The rcmp has charged the former ceo of RBX Gold (TSXV: RPX) on April 28 on charges of fraud and forgery in connection with alleged mining screening data that inflated the company’s reported gold resources by tens of thousands of ounces.
Federal investigators allege that Quentin Yary, who previously led the company when it operated under the name Red Pine Exploration, altered the results of mining assays over several years. According to police allegations, the manipulated data caused RPX to overestimate its gold resources by between 62,000 and 87,000 ounces in the company’s 2023 technical report.
RCMP charged Yari with three criminal offenses related to the alleged scheme. Authorities accuse him of fraud against RPX Gold Inc. Under section 380(1)(a) of the Criminal Code, fraud affecting public markets under section 380(2), and forgery under section 368(1)(c). Yari faces an appearance before the Ontario Court of Justice in Toronto on June 5, 2026.
LinkedIn profile photo
Canadian Mining Journal He could not reach Yari for comment on the accusations and allegations.
The company’s stock price fell significantly following the public announcement of the alleged violations. The Toronto-based company is traded on both the TSX Venture Exchange and the U.S. over-the-counter pricing desk.
RPX Gold has attracted investment from major players including Franco-Nevada, the world’s largest royalty and streaming company, despite the project’s early development stage.
The investigation targets market manipulation
The RCMP’s Toronto Integrated Market Enforcement Team began investigating in 2024 after the company publicly disclosed irregularities in its drilling data. Investigators conducted a comprehensive review that included examining corporate records and laboratory data, conducting digital forensic analysis, and collecting witness statements.
Sergeant Tony Golub, acting officer in charge of the Integrated Market Enforcement Team in Toronto, stressed the importance of accurate disclosure in maintaining investor confidence. “Canadian capital markets rely on accurate and honest disclosure to maintain investor confidence. Allegations of this nature undermine market integrity, and the RCMP remains committed to investigating and holding accountable those suspected of manipulating or misrepresenting material information,” Golub stated.
The Specialized Enforcement Unit has a particular focus on protecting Canada’s capital markets by detecting, investigating and deterring alleged fraudulent schemes. Canada hosts about half of the world’s publicly listed mining and mineral exploration companies, according to Natural Resources Canada data based on S&P Market Intelligence information as of December 2024.
The investigation highlights ongoing challenges in verifying the integrity of screening data that forms the basis of mining investment decisions. Small mining companies rely heavily on drilling results and resource calculations to attract investor financing for exploration and development projects.
The charges against Yari remain allegations that have not been proven in court. The case will proceed through the Ontario court system where evidence will be examined and legal arguments will be made.
Source link
