Fintech PR

FinVolution Group Reports Third Quarter 2020 Unaudited Financial Results

Published

4 years ago

November 17, 2020

FinVolution Group (“FinVolution,” or the “Company”) (NYSE: FINV), a leading fintech platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Financial and Operational Highlights

Net revenue increased by 12.6% to RMB1,793.3 million (US$264.1 million) for the third quarter of 2020, from RMB1,592.5 million in the same period of 2019.
Operating profit was RMB689.0 million (US$101.5 million) for the third quarter of 2020, representing an increase of 6.2% from RMB648.9 million in the same period of 2019.
Non-GAAP adjusted operating profit^[1], which excludes share-based compensation expenses before tax, was RMB697.6 million (US$102.8 million) for the third quarter of 2020, representing an increase of 6.1% from RMB657.8 million in the same period of 2019.
Cumulative registered users^[2] reached approximately 112.8 million as of September 30, 2020.
Cumulative number of borrowers^[3] was approximately 18.6 million as of September 30, 2020.
Number of unique borrowers^[4] was approximately 1.9 million for the third quarter of 2020.
Loan origination volume^[5] was approximately RMB17.0 billion for the third quarter of 2020.
Repeat borrowing rate^[6]was 89.7% for the third quarter of 2020, compared to 79.4% in the same period of 2019.
Average loan size^[7] was RMB 4,095 for the third quarter of 2020, compared to RMB 3,156 in the same period of 2019.
Average loan tenure^[8] was 8.3 months for the third quarter of 2020.

Mr. Feng Zhang, the Chief Executive Officer of FinVolution, commented, “We are pleased to report continued progress in our results as we continue our shift to attracting higher quality customers. Our reported operational and financial performance were better-than-expected in the third quarter of 2020, a further testament to the agility and robustness of our core capabilities. As China gradually emerges from the aftermath of COVID-19, our loan business recovery has been gathering momentum. Our loan origination volume in Mainland China for the third quarter reached over RMB17 billion^[5], representing a 30% increase quarter-over-quarter and exceeding the top end of our previous guidance range.

“Encouragingly, our continual efforts to enhance our technological capabilities and strengthen our risk management have led to significant improvements in delinquency rates across the platform in particular for newly facilitated loans. Due to the shift to better quality customer cohort, our vintage delinquency^[9] in the most recent quarter is expected to be significantly lower compared to the past several years.

“Our institutional funding partners continue to be supportive with ample funding and ongoing improvement in funding cost. Going forward, we expect further enhancement in funding cost as we continue to deepen our relationships with our partners.

“As part of our ongoing strategy to leverage our technological capabilities to support new initiatives, our international operations gained significant traction. We are excited to report that our loan volume in Indonesia experienced a strong rebound from the depressed levels in the second quarter and is now much higher than pre-COVID-19 levels. We expect this strong momentum to continue moving forward.

“With a long and proven track record in technology innovation, responsive risk management insights and effective measures taken to navigate across credit and economic cycles, we believe our focus on our core strengths and fundamentals, coupled with our strong culture of innovation, sets a solid foundation for our sustainable operation and unlocks the vast potential in the consumer finance markets in China and internationally,” concluded Mr. Zhang.

Mr. Simon Ho, the Chief Financial Officer of FinVolution, commented, “In the third quarter, amid a recovering COVID-19 environment in Mainland China, we delivered non-GAAP operating profit^[10]of RMB697.6 million representing an increase of 21.1% quarter-over-quarter, and further demonstrating the resilience of our core business model. Our balance sheet and liquidity remain strong with RMB3.4 billion of cash and short-term liquidity. Armed with strong technological capabilities, and a conservative balance sheet, FinVolution is well positioned to capture additional opportunities in the evolving environment.”

^[1] Please refer to “UNAUDITED Reconciliation of GAAP And Non-GAAP Results” for reconciliation between GAAP and Non-GAAP adjusted operating profit.

^[2] On a cumulative basis, number of users registered on our platform in Mainland China as of September 30, 2020.

^[3] On a cumulative basis, number of borrowers whose loans were funded in Mainland China on or prior to September 30, 2020.

^[4]Represents the total number of borrowers in Mainland China whose loans were facilitated on our platform during the period presented.

^[5] Represents the loan origination volume facilitated in Mainland China during the period presented.

^[6] Represents the percentage of loan volume generated by repeat borrowers in Mainland China who have successfully borrowed on our platform before.

^[7] Represents the average loan size on our platform in Mainland China during the period presented.

^[8] Represents the average loan tenure period on our platform in Mainland China during the period presented.

^[9] Represents the historical cumulative 30-day past due delinquency rates by loan origination vintage for all loan products in Mainland China.

^[10]Please refer to “UNAUDITED Reconciliation of GAAP and Non-GAAP Results” for reconciliation between GAAP and Non-GAAP adjusted operating profit.

Third Quarter 2020 Financial Results

Net revenue for the third quarter of 2020 increased by 12.6% to RMB1,793.3 million (US$264.1 million) from RMB1,592.5 million in the same period of 2019, primarily due to the adoption of ASC 326. Before the adoption of ASC 326, gains or losses related to quality assurance commitments were recorded in one combined financial statement line item within other income. After the adoption of ASC 326, the guarantee income (i.e. the guarantee liability) was recorded as a separate financial statement line item within revenue and the credit losses for quality assurance were recorded within expenses. The increase in net revenue was partially offset by the decline in loan origination volume and decrease in average rate of transaction fees.

Loan facilitation service fees decreased by 45.6% to RMB486.3 million (US$71.6 million) for the third quarter of 2020 from RMB893.6 million in the same period of 2019, primarily due to the decline in loan origination volume and the decrease in the average rate of transaction fees.

Post-facilitation service fees decreased by 46.3% to RMB161.4 million (US$23.8 million) for the third quarter of 2020 from RMB300.7 million in the same period of 2019, primarily due to the decline in outstanding loans serviced by the Company and the rolling impact of deferred transaction fees.

Guarantee income was RMB747.1 million (US$110.0 million) for the third quarter of 2020 due to the adoption of ASC 326. After the adoption of ASC 326, the guarantee liabilities of quality assurance commitment are released as a revenue systematically over the term of the loans subject to quality assurance commitment.

Net interest income decreased by 24.4% to RMB260.9 million (US$38.4 million) for the third quarter of 2020, from RMB345.0 million in the same period of 2019, primarily due to decreased interest income from the reduction in the outstanding loan balances of consolidated trusts and the decrease in interest rates.

Other revenue increased by 158.6% to RMB137.6 million (US$20.3 million) for the third quarter of 2020 from RMB53.2 million in the same period of 2019, primarily due to increased customer referral fees to other third-party service providers.

Origination and servicing expenses increased by 2.0% to RMB338.9 million (US$49.9 million) for the third quarter of 2020 from RMB332.1 million in the same period of 2019, primarily due to an increase in fees paid to third party service providers.

Sales and marketing expenses decreased by 49.7% to RMB115.3 million (US$17.0 million) for the third quarter of 2020 from RMB229.2 million in the same period of 2019, primarily due to the decrease in online customer acquisition expenses as a result of the decline in newly registered users on the Company’s platform.

General and administrative expenses decreased by 15.5% to RMB105.4 million (US$15.5 million) for the third quarter of 2020 compared to RMB124.8 million in the same period of 2019, due to improved operating efficiency.

Research and development expenses decreased by 14.1% at RMB93.0 million (US$13.7 million) for the third quarter of 2020, compared to RMB108.2 million in the same period of 2019, due to a more streamlined team in technology related departments.

Credit losses for quality assurance commitment were RMB326.6 million (US$48.1 million) for the third quarter of 2020 due to the adoption of ASC 326. After the adoption of ASC 326, the expected credit losses of quality assurance commitment will be accounted for in addition to and separately from the guarantee liabilities accounted for under ASC 460.

Provision for loans receivables was RMB90.0 million (US$13.3 million) for the third quarter of 2020, compared with RMB80.1 million in the same period of 2019, primarily due to the adoption of ASC 326, which requires the Company to recognize the life time credit losses upon initial recognition and provisions for new international business.

Provision for accounts receivables and other receivables decreased by 49.3% to RMB35.1 million (US$5.2 million) for the third quarter of 2020, compared with RMB69.2 million in the same period of 2019 as a result of the decline in loan origination volume and improvement in delinquency rates, which was partially offset by provision provided on other receivables.

Operating profit increased by 6.2% to RMB689.0 million (US$101.5 million) for the third quarter of 2020 from RMB648.9 million in the same period of 2019.

Non-GAAP adjusted operating profit, which excludes share-based compensation expenses before tax, was RMB697.6 million (US$102.8 million) for the third quarter of 2020, representing an increase of 6.1% from RMB657.8 million in the same period of 2019.

Other income decreased by 49.5% to RMB26.3 million (US$3.9 million) for the third quarter of 2020, from RMB52.1 million in the same period of 2019. For the third quarter of 2020, other income primarily consisted gains from investments.

Income tax expenses were RMB118.4 million (US$17.4 million) for the third quarter of 2020, compared with RMB130.7 million in the same period of 2019, due to the decline in pre-tax profit and recognition of gain related to quality assurance in a subsidiary with preferential tax status due to tax planning.

Net profit was RMB596.9 million (US$87.9 million) for the third quarter of 2020, compared with RMB598.5 million in the same period of 2019.

Net profit attributable to ordinary shareholders of the Company was RMB602.7 million (US$88.8 million) for the third quarter of 2020, compared with RMB597.9 million in the same period of 2019.

As of September 30, 2020, the Company had cash and cash equivalents of RMB1,107.2 million (US$163.1 million) and short-term investments mainly in wealth management products of RMB2,278.4 million (US$335.6 million).

The following table provides the delinquency rates for all outstanding loans on the Company’s platform in Mainland China as of the respective dates indicated.

As of	15-29 days	30-59 days	60-89 days	90-119 days	120-149 days	150-179 days
September 30, 2017	0.89%	1.40% Advertisement	1.15%	1.02%	0.79%	0.60%
December 31, 2017	2.27%	2.21%	1.72%	1.63%	1.36% Advertisement	1.20%
March 31, 2018	0.87%	2.11%	2.43%	3.83%	2.29%	1.89%
June 30, 2018	0.83% Advertisement	1.21%	1.05%	0.98%	1.60%	2.03%
September 30, 2018	1.03%	1.77%	1.49%	1.29% Advertisement	1.06%	1.02%
December 31, 2018	0.92%	1.63%	1.41%	1.45%	1.44%	1.34%
March 31, 2019 Advertisement	0.80%	1.61%	1.45%	1.29%	1.31%	1.20%
June 30, 2019	0.86%	1.42%	1.37% Advertisement	1.19%	1.26%	1.21%
September 30, 2019	0.90%	1.50%	1.35%	1.31%	1.17%	1.20% Advertisement
December 31, 2019	1.34%	2.40%	1.86%	1.76%	1.62%	1.53%
March 31, 2020	1.34%	3.03% Advertisement	2.33%	2.44%	2.64%	2.17%
June 30, 2020	0.71%	1.36%	1.70%	2.00%	2.75% Advertisement	2.38%
September 30,2020	0.46%	0.72%	0.74%	0.90%	1.07%	1.43%

The following chart and table display the historical cumulative 30-day plus past due delinquency rates by loan origination vintage in Mainland China for all loan products facilitated through the Company’s online marketplace as of September 30, 2020:

Click here to view the chart

	Month on Book

Vintage	2^nd	3^rd	4^th	5^th	6^th	7^th	8^th	9^th Advertisement	10^th	11^th	12^th

2017Q3 . . . .	2.22%	3.05%	4.13%	5.18%	6.13%	6.64% Advertisement	6.88%	7.04%	7.16%	7.22%	7.26%
2017Q4 . . . .	2.86%	4.24%	5.19%	5.69% Advertisement	5.98%	6.19%	6.29%	6.39%	6.47%	6.49%	6.50%
2018Q1 . . . .	1.37%	2.20% Advertisement	2.99%	3.67%	4.32%	4.86%	5.23%	5.50%	5.66%	5.74%	5.77%
2018Q2 . . . . Advertisement	1.87%	3.12%	4.39%	5.46%	6.33%	6.99%	7.47%	7.80%	7.99%	8.08% Advertisement	8.13%
2018Q3……	1.45%	2.51%	3.53%	4.39%	5.09%	5.59%	5.97%	6.28% Advertisement	6.50%	6.64%	6.72%
2018Q4. . . .	1.43%	2.49%	3.55%	4.42%	5.18%	5.76% Advertisement	6.20%	6.54%	6.81%	7.01%	7.16%
2019Q1……	1.34%	2.38%	3.45%	4.36% Advertisement	5.13%	5.75%	6.22%	6.65%	6.99%	7.25%	7.43%
2019Q2……	1.33%	2.34% Advertisement	3.31%	4.18%	5.05%	5.82%	6.44%	6.98%	7.34%	7.50%	7.52%
2019Q3……. Advertisement	1.02%	2.16%	3.42%	4.55%	5.64%	6.45%	6.92%	7.13%	7.20%	7.20% Advertisement	7.15%
2019Q4…….	0.83%	2.07%	3.37%	4.45%	5.12%	5.50%	5.68%	5.79% Advertisement
2020Q1…….	0.81%	1.73%	2.46%	2.97%	3.35%
2020Q2……	0.44%	0.92%

Changes in Board of Directors and Management

The Board of Directors of the Company (the “Board”) has approved and appointed Mr. Simon Tak Leung Ho as a member of the Board effective on November 16, 2020. At the same time, the Board has approved the appointment of Mr. Jiayuan Xu, as the Company’s new Chief Financial Officer, effective on December 1, 2020. Mr. Xu currently serves as the Company’s Senior Vice President for Finance and will succeed Mr. Ho, who tendered his resignation from the position as the Company’s incumbent Chief Financial Officer due to personal reasons. To ensure a smooth transition, Mr. Ho will remain in his capacity until November 30, 2020.

Mr. Jiayuan Xu has been serving as our Senior Vice President for Finance and Head of Financial Institutions Department since March 2018. Mr. Xu served as the Vice President for finance from June 2016 to March 2018. Mr. Xu joined us as our Financial Controller in June 2015. Prior to joining us, Mr. Xu served as the Head of Financial Management Department of Nanyang Commercial Bank (China) Co., Ltd. from 2008 to 2015. Mr. Xu was an Audit Manager at PricewaterhouseCoopers Zhong Tian LLP from 2003 to 2008. Mr. Xu received his bachelor’s degree in international trade and finance from Shanghai Jiaotong University in and FMBA degree from China Europe International Business School. Mr. Xu is also a member of Chinese Institute of Certified Public Accountants.

Company’s Share Repurchase Update

As of November 12, 2020, the Company has deployed approximately US$10.9 million under its existing repurchase program with an authorization of US$60 million to repurchase its American Depositary Shares (“ADSs”). In combination with the Company’s previous repurchase program with authorization of US$120 million, the Company has deployed a total of approximately US$121.9 million to repurchase its ADSs.

FinVolution Group’s Chairman Ownership Update

Mr. Shaofeng Gu, the Chairman and Chief Innovation Officer of the Company, has informed the Company on August 11, 2020 that he had continued to purchase in his personal capacity 0.4 million of the Company’s ADSs in the second quarter of 2020. The purchases were made during an open window period and in compliance the Company’s guidelines. As of September 30, 2020, Mr. Shaofeng Gu beneficially owned an aggregate number of 414,256,580 ordinary shares, representing approximately 28.9% of beneficial ownership in the Company.

Business Outlook

As China gradually recovers from the aftermath of the COVID-19 outbreak, the Company has continued to experience improvements in delinquency trends for newly facilitated loans. The Company will continue to closely monitor the global development of the pandemic and remain agile in its business operations. The Company holds a cautiously optimistic view on its operations and expects progressive growth for its loan origination volume in the fourth quarter of 2020 to be in the range of RMB18 billion to RMB20 billion. With a gradual recovery in the macro economy, the Company expects it’s vintage delinquency⁹ risks to further improve.

The above outlook is based on current market conditions and reflects the Company’s preliminary expectations as to market conditions, its regulatory and operating environment, as well as customer and institutional investor demand, all of which are subject to change.

Conference Call

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 17, 2020 (8:00 PM Beijing/Hong Kong time on November 17, 2020).

Dial-in details for the earnings conference call are as follows:

United States (toll free):	1-888-346-8982
International:	1-412-902-4272
Hong Kong, China (toll free):	800-905-945
Hong Kong, China:	852-3018-4992 Advertisement
Mainland China:	400-120-1203

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for “FinVolution Group.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until November 24, 2020, by dialing the following telephone numbers:

United States (toll free):	1-877-344-7529
International:	1-412-317-0088
Replay Access Code: Advertisement	10149966

Related Topics:FinVolution latest-news Third Quarter

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Bybit Exchange Gold & FX Trading Hits All-Time-High As Gold Prices Soar

Published

56 minutes ago

April 25, 2025

CISION (PR Newswire)

bybit-exchange-gold-&-fx-trading-hits-all-time-high-as-gold-prices-soar

DUBAI, UAE, April 25, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, and the first mainstream cryptocurrency exchange to incorporate Gold & FX trading on its trading platform, is thrilled to introduce the Gold & FX Referral Program as Gold price skyrockets. This exclusive offer is available to eligible Bybit users only, with up to 10,000 USDT in bonuses available for top referrers.

In April 2025, Gold prices surpassed $3,500 per ounce for the first time in history, soaring by 42% year-on-year. Despite brief corrections, the oldest safe haven asset’s price growth continues to seem unstoppable as macroeconomic uncertainty intensifies. Live since August 2024, Bybit’s Gold & FX trading volumes also hit an all-time-high — exceeding $24 billion over a 24 hour period on April 17, 2025.

To help traders capture the momentum, Bybit has unlocked a total 180,000 USDT prize pool for Gold and FX traders from now until 10AM UTC, May 22 on a first-come, first-serve basis. Eligible referrers may register at the campaign page to join the referral mania, refer friends to make a first-time deposit and trade Bybit’s MT5 platform to win rewards:

Referrers can each earn up to 10,000 USDT if their successful referees make an eligible first-time deposit and trade the minimum required number of lots.
Referees shall automatically qualify for zero fees when trading the following indices with MT5 on Bybit: DJ30, NAS100, CHINA50, SP500, GER40, US2000, HK50, FRA40, Nikkei225, UK100, EU50, ES35, HKTECH, BVSPX, SA40, SPI200, SGP20 and TWINDEX.

With Gold forecast to reach new heights and Bybit expanding its multi asset class products across its various exchange trading capabilities, more traders are expected to turn to the exchange for access to their comprehensive suite of trading tools, with unique market offerings ranging from trending tokens to global indices. Bybit is committed to leading in user experience and redefining rewards in the crypto trading space.

Restrictions apply. Users may refer to the campaign page for further details.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: media@bybit.com

For updates, please follow: Bybit’s Communities and Social Media

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Fintech PR

$4,000 Gold on the Horizon? Why Smart Money Is Piling Into Select Miners Ahead of Q2 2026

Published

56 minutes ago

April 25, 2025

CISION (PR Newswire)

$4,000-gold-on-the-horizon?-why-smart-money-is-piling-into-select-miners-ahead-of-q2-2026

Equity Insider News Commentary

Issued on behalf of RUA GOLD Inc.

VANCOUVER, BC, April 25, 2025 /PRNewswire/ — Equity Insider News Commentary – Despite the hyperactivity in the markets and with gold prices, analysts at JP Morgan are still predicting $4,000/oz gold prices by Q2 2026. And the optimism for gold bugs doesn’t end there, as a new report from Morningstar Equity Research is highlighting how these high gold prices support gold miner stocks. Now analysts from Jefferies are raising their price targets for gold mining stocks, ahead of upcoming earnings reports. Several gold stocks are providing reason for their recent market attention, including developments from RUA GOLD Inc. (TSXV: RUA) (OTCQB: NZAUF), Contango Ore Inc. (NYSE-American: CTGO), Prime Mining Corp. (TSX: PRYM) (OTCQX: PRMNF), Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), and Goliath Resources Limited (TSXV: GOT) (OTCQB: GOTRF).

Seen as a safe haven, demand for the precious metal is on the rise along with prices themselves. As far as miners go, one can look to the ETFs to see that both the VanEck Junior Gold Miners ETF (GDXJ) and Sprott Junior Gold Miners ETF (SGDJ) have had a stellar 2025 so far, with +44.80% and +39.58% year-to-date performance respectively (as of April 24, 2025).

New Zealand-focused gold exploration company, RUA GOLD Inc. (TSXV: RUA) (OTCQB: NZAUF), recently reported encouraging new drill results from its Auld Creek project in the historic Reefton Goldfield, with assays pointing to improved gold grades at depth along the Fraternal ore shoot. Standout intercepts include 9.0 meters at 5.9 g/t gold equivalent (5.2 g/t Au and 0.16% Sb) from hole ACDDH027, and 1.25 meters at 48.3 g/t AuEq (13.3 g/t Au and 8.1% Sb) from ACDDH028. Importantly, these results—returned from 80 to 100 meters beneath the current resource envelope—appear to confirm that gold-antimony mineralization intensifies with depth, supporting the company’s model of a high-grade, south-plunging zone that remains open.

The Auld Creek project represents just one component of RUA’s broader 2025 exploration push across the Reefton district, where the company now holds 95% control over the historic goldfield.

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RUA Gold is taking a fresh approach to one of New Zealand’s most storied gold districts—becoming the first modern explorer to deploy advanced geological modeling and AI-driven targeting across the Reefton Goldfield.

And it’s working.

At Auld Creek, the company’s flagship project, early drill campaigns have already delivered hits like 12 meters at 12.2 g/t gold equivalent, including a standout 2 meters at 54.8 g/t gold, while surface sampling has uncovered antimony grades topping 40%. Four mineralized shoots have been confirmed so far, but only two are factored into the current inferred resource: 700,000 tonnes grading 3.1 g/t gold and 1.1% antimony—suggesting considerable room to grow.

Meanwhile, the 2025 drill season is expanding across the district.

Active programs are now underway at Murray Creek and the Gallant prospect within the Cumberland camp. As a target prioritized by modern AI technology, Gallant sits just 3 kilometers from the historic Globe Progress mine, where OceanaGold pulled more than 610,000 ounces of gold between 2007 and 2016, on top of the 424,000 ounces produced before 1950. Taken together, the Reefton belt has historically yielded over 2 million ounces, with grades that once reached 50 g/t.

Gallant is being tested for potential extensions of a previously reported 20.7-meter vein grading 62.2 g/t gold, including a 1-meter blast of 1,911 g/t. At Murray Creek, visible gold has now been noted in the majority of holes—an encouraging sign for a system still in its early innings.

But RUA’s ambitions don’t end in Reefton.

On the North Island, the company is advancing its Glamorgan Project, located near OceanaGold’s Wharekirauponga (WKP) deposit. There, two large gold-arsenic anomalies—spanning more than 4 kilometers—have been mapped, and rock samples have returned assays as high as 43 g/t gold. With drill targeting already underway, Glamorgan could emerge as the company’s next high-impact play.

Although gold remains the central theme, antimony is quietly shaping up as a strategic wild card. In January 2025, New Zealand added antimony to its official Critical Minerals List. With global supplies tightening and prices rising above US$50,000 per tonne, intercepts like 0.3 meters at 27.2 g/t gold and 1.35% Sb are starting to draw meaningful investor attention.

With a team behind $11 billion in mining exits, and $5.75 million in fresh capital, RUA Gold is not just exploring—it’s executing on a clear plan to unlock overlooked, high-grade potential across one of the Southern Hemisphere’s most underexplored gold belts.

CONTINUED… Read this and more news for RUA GOLD at: https://equity-insider.com/2025/04/24/others-found-1911-g-t-here-before-now-a-proven-11b-mining-team-is-back-to-finish-the-job/

In other industry developments and happenings in the market include:

Contango Ore Inc. (NYSE-American: CTGO) recently announced a $9 million cash distribution from the Peak Gold JV, bringing total proceeds from Manh Choh gold sales in 2025 to $33 million.

“Operations remain on track at Manh Choh with Contango’s share of gold production for 2025 expected to be 60,000 ounces at the previously guided all-in-sustaining costs (“AISC”) of $1,625 per ounce of gold sold for 2025,” Rick Van Nieuwenhuyse, President and CEO of Contango Ore. “We plan to release financial results from the Q1-2025 on May 14, 2025.”

The first of four production campaigns has now been completed, with 20,000 ounces delivered to Contango’s account. A second campaign is scheduled to begin mid-May, with full-year production guidance holding at 60,000 ounces.

“On our Johnson Tract, we are in final stages of completing the previously announced preliminary economic assessment (“PEA”) and expect to have it released by the end of April,” added Van Nieuwenhuyse.

Prime Mining Corp. (TSX: PRYM) (OTCQX: PRMNF) continues to advance its Los Reyes Project in Sinaloa, Mexico, with high-grade gold-silver intercepts from multiple zones, including Z-T, Central, Guadalupe East, Las Primas, and Fresnillo. Recent drilling highlights included 42.07 g/t AuEq over 1.0 m at Guadalupe East and 9.39 g/t AuEq over 10.5 m at Z-T, while new results from the Fresnillo generative target show near-surface mineralization extended by 120 metres.

“2024 proved to be another transformational year for Prime: we drilled over 50,000 metres, expanded the Los Reyes resource, advanced technical de-risking and worked closely with our communities to earn our social license to operate,” said Scott Hicks, CEO of Prime. “In 2025, we are looking forward to continuing our track record of exploration success while demonstrating our deep commitment to our local communities and the environment. We additionally plan to advance our understanding of Los Reyes toward a Preliminary Economic Assessment.”

Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) recently signed a mandate letter with a syndicate of global financial institutions, including Societe Generale, KfW IPEX-Bank, and Export Development Canada, to arrange up to US$700 million in structured project debt financing. This follows US$1.3 billion in previously announced LOIs from export credit agencies and marks a major step toward a fully funded construction package.

“Securing this mandate with three globally recognized financial institutions that have expertise in structuring financing solutions for large-scale mining development is a pivotal step in delivering a fully funded construction package for the Troilus project,” said Justin Reid, CEO of Troilus. “These institutions bring world-class mining finance expertise, and their participation further validates the project’s strong fundamentals and strategic importance. Project due diligence is underway in parallel with continued permitting and detailed engineering; our development schedule is on track as we advance Troilus towards construction.”

Goliath Resources Limited (TSXV: GOT) (OTCQB: GOTRF) recently definitively confirmed its Surebet discovery as part of a large-scale, high-grade Reduced Intrusion Related Gold (RIRG) system, following a detailed geological study by the Colorado School of Mines. The study confirms two distinct but related mineralization styles tied to a single magmatic source, with visible gold increasing in grade and coarseness at depth.

Drilling has intercepted gold in 100% of 243 holes across a 1.8 km² area, including intercepts of 34.52 g/t AuEq over 39.0 meters. With the system still open in all directions, Surebet presents a compelling case for a major gold discovery in the heart of British Columbia’s Golden Triangle.

“When you consider how widespread the high-grade gold mineralization is in the veins and RIRG zones, the source is potentially extremely large,” said Roger Rosmus, Founder and CEO of Goliath Resources. “The more drilling and scientific studies we do at the Surebet discovery, the better it gets, and we are still high in the system that is open in all directions, and we are delighted with the prospect with what can be found as we continue to laterally and drill deeper for the source of the high-grade gold system.”

Article Source: https://equity-insider.com/2025/04/24/others-found-1911-g-t-here-before-now-a-proven-11b-mining-team-is-back-to-finish-the-job/

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Fintech PR

2 Billion USD Polypropylene (PP) Production Plant and Terminal Investment to Contribute $300 Million Annually to Türkiye’s Trade Balance

Published

3 hours ago

April 25, 2025

CISION (PR Newswire)

2-billion-usd-polypropylene-(pp)-production-plant-and-terminal-investment-to-contribute-$300-million-annually-to-turkiye’s-trade-balance

ISTANBUL, April 25, 2025 /PRNewswire/ — Rönesans Holding, one of Europe’s leading contracting and investment groups, has initiated one of the largest private sector investments in Türkiye to date: the construction of a new Polypropylene (PP) Production Plant and Liquid Bulk Terminal in Ceyhan. With a total investment of $2 billion, these strategic projects aim to increase Türkiye’s industrial self-sufficiency, reduce foreign dependency, and enhance the country’s position in global trade.

Dr. Erman Ilıcak, Honorary President of Rönesans Holding, said: “Once operational, these projects will directly contribute USD 300 million annually to reducing Türkiye’s current account deficit.”

Rönesans Holding recently announced that it has secured total of $1.3 billion in financing for these projects –from the U.S. International Development Finance Corporation (DFC) and Spain’s Export Credit Agency (Cesce).

Dr. Ilıcak highlighted the group’s longstanding role in advancing Türkiye’s economy through value-added projects: “Our story began with international contracting services. To date, we have undertaken projects worth a total of USD 50 billion. Seventy per cent of this, approximately USD 35 billion, was carried out abroad, and we have pioneered many firsts in the world in this field. We have worked on a wide range of projects, from Europe’s longest tunnel to its tallest building, from the world’s largest GTG facility to the world’s largest seismically isolated building. Following this, we became a large-scale investment holding company operating in real estate, social infrastructure, renewable energy, and more recently, industrial facilities. Over the past 15 years, with the significant contributions of stakeholders such as the World Bank’s investment arm IFC and the EBRD, we have structured our business in line with sustainable development goals.”

He continued: “Our model is centred on developing the right project with the right partners, and delivering it at the right time. We have successfully implemented this model with partners such as Singapore’s sovereign wealth fund GIC, Meridiam Infrastructure from France, Japan’s Sojitz, Samsung C&T, and TotalEnergies. Together, we have completed $10 billion worth of investments in Türkiye. These initiatives have laid the foundation for broader transformation, and we will continue to focus on projects that help reduce our country’s trade gap.”

Ceyhan Projects Developed with Expertise from 12 Countries

Reflecting on shifting global economic trends, Dr. Ilıcak said: “Protectionism is increasing, and supply chains are being reshaped. Energy and production are becoming localised. This transformation holds significant opportunities for countries like ours. In particular, strategic heavy industry investments are needed to reduce the foreign trade deficit arising due to imports of industrial machinery, plastics and chemicals, as well as industrial and precious metals. Over the past 10 years, industrial investments totalling approximately USD 20 billion have been made in Türkiye, including projects worth over USD 500 million. But this is not enough.”

He further emphasised: “To close the gap, Türkiye needs to allocate at least $12 billion annually over the next five years, totalling $60 billion. If an investment initiative of this scale is undertaken, we could see a USD 15 billion annual increase in GDP and a USD 10 billion reduction in the foreign trade deficit. At Rönesans Holding, we have secured international financing for our Ceyhan Polypropylene Production Facility and Liquid Bulk Terminal investments, totalling USD 2 billion, which serve this very purpose. The construction of these projects, developed in collaboration with expert solution partners from 12 countries, are ongoing. Once operational, these investments will directly contribute USD 300 million annually to reducing Türkiye’s current account deficit.”

Attracting Foreign Investment Through Strong Partnerships

Dr. Ilıcak also reflected on the importance of international collaborations: “Perhaps the most challenging project we undertook with the EBRD was Türkiye’s transformation in healthcare. The EBRD shared its expertise from around the world. As a result, Türkiye was able to attract USD 15 billion in financing from abroad and carry out its healthcare transformation. We also worked with the IFC for many years on project financing. In difficult conditions, IFC has always stood by our side. We have formed company partnerships with them. Most recently, we have been developing a PPP hospital in Kazakhstan together. In every project we have undertaken, the first question they asked was, ‘What will be the social impact of this?’ Profitability was always the last topic. Those are the reasons why I am grateful to both banks.”

He concluded: “Our relations with Central Asian countries, in particular, have developed substantially. Then, our ties with African countries began to strengthen. Today, Türkiye has become a hub that serves a population ten times its own, meeting needs such as healthcare and education. We closely follow these developments and ensure that growing diplomatic relations are also reflected in trade. We are working to support the progress of Türkiye’s industrialisation initiative. We secure financing from abroad to carry out our projects wherever possible instead of using our country’s limited resources.”

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