Blackstone Minerals (BSX:AU) has announced Blackstone Minerals Corporate Update
Download the PDF here.
Blackstone Minerals (BSX:AU) has announced Blackstone Minerals Corporate Update
Download the PDF here.
Further to the ASX announcement on 20 June 2025, Cygnus Metals Limited (‘Cygnus’ or the ‘Company’) advises that it has issued a total of 211,627,907 fully paid ordinary shares (‘Shares’) at A$0.086 each under Tranche 1 of the Placement, raising a total of A$18,200,000 (before costs). The Shares were issued under the Company’s existing capacity under ASX Listing Rules 7.1 (126,702,591) and 7.1A (84,925,316).
A further 1,162,790 Shares are intended to be issued under Tranche 2 of the Placement to Non-Executive Director Raymond Shorrocks, or his nominees, subject to receipt of shareholder approval at a general meeting to be held in August 2025.
In addition, the Company has issued a total of 306,129 Shares to employees on conversion of 350,000 vested Performance Rights issued under the Company’s previous Employee Securities Incentive Plan.
Cygnus issued the Shares without disclosure under section 708A(5) of the Corporations Act 2001 (Cth) (‘Act’). With reference to those Shares issued, in accordance with section 708A(6) of the Act, the Company gives notice under paragraph 708A(5)(e) that:
1. | the Company issued the Shares without disclosure under Part 6D.2 of the Act; and | |
2. | as at the date of this notice: | |
a) | the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company; | |
b) | the Company has complied with sections 674 and 674A of the Act; and | |
c) | other than as set out below, there is no excluded information within the meaning of sections 708A(7) and 708A(8) of the Act which is required to be disclosed under section 708A(6)(e) of the Act. |
As previously announced, the Company has ongoing exploration and drill programs at its Chibougamau Copper-Gold Project in Quebec and is awaiting assay results from its current drill program (which remains ongoing). The Company will announce its assay results when it is in a position to complete the collation and interpretation of all data and in accordance with its continuous disclosure obligations, the JORC Code and the ASX Listing Rules.
This announcement has been authorised for release by the Board of Directors of Cygnus.
David Southam Executive Chair T: +61 8 6118 1627 E: info@cygnusmetals.com |
Ernest Mast President & Managing Director T: +1 647 921 0501 E: info@cygnusmetals.com |
Media: Paul Armstrong Read Corporate +61 8 9388 1474 |
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5, TSXV: CYG) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.
News Provided by GlobeNewswire via QuoteMedia
Tudor Gold (TSXV:TUD,OTC Pink:TDRRF) has signed a definitive agreement to acquire American Creek Resources (TSXV:AMK,OTCQB:ACKRF) in an all-share transaction, marking a consolidation in BC’s Golden Triangle.
Under the deal, dated Wednesday (June 25), each American Creek shareholder will receive 0.238 shares of Tudor for each share held, effectively giving Tudor an 80 percent ownership stake in the Treaty Creek project — one of Canada’s largest undeveloped gold-copper porphyry systems. American Creek previously held a fully carried 20 percent interest.
‘Our acquisition of American Creek increases our interest to 80 percent in the Treaty Creek Project, which hosts one of the largest gold discoveries in Canada with excellent potential for expansion and additional gold-copper discoveries, at a reasonable per ounce of gold equivalent cost,’ said Joe Ovsenek, Tudor Gold president and CEO, in a press release.
According to Tudor, Treaty Creek is located adjacent to world-class deposits held by Seabridge Gold (TSX:SEA,NYSE:SA) and Newmont (TSX:NGT,NYSE:NEM). Treaty Creek’s flagship Goldstorm deposit is a large-scale system that holds both gold and copper mineralization, and the project has consistently returned high-grade intercepts.
The transaction also includes the settlement of up to US$2.22 million in severance obligations to American Creek insiders — US$1 million in cash and the remainder in Tudor shares at a price of US$0.537 per share.
These shares will be subject to a four month statutory hold period, pending approval from the TSX Venture Exchange.
The Tudor-American Creek deal is the latest in a wave of mining sector consolidations driven by a record gold price, rising corporate cash reserves and dwindling new deposit discoveries.
Notable deals in the first half of 2025 include the C$2.6 billion merger of Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) and Calibre Mining, which was announced in February and closed this month.
In Australia, Northern Star Resources (ASX:NST,OTC Pink:NESRF) closed its AU$5 billion acquisition of De Grey Mining in May. De Grey was the owner of the massive Hemi gold deposit. The same month, Gold Fields (NYSE:GFI,JSE:GFI) made a US$2.4 billion bid for Gold Road Resources (ASX:GOR,OTC Pink:ELKMF).
Ramelius Resources’ (ASX:RMS,OTC Pink:RMLRF) AU$2.4 billion acquisition of Spartan Resources (ASX:SPR,OTC Pink:GYYSF), announced in March, further underscores the appetite for consolidation.
Data from S&P Global Commodity Insights shows last year’s M&A activity laid the groundwork for this trend.
With US$26.54 billion in deal value across 62 qualifying transactions, gold remained the dominant metal of focus, accounting for 43 deals and US$19.31 billion of total deal value. ‘Ever-depleting mining reserves and limited exploration success mean that acquisition is now the key strategy for growth,’ the report notes.
Gold’s record price rise, which took it to the US$3,500 per ounce level in April, has made previously uneconomic deposits viable and pushed miners’ margins to historic highs.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
John Ciampaglia, CEO of Sprott Asset Management, discusses uranium supply, demand and pricing, also sharing details on the Sprott Physical Uranium Trust’s (TSX:U.U,OTCQX:SRUUF) recently closed US$200 million bought-deal financing.
‘It’s clearly acted as a very positive catalyst — the spot price has popped, a lot of the equities have popped on this,’ he said about the agreement.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Jake Paul’s right hand deserves attention and respect.
He has used it to knock out seven men inside the boxing ring. And Paul says he’ll use it to knock out Julio Cesar Chavez Jr. in the first round of their cruiserweight fight Saturday, June 28 in Anaheim, California.
Yet once again, Paul’s skills outside the ring are proving to be just as important as his powerful right hand during his quest to win a world title. About six months after beating 58-year-old Mike Tyson, Paul (11-1, 7 KOs) will be stepping into the ring against the 39-year-old Chavez (54-6-1, 34 KOs), who appears to be long beyond his prime but still is the son of legendary Mexican boxer Julio Cesar Chavez Sr.
“I like big names,’’ Paul said at his final press conference with Chavez Jr. before their bout. “I like legendary names. And he’s on my path to world championship.’’
The path is no fantasy.
Oscar De La Hoya, the Hall of Fame boxer, this week told reporters, “I think (Paul) can win a world title.’’ Paul, who embarked on his pro career in 2020, has said he’s already been in talks for a world title shot in 2026. And what about Chavez?
The upcoming fight fits into a pattern that has highlighted Paul’s youth.
Chavez will become the eighth opponent who was at least 10 years older than Paul, 28, at the time of their fight. (Tyron Woodley, who fought Paul twice, was also 39 during each of those bouts.) Paul was eight years younger than two other opponents.
His only loss came against Tommy Fury, who was 23 when he beat Paul by split decision in 2023. Paul was 26.
Though Paul has called his fight against Chavez “a very, very tough test,’’ the oddsmakers disagree. Paul enters his fight against Chavez as a consensus -750 favorite, meaning bettors must wager $750 on Paul to collect $100 if he wins.
In 13 fights, Paul has yet to select an opponent who oddsmakers have deemed the favorite.
Names like Tyson and Chavez, coupled with Paul’s own star power, have created lucrative opportunities as Paul sharpens his skills and chases his title dreams.
Promoter Kathy Duva said it’s obvious why Paul says he likes big names.
“He needs ‘names’ to sell his fights,’’ Duva said. “At some point, one is simply too old to box effectively. So he chooses (fighters who) are past it and counts on the public to react to ‘names’ they recognize without realizing that they are now too old to be competitive.
“Paul has taken the long-established strategy of testing a young fighter against a well-known veteran in a crossroads fight to a stratospheric new level! Chavez couldn’t even fight when he was young, but he does have his father’s name. So I guess he fits the profile.’’
Paul said he was in negotiations with Canelo Alvarez, which would suggest Paul was willing to take a risk against a far more accomplished fighter. But Duva dismissed the narrative.
“I think he’s smart enough to know that Canelo wouldn’t involve himself in such a circus,’’ Duva said, adding that it amounted to the “Hold Me Back’’ tradition reserved for press conferences and weigh-ins.
That said, Duva is among those who think Paul could fight for a title.
“I wouldn’t ever rule it out,’’ she said. “Not as long as there is a sanctioning body out there willing to collect its fee. Another longstanding boxing fact of life.’’
Teddy Atlas, the boxing analyst and retired trainer, considered Paul’s path to 11-1 and a potential title fight. “Let’s be honest here,’’ Atlas told USA TODAY Sports. “I mean, really honest.’’
Atlas said Paul’s celebrity and ability to guarantee sizable purses for his opponents allow him to “handpick’’ boxers. He also said Paul has nothing to apologize for.
“He was creative, he was smart, he was opportunistic,’’ Atlas said.
Paul has boxed four MMA fighters, one retired NBA player, a YouTuber and Iron Mike. Next up: the son of legendary Mexican fighter Julio Cesar Chavez Sr.
“They worked hard,’’ Atlas said of Paul’s team. “They take risks. They’re in the tough business. He worked hard to build what he built.
“I know he hasn’t taken the risk of other fighters (who) have been taking the conventional route. But he’s still taking a risk.’’
Robert Garcia, The Ring’s 2024 Trainer of the Year, voiced support for Paul’s path. It has been charted in part by Nakisa Bidarian, Paul’s business partner and manager.
“He’s doing exactly what every manager and promoter does at the beginning of a fighter’s career,’’ Garcia told USA TODAY Sports. “He only has (12) fights. He’s actually doing better than a lot of prospects that had (hundreds) of amateur fights.’
Trainer Johnathon Banks, a former world cruiserweight champion, lauded Paul and older brother Logan Paul, who boxed Floyd Mayweather in an exhibition bout and since has emerged as a WWE star.
“Whether it’s wrestling or boxing, they putting on big shows and doing big numbers and they just taking everything by storm,’’ Banks said.
The 2025 NBA Draft continued Thursday with the second round at the Barclays Center.
The first round of the draft took place on Wednesday with Cooper Flagg selected first overall by the Dallas Mavericks, marking one of the more predictable picks in the first round. However, Thursday’s second round offered up many surprises as NBA teams moved up and down the draft board to bolster their depth.
The Phoenix Suns moved up to acquire the 31st overall pick, the first of the second round, from the Minnesota Timberwolves to nab forward Rasheer Fleming of Saint Joseph’s. In exchange, the Timberwolves picked up the Suns’ No. 36 pick (via the Brooklyn Nets) and went on to draft Adou Thiero from Arkansas. Thiero is expected to play for the Los Angeles Lakers after receiving the pick from the Timberwolves, highlighting the amount of movement among picks in the second round.
Here’s every player that was drafted in the second round of the 2025 NBA Draft, including the player’s alma mater and their draft grade:
Here’s where some notable college stars are signing as free agents, according to reports from ESPN:
There’s only 29 picks in the second round of the 2025 NBA Draft after the New York Knicks’ second-round pick was rescinded by the league for “violating league rules governing the timing of this season’s free agency,” the NBA announced back in December 2022. The league found that the Knicks were involved in free agency talks with Jalen Brunson before the date when discussions were allowed. Brunson signed a four-year $104 million contract with the Knicks in July 2022 one month after his father Rick Brunson was hired by the Knicks as an assistant coach.
The second round of the 2025 NBA Draft is scheduled for Thursday, June 26 at 8 p.m. ET, and will be broadcast on ESPN. You can also stream the second round of the 2025 NBA Draft with Fubo.
Watch the NBA Draft with Fubo
The Minnesota Timberwolves (via the Utah Jazz) own the No. 31 pick and will be selecting first on Thursday evening. But the Timberwolves have appeared to move down not he draft board. According to ESPN, Minnesota has traded away the first pick of the second round to the Suns in exchange for the No. 36 pick and two future second-round picks.
The second round of the 2025 NBA Draft is quickly approaching on Thursday and some picks are already on the move. Here’s how the second-round draft order has shaken up, according to ESPN:
ESPN will be televising the entirety of the draft’s second roun
The 2025 NBA Draft will be available to stream across Fubo, which offers a free trial to new users, as well as Sling TV.
USA TODAY Sports staff compiled a list of the best remaining players in the second round. Here is a full list broken down by position. Several are listed below:
Fleming is a mobile forward who plays a physical game and has strong footwork to finesse his way around defenders. He likes to get easy buckets in transition, his 3-point percentage in nearly five attempts per game is encouraging and he is valuable in pick-and-rolls as the screener. Defensively, he deflects passes and can protect the rim. Fleming averaged 18.8 points and 7.7 rebounds and shot 58.9% in the last six regular-season Atlantic 10 Conference contests.
Born in Paris, Raynaud spent four seasons at Stanford and was first-team All-ACC his senior season. He can make 3s, rebound, protect the rim – the easy comparison is Oklahoma City’s Chet Holmgren. Raynaud works well in the pick-and-roll, runs the floor well, sees the court and can play in the low post.
Odds for No. 31, first pick in the second round. *All odds provided via FanDuel (odds as of Thursday, June 26):
USA TODAY Sports’ Mark Giannotto compiled a list of several mock drafts heading into the second round. Here is a full breakdown. The top potential picks are listed below:
With the No. 1 pick, the Dallas Mavericks (A) did not botch the 2025 NBA draft, taking Cooper Flagg first overall, and the Brooklyn Nets (A) were active with five first-round picks. There was only one real surprise – Portland (C) using the No. 16 pick to take Yang Hansen.
Night 1 of the 2025 NBA Draft had a bevy of winners and losers. USA TODAY’s Lorenzo Reyes and Jeff Zillgitt break down the best and not-so-great from the first round. Here is one of the list’s winners.
The Blue Devils had three lottery picks – Cooper Flagg No. 1, Kon Knueppel No. 4, Khaman Maluach No. 10 – making it the third time in school history that Duke has had three lottery pick in the same draft. It also happened in 1999 (Elton Brand, Trajan Langdon, Corey Maggette) and 2019 (Zion Willamson, RJ Barrett and Cam Reddish).
Here is how the first round played out on Wednesday:
*All odds provided via BetMGM (odds as of Thursday, June 26):
One of the iconic moments of any pro sport’s draft is when a just-picked youngster steps up on stage with the commissioner to pose for a photo with a jersey and hat from his or her new team. It’s a symbolic start to a new career, one the players can look back on later with a sense of pride. Except when they know they’ll never play a single game for the team that drafted them.
The NBA has an odd custom where draft-day trades are officially announced by the commissioner after the picks are made. Which can lead to what ESPN anchor Scott Van Pelt calls the league’s uncomfortable ‘hat situation.’
‘The league’s too smart to have the moment that they’ve waited their whole life for be a picture in the wrong hat. It just doesn’t make sense,’ Van Pelt ranted post-draft on SportsCenter. Read Steve Gardner’s full story on the hat kerfuffle here.
(Jase) Richardson will join a growing NBA trend this week when he becomes the league’s latest second-generation player. He and Rutgers guard Dylan Harper, the son of longtime NBA player Ron Harper, are projected to be first-round picks ahead of the 2025-26 season. It would be the seventh time in eight years multiple players were drafted with a father who played in the NBA.
The rise can be attributed to a variety of reasons, according to experts, from genetics to exposure, access and socioeconomic factors thanks the rising cost of youth sports. The number of NBA alumni is also bigger now with the league more than 75 years old. But the pattern is more distinguishable than ever.
This past season, there were at least 33 second-generation players who appeared in an NBA game (or more than 7% of the league’s players). Of the 30 NBA teams, 21 had at least one second-generation player on their roster at some point.
Read more on second-generation NBA players and their golden era by Mark Giannotto.
Charlotte Hornets starting center Mark Williams is on the move, seemingly for real this time.
The Hornets are trading Williams to the Phoenix Suns in exchange for the No. 29 pick of the 2025 NBA Draft and a first-round pick in the 2029 NBA Draft, ESPN reported on Wednesday. The Suns (on behalf of the Hornets) went on to select Liam McNeeley out of UConn with the No. 29 pick.
Williams was dealt to the Los Angeles Lakers in exchange for Dalton Knecht and Cam Reddish ahead of the trade deadline in February, but the Lakers announced two days later that the trade had been ‘rescinded due to failure to satisfy a condition of the trade.’
USA TODAY Sports Lorenzo Reyes states: ‘Given his size and skill set, and given his ability to play multiple positions on the floor, Flagg should be an instant contributor for the Mavericks and will enter the season as the odds-on favorite to win NBA Rookie of the Year. He’s a player with an already-polished portfolio that includes ball handling, passing, rebounding and scoring, all of which means he can find different ways to impact games. And it’s not just against college kids; Flagg’s experience scrimmaging against Team USA — when he was just 17 years old — drew praise from LeBron James, Kevin Durant and others.
‘With Kyrie Irving (torn anterior cruciate ligament) set to miss most of the season, Flagg could be asked to assist Dallas with distribution and playmaking, but his best fit is as a versatile wing who can blossom into a consistent All-Star, with a potential arc like that of a fellow Blue Devil, Celtics forward Jayson Tatum.’
USA TODAY Sports’ Steve Gardner has more on Cooper Flagg and expert predictions around the draft.
A quirk related to Maluach’s visa situation will play out on Wednesday night at the 2025 NBA Draft. The NBA is preparing for the complicated scenario that would be triggered if Maluach were to be taken by the Toronto Raptors with the No. 9 overall pick.
Given the current Trump administration policy related to South Sudan, Maluach would have to apply for a United States tourism visa and a waiver to South Sudan’s visa ban any time he enters the United States if he plays for the Raptors, according to the NBA. That would also be in addition to having to obtain a Canadian work visa. The Raptors had to cross the United States border from Canada for road games 19 times based on their 2024-25 schedule.
USA TODAY Sports’ Mark Giannotto dives into Khaman Maluach’s situation around the draft and visa bans.
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Tampa Bay Rays All-Star shortstop Wander Franco received a two-year suspended prison sentence Thursday when he was found guilty of sexual abuse of a minor in the Dominican Republic, which could end his baseball career.
Franco, 24, who signed an 11-year, $182 million contract in 2021, will remain on Major League Baseball’s restricted list.
If he’s unable to secure a visa to work in the United States because of the guilty verdict, he won’t be able to play again in MLB. Even if Franco is able to obtain a visa in the future, the Rays could seek to have the remaining $133 million remaining on his contract voided based on violating moral turpitude.
MLB’s investigation remains open but if Franco never gets a visa, the league may consider it a moot point to even issue a punishment.
‘Major League Baseball is proud to have a collectively bargained Joint Domestic Violence, Sexual Assault and Child Abuse Policy that reflects our commitment to these issues,’ MLB said in a statement. “We are aware of today’s verdict in the Wander Franco trial and will conclude our investigation at the appropriate time.’
The minor informed the court that she had a sexual relationship with Franco when he was 21 years old. The mother of the victim, Martha Vanessa Chevalier Almonte, was convicted of sexually trafficking her daughter and was sentenced to 10 years in prison.
Franco was placed on MLB’s restricted list in July 2024, 11 months after social media posts alleged that Franco had been in an inappropriate relationship with the minor since December 2022. Franco denied the allegations and he was on paid administrative leave until being put on the restricted list.
While Franco remains a free man, he was informed that if he violates any conditions of the court, he must serve his full two-year sentence. He is prohibited from approaching minors with sexual intentions.
Franco also faces charges in the Dominican Republic for illegal possession of a handgun after an altercation in a parking lot November, 2024, in San Juan de la Maguana.
Wander Franco agreed to an 11-year, $182 million contract before the 2022 season at the age of 20, having played just 70 MLB games at that point.
(This story was updated to include video.)
Even after the Pittsburgh Steelers traded him to the Dallas Cowboys, wide receiver George Pickens was all set to host the George Pickens Youth Football Camp, which was scheduled for Saturday, June 28 in Pittsburgh. Then he pulled out.
In a Tuesday email to families that had registered for the camp, TruEdge Sports — the company that coordinates youth camps for several NFL and college athletes — notified families that Pickens had ‘walked back on his word.’ The former Steelers’ representation notified TruEdge that he was ‘no longer interested in attending the camp’ with his name on it.
In the email, TruEdge Sports told families that they had reached out to confirm Pickens’ participation shortly after his trade to Dallas was announced. At the time, they wrote, they ‘were promptly assured that George remained committed to the camp and intended to show up for the families who had registered.’
Instead, a couple of weeks before the day of the camp, Pickens informed TruEdge that he’d no longer be attending.
‘Let us be very clear: we are deeply frustrated by this decision and the position it has placed all of us in,’ TruEdge wrote in their email.
‘Our team at TruEdge was fully prepared to host a camp this Saturday because we were led to believe George would follow through on his commitment. His sudden decision to back out not only reflects a disappointing lack of accountability, but also shows a disregard for the families and children who were excited to meet him.’
TruEdge’s email was not all bad news. The company went on to say that they were committed to holding a youth camp in Pittsburgh over the summer, though it would be postponed to July.
TruEdge also said they were able to find an NFL player to replace Pickens: Steelers tight end Pat Freiermuth. The company added that they were also in talks with multiple other Steelers players to make appearances at the camp in late July, since it now nearly overlaps with the start of Pittsburgh’s preseason training camp. All campers who attend the event during its new date will receive autographs from every player making an appearance.
The Steelers confirmed to USA TODAY Sports that Freiermuth would be replacing Pickens at the camp. Both the Cowboys — Pickens’ new team — and TruEdge Sports declined requests for comment.
USA TODAY Sports also reached out to Pickens’ agent, who did not immediately provide a statement on his behalf.
The protester who waved around a Palestinian flag during Kendrick Lamar’s Super Bowl 59 halftime show has been arrested, more than four months after the incident.
During Super Bowl 59 on Feb. 9, Lamar closed out his halftime show performance with his single ‘tv off.’ During the song, a man dressed in black went rogue on stage and ran around the set while he waved a Palestinian flag that read ‘Sudan’ and ‘Gaza.’ The protester then stood atop a black lowrider vehicle and moved toward the 50-yard-line before security tackled him to the ground.
The NFL confirmed to USA TODAY the day after Super Bowl 59 that the person had the flag hidden on himself before the show.
Officials said state troopers began to investigate the incident after it occurred and identified the protester as Nantambu. An investigation revealed Nantambu confirmed he was hired as an extra for the performance and while he was allowed to be on the field, he ‘deviated from his assigned role’ and did not have permission to perform the demonstration. Authorities added that law enforcement apprehended Nantambu during the show after he allegedly refused to comply with a stop order.
After the incident, New Orleans police said the protester would not be arrested or charged, but it was the state police who conducted the action. Louisiana State Police arrested Nantambu and charged him with resisting an officer and disturbing the peace by interruption of a lawful assembly. He is currently booked into the Orleans Parish Justice Center.
‘We take any attempt to disrupt any part of an NFL game, including the halftime show, very seriously and are pleased this individual will be held accountable to the fullest extent of the law,’ the NFL said in a statement to the Associated Press.
After the incident, Nantambu told NBC News he wanted to use the moment to ‘highlight the human suffering’ related to the Israeli-Hamas war.
Nantambu is also related to an incident involving a former NFL player, as he confirmed to TMZ Sports that he was the victim in an alleged shooting involving Antonio Brown. According to an arrest warrant in Miami-Dade County (Florida), first reported by the Washington Post, Brown is facing a charge of attempted murder with a firearm stemming from an altercation outside of a May 16 boxing event in Miami.
Bumble shares rallied more than 26% on Wednesday after the dating app company revealed in a securities filing that it intends to slash 30% of its workforce, or about 240 roles.
The layoffs will result in $13 million to $18 million in charges for the company hitting in the third and fourth quarters of this year. Management estimates that the reductions will help the company save $40 million annually.
A Bumble spokesperson said in a statement to CNBC that the layoffs were “not made lightly.”
“Our focus now is on moving forward in a way that strengthens our core business, continues to serve our members effectively, and positions us for future growth,” they wrote.
Bumble said the cuts are part of a reconfiguration of its “operating structure to optimize execution on its strategic priorities.” The company plans to invest savings into new product and technology development.
Shares of the dating app company have plunged since their debut on the public markets in 2021. Its market value has plummeted from $7.7 billion to about $538 million as of Tuesday’s close.
Founder Whitney Wolfe Herd, who stepped down as CEO at the beginning of 2024, returned to the role earlier this year.
Along with the job cuts, Bumble updated its previously announced forecast for the current quarter.
The company now expects revenue to range between $244 million and $249 million, and adjusted earnings before interest, taxes, depreciation and amortization between $88 million and $93 million.
That’s up from the $235 million to $243 million in revenue and $79 million to $84 million in adjusted EBITDA forecast with Bumble’s first-quarter results last month.