Published on May 22, 2018
Midas Gold Idaho wants to keep the community informed about the work we are doing at the Stibnite Gold Project site. The Ask Midas blog series gives the experts in our company a chance to answer some of the community’s most frequently asked questions and help clear up any misconceptions around the project.
Many people know the employees of Midas Gold Idaho. They are our neighbors, friends and present at lots of community events. But while people know us, we occasionally still run into questions in the community about who we are as a company. This week, I want to give you a little more insight into our company, our mission and our relationship to Canada.
Who is Midas Gold Idaho?
Midas Gold Idaho is a company based in Idaho with roughly 30 employees. We have offices in Donnelly, Cascade, Stibnite and Boise. The team of experts at Midas Gold Idaho are committed to restoring the Stibnite Gold Project site and bringing economic opportunity to surrounding communities. We developed the Plan of Restoration and Operations for the Stibnite Gold Project in 2016.
We are overseen by a seven-member board comprised of industry experts and citizens from Idaho.
Our parent company, Midas Gold Corp., is a publicly traded company on the Toronto Stock Exchange. Based in Vancouver, Canada, the four employees of Midas Gold Corp. focus on finance and investor relations. As a publicly traded company, shares are purchased by investors primarily in the United States, followed by Canada and a small percent overseas. Recently, Paulson & Co. converted the notes it held into shares to become the largest shareholder of Midas Gold Corp. This investment does not alter the company’s independence or plans for the future, and Midas Gold Idaho will continue to direct and guide the future of the Stibnite Gold Project. If you’re interested, you can see a chart of our investors.
Following the conversion, the following are the share percentages held on an issued and outstanding basis:
- Paulson & Co. 44%
- Retail and high net worth investors 26%*
- Institutional investors 15%*
- Barrick Gold 11%
- Teck and Vista 3%*
- Other 1%*
*percentages are approximate and based on publicly available share data
The Stibnite Gold Project is the only project for both Midas Gold Idaho and Midas Gold Corp. Midas Gold’s other direct and indirect subsidiaries, Idaho Gold Resources Company, LLC and the Stibnite Gold Company, hold the mineral rights for the Stibnite Gold Project and Midas Gold Idaho operates the Project on their behalf.
If you have a question you would like us to answer, please email us at [email protected].
