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Lights out for Victoria Gold

Victoria Gold (TSX: VGCX) appears to have lost control of the situation at its Eagle Mine following the heap leach incident that occurred at the mine in late June. The company has now reportedly been served by the Yukon government in relation to the matter.

While details are thin at this time, Victoria Gold has said that the Yukon Government is seeking to appoint a receiver over the company and its property under the Courts of Justice Act of Ontario. An application was filed by the Yukon in the Ontario Superior Court of Justice and is returnable on August 14.

You can read more on the matter here.

What’s going on?

• Tables Turn on Shaw Family as Rogers Deal Threatens Their Media Holdings (theDeepDive)

• New drilling technology to put billions of barrels of oil in reach, analysts say (Globe)

• US Oil Production Reaches Record High (theDeepDive)

• World’s largest sovereign wealth fund posts $138 billion in first-half profit as tech stocks soar (CNBC)

• Trump Flew on Epstein’s Plane for Weekend Fundraisers (theDeepDive)

• Hollywood union strikes deal for advertisers to replicate actors' voices with AI (Reuters)

• Patagonia Faces Class Action Lawsuit Over Email Tracking Practices (theDeepDive)

• U.S. Homeland Security further tightens rules for asylum seekers at Canadian border (NP)

• Musk’s xAI launches Grok-2 in race to catch ChatGPT (FT)

• EU Warns Elon Musk’s X Over Trump Interview (theDeepDive)

• Africa CDC declares health emergency over mpox, warns of ‘global threat’ as virus explodes (Globe)

• U.S. Consumer Prices Rise as Expected in July, Inflation Trend Continues to Moderate (theDeepDive)

What’s the latest?

• US Inflation: Year-over-year inflation in the U.S. fell to 2.9% in July, the lowest level in over three years, driven primarily by higher rental and housing costs, which are beginning to ease. This decline in inflation strengthens the possibility of a U.S. Federal Reserve interest rate cut in September, as the central bank looks for continued evidence of slowing price increases before adjusting its rates.

• Postmedia: The Canadian branch of the Communications Workers of America has agreed to minor contractual changes with Postmedia in its bid to acquire the insolvent SaltWire Network, primarily involving the employer name change. Despite concerns about potential job cuts and the winding up of SaltWire’s pension plan, the union emphasized that existing collective agreements will remain in place for those retained by Postmedia, and successor rights will still apply even though the Halifax printing plant was not included in the sale.

• Metro Earnings: Metro Inc. reported a third-quarter profit of $296.2 million, down from $346.7 million the previous year, despite a 3.5% increase in sales. The profit amounted to $1.31 per diluted share, compared to $1.49 per diluted share last year. While food same-store sales grew by 2.4% and pharmacy same-store sales by 5.2%, the company's adjusted earnings per share remained steady at $1.35, the same as the previous year.

• Cybersecurity: AutoCanada Inc. has reported a cybersecurity breach on August 11 that could potentially disrupt its operations as the company investigates the extent of the compromise. This breach comes on the heels of a separate cyberattack against CDK Global in June, which significantly impacted AutoCanada's systems, contributing to a net loss of $33.1 million in the second quarter, compared to earnings of $45.2 million the previous year.

• Immigration: The Canadian government is considering revoking the citizenship of Ahmed Fouad Mostafa Eldidi, who, along with his son, faces charges related to planning a terror attack in Toronto. Immigration Minister Marc Miller expressed his disgust and emphasized the need to thoroughly investigate the timeline and circumstances surrounding Eldidi's citizenship. Miller has ordered a review and is assessing whether the citizenship should be revoked.

Canada's largest nickel mine by 2027

The stock market and stuff

• Franco-Nevada Reports Lower Q2 2024 Earnings, 21% Revenue Decline (theDeepDive)

• M&M's candy maker Mars to buy out Pringles parent Kellanova in $36 bln deal (Reuters)

• TSX, Venture See $6.8 Billion In Mining Investment In First Half Of 2024 (theDeepDive)

• Google’s live demo of Gemini ramps up pressure on Apple as AI reaches smartphone users (CNBC)

In the juniors

• Gold Royalty Reports 300% Revenue Jump, Narrower Net Loss In Q2 2024 (theDeepDive)

• Plurilock Files Patent For Generative AI Tech That Prevents Sensitive Data From Being Leaked (theDeepDive)

• Yukon Government Seeks To Appoint Receiver Over Victoria Gold (theDeepDive)

FULL DISCLOSURE: Cytophage Technologies is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cytophage Technologies. The author has been compensated to cover Cytophage Technologies on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.