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That’s very good news. Why throw money at this if he didn’t truly believe he wasn’t going to eventually secure some type of financing. Clearly the game isn’t over yet. Whether it’s his own funds or sold some of his stock he’s still investing it back into the operation. It would just be nice if he articulated his desire, confidence in the project even if there wasn’t news. I’ll feel more comfortable about it once it comes off EM.
I’m sure the capital he used was from shares he sold. Highly doubt he reached into his personal bank account tbh. But regardless, he’s had sufficient time to find a strategic partner for Houston on here we are with no off taker. That’s my pet peeve because we all know that iron ore prices are pretty healthy at current time.
Thanks LoneWolf - I needed that after being here for years and dealing with the recent delisting.
Thanks again, keeping the faith!
Thank you! I felt as a shareholder we have to voice our opinions and do whatever it takes to get the message across. Kearney has flat out sucked the past 3 years, it is time to inform him of how we feel.
The company has posted on its website its annual financial statements, which I am reviewing now.
A couple of key disclosures are as follows:
"At March 31, 2024, the Company had a working capital deficit of $1,812,389, compared to a working capital deficit
of $1,116,793 at March 31, 2023. Notwithstanding its working capital deficit, the Company believes it will have
sufficient resources to continue its operations over the next 12 months, subject to generating sufficient proceeds
from an equity offering or alternative financing, although there can be no assurance the Company will be able to
complete a financing on acceptable terms or at all. Accordingly, the consolidated financial statements for the year
ended March 31, 2024 have been prepared on a going concern basis, using the historical cost convention."
To me this is encouraging that management believes that they can continue to try and find some form of financing.
"In April 2024, a director advanced an additional $40,000 to the Company on a non-interest bearing basis for
working capital purposes. In July 2024, the same director advanced an additional $150,000 to the Company
on a non-interest bearing basis for working capital purposes, bringing the total working capital advance by this
director to $415,000."
So Kearney continues to step up to the plate to keep this going.
To me this is encouraging as I cannot think he would throw good money after bad money.
Keep the faith and have a great week-end.
Kudos to you Zoob for doing this!
Hey fellas,
Yes sent by certified mail, they did receive it. Of course likely no reply from Kearney, he’ll duck shareholders because there’s no real respect for shareholders imo. But hey, the letter explained to him just how poor of a job we feel he’s been doing to provide shareholder value .
Hopefully you sent by certified mail Zoob so you could see it was received :)
Any word on your letter being received at HQ, PureZoob?
Me too, Skynet!!!
the sells/buys on EM are giving me whiplash.
Wonder why my Apple ticker doesn’t track daily PPS and volume? I have to go into my actual trading accounts to see real time.
World's Top Steelmaker Warns Of "Harsh Winter" Amid Growing Fears Of 2008 Or 2015-Style Downturn
World's Top Steelmaker Warns Of "Harsh Winter" Amid Growing Fears Of 2008 Or 2015-Style Downturn
What’s up with this fraudulent pink sheet trading?! I mean c’mon 400% swings lately! Get the stock off this garbage Kearney! I should’ve had that In the letter I sent him this week.
I bought 200 today
Still can't buy or sell through Fidelity.
900 crossed today at 12:08
Is this trading today? I don’t see any movement
+1000. It's really a no brainer.
Agree with your comment too, PureZoob. The price of iron ore has been so good for a number of years, this company could be making serious cash if they were in production. Business model looks excellent.
Completely agree that the amalgamation will take place at the same time as secured financing.
Securing financing hasn’t occurred in 2+ years with current leadership. I find it hard to believe they can’t find an offtake partner considering the economic value of Houston with current iron or spot fe prices. Kearney is involved in too many things, lessening his focus on priorities here. That’s why I sent the letter over the weekend to him letting him know how shareholders really feel.
Understood.
They will not go through the cost of finalising the amalgamation, in my opinion, until they have secured financing.
Thanks for sending. Bigger concern is that this amalgamation occurs which was approved by the Board several months ago! No clarification from mgmt on this is not cool and irresponsible towards their investor base. Pink sheets is a low level trading platform so the sooner that changes the better for all of us.
Pink Market Disclosure Rules
It's also now necessary for Pink market companies to update investors about their performance. Broker-dealers and other market makers are no longer able to publish quotations for stocks that do not provide publically available information about their financials according to the guidelines set out by OTC Market Group. That was part of an amendment made to Rule 15c2-11.2 in 2020.4
Failure to abide by these rules could lead to getting moved from the Pink market to the Expert market, where there are no public broker-dealer quotations.5
Disclosure requirements include publishing quarterly and annual financials, which don't need to be audited but must be prepared according to U.S. GAAP or International Financial Reporting Standards (IFRS). This is key information that helps financial professionals and investors make decisions when evaluating a company as a potential investment. Without it, it can be very difficult—if not nearly impossible—for an average investor to get any real information regarding these companies.56
Disclosure requirements have made the Pink market much more transparent than before. However, it's still not comparable to national stock exchanges or even other OTC exchanges such as OTCQX or OTCQB. Generally, the more requirements placed on companies, the harder it is for them to be shady and dupe investors.4
What’s with these Market maker games?? Pink sheet mess, no rules in effect to govern share buying and selling. Kearney and Co gonna compete their supposed amalgamation? Or is that smoke & mirror like the Houston project that should have an offtake partner by now!
I just saw your buy at $.08 posted on my broker account.
So it seems things are starting to loosen up.
So am I to assume that you placed an order to buy today and your broker accepted your trade?
As stated previously my broker has accepted my order.
My national accepted today the trade as last week was not allowed and I paid .08 each
My ScotiaiTrade account has accepted my order and as I said last week it would not.
I just tried through my Fidelity account. It's still flagged as unable to complete a transaction. Hopefully soon!
We are back to the Pink Sheets.
It would seem.
For the first time in weeks I got this message as I tried to place an order...."Warning! US OTC pink sheet quotes are only indications of the market price and do not represent firm quotes."
This is from my broker who previously indicated that the stock was not able to be traded.
Mr Kearney will be receiving my correspondence sometime next week as I dropped it in the mail today. From a shareholder perspective, we deserve so much more than this absentee landlord!!!! My vote is to release this man of his leadership responsibilities effective immediately. He’s cooked, washed up.
I live in NY, I’m not spending time and more money for a flight to see an absentee ceo. The letter will suffice, hopefully when he lights it as tinder it’s placed under his rear end so he gets moving. As for the drink, make it a Mudd slide because that’s what his company is right now
Hope you are exactly right, LoneWolf.
He’s gonna use your letter for Tinder.
Really wanna get your point across just pay him a personal visit at 220 Bay ST Suite#700 in Toronto.
I didnt tell u what kinda drink id like too buy him now did I ?
Buy him a drink for what? He’s done zilch the past 2+ years. I’ve just written a letter to him, it will be in the mail today. Btw, its content is direct and to the point about the lack of leadership and communication to investors. Bottom line, we deserve better!!
$LBRMF: Trying to get a hold of Kearney ????
He’s also a chairman at Canadian Manganese which
Is $CDMNF.
You can ask Matthew Allas the CEO there which pub
Kearney is hanging out at By calling him at
647-338-3748
I wanna buy Kearney a drink.
Thank you for posting this information.
This means that the company is now current in its filing requirements which should allow for the shares to move back to the Pink Sheets and resume trading in the very near future.
Directly to their corporate office & addressed to Kearney aka “absentee landlord ceo”
Thanks for posting Rad!!
Thank you for pasting in the document per LoneWolf’s request, Rad Technician.
OUTSTANDING SHARE CAPITAL
Labrador Iron Mines Holdings Limited currently has 162,364,427 common shares issued and outstanding.
The common shares of the Company trade on the OTC Pink Open Market under symbol LBRMF.
ABOUT LABRADOR IRON MINES HOLDINGSLIMITED
Labrador Iron Mines Holdings Limited, through its majority owned subsidiaries Labrador Iron Mines Limited (“LIM”)
and Schefferville Mines Inc. (“SMI”), owns extensive iron ore resources in the central part of the Labrador Trough
region, one of the major iron ore producing regions in the world, centered near the town of Schefferville, Quebec
LIM’s current focus is on planning activities related to the development of its Houston Project and, subject to securing
development financing, LIM is positioned to resume project development and production of direct shipping iron ore
from the Houston deposits at the earliest opportunity. In the three-year period of 2011, 2012 and 2013 LIM produced a
total of 3.6 million dry metric tonnes of iron ore, all of which was sold in 23 cape-size shipments into the China spot
market.
In March 2021, the Company reported the results of an independent Preliminary Economic Assessment (“PEA”) on its
Houston Project prepared by RPA, now part of SLR Consulting Ltd. The Technical Report on the PEA, prepared
in accordance with National Instrument 43-101, may be viewed under the Company’s profile on SEDAR, or on the
Company’s website.
In addition to its Houston Project, LIM holds approximately 50 million tons in historical DSO resources in various
deposits. LIM also holds the Elizabeth Taconite Project, which has an Inferred mineral resource estimate (as at June
15, 2013) of 620 million tonnes at an average grade of 31.8% Fe.
For further information, please visit LIM’s website at www.labradorironmines.ca or contact:
John F. Kearney Richard Pinkerton
Chairman and Chief Executive Officer Chief Financial Officer
Tel: (647) 728-4105 Tel: (647) 728-4104
Throughout the first half of 2024 there has been ongoing concern that strong iron ore supply from Australia and
Brazil is exceeding China’s current steel production demand, due to a slowdown in China’s residential construction
industry. This has led to an increase in the level of iron ore port inventories in China and pressure on the metal’s
price.
Analysts are focused on whether Beijing will continue to stimulate the housing market, following the central bank’s
announcement in January that it would reduce the amount of cash banks are required to hold in reserves, a move
aimed at boosting lending to fund property and infrastructure development. At the end of June Beijing unveiled
additional measures to reduce the cost of buying a home by cutting mortgage interest rates and the minimum down
payment ratio.
While it remains to be seen whether these measures translate into increased demand and construction activity in
the world’s second-largest economy, the optimism generated is likely to flow into increased demand for iron ore. For
this reason, most analysts conservatively believe the iron ore price will remain above US$100 for the rest of 2024.
IRON ORE - A CRITICAL MINERAL
In November 2023, the Government of Newfoundland and Labrador released the province’s Critical Minerals Plan.
In addition to typical critical minerals such as nickel, copper and cobalt, high-grade low impurity iron ore has been
identified as critical due to its advantaged position in reducing greenhouse gas emissions in steel manufacturing
and the potential for further value-added activity as a green steel input.
“The Critical Minerals Plan will help unlock the full potential and maximize the value of Newfoundland and Labrador’s
critical mineral resources. It will support the province as a globally competitive jurisdiction throughout all stages of
critical mineral development from geoscience to manufacturing, and be inclusive, environmentally and socially
responsible, innovative and collaborative.” Industry, Energy and Technology, Government of Newfoundland and Labrador, November
1, 2023
In June 2024 the Government of Canada announced an expansion of Canada’s critical minerals list, adding high-
purity iron, and two other minerals to the previously established 31 minerals. This update brings the total to 34
materials deemed essential for the country’s economic future and energy transition. The newly included minerals
play crucial roles in various high-demand technologies and industries. High-purity iron is a key component in the
production of green steel, contributing significantly to decarbonisation efforts.
The refreshed list aims to bolster Canada’s position in the global market, particularly in sectors vital for the transition
to a greener economy. "By updating Canada's critical minerals list, we are taking a proactive step to ensure that
Canada's efforts to seize the generational economic opportunity presented by our critical minerals wealth is well
informed by the most accurate market trends, geopolitical factors and science,” Jonathan Wilkinson Minister of Energy and
Natural Resources, Canada, June 10, 2024
The demand for critical minerals is rising across the globe amidst the transition to the green economy. Newfoundland
and Labrador is well-positioned to maximize this opportunity to secure economic and social benefits for the province.
The Labrador Trough hosts one of the largest resources of high-purity iron globally, creating an opportunity for
Canada to become a global sustainable leader in the green steel supply chain.
Critical minerals pose a unique opportunity for the mineral development industry. The magnitude of the increases in
demand, the timeline for climate goals and the level of effort by jurisdictions to secure stable supply chain inputs are
all factors that will affect the opportunities for development. As a stable, secure jurisdiction pursuing sustainable
development by incorporating environmental, social and governance principles, Newfoundland and Labrador can
supply the transition to a green and digital economy both domestically and globa
Page 1
LABRADOR IRON MINES REPORTS
FISCAL 2024 YEAR END RESULTS
Toronto, Ontario, Canada, August 8, 2024. Labrador Iron Mines Holdings Limited (the “Company”) (OTC Pink:
LBRMF) reports its financial results for the fiscal year ended March 31, 2024.
This News Release should be read in conjunction with the Company’s audited consolidated financial statements and
Management’s Discussion and Analysis for the year ended March 31, 2024, which are available on the Company’s
website at www.labradorironmines.ca or under the Company’s profile on SEDAR+ (www.sedarplus.ca).
All currency references in this news release are expressed in Canadian dollars, unless otherwise indicated.
OVERVIEW
The Company, through its majority owned subsidiaries Labrador Iron Mines Limited (“LIM”) and Schefferville Mines Inc.
(“SMI”), is engaged in the exploration and development of iron ore projects situated in the Menihek area of western
Newfoundland and Labrador and northeastern Quebec, near the town of Schefferville, in the central part of the Labrador
Trough region of eastern Canada, one of the major iron ore producing regions in the world.
The Company’s current focus is planning and financing activities related to advancing the Houston Project, LIM’s
flagship property. The Houston Project is an open pit direct shipping iron ore project located near the town of
Schefferville, on which an updated, independent Preliminary Economic Assessment was completed in February 2021
and demonstrated production of 2 million dmt of DSO per year, with an initial 12-year mine life, for total production of
23.4 million dmt of product at 62.2% Fe over the life of the mine.
The Company continues to explore various short term financing alternatives to secure near term working capital.
FINANCIAL RESULTS– YEAR ENDED MARCH 31, 2024
On a consolidated basis, the Company reported a loss of $666,957, or $0.00 per share during the year ended March
31, 2024, compared to a loss of $767,110, or $0.00 per share, during the previous year.
The loss of $666,957 in the current year was mainly attributable to corporate and administrative costs of $500,583 and
non-cash share based compensation of $100,000. The loss of $767,110 in the previous year was mainly attributable
to site costs of $99,659, corporate and administrative costs of $510,204 and non-cash share based compensation of
$103,722.
Share based compensation represents the expense of restricted share units recognized during the year using the
graded vesting method of expense recognition.
The Company had a working capital deficit of $1,812,389 at March 31, 2024.
IRON ORE MARKET
The iron ore market continues to be very volatile. The price fluctuated between US$105 and US$137 per tonne (62%
Fe CFR China) during the fiscal year ended March 31, 2024, averaging US$120 per tonne during the period. This
was an improvement over the previous fiscal year, during which the price fluctuated between US$93 and US$151
per tonne and averaged US$117 per tonne.
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PUBLISH DATE | TITLE | PERIOD END DATE |
---|---|---|
11/12/2021 | Quarterly Report - Disclosure Statement | 09/30/2021 |
11/12/2021 | Quarterly Report - Management's Discussion & Analysis | 09/30/2021 |
11/12/2021 | Quarterly Report - Financial Statements | 09/30/2021 |
08/13/2021 | Quarterly Report - Disclosure Statement | 06/30/2021 |
08/13/2021 | Quarterly Report - Management's Discussion & Analysis | 06/30/2021 |
08/13/2021 | Quarterly Report - Financial Statements | 06/30/2021 |
06/30/2021 | Annual Report - Disclosure Statement (Amended) | 03/31/2021 |
06/29/2021 | Annual Report - Management's Discussion & Analysis | 03/31/2021 |
06/29/2021 | Annual Report - Financial Statements | 03/31/2021 |
02/12/2021 | Quarterly Report - Disclosure Statement | 12/31/2020 |
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