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Lumber futures are now over $700 which is an all-time high as far as I can tell. How is that not massively positive for WFSTF?
Share Buyback Announcement. Today should be an excellent day for the company to make good on this.
Western Forest Products Inc. Announces Renewal of Normal Course Issuer Bid
7:00 am ET August 7, 2020 (PR Newswire
TSX: WEF
Western Forest Products Inc. (TSX: WEF) ("Western" or the "Company") announced today that it has received approval
from the Toronto Stock Exchange ("TSX") to renew a normal course issuer bid ("NCIB") to purchase for cancellation up to
18,759,858 of its common shares, representing approximately 5% of the 375,197,166 common shares issued and
outstanding as of August 6, 2020.
https://mma.prnewswire.com/media/1225261/Western_Forest_Products_Inc__Western_Forest_Products_Inc__Announ.j
pg
The NCIB, which will begin on August 11, 2020 and end no later than August 10, 2021, unless completed or terminated
earlier, will be conducted through open market transactions through the facilities of the TSX or other Canadian
marketplaces or alternative trading systems and will conform to their rules and regulations. The price to be paid by
Western for any common share will be the market price at the time of acquisition.
The average daily trading volume of Western's common shares over the six month period ending July 31, 2020, as
calculated per the TSX rules, was 1,073,331 common shares. Consequently, under TSX rules, Western will be allowed to
purchase daily, through the facilities of the TSX, a maximum of 268,332 common shares representing 25% of such average
daily trading volume, subject to certain exceptions for block purchases. All shares purchased pursuant to the NCIB will be
cancelled.
The Company has also entered into an automatic share purchase plan (the "Plan") with its designated broker to facilitate
purchases of its common shares under the NCIB at times when the Company would ordinarily not be permitted to
purchase its common shares due to regulatory restrictions or self-imposed blackout periods. Pursuant to the Plan, before
entering a blackout period, Western may, but is not required to, instruct its broker to make purchases under the NCIB
during the blackout period based on parameters established by Western in accordance with the rules of the TSX,
applicable securities law and the terms of the Plan. Outside of restricted or self-imposed blackout periods, common shares
may be purchased under the NCIB at the discretion of Western in accordance with TSX rules and applicable securities law.
The Company's current NCIB to purchase for cancellation up to 18,763,888 common shares expires on August 7, 2020. As
of the close of trading on August 6, 2020, the Company has not purchased any common shares under its current NCIB.
The Company believes that, from time to time, the market price of its common shares may be attractive and their
purchase would represent a desirable use of its capital to increase shareholder value.
Hopefully, WFSTF has turned the corner
Press Release: Western Announces Second Quarter 2020 Results
VANCOUVER, BC, Aug. 6, 2020 /PRNewswire/ - Western Forest Products Inc. (TSX: WEF) ("Western" or the "Company") reported adjusted EBITDA of $29.5 million in the second quarter of 2020. Despite the negative financial impacts and significant uncertainty arising from the novel Coronavirus pandemic ("COVID-19"), Western maintained employment and operating levels, and continued to service customers.
Net income of $8.5 million ($0.02 net income per diluted share) was reported for the second quarter of 2020, as compared to net loss of $0.7 million ($nil per diluted share) for the second quarter of 2019 and net loss of $21.0 million ($0.06 net loss per diluted share) in the first quarter of 2020.
Second Quarter Highlights:
-- Delivered improved second quarter adjusted EBITDA of $29.5 million
-- Rebuilt log inventory that had been depleted by a strike
-- Restarted operations at the Cowichan Bay sawmill
-- Closed with $95.1 million of available liquidity, exceeding ongoing
operating capital requirements
How so?
Second-quarter earnings today.
Well, HL is up about 3.4% in the premarket, so hopefully, that means the earnings report is going to be well received by investors. It would be nice to see an outright profit for a change, but with silver production way up along with a soaring price, maybe it will finally happen again in the 3rd quarter.
Lumber futures have doubled since April. If only lumber were more liquid like gold and silver.
I think you're exactly right, and it does nothing to change my belief government alphabet agencies did just as much damage to FPFX shareholders as the mob - possibly even more.
CLLXF up roughly 150% this week. Definitely some interest, probably from those in the know.
Callinex Announces Follow-up on Silver Discoveries at the Nash Creek Project in Bathurst Mining District, New Brunswick
https://www.prnewswire.com/news-releases/callinex-announces-follow-up-on-silver-discoveries-at-the-nash-creek-project-in-bathurst-mining-district-new-brunswick-301098775.html
Anyone care to share any insight on the coming Aug 5th earnings report?
malp, do you have any expertise in valuing dormant corporate shells? Would FPFX have any value due to past losses that could be carried forward or has it ceased to exist entirely?
CLLXF NEWS
Callinex Discovers 28.6m of 57 g/t Ag Including 16.5m of 94 g/t Ag Near Surface at the Nash Creek Project in Bathurst Mining District, New Brunswick
https://callinex.ca/callinex-discovers-28-6m-of-57-g-t-ag-including-16-5m-of-94-g-t-ag-near-surface-at-the-nash-creek-project-in-bathurst-mining-district-new-brunswick/
It looks like this might have some potential based on the spike in CLLXF.
Callinex Discovers 28.6m of 57 g/t Ag Including 16.5m of 94 g/t Ag Near Surface at the Nash Creek Project in Bathurst Mining District, New Brunswick
https://callinex.ca/callinex-discovers-28-6m-of-57-g-t-ag-including-16-5m-of-94-g-t-ag-near-surface-at-the-nash-creek-project-in-bathurst-mining-district-new-brunswick/
My previous post may have been confusing, so I'm revising it as follows: At least with the Mob, you know you're going to get robbed, but in our case, others were much more organized in their approach.
At least with the Mob, you expect to be robbed. In the final analysis, they're not the most organized about it though.
The Fed will likely signal they're prepared to do whatever it takes to save the U.S. financial house of cards on Wednesday. Heck, maybe they can pull it off again.
Odd sudden drop after being up almost $1 in the premarket! Profit-taking perhaps? With the price of gold up 1.75% this morning and the beat on the quarter and year, it certainly seems like a sure thing. Maybe it's because I own the stock which is often a curse it seems.
It looks like they blew the estimate away at .47. Tomorrow should be a very good day if the price of gold and silver continues to climb.
I think we did, and hopefully, they were dumping in their shorts as they scrambled to cover.
Hecla's Fourth Quarter Continues a Strong Second Half Of 2019
HIGHLIGHTS
"Fourth quarter sales of $225 million; cash flow from operations of $57 million; net loss of $8.0 million; and adjusted EBITDA of $62 million.1
2019 silver production of 12.6 million ounces, up 22% and record gold production of 272,873 ounces, up 4%, over 2018.
2019 sales of $673.3 million (the highest in the company's history); cash flow from operations of $120.9 million; net loss of $99.6 million; and adjusted EBITDA of $177.7 million.1
Record reserves for silver, lead and zinc; increases of 11%, 5% and 8%, respectively over 2018.
Net debt reduction of approximately $136 million, or more than 23%, from the peak net debt mid-year.
Cash and cash equivalents of $62 million at year end, an increase of $35 million with no borrowings on the revolving line of credit facility.
Lowest All Injury Frequency Rate (AIFR) in Company history.
Lucky Friday return to full production is underway and expected to be complete by the end of 2020.
Moody's Investors Service upgraded Hecla's Corporate Family Rating from Caa1 to B3 with a stable outlook.
"2019 was a tale of two halves where the second half had higher production, higher prices, better earnings and more cash flow," said Phillips S. Baker, Jr., President and CEO. "The strong third and fourth quarters markedly improved our financial condition, putting us in a better position to refinance the Senior Notes."
"In 2020, at current prices, we expect continued strong cash flow generation with the ongoing solid performance at Greens Creek, the ramp-up of Lucky Friday, expected improvements at Casa Berardi and the potential mine life extension at San Sebastian from the Hugh Zone," Mr. Baker added."
http://ir.hecla-mining.com/file/Index?KeyFile=402668852
Is it possible we might get one more penny out of this battered old slot machine?
Hecla Mining reports best-ever quarter for gold production
Jan. 7, 2020 8:27 AM ET|About: Hecla Mining Company (HL)|By: Carl Surran, SA News Editor
"Hecla Mining (NYSE:HL) +2.7% pre-market after reporting FY 2019 silver production jumped 22% Y/Y to 12.6M oz. and gold production gained 4% to 272,873 oz.; the full-year gold output was the highest in the company's history.
Silver equivalent production totaled 47.2M oz. and gold equivalent production was 549,172 oz. for the year.
For Q4, silver production surged 25% Y/Y to 3.4M oz. and gold output rose 5% to 74,773 oz.
The biggest gains came at the Greens Creek mine in Alaska, which produced 9.9M oz. of silver - the mine's highest total since Hecla acquired full ownership in 2008 - and 56,624 oz. of gold for the full year, and 2.7M oz. of silver and 15,356 oz. of gold for the quarter.
Hecla also says Lucky Friday Union workers have ratified the collective bargaining agreement, and many of the workers are expected to return to work."
https://seekingalpha.com/news/3530061-hecla-mining-reports-best-ever-quarter-for-gold-production
We lost over $1 basically overnight when the LF strike started. Unfortunately, it will probably take a lot longer to get it back, but I can dream, can't I?
Six hours until USW 5114 voting closes. Either the market doesn't know or the past "no" votes have everyone spooked.
The USW 5114 Facebook Page is still quiet as a mouse in terms of comments which I assume means comments are being disallowed. I still think the union leadership is convinced they must get a yes vote this time or they're done.
Lots of profit-taking on a big up day for gold.
I get the impression the Union leadership was blindsided by the recent "no" vote and is now pushing hard to get this slightly- revised CBA ratified by the rank and file before the company goes nuclear on replacing the union workers. It also sounds like negative comments on the Facebook page are being deleted in accordance with a clause agreeing to refrain from disparaging remarks during this latest push to end the strike. In addition, the continuous voting procedure seems to me to be designed to preemptively deal with any signs of another "no" vote before the 1/6/20 deadline. I could be wrong, of course, but I think we will finally see the return of the LF mine and the usual spate of after-the-fact analyst upgrades.
https://www.facebook.com/USW-Local-5114-694692010581206/
Merry Christmas to all you HL message-board regulars, and wishing us a prosperous New Year for a change!
After hours gold is over 1500/ounce as well. It looks like all the stars may be finally aligning for Hecla.
From the USW 5114 Facebook Page late yesterday:
USW local 5114 and Hecla Mining Company met today December 20, 2019. The Union listened to the members concerns at the two previous ratification meetings held on November 24, 2019 and December 1, 2019. The Union took those concerns to the negotiation table today. We bargained for more than 5 hours with much dialog and requests for information. We came to a mutual verbal agreement on a couple issues and will work throughout the weekend with Hecla to get the agreements on paper. The subjects that were discussed in great detail were the silver price premium plan, the miners being guaranteed the same stoup, the picket line terminations, and the return to work physical/essential functions test. This meeting was a last ditch effort to meet with the company before the holidays and the end of the year to get some answers and clarification to the issues that were brought forward by the members of 5114. Detailed information will be released the first of next week.
https://www.facebook.com/USW-Local-5114-694692010581206/
I think there's a better than even chance the LF strike is settled this time around just based on the sudden appearance of some conciliatory sentiment on the union's Facebook page since the latest rejection. Of course, it may not be before the end of the year.
USW Local 5114 Facebook Page tonight.
The negotiating committee will be meeting with Hecla tomorrow, December 20th, to continue negotiations.
https://www.facebook.com/USW-Local-5114-694692010581206/
Hopefully, HL company leadership will finally take control of this situation at LF now. Two and a half years is far too long to drag this thing out! If the company can't regain control then they should consider selling LF or even the whole company to someone who can. I'm pretty sure most shareholders have had enough of this standoff.
We should see an active trading day for our long-suffering investment today. Hopefully, this thing at LF will be settled this afternoon, and HL can get back to being a profitable enterprise. With the Fed's ongoing stealth QE about to shift into high gear, this could be the year gold and silver finally shine again. Let's hope Hecla will be in a position to take advantage of the situation at just in time.
Western Forest Products Inc WFSTF:OTC Pink - Current Information
Meetings Resume with Independent Mediators and USW
GlobeNewswire
9:15 PM ET
Western Forest Products Inc. (TSX: WEF) ("Western" or the
"Company") announced today that the Company and the United
Steelworkers Local 1-1937 ("USW") will meet with independent
mediators Vince Ready and Amanda Rogers this week. The
parties have agreed to a media blackout during this
mediation process.
The strike, which
commenced on July 1, 2019, affects all the Company's USW
certified manufacturing and timberlands operations in
British Columbia, impacting approximately 1,500 of the
Company's hourly employees and approximately 1,500 employees
working for the Company's timberland operations and
contractors.
USW 5114 Facebook Page tonight.
Regular monthly union meeting tonight, November 10,2019, 7pm.
Show up, ask questions and be informed!!
Settling the strike will almost certainly be worth something, and I think that prospect accounts for the bounce back today after the 10Q. Accumulating from here to the LF strike settlement seems like a pretty good bet - unless it falls through, of course.
It doesn't look like the market is so far giving any value at all to the possible settlement of the LF strike. Perhaps an opportunity?
Hecla Reports Third Quarter 2019 Results
Thu November 7, 2019 3:30 AM|Business Wire|About: HL
Strong operating results and free cash flow generation; Lucky Friday reaches tentative agreement
For The Period Ended: September 30, 2019
For Release: November 7, 2019
COEUR D'ALENE, Idaho--(BUSINESS WIRE)-- Hecla Mining Company (HL) (NYSE:HL) today announced third quarter financial and operating results including sales of $161.5 million, net loss applicable to shareholders of $19.7 million, or $0.04 per share, cash provided by operating activities of $54.9 million and silver cost of sales and other direct production costs and depreciation, depletion and amortization ("cost of sales") of $57.3 million.
HIGHLIGHTS
Silver production of 3.3 million ounces and gold production of 77,311 ounces.
Adjusted net loss applicable to common shareholders of $11.8 million, or $0.02 per share.1
Adjusted EBITDA of $69.8 million.2
Approximately 40% lower cash cost per silver ounce and all in sustaining cost ("AISC") per silver ounce, in each case net of by-product credits compared to the third quarter of 2018. 3,4
Free cash flow of $28.8 million generated.6
Cash and cash equivalents of $33.0 million, with a draw on the revolving line of credit of $50 million, at September 30, 2019.
A tentative labor agreement at Lucky Friday between the Company and the union negotiating committees which is subject to member ratification.
Lucky Friday Mine received the Sentinels of Safety award from the National Mining Association (NMA) for its stellar safety record in 2018 as well as the Pollution Prevention Champion award from the State of Idaho.
Reaffirmed annual estimates for production, cost and expenditure estimates.
"The third quarter performance, including our increased adjusted EBITDA results, demonstrates significant progress toward our twin financial goals of having no net revolver indebtedness at year end and refinancing our senior notes," said Phillips S. Baker, Jr., President and CEO. "Our net revolver debt decreased by about $26 million, all from free cash flow, and our adjusted EBITDA of $70 million is about 50% more than the first and second quarter combined. We expect the fourth quarter adjusted EBITDA to be similar to the third quarter."
Mr. Baker continued, "At the Lucky Friday, a tentative labor agreement has been reached with the union's negotiating committee and is subject to member ratification. We expect the mine ramp-up to full production to take about a year's time, which would be good for the workforce, shareholders and the community. Also, congratulations to the Lucky Friday for winning the Sentinels of Safety, the highest safety award for mining in the US, as well as Idaho's Pollution Prevention Champion Award."
https://seekingalpha.com/pr/17690434-hecla-reports-third-quarter-2019-results
Well, well, well! I hadn't checked the page since the last "scab" shaming post. Thanks for the heads-up!