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Buzz on the Bullboards: Mining, tech and cannabis make waves


Jonathon Brown Jonathon Brown, The Market Online
0 Comments| July 25, 2024

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Canada’s main stock index started the week on a positive note after a rough performance last week, only to pivot downward throughout the following days, suffering declines across major sectors. The Bank of Canada’s reduction of its target for the overnight rate to 4.5 per cent did little to bolster market confidence, with the bank rate at 4.75 per cent and the deposit rate at 4.5 per cent. The central bank continues its policy of balance sheet normalization, adding to the uncertainty on Bay Street.

Mining sector struggles

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The mining sector has been under pressure this week, with Victoria Gold Corp. (TSX:VGCX, Forum) at the forefront of concerns following last month’s catastrophic cyanide solution spill at its Eagle mine in Yukon Territory. The spill, which happened on June 24, resulted from a landslide and failure at the company’s heap leach facility, where gold is extracted using a cyanide solution. This has led to the release of more than 300 million litres of the toxic solution into nearby waterways.

Environmental samples from last month detected cyanide levels at 0.04 mg per litre, half of which is considered fatal for most fish species. However, more recent samples have shown no detectable cyanide levels beyond drinking water guidelines. Despite this, environmental experts warn of long-term repercussions, particularly for Haggart Creek, a vital habitat for the region’s dwindling fish population. The Yukon Territory government has implemented containment measures, including systems to intercept and store groundwater and the construction of two water storage facilities, each capable of holding 150,000 cubic metres of contaminated water. Experts suggest that the full environmental impact could take years to unfold.


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In a July 12 update, Victoria Gold outlined its ongoing investigation and mitigation efforts but remains uncertain about securing the necessary funds to repair damages, remediate environmental impacts, or resume production at the Eagle mine. This incident adds to the company’s troubling history of regulatory compliance issues, with at least four cyanide spills since 2021.

Tech sector update

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In the tech sector, Quarterhill Inc. (TSX:QTRH, Forum) has secured a US$1.2 million contract with the South Dakota Department of Transportation (SDDOT) to provide maintenance, training, and emergency repair services for electronic screening systems at six weigh stations through December 2026. The contract includes bi-annual maintenance visits, system calibrations, and comprehensive training for SDDOT operators. Quarterhill will also manage a central server to integrate data from the Federal Motor Carrier Safety Administration’s SAFER database to state-operated E-Screening systems, enhancing SDDOT’s analytical capabilities with iAnalyze software and VI2M data repository access.

Quarterhill has also expanded its reach with US$4.9 million in product sales to partners in Thailand and South Korea. The deals include high-speed Weigh-In-Motion systems for Thai transportation projects and PAT Bending Plate scales for South Korean enforcement. These moves underscore Quarterhill’s commitment to enhancing global transportation infrastructure.

Medical cannabis grows overseas business

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In the cannabis market, Tilray Brands (TSX:TLRY, Forum) continues to expand its footprint in Europe. Its subsidiary, Tilray Medical, has received approval for its new medical cannabis extract, Tilray Oral Solution THC10, in Portugal. This follows the approval of Tilray Medical’s THC 18 whole flower and the first cannabis extract in Portugal earlier this year. Tilray’s diverse portfolio spans more than 20 brands across more than 20 countries, including renowned names such as Broken Coast, Redecan and Good Supply.

Stay engaged, stay informed

As the stock market continues to navigate through these dynamic developments, investors are encouraged to stay engaged with the latest news. Keeping your portfolio updated with these insights can provide critical advantages in making informed investment decisions. Stay tuned to Bay Street for more updates and opportunities.


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For previous editions of Buzz on the Bullboards: click here.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

(Top image: Yukon Territory government)




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