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Hecla Announces Update on Casa Berardi Mine

COEUR D’ALENE, Idaho–(BUSINESS WIRE)–
Hecla Mining Company (NYSE:HL) announced the suspension of operations at the Casa Berardi mine again due to the forest fires in the Abitibi and Eeyou-Istchee region of the James Bay area. This suspension follows the directives of Quebec’s Ministry of Natural Resources and Forests to close certain forest lands and access roads.

All mine personnel are safe, and the infrastructure has not been impacted. Operations at Casa Berardi were suspended earlier in the month due to forest fires, with the mine re-starting operations on June 15^th. The Company is complying with the directives of the Ministry and is in close contact with the authorities.

ABOUT HECLA

Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns several exploration and pre-development projects in world-class silver and gold mining districts throughout North America.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230620272459/en/

Anvita M. Patil, Vice President – Investor Relations and Treasurer

Cheryl Turner, Communications Coordinator

800-HECLA91 (800-432-5291)

Investor Relations

Email: [email protected]

Website: www.hecla.com

KEYWORDS: Idaho United States North America Canada

INDUSTRY KEYWORDS: Mining/Minerals Natural Resources

MEDIA:

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SSR Mining Announces Positive Exploration Results at Copper Hill

Recent Drilling Includes 1.4% Cu Over 140 Meters and 2.2% Cu Over 32 Meters

Mineralization Defined From Surface and Approaching One Kilometer of Strike

DENVER–(BUSINESS WIRE)–
SSR Mining Inc. (NASDAQ/TSX: SSRM, ASX: SSR) (“SSR Mining” or the “Company”) is pleased to announce results from 42 diamond drill holes completed at the Copper Hill property (“Copper Hill” or “the Property”), for the period from June, 2022 to October, 2022. Copper Hill is located approximately 30 kilometers southwest of the town of Kürtün in the Black Sea region of northeast Türkiye, and is approximately 260 kilometers from SSR Mining’s Hod Maden project (see Figure 1). Exploration at Copper Hill to date has focused on defining the initial footprint of copper mineralization through diamond drilling. Reflecting the Property’s growth potential, SSR Mining increased its ownership in the Copper Hill joint venture to 70% at the end of 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230619759661/en/

At present, copper mineralization has been defined along nearly one kilometer of strike to a depth of approximately 250 meters below surface (see Figure 2). Currently, the mineralization exhibits low levels of other metals (less than 0.03% lead and zinc) and arsenic (averaging below 8ppm), suggesting potential for a clean copper concentrate attractive to smelting companies. Results to date also showcase mineralization starting from surface over broad intercepts that suggest potential for an open pit operation in the future. Exploration activity is planned to restart in September, 2023, targeting potential extensions of the currently defined mineralization as well as identifying and testing new targets on the property.

Copper Hill drilling highlights include (see Figures 2 through 5 and Table 1):

• CH002: 1.1% Cu over 37.0 meters from surface
• CH012: 1.4% Cu over 139.7 meters from 134.4 meters
  • Including: 1.6% Cu over 33.9 meters from 204.2 meters and 3.5% Cu over 21.3 meters from 246.4 meters
• CH020: 2.2% Cu over 31.9 meters from 282.5 meters
• CH038: 1.4% Cu over 44.7 meters from 7.6 meters
  • Including: 2.4% Cu over 18.6 meters from 22.0 meters

Table 1: Significant copper intercepts from 2022 drilling at Copper Hill

Hole ID	From	To	Interval	Cu
	(m)	(m)	(m)	(%)
CH002	0.0	37.0	37.0	1.1
Including	7.4	35.0	27.6	1.3
CH003	166.7	181.3	14.6	2.2
Including	166.7	179.7	13.0	2.4
CH005	135.5	190.5	55.0	0.7
CH012	134.4	274.1	139.7	1.4
Including	204.2	238.1	33.9	1.6
Including	246.4	267.7	21.3	3.5
CH016	109.7	140.0	30.3	1.5
Including	109.7	133.6	23.9	1.7
CH020	282.5	314.4	31.9	2.2
Including	292.5	314.4	21.9	2.9
CH028	159.8	192.1	32.3	1.0
CH030	121.0	159.5	38.5	1.1
Including	130.7	148.1	17.4	2.0
CH038	7.6	52.3	44.7	1.4
Including	22.0	40.6	18.6	2.4
	110.4	162.1	51.7	1.0
Including	112.4	145.3	32.9	1.5

Significant intervals are reported at a nominal 0.2% copper cut-off and with a maximum 5 meters of contiguous dilution. All thicknesses are down hole length, and true widths are not known at this stage.

See Table 2 for additional details on the intercepts listed in this table.

Overview of the Copper Hill Property

Copper Hill is 70% owned and operated by SSR Mining and 30% owned by joint venture partner Lidya Mines (the “Joint Venture”). Copper Hill sits within a package of exploration leases known as Kazıkbeli and all leases are unencumbered by any existing royalties.

The Lidya Mines exploration team discovered Copper Hill and undertook the preliminary exploration activities on behalf of the Joint Venture. Exploration activities were initiated in 2009, consisting of surface sampling (rock and soil sampling) and ground magnetics. In April 2020, results were released for the initial eight diamond drill holes, totaling 3,181 meters, completed on the Property. To date, 77 diamond drill holes, totaling 24,600 meters, have been completed. The northwest-southeast trending mineralized zone has been identified over a strike length of more than 900 meters with a minimum width of 300 meters and starting at surface to a currently defined depth extent of at least 250 meters.

In addition to forthcoming drilling plans, the exploration team is planning geophysical surveys at Copper Hill for the 2023 field season, which aims to advance the continued definition of the potential overall extent of mineralization at the Property. SSR Mining is also planning additional regional exploration activity to identify and test copper skarn and porphyry targets across the greater Kazıkbeli land package.

Overview of Mineralization Style

Copper Hill is a skarn-type copper prospect associated with a late Cretaceous volcano-plutonic complex consisting of a volcano-sedimentary sequence intruded by three intrusive phases. The intrusive phases include an east-west trending elongate granite porphyry at the center of the current project area, along with a granodiorite to the south and a feldspar porphyry to the southwest and northeast. Calcic exoskarn mineralization is west-northwest to east-southeast trending and currently defined over a strike length of more than 900 meters, a width of 300 meters and to a depth of at least 250 meters. The skarn mineralization resulted from the emplacement of a quartz feldspar porphyry into the volcano-sedimentary sequence and decreases in thickness away from the intrusive contact. Copper mineralization is almost entirely sulfide, with oxide zones typically very narrow and constrained close to surface or immediately adjacent to significant faults. Four sets of high angle faults are found within the target area, generated during a major compression post-dating the skarns and copper mineralization at Copper Hill.

Currently, the mineralization at Copper Hill is considered “clean” as it exhibits low levels of other metals (less than 0.03% lead and zinc) and arsenic (averaging below 8ppm), suggesting potential for a clean copper concentrate attractive to smelting companies. This is atypical for skarn-type deposits and should bode well for future economic studies on the Property.

Technical Procedural Information Sampling and Analytical Procedures

The diamond drill cores were sampled as half core at 1.0 meter intervals as an average or with variable core length not smaller than 0.6 meters depending on the alterations and geological contacts. One half was sent to the assay lab and the other half was retained as witness core. The samples were submitted to ALS Global laboratories in Izmir, Türkiye for sample preparation and analysis which is an ISO/IEC 7025:2005 certified and accredited laboratory. Bureau Veritas (Acme) laboratory, in Ankara, Türkiye was used for umpire check sample analysis. The samples were analyzed for a full element suite Four Acid Digestion with ICP-AES Finish; ME-ICP61 (33 element four acid-ICP-AES). For copper assays greater than or equal to 10%, aqua regia digestion with Four Acid Overlimit Method was used; ME-OG62 (Ore Grade Elements – Four Acid- ICP-AES).

The total batch of 16,141 samples include 5.64% certified reference materials (“CRMs”), 5.12% blank and 9.66% duplicates for a quality control insertion rate of not less than 20.43% of the total samples. SSR Mining conducts routine QA/QC analysis on all assay results, including the systematic insertion of CRMs, blanks, field duplicates, and umpire laboratory check assays. The certified reference materials were commercial standards from the Ore Research Ltd. There were no adverse material results detected and the QA/QC indicates the information collected is acceptable, and the database can be used for further studies.

SSR Mining’s drill and geochemical samples were collected in accordance with accepted industry standards. SSR Mining conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, field duplicates and umpire laboratory check assays.

External review of data and processes relating to the prospect was completed by independent Consultant Dr. Erdem Yetkin, P.Geo. in December 2022.

Qualified Persons

The exploration results disclosed in this document were prepared under the supervision of and approved by Rex Brommecker, P.Geo and Registered Member of the Professional Geoscientists of Ontario and Senior Vice President, Exploration at SSR Mining. Rex Brommecker has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and is a qualified person for purposes of Subpart 1300 of Regulation S-K (“S-K 1300”) and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

External review of data and processes relating to the Copper Hill was completed in December 2022 by independent consultant Dr. Erdem Yetkin, P.Geo. a qualified person as defined by SK-1300 and NI 43-101. There were no adverse material results detected and Dr. Yetkin is of the opinion that the QA/QC indicates the information collected is acceptable, and the database can be used for announcing the exploration results.

About SSR Mining

SSR Mining Inc. is a leading, free cash flow focused gold company with four producing operations located in the USA, Türkiye, Canada, and Argentina, combined with a global pipeline of high-quality development and exploration assets. Over the last three years, the four operating assets combined have produced, on average, more than 700,000 gold-equivalent ounces annually. SSR Mining is listed under the ticker symbol SSRM on the NASDAQ and the TSX, and SSR on the ASX.

Cautionary Note Regarding Forward-Looking Information

Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may be contained in this document and our other public filings. Forward-looking information relates to statements concerning our outlook and anticipated events or results and, in some cases, can be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts.

Forward-looking information and statements in this news release are based on certain key expectations and assumptions made by us. Although we believe that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because we can give no assurance that they will prove to be correct. Forward-looking information and statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include, but are not limited to: local and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; developments with respect to the COVID-19 pandemic, including the duration, severity and scope of the pandemic and potential impacts on mining operations; and other risk factors detailed from time to time in our reports filed with the Securities and Exchange Commission on EDGAR and the Canadian securities regulatory authorities on SEDAR.

Forward-looking information and statements in this news release include any statements concerning, among other things: preliminary exploration and extent of potential mineralization in this document; production, operating, cost, and capital expenditure guidance; our operational and development targets and catalysts; forecasts and outlook, including related to production guidance and exploration activities; the results of any gold reconciliations; the ability to discover additional copper ore; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; Mineral Resources, Mineral Reserves, conversion of Mineral Resources, realization of Mineral Reserves, and the existence or realization of Mineral Resource estimates; the development approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.

Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other of our filings on EDGAR and SEDAR, and include: the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at our operations; commodity prices; the ultimate determination of and realization of Mineral Reserves; existence or realization of Mineral Resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; lack of social opposition to our mines or facilities; lack of legal challenges with respect to our properties; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

The above list is not exhaustive of the factors that may affect any of the Company’s forward-looking information. You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in our filings on our website at www.ssrmining.com, on SEDAR at www.sedar.com, on EDGAR at www.sec.gov and on the ASX at www.asx.com.au and other unforeseen events or circumstances. Other than as required by law, we do not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future events. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

Qualified Persons

The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified person” under S-K 1300. For details on the “qualified persons” approving such information, a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources for SSR Mining Inc.’s material properties included in this news release, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov.

Table 2: All drill holes completed at Copper Hill between June 2022 and November 2022.

Hole ID	From	To	Interval	Cu	Oxidation State	Comments
	(m)	(m)	(m)	(%)
CH001	92.9	99.2	6.3	0.6	Sulfide
Including	92.9	93.9	1.0	2.3	Sulfide
CH002	0.0	37.0	37.0	1.1	Sulfide	(1)
Including	7.4	35.0	27.6	1.3	Sulfide
	163.1	180.0	16.9	0.5	Sulfide
Including	171.4	172.5	1.1	1.3	Sulfide
Including	178.0	180.0	2.0	1.8	Sulfide
CH003	74.8	97.0	22.2	0.7	Sulfide
Including	82.3	87.0	4.7	2.0	Sulfide
	166.7	181.3	14.6	2.2	Sulfide
Including	166.7	179.7	13.0	2.4	Sulfide
CH004	161.3	166.8	5.5	0.5	Sulfide
Including	165.8	166.8	1.0	1.4	Sulfide
	185.3	211.3	26.0	0.7	Sulfide	(1)
Including	200.0	208.7	8.7	1.3	Sulfide
CH005	135.5	190.5	55.0	0.7	Sulfide	(2)
Including	141.9	157.7	15.8	1.5	Sulfide
Including	165.0	167.0	2.0	1.4	Sulfide
CH006	160.6	184.3	23.7	0.4	Sulfide
Including	160.6	163.6	3.0	1.5	Sulfide
CH007	151.3	159.8	8.5	0.9	Sulfide
Including	152.9	156.6	3.7	1.6	Sulfide
	188.0	194.9	6.9	0.4	Sulfide
Including	188.0	189.0	1.0	1.4	Sulfide
	223.8	259.4	35.6	0.6	Sulfide	(1)
Including	230.4	231.4	1.0	1.4	Sulfide
Including	233.2	234.5	1.3	1.1	Sulfide
Including	252.6	258.4	5.8	1.8	Sulfide
CH008	N.S.I
CH009	97.2	104.7	7.5	0.5	Sulfide
	121.6	132.9	11.3	0.3	Sulfide	(1)
	143.6	158.1	14.5	0.5	Sulfide
Including	151.8	152.8	1.0	2.6	Sulfide
	214.9	231.1	16.2	0.2	Sulfide
CH010	N.S.I
CH011	N.S.I
CH012	10.0	34.8	24.8	0.4	Sulfide	(4)
Including	33.8	34.8	1.0	1.5	Sulfide
	53.0	60.5	7.5	1.9	Sulfide
Including	53.6	60.5	6.9	1.9	Sulfide
	121.8	127.8	6.0	0.6	Sulfide
Including	121.8	122.8	1.0	1.1	Sulfide
Including	125.8	126.8	1.0	1.8	Sulfide
	134.4	274.1	139.7	1.4	Sulfide	(3)
Including	135.4	139.4	4.0	1.7	Sulfide
Including	168.7	184.7	16.0	1.7	Sulfide
Including	204.2	238.1	33.9	1.6	Sulfide
Including	246.4	267.7	21.3	3.5	Mixed
CH013	N.S.I
CH014	134.0	152.7	18.7	0.5	Mixed
Including	135.0	136.0	1.0	1.3	Sulfide	(1)
Including	140.2	141.2	1.0	1.6	Mixed
	197.2	204.7	7.5	2.1	Mixed
Including	198.5	204.7	6.2	2.5	Mixed
	219.0	229.8	10.8	0.6	Sulfide	(1)
Including	221.9	223.9	2.0	1.4	Sulfide
CH015	N.S.I
CH016	0.0	11.8	11.8	0.3	Mixed
	109.7	140.0	30.3	1.5	Sulfide
Including	109.7	133.6	23.9	1.7	Mixed
Including	139.0	140.0	1.0	3.6	Sulfide
CH017	N.S.I
CH018	166.6	200.5	33.9	0.8	Mixed
Including	167.3	168.6	1.3	1.7	Mixed	(1)
Including	185.1	196.9	11.8	1.3	Mixed
Including	198.5	200.5	2.0	2.1	Sulfide
CH019	126.0	140.8	14.8	0.3	Sulfide	(1)
	155.0	163.4	8.4	0.3	Mixed
Including	155.0	156.0	1.0	1.4	Mixed
CH020	282.5	314.4	31.9	2.2	Sulfide	(1)
Including	282.5	284.5	2.0	1.2	Sulfide
Including	292.5	314.4	21.9	2.9	Sulfide	(1)
CH021	97.8	104.2	6.4	1.2	Mixed
Including	100.0	104.2	4.2	1.7	Mixed
CH022	0.0	7.6	7.6	0.9	Mixed
Including	2.5	6.7	4.2	1.4	Mixed
	95.4	110.9	15.5	0.4	Mixed
Including	101.5	102.6	1.1	2.8	Sulfide
	123.0	132.0	9.0	0.2	Sulfide
	143.0	164.0	21.0	1.1	Sulfide	(1)
Including	160.6	164.0	3.4	5.7	Sulfide
	213.2	223.2	10.0	0.3	Sulfide
Including	219.2	220.2	1.0	1.7	Sulfide
CH023	N.S.I
CH024	N.S.I
CH025	56.5	65.9	9.4	0.4	Sulfide
Including	63.4	64.6	1.2	1.1	Sulfide
CH026	116.7	122.8	6.1	0.5	Sulfide
Including	120.8	121.8	1.0	1.6	Sulfide
	132.9	150.7	17.8	0.7	Sulfide
Including	136.8	147.6	10.8	1.1	Sulfide
CH027	19.0	32.6	13.6	0.5	Sulfide
Including	26.8	27.8	1.0	2.9	Mixed
	50.6	104.3	53.7	0.5	Sulfide	(1)
Including	55.7	66.2	10.5	1.0	Sulfide
Including	68.7	70.0	1.3	1.6	Sulfide
Including	101.1	104.3	3.2	1.3	Mixed
CH028	80.8	94.0	13.2	0.9	Sulfide
Including	80.8	84.1	3.3	3.1	Sulfide
	101.0	127.6	26.6	1.1	Sulfide	(1)
Including	103.5	109.1	5.6	3.8	Sulfide
	145.0	152.8	7.8	1.6	Sulfide
Including	146.0	151.8	5.8	2.0	Sulfide
	159.8	192.1	32.3	1.0	Sulfide
Including	159.8	163.5	3.7	2.1	Sulfide
Including	172.1	182.2	10.1	1.4	Sulfide
Including	190.1	192.1	2.0	2.3	Sulfide
	203.1	221.0	17.9	1.0	Sulfide	(1)
CH029	35.6	45.6	10.0	0.7	Sulfide
Including	41.6	42.6	1.0	2.8	Sulfide
	145.2	153.2	8.0	3.8	Sulfide
Including	147.1	152.3	5.2	5.6	Sulfide
CH030	0.0	25.0	25.0	0.7	Sulfide
Including	6.0	12.0	6.0	1.9	Mixed
	58.2	64.6	6.4	1.0	Sulfide
Including	63.4	64.6	1.2	3.2	Sulfide
	121.0	159.5	38.5	1.1	Sulfide	(1)
Including	130.7	148.1	17.4	2.0	Sulfide
Including	154.0	155.0	1.0	1.2	Sulfide
	170.0	178.5	8.5	0.7	Sulfide
Including	171.0	172.0	1.0	3.3	Sulfide
	215.6	223.0	7.4	0.4	Sulfide
CH031	N.S.I
CH032	0.9	11.1	10.2	0.4	Mixed
Including	6.0	7.1	1.1	1.3	Mixed
	29.1	40.8	11.7	0.6	Sulfide
Including	30.3	31.3	1.0	1.4	Sulfide
Including	35.3	36.8	1.5	1.0	Sulfide
	46.3	54.8	8.5	1.3	Sulfide
Including	48.1	53.8	5.7	1.7	Sulfide
	67.1	91.9	24.8	0.2	Sulfide
	140.5	153.2	12.7	0.3	Sulfide
CH033	1.6	15.5	13.9	0.2	Sulfide
	278.3	290.7	12.4	0.6	Sulfide
Including	278.3	281.1	2.8	1.1	Mixed
CH034	60.8	67.3	6.5	0.2	Sulfide
CH035	N.S.I
CH036	219.0	240.7	21.7	0.2	Sulfide
	259.4	268.6	9.2	0.5	Sulfide
Including	267.6	268.6	1.0	1.5	Sulfide
CH037	49.8	55.5	5.7	0.5	Sulfide
CH038	7.6	52.3	44.7	1.4	Sulfide
Including	13.5	16.9	3.4	3.1	Sulfide
Including	22.0	40.6	18.6	2.4	Sulfide
	67.0	95.0	28.0	0.5	Sulfide
Including	70.3	71.3	1.0	2.0	Sulfide
Including	80.3	81.3	1.0	3.6	Sulfide
	110.4	162.1	51.7	1.0	Sulfide	(1)
Including	112.4	145.3	32.9	1.5	Sulfide
CH039	5.0	30.3	25.3	0.9	Sulfide
Including	9.5	17.4	7.9	1.0	Mixed
Including	23.4	30.3	6.9	2.0	Sulfide
	45.2	55.2	10.0	1.1	Sulfide
Including	48.1	53.8	5.7	1.5	Sulfide
CH040	0.0	9.5	9.5	0.6	Mixed
	34.7	57.9	23.2	0.6	Sulfide
Including	34.7	39.4	4.7	1.3	Sulfide
Including	47.7	49.4	1.7	2.1	Sulfide
	66.8	75.8	9.0	0.8	Sulfide
Including	68.5	71.2	2.7	2.0	Sulfide
	104.0	112.0	8.0	0.4	Sulfide
Including	110.0	111.0	1.0	1.6	Sulfide
CH041	N.S.I
CH042	40.0	57.9	17.9	0.6	Sulfide
Including	40.0	42.0	2.0	1.2	Sulfide
Including	45.0	46.0	1.0	1.2	Sulfide
	63.5	68.5	5.0	0.6	Sulfide
Including	64.5	65.5	1.0	1.1	Sulfide
	81.6	87.0	5.4	0.6	Sulfide

Significant intervals reported at a nominal 0.2% copper cut-off and with a maximum 5 meters of contiguous dilution are given in Table 2. All thicknesses are down hole length and true thicknesses are not known at this stage. NSI – No Significant Intercepts.

(1) Including 30cm of isolated geotechnical sample.

(2) Including 60cm of isolated geotechnical sample.

(3) Including 90cm of isolated geotechnical sample.

(4) Including 30cm of isolated geotechnical sample, 4.90m core loss.

Supporting Drilling Information to SSR Mining Announcement

This document provides supporting drill collar locations and composite assay results for the Copper Hill drilling program referenced in the announcement “SSR Mining Announces Positive Exploration Results at Copper Hill”, June 20, 2023.

Drill collar locations are surveyed in UTM Zone 37N, ED50 grid using differential GPS in units of meters. All drilling was diamond core drilling with HQ and PQ core sizes. HQ is 63.5mm and PQ is 85 mm in diameter.

Table 3: Drill Collar Coordinates

Hole ID	Easting	Northing	Elevation (m)	Azimuth (deg.)	Dip (deg.)	End of Hole (m)
CH001	483083	4491308	2288	200	-80	320.2
CH002	483272	4491404	2237	60	-60	263.0
CH003	482944	4491330	2309	65	-75	308.5
CH004	483073	4491461	2287	30	-70	276.5
CH005	483315	4491230	2277	150	-80	371.2
CH006	483254	4491493	2259	75	-80	262.8
CH007	482889	4491353	2306	75	-75	398.2
CH008	483475	4491564	2222	130	-60	381.3
CH009	483520	4491294	2216	140	-60	278.0
CH010	482906	4491397	2303	0	-90	572.0
CH011	483633	4491427	2199	150	-60	524.3
CH012	483163	4491287	2281	120	-60	476.0
CH013	483872	4490993	2151	330	-60	368.0
CH014	482994	4491430	2304	130	-80	316.8
CH015	483868	4490996	2151	130	-60	287.0
CH016	483214	4491261	2286	0	-90	355.0
CH017	483477	4491566	2222	50	-60	248.0
CH018	483108	4491439	2270	30	-60	326.0
CH019	483184	4491456	2261	30	-60	315.6
CH020	482993	4491429	2304	0	-75	419.7
CH021	483224	4491428	2249	65	-70	470.0
CH022	483352	4491240	2267	150	-70	296.0
CH023	483258	4491493	2259	30	-60	267.8
CH024	482893	4491313	2314	70	-80	389.0
CH025	483315	4491382	2236	45	-60	254.0
CH026	483412	4491349	2230	10	-60	332.0
CH027	483416	4491197	2254	150	-75	383.0
CH028	483028	4491296	2300	5	-80	308.0
CH029	483507	4491314	2216	30	-60	260.0
CH030	483560	4491305	2199	135	-60	278.0
CH031	482933	4491419	2305	330	-70	437.0
CH032	483593	4491339	2184	145	-60	308.0
CH033	483594	4491188	2172	200	-60	326.0
CH034	483444	4491317	2234	30	-50	302.0
CH035	483114	4491266	2291	210	-70	364.4
CH036	483027	4491299	2301	210	-75	435.6
CH037	483471	4491274	2234	140	-70	224.0
CH038	483595	4491336	2184	185	-60	356.0
CH039	483688	4491216	2135	140	-50	135.0
CH040	483637	4491299	2169	140	-60	170.8
CH041	483567	4491232	2194	190	-60	224.0
CH042	483607	4491258	2183	170	-60	184.9

 

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SSR Mining Contacts:

F. Edward Farid, Executive Vice President, Chief Corporate Development Officer

Alex Hunchak, Director, Corporate Development and Investor Relations

SSR Mining Inc.

E-Mail: [email protected]

Phone: +1 (888) 338-0046

To receive SSR Mining’s news releases by e-mail, please register using the SSR Mining website at www.ssrmining.com.

KEYWORDS: Colorado North America United States Australia Australia/Oceania Canada

INDUSTRY KEYWORDS: Mining/Minerals Natural Resources

MEDIA:

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Figure 1. Location of the Copper Hill prospect and SSR Mining’s overall Kazıkbeli district exploration leases. (Graphic: Business Wire)

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Figure 2. Simplified geological map of the Copper Hill prospect showing the main host rocks and skarn zones along with major structures, and drill locations. (Graphic: Business Wire)

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Figure 3. Cross section A-A’ from Figure 2 showing main lithologies, intercepts and skarn zones interpreted from drilling completed to-date. (Graphic: Business Wire)

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Figure 4. Cross section B-B’ from Figure 2 showing main lithologies, intercepts and skarn zones interpreted from drilling completed to-date. (Graphic: Business Wire)

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Figure 5. Cross section C-C’ from Figure 2 showing main lithologies, intercepts and skarn zones interpreted from drilling completed to-date. (Graphic: Business Wire)

Mayville Engineering Company Announces Definitive Agreement to Acquire Mid-States Aluminum Corp.

Acquisition to provide MEC strategic capabilities expansion within lightweight materials

Acquisition expected to be immediately accretive, excluding transaction costs, to MEC’s EPS, Adjusted EBITDA and Free Cash Flow at closing

MEC to host MSA acquisition conference call and webcast at 8:00 a.m. Eastern Time on Tuesday, June 20, 2023

MAYVILLE, Wis.–(BUSINESS WIRE)–
Mayville Engineering Company, Inc. (NYSE: MEC) (the “Company” or “MEC”), a leading value-added provider of design, prototyping and manufacturing solutions serving diverse end-markets, today announced a definitive agreement to acquire privately held Mid-States Aluminum Corp. (“MSA”) for a total consideration of approximately $96 million, subject to customary adjustments. The proposed acquisition is expected to close during the third quarter 2023, subject to the satisfaction of customary closing conditions.

Wisconsin-based MSA is an industry-leading, vertically integrated manufacturer of custom aluminum extrusions and fabrications. MSA offers value-added services that include design, engineering, extrusions, fabrication, anodizing and finishing, assembly, and packaging. For nearly 60 years, MSA has served major OEMs in the Building and Construction, Recreational, Medical, Agriculture, Transportation and other diverse end-markets. MSA operates two state-of-the-art facilities, both in Fond du Lac, Wisconsin, that include approximately 325,000 square-feet of manufacturing space.

“MSA is an established provider of aluminum extrusions, whose history of growth and innovation, attractive margin profile, deep customer relationships and diverse end-markets are highly complementary to our existing business,” said Jag Reddy, President and Chief Executive Officer. “Upon closing of the acquisition, MSA will be immediately accretive, excluding transaction costs, to MEC’s earnings per share, Adjusted EBITDA margin and free cash flow.”

“Our acquisition of MSA will accelerate the expansion of MEC’s capabilities into lightweight materials fabrication, a designated strategic priority highlighted within our MBX value creation framework,” continued Reddy. “MSA’s state-of-the-art design, engineering and manufacturing capabilities are highly complementary to our existing operations, providing a platform for higher-margin profitable growth within growing adjacent markets.”

“Customer demand for fabrications expertise within aluminum and other lightweight materials continues to increase,” stated Reddy. “The addition of MSA will position us to grow our share-of-wallet with existing accounts, while building leading market positions within nascent, high-potential industries that require the full lifecycle of solutions that we offer. During the next three years, we anticipate significant synergies to result from this transaction, consistent with our long-term focus on margin expansion and profitable growth,” concluded Reddy.

“We are excited to welcome MSA’s 250 employees to the MEC family,” concluded Reddy. “Our shared commitment to product innovation, performance excellence, customer-centric relationships and long-term value creation will help us further deliver on our MBX initiatives, while continuing to build a market-leading brand of scale.”

TRANSACTION OVERVIEW

MSA brings to MEC an established track record of financial and operational execution. For the full-year 2022, MSA recorded total revenue and Adjusted EBITDA of approximately $86 million and $16 million, respectively, resulting in an Adjusted EBITDA margin of more than 18%. Upon closing, the transaction will be immediately accretive, excluding transaction costs, to MEC’s earnings per share, Adjusted EBITDA and free cash flow.

MEC intends to fund the transaction with an amendment to its existing credit agreement that increases the revolving credit facility size to $250 million. At closing, MEC anticipates its pro-forma ratio of net debt to Adjusted EBITDA will be approximately 2.5x – 2.8x. Given the expected cash generation of the combined company, MEC intends to reduce its net leverage within the first 18 months after the closing of the transaction to 1.5x – 2.0x.

Based on current expectations and market conditions, the Company expects that the MSA acquisition will contribute between $30 – $35 million of net sales and between $4 – $6 million in Adjusted EBITDA for the fiscal year 2023.

STRATEGIC RATIONALE

• MSAgives MEC light-weight materials fabrication capabilities. The addition of MSA’s state-of-the-art aluminum extrusions and fabrication capabilities will position MEC as a leading domestic manufacturing partner for large OEMs. The addition of these capabilities’ further positions MEC to capture demand for its services being created by multi-year onshoring and energy transition trends.
• MSA provides new cross-selling opportunities to grow share-of-wallet with existing customers. Many of MEC’s large and longstanding customers in the Commercial Vehicle, Power Sports, Agriculture and Construction & Access markets have indicated an immediate need for aluminum fabrication capabilities. Through the MSA acquisition, MEC will be able to actively meet this existing customer demand, creating attractive revenue synergies.
• MSA expands MEC’s service capabilities within growing adjacent markets. MEC remains committed to concentrating its market expansion activities within emerging technologies, such as Battery Electric Vehicles, where demand for light-weight material product design, engineering and fabrication solutions continue to accelerate. The addition of MSA’s aluminum fabrication capabilities will position MEC to become an early mover of scale within these vertical markets.
• MSA brings a superior margin profile to MEC. The acquisition of MSA is expected to be immediately accretive, excluding transaction costs, to MEC at transaction closing.During the three-years ended 2022, MSA has generated an average Adjusted EBITDA margin of 15.6%, or 530 basis points above MEC’s Adjusted EBITDA margin during the same period.
• MSA provides a complementary domestic manufacturing footprint. Given MEC’s existing domestic manufacturing footprint, the location of MSA’s facilities will allow for an easier integration into MEC’s existing network and process flow. The Company anticipates no material disruption to operations at either MEC or MSA during the integration period, which is expected to conclude by the end of 2023.

MSA ACQUISITION CONFERENCE CALL

A conference call will be held today at 8:00 a.m. Eastern Time to discuss MEC’s acquisition of MSA and conduct a question-and-answer session.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the MEC corporate website at https://ir.mecinc.com. To listen to the live webcast, go to the site at least 15 minutes prior to the scheduled start time to register, download and install any necessary audio software.

For telephone access to the conference, call (833) 470-1428 within the United States, or call (833) 950-0062 within Canada and please use the Access Code: 287374.

ABOUT MAYVILLE ENGINEERING COMPANY

Founded in 1945, Mayville Engineering Company is a leading U.S.-based, vertically-integrated, value-added manufacturing partner providing a full suite of manufacturing solutions from concept to production, including design, prototyping and tooling, fabrication, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-duty commercial vehicles, construction & access equipment, powersports, agriculture, military and other end markets. Along with process engineering and development services, MEC maintains an extensive manufacturing infrastructure with 20 facilities across seven states. These facilities make it possible to offer conventional and CNC (computer numerical control) stamping, shearing, fiber laser cutting, forming, drilling, tapping, grinding, tube bending, machining, welding, assembly, and logistic services. MEC also possesses a broad range of finishing capabilities including shot blasting, e-coating, powder coating, wet spray and military grade chemical agent resistant coating (CARC) painting.

ABOUT MID-STATES ALUMINUM CORP.

Founded in 1964, Mid-States Aluminum Corp. is an industry-leading aluminum extrusion manufacturer with value-added capabilities including design and engineering services, extrusions, fabrication, anodizing and finishing, assembly and packaging. MSA serves the Building and Construction, Recreational, Medical, Agriculture, Transportation, and other diverse end markets.

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements that reflect plans, estimates and beliefs. Such statements involve risk and uncertainties. Actual results may differ materially from those contemplated by these forward-looking statements as a result of various factors. Important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements include, but are not limited to: macroeconomic conditions, including inflation, rising interest rates and recessionary concerns, as well as ongoing supply chain challenges, labor availability and cost pressures, and the COVID-19 pandemic, have had, and may continue to have, a negative impact on our business, financial condition, cash flows and results of operations (including future uncertain impacts); risks relating to developments in the industries in which our customers operate; risks related to scheduling production accurately and maximizing efficiency; our ability to realize net sales represented by our awarded business; failure to compete successfully in our markets; our ability to maintain our manufacturing, engineering and technological expertise; the loss of any of our large customers or the loss of their respective market shares; risks related to entering new markets; our ability to recruit and retain our key executive officers, managers and trade-skilled personnel; volatility in the prices or availability of raw materials critical to our business; manufacturing risks, including delays and technical problems, issues with third-party suppliers, environmental risks and applicable statutory and regulatory requirements; our ability to successfully identify or integrate acquisitions; our ability to develop new and innovative processes and gain customer acceptance of such processes; risks related to our information technology systems and infrastructure; geopolitical and economic developments, including foreign trade relations and associated tariffs; results of legal disputes, including product liability, intellectual property infringement and other claims; risks associated with our capital-intensive industry; risks related to our treatment as an S Corporation prior to the consummation of our initial public offering; risks related to our employee stock ownership plan’s treatment as a tax-qualified retirement plan; and other factors described in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022, as such may be amended or supplemented in our subsequently filed Quarterly Reports on Form 10-Q. This discussion should be read in conjunction with our audited consolidated financial statements included in the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2022. We undertake no obligation to update or revise any forward-looking statements after the date on which any such statement is made, whether as a result of new information, future events or otherwise, except as required by federal securities laws.

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INVESTOR / MEDIA CONTACT

Stefan Neely or Noel Ryan

(615) 844-6248

[email protected]

KEYWORDS: Wisconsin United States North America

INDUSTRY KEYWORDS: Machine Tools, Metalworking & Metallurgy Engineering Other Natural Resources Manufacturing Natural Resources Other Manufacturing

MEDIA:

Posted on June 20, 2023 6:03 am

Franklin BSP Realty Trust, Inc. Announces Second Quarter 2023 Common Stock Dividend of $0.355 Per Share and Series E Cumulative Redeemable Preferred Stock Dividend of $0.46875 Per Share

Franklin BSP Realty Trust, Inc. Announces Second Quarter 2023 Common Stock Dividend of $0.355 Per Share and Series E Cumulative Redeemable Preferred Stock Dividend of $0.46875 Per Share

NEW YORK–(BUSINESS WIRE)–
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced its Board of Directors has declared a second quarter 2023 dividend of $0.355 per common share. The dividend is payable on July 10, 2023 to common stockholders of record as of June 30, 2023. The Board of Directors also declared a second quarter 2023 dividend on its convertible Series H Preferred Stock in an amount equal to the as-converted common dividend amount.

FBRT’s Board of Directors also declared a second quarter 2023 dividend of $0.46875 per share on its 7.50% Series E Cumulative Redeemable Preferred Stock (NYSE: FBRTPRE). This dividend is payable on July 17, 2023 to Series E preferred stockholders of record as of June 30, 2023.

About Franklin BSP Realty Trust, Inc.

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of March 31, 2023, FBRT had approximately $5.8 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit www.fbrtreit.com.

Forward-Looking Statements

Certain statements included in this press release are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

The Company’s forward-looking statements are subject to various risks and uncertainties, including but not limited to the risks and important factors contained and identified in the Company’s filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and its subsequent filings with the SEC, any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this communication are made only as of the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230620460679/en/

Investor Relations Contact:

Lindsey Crabbe

[email protected]

(214) 874-2339

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Professional Services Commercial Building & Real Estate Finance Construction & Property REIT Banking

MEDIA:

Posted on June 20, 2023 5:22 am

Philip Morris International Publishes First Human Rights Report

Philip Morris International Publishes First Human Rights Report

Human Rights Report reinforces the company’s commitment to the UN Guiding Principles on Business & Human Rights

LAUSANNE, Switzerland–(BUSINESS WIRE)–
Philip Morris International Inc. (PMI) (NYSE: PM) today released its first Human Rights Report, detailing the company’s strategy to promote, respect, and protect human rights, and its progress to date in implementing its Human Rights Commitment.

PMI’s Human Rights Commitment is the cornerstone of its human rights strategy. It outlines the foundational principles that need to be respected throughout the operations and value chain, by both PMI and its business partners. In 2022, PMI updated its Commitment with the company’s latest saliency mapping, sustainability materiality assessment, ongoing due diligence activities, and the evolution of the company’s sustainability strategy.

“Establishing a strong foundation and integrating mechanisms into our organization that promote, respect, and protect human rights are an essential part of our approach to business,” said Jacek Olczak, Chief Executive Officer. “While this can be challenging given the breadth of our operations and the scope and complexity of the issues involved, we believe human rights are an absolute and universal requirement that we are committed to upholding.”

In its Human Rights Report, PMI shares its best practices, lessons learned, main challenges, and future actions. It also features country-based case studies and external recognition—such as the inclusion of PMI’s Agricultural Labor Practices in the World Business Council for Sustainable Development’s (WBCSD) latest Human Rights Progress Report. PMI actively participates in the Business Commission to Tackle Inequality’s (BCTI) efforts and contributed to the latest report on Tackling Inequality: An agenda for business action.

In addition, PMI’s Human Rights Report includes progress toward achieving its 2025 goal to conduct 10 human rights impact assessments (HRIAs) in the highest risk countries. To date—PMI has completed seven HRIAs, including two in 2022 in Brazil and Malaysia. Read more about PMI’s HRIAs here.

PMI’s approach to human rights is grounded in the United Nations Guiding Principles on Business & Human Rights (UNGPs), and the strategy is centered on four pillars:

1. A sound framework: PMI’s human rights work is governed by PMI’s Human Rights Commitment, which is implemented by other PMI policy instruments such as the company’s Code of Conduct. Raising awareness on those instruments helps PMI embed an ethos of respect for human rights within its corporate culture.
2. Rigorous due diligence: PMI has robust programs and processes in place to identify adverse impacts across its value chain.
3. Remediation: If adverse impacts do occur, PMI strives to ensure access to grievance mechanisms.
4. Transparency: Reporting transparently on PMI’s progress and challenges through its annual reporting and targeted communications is a vital component of its approach.

“Human rights are inherent to the dignity of human life and a prerequisite for society to prosper,” said Jennifer Motles, Chief Sustainability Officer. “As a global company, we work to uphold human rights both within our organization and across our value chain. We will continue to work with different parts of society in a multi-stakeholder approach to achieve sustainable solutions that comprehensively address systemic human rights issues”.

To read PMI’s Human Rights Report visit www.pmi.com/human-rights-report. To learn more about PMI’s sustainability journey, please visit www.pmi.com/sustainability. Or you can access the company’s additional sustainability resources: PMI’s Integrated Report 2022, Agricultural Labor Practices Program, and PMI’s Sustainability Index and ESG KPI Protocol.

In this release and in related communications, the term “materiality”, “material”, and similar terms, when used in the context of economic, environmental, and social topics, are defined in the referenced sustainability standards, and are not meant to correspond to the concept of materiality under the U.S. securities laws and/or disclosures required by the U.S. Securities and Exchange Commission. The aspirational targets and goals in this release do not constitute financial projections.

Philip Morris International: Delivering a Smoke-Free Future

Philip Morris International (PMI) is a leading international tobacco company working to deliver a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products. Since 2008, PMI has invested more than USD 10.5 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. In November 2022, PMI acquired Swedish Match – a leader in oral nicotine delivery – creating a global smoke-free champion led by the companies’ IQOS and ZYN brands. The U.S. Food and Drug Administration (FDA) has authorized versions of PMI’s IQOS Platform 1 devices and consumables and Swedish Match’s General snus as Modified Risk Tobacco Products (MRTPs). As of March 31, 2023, PMI’s smoke-free products were available for sale in 78 markets, and PMI estimates that approximately 18.5 million adults around the world had already switched to IQOS and stopped smoking. Smoke-free products accounted for approximately 35% of PMI’s total 2023 first-quarter net revenues. With a strong foundation and significant expertise in life sciences, PMI announced in February 2021 its ambition to expand into wellness and healthcare areas and, through its Vectura Fertin Pharma business, aims to enhance life through the delivery of seamless health experiences. For more information, please visit www.pmi.com and www.pmiscience.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230619909205/en/

David Fraser

Philip Morris International

T. +41 (0)58 242 4500

E. [email protected]

KEYWORDS: New York Europe Switzerland United States North America

INDUSTRY KEYWORDS: Professional Services DEI (Diversity, Equity and Inclusion) Retail Environmental, Social and Governance (ESG) Tobacco Human Resources

MEDIA:

Posted on June 20, 2023 5:06 am

Businesses Lean on Revolving Credit Amidst Rising Financial Stress

Equifax Canada Market Pulse Quarterly Business Credit Trends Report – Q1 2023

TORONTO, June 20, 2023 (GLOBE NEWSWIRE) — New data suggests a pattern of credit expansion and a significant shift in credit usage, indicating potential challenges for businesses according to the Equifax Canada Market Pulse Business Credit Trends Report for Q1 2023. Additionally, it highlights growing financial stress in the industrial and financial trades.

The total outstanding balance on bank-issued installment loans in Canada currently stands at $12.9 Billion, which experienced a year-over-year decline of 2.4 per cent, a first since 2019 when Equifax began monitoring this data. By contrast, during the same period, credit card balances grew by 15 per cent, while lines of credit showed an 11 per cent increase.

“The decline in installment loans and the shift towards credit card usage could be impeding their growth potential and hindering their ability to make larger investments,” said Jeff Brown, Head of Commercial Solutions at Equifax Canada.

Of particular significance in the report is the decline in loan balances, considering that installment loan balances grew by more than 35 per cent compared to 2020. This suggests that borrowers could increasingly gravitate towards credit products that don’t lock them into fixed repayment periods and offer greater flexibility in terms of interest rates. The recent hikes in interest rates by the Bank of Canada may have contributed to this shifting trend.

SLUMP IN NEW BUSINESS STARTS

In Q1 we saw a slowdown in new business openings, which is a deviation from the previous growth trajectory. For the past two years, the months of January, February, and March showed a consistent month-over-month increase in business establishments as the economy began to recover from the impacts of the pandemic. However, in 2023, there has been a noticeable dip in new business starts at the start of the year. As of the end of February, new business starts are down year-over-year by 16.5 per cent in Ontario, 14.2 per cent in B.C., 11.4 per cent in Alberta and 7.5 per cent in Quebec.

INDUSTRIAL AND FINANCIAL TRADES SHOW SIGNS OF STRESS

The industrial and financial trades are also showing signs of financial stress. “Delinquencies in industrial trades are nearing pre-pandemic levels, with late delinquencies rising by nine per cent within a 60-day window annually,” highlighted Brown. “We’re seeing this primarily in trades located in British Columbia and Alberta, suggesting that businesses operating in these regions are facing a particularly challenging economic environment.”

Brown further emphasized the impact of early delinquencies on both financial and industrial trades. “The persistent rise in early delinquency rates in these trades suggests that businesses are struggling to meet their financial obligations,” he explained. “Typically, businesses prioritize paying their suppliers to maintain operations, but it is disturbing to see consecutive quarterly increases in delinquencies on the supplier side as well.”

MAJORITY OF CANADIAN BUSINESSES HAVE A POSITIVE OUTLOOK

Despite the challenges posed by rising interest rates and high inflation, Statistics Canada data shows that 73.5 per cent of businesses surveyed are optimistic about their future over the next 12 months.

“Equifax data also suggests some regional gains in the demand for commercial credit, which is a positive sign and speaks to the resilience and optimism of Canadian businesses,” Brown acknowledged. “However, it is essential to consider the potential consequences of the current credit landscape. Equifax Canada continues to monitor the situation closely and provides crucial data to support businesses and lenders so they can make informed credit decisions during these uncertain times.”

As borrowing behaviours continue to evolve, financial institutions and lending organizations should consider adapting their offerings to meet the changing demands of consumers and businesses. Understanding these trends can help individuals and organizations make informed decisions regarding their credit choices.

About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 14,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.

Contact:
Andrew Findlater	Equifax Canada Media Relations
SELECT Public Relations	[email protected]
[email protected]
(647) 444-1197