New Risk • May 27
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 Share price has been highly volatile over the past 3 months (63% average weekly change). Negative equity (-CA$953k). Earnings have declined by 9.3% per year over the past 5 years. Revenue is less than US$1m (CA$346k revenue, or US$253k). Market cap is less than US$10m (CA$729.0k market cap, or US$533.5k). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Reported Earnings • Nov 11
Third quarter 2023 earnings released: CA$0.006 loss per share (vs CA$0.002 profit in 3Q 2022) Third quarter 2023 results: CA$0.006 loss per share (down from CA$0.002 profit in 3Q 2022). Revenue: CA$573 (down 97% from 3Q 2022). Net loss: CA$797.0k (down 349% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 02
Second quarter 2023 earnings released: CA$0.018 loss per share (vs CA$0.003 loss in 2Q 2022) Second quarter 2023 results: CA$0.018 loss per share (further deteriorated from CA$0.003 loss in 2Q 2022). Revenue: CA$3.0k (down 99% from 2Q 2022). Net loss: CA$2.54m (loss widened CA$2.18m from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Board Change • May 10
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Charles Taschereau was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • May 05
Glen Eagle Resources Inc. Announces That Armando Farhate Has Been Appointed as Director of the Corporation as Part of Its Restructuring Process Glen Eagle Resources Inc. announced that Armando Farhate has been appointed as Director of the Corporation, as part of its restructuring process. Armando Farhate, a Brazilian citizen, has more than 35 years of industry experience with the last twelve years being focused in the mining sector. He has occupied C-Level and Upper Management positions in mining companies in Brazil, Canada, Namibia and Botswana, and is currently Director of three other Canadian mining and exploration companies. He brings extensive expertise in all areas of this industry segment, with special focus on operations, Sales &Marketing, Engineering and Mineral Resource Development. Mr. Farhate holds a Mechanical Engineering degree, an MBA and is a Certified Board Member by IBGC (Brazil). He carried out several mandates in 33 different countries and speaks 7 languages fluently. Hes currently COO &Head of Graphite Market and Sales at Gratomic Inc, a Canadian public company focused on developing graphite assets aiming to supply the fast-developing Electric Vehicle (EV) sector with a critical mineral for the batteries. Armando is a team player, with whom I have had the privilege to collaborate with for many years. He will bring Glen Eagle crucial expert advises, not only to continue developing its gold assets in Latin America, but also to help assess opportunities to transition into new critical minerals for serving the booming EV industry noted Karl Trudeau, President and CEO of the Corporation. Reported Earnings • May 01
Full year 2022 earnings released: CA$0.006 loss per share (vs CA$0.025 loss in FY 2021) Full year 2022 results: CA$0.006 loss per share (improved from CA$0.025 loss in FY 2021). Revenue: CA$889.2k (up 113% from FY 2021). Net loss: CA$831.1k (loss narrowed 70% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 47% per year, which means it is performing significantly worse than earnings. Duyuru • Sep 17
Glen Eagle Reports on GEM's Claim Against the Corporation Glen Eagle Resources Inc. announced that the Arbitrator retained to render a decision regarding the GEM claim against the Corporation has ruled in favor of the Claimant, ordering the Corporation to pay $1,500,000 in damages to GEM Bahamas for not issuing warrants, which issuance would have been in violation of TSXV policies among other things. The Company is currently evaluating its options with its legal counsel and will further report on the matter in due time. Reported Earnings • Aug 27
Second quarter 2022 earnings released: CA$0.003 loss per share (vs CA$0.003 loss in 2Q 2021) Second quarter 2022 results: CA$0.003 loss per share (vs CA$0.003 loss in 2Q 2021). Revenue: CA$349.2k (up 463% from 2Q 2021). Net loss: CA$358.5k (loss widened 18% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • May 01
Full year 2021 earnings released: CA$0.025 loss per share (vs CA$0.019 loss in FY 2020) Full year 2021 results: CA$0.025 loss per share (down from CA$0.019 loss in FY 2020). Revenue: CA$417.0k (down 47% from FY 2020). Net loss: CA$2.77m (loss widened 68% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
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. 1 experienced director. 3 highly experienced directors. Independent Director Charles Taschereau was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Apr 23
Glen Eagle Resources Inc., Annual General Meeting, Jun 22, 2022 Glen Eagle Resources Inc., Annual General Meeting, Jun 22, 2022. Duyuru • Apr 21
Glen Eagle Resources Inc. (TSXV:GER) acquired 27 Additional Claims Adjacent to Moose Lake. Glen Eagle Resources Inc. (TSXV:GER) acquired 27 Additional Claims Adjacent to Moose Lake on April 20, 2022.
Glen Eagle Resources Inc. (TSXV:GER) completed the acquisition of 27 Additional Claims Adjacent to Moose Lake on April 20, 2022. Duyuru • Apr 08
Glen Eagle Resources Inc. announced that it has received CAD 0.30902 million in funding Glen Eagle Resources Inc. announced that it has CAD 309,020 in funding on April 7, 2022. The company issued 5,150,333 units at a price of CAD 0.06 per unit in the transaction. Each unit consists of one common share and one share purchase warrant, entitling the holder to acquire one additional share in the capital at a price of CAD 0.08 per warrant until April 6, 2025. The securities issued and issuable in connection with the closing of the offering are subject to a statutory hold period expiring on August 7, 2022. The Offering and related matters remain subject to the final approval of the TSX Venture Exchange. Board Change • Jan 09
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. 1 experienced director. 3 highly experienced directors. Independent Director Charles Taschereau was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Dec 30
Glen Eagle Resources Inc. announced that it has received CAD 0.36 million in funding Glen Eagle Resources Inc. announced a private placement of 5,142,855 units at a price of CAD 0.07 per unit for gross proceeds of CAD 359,999.85 on December 29, 2021. Each unit consists of one common share and one share purchase warrant. Each warrant will entitle the holder to acquire one additional share at a price of CAD 0.085 per share until December 29, 2023. The securities issued and issuable in connection with the closing of the Offering are subject to a statutory hold period expiring on April 30, 2022. The Offering and related matters remain subject to the final approval of the TSX Venture Exchange. Duyuru • Dec 12
Glen Eagle Resources Inc. Intersects True Width of 5.65 g/t Au over 18 Meters at La Esperanza II Glen Eagle Resources announced its latest drilling results on the gold enrichment zone discovered at La Esperanza II with drill hole LE-21- 003 intersecting 5.65 g/t Au over 18 meters of true width, including 9.21 g/t Au over 9 meters from surface. The new data confirms the thickness of the vein from previously reported drill hole LE-21-002, which intersected 3.04 g/t Au over 30.8 meters from surface while remaining open at depth as previously reported and detailed in a News Release dated November 24. 2021 along with drill hole LE-21-001 having intersected 6.4g/t Au over 8.2 meters. The well defined gold formation, while remaining open in all directions, will provide Cobra Oro with an additional 2000 tons of good grade ore to supply its wholly owned gold processing plant based in Choluteca, Honduras. The drilling results are presented in the table below and released as an update on the values that the Company has intercepted in the context of continuous and timely information regarding its current drilling. The data was provided by Cobra Oro laboratory and therefore non-compliant under instrument NI 43-101 but deemed reliable supported by 5 years of reporting accurate results regarding its dore bars testing analysis. Duyuru • Nov 27
Glen Eagle Resources Announces La Esperanza II Returns 6.04 g/t Au over 8.2 Meters on Surface Glen Eagle Resources announced that a new enrichment zone was discovered at La Esperanza II with drill hole LE-21-001 returning 6.04 g/t Au over 8.2 meters in a gold bearing quartz vein found on surface. The hole was stopped due to the crossing of an unknown drift while drilling. Drill hole LE-21-002 intersected on surface 3.04 g/Au over 30.8 meters and remains open at depth. True width of the vein will be defined after interpreting additional drilling results currently under analysis at Cobra Oro laboratory. Drilling by the company is aimed at scouting the surface of a large gold bearing zone encompassing approximately 30 square kilometers. The company has been working in the area for the last two months to improve TPD feed to its mill and consolidating concession agreements with land owners. The area is located some 40 kilometers away from Cobra Oro gold processing plant. The data was provided by Cobra Oro laboratory and therefore non-compliant under instrumentNI 43-101. Duyuru • Sep 14
Glen Eagle Resources Inc. announced that it has received CAD 1 million in funding On September 13, 2021, Glen Eagle Resources Inc. closed the transaction. The securities issued and issuable in connection with the closing of the transaction are subject to a statutory hold period expiring on January 14, 2022. In connection with the transaction, the company paid aggregate cash commissions of CAD 53,200 and issued an aggregate of 760,000 finder warrants, each such finder warrant entitling the holder thereof to acquire one Share at an exercise price of CAD 0.085 until September 13, 2023. Insiders of the company purchased an aggregate of 500,000 units in connection with the transaction. The transaction and related matters remain subject to the final approval of the TSX Venture Exchange. Duyuru • Sep 02
Glen Eagle Resources Inc. announced that it expects to receive CAD 1 million in funding Glen Eagle Resources Inc. announced a non-brokered private placement of 14,285,714 units at a price of CAD 0.07 per unit for gross proceeds of CAD 1,000,000 on August 31, 2021. Each unit consists of one common share and one share purchase warrant. Each warrant will entitle the holder to acquire one additional share at a price of CAD 0.085 per share for a period of 24 months from date of issuance. The closing of transaction is subject to certain conditions including, without limitation, approval of the TSX Venture Exchange. Reported Earnings • Aug 28
Second quarter 2021 earnings released: CA$0.003 loss per share (vs CA$0.003 loss in 2Q 2020) Second quarter 2021 results: Net loss: CA$302.8k (loss widened 13% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Duyuru • Jun 05
Glen Eagle Resources Inc. announced that it has received CAD 0.6 million in funding Glen Eagle Resources Inc. (TSXV:GER) announced a non-brokered private placement of 12,000,000 units at price of CAD 0.05 per unit for gross proceeds of CAD 600,000 on June 4, 2021 . Each unit will consist of one common share and one common share purchase warrant exercisable at CAD 0.08 for a period of 24 months from the date of closing. The transaction is subject to regulatory approval in accordance with applicable securities legislation. The securities issued will be subject to a four-month hold period following the closing of the transaction. The company paid finder's fees of CAD 1,500 in the transaction. The transaction included participation from 2 Canadian investors for 66% of the securities issued. Reported Earnings • May 30
First quarter 2021 earnings released: CA$0.004 loss per share (vs CA$0.003 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: CA$101.8k (down 75% from 1Q 2020). Net loss: CA$398.0k (loss widened 69% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 28% per year. Reported Earnings • May 03
Full year 2020 earnings released: CA$0.019 loss per share (vs CA$0.013 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: CA$778.7k (down 63% from FY 2019). Net loss: CA$1.65m (loss widened 57% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Duyuru • Mar 12
Glen Eagle Resources Inc. announced a financing transaction Glen Eagle Resources Inc. (TSXV:GER) announced a private placement on March 11, 2021. The company issued common stock in the transaction. The private placement is subject to regulatory approval in accordance with applicable securities legislation. The securities issued in connection with the private placement will be subject to a four-month hold period following the closing of the Offering. Finder's fees may also be applicable. The transaction included participation from a few large shareholders of the Company including Eric
Sprott who has increased his position from 11,118,182 to 13,118,182 shares.
On the same day, the company received proceeds of CAD 250,000 at a price of CAD 0.05 in its first tranche closing. Duyuru • Feb 18
Glen Eagle Resources Inc. Receives a Steady Flow of Mineral Supplies at Cobra Oro Glen Eagle Resources Inc. announced that mineral supplies are being delivered as stipulated in the agreement announced on February 2nd, 2021. Delivery has been coming steadily over the last 10 days at a rate of 80 to 100 tons daily. The company also announced that major changes are in the making, including several important projects currently in the pipeline that are intended to be released in the near future through a steady flow of news releases. Duyuru • Feb 03
Glen Eagle Resources Inc. Signs Ore Supply Agreement Glen Eagle Resources Inc. announced the signing by the Company of the most important ore supply agreement to date. The agreement was entered between Cobra Oro. The agreement will allow Cobra Oro gold processing plant to operate at full capacity. The Company is also in discussion with two other groups representing an additional 750 miners from the same area, which is also known for being very prolific with high grade gold showings and small deposits. The Company has been trying hard over the years to reach an agreement with these various Miners Cooperatives but could not come to agreeable terms until now. Duyuru • Jan 28
Glen Eagle Resources Inc.(TSXV:GER) dropped from S&P/TSX Venture Composite Index Glen Eagle Resources Inc.(TSXV:GER) dropped from S&P/TSX Venture Composite Index Duyuru • Nov 27
Glen Eagle Resources Inc. Announces Update Glen Eagle Resources Glen Eagle Resources Inc. announced that a second drill rig has arrived at Cobra Oro gold processing plant in Honduras. Both drill rigs will relocate to their respective site as soon as the roads are cleared from mudslides caused by recent hurricanes. The 2000 meters drilling program, of which 500 meters has been completed, is expected to resume very shortly with the arrival of the dry season. Production will also resume at about the same time. Several pictures were recently taken and downloaded on the company's website showing that the entire plant site did not sustain damages. Duyuru • Sep 04
Glen Eagle Resources Inc. announced that it has received CAD 0.387 million in funding On September 1, 2020, Glen Eagle Resources Inc. (TSXV:GER) closed the transaction. The company issued 3,587,500 units for gross proceeds of CAD 287,000 in its second and final tranche. The tranche included participation from 21 placees. The company paid finders fee of CAD 1,600 in the transaction. The company received CAD 387,000 in the transaction. TSX Venture Exchange has accepted for filing documentation with respect to the transaction. Duyuru • Sep 01
Goldseek Resources Inc. (CNSX:GSK) acquired Piedra Dorada Mining Concession. Goldseek Resources Inc. (CNSX:GSK) acquired Piedra Dorada Mining Concession on April 27, 2020. Piedra Dorada Mining Concession was acquired at no cost by engineering a swap between La Cobra and Piedra Dorada.
Goldseek Resources Inc. (CNSX:GSK) completed the acquisition of Piedra Dorada Mining Concession on April 27, 2020. Duyuru • Jul 22
Glen Eagle Resources Inc. announced that it expects to receive CAD 0.5 million in funding Glen Eagle Resources Inc. (TSXV:GER) announced a non-brokered private placement of up to 6,250,000 units at price of CAD 0.08 for gross proceeds of up to CAD 500,000 on July 21, 2020. Each unit will consist of one common share and one common share purchase warrant exercisable at CAD 0.12 for a period of 24 months. The final closing of the transaction is expected to occur on or before August 3, 2020. The transaction is subject to regulatory approval in accordance with applicable securities legislation. The securities issued will be subject to a four-month hold period following the closing of the transaction. The company may also pay finder's fees.
On the same date, the company issued 1,250,000 units for gross proceeds of CAD 100,000 in its first tranche closing. Duyuru • Jun 17
Glen Eagle Resources Inc. Auditor Raises 'Going Concern' Doubt Glen Eagle Resources Inc. filed its Annual on Jun 15, 2020 for the period ending Dec 31, 2019. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.