resource base in a Tier 1 jurisdiction and with significant operational and exploration upside potential. The Acquisition will bring to the Porcupine Complex a management team that has a solid track record for value creation and is highly experienced working in the Timmins Camp. Following the closing of the Acquisition, we will have a diversified portfolio combining high-quality gold production with tremendous upside in Canada and our Cordero project in Mexico, one of the industry’s leading silver development projects based on reserves and expected production. We will also emerge with a strong balance sheet providing the necessary financial capacity to invest in our assets for future growth and success.”
BMO Capital Markets acted as sole bookrunner for the Offering, which was co-led by SCP Resource Finance LP and included a syndicate of underwriters consisting of CIBC World Markets Inc., Cormark Securities Inc., National Bank Financial Inc., Raymond James Ltd. and Ventum Financial Corp. (collectively the “Underwriters”).
Each Subscription Receipt entitles the holder to receive, without payment of additional consideration and without further action, one common share of Discovery upon the satisfaction or waiver of certain release conditions (the “Release Conditions”). For additional details related to the Acquisition and the Offering, please see Discovery’s press release entitled, “Discovery Announces Transformational Acquisition of Newmont’s Porcupine Complex,” issued on January 27, 2025. Closing of the Acquisition is expected during the first half of 2025.
The Subscription Receipts were offered by way of a prospectus supplement dated January 29, 2025 (the “Prospectus Supplement”) to the short form base shelf prospectus dated March 23, 2023 (the “Base Shelf”). The Prospectus Supplement, which provides the full terms related to the Subscription Receipts, was filed with the securities commissions or other similar regulatory authorities in each of the provinces and territories of Canada other than Québec and Nunavut, on January 29, 2025.
The gross proceeds from the sale of the Subscription Receipts, less 50% of the Underwriters’ fee that was payable on closing of the Offering, have been deposited and will be held in escrow by TSX Trust Company, as subscription receipt agent, pending the satisfaction or waiver of the Release Conditions. If the Release Conditions do not occur on or before 5:00 p.m. (Eastern time) on June 30, 2025, the share purchase agreement with respect to the Acquisition is terminated, or Discovery has announced to the public that it does not intend to proceed with the Acquisition, then an amount per Subscription Receipt equal to the full issue price therefor plus a pro rata share of any earned interest on such amount, net of any applicable withholding, will be returned to the holders of the Subscription Receipts.
The Subscription Receipts will commence trading on the Toronto Stock Exchange today under the trading symbol "DSV.R".
https://discoverysilver.com/news/...ffering-of-subscription-receipts/
Discovery to Host Investor Presentation on March 3, 2025
February 28, 2025
February 28, 2025, Toronto, Ontario – Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce that the Company will host an investor presentation and webinar on March 3, 2025 at 10:00 am ET to discuss the transformational acquisition of the Porcupine Complex in and near Timmins, Ontario. The meeting will be hosted by Discovery’s CEO, Tony Makuch, with all members of the Company’s management team also attending.
Mr. Makuch commented: “Through the Porcupine acquisition, we are creating a new North American-focused precious metals company, combining high-quality gold production in Northern Ontario with our Cordero project in Chihuahua State, Mexico, one of the world’s largest silver development projects based on reserves and expected annual production. We are looking forward to meeting with investors next Monday to discuss our recent developments and our plans going forward."
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https://discoverysilver.com/news/...tor-presentation-on-march-3-2025/
https://discoverysilver.com/news/...-special-meeting-of-shareholders/
EN ES
News Release
Discovery Reports Fourth Quarter & Full-Year 2024 Financial Results
March 26, 2025
March 26, 2025, Toronto, Ontario – Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) today announced financial results for the three months (“Q4 2024”) and full-year (“FY 2024”) ended December 31, 2024. All figures are stated in Canadian dollars unless otherwise noted.
Tony Makuch, Discovery’s CEO, commented: “2024 was a transformational year for Discovery as we work towards becoming a highly profitable North American precious metals producer. Through the efforts of our team, today we stand poised to become a diversified gold and silver company, with a portfolio that combines growing gold production in the Timmins Camp, with tremendous upside, with our Cordero project (“Cordero”) in Mexico, one of the industry’s leading silver development projects.
“In February 2024, we issued the Cordero feasibility study (the “Feasibility Study” or “Study”) results, which clearly established Cordero as a future industry leader. The project has a reserve of 302 million ounces of silver, will average 37 Moz of silver equivalent production in the first 12 years and will generate attractive economic returns. Very importantly, Cordero will provide substantial socio-economic benefits to Mexico, including creating thousands of high-quality jobs and providing billions of dollars in investment, local purchasing and tax revenue.
“Since releasing the Study, we have continued to de-risk the project. On that front, a significant milestone was achieved earlier this month, with the acquisition of the final parcel of land required for the development of the mine. The next key achievement for Cordero will be receiving approval of our environmental impact assessment (Manifesto de Impacto Ambiental in Spanish or “MIA”). Given an improved political environment in Mexico, we are increasingly optimistic that Cordero will complete the permitting phase and be advancing towards construction by the end the year.
During the second half of 2024, our focus was largely on evaluating the potential acquisition of Newmont Corporation’s Porcupine Complex, with an agreement being announced on January 27, 2025 (the “Acquisition”). Through the Acquisition, we are transforming Discovery into a new Canadian gold producer with multiple operations, a large base of Mineral Resources and substantial potential for growth. We know the Porcupine Complex well, with many members of our team being from Timmins and having direct experience managing these assets. We will bring to Timmins an overriding focus on value creation and a goal of re-establishing Porcupine as a Tier 1 asset in the global gold space.
“We are holding a special meeting of shareholders on March 27, 2025 to approve the issuance of shares to Newmont as part of the consideration for the Transaction and continue to work towards closing the Acquisition. Upon closing, we will move forward as a growing precious metals company with tremendous upside potential, significant leverage to both gold and silver prices, and a solid track record for achieving excellence in responsible mining. We will also have significantly improved financial strength resulting from a US$575 million financing package, arranged concurrently with the acquisition, including US$450 million of royalty, debt and equity financing from Franco-Nevada Corporation.
“The new Discovery is a company well positioned for success. It is success that will be achieved through an attractive combination of assets, a commitment to making these assets the best they can be, and a focus on investment that generates value for our shareholders and all stakeholder groups.”
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https://discoverysilver.com/news/...full-year-2024-financial-results/
March 27, 2025
March 27, 2025, Toronto, Ontario – Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce that shareholders of Discovery (“Shareholders”) overwhelmingly approved the issuance of shares (the “Share Issuance Resolution”) relating to the previously announced acquisition of Newmont Corporation’s Porcupine Complex (the "Acquisition") at the special meeting (the “Meeting”) of Shareholders held earlier today.
A total of 221,843,126 common shares of Discovery were represented at the Meeting, in person or by proxy, representing approximately 55.40% of the total number of shares issued and outstanding as of the record date for the Meeting.
The Share Issuance Resolution was overwhelmingly approved at the Meeting by 99.85% of the votes cast by Shareholders voting in person or represented by proxy at the Meeting.
To be effective, the Share Issuance Resolution required the affirmative vote of a majority of the votes cast by the Shareholders, present or represented by proxy at the Meeting. Accordingly, the Shareholder approval has been obtained to proceed with the issuance of all consideration shares for the Acquisition as further described in the management information circular of Discovery dated February 24, 2025 (the "Circular").
The Acquisition is expected to close in the first half of 2025, subject to, among other things, the completion of a pre-closing reorganization by affiliates of Newmont Corporation (with the reorganization being subject to certain approvals, including the consent of Ontario's Ministry of Mines), receipt of all required regulatory approvals and the satisfaction or waiver of certain other customary closing conditions.
Additional details of the voting results will be included in a report of voting results to be filed on SEDAR+ (www.sedarplus.ca) under Discovery's issuer profile. Additional details about the Acquisition and the Share Issuance Resolution can be found in the Circular, a copy of which is available on SEDAR+ (www.sedarplus.ca) under Discovery's issuer profile and on the Company’s website at www.discoverysilver.com.
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https://discoverysilver.com/news/...pprove-share-issuance-resolution/
April 16, 2025
Growing gold production in one of the world’s most prolific mining camps
Large Mineral Resource base with substantial exploration upside
A management team with extensive experience working in the Timmins Camp
Increased financial strength following closing of $575 million financing package
April 16, 2025, Toronto, Ontario - Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) today reported the completion of the previously announced acquisition (the “Transaction”) of Newmont Corporation’s (“Newmont”) Porcupine Operations (the “Porcupine Complex” or “Porcupine”) based in and near Timmins, Ontario, Canada. All dollar amounts in this press release are in US dollars unless otherwise specified.
Tony Makuch, Discovery’s CEO, commented: “With the closing of the Porcupine acquisition, Discovery moves forward as a diversified North American precious metals company, combining growing gold production in a highly prolific gold camp in Northern Ontario, Canada, with our Cordero project, one of the world’s largest silver development projects based on reserves and expected production.
“The Porcupine Complex has produced approximately 70 million ounces of gold since 1910. Included in acquired Porcupine assets are:
Hoyle Pond: One of the North America’s highest grade gold mines with over four million ounces produced since 1987 and an excellent track record for replacing reserves;
Borden: A relatively new mine at the centre of a 1,000 km2 land position where there is potential to extend the existing mining zones and where there has been very little exploration outside of the current mining area;
Pamour: An open-pit project that is currently commencing production and has the potential to become much larger through drilling to depth and in multiple directions;
Dome Mine: One of the pillars of Canada’s gold mining history, where there remains a large mineral resource and substantial exploration upside; and,
Dome Mill: A large-scale, central processing facility currently operating below capacity levels and with significant growth potential to accommodate increased production.
“Our recently released technical report (the “Report”) estimated average annual production of over 285,000 ounces of gold for the next 10 years, with total production extending to 2046. We expect to improve on the estimates in the Report by investing in the assets to grow production, extend mine life and lower costs at existing operations. We also have a strong commitment to exploration, with there being multiple attractive drill targets at each asset and significant regional exploration potential.
“Looking ahead, our aim is to re-establish Porcupine as a Tier 1 asset in the global gold industry, one that meets the highest operating standards and achieves excellence in all aspects of responsible mining. Our efforts will be supported by a strong balance sheet, with approximately C$240 million ($170 million) having been added to our cash position through our recent financings. As a management team, we know Porcupine well, have a solid understanding of the opportunities that exist, and are looking forward to getting started.”
As consideration for the Transaction, Discovery has paid an affiliate of Newmont $200 million of cash and issued approximately 119.7 million Discovery common shares, resulting in Newmont owning an approximate 15.0% interest in the Company. In addition, the Company will pay to Newmont $150 million in deferred cash consideration to be paid in four annual payments of $37.5 million commencing on December 31, 2027.
To fund the acquisition and expected capital expenditures and working capital requirements at Porcupine, and for general corporate and working capital purposes, Discovery has completed financings for $575 million (the “Financing Package”). Details of the Financing Package are provided in the press release entitled, “Discovery Announces Transformational Acquisition of Newmont’s Porcupine Complex,” issued on January 27, 2025, which is available at www.discoverysilver.com and under the Company’s profile at SEDAR+ (www.sedarplus.ca).
Exchange of Subscription Receipts
As part of the Financing Package, on February 3, 2025, Discovery completed a "bought deal" public offering (the "Offering") of 275,000,000 subscription receipts (the "Subscription Receipts") for aggregate gross proceeds of C$247.5 million (approximately $175 million) pursuant to a prospectus supplement dated January 29, 2025 to the Company's short form base shelf prospectus dated March 23, 2023.
With the closing of the Transaction, the common shares of Discovery issuable pursuant to the 275,000,000 Subscription Receipts will be automatically issued through the facilitates of CDS Clearing and Depository Services Inc. in accordance with the terms of the Subscription Receipts, as applicable, on a one-for-one basis.
Consistent with established Toronto Stock Exchange ("TSX") guidelines, trading in the Subscription Receipts on the TSX (TSX: DSV.R) will be halted effective prior to the opening of trading on the TSX today (April 16, 2025), and the Subscription Receipts will be delisted as at the close of business today.
Discovery Capital Structure
With the completion of the Transaction, and following the execution of all financing agreements, Discovery capital structure includes 797.5 million common shares outstanding, with existing shareholders prior to the Transaction owning approximately 50.5% of the pro forma shares outstanding, excluding any new common shares acquired by existing shareholders via the Offering.
After receipt of all cash from the Financing Package, Discovery’s cash position has increased approximately C$240 million ($170 million), with a $100 million senior debt facility with Franco-Nevada remaining undrawn.
NEW LOGO
With the closing the Porcupine acquisition, the Company today launched a new logo, with the “DISCOVERY” name in blue and the letter “V” including both gold and silver. The logo highlights Discovery’s position as a growing North American precious metals company providing shareholders with significant exposure to both gold and silver prices.
USE OF PEA ESTIMATES
All operating estimates in this press release related to the Porcupine Complex are taken from the technical report entitled, “Porcupine Complex, Ontario, Canada, Technical Report on Preliminary Economic Assessment” (the “PEA”), filed under the Company’s profile at SEDAR+ (www.sedarplus.ca) on January 28, 2025 and available on Discovery’s website at www.discoverysilver.com. The report includes the results of a preliminary economic assessment which is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves and there is no certainty that the estimates will be realized.
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https://discoverysilver.com/news/...new-canadian-based-gold-producer/
April 25, 2025, Toronto, Ontario - Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce the following management appointments: Pierre Rocque as Chief Operating Officer; Jennifer Wagner as Executive Vice President, Corporate Affairs and Sustainability; Duncan King as Vice President, Canadian Operations; and Eric Kallio as Senior Vice President, Exploration & Growth. The appointments are all effective immediately.
Tony Makuch, Discovery’s CEO, commented: “We are delighted to welcome Pierre, Jennifer, Duncan and Eric to Discovery’s executive team. They are all highly accomplished professionals with a track record of success in the mining industry, who I have had the privilege of knowing and working with for many years. Most recently, they were all part of our team at Kirkland Lake Gold (“KL”), where over a six-year period we more than quadrupled annual gold production to over 1.4 million ounces. All four contributed to the recently completed acquisition of the Porcupine Complex, with Pierre, Duncan and Eric serving as part of the due diligence team, and Jennifer acting as Chair of the special committee of the Board. I am looking forward to working with each of them again and to the important contribution they will make as we continue to advance Porcupine, and Discovery, towards a very successful future.”
Pierre Rocque is a mining engineer, PEO Ontario, with over 35 years of industry experience. Most recently, he was Director of Rocque Engineering Inc. (“REI”) since 2019, serving a broad range of clients, including working with Discovery as it evaluated the Porcupine Complex acquisition. Prior to 2019, Mr. Rocque worked as Vice President of Canadian Operations and Technical Services at KL from 2016 to 2019 and at St. Andrews Goldfields Ltd. (“St. Andrews”) from 2010 to 2014. Mr. Rocque’s extensive experience in Timmins includes serving as Director, Technical Services at Lake Shore Gold Corp. (“LSG”) from 2008 to 2010, acting as Qualified Person for the 2006 NI 43-101 Technical Report for the Porcupine Joint Venture and serving as a Project Engineer at Hoyle Pond from 1998 to 1999.
Jennifer Wagner is a mining executive and corporate securities lawyer with approximately 20 years of industry experience. She has served on Discovery’s Board of Directors since 2021. From 2015 to 2022, Ms. Wagner worked in progressively senior roles at KL, ultimately serving as Executive Vice President, Corporate Affairs and Sustainability, which also included heading KL’s legal affairs function. Prior to 2015, she acted as legal counsel and corporate secretary to various TSX and TSXV-listed mining companies. Ms. Wagner has extensive experience advising companies on a variety of corporate commercial transactions, governance, and compliance matters.
Duncan King is from Timmins and has over 40 years of mining experience, primarily in Northern Ontario. Mr. King worked in Timmins at LSG from 2008 to 2016, first serving as General Superintendent at the Timmins West Mine from 2008 to 2013 and then Mine Manager at the Bell Creek Mine from 2013 to 2016. During the 1990s, Mr. King worked at the Hoyle Pond Mine, where he oversaw the successful completion of the original shaft sinking project and the subsequent connection of underground operations to the Hoyle Pond ramp. During his career, Mr. King has gained extensive knowledge of mine development, production and leadership, with a strong track record of operational efficiency, productivity and safety.
Eric Kallio is a professional geologist, PGEO Ontario, with over 40 years of experience, largely in the Abitibi Greenstone Belt of Northern Ontario. He was raised in Timmins and has previously worked at the Porcupine Complex, including serving as Chief Geologist at Dome Mine for 10 years, from 1987 to 1997, and working at Hoyle Pond while in the role of senior exploration manager for Kinross Gold Corporation from 1997 to 2001. Most recently, Mr. Kallio worked in various roles at Agnico Eagle Mines Limited, including serving as Executive Vice President, Exploration Strategy and Growth from 2022 to 2023. From 2018 to 2022, Mr. Kallio served as Senior Vice President, Exploration at KL and, prior to that assignment, worked as Senior Vice President, Exploration for LSG in Timmins from 2008 to 2016, and for Tahoe Resources Inc. from 2016 to 2018 following that company’s acquisition of LSG.
https://discoverysilver.com/news/...nnounces-management-appointments/
May 5, 2025
May 5, 2025, Toronto, Ontario - Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce that it has filed a final short form base shelf prospectus (the “Shelf Prospectus”) with the securities regulatory authorities in each of the provinces and territories of Canada, following the completion of a regulatory review of the preliminary base shelf prospectus of the Company. The filing replaces the previous base shelf prospectus of the Company dated March 23, 2023.
The Base Shelf Prospectus is a filing that will permit the Company, if it chooses at some future date, to make offerings of common shares, warrants, subscription receipts, units, or a combination thereof (the “Securities”), during the 25-month period that the Shelf Prospectus remains effective, up to a maximum aggregate amount of C$500 million. The Company renewed its base shelf prospectus to maintain financial flexibility in support of financing potential future business developments. Securities may be offered in amounts, at prices and on terms to be determined based on market conditions at the time of sale and set forth in one or more shelf prospectus supplement(s). Detailed information regarding the use of proceeds from a sale of any Securities will be included in an applicable prospectus supplement(s).
This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
A copy of the Shelf Prospectus is available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca, and may also be obtained by contacting the Company directly via email at info@discoverysilver.com.
https://discoverysilver.com/news/...iles-final-base-shelf-prospectus/
May 13, 2025
May 13, 2025, Toronto, Ontario – Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) today announced financial results for the three months (“Q1 2025”) ended March 31, 2025. All figures are stated in Canadian dollars unless otherwise noted.
Tony Makuch, Discovery’s CEO, commented: “Q1 2025 was a breakout quarter for Discovery. On January 27, 2025, we announced the transformational acquisition of the Porcupine Complex (“Porcupine Operations” or “Porcupine”) in and near Timmins, Ontario. Through this acquisition, we have established our company as a new Canadian gold producer with substantial potential for growth in one of the world’s most prolific gold camps. The acquisition provides Discovery with valuable diversification by combining growing gold production in Canada with our Cordero project (“Cordero” or the “Project”) in Mexico, one of the industry’s leading silver development projects.
“The market reaction to the acquisition has been resoundingly positive, with Discovery’s share price tripling during the first quarter and achieving a 250% increase on a year-to-date basis as of May 12, 2025. With the transaction closing on April 15, 2025, our focus now has turned to implementing investment plans to realize the tremendous upside we see at Porcupine, including the substantial exploration potential that exists at all sites and regionally over the 1,400 km2 land position.
“Since the closing, there have already been significant developments. On April 24, 2025, we had our first gold pour, and to date have sold 2,800 ounces of gold for gross proceeds of approximately $13.0 million. We just completed a two-week mill shutdown, that had been previously scheduled for the purpose of replacing equipment in the thickening tanks. We used the occasion to advance plans to enhance mill performance, with multiple additional projects completed, primarily in the crushing, grinding and carbon handling circuits. The mill is now running, we have stockpiles built up and we are resuming gold production and sales.
“With a current pro forma cash position of approximately $250 million, and an undrawn US$100 million senior debt facility, we are well capitalized to move forward with our investment strategy for Porcupine, and to fund our current expenditure plans for 2025 at Cordero. The pro forma cash position reflects the addition US$475 million of cash through recently completed royalty and equity financings, net of US$200 million cash consideration paid for Porcupine at closing, transaction and other related costs and cash collateral required for closure obligation bonding requirements.”
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https://discoverysilver.com/news/...t-quarter-2025-financial-results/
June 16, 2025
June 16, 2025, Toronto, Ontario – Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) today announced the hiring of Amy Hu as Senior Vice President, Legal and Sustainability and Darin Smith as Senior Vice President, Corporate Development. In addition, the Company also announced the following promotions: Forbes Gemmell to the position of Executive Vice President, Business Development & Growth; Mark Utting to the role of Senior Vice President, Investor Relations; and Gord Leavoy to the position of Senior Vice President, Mineral Processing. The appointments are effective immediately.
Tony Makuch, Discovery’s CEO, commented: “The executive appointments announced today are an important step forward in building a strong, highly experienced leadership team to drive growth and value creation at Discovery. We are delighted to welcome Amy and Darin to the Company and are confident they will make a valuable contribution to our future success. They are both highly accomplished professionals with extensive industry experience involving mines in Northern Ontario. The promotions we are announcing are well deserved and reflect both the valuable contribution Forbes, Mark and Gord have made since joining Discovery, as well as their increasing responsibilities following the completion of the Porcupine Complex acquisition on April 15, 2025.”
Amy Hu is a lawyer with more than 15 years of international experience across North and South America, Africa, and Australia. During her career, Ms. Hu has played pivotal roles in guiding public companies through major M&A transactions, crisis response as well as environment, social and governance (“ESG”) issues. Most recently, Ms. Hu served as Deputy General Counsel, Operations Legal Support at Newmont Corporation (“Newmont”), where she led a 70+ person legal team across nine countries. Prior to that, she held various senior legal roles with Goldcorp Inc. between 2013 to 2019 where much of her work focused on assets in Northern Ontario. A recognized expert in corporate law, ESG, and stakeholder engagement, Ms. Hu has negotiated long-term agreements with many Indigenous communities and contributed to sustainable strategies for mining companies.
Darin Smith is a finance professional with more than 20 years of experience in financial analysis and corporate strategy within the mining sector. He joins Discovery from Liberty Gold Corp. where he had served as Senior Vice President, Corporate Development since 2022. Prior to that assignment, Mr. Smith served as Senior Vice President, Corporate Development at Kirkland Lake Gold Ltd. (“Kirkland Lake Gold”) from 2017 to 2022, where he was involved in a number of value-enhancing transactions including the merger of equals with Agnico Eagle Mines Ltd. (“Agnico Eagle”) and the acquisition of Detour Gold Corp.
Forbes Gemmell is promoted to the role of Executive Vice President, Business Development & Growth. Most recently, Mr. Gemmell served as Discovery’s Vice-President, Corporate Development, where he played key roles in advancing the Company’s Cordero silver project, including completing the feasibility study in early 2024, and in the successful acquisition of the Porcupine Complex from Newmont. Prior to joining Discovery in 2020, Mr. Gemmell held a number of senior management positions, including with companies such as Guyana Goldfields Inc. and Lago Dourado Minerals Ltd. Earlier experience included working in the capital markets both on the sell-side, as an equity research analyst covering the precious metals sector with Raymond James Ltd., and on the buy-side, as an equity analyst with Colonial First State.
Mark Utting is promoted to the position of Senior Vice President, Investor Relations. Most recently, he served at Discovery’s Vice President, Investor Relations since June 1, 2024, and was a consultant to the Company prior to that date. Before joining Discovery, key roles in the mining sector included serving as Senior Vice President, Investor Relations at Kirkland Lake Gold from 2017 to 2022, where he was responsible for all aspects of investor relations and corporate communications, including serving as one of two primary spokespersons, and also serving as Chair of the Company's Disclosure Committee. Prior to that assignment, he served as Vice President, Investor Relations for Tahoe Resources Inc. from April 2016 to June 2017 and performed the same role for Lake Shore Gold Corp. (“Lake Shore Gold”) from 2008 to 2016.
Gord Leavoy is promoted to Senior Vice President, Mineral Processing. He was previously Vice-President, Mineral Processing for Discovery, a role he assumed in June 2023. Over his 40-year career, Mr. Leavoy has gained extensive experience in processing plant operations, plant maintenance, plant design and construction and mine tailings dam construction and operation. Prior to joining Discovery, he was Vice President, Mineral Processing and Accountable Executive Officer for tailings at Kirkland Lake Gold. Earlier positions included a variety of roles with companies such as Falconbridge Ltd., Kinross Gold Corp., Placer Dome Inc., Goldcorp Inc., Lake Shore Gold, Kirkland Lake Gold and Agnico Eagle.
https://discoverysilver.com/news/...ounces-management-appointments-1/