TD Securities

TD Securities is an investment banking firm based in Toronto, Canada, established in 1987. The firm offers a comprehensive range of advisory and capital market services, including investment banking, equity research, and commodities. Its investment banking services encompass mergers and acquisitions, debt capital markets, corporate divestitures, private placements, and various financing solutions such as bridge and acquisition financing. Additionally, TD Securities provides risk management services and securities brokerage, catering to a diverse clientele across sectors such as communications, media, technology, financial institutions, energy, and real estate. The firm also engages in research and offers capital market products, reflecting its commitment to delivering tailored financial solutions to clients globally.

Paul Barbera

Managing Director, Investment Banking

Denise D'Avella

Director

Reggie George

Managing Director, Investment Banking

Ted McLeod

Investment Banking Associate

Ken Polak

Associate, Investment Banking

Victoria Roberts

Director

Robert Wright

Managing Director and Head of the North American Utilities and Power Group

Alan Polak Ph.D

Managing Director and Head of Canadian Financial Sponsors

Past deals in Metals and Mining

K92 Mining

Post in 2022
K92 Mining Inc. is engaged in the exploration, development, and mining of mineral deposits in Papua New Guinea, focusing primarily on the Kainantu Gold Mine. This property, covering approximately 410 square kilometers in the Eastern Highlands province, was previously mined by Highlands Pacific and Barrick Gold between 2006 and 2009. K92 Mining aims to advance the Kainantu project towards production while expanding known mineralization areas and exploring high-priority targets. The company is headquartered in Vancouver, Canada, and is led by a team of industry professionals with extensive expertise in mining, production startups, and mineral exploration. K92 Mining produces gold, copper, and silver, contributing to the region's mining landscape.

Denison Mines

Post in 2020
Denison Mines Corp is a uranium exploration and development company primarily focused on the Athabasca Basin region of northern Saskatchewan, Canada. The company holds a 95% interest in its flagship Wheeler River Uranium Project, recognized as the largest undeveloped uranium project in the area. In addition to its exploration and development activities, Denison Mines is involved in mine decommissioning and environmental services through its Closed Mines group, which oversees the reclamation of its Elliot Lake projects and offers third-party post-closure care and maintenance services.
Sabina Gold & Silver Corp. is an emerging precious metals company with district scale, world class undeveloped assets in one of the world's newest, politically stable mining jurisdictions: Nunavut, Canada. Sabina recently released a Feasibility Study on its 100% owned Back River Gold Project which presents a project that has been designed on a fit-for purpose basis, with the potential to produce ~200,000 ounces a year for ~11 years with a rapid payback of 2.9 years. At a US$1,150 gold price and a 0.80 exchange rate, the Study delivers a potential after tax internal rate of return of approximately 24.2% with an initial CAPEX of $415 million.

Denison Mines

Post in 2020
Denison Mines Corp is a uranium exploration and development company primarily focused on the Athabasca Basin region of northern Saskatchewan, Canada. The company holds a 95% interest in its flagship Wheeler River Uranium Project, recognized as the largest undeveloped uranium project in the area. In addition to its exploration and development activities, Denison Mines is involved in mine decommissioning and environmental services through its Closed Mines group, which oversees the reclamation of its Elliot Lake projects and offers third-party post-closure care and maintenance services.

NewCastle Gold

Post in 2019
Provider of gold mining and exploration services. The company's gold mining and exploration portfolio comprises of the Castle Mountain property in San Bernardino County, California and the La Verde project located in West Central Mexico.

New Gold

Post in 2019
New Gold Inc. is an intermediate gold producer engaged in the development and operation of mining properties. The company has a diverse portfolio that includes the Rainy River Mine and the New Afton Mine located in Canada, as well as the Cerro San Pedro Mine in Mexico. New Gold generates revenue from the sale of gold, copper, and silver, with assets spanning across the United States, Mexico, Australia, Canada, and Chile.

McEwen Mining

Post in 2018
McEwen Mining Inc. is engaged in the exploration, development, production, and sale of gold and silver, operating primarily in the United States, Canada, Mexico, and Argentina. The company holds a 49% interest in the San José silver-gold mine in Argentina and owns several projects in Mexico, including the El Gallo complex. In Canada, McEwen Mining controls the Black Fox Mine and several exploration properties, while also owning interests in the Gold Bar project in Nevada and the Los Azules copper deposit in Argentina. The company's exploration efforts are focused on acquiring and developing additional resources in regions surrounding its existing operations, such as Santa Cruz province in Argentina and areas adjacent to significant mining sites in Nevada and Mexico. Founded in 1979 and headquartered in Toronto, Canada, McEwen Mining aims to position itself as a profitable mid-tier producer within the industry.

Sama Resources

Post in 2018
Sama Resources Inc. is a mineral exploration and development company focused on the Samapleu Nickel-Copper project located in Ivory Coast, West Africa. The company is managed by a team of experienced professionals with a proven track record in resource discovery. Sama is dedicated to the exploration and development of its Samapleu properties, which also include Platinum Group of Elements resources. In addition to its West African projects, Sama holds exploration assets in Canada, positioning itself for growth in the resource sector.

Orla Mining

Post in 2018
Orla Mining Ltd. is a mineral exploration and development company focused on acquiring, exploring, and developing mineral properties, primarily targeting gold and silver deposits. The company entirely owns the Camino Rojo project in Zacatecas, Mexico, which encompasses eight concessions covering approximately 200,000 hectares. This project hosts significant mineral reserves, estimated at 44 million tonnes, with a gold grade of 0.73 grams per tonne and a silver grade of 14.2 grams per tonne. Additionally, Orla Mining holds the Cerro Quema gold project in Panama and has an option agreement for the Monitor Gold project in Nevada, USA, which covers about 2,800 hectares. The company operates in multiple regions including Mexico, Panama, the United States, and Canada, and is headquartered in Vancouver, British Columbia. Orla Mining was previously known as Red Mile Minerals Corp. before rebranding in June 2015.
Sherritt International Corporation is a prominent mining and refining company primarily focused on nickel and cobalt production from lateritic ores, with operations in Canada, Cuba, and Madagascar. The company is recognized as one of the largest low-cost producers of nickel globally and operates extensive energy and oil initiatives in Cuba, making it the largest independent energy producer on the island. In addition to its core metals segment, Sherritt also engages in the production and sale of agricultural fertilizers in Western Canada and provides related storage and administrative services. The company explores and produces oil and gas from various offshore reservoirs, including interests in production-sharing contracts in Cuba, Spain, and Pakistan. Sherritt also generates electricity from natural gas and steam facilities and offers technology and process optimization services. Founded in 1927 and based in Toronto, Canada, Sherritt continues to focus on sustainable practices that benefit its employees, investors, and the communities in which it operates.

Mason Resources

Post in 2017
Mason Graphite Inc. is a Canadian mining and processing company focused on the development of high-grade graphite deposits. The company owns the Lac Guéret graphite property in northeastern Quebec, which spans 11,630 hectares and consists of 215 claims. Established in 2011 and headquartered in Laval, Mason Graphite is advancing a detailed study aimed at large-scale production of value-added graphite products. This includes processes such as micronization, purification, spheronization, and coating, which produce graphite suitable for various applications, including those in batteries, lubricants, and plastics. Mason Graphite collaborates with the National Research Council of Canada, COREM, and Hatch to enhance product development and manufacturing processes. The management team boasts over 20 years of experience in processing and marketing graphite and carbon products, particularly for the alkaline and lithium-ion battery industries.
Osisko Gold Royalties is an intermediate precious metal royalty company based in Montreal, Quebec. It specializes in acquiring and managing a diverse portfolio of over 130 royalties, streams, and precious metal offtakes, primarily focused on North America. The company's most significant asset is a 5% net smelter return royalty on the Canadian Malartic Mine, the largest gold mine in Canada. In addition to its royalty interests, Osisko maintains stakes in several publicly traded resource companies, including Barkerville Gold Mines and Osisko Mining. The company operates under two main segments: managing precious metal royalties and the exploration and development of mining projects. Osisko's income is predominantly generated from North America, with ongoing exploration efforts in various locations, including the Hammond Reef Project in Ontario and other ventures in Mexico.

Trevali Mining

Post in 2017
Trevali Mining Corporation is a base-metals mining company focused on the acquisition, exploration, development, and production of mineral properties, primarily targeting zinc, lead, silver, gold, and copper deposits. The company operates several mines, including the Perkoa Mine in Burkina Faso, the Rosh Pinah Mine in Namibia, the Caribou Mine in New Brunswick, Canada, and the Santander Mine in Peru. The Santander Mine produces zinc and lead-silver concentrates at a capacity of 2,000 tonnes per day, while the Caribou Mine is undergoing commissioning with a planned capacity of 3,000 tonnes per day. Trevali Mining generates revenue primarily through the sale of zinc and lead-silver concentrates. Established in 1964 and headquartered in Vancouver, Canada, the company was formerly known as Trevali Resources Corp.

Denison Mines

Post in 2017
Denison Mines Corp is a uranium exploration and development company primarily focused on the Athabasca Basin region of northern Saskatchewan, Canada. The company holds a 95% interest in its flagship Wheeler River Uranium Project, recognized as the largest undeveloped uranium project in the area. In addition to its exploration and development activities, Denison Mines is involved in mine decommissioning and environmental services through its Closed Mines group, which oversees the reclamation of its Elliot Lake projects and offers third-party post-closure care and maintenance services.

Alamos Gold

Post in 2017
Alamos Gold is a gold producer focused on acquiring, exploring, and producing gold and other precious metals, primarily in Canada and Mexico. The company operates three mines in North America: the Young-Davidson and Island Gold mines in Canada, and the Mulatos mine in Sonora, Mexico, with the Mulatos mine generating the highest revenue. Alamos Gold aims to lead in low-cost production, financial performance, and shareholder value, and it has established a reputation for efficiency and profitability. The company emphasizes the importance of its workforce and adheres to sustainable development principles, contributing positively to its host and neighboring communities. These core values—respect, equality, honesty, and accountability—are integral to its operations and serve as a measure of its success.

Mason Resources

Post in 2016
Mason Graphite Inc. is a Canadian mining and processing company focused on the development of high-grade graphite deposits. The company owns the Lac Guéret graphite property in northeastern Quebec, which spans 11,630 hectares and consists of 215 claims. Established in 2011 and headquartered in Laval, Mason Graphite is advancing a detailed study aimed at large-scale production of value-added graphite products. This includes processes such as micronization, purification, spheronization, and coating, which produce graphite suitable for various applications, including those in batteries, lubricants, and plastics. Mason Graphite collaborates with the National Research Council of Canada, COREM, and Hatch to enhance product development and manufacturing processes. The management team boasts over 20 years of experience in processing and marketing graphite and carbon products, particularly for the alkaline and lithium-ion battery industries.

Guyana Goldfields

Post in 2016
Guyana Goldfields Inc. specializes in the exploration and production of gold, primarily within the Guiana Shield region of South America, which encompasses parts of Guyana, Venezuela, Suriname, French Guiana, and northern Brazil. The company was established in 1994 and has been actively operating in Guyana since 1996. It focuses on the acquisition, exploration, and development of gold mineral properties, with particular emphasis on the Aurora and Aranka properties. As of August 2020, Guyana Goldfields operates as a subsidiary of Zijin Mining Group Company Limited.

Iamgold

Post in 2016
IAMGOLD is a leading mid-tier gold producer with four operating gold mines (including current joint ventures) on three continents. IAMGOLD has a pipeline of development and exploration projects. The company’s growth plans are focused in Canada, select countries in South America and Africa. IAMGOLD is committed to a Zero Harm approach: we continually strive to reach the highest standards in human health and safety, minimize our impact on the environment and work co-operatively with our host communities.

Primero Mining

Post in 2016
Primero Mining Corp. is a Canadian-based precious metals producer that owns 100% of the San Dimas gold-silver mine and the Cerro del Gallo gold-silver-copper development project in Mexico and 100% of the Black Fox mine and adjoining properties in the Township of Black River-Matheson near Timmins, Ontario, Canada. Primero offers immediate exposure to un-hedged, below average cash cost gold production with a substantial resource base in politically stable jurisdictions. The Company is focused on becoming a leading intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas.

Semafo

Post in 2016
SEMAFO’s corporate vision – establish enduring relationships with the countries in which we operate and through our experience, expertise and financial acumen, partner to responsibly develop natural resources – showcases the Canadian company’s association of sustainable development with geological and mining development. The spirit of this mission forms a thread that runs throughout our history. In 1993, Benoit La Salle, founder of SEMAFO, was on a philanthropic mission in Africa when the authorities in Burkina Faso proposed that he return in order to help realise the untapped mineral potential in the country. SEMAFO, which results from the amalgamation of three small exploration companies, was incorporated two years later in order to launch the mining sector in Burkina Faso. The name SEMAFO is an acronym for Société d’Exploration Minière en Afrique de l’Ouest, the French version of our former name “West Africa Mining Exploration Corporation”. From the outset, the Corporation’s modus operandi was closely aligned with the founder’s humanitarian vision of West Africa as evidenced by an early corporate commitment: “We are committed to conducting our business activities in a manner that promotes sustainable development and an improvement in the social welfare of the regions in which we operate.” This dual mission remains at the core of our business and took deeper roots through the 2008 establishment of SEMAFO Foundation, a non-profit, stand-alone charitable organisation that supports communities and offers an improved quality of life to regions where SEMAFO is present. Through its three-pronged approach – education, healthcare and income-generating - the Foundation aims to help local communities reach their greatest potential. By guiding communities in income-generating activities, the Foundation ensures that stakeholders will continue to benefit from our legacy even when the company’s mining activities will have ceased. In a history that spans some twenty years, SEMAFO has successfully commissioned three gold mines in several jurisdictions in West Africa and produced more than two million ounces in gold. Our in-house development, construction, operational, administrative and government relations teams, all of whom are fluent French speakers, draw from more than a decade of operating experience in West Africa. Our success has been governed by the values we practice: respect and integrity, excellence, know-how and teamwork. Our portfolio has evolved and simplified since 1995 when we held 19 exploration permits in four West African countries. In 1995, Les Minéraux SGV S.A., a company in which we were a 50% equity partner, purchased a two-year prospecting permit for the Jean Gobélé project in Guinea. With the financial support and technical expertise of our then major shareholder Managem S.A., and in collaboration with our co-licensee Corporation Minière Afcan, the project was advanced from exploration, site development and mine construction until its first gold pour on April 25, 2002. The name of the mine was subsequently changed to the Kiniero gold mine, which we operated for eleven years. In 2013, the mine was deemed a non-core asset and placed in care and maintenance until its 2014 divestiture to a local mining company. In 1999, we entered Niger by setting up la Société des Mines du Liptako S.A. (SML). Through the support of Managem, we advanced the Libiri and Samira Hill gold deposits through development, mine construction and to commercial production in October 2004. We operated the Samira Hill Mine for nine years, improving plant availability and capacity, and enabling the mine to produce over 540,000 ounces of gold before its 2013 disposal to SOPAMIN. Mana, which lies at the heart of SEMAFO’s history, was a grassroots discovery that has now evolved into the third-largest gold mine in Burkina Faso. We advanced this project from satellite image interpretation through detailed exploration, site development and mine construction to its first gold pour in March 2008. Since then, we have expanded the processing plant four times. Since November 1999, we have drilled more than 1.2 million metres on the extensive Mana property that boasts a total surface area of over 2,675 square kilometres on the Houndé Gold Belt. In 2014, the Corporation marked another milestone when it took the high-grade Siou deposit from blind discovery to production in a mere 18 months, thereby boosting Mana production and reserve grade. Our history shows we have been a pioneer in many aspects in West Africa. The original gold mine operator in Niger, SEMAFO also spearheaded foreign direct investment in the gold mining sector in Burkina Faso, and remains the only mining company in Burkina Faso to establish a non-profit foundation and pledge up to 2% of its net profits to support its efforts in the community. Following its 2015 acquisition of 13 Orbis permits, SEMAFO’s property portfolio reached 7,600 square kilometers, comprising one of the most extensive land positions in Burkina Faso. Our strategy of quality ounces, cost control and optimisation programs, and disciplined exploration at Mana took us into a new phase of development in 2014, allowing us to generate free cash flow even in a soft gold environment. Driven by the performance of our recently ramped-up high-grade Siou and Fofina deposits, we produced 234,300 ounces at a total cash cost of $649 per ounce in 2014, thus meeting production guidance for the seventh consecutive year. Although we take pride in our solid financial, operational and community report cards, we remain focused on future expansion of our heritage. Our commitment to building an ethical, reputable, world-class gold company through a combination of exploration, development and acquisition remains undimmed.

Franco-Nevada

Post in 2016
Franco-Nevada Corp is a precious-metals-focused royalty and investment company. The company owns a diversified portfolio of precious metals and royalty streams, which is actively managed to generate the bulk of its revenue from gold, silver, and platinum. The company does not operate mines, develop projects, or conduct exploration. Franco-Nevada's short-term financial performance is linked to the price of commodities and the amount of production from its portfolio of producing assets. Its long-term performance is affected by the availability of exploration and development capital. The company holds a portfolio of assets, diversified by commodity, revenue type, and stagemore

Tahoe Resources

Post in 2015
Tahoe Resources acquires, explores for, develops, and operates mineral properties in the Americas together with its subsidiaries. It explores for silver, gold, lead, zinc, and copper deposits, as well as precious metals assets. Tahoe Resources holds interest in the La Arena gold mine located in the Huamachuco district of northern Peru; Shahuindo mine located in the province of Cajabamba in northern Peru; and La Arena II, a copper-gold porphyry deposit located in Peru. It also holds interest in the Timmins mines, including the Bell Creek and Timmins West mines, the Fenn-Gib project, the Juby project, the Vogel project, and the Gold River project located in Timmins, Ontario. C. Kevin McArthur founded CKM Resources in 2009 that became Tahoe Resources in January 2010. Its headquarters is in Reno in Nevada.
Wheaton Precious Metals is the largest precious metal streaming company globally, engaging in long-term agreements that allow it to purchase silver, gold, and cobalt from various mining operations at fixed prices. With streaming agreements in place for approximately 19 operating mines and 9 development-stage projects, the company has established partnerships with major mining firms, including Vale and Glencore. Its unique business model enables Wheaton to mitigate many risks associated with traditional mining, as it incurs minimal ongoing capital and exploration costs after the initial upfront payment. The company typically maintains fixed operating costs, enhancing shareholder value, especially when precious metal prices rise. Wheaton's portfolio includes high-quality assets that provide leverage to price increases and opportunities for growth through new streams. The experienced management team is focused on delivering value and is well-positioned for future expansion in the precious metals sector.

Detour Gold

Post in 2015
Detour Gold Corporation (TSX: DGC) is a Canadian intermediate gold producer. The Company owns and operates the Detour Lake mine, a long life large-scale open pit operation in the mining-friendly jurisdiction of northern Ontario. Currently, Detour Lake is the second largest gold producing mine in Canada with the largest gold reserves. Detour Gold is in a position to deliver superior returns with its growing cash flow profile, organic growth initiatives, and significant potential for further exploration discoveries on its large land package. The Company is dedicated to responsible mining and to the highest safety and environment standards while having a strong commitment to the communities they operate and live in.
Osisko Gold Royalties is an intermediate precious metal royalty company based in Montreal, Quebec. It specializes in acquiring and managing a diverse portfolio of over 130 royalties, streams, and precious metal offtakes, primarily focused on North America. The company's most significant asset is a 5% net smelter return royalty on the Canadian Malartic Mine, the largest gold mine in Canada. In addition to its royalty interests, Osisko maintains stakes in several publicly traded resource companies, including Barkerville Gold Mines and Osisko Mining. The company operates under two main segments: managing precious metal royalties and the exploration and development of mining projects. Osisko's income is predominantly generated from North America, with ongoing exploration efforts in various locations, including the Hammond Reef Project in Ontario and other ventures in Mexico.

Hudbay

Post in 2014
Hudbay is a Canadian integrated mining company engaged in the production of copper concentrate, molybdenum concentrate, and zinc metal. The company operates three polymetallic mines, four ore concentrators, and a zinc production facility located in northern Manitoba and Saskatchewan, Canada, as well as in Cusco, Peru. Hudbay also has copper projects in Arizona and Nevada, United States. The company focuses on the discovery, production, and marketing of base and precious metals, with a significant portion of its revenue derived from copper operations. Hudbay's commitment to responsible mining is reflected in its efforts to create sustainable value and develop high-quality, long-life deposits while ensuring that local regions and communities benefit from its activities.

Guyana Goldfields

Post in 2013
Guyana Goldfields Inc. specializes in the exploration and production of gold, primarily within the Guiana Shield region of South America, which encompasses parts of Guyana, Venezuela, Suriname, French Guiana, and northern Brazil. The company was established in 1994 and has been actively operating in Guyana since 1996. It focuses on the acquisition, exploration, and development of gold mineral properties, with particular emphasis on the Aurora and Aranka properties. As of August 2020, Guyana Goldfields operates as a subsidiary of Zijin Mining Group Company Limited.
Sandstorm Gold Royalties is a gold streaming and royalty company that provides upfront financing to gold mining firms in exchange for a percentage of the gold produced from their mines throughout the mine's operational life. The company has built a diverse portfolio of 160 streams and royalties, with 20 of these mines currently in production. Sandstorm operates across various regions, including North America, South and Central America, Africa, and Asia and Australia. Its notable royalties include assets from projects such as Hod Maden, Santa Elena, Chapada, Platreef, Greenstone, and Cerro Moro. Sandstorm aims to further enhance its low-cost production profile by acquiring additional gold streams and royalties.

Detour Gold

Post in 2010
Detour Gold Corporation (TSX: DGC) is a Canadian intermediate gold producer. The Company owns and operates the Detour Lake mine, a long life large-scale open pit operation in the mining-friendly jurisdiction of northern Ontario. Currently, Detour Lake is the second largest gold producing mine in Canada with the largest gold reserves. Detour Gold is in a position to deliver superior returns with its growing cash flow profile, organic growth initiatives, and significant potential for further exploration discoveries on its large land package. The Company is dedicated to responsible mining and to the highest safety and environment standards while having a strong commitment to the communities they operate and live in.

Guyana Goldfields

Post in 2010
Guyana Goldfields Inc. specializes in the exploration and production of gold, primarily within the Guiana Shield region of South America, which encompasses parts of Guyana, Venezuela, Suriname, French Guiana, and northern Brazil. The company was established in 1994 and has been actively operating in Guyana since 1996. It focuses on the acquisition, exploration, and development of gold mineral properties, with particular emphasis on the Aurora and Aranka properties. As of August 2020, Guyana Goldfields operates as a subsidiary of Zijin Mining Group Company Limited.

Hudbay

Post in 2006
Hudbay is a Canadian integrated mining company engaged in the production of copper concentrate, molybdenum concentrate, and zinc metal. The company operates three polymetallic mines, four ore concentrators, and a zinc production facility located in northern Manitoba and Saskatchewan, Canada, as well as in Cusco, Peru. Hudbay also has copper projects in Arizona and Nevada, United States. The company focuses on the discovery, production, and marketing of base and precious metals, with a significant portion of its revenue derived from copper operations. Hudbay's commitment to responsible mining is reflected in its efforts to create sustainable value and develop high-quality, long-life deposits while ensuring that local regions and communities benefit from its activities.
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