British Columbia · Receivership (court-appointed)
Receiver's Ninth Report to the Yukon Court
Court officer report · 22 October 2026
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing17 verified
- secured creditorsnote: Approximate aggregate of liens filed (the February 2026 preliminary analysis stated $38.5 million). Not a priority amount: the Receiver's preliminary Priority Lien Claims (60-day priority period) totalled $12,464,761.01 (page 39); the updated figures are in a table not legible in the text provided. Receiver's counsel advises valid miners' liens rank ahead of the general security creditors. The YG miners' lien of approx. $2.5 million (earlier stated as $2.6 million) was resolved by settlement and no claim remains. Disputed points include AMT's financing-lease treatment and the YEC, Borealis and Fountain Tire priority-period calculations. Receiver's preliminary estimate of funds available for distribution was $2,358,284.31, about 19% recovery on priority lien claims. · page: 10 · amount: 38000000 · debtor: Minto Metals Corp. · creditor: Miners' lien claimants (25 liens under the Yukon Miners' Lien Act) · currency: CAD · security: miners' liens registered at the Whitehorse Mining Recorder's office
- unsecured creditorsnote: Approximate. Contingent on SCM's decision whether to restart the Minto Mine (decision expected mid-2027); claim may be withdrawn or cease to be contingent. Estimated future remediation/reclamation/closure costs; regulatory claim, priority asserted by YG and not determined. Receiver defers consideration. If valid it could reduce proceeds available to other creditors to nil. · page: 13 · basis: YG Claim Letter dated August 27, 2025; YG asserts super-priority · amount: 44000000 · debtor: Minto Metals Corp. · creditor: Yukon Government (YG) – reclamation and closure claim · currency: CAD
- unsecured creditorsnote: Asserted claim amount. Under the Second Transaction SCM was to pay most of the taxes, so the estate's potential exposure is approx. $214,000, which Receiver and YG agreed to seek court authority to distribute. SFN paid $318,005.86 on October 3, 2025. YG reported the outstanding balance, including interest and penalties and before the proposed settlement, at $437,104.56 as of September 17, 2026. · page: 14 · basis: YG Claim Letter dated August 27, 2025; property tax claim · amount: 738992.44 · debtor: Minto Metals Corp. · creditor: Yukon Government (YG) – property tax arrears · currency: CAD
- secured creditorsnote: Approximate amount; former copper concentrate offtake counterparty and a lender to Minto. Receiver has not completed review of validity, enforceability or priority; inclusion is not an admission. Ranks behind valid miners' liens. · page: 15 · amount: 5700000 · debtor: Minto Metals Corp. · creditor: Sumitomo Canada Limited · currency: USD · security: general security agreement
- secured creditorsnote: Approximate amount; Minto's former owner. Receiver has not completed review of validity, enforceability or priority; inclusion is not an admission. Ranks behind valid miners' liens. · page: 15 · amount: 5000000 · debtor: Minto Metals Corp. · creditor: Capstone Mining Corp. · currency: USD · security: general security agreement
- secured creditorsnote: Approximate amount. Receiver has not completed review of validity, enforceability or priority; inclusion is not an admission. Ranks behind valid miners' liens. · page: 15 · amount: 12000000 · debtor: Minto Metals Corp. · creditor: GLAS Americas LLC, as agent for Stiftelsen Lejonudden, Copper Holdings, LLC and Lion Point Capital, LP · currency: CAD · security: general security agreement
- unsecured creditorsnote: Approximate. Receiver's counsel advises amounts owing under the Workers' Safety and Compensation Act form a charge over certain property and proceeds that ranks ahead of miners' liens and other security interests. Governmental/quasi-regulatory claim. · page: 16 · basis: Receiver-identified claim; statutory charge · amount: 273943 · debtor: Minto Metals Corp. · creditor: Yukon Workers' Safety and Compensation Board (YWSCB) · currency: CAD
- unsecured creditorsnote: Approximate aggregate; no individual creditors named. Receiver does not anticipate funds being available for distribution on these claims. · page: 16 · basis: Receiver's review of Minto's books and records and proofs of claim received · amount: 21700000 · debtor: Minto Metals Corp. · creditor: Unsecured trade creditors (aggregate, approx. 334 creditors) · currency: CAD
- unsecured creditorsnote: Approximately $1.1 million in Yukon and $0.1 million collectively in Alberta, BC and Ontario. Approx. 219 employees had claims for unpaid wages, vacation and pay in lieu of notice. 148 WEPP claims approved with payments of approx. $1.3 million, to which the Government of Canada is subrogated; the D&O insurer is subrogated for amounts paid under the D&O Policy. · page: 16 · basis: Receiver's estimate, with counsel, of employee claims that may benefit from statutory priority; preferred class · amount: 1200000 · debtor: Minto Metals Corp. · creditor: Employees with statutory priority (employment standards liens) · currency: CAD
- cash on handas at: 2026-09-30 · amount: 2433664.94 · currency: CAD · qualifier: approximately
- closing confirmedscope: Building Infrastructure and certain Rolling Equipment (First Transaction) · outcome: completed · effective: 2024-09-10 · purchaser: 843093 Yukon Inc. · date basis: stated · approval order date: 2024-09-05; scope: Intangible Assets (Second Transaction) · outcome: completed · effective: 2025-06-18 · purchaser: 843093 Yukon Inc. · date basis: stated · approval order date: 2025-06-13
- operational summaryThe Receiver has completed the sale of Minto's assets to SCM (formerly 843) and continues to hold the Quartz Mining Licence and Type A Water Licence while SCM evaluates restarting the Minto Mine, with a decision expected mid-2027. Claims review and any distribution are on hold pending that decision.
- purchaser843093 Yukon Inc.; 843093 Yukon Inc.
- recovery outcomeentries: basis: estimated · quote: the Receiver anticipates that each Lien Claimant with a Priority Lien Claim may receive a recovery of 19% of its Priority Lien Claim as detailed in the table below: · pct of: unstated · outcome: distribution · pct low: 19 · pct high: 19 · class key: secured · stated by: receiver · class label: Lien Claimants with a Priority Lien Claim · claims amount: 12464761.01 · interim final: unstated · claims qualifier: estimated; basis: estimated · quote: the Receiver's preliminary analysis demonstrates that the Secured Creditors will receive no recovery on their claims. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Secured Creditors · interim final: unstated · claims qualifier: unstated · table missing:
- report date21 October 2026
- report noNinth Report
- sale outcometext: Both transactions with 843 (the Minto Asset Sale) have closed; certain wheeled and tracked equipment was excluded and sold at auction on October 16, 2024; Caterpillar equipment was sold separately by CAT. · scope: whole_business · status: closed