Reported Earnings • May 28
First quarter 2025 earnings released: US$0.074 loss per share (vs US$0.17 loss in 1Q 2024) First quarter 2025 results: US$0.074 loss per share (improved from US$0.17 loss in 1Q 2024). Net loss: US$236.1k (loss narrowed 58% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 31% per year whereas the company’s share price has fallen by 32% per year. Announcement • May 07
Silver Storm Mining Ltd. (TSXV:SVRS) entered into an agreement to acquire Till Capital Corporation (TSXV:TIL) for CAD 5.8 million. Silver Storm Mining Ltd. (TSXV:SVRS) entered into an agreement to acquire Till Capital Corporation (TSXV:TIL) for CAD 5.8 million on May 5, 2025. The arrangement is expected to result in the issuance, to each Till Shareholder, approximately 15.874 Silver Storm Units for each Till Share held by such holder immediately prior to the closing of the Transaction, subject to certain closing adjustments. The agreement contains a customary break fee of $400,000 (CAD 0.5511 million) plus certain expenses and is payable to a non-breaching party. Following completion of the transaction, Till Shares will be de-listed from the TSXV and Till will cease to be a reporting issuer under Canadian securities laws. The Transaction has been unanimously approved by the boards of directors of Silver Storm and Till including, in the case of Till, following the recommendation of the special committee. The Till board of directors is unanimously recommending that Till shareholders vote in favour of the transaction. The completion of the transaction is subject to a number of terms and conditions, including without limitation the following: (a) acceptance by the TSXV; (b) approval of the British Columbia Supreme Court; (c) there being no material adverse changes in respect of Till; and (d) other standard conditions of closing for a transaction of this nature. There can be no assurance that all the necessary approvals will be obtained or that all conditions of closing will be satisfied. The Transaction is subject to approval at a special meeting of Till shareholders by (i) 66 2/3 percent of the votes cast by Till shareholders, and (ii) if required, a simple majority of the votes cast by the Till shareholders, excluding the votes cast by certain persons as required by MI 61-101 Protection of Minority Securityholders in Special transactions.
Peterson McVicar LLP acted as Silver Storm's legal advisor. Ventum Financial Corp. acted as financial advisor and has provided a fairness opinion to Till. Stikeman Elliott LLP acted as Till's legal advisor. Reported Earnings • Nov 17
Third quarter 2024 earnings released: US$0.048 loss per share (vs US$0.25 loss in 3Q 2023) Third quarter 2024 results: US$0.048 loss per share (improved from US$0.25 loss in 3Q 2023). Net loss: US$152.6k (loss narrowed 81% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 25
Second quarter 2024 earnings released: US$0.29 loss per share (vs US$0.20 loss in 2Q 2023) Second quarter 2024 results: US$0.29 loss per share (further deteriorated from US$0.20 loss in 2Q 2023). Net loss: US$912.2k (loss widened 43% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 28 percentage points per year, which is a significant difference in performance. Announcement • Aug 13
Till Capital Corporation, Annual General Meeting, Oct 15, 2024 Till Capital Corporation, Annual General Meeting, Oct 15, 2024. Location: british columbia, vancouver Canada New Risk • Jun 17
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 24% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$5.90m market cap, or US$4.30m). New Risk • Jun 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 1.4% per year over the past 5 years. Market cap is less than US$10m (CA$8.30m market cap, or US$6.09m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Revenue is less than US$5m (US$2.8m revenue). Board Change • Mar 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Chairman of the Board Bob Forness was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 18
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Chairman of the Board Bob Forness was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Chairman of the Board Bob Forness was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Director James Rickards was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Nov 18
New major risk - Revenue and earnings growth Earnings have declined by 1.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 1.2% per year over the past 5 years. Market cap is less than US$10m (CA$11.5m market cap, or US$8.38m). Minor Risk Revenue is less than US$5m (US$2.6m revenue). New Risk • Nov 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$11.5m (US$8.40m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Market cap is less than US$10m (CA$11.5m market cap, or US$8.40m). Minor Risks Profit margins are more than 30% lower than last year (9.1% net profit margin). Revenue is less than US$5m (US$3.1m revenue). Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 17
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 14
Till Capital Corporation, Annual General Meeting, Dec 20, 2023 Till Capital Corporation, Annual General Meeting, Dec 20, 2023. Location: Stikeman Elliot 666 Burrard St Suite 1700 Vancouver Canada Board Change • Sep 21
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 06
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Jul 28
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. New Risk • Jul 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$9.86m (US$7.44m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue is less than US$1m. Market cap is less than US$10m (CA$9.86m market cap, or US$7.44m). Board Change • Jun 29
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 15
First quarter 2023 earnings released: EPS: US$0.066 (vs US$0.067 loss in 1Q 2022) First quarter 2023 results: EPS: US$0.066 (up from US$0.067 loss in 1Q 2022). Net income: US$209.9k (up US$422.7k from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jun 06
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 24
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 24
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 10
Till Capital Corporation announced that it has received CAD 0.675 million in funding Till Capital Corporation announced a private placement of a convertible note for gross proceeds of CAD 675,000 on December 9, 2022. The convertible note matures on December 6, 2023 and bears interest of 1.25% per month up to and including March 6, 2023, compounded, 1.75% per month from March 7, 2023 to June 6, 2023, compounded and 2% per month from June 7, 2023 to maturity, compounded. The convertible note is convertible into common shares on maturity at the holder’s option at the greater of the 30-day VWAP prior to maturity and CAD 5.47 per share. Interest accrued on the convertible note may be paid in shares at the election of the holder, but will be subject to TSXV approval at the time of such election, including approval of conversion pricing. The Convertible Note and any shares issued in payment of interest are subject to a four-month resale restriction from their respective dates of issuance, which in the case of the Convertible Note will conclude on April 9, 2023. Board Change • Nov 25
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improved over the past week After last week's 18% share price gain to CA$6.55, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 9x in the Metals and Mining industry in Canada. Total returns to shareholders of 215% over the past three years. Announcement • Oct 08
Till Capital Corporation, Annual General Meeting, Dec 15, 2022 Till Capital Corporation, Annual General Meeting, Dec 15, 2022. Reported Earnings • Aug 26
Second quarter 2022 earnings released: US$0.74 loss per share (vs US$0.28 loss in 2Q 2021) Second quarter 2022 results: US$0.74 loss per share (down from US$0.28 loss in 2Q 2021). Net loss: US$2.36m (loss widened 167% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 42% per year. Board Change • Aug 04
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 28
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • May 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improved over the past week After last week's 21% share price gain to CA$6.09, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 8x in the Insurance industry in Canada. Total returns to shareholders of 177% over the past three years. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 30
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 11
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Director Terry Rickard is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improved over the past week After last week's 19% share price gain to CA$6.29, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 10x in the Insurance industry in Canada. Total returns to shareholders of 195% over the past three years. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment deteriorated over the past week After last week's 22% share price decline to CA$4.56, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 10x in the Insurance industry in Canada. Total returns to shareholders of 127% over the past three years. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CA$5.80, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 10x in the Insurance industry in Canada. Total returns to shareholders of 207% over the past three years. Announcement • Dec 02
Till Capital Corporation announced that it has received CAD 1.5 million in funding Till Capital Corporation announced a private placement of a convertible note for gross proceeds of CAD 1,500,000 on December 1, 2021. The transaction included participation from an arm’s length purchaser. The convertible note matures on December 30, 2022 and bears interest of 1% per month up to and including March 31, 2022, compounded 1.25% per month from April 1, 2022 to June 30, 2022, compounded and 2% per month from July 1, 2022 to maturity, compounded. The convertible note is convertible into common shares on maturity at the holder’s option at the greater of the 30-day VWAP prior to maturity and CAD 6.05 per share. Interest accrued on the convertible note may be paid in shares at the election of the holder, but will be subject to TSXV approval at the time of such election, including approval of conversion pricing. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improved over the past week After last week's 16% share price gain to CA$7.02, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 10x in the Insurance industry in Canada. Total returns to shareholders of 258% over the past three years. Announcement • Jun 22
Accelerant Holdings Ltd. entered into a share purchase agreement to acquire Omega Insurance Holdings Inc. from Till Capital Corporation (TSXV:TIL) for CAD 13.7 million. Accelerant Holdings Ltd. entered into a share purchase agreement to acquire Omega Insurance Holdings Inc. from Till Capital Corporation (TSXV:TIL) for CAD 13.7 million on June 18, 2021. As part of consideration Accelerant will pay Till Capital Corporation an aggregate purchase price of 1.15 times the aggregate book value of the Omega Companies, or approximately CAD 13.7 million. Completion of the transaction is subject to approval of Canada’s Office of the Superintendent of Financial Institutions, the TSX Venture Exchange and certain other customary consents and provincial insurance regulatory filings. Reported Earnings • May 06
Full year 2020 earnings released: US$0.72 loss per share (vs US$0.30 loss in FY 2019) Full year 2020 results: Net loss: US$2.31m (loss widened 142% from FY 2019). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Executive Departure • Apr 22
Chief Investment Officer has left the company On the 15th of April, William Lupien's tenure as Chief Investment Officer ended after 7.0 years in the role. As of December 2020, William personally held 84.82k shares (CA$344k worth at the time). A total of 4 executives have left over the last 12 months. Is New 90 Day High Low • Jan 30
New 90-day high: CA$6.76 The company is up 80% from its price of CA$3.75 on 30 October 2020. The Canadian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 16% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: CA$4.98 The company is up 72% from its price of CA$2.90 on 08 October 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 11% over the same period. Announcement • Dec 19
Till Capital Corporation Announces Executive Changes Till Capital Corporation in its Annual General Meeting (AGM), which was held on December 16, 2020, approved election of Robert Forness, Brian P. Lupien, Scott D. McLeod and James Rickards as Directors. The company also announced retirement of Wayne Kauth, Alan Danson, and William Lupien and Ms. Patricia Tilton as Directors. Following the AGM, the board of directors appointed Edie Nemri as Corporate Secretary. Robert Forness is the CEO and Chief Underwriting Officer of MultiStrat Holdings. He brings more than 30 years of international insurance industry experience, which includes being the former Chief Underwriting Officer and Interim CEO of the Imagine Group and Head of Underwriting and Managing Director of Imagine's Lloyd's operation. Brian Lupien previously served as Till's CFO and is currently its CEO. He was directly involved in the formation of Till and is also a director of Omega Insurance Holdings Inc. From 2000 to 2014, he was an independent consultant specializing in investment fund and personal wealth management. Scott McLeod has over 25 years of experience in finance and business management. He is the co-founder of Nevada McLeod Group (NMG), where he oversees trading, portfolio management, accounting, research, and client retention. Over the past 15 years NMG has invested in private mining companies, private oil ventures and numerous startups among its investment portfolios. James Rickards is the Editor of Strategic Intelligence, a financial newsletter, and is the New York Times bestselling author of Aftermath (2019), The Road to Ruin (2016), The New Case for Gold (2016), The Death of Money (2014), and Currency Wars (2011) from Penguin Random House. Mr. Rickards is one of the world's leading authorities on the role of gold as a monetary asset and has been an invited keynote speaker at gold conferences on six continents. Reported Earnings • Nov 21
Third quarter 2020 earnings released: US$0.25 loss per share Third quarter 2020 results: Net loss: US$799.0k (loss widened US$720.6k from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.