TD Securities

TD Securities is an investment banking firm based in Toronto, Canada, established in 1987. The firm offers a comprehensive range of advisory and capital market services, including investment banking, equity research, and commodities. Its investment banking services encompass mergers and acquisitions, debt capital markets, corporate divestitures, private placements, and various financing solutions such as bridge and acquisition financing. Additionally, TD Securities provides risk management services and securities brokerage, catering to a diverse clientele across sectors such as communications, media, technology, financial institutions, energy, and real estate. The firm also engages in research and offers capital market products, reflecting its commitment to delivering tailored financial solutions to clients globally.

Paul Barbera

Managing Director, Investment Banking

Denise D'Avella

Director

Reggie George

Managing Director, Investment Banking

Ted McLeod

Investment Banking Associate

Ken Polak

Associate, Investment Banking

Victoria Roberts

Director

Robert Wright

Managing Director and Head of the North American Utilities and Power Group

Alan Polak Ph.D

Managing Director and Head of Canadian Financial Sponsors

Past deals in Natural Resources

K92 Mining

Post in 2022
K92 Mining Inc. is engaged in the exploration, development, and mining of mineral deposits in Papua New Guinea, focusing primarily on the Kainantu Gold Mine. This property, covering approximately 410 square kilometers in the Eastern Highlands province, was previously mined by Highlands Pacific and Barrick Gold between 2006 and 2009. K92 Mining aims to advance the Kainantu project towards production while expanding known mineralization areas and exploring high-priority targets. The company is headquartered in Vancouver, Canada, and is led by a team of industry professionals with extensive expertise in mining, production startups, and mineral exploration. K92 Mining produces gold, copper, and silver, contributing to the region's mining landscape.

Denison Mines

Post in 2020
Denison Mines Corp is a uranium exploration and development company primarily focused on the Athabasca Basin region of northern Saskatchewan, Canada. The company holds a 95% interest in its flagship Wheeler River Uranium Project, recognized as the largest undeveloped uranium project in the area. In addition to its exploration and development activities, Denison Mines is involved in mine decommissioning and environmental services through its Closed Mines group, which oversees the reclamation of its Elliot Lake projects and offers third-party post-closure care and maintenance services.
Sabina Gold & Silver Corp. is an emerging precious metals company with district scale, world class undeveloped assets in one of the world's newest, politically stable mining jurisdictions: Nunavut, Canada. Sabina recently released a Feasibility Study on its 100% owned Back River Gold Project which presents a project that has been designed on a fit-for purpose basis, with the potential to produce ~200,000 ounces a year for ~11 years with a rapid payback of 2.9 years. At a US$1,150 gold price and a 0.80 exchange rate, the Study delivers a potential after tax internal rate of return of approximately 24.2% with an initial CAPEX of $415 million.

Denison Mines

Post in 2020
Denison Mines Corp is a uranium exploration and development company primarily focused on the Athabasca Basin region of northern Saskatchewan, Canada. The company holds a 95% interest in its flagship Wheeler River Uranium Project, recognized as the largest undeveloped uranium project in the area. In addition to its exploration and development activities, Denison Mines is involved in mine decommissioning and environmental services through its Closed Mines group, which oversees the reclamation of its Elliot Lake projects and offers third-party post-closure care and maintenance services.

New Gold

Post in 2019
New Gold Inc. is an intermediate gold producer engaged in the development and operation of mining properties. The company has a diverse portfolio that includes the Rainy River Mine and the New Afton Mine located in Canada, as well as the Cerro San Pedro Mine in Mexico. New Gold generates revenue from the sale of gold, copper, and silver, with assets spanning across the United States, Mexico, Australia, Canada, and Chile.

NewCastle Gold

Post in 2019
Provider of gold mining and exploration services. The company's gold mining and exploration portfolio comprises of the Castle Mountain property in San Bernardino County, California and the La Verde project located in West Central Mexico.

Sama Resources

Post in 2018
Sama Resources Inc. is a mineral exploration and development company focused on the Samapleu Nickel-Copper project located in Ivory Coast, West Africa. The company is managed by a team of experienced professionals with a proven track record in resource discovery. Sama is dedicated to the exploration and development of its Samapleu properties, which also include Platinum Group of Elements resources. In addition to its West African projects, Sama holds exploration assets in Canada, positioning itself for growth in the resource sector.

Orla Mining

Post in 2018
Orla Mining Ltd. is a mineral exploration and development company focused on acquiring, exploring, and developing mineral properties, primarily targeting gold and silver deposits. The company entirely owns the Camino Rojo project in Zacatecas, Mexico, which encompasses eight concessions covering approximately 200,000 hectares. This project hosts significant mineral reserves, estimated at 44 million tonnes, with a gold grade of 0.73 grams per tonne and a silver grade of 14.2 grams per tonne. Additionally, Orla Mining holds the Cerro Quema gold project in Panama and has an option agreement for the Monitor Gold project in Nevada, USA, which covers about 2,800 hectares. The company operates in multiple regions including Mexico, Panama, the United States, and Canada, and is headquartered in Vancouver, British Columbia. Orla Mining was previously known as Red Mile Minerals Corp. before rebranding in June 2015.
Sherritt International Corporation is a prominent mining and refining company primarily focused on nickel and cobalt production from lateritic ores, with operations in Canada, Cuba, and Madagascar. The company is recognized as one of the largest low-cost producers of nickel globally and operates extensive energy and oil initiatives in Cuba, making it the largest independent energy producer on the island. In addition to its core metals segment, Sherritt also engages in the production and sale of agricultural fertilizers in Western Canada and provides related storage and administrative services. The company explores and produces oil and gas from various offshore reservoirs, including interests in production-sharing contracts in Cuba, Spain, and Pakistan. Sherritt also generates electricity from natural gas and steam facilities and offers technology and process optimization services. Founded in 1927 and based in Toronto, Canada, Sherritt continues to focus on sustainable practices that benefit its employees, investors, and the communities in which it operates.
Osisko Gold Royalties is an intermediate precious metal royalty company based in Montreal, Quebec. It specializes in acquiring and managing a diverse portfolio of over 130 royalties, streams, and precious metal offtakes, primarily focused on North America. The company's most significant asset is a 5% net smelter return royalty on the Canadian Malartic Mine, the largest gold mine in Canada. In addition to its royalty interests, Osisko maintains stakes in several publicly traded resource companies, including Barkerville Gold Mines and Osisko Mining. The company operates under two main segments: managing precious metal royalties and the exploration and development of mining projects. Osisko's income is predominantly generated from North America, with ongoing exploration efforts in various locations, including the Hammond Reef Project in Ontario and other ventures in Mexico.

Trevali Mining

Post in 2017
Trevali Mining Corporation is a base-metals mining company focused on the acquisition, exploration, development, and production of mineral properties, primarily targeting zinc, lead, silver, gold, and copper deposits. The company operates several mines, including the Perkoa Mine in Burkina Faso, the Rosh Pinah Mine in Namibia, the Caribou Mine in New Brunswick, Canada, and the Santander Mine in Peru. The Santander Mine produces zinc and lead-silver concentrates at a capacity of 2,000 tonnes per day, while the Caribou Mine is undergoing commissioning with a planned capacity of 3,000 tonnes per day. Trevali Mining generates revenue primarily through the sale of zinc and lead-silver concentrates. Established in 1964 and headquartered in Vancouver, Canada, the company was formerly known as Trevali Resources Corp.

Denison Mines

Post in 2017
Denison Mines Corp is a uranium exploration and development company primarily focused on the Athabasca Basin region of northern Saskatchewan, Canada. The company holds a 95% interest in its flagship Wheeler River Uranium Project, recognized as the largest undeveloped uranium project in the area. In addition to its exploration and development activities, Denison Mines is involved in mine decommissioning and environmental services through its Closed Mines group, which oversees the reclamation of its Elliot Lake projects and offers third-party post-closure care and maintenance services.

Alamos Gold

Post in 2017
Alamos Gold is a gold producer focused on acquiring, exploring, and producing gold and other precious metals, primarily in Canada and Mexico. The company operates three mines in North America: the Young-Davidson and Island Gold mines in Canada, and the Mulatos mine in Sonora, Mexico, with the Mulatos mine generating the highest revenue. Alamos Gold aims to lead in low-cost production, financial performance, and shareholder value, and it has established a reputation for efficiency and profitability. The company emphasizes the importance of its workforce and adheres to sustainable development principles, contributing positively to its host and neighboring communities. These core values—respect, equality, honesty, and accountability—are integral to its operations and serve as a measure of its success.

Spartan Energy

Post in 2016
Spartan Energy Corp. is an oil and natural gas exploration and production company based in Calgary, Canada, with a primary focus on properties in Saskatchewan. The company operates significant assets in southeast Saskatchewan, encompassing approximately 402,449 net acres dedicated to conventional open-hole horizontal wells targeting various Mississippian oil plays, including formations such as Frobisher, Alida, and Midale. Additionally, Spartan holds about 37,633 net acres in west central Saskatchewan, primarily targeting the Viking formation, and approximately 2,765 net acres in Manitoba, focusing on the Spearfish/Amaranth and Bakken formations. The company also has a property in Alberta, covering around 20,788 net acres. Since its incorporation in 1988, Spartan has developed a strong asset base characterized by light oil production, high working interest, and extensive drilling locations supported by comprehensive 3-D seismic data.

Spartan Energy

Post in 2016
Spartan Energy Corp. is an oil and natural gas exploration and production company based in Calgary, Canada, with a primary focus on properties in Saskatchewan. The company operates significant assets in southeast Saskatchewan, encompassing approximately 402,449 net acres dedicated to conventional open-hole horizontal wells targeting various Mississippian oil plays, including formations such as Frobisher, Alida, and Midale. Additionally, Spartan holds about 37,633 net acres in west central Saskatchewan, primarily targeting the Viking formation, and approximately 2,765 net acres in Manitoba, focusing on the Spearfish/Amaranth and Bakken formations. The company also has a property in Alberta, covering around 20,788 net acres. Since its incorporation in 1988, Spartan has developed a strong asset base characterized by light oil production, high working interest, and extensive drilling locations supported by comprehensive 3-D seismic data.

Guyana Goldfields

Post in 2016
Guyana Goldfields Inc. specializes in the exploration and production of gold, primarily within the Guiana Shield region of South America, which encompasses parts of Guyana, Venezuela, Suriname, French Guiana, and northern Brazil. The company was established in 1994 and has been actively operating in Guyana since 1996. It focuses on the acquisition, exploration, and development of gold mineral properties, with particular emphasis on the Aurora and Aranka properties. As of August 2020, Guyana Goldfields operates as a subsidiary of Zijin Mining Group Company Limited.

Enerplus

Post in 2016
Enerplus is a North American energy producer established in 1986, focusing on the development of crude oil and natural gas assets primarily in Canada and the United States. The company's portfolio includes high-quality, low-decline oil and gas assets, with significant production coming from the Williston Basin for oil and the Marcellus Shale for natural gas. Enerplus acquires rights to these resources through royalties paid to government entities and landowners. The company emphasizes creating value for investors by delivering competitive returns through both income and organic growth. Enerplus sells its crude oil and natural gas to customers in the regions where its assets are located, providing a steady revenue stream. Monthly dividends are distributed to shareholders, reflecting the company's commitment to returning value to its investors.

Spartan Energy

Post in 2016
Spartan Energy Corp. is an oil and natural gas exploration and production company based in Calgary, Canada, with a primary focus on properties in Saskatchewan. The company operates significant assets in southeast Saskatchewan, encompassing approximately 402,449 net acres dedicated to conventional open-hole horizontal wells targeting various Mississippian oil plays, including formations such as Frobisher, Alida, and Midale. Additionally, Spartan holds about 37,633 net acres in west central Saskatchewan, primarily targeting the Viking formation, and approximately 2,765 net acres in Manitoba, focusing on the Spearfish/Amaranth and Bakken formations. The company also has a property in Alberta, covering around 20,788 net acres. Since its incorporation in 1988, Spartan has developed a strong asset base characterized by light oil production, high working interest, and extensive drilling locations supported by comprehensive 3-D seismic data.
Raging River Exploration Inc. is engaged in the exploration, development, and production of crude oil and natural gas properties primarily in Western Canada. The company focuses on the Viking light oil fairway, particularly in the greater Dodsland area of southwest Saskatchewan and the Esther area of southeastern Alberta. Raging River holds a significant net undeveloped land base of 591,363 acres. Established in 2011 and headquartered in Calgary, Alberta, Raging River Exploration operates as a subsidiary of Baytex Energy Corp., with its activities centered on the acquisition and development of oil and gas resources, especially in the Kindersley region of Saskatchewan.

Franco-Nevada

Post in 2016
Franco-Nevada Corp is a precious-metals-focused royalty and investment company. The company owns a diversified portfolio of precious metals and royalty streams, which is actively managed to generate the bulk of its revenue from gold, silver, and platinum. The company does not operate mines, develop projects, or conduct exploration. Franco-Nevada's short-term financial performance is linked to the price of commodities and the amount of production from its portfolio of producing assets. Its long-term performance is affected by the availability of exploration and development capital. The company holds a portfolio of assets, diversified by commodity, revenue type, and stagemore

NexGen Energy

Post in 2015
NexGen Energy Ltd. is a Canadian exploration and development company focused on uranium properties, primarily in the Athabasca Basin, Saskatchewan. The company owns a 100% interest in its flagship project, Rook I, which spans 35,065 hectares and includes significant discoveries such as the Arrow Zone, Bow discovery, and the Harpoon area. Established by Tigers Realm Group, NexGen Energy is engaged in the acquisition, exploration, and evaluation of its mineral claims to advance its uranium projects. The company is headquartered in Vancouver, Canada.

PineCliff Energy

Post in 2015
PineCliff Energy is a Canadian company focused on the exploration and production of natural gas and crude oil, primarily operating within the Western Canadian Sedimentary Basin. The company engages in the acquisition of interests in petroleum and natural gas rights, as well as the exploration, development, and production of these resources. PineCliff collaborates with other entities to enhance its operational efficiency and expand its resource base.

Parex Resources

Post in 2015
Parex Resources Inc. (“Parex”), through its direct and indirect subsidiaries, is actively engaged in crude oil exploration, development and production. The Company strives to grow reserves, production, and cash flow in a way that is sustainable for the business, the environment and surrounding communities.

Tahoe Resources

Post in 2015
Tahoe Resources acquires, explores for, develops, and operates mineral properties in the Americas together with its subsidiaries. It explores for silver, gold, lead, zinc, and copper deposits, as well as precious metals assets. Tahoe Resources holds interest in the La Arena gold mine located in the Huamachuco district of northern Peru; Shahuindo mine located in the province of Cajabamba in northern Peru; and La Arena II, a copper-gold porphyry deposit located in Peru. It also holds interest in the Timmins mines, including the Bell Creek and Timmins West mines, the Fenn-Gib project, the Juby project, the Vogel project, and the Gold River project located in Timmins, Ontario. C. Kevin McArthur founded CKM Resources in 2009 that became Tahoe Resources in January 2010. Its headquarters is in Reno in Nevada.
Raging River Exploration Inc. is engaged in the exploration, development, and production of crude oil and natural gas properties primarily in Western Canada. The company focuses on the Viking light oil fairway, particularly in the greater Dodsland area of southwest Saskatchewan and the Esther area of southeastern Alberta. Raging River holds a significant net undeveloped land base of 591,363 acres. Established in 2011 and headquartered in Calgary, Alberta, Raging River Exploration operates as a subsidiary of Baytex Energy Corp., with its activities centered on the acquisition and development of oil and gas resources, especially in the Kindersley region of Saskatchewan.
Osisko Gold Royalties is an intermediate precious metal royalty company based in Montreal, Quebec. It specializes in acquiring and managing a diverse portfolio of over 130 royalties, streams, and precious metal offtakes, primarily focused on North America. The company's most significant asset is a 5% net smelter return royalty on the Canadian Malartic Mine, the largest gold mine in Canada. In addition to its royalty interests, Osisko maintains stakes in several publicly traded resource companies, including Barkerville Gold Mines and Osisko Mining. The company operates under two main segments: managing precious metal royalties and the exploration and development of mining projects. Osisko's income is predominantly generated from North America, with ongoing exploration efforts in various locations, including the Hammond Reef Project in Ontario and other ventures in Mexico.

Spartan Energy

Post in 2014
Spartan Energy Corp. is an oil and natural gas exploration and production company based in Calgary, Canada, with a primary focus on properties in Saskatchewan. The company operates significant assets in southeast Saskatchewan, encompassing approximately 402,449 net acres dedicated to conventional open-hole horizontal wells targeting various Mississippian oil plays, including formations such as Frobisher, Alida, and Midale. Additionally, Spartan holds about 37,633 net acres in west central Saskatchewan, primarily targeting the Viking formation, and approximately 2,765 net acres in Manitoba, focusing on the Spearfish/Amaranth and Bakken formations. The company also has a property in Alberta, covering around 20,788 net acres. Since its incorporation in 1988, Spartan has developed a strong asset base characterized by light oil production, high working interest, and extensive drilling locations supported by comprehensive 3-D seismic data.

Hudbay

Post in 2014
Hudbay is a Canadian integrated mining company engaged in the production of copper concentrate, molybdenum concentrate, and zinc metal. The company operates three polymetallic mines, four ore concentrators, and a zinc production facility located in northern Manitoba and Saskatchewan, Canada, as well as in Cusco, Peru. Hudbay also has copper projects in Arizona and Nevada, United States. The company focuses on the discovery, production, and marketing of base and precious metals, with a significant portion of its revenue derived from copper operations. Hudbay's commitment to responsible mining is reflected in its efforts to create sustainable value and develop high-quality, long-life deposits while ensuring that local regions and communities benefit from its activities.

NuVista Energy

Private Equity Round in 2013
NuVista Energy Ltd. is a Canadian company specializing in the exploration and production of condensate, oil, and natural gas, primarily within the Western Canadian Sedimentary Basin. The company's main focus is on the condensate-rich Montney formation located in the Wapiti area of the Alberta Deep Basin. Founded in 2003 and headquartered in Calgary, NuVista has strategically developed its business model to enhance financial flexibility and long-term growth prospects. The company has successfully transformed its operations by reducing long-term debt significantly and optimizing its asset portfolio, allowing for a concentrated effort on the high-potential Wapiti Montney play. Through effective drilling results and asset management, NuVista Energy aims to maximize the value of its resources while ensuring sustainable development.

Guyana Goldfields

Post in 2013
Guyana Goldfields Inc. specializes in the exploration and production of gold, primarily within the Guiana Shield region of South America, which encompasses parts of Guyana, Venezuela, Suriname, French Guiana, and northern Brazil. The company was established in 1994 and has been actively operating in Guyana since 1996. It focuses on the acquisition, exploration, and development of gold mineral properties, with particular emphasis on the Aurora and Aranka properties. As of August 2020, Guyana Goldfields operates as a subsidiary of Zijin Mining Group Company Limited.
Sandstorm Gold Royalties is a gold streaming and royalty company that provides upfront financing to gold mining firms in exchange for a percentage of the gold produced from their mines throughout the mine's operational life. The company has built a diverse portfolio of 160 streams and royalties, with 20 of these mines currently in production. Sandstorm operates across various regions, including North America, South and Central America, Africa, and Asia and Australia. Its notable royalties include assets from projects such as Hod Maden, Santa Elena, Chapada, Platreef, Greenstone, and Cerro Moro. Sandstorm aims to further enhance its low-cost production profile by acquiring additional gold streams and royalties.

Parex Resources

Post in 2010
Parex Resources Inc. (“Parex”), through its direct and indirect subsidiaries, is actively engaged in crude oil exploration, development and production. The Company strives to grow reserves, production, and cash flow in a way that is sustainable for the business, the environment and surrounding communities.

Guyana Goldfields

Post in 2010
Guyana Goldfields Inc. specializes in the exploration and production of gold, primarily within the Guiana Shield region of South America, which encompasses parts of Guyana, Venezuela, Suriname, French Guiana, and northern Brazil. The company was established in 1994 and has been actively operating in Guyana since 1996. It focuses on the acquisition, exploration, and development of gold mineral properties, with particular emphasis on the Aurora and Aranka properties. As of August 2020, Guyana Goldfields operates as a subsidiary of Zijin Mining Group Company Limited.

Hudbay

Post in 2006
Hudbay is a Canadian integrated mining company engaged in the production of copper concentrate, molybdenum concentrate, and zinc metal. The company operates three polymetallic mines, four ore concentrators, and a zinc production facility located in northern Manitoba and Saskatchewan, Canada, as well as in Cusco, Peru. Hudbay also has copper projects in Arizona and Nevada, United States. The company focuses on the discovery, production, and marketing of base and precious metals, with a significant portion of its revenue derived from copper operations. Hudbay's commitment to responsible mining is reflected in its efforts to create sustainable value and develop high-quality, long-life deposits while ensuring that local regions and communities benefit from its activities.
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