Former CEO charged with fraud in connection with northern Ont. gold mine

A former mining CEO has been charged by the Royal Canadian Mounted Police with overstating gold estimates at a mine in northern Ontario. (File)

A former mining CEO has been charged by the Royal Canadian Mounted Police with overstating gold estimates at a mine in northern Ontario.

In a news release, the RCMP Central Region said it has charged Quentin Yarie, former CEO of RPX Gold Inc. with fraudulent activity under the Criminal Code.

RPX Gold, which used to be known as Red Pine Exploration Inc., is a Toronto-based company developing a gold mine in the Wawa District.

“This investigation was initiated in 2024 by the Toronto Integrated Market Enforcement Team as part of its mandate to monitor capital markets activity in Canada,” the RCMP said in the release.

“The investigation involved a comprehensive review of corporate records and laboratory data, digital forensic analysis, and witness statements.”

Affected stock price

Yarie is accused of altering mining assay results in multiple years, which RPX reported in an overstatement in their 2023 Technical Report of between 62,000 and 87,000 gold ounces in their resource.

“Following the public announcement of these alleged irregularities, RPX’s stock price declined significantly,” the RCMP said.

RPX is a publicly traded mining company listed on the TSX Venture Exchange.

Yarie was charged with fraud against RPX Gold Inc., fraud affecting the public markets and forgery.

He is scheduled to appear at the Ontario Court of Justice in Toronto on June 5.

“Canada’s capital markets rely on accurate and truthful disclosure to maintain investor confidence,” RCMP Staff Sgt. Tony Gollob said in the new release.

“Allegations of this nature undermine the integrity of the marketplace, and the RCMP remains committed to investigating and holding accountable those who are suspected of manipulating or misrepresenting material information.”

Anyone with information about fraudulent investment schemes, money laundering or any other criminality, can contact local police, the RCMP at 1-800-387-0020, or report anonymously through Crime Stoppers at 1-800-222-8477 (TIPS).