In this presentation, FMC's Alan Hutchison discusses Preliminary Economic Assessments (PEAs) by going over the recent focus on PEAs, providing important considerations, and going through 4 different scenarios related to PEAs.
In this presentation, FMC’s Doris Bonora and Mark Woltersdorf outline the important considerations when planning before death, including:
- Power of Attorney
- Personal Directive
- Farm Tax Planning
- Estate Freeze
- Wills
In this presentation, V. Peter Harder describes why Canada engages with China, while Rob McDonald and Margot Patterson outline the changes to copyright laws in Canada.
Protect you Rights and Avoid Liability! Current Developments and Major Implic...Now Dentons
In this presentation, FMC's Margot Patterson discusses current developments and major implications for IP legal guidelines in advertising, including:
1. Changing Copyright Rules: User Generated Content
2. How Social Media is changing your marketing practices and how you protect your brand
3. Yours, Mine and Ours: Best practices for third-party content (partners & consumers)
Risk Apportionment in the Purchase and Sale TransactionNow Dentons
In this presentation, FMC’s Leanne Krawchuk discusses risk apportionment in the purchase and sale transaction, including:
- Representations and Warranties
- Indemnity Clauses and Limitations
- Purchase Price Adjustments and Holdbacks/Escrow
- Maximize the Value Proposition
- Due Diligence
In this presentation, FMC Partners Rob McDonald and Marlon Rajakaruna describe the importance of protecting your start-up company’s intellectual property (IP). The following topics are discussed:
- Types of Intellectual Property
- Patents
- Copyright
- Trade-marks
- Other Ways to Protect IP
- Protecting Your IP in Commercial Agreements
In this presentation, FMC’s Doris Bonora and Mark Woltersdorf outline the important considerations when planning before death, including:
- Power of Attorney
- Personal Directive
- Farm Tax Planning
- Estate Freeze
- Wills
In this presentation, V. Peter Harder describes why Canada engages with China, while Rob McDonald and Margot Patterson outline the changes to copyright laws in Canada.
Protect you Rights and Avoid Liability! Current Developments and Major Implic...Now Dentons
In this presentation, FMC's Margot Patterson discusses current developments and major implications for IP legal guidelines in advertising, including:
1. Changing Copyright Rules: User Generated Content
2. How Social Media is changing your marketing practices and how you protect your brand
3. Yours, Mine and Ours: Best practices for third-party content (partners & consumers)
Risk Apportionment in the Purchase and Sale TransactionNow Dentons
In this presentation, FMC’s Leanne Krawchuk discusses risk apportionment in the purchase and sale transaction, including:
- Representations and Warranties
- Indemnity Clauses and Limitations
- Purchase Price Adjustments and Holdbacks/Escrow
- Maximize the Value Proposition
- Due Diligence
In this presentation, FMC Partners Rob McDonald and Marlon Rajakaruna describe the importance of protecting your start-up company’s intellectual property (IP). The following topics are discussed:
- Types of Intellectual Property
- Patents
- Copyright
- Trade-marks
- Other Ways to Protect IP
- Protecting Your IP in Commercial Agreements
CAPITAL BUDGETING - Meaning, Definition, Needs, Significance, Process & Appra...Sundar B N
This ppt contains CAPITAL BUDGETING - Meaning, Definition, Needs, Significance, Process & Appraisal Methods - Problems.
Capital Budgeting – Introduction, Meaning, Definition, Need & Significance
Process of Capital Budgeting
Payback Period & Discounted PBP – Meaning, Formula & Problem
Net Present value - Meaning, Formula & Problem
Profitability Index - Meaning, Formula & Problem
Internal Rate of Return - Meaning, Formula & Problem
NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC’s property portfolio collectively covers approximately 1.91 million acres of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand’s North Island. The Company’s management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada, and takes a multi-disciplinary approach to value creation with a track record of successful discoveries. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand. NZEC is listed on the TSX Venture Exchange under the symbol NZ and on the OTCQX International under the symbol NZERF. More information is available at www.newzealandenergy.com or by emailing info@newzealandenergy.com.
NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC’s property portfolio collectively covers approximately 1.91 million acres of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand’s North Island. The Company’s management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada, and takes a multi-disciplinary approach to value creation with a track record of successful discoveries. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand.
Medium-term Perspectives on Fiscal Policy and Budgeting by Peter Thurlow OECD Governance
Presentation by Peter Thurlow at the 7th annual meeting of the MENA Senior Budget Officials held on 10-11 December 2014. Find more information at http://www.oecd.org/gov/budgeting
CAPITAL BUDGETING - Meaning, Definition, Needs, Significance, Process & Appra...Sundar B N
This ppt contains CAPITAL BUDGETING - Meaning, Definition, Needs, Significance, Process & Appraisal Methods - Problems.
Capital Budgeting – Introduction, Meaning, Definition, Need & Significance
Process of Capital Budgeting
Payback Period & Discounted PBP – Meaning, Formula & Problem
Net Present value - Meaning, Formula & Problem
Profitability Index - Meaning, Formula & Problem
Internal Rate of Return - Meaning, Formula & Problem
NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC’s property portfolio collectively covers approximately 1.91 million acres of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand’s North Island. The Company’s management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada, and takes a multi-disciplinary approach to value creation with a track record of successful discoveries. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand. NZEC is listed on the TSX Venture Exchange under the symbol NZ and on the OTCQX International under the symbol NZERF. More information is available at www.newzealandenergy.com or by emailing info@newzealandenergy.com.
NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC’s property portfolio collectively covers approximately 1.91 million acres of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand’s North Island. The Company’s management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada, and takes a multi-disciplinary approach to value creation with a track record of successful discoveries. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand.
Medium-term Perspectives on Fiscal Policy and Budgeting by Peter Thurlow OECD Governance
Presentation by Peter Thurlow at the 7th annual meeting of the MENA Senior Budget Officials held on 10-11 December 2014. Find more information at http://www.oecd.org/gov/budgeting
Foreign Workers, International Tax and Oil & Gas Market UpdateNow Dentons
In this presentation, FMC Partner Shawna Vogel and Associate Yasmeen Nizam team up with MNP Partner David Yager and Associate Kathy Bonazew to deliver information about foreign workers, international tax and oil & gas market updates. The following topics are discussed:
- We Need Foreign Workers Now
- New Developments in Permanent Residence Applications for Workers
- State of Canada’s Oil & Gas Industry and Future Employment Needs
- Taxation in Canada
Privacy and Security in Mobile E-CommerceNow Dentons
In this presentation, FMC’s Timothy Banks describes the important issues to consider when thinking about privacy and security in mobile e-commerce. The presentation includes a discussion of the following topics:
- Outlines for M-Commerce
- Overview of Guidelines
- Special Issues (address book information, online behavioral tracking and analytics, geolocation data, children, and ongoing emerging issues)
- Transparency and Accountability in Design (consent, representations and disclaimers and applying Canada’s Anti-Spam Legislation)
- The three dimensions of M-Commerce
In this presentation, FMC’s Bernard Roth outlines the current trends in energy regulatory law. The presentation includes the following topics:
- Trends in Facilities Regulation
- Alberta Non-Utility Oil and Gas Facilities
- AER Structure
- Responsible Energy Development
- Federal Budget Legislative Changes
- Federal Fisheries Act
- Navigable Waters Protection Act
- Canadian Environmental Assessment Act
- Trends in Utilities Regulation
- Performance Based Regulation for Alberta Utilities
In this presentation, FMC’s Bill Gilliland and Dan Shea discuss deal points relating to survey of deals and deal terms, including:
• Survey
• Material Adverse Change
• Non-solicitation and Superior Proposals
• Regulatory Approval Language
• Break Fees
• Expense Reimbursement
• Go-Shop Provisions
Letters of Intent - Tips and Traps for Commercial LawyersNow Dentons
In this presentation, FMC’s Heather Barnhouse discusses the purpose of a letter of intent (LOI) and the common issues with LOI. She then discusses a relevant case (IHAG – Holding A.G. c. Intrawest Corporation, 2009 QCCS 2699) and provides an overview of the lessons learned and future application.
An Introduction to Legal Aspects of Customer Acquisitions for StartupsNow Dentons
In this presentation, FMC’s Gal Smolar discusses an introduction to the legal aspects of customer acquisitions for startups. The presentation focuses on customer acquisitions, acquisition contracts, trends, right to data, restrictive covenants, exclusivity, joint development and customer acquisition tips.
Gal Smolar is a partner in FMC’s Vancouver office. Gal is a Practitioner of Foreign Law and brings to Fraser Milner Casgrain his broad international experience in commercial and corporate law and in particular in the field of technology.
Update on Hydraulic Fracturing:Preparing for Gasland 2Now Dentons
In this presentation, FMC Law's Alex MacWilliam discusses hydraulic fracturing. The presentation covers the hydraulic fracturing process; the legislative and regulatory management of key issues related to hydraulic fracturing; liability issues in fracturing litigation; finally, lessons and trends related to hydraulic fracturing.
In this presentation, Rob McDonald and Stephen Parker discuss the following topics related to intellectual property:
- IP Due Diligence in Commercial Transactions
- Common IP Disputes that Arise in Business
- The New Copyright Modernization Act
In this presentation, Rob McDonald outlines the key amendments to the Copyright Act and explains how Canada's copyright laws will change with the new Copyright Modernization Act.
Presented by FMC’s Tom Houston and Margot Patterson at the Canadian Chamber of Commerce Industry Association Business Roundtable, this presentation looks at the new rules and related implications, roles and responsibilities that arise from the Canada Not-for-Profit Corporations Act.
Protecting Your Intellectual Property and your BrandNow Dentons
In this presentation FMC's Margot Patterson discusses protecting intellectual property and brands through discussion related to the Copyright Modernization Act, how Social Media is changing marketing practices and best practices for third-party content (partners & consumers).
Year in Review: Ontario Class Actions 2011/2012Now Dentons
In this presentation, FMC's Michael Schafler looks at the past year in Class Actions in Ontario. With an examination of Class Action trends as well as Class Actions related to employment, securities, franchisee actions as well as government actions.
Technology Initial Public Offerings - Legal and Practical Considerations for ...Now Dentons
Technology IPOs on the TSX
We've translated our IPO guide into Slideshare, to make it easier to review the slides and incorporate them into your own decks. This deck covers:
- advantages and disadvantages of going public
- IPO readiness - step to prepare in the 12 months before an IPO
- which market: TSX or NASDAQ?
- IPO process
- special issues for U.S. companies going public on the TSX
Update on Current HR Issues Autumn 2012Now Dentons
In this presentation, Colleen Verville, Shawna Vogel, Joe Hunder, Adrian Elmslie, Fausto Franceschi, and Alison Walsh discuss the recent changes in labour and employment laws relating to HR practices.
Foreign Workers under NAFTA
Non-NAFTA Foreign Workers
R. v. Cole, 2012 SCC 53
ADM Measurements Ltd. v. Bullet Electric Ltd.
Heil v. Canada Safeway Limited
In this presentation, FMC's Alex Kilgour and Neil Schwartz give an overview of Common terms in debt and equity term sheets, key terms in debt term sheets, key terms in equity term sheets and most negotiated terms.
Litigating Proxy Fights – Strategic Considerations and Recent TrendsNow Dentons
In this presentation, FMC partner Matthew Fleming reviews strategic considerations and recent trends in litigation arising from proxy battles for corporate control.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
2. Recent Focus on PEAs
• In an era of cost overruns the market is increasingly focusing
on economic viability rather than resource inventory
• PEA allows for less precision on details of development
scenarios which makes it less expensive than a pre-feasibility
study
• Inclusion of inferred resources in economic analysis only
permitted at a PEA stage, which allows issuers to disclose
economics without having drilled off the deposit
2
3. BCSC Focus on PEAs
• Increase in popularity of PEAs have attracted the attention of
securities regulators
• On August 16, 2012 the regulators published CSA Notice
43-307 setting out the regulators’ position on certain practices
in connection with PEAs
3
4. Context of a PEA vs. PFS/FS
• NI 43-101 defines a PEA as:
“a study, other than a pre-feasibility study, that includes an economic
analysis of the potential viability of mineral resources”
(emphasis added)
• In contrast, a pre-feasibility study is defined as:
“a comprehensive study of a range of options for the technical and
economic viability of a mineral project…”
4
5. Context of a PEA vs. PFS/FS (cont.)
• And a feasibility study is defined as:
“a comprehensive technical and economic study of the selected
development option for a mineral project…”
• Key differences in wording:
– “potential viability” for a PEA vs. “viability” for a PFS (meaning viability
has been established)
– Use of the term “comprehensive” to describe a PFS or FS vs. a PEA
5
6. NI 43-101 Considerations – Inferred Resources
• Issuers are restricted from disclosing results of an economic
analysis that includes or is based on inferred resources except
in limited circumstances (s. 2.3(1)(b))
• A PEA is one of the limited circumstances, provided:
– a cautionary statement with equal prominence is included stating that
inferred resources are considered to speculative geologically to have
economic considerations applied to them that would enable them to
be categorized as mineral reserves, and there is no certainty that the
PEA will be realized
– the basis for the PEA is disclosed along with any qualifications and
assumptions
6
7. NI 43-101 Considerations – Report Triggers
• The disclosure of the results of a PEA that constitutes a
material change in relation to the issuer is a technical report
trigger
• Disclosure of studies that are components of a PEA but do not
include economic analysis (i.e. metallurgical studies, project
infrastructure studies, environmental studies) is not a
technical report trigger
• BUT be careful that the context of the disclosure does not
amount to a PEA, and be careful that multiple component
studies do not in the aggregate amount to a PEA
7
8. PEA Scenarios
A. Over-Built PEA
B. Assumption Based PEA
C. Revised PEA
D. No PEA
8
9. Scenario A – Over-Built PEA
• Many issuers want to ensure that the components of a PEA are
as accurate as possible to withstand scrutiny and avoid
subsequent significant changes
• Components like mine planning, capital and operating costs,
metallurgical work for recoveries typically disclosed with
greater certainty than a PEA requires
• Overall quality of the PEA is emphasized
9
10. Scenario A – Over-Built PEA (cont.)
• Regulatory concern is that issuers try to pass off a PEA (likely
with inferred resources included in the economic analysis) as
the equivalent of a PFS
• The BCSC may treat a PEA as a PFS if:
– no inclusion of required cautionary statements
– the PEA establishes a basis for a FS or production decision
– states or implies economic viability of the resources has been
established
• Be careful not to expect too much out of a PEA
10
11. Scenario B – Assumption Based PEA
• A PEA is intended to represent the first signal to the public that
a project may be economically viable. The level of detail and
certainty is not expected to be the same as a PFS or FS, so
assumptions may be required.
• All assumptions must have a reasonable basis
11
12. Scenario B – Assumption Based PEA (cont.)
• Avoid highly aggressive or overly optimistic assumptions, such
as:
– metal prices
– recovery rates
– by product credits
– capital costs not funded by the issuer (i.e., government funding for
roads, power or other infrastructure)
• The more aggressive the assumptions the greater chance of
subsequent revision along with a greater chance of regulatory
intervention over misleading disclosure
12
13. Scenario C – Revised PEA
• 2011 amendments to NI 43-101 now permit issuers to go
backwards in terms of scope of development if new facts
emerge
• Revised PEAs are possible although keep in mind that the level
of certainty should remain the same
• Where PEAs are completed for new satellite deposits added to
projects that are already at PFS or FS stage, be careful not to
effectively bring inferred resources into a PFS or FS for the
overall project.
13
14. Scenario D – No PEA
• Just because an issuer completes studies that are components
of a PEA doesn’t mean a PEA needs to be completed or
disclosed
• Sometimes an issuer is better off taking more time to get more
certainty on the PEA components before completing a PEA or
PFS
• Remember to be consistent – if an issuer does not proceed to
a PEA, disclosure must not address economics, potential
viability or development scenarios of a project
14
15. QP Considerations
• Definition of a qualified person requires that QPs have
experience relevant to the subject matter of the mineral
project and technical report
• Even at a PEA stage, disclosure of economic analysis and the
assumptions and inputs required requires additional expertise
than a resource stage report
• Keep in mind QP liability for technical reports
15
16. Thank you!
Alan Hutchison
alan.hutchison@fmc-law.com
604-443-7119
The preceding presentation contains examples of the kinds of issues companies
dealing with Preliminary Economic Assessments could face. If you are faced with one
of these issues, please retain professional assistance as each situation is unique.