Pure Gold Mining Inc.
Other OTCCapital Structure
•
in mil. unless spec.Working Capital
•
in mil. unless spec.Growth Rates
•
in mil. unless spec.Quarterly Revenue
•
in mil. unless spec.Quarterly Earnings Per Share
•
in mil. unless spec.Quarterly Dividends Per Share
•
in mil. unless spec.- CEO
- Jonathan Singh
- Full Time Employees
- 350
- Sector
- Basic Materials
- Industry
- Gold
- Address
- 1055 West Hastings Street Vancouver BC Canada V6E 2E9
- IPO Date
- Jun 20, 2023
- Website
- puregoldmining.ca
- Similar Companies
- Business
- Pure Gold Mining Inc is a gold mining company engaged in the acquisition, exploration, development, and operation of gold properties in Canada. The company primarily operates the PureGold Mine located near Red Lake, Ontario, which includes a fully permitted underground gold mine with an 800 tonnes per day processing facility. Its main products include gold extracted from the mine, along with ongoing exploration for additional precious and base metals within its mining leases and patents covering approximately 4,648 hectares. Founded in 2007 and headquartered in Vancouver, British Columbia, Pure Gold Mining focuses on operational excellence, phased expansions, and systematic exploration to drive growth within the world-class Red Lake mining district. In June 2023, Pure Gold Mining was acquired by West Red Lake Gold Mines Ltd through a reverse vesting arrangement, with the acquisition including the Madsen Gold Project and the PureGold Mine along with its significant infrastructure and resources, such as an estimated 1.65 million ounces of gold in the Indicated category. Prior to the acquisition, Pure Gold Mining had suspended operations and entered creditor protection due to cash flow challenges and operational setbacks experienced from 2021 to 2022. The acquisition by West Red Lake Gold Mines marked a strategic shift and business expansion that now positions the mine and related assets under new management aimed at resource development and optimization. During its last operational phase, Pure Gold produced gold with ongoing plans for an updated Pre-Feasibility Study and life-of-mine plan, though these efforts were interrupted by financial difficulties. Pure Gold Mining’s products and services encompass gold mining, processing, exploration, and resource development within the Red Lake mining camp. The company had developed a technologically advanced underground mine with a mill facility achieving over 95% recovery rates and leveraged low-cost hydro power to maintain operational efficiency. The company’s core target market includes precious metal investors and downstream customers interested in gold products. The company also engaged in collaborations with financial institutions, including credit facilities managed by Sprott Resource Lending Corp, to improve liquidity during its operational challenges. Overall, Pure Gold Mining Inc operated a high-grade gold mine offering refined gold production solutions supported by advanced processing infrastructure before its acquisition. The strategic acquisition by West Red Lake Gold Mines in 2023 represents a major operational and ownership change focused on leveraging existing assets for renewed growth and production scaling within one of Canada’s premier gold mining regions. The company’s history includes exploration, development, and intermittent gold production with important milestones in technical resource evaluation and operational management within the last two years.
Pure Gold Mining updates investors on acquisition by West Red Lake Gold Mines
Frank Giustra leads financing deal for troubled Pure Gold Mining's assets
Pure Gold Mining agrees to be acquired by West Red Lake Gold Mines
Pure Gold Mining receives SISP Order and related relief from Supreme Court of British Columbia
Pure Gold Mining says it is suspending operations and placing the PureGold Mine in Ontario on care and maintenance
Pure Gold Mining impresses Stifel GMP analysts on culture, attitudes, and leadership during mine tour
Pure Gold Mining achieves 3Q gold production guidance at Ontario PureGold Mine; reveals 4Q outlook
Pure Gold Mining files updated resource estimate for its flagship operation in Red Lake, Ontario
Stifel GMP retains a conservative short-term view on Pure Gold Mining but believes the life of mine plan and pre-feasibility studies due in 4Q will provide clarity on its long-term valuation
Pure Gold Mining reaffirms third quarter 2022 guidance, says gold production at mine set a new monthly record in August
Pure Gold Mining Inc. (LRTNF) CEO Mark O'Dea on Q2 2022 Results - Earnings Call Transcript
Pure Gold Mining continues in bid to lift output and lower costs as it posts second quarter results
Pure Gold Mining releases robust updated mineral resource estimate for its mine in Ontario
Pure Gold Mining enhances credit facility and launches strategic review
Pure Gold Mining closes second and final tranche of C$31M private placement
Pure Gold Mining closes the first tranche of its non-brokered private placement for aggregate gross proceeds of C$27,760,944
Pure Gold Mining sees its revenue grow in 1Q off the back of higher gold sales from Red Lake operation
Pure Gold Mining arranges non-brokered private placement of 200 million units for aggregate gross proceeds of $30M
Pure Gold Mining strikes additional credit facility with Sprott and announces new interim CEO as turnaround efforts continue
Pure Gold Mining says its Red Lake gold mine generated $32M in revenue since the start of commercial production in August 2021