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Canadian markets saw a mix of expansion, earnings gains and challenges this week, with mining, logistics, fintech and forestry companies reporting key deals and quarterly results.
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Iamgold Corp. (TSX:IMG) announced a pair of deals to help consolidate its holdings near its Nelligan and Monster Lake projects in the Chibougamau region of Quebec. The company says it has signed an agreement to acquire Northern Superior Resources Inc. in a stock-and-cash deal valued at about $375 million.
Under the transaction, Northern Superior’s shareholders will receive 0.0991 of an Iamgold share and 19 cents in cash for each common share of Northern Superior. The offer implies a total value of $2.05 per Northern Superior share, based on the closing price of the Iamgold shares on the Toronto Stock Exchange on Oct. 17. The transaction will also include a concurrent distribution to Northern Superior’s shareholders of all the shares in ONGold Resources Ltd. currently held by Northern Superior.
Under a second deal, Iamgold will acquire Mines D’Or Orbec Inc. in a stock-and-cash deal valued at $17.2 million, net of the 6.7 per cent stake it already holds in the company. Orbec shareholders will receive 6.25 cents and 0.003466 of an Iamgold share for each Orbec share they hold for a value of 12.5 cents per share.
Numbers for its third quarter of 2025.
The head of Teck Resources (TSX:TECK.B) says he’s happy with the way talks with government officials are going as the company seeks Ottawa’s approval for its proposed merger with U.K. mining giant Anglo American—even as the industry minister signalled last month she wanted more from the companies.
“Conversations are ongoing, and they’re productive and we’re very pleased in the way that they’re unfolding at the moment,” chief executive Jonathan Price told a conference call to discuss the company’s latest results Wednesday.
Teck announced a deal last month to merge with Anglo American to form the Anglo Teck group; however, the deal requires approval under the Investment Canada Act, which can be used to block deals deemed against the national interest.
“We are engaging on an ongoing and collaborative basis with the Canadian government here,” Price said.
“Those discussions have been frequent and productive.” He said he believes the company has put forward a strong and comprehensive package of commitments to Canada, a key element of which is the plan to move the headquarters of Anglo to Vancouver.
The companies have said the combination would create a $70-billion copper mining powerhouse with headquarters and top executives based in Vancouver. They have pitched it as a “merger of equals” even though Anglo American is worth more than double Teck. Shareholders vote on the deal in December, while Price said the company will be completing all of its filings related to antitrust and competition with regulators globally.
Industry Minister Mélanie Joly has said Ottawa wants to see longer-term commitments to Canada if Teck is allowed to merge with Anglo American. Teck and Anglo American have committed about $4.5 billion in spending in Canada over five years as part of the deal. However, a significant portion of that has already been announced by Teck, including the mine life extension of its Highland Valley copper mine.
Price’s comments came as the company reported a profit from continuing operations attributable to shareholders amounted to $281 million or 57 cents per diluted share for its third quarter. The result compared with a loss of $748 million or $1.45 per diluted share in the same quarter last year. On an adjusted basis, Teck says it earned 76 cents per diluted share from continuing operations in its latest quarter, up from an adjusted profit of 60 cents per diluted share a year earlier. Revenue totalled $3.39 billion, up from $2.86 billion in the same quarter last year.
In reporting its third-quarter results, Teck said production at Quebrada Blanca in Chile continues to be constrained by the pace of development of a tailings management facility, requiring downtime in the concentrator.
Numbers for its third quarter of 2025.
Mullen Group Ltd. (TSX:MTL) reported its third-quarter profit fell compared with a year ago as acquisitions helped boost its revenue.
The trucking and logistics company says it earned $33.2 million or 36 cents per diluted share for the quarter ended Sept. 30. The result compared with a profit of $38.3 million or 41 cents per diluted share a year earlier.
Revenue for the quarter totalled $561.8 million, up from $532.0 million in the same quarter last year. The increase was helped by the acquisition of Cole International Inc. and Pacific Northwest Moving (Yukon) Ltd.
On an adjusted basis, Mullen Group says it earned 38 cents per share in its latest quarter, down from an adjusted profit of 41 cents per share a year earlier.
Wealthsimple Inc. says its assets under administration have reached $100 billion as the company tweaks its offerings. The privately-held financial platform has seen its assets roughly double from a year ago, while in 2023 it had set a target of 2028 to reach the $100 billion mark.
Along with disclosing total assets, Wealthsimple says it has also dropped contract fees to make its options contracts truly zero commission, now offers direct indexing portfolios that can allow for tax-loss harvesting, and made changes to its crypto and gold trading offerings.
It says it will soon also offer the option of buying Wealthsimple branded gold coins, a new portfolio option that will offer more access to private markets, and it will be adding more advanced options strategies.
Wealthsimple, founded in 2014, says that more than three million Canadians are customers. Power Corp. of Canada and related entities hold a controlling stake in the company.
Numbers for its third quarter of 2025.
West Fraser Timber Co. Ltd. (TSX:WFG) reported a net loss of US$204 million in its third quarter results compared with a net loss of US$83 million during the same period a year earlier. West Fraser says this amounted to a loss of US$2.63 per diluted share compared to a loss of US$1.03 per diluted share a year earlier.
The Vancouver-based forestry company, which keeps its books in U.S. dollars, says sales during the third quarter came in at US$1.3 billion compared to US$1.43 billion a year earlier.
On an adjusted basis before deductions, the company says it reported a loss of US$144 million, down from US$62 million during the same period last year.
West Fraser CEO Sean McLaren says the company faces a challenging backdrop with supply and demand imbalances for wood building products due to lower housing affordability, coupled with new tariffs on Canadian softwood lumber. U.S. President Donald Trump used Section 232 of the Trade Expansion Act of 1962 to impose 10 per cent tariffs on softwood timber and lumber beginning Oct. 14.
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