Pure Gold Mining Inc. (TSXV:PGM)

Pure Gold Mining Inc. (TSXV:PGM), a British Columbia mining company whose principal business is the operation of a mine located in Red Lake, Ontario, obtained CCAA protection on October 31. The company has recently placed the mine on care and maintenance and significantly reduced its workforce from 285 to 54 employees. Notwithstanding steps taken by the company to significantly reduce costs and address operational inefficiencies, it was facing an imminent and significant liquidity crisis. Its current cash balance is approximately $260,000 and, as of September 30, 2022, its net working capital deficit was approximately $13 million, excluding current amounts owing on the company’s debt facilities with Sprott Private Resource Lending II. The company projects that it requires approximately $3 million to $4 million per month to keep the mine on care and maintenance and to fund the costs of the CCAA proceedings. Absent the filing, the company would not have had the liquidity required to fund its immediate operational needs, including payroll for employees critical to mine maintenance and preservation. KSV was appointed as monitor. Counsel is Blakes for the company, Fasken for the monitor, DLA Piper for Sprott and KND Complex Litigation for Linda Larouche. By Dina Milivojevic

Great Panther Mining Limited (TSX:GPR)

Great Panther Mining Limited (TSX:GPR), a precious metals producer focused on the operation of the Tucano Gold Mine in Brazil, filed an NOI on September 6, listing approximately $17.9 million in liabilities, including approximately $17.1 million to Asahi Refining Canada Limited. The following day, the company also filed a judicial reorganization proceeding in the Brazil. The filing was precipitated by, among other things, Inflationary pressures significantly impacting costs, operational challenges, the necessary acceleration of certain capital programs, and contractor mobilization delays because of equipment availability issues, all of which led the company to forecast that it would likely default on several material agreements. A&M is the proposal trustee. By Dina Milivojevic

Trevali Mining Corporation and Trevali Mining (New Brunswick) Ltd.

Trevali Mining Corporation and Trevali Mining (New Brunswick) Ltd., base-metals mining companies focused on the exploration, development, operation, and optimization of mining properties in Canada, Burkina Faso, and Namibia, obtained CCAA protection on August 19. Trevali has seen a drastic deterioration of its financial situation in 2022, including because of a tragic flooding event at its Perkoa Mine in Burkina Faso, which resulted in the loss of eight lives, and material challenges at the Caribou Mine in New Brunswick. Apart from the tragic loss of human life, the Perkoa Mine flood has significantly impacted Trevali's financial health in the second quarter of 2022, including, among other things, (1) the need to incur more than $25 million of direct and indirect costs related to dewatering efforts, infrastructure refurbishment, and construction linked to repairs and rehabilitation; and (2) the cessation of all operations at the Perkoa Mine for more than four months. In addition, the production performance at the Caribou Mine has been significantly impacted following continued operational issues due to low equipment availability and productivity rates with a mining contractor. FTI was appointed monitor. Counsel is Blakes for the companies, Dentons for the monitor, Fasken for BNS, McCarthy Tétrault for Glencore International AG et al., KND Complex Litigation for an ad hoc committee of shareholders, Koskie Glavin Gordon for the union at the Caribou Mine and Cassels for Trevali's directors. By Dina Milivojevic

Victory Nickel Inc

Victory Nickel Inc., an exploration and development mineral resources company primarily engaged in the acquisition, exploration, evaluation and development of nickel projects and associated products in Canada, was deemed to be bankrupt on July 26. On April 14, the company filed a proposal to restructure its debt under the BIA. A meeting of the Company's creditors was convened on May 5 and adjourned the same day to address concerns raised by the company's single largest unsecured creditor holding approximately 78% of the unsecured claims. The creditors' meeting was reconvened on July 26 proposal was not approved by the requisite majority of creditors. As a result, the company was automatically deemed to be bankrupt. The creditors appointed Farber as bankruptcy trustee. Cynthia Thomas, officer and director of the company and its subsidiaries, and Michael Anderson, director of the company have tendered their resignations. By Dina Milivojevic

Canadian Dehua International Mines Group Inc.

Canadian Dehua International Mines Group Inc., a British Columbia-based mining company, obtained protection under the CCAA on June 3. The company owns 100% of the shares of two mining projects and a service company, as well as partial ownership interests in several other mining projects. Various factors contributed to the company's CCAA filing, including: (a) delays in achieving commercial production beyond what was originally planned for certain projects, resulting in the assumption of significant debt and limited revenues; (b) two creditors, Zhonghe Canada Zhonghe Investment Ltd. and China Shougang International Trade & Engineer Corporation (“Shougang”), obtaining default judgements against the company in the approximate amounts of $5.2 million and $20.8 million respectively; and (c) the commencement of bankruptcy proceedings by Shougang seeking to obtain a bankruptcy order as against the company. FTI was appointed Monitor. Counsel is DLA Piper for the company. By Dina Milivojevic

Victory Nickel Inc.

Victkel Incory Nic., a Toronto, Ontario-based mineral resources company primarily engaged in the acquisition, exploration, evaluation and development of nickel projects and associated products in Canada, filed an NOI on April 1. The company owns 100% of three advanced sulphide nickel projects: Lynn Lake (under option to Corazon Mining Ltd., an Australian public company (ASX: CZN)), Mel Manitoba, and the Lac Rocher project in Québec. It sold its Minago project located in northern Manitoba on February 9, 2021. The company filed its proposal on April 14. Under the proposal, most of Victory's assets will be liquidated for the benefit of its creditors, which are anticipated to receive a recovery of 100% (exclusive of interest) if the proposal is approved. Grant Thornton is the proposal trustee. Counsel is WeirFoulds for the company. By Dina Milivojevic

Canada Fluorspar (NL) Inc.

Canada Fluorspar (NL) Inc., which operated a fluorspar mine in St. Lawrence, Newfoundland and Labrador, had a receiver appointed over certain receivables and financed receivables on March 25, on application by HSBC Bank Canada, owed approximately USD$12 million, plus fees and interest. The company was previously placed in interim receivership and then CCAA protection on application by PwC as the receiver of Bridging Finance Inc. The financed receivables were carved out of the interim receivership/CCAA proceedings. The company and certain affiliates remain under CCAA protection notwithstanding the receivership order. Deloitte was appointed receiver. Counsel is Dentons for HSBC Bank Canada, Cox & Palmer for the company, McInnes Cooper for Grant Thornton as monitor and Stewart McKelvey for PwC as the receiver of Bridging Finance Inc. By Dina Milivojevic

Rbee Aggregate Consulting Ltd.

Rbee Aggregate Consulting Ltd., a Gibbons, Alberta-based company specializing in mining and processing aggregate into various products, was placed in receivership on March 11, on application by Crown Capital Partner Funding, LP (formerly, Crown Capital Fund IV, LP), by its manager, Crown Private Credit Partners Inc. (collectively, "Crown Capital"). In November 2017, in connection with the company's purchase of certain assets out of the receivership of Petrowest Corporation, the company assumed indebtedness in the principal amount of $17,255 million owing to Crown Capital. As of March 7, the outstanding indebtedness is $22,734,432.15, exclusive of fees and expenses. In 2017, the company and Crown Capital agreed to postpone the company's debt to Crown Capital to the company's obligations under a loan with Canadian Western Bank ("CWB"). CWB consented to the receivership application. FTI was appointed receiver. Counsel is MLT Aikins for Crown Capital and McLennan Ross for CWB. By Dina Milivojevic

Canada Fluorspar (NL) Inc. and Canada Fluorspar Inc. (collectively, “CFI”)

Canada Fluorspar (NL) Inc. and Canada Fluorspar Inc. (collectively, "CFI"), which operated a fluorspar mine in St. Lawrence, Newfoundland and Labrador, obtained an initial order under the CCAA on March 11, on application by Grant Thornton, CFI's interim receiver. CFI was placed in interim receivership on February 21 (see our summary HERE), on application by PwC as the receiver of Bridging Finance Inc. and certain related entities (collectively, “Bridging”), which provided a $55 million loan to CFI. The purpose of the interim receivership was to preserve CFI’s operations while CFI’s stakeholders pursued options to restructure CFI and avoid bankruptcy. The initial order under the CCAA was granted on March 11, and a SISP was approved in connection with the comeback hearing on March 18. Grant Thornton was appointed monitor. Counsel is Stewart McKelvey for PwC as the receiver of Bridging, Cox & Palmer for CFI, McInnes Cooper for Grant Thornton as interim receiver / monitor, Dentons for HSBC Bank Canada and Goodmans for Golden Gate Capital. By Dina Milivojevic