TORONTO, Aug. 01, 2024 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W) (the "Company") is pleased to announce that infill and extension soil sampling has refined and extended the newly discovered gold-in-soil anomaly on its QV property to 2.2 km along strike (Figure 1). The soil anomaly is located approximately 9 km northwest of the VG deposit and appears to be similar in character to the VG and Golden Saddle deposits which form part of the Company's flagship White Gold Project. Th ...

. . . Minaurum Commences Drill Program to Define Maiden Resource at Alamos Silver Project July 23, 2024 8:30 AM EDT | Source: Minaurum Gold Inc. Vancouver, British Columbia--(Newsfile Corp. - July 23, 2024) - Minaurum Gold Inc. (TSXV: MGG) (OTCQX: MMRGF) ("Minaurum" or "the Company") is pleased to announce the commencement of a minimum 8,000-metre drill program designed to establish an initial National Instrument 43-101 inferred mineral resource at its 100%-owned and fully permitted Alamos silver project (" ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File No. 001-34042 MAIDEN HOLDINGS, LTD. (Exact name of registrant as specified in its charter) Bermuda 98-0570192 (State or ot ...

[Form 8-K Filing Information](index=1&type=section&id=Form%208-K%20Filing%20Information) This section outlines the Form 8-K filing, including Q1 2024 financial results, a strategic renewal rights transaction, and related exhibits [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) On May 9, 2024, Maiden Holdings, Ltd. issued a press release announcing its financial results for the three months ended March 31, 2024 - The company issued a press release on May 9, 2024, announcing its results of operations for the first quarter ended March 31, 2024[6](index=6&type=chunk) - The press release is furnished as Exhibit 99.1 and is not considered "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934[6](index=6&type=chunk)[7](index=7&type=chunk) [Item 8.01 Other Events](index=2&type=section&id=Item%208.01%20Other%20Events) The company announced its Q1 2024 results via a press release and a renewal rights transaction with an AmTrust unit for its primary business in its Swedish subsidiaries - On May 6, 2024, the company entered into a renewal rights transaction with AmTrust Nordic AB, a Swedish unit of AmTrust Financial Services, Inc[11](index=11&type=chunk) - The transaction covers the majority of the primary business written through its Swedish subsidiaries, Maiden General Försäkrings ("Maiden GF") and Maiden Life Försäkrings ("Maiden LF")[11](index=11&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits furnished with the Form 8-K, including press releases for Q1 2024 financial results, an investor presentation, and a press release regarding the renewal rights transaction | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release of Maiden Holdings, Ltd., dated May 9, 2024 | | 99.2 | Press Release of Maiden Holdings, Ltd., dated May 9, 2024 | | 99.3 | Maiden Holdings, Ltd. Investor Update Presentation, May 2024 | | 99.4 | Press Release of Maiden Holdings, Ltd., dated May 6, 2024 | [First Quarter 2024 Financial Results (Exhibit 99.1)](index=6&type=section&id=Exhibit%2099.1%20First%20Quarter%202024%20Financial%20Results) This section presents Maiden Holdings' Q1 2024 financial performance, highlighting net income, adjusted book value growth, strategic initiatives, and balance sheet stability [Q1 2024 Financial Highlights](index=6&type=section&id=Q1%202024%20Financial%20Highlights) Maiden Holdings reported a net income of $1.5 million, or $0.01 per share, for Q1 2024, with adjusted book value per common share increasing to $3.24, driven by strong investment results and the LPT/ADC Agreement | Metric | Q1 2024 | Note | | :--- | :--- | :--- | | Net Income | $1.5 million | or $0.01 per diluted common share | | Adjusted Non-GAAP Operating Earnings | $4.4 million | or $0.04 per diluted common share | | Book Value per Common Share | $2.48 | Stable | | Adjusted Book Value per Common Share | $3.24 | Increased | | Investment Results | $17.1 million | vs. $10.5 million in Q1 2023 | | Alternative Asset Portfolio Return | 3.4% | For Q1 2024 | - The deferred gain on the LPT/ADC Agreement increased to **$75.9 million**, with recoveries expected to begin before the end of 2024[20](index=20&type=chunk) - A significant deferred tax asset of **$1.17 per common share** is not yet recognized in book value, with approximately **45% of NOL carryforwards** having no expiry date[20](index=20&type=chunk)[21](index=21&type=chunk) [Management Commentary and Strategy](index=6&type=section&id=Management%20Commentary%20and%20Strategy) CEO Patrick J. Haveron emphasized that the increase in adjusted book value to $3.24 per share reflects the company's true economic value, driven by positive investment results and the LPT/ADC Agreement, with a focus on building consistent revenue and profits and realizing its significant deferred tax asset - The alternative asset portfolio produced a **3.4% return** in Q1 2024, driven by **$7.9 million** in unrealized gains in private equity, which is well above the benchmark cost of debt capital[19](index=19&type=chunk) - The company is pursuing strategies to build consistent revenue and profits to ultimately recognize its **$117.3 million deferred tax asset**[19](index=19&type=chunk)[21](index=21&type=chunk) - The renewal rights transaction with AmTrust is expected to reduce annual operating expenses by up to **$6 million** over the next 12 to 24 months[19](index=19&type=chunk)[20](index=20&type=chunk) - During Q1 and into Q2, the company repurchased **590,995 common shares** at an average price of **$2.01 per share**[21](index=21&type=chunk) [Consolidated Financial Performance](index=7&type=section&id=Consolidated%20Financial%20Performance) For Q1 2024, Maiden reported a net income of $1.5 million, a significant improvement from a net loss of $11.3 million in Q1 2023, primarily driven by higher investment gains, a lower underwriting loss, decreased G&A expenses, and favorable foreign exchange movements | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income (Loss) | $1.5 million | $(11.3) million | | Total Investment Income | $17.1 million | $10.5 million | | Underwriting Loss | $7.5 million | $8.3 million | | Corporate G&A Expenses | $5.3 million | $7.0 million | | Foreign Exchange & Other | $2.1 million (gain) | $(2.8) million (loss) | - Net premiums written increased to **$8.3 million** in Q1 2024 from **$0.8 million** in Q1 2023, mainly due to growth in the Diversified Reinsurance segment[22](index=22&type=chunk)[23](index=23&type=chunk) - Adverse prior year loss development was **$6.6 million** in Q1 2024, compared to **$3.7 million** in Q1 2023, with a significant portion (**$5.0 million** in Q1 2024) expected to be recoverable under the LPT/ADC Agreement[24](index=24&type=chunk)[31](index=31&type=chunk) [Balance Sheet and Capital Management](index=9&type=section&id=Balance%20Sheet%20and%20Capital%20Management) As of March 31, 2024, total assets were $1.5 billion and shareholders' equity was stable at $249.4 million, with adjusted shareholders' equity increasing to $325.3 million, and the company continuing its share repurchase program | Balance Sheet Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | $1.5 billion | $1.5 billion | | Shareholders' Equity | $249.4 million | $249.2 million | | Adjusted Shareholders' Equity | $325.3 million | $320.1 million | - The company has **$70.4 million** remaining for common share repurchases under its **$100.0 million** plan as of May 8, 2024[40](index=40&type=chunk) - The company holds net operating loss carryforwards (NOLs) of **$334.0 million**, resulting in a net U.S. deferred tax asset of **$117.3 million**, which is currently offset by a full valuation allowance[43](index=43&type=chunk) [Strategic Transactions (Exhibit 99.4)](index=19&type=section&id=Exhibit%2099.4%20Strategic%20Transactions) This section details the strategic renewal rights transaction with AmTrust Nordic AB, part of a broader divestment plan to reduce annual operating expenses [Renewal Rights Transaction for International Primary Business](index=19&type=section&id=Renewal%20Rights%20Transaction%20for%20International%20Primary%20Business) Maiden announced a renewal rights transaction with AmTrust Nordic AB for the majority of its primary business in its Swedish subsidiaries, as part of a broader plan to divest its International Insurance Services (IIS) businesses, which is expected to reduce group operating expenses by up to $6 million annually - Maiden entered into a renewal rights transaction with AmTrust Nordic AB for its primary business written through Swedish subsidiaries Maiden GF and Maiden LF[74](index=74&type=chunk) - This transaction is part of a larger strategy to divest the International Insurance Services (IIS) business platform, which was deemed not to be at a sufficient scale to achieve acceptable returns[76](index=76&type=chunk)[77](index=77&type=chunk) - Upon complete divestment of the IIS subsidiaries, the company expects annual Group operating expenses to be reduced by up to **$6 million**[77](index=77&type=chunk) [Financial Statements and Supplemental Data](index=12&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) This section provides Maiden's consolidated financial statements, including balance sheets, income statements, and detailed segment performance for Q1 2024 [Consolidated Balance Sheets](index=12&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, Maiden's total assets were $1.47 billion, down from $1.52 billion at year-end 2023, with total liabilities decreasing and total equity remaining stable at approximately $249 million | (In thousands of U.S. dollars) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total investments | $586,426 | $559,640 | | Total assets | $1,468,971 | $1,518,934 | | Total liabilities | $1,219,611 | $1,269,774 | | Total Equity | $249,360 | $249,160 | | Book value per common share | $2.48 | $2.48 | [Consolidated Statements of Income](index=13&type=section&id=Consolidated%20Statements%20of%20Income) For the first quarter of 2024, Maiden reported total revenues of $28.9 million and a net income of $1.5 million, a significant improvement from a net loss in the same period of 2023, driven by higher net premiums earned and significant net realized and unrealized investment gains | (In thousands of U.S. dollars) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net premiums earned | $12,408 | $9,002 | | Net investment income | $7,700 | $9,545 | | Net realized and unrealized investment gains | $8,750 | $1,005 | | **Total revenues** | **$28,904** | **$19,493** | | Net loss and loss adjustment expenses | $11,625 | $9,815 | | **Total expenses** | **$25,278** | **$24,158** | | **Net income (loss)** | **$1,459** | **$(11,328)** | | **Diluted earnings (loss) per share** | **$0.01** | **$(0.11)** | [Segment Information](index=14&type=section&id=Segment%20Information) In Q1 2024, the Diversified Reinsurance segment reported an underwriting loss of $0.3 million on $9.0 million of net premiums earned, while the AmTrust Reinsurance segment had an underwriting loss of $7.3 million on $3.4 million of net premiums earned, heavily impacted by adverse loss development Q1 2024 Segment Underwriting Results (in thousands) | Segment | Net Premiums Earned | Underwriting Loss | | :--- | :--- | :--- | | Diversified Reinsurance | $8,991 | $(272) | | AmTrust Reinsurance | $3,417 | $(7,252) | | **Total** | **$12,408** | **$(7,524)** | Q1 2023 Segment Underwriting Results (in thousands) | Segment | Net Premiums Earned | Underwriting Loss | | :--- | :--- | :--- | | Diversified Reinsurance | $7,471 | $(1,989) | | AmTrust Reinsurance | $1,531 | $(6,264) | | **Total** | **$9,002** | **$(8,253)** | [Non-GAAP Financial Measures](index=15&type=section&id=Non-GAAP%20Financial%20Measures) This section explains Maiden's non-GAAP financial measures, providing reconciliations and definitions for key metrics like adjusted book value and operating earnings [Reconciliation and Key Non-GAAP Metrics](index=15&type=section&id=Reconciliation%20and%20Key%20Non-GAAP%20Metrics) The company uses non-GAAP measures to provide insight into its performance, with the non-GAAP operating loss improving to $5.0 million in Q1 2024 and adjusted book value per share rising to $3.24, primarily due to the unamortized deferred gain from the LPT/ADC Agreement Reconciliation of Net Income to Non-GAAP Operating Loss (in thousands) | | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income (loss) | $1,459 | $(11,328) | | Adjustments (Investment gains, FX, etc.) | $(6,409) | $(1,573) | | **Non-GAAP operating loss** | **$(4,950)** | **$(7,893)** | Reconciliation to Adjusted Book Value per Share | | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Book value per common share | $2.48 | $2.48 | | Unamortized deferred gain on LPT/ADC Agreement | $0.76 | $0.71 | | **Adjusted book value per common share** | **$3.24** | **$3.19** | - The non-GAAP underwriting loss for Q1 2024 was **$2.5 million**, compared to a loss of **$6.7 million** in Q1 2023, after adjusting for adverse loss development covered by the LPT/ADC Agreement[37](index=37&type=chunk)[58](index=58&type=chunk) [Definitions of Non-GAAP Measures](index=17&type=section&id=Definitions%20of%20Non-GAAP%20Measures) Maiden defines its non-GAAP measures to help investors understand performance, including Adjusted Book Value per Share, Non-GAAP Operating Earnings (Loss), and Underwriting Income (Loss), each tailored to reflect specific aspects of core operational and economic value - Adjusted Book Value per Common Share: Adds the unamortized deferred gain on the LPT/ADC Agreement to GAAP shareholders' equity to show the ultimate economic benefit[62](index=62&type=chunk) - Non-GAAP Operating Earnings (Loss): Excludes net realized/unrealized investment gains, foreign exchange movements, and the change in deferred gain on the LPT/ADC Agreement to allow for performance analysis similar to how management analyzes it[65](index=65&type=chunk) - Underwriting Income (Loss): Calculated as net premiums earned plus other insurance revenue less net loss & LAE, commissions, and direct G&A expenses to evaluate underwriting performance separately from investment results[64](index=64&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-34042 MAIDEN HOLDINGS, LTD. (Exact Name of Registrant As Specified in Its Charter) (State or Other Jurisdiction of Incorporati ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 12, 2024 (March 12, 2024) MAIDEN HOLDINGS, LTD. (Exact name of registrant as specified in its charter) Bermuda 001-34042 98-0570192 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 94 Pitts Bay Road, Pembroke HM08, Bermuda (Address ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File No. 001-34042 MAIDEN HOLDINGS, LTD. (Exact name of registrant as specified in its charter) Bermuda 98-0570192 (State o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File No. 001-34042 MAIDEN HOLDINGS, LTD. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Maiden Holdings, Ltd. Investor Update May 2023 Investor Disclosures This presentation contains "forward-looking statements" which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on Maiden Holdings, Ltd.'s (the "Company") future developments and their potential effects on the Company. There can be no assurance that actual developments will be those anticipated by the Company. Actual results may differ materially ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File No. 001-34042 MAIDEN HOLDINGS, LTD. (Exact name of registrant as specified in its charter) Bermuda 98-0570192 (State or ot ...