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Hamilton Spectator
6 hours ago
- Business
- Hamilton Spectator
Mandalay Discovers New High-Grade Gold Trend at Brunswick South, Adjacent to Existing Costerfield Infrastructure
TORONTO, July 29, 2025 (GLOBE NEWSWIRE) — Mandalay Resources Corporation ('Mandalay' or the 'Company') (TSX: MND, OTCQB: MNDJF) reports exploration results from the Brunswick South extension, part of the operating Costerfield gold-antimony mine in Australia. Highlights: Note: Further intercept details including significant intercepts within composite intervals can be found in the Appendix to this document. Where antimony grades are not stated they are below detection. ETW refers to the Estimated True Width of the intercept. Frazer Bourchier, President and CEO of Mandalay, commented: 'We are extremely excited about the new discovery at Brunswick South following on the heels of our success at True Blue. Brunswick South is within 300 metres of existing underground infrastructure, providing potential near term mine life extension of Costerfield. The Company will ramp up drilling from both surface and underground to advance this discovery rapidly. When added to the ongoing drilling at the True Blue discovery, Costerfield is delivering value to shareholders through the drill bit. Costerfield is expected to be a strong cash-flow generator for the combined Alkane–Mandalay following the anticipated closing of the merger of the two companies on August 5, 2025.' Chris Davis, VP of Exploration and Operational Geology, commented: 'The Brunswick deposit, mined in the 1990s and again in 2018, is hosted within a vertical fault that has been traced along a 2km strike length. Two domains of gold and antimony endowment have been identified so far along the fault. Our 2025 program targeted the depth extension of the southern domain, and extraordinarily, all three drillholes intersected high-grade gold across a 175-metre strike and 30-metre vertical extent. 'Given the impressive results and ease of access from existing infrastructure, this discovery is now being prioritized for further drilling in parallel with True Blue. As part of this work, we will also investigate constructing an underground drill platform that could accelerate our drilling program and definition of the deposit. With only high-grade results at this level, the veining remains largely open along strike and at depth with historic drilling above, we have launched an extension program to further evaluate the full potential of this emerging discovery.' Brunswick South Depth Discovery The Brunswick deposit is situated between the Cuffley and Youle deposits and has direct access and portal to the Brunswick Processing facility that concentrates all ore produced at Costerfield. The deposit was mined by means of an open pit in the mid-1990s and underground mining commenced from 2018 under Mandalay. Current mining activity at Brunswick is primarily focused on a high-grade zone with limited vertical extent known as the K-R Panel, just below the historically mined block, separated by a flat-lying fault that has offset the lode laterally by several meters. Figure 1. Oblique view (looking north-east) of the Costerfield gold-antimony field, showing Mandalay underground development, current resource outlines of the Brunswick deposits, and the central position of the three drill intercepts reported in this announcement. The Brunswick vein is remarkably linear in the context of the field. Mineralization has been drill tested over a length of 2000m near surface with negligible offsets. The vein (where mined) occupies the hinge of an open north-south striking anticline, and typically contains a greater proportion of stibnite to quartz than most other Costerfield veins. The vein is intersected, and sometimes offset laterally by flat-lying faults that follow, or are at a low angle to, the flat or gently west-dipping bedding of the host Costerfield siltstone. As these faults pass over the axis of the Brunswick anticline, they tend to bifurcate and flatten to horizontal, creating sliced stacks with progressive downward western offest – occasionally creating bonanza-grade ore shoots and localized blowouts. Additionally, steep north-east trending shears create grade pods where found intersecting the vein, without causing significant lode offset. At Brunswick South, near-surface historical drilling highlights a second panel of enrichment, separated from the Brunswick Main pannel by a grade-controlling north-east shear set. Reinterpretation of the previously drilled deepest low-grade intercepts suggested that interference from flat-lying faulting was highly likely given the ambiguous nature of the broken material recovered. Due to the assessment a two-hole drill testing program was designed to investigate the untested continuation below. Figure 2. Longitudinal section of the Brunswick South vein showing the position of the new intercepts in relation to existing drilling data. The position of the Cuffley to Brunswick access is shown, with annotation showing its distance east of the target vein, decreasing to the north. The southern end of the mined Brunswick lode can be seen at the far right of the section. Annotations describe the intercepts grade over an estimated true width. BD387 intersected the Brunswick vein approximately 270m south of the limit of existing development on the Brunswick Main lode. The vein intersected graded 76.6 g/t gold over 0.49m downhole, consisting of healed quartz breccia containing visible gold. BD388 passed through the vein 175m south of BD387, and found higher grade mineralization at 265 g/t gold and 0.7% antimony over 0.29m downhole. Clusters of fine visible gold are evenly spread throughout the quartz in this intercept, and stibnite is present as a late-stage vein infill phase. A third hole (BD391) was directed between and approximately 30m down-dip of the two prior intercepts and also intercepted high-grade gold mineralization, 52.3g/t gold over 1.69m downhole. Figure 3. Tray photographs of the three new high-grade intercepts with individual grades annotated. An inset for BD388 shows a close-up of the style of mineralization encountered, predominantly free gold in quartz. BD391 is considerably more faulted than the others, interpreted to be due to proximity of a bedding-parallel fault as is commonplace in Costerfield ore veins. The new intercepts are situated within the hinge of an open syncline; a slightly different structural setting to both the Brunswick Main lode (which occupies an anticlinal hinge) and the already defined mineralized panel above the newly targeted zone which does not appear to be associated with a well defined fold hinge (figure 4). These encouraging intercepts are of immediate operational importance to the Costerfield mine, situated just 320m west of the Brunswick access drive. A high-grade resource in this location will be quick and cost-effective to access. Significant prospectivity surrounds these exciting new intercepts, not only along the so-far untested strike and down dip extents but also upwards into the existing Brunswick South resource, where drilling is relatively sparse and targeted infill may build considerable upside in steeply plunging high-grade pods as seen in the Brunswick Main deposit. Figure 4. Cross section at 5350N (at BD391) through the Brunswick South system, with the two other intercepts of the program shown diagrammatically. The stratigraphy presented up-dip is repeated over several early thrust faults, which are crosscut by later subvertical faults and the Brunswick vein itself. Annotations describe the intercepts grade over an estimated true width. Next Steps Followup drilling has commenced and will investigate both strike and down-dip extension to the new high-grade area, and also further define the up-dip link with the near-surface veining. This program will be undertaken from underground by one of the three drill rigs currently focused on near mine expansion, and by an additional surface rig due to arrive in August 2025. Drilling and Assaying All diamond drill core was logged and sampled by Costerfield geologists or contracted geologists with significant industry experience who worked under Costerfield geologist's oversight. All samples were sent to On Site Laboratory Services (OSLS) in Bendigo, Victoria, Australia, for sample preparation and analysis by fire assay for gold, and Atomic Absorption Spectroscopy (AAS) for antimony. Site geological and metallurgical personnel have implemented a QA/QC procedure that includes systematic submission of standard reference materials and blanks within batches of drill and face samples submitted for assay. Costerfield specific reference materials produced from Costerfield ore have been prepared and certified by OREAS, a specialist laboratory quality control consultancy. See Technical Report entitled 'Costerfield Operation, Victoria, Australia NI 43-101 Report' dated March 30, 2025, available on SEDAR ( for a complete description of drilling, sampling, and assaying procedures. Qualified Person: Chris Davis, Vice President of Operational Geology and Exploration at Mandalay Resources, is a Chartered Professional of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), as well as a Member of the Australian Institute of Geoscientists (MAIG) and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release. For Further Information Frazer Bourchier Director, President and Chief Executive Officer Edison Nguyen Director, Business Valuations and Investor Relations Contact: 647.258.9722 About Mandalay Resources Corporation Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement. Forward-Looking Statements: This news release contains 'forward-looking statements' within the meaning of applicable securities laws, including statements regarding the exploration and development potential of the Brunswick South discovery. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading 'Risk Factors' in Mandalay's annual information form dated March 30, 2025, a copy of which is available under Mandalay's profile at In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Appendix Table 1. Significant Intercepts from drilling program. Notes 1. The AuEq (gold equivalent) grade is calculated using the following formula: Prices and recoveries used: Au $/oz = 2,500; Sb $/t = 19,000; Au Recovery = 91% and; Sb Recovery = 92% 2. LLD signifies an undetectable amount of antimony. Detection limit for the analysis used is 0.01% Table 4. Drill Hole Collar Details Notes: Photos accompanying this announcement are available at
Hamilton Spectator
21-07-2025
- Business
- Hamilton Spectator
Mandalay Extends High-Grade True Blue Discovery and Deploys Additional Drill Rigs at Costerfield Gold-Antimony Mine
TORONTO, July 21, 2025 (GLOBE NEWSWIRE) — Mandalay Resources Corporation ('Mandalay' or the 'Company') (TSX: MND, OTCQB: MNDJF) announces an exploration update on the True Blue discovery near the operating Costerfield gold-antimony mine in Australia. Highlights: Note: Further intercept details including significant intercepts within composite intervals and AuEq assumptions can be found in the Appendix. ETW refers to the Estimated True Width of the intercept. Frazer Bourchier, President and CEO of Mandalay, commented: 'Given Costerfield's ability to efficiently mine narrow 1.5-metre widths, the high-grade results from True Blue are incredibly exciting and offer potential to extend the mine's life. Beyond True Blue, we're also seeing encouraging results across other parts of the operation, underscoring the depth of opportunity within the Costerfield district. As I prepare to join the Alkane Board, I'm especially enthusiastic about showcasing Costerfield's exceptional exploration success to the broader Australian investment community.' Chris Davis, VP of Exploration and Operational Geology, commented: 'True Blue remains the primary focus of regional exploration at Costerfield. Building on the encouraging results in January of this year (see January 28 th press release ), drilling has ramped up with three diamond drill rigs now turning on two programs with plans to source additional rigs. The first is aimed at extending the high-grade central area and defining its structural framework. Encouragingly, this program intersected a new parallel vein approximately 40 metres from the target and identified apparent offset extensions to the current mineral resource, highlighting additional growth potential while adding credibility to our initial exploration extent and formation hypothesis. 'The second phase narrows focus to the upper portion of the high-grade core where infill drilling is building confidence in structure and grade continuity. While still ongoing, every single exploration drill hole has intersected veining on target with grades in line with expectations. These results will guide a decision on advancing an exploration drive to support deeper drilling. 'Infill drilling is expected to be complete in Q3 while broader mineral extent drilling will continue for the full year. While economic evaluation is ongoing from the infill drilling, exploration will continue across the parallel and offset panels identified in the 2025 program, supporting the broader case for growth across the Costerfield district.' True Blue Drilling Update The True Blue prospect is located approximately 2 km west of the Central Corridor (historic and current mining at Costerfield) and is defined at surface by a 4 km-long soil geochemical anomaly, comparable to the surface signature of the main production areas. To date, drill testing has been conducted in only a limited portion of the anomaly, with the focus on an area 600 m in strike length (Figure 1). Figure 1. Geological Map, Plan View, showing True Blue and Central Corridor surface geochemical anomalism with diamond drilling on True Blue since February 2025. In January 2025, Mandalay issued an exploration update announcing several very high-grade drill intercepts at True Blue, the best of which was 578.0 g/t gold and 20.5% antimony over 0.47 m (ETW 0.33 m) in drillhole TB031 (see January 28 th release ). Mandalay further released a Mineral Resources update in February 2025 integrating these results into an Inferred Resource of 145,000 tonnes at 13.1g/t gold and 3.1% antimony (see February 20 th release ). Since January's drilling update, an additional nineteen diamond drill holes have been completed at True Blue with the overall program ongoing. Eleven of these have been targeted towards defining the structural framework of True Blue and the rest have been dedicated to infill with the intent of gaining confidence on grade continuity within the dominant veins of the deposit. Structural Definition Drilling The initial phase of follow-up drilling at True Blue focused on delineating the upper bound of the high-grade domain and defining structural offsets and mineralization characteristics along strike. The first northern extension hole (TB034A) intersected a wide zone of antimony and gold-rich veining (Figure 2), approximately 30 metres east of the anticipated target position. This intersection was correlated with a nearby, well-developed mineralized vein intercept in drillhole TB017, drilled in 2023. Over the course of the program it became clear that the high-grade mineralization encountered in TB034 did not align with the previously drilled high-grade domain but instead sat on a sub-parallel structure approximately 30 metres to the east. It was also observed that the main True Blue structure persisted further to the north, indicating that the intercept in TB034 is not part of a flexure in the main vein, but rather an additional vein altogether. The segmentation of grade between parallel structures along strike is a common feature of other Costerfield lodes most prominently seen in the Shepherd vein system below Youle. Figure 2. Additional parallel vein intercept in drillhole TB034A grading 11.7g/t gold and 6.5% antimony over 4.88 m (ETW 2.06 m). In addition to identifying a secondary vein, the program has also revealed that the apparent upper limit of the targeted panel is defined by its interaction with a west-dipping thrust fault. This newly named Wombat Fault exploits an early, bedding-parallel structure with distinct characteristics that can be easily correlated across the deposit. While veining has been observed above this structure, it occurs further to the east. Drillhole TB038 intersected a wide zone of poorly mineralized veining approximately 100m above and to the east of the main target zone, situated between the new discovery and the historic True Blue workings—under which mineralization was initially confirmed in 2021. The base of the panel is interpreted to be the Komodo Fault , also a west-dipping thrust fault. Unlike the Wombat Fault, however, mineralization has been observed both below and to the west—as reported in January—and now also to the east. Drillhole TB037 was extended to the east and into the footwall of the Komodo Fault, where it intersected a 22-metre (drilled width) array of mineralized vertical veining (Figure 4). If the typical westward progression of veining seen within Costerfield's Central Corridor can be applied to True Blue, this suggests further potential exists above the Komodo Fault and to the east of current exploration efforts. Figure 3. Cross section through 7450N of the True Blue deposit showing the relationship between the main and eastern structures, the position of panel-bounding thrust faults; and the relative position of other mineralized vein systems intersected including the veining observed below the Komodo Fault in TB037. To the north of the high-grade domain and the newly discovered secondary vein, a fault—interpreted to be a northeast-trending cross-cutting splay from the Wombat Fault—has been found to disrupt the continuity of the modelled veining. This has led to a reinterpretation of the area. While low-grade intercepts do exist further north, the apparent offset positions remain under-tested and open. Figure 4. Longitudinal section of the True Blue drilling. Note that additional mineralized intercepts have been observed offset from the main vein, both above the Wombat and below the Komodo Faults as well as within parallel structures. These associated intercepts are denoted with a triangle. Drill intercepts not previously announced are annotated with composites over 2.0 g/t AuEq when diluted to 1.8 m. Infill Drilling Following the deposit framework drilling program and positive results of the mineral resource estimation released in February, infill drilling commenced within the upper portion of the high grade pannel. This drilling aims to provide further confidence around structural and grade continuity and ultimately provide the basis of a decision develop an exploration drive from the current Costerfield infrastructure. To date eight holes have been drilled in this program (figure 4). Encouragingly, this drilling has demonstrated clear structural continuity, with veining successfully intersected at the targeted depths in each hole. Mineralization of the main True Blue veining is dominated by stibnite, with relatively low amounts of quartz compared to Youle and Shepherd. Gold grades remain high, with visible gold observed within the stibnite veining. Below is the intercept from TB044, where a series of gold-bearing stibnite veins can be seen alongside corresponding high gold values (figure 5). Figure 5. Main True Blue intercept in drillhole TB044 grading 19.9g/t gold and 2.0% antimony over 3.10 m (ETW 2.37 m). Geological Modeling Continued drilling at True Blue is reinforcing Mandalay's geological model of the deposit and its similarity to existing deposits to the east in the Costerfield Main Corridor. Mineralization at True Blue is hosted primarily within subvertical veins that exploit faulting and cleavage developed within a large anticline, which has been truncated and progressively offset westward by a series of regional-scale thrust faults. From the drilling conducted to date, the structural continuity of mineralization at True Blue appears remarkably consistent across the drill-tested area. This consistency is also a defining feature of the Costerfield Main Corridor and is currently attributed to the rheological homogeneity of the Costerfield Siltstone, which is present in both areas. The truncating west-dipping thrust faults, prominent at both True Blue and within the Costerfield Main Corridor, are recognized for forming grade panels. These faults have repeatedly been shown not to bound the deposits and, in some cases—most notably at Youle—can host high-grade mineralization themselves when conditions are favourable. This understanding, along with observed continuation of mineralization above the Wombat Fault and below the Komodo Fault, strongly suggests the potential for additional high-grade panels adjacent to those currently known. In September 2024 a 2D active seismic survey was conducted at Costerfield. This survey extended two lines that were part of a previous 2022 seismic program over Mandalay's tenements. In addition to providing resolution on the Costerfield Main Corridor's structural architecture at depth, the survey was also able to provide significant additional context around the True Blue Corridor. The survey showed the True Blue deposit to be located in the immediate footwall of a regional-scale thrust that is traceable to a depth of at least two kilometres, with additional footwall splays passing below the known mineralization. This large fault is interpreted to correlate to the Wombat Fault observed in drilling, with the Komodo Fault joining it at depth west of the deposit. The seismic survey currently supports Mandalay's interpretation derived from surface mapping and drilling. The proximity to this structure may, by way of providing a conduit for high-volume fluid flow from depth, give some explanation for the well-developed white mica and carbonate alteration surrounding the deposit, which appears to be more intense than around the Costerfield Main Corridor deposits (figure 6). Figure 6. Perspective section looking northeast showing an interpolation of the recent seismic data and regional geological model. Next Steps With encouraging results coming from the central panel, infill drilling will continue into Q3. Upon completion, these data will form the basis of an internal economic modelling exercise that will inform a decision to extend an exploration drive from the current underground infrastructure. This drive will allow for more detailed and cost-effective deep drilling, as well as provide a potential future extraction point from True Blue. In Q3, Mandalay expects to refocus its exploration efforts on extending True Blue, following promising intercepts and the potential for untested offset panels along strike and up-dip of the main panel. Mandalay anticipates providing a further update in Q4 based on economic modeling outcomes and continued drilling progress. Drilling and Assaying All diamond drill core was logged and sampled by Costerfield geologists or contracted geologists with significant industry experience who worked under Costerfield geologist's oversight. All samples were sent to On Site Laboratory Services (OSLS) in Bendigo, Victoria, Australia, for sample preparation and analysis by fire assay for gold, and Atomic Absorption Spectroscopy (AAS) for antimony. Site geological and metallurgical personnel have implemented a QA/QC procedure that includes systematic submission of standard reference materials and blanks within batches of drill and face samples submitted for assay. Costerfield specific reference materials produced from Costerfield ore have been prepared and certified by OREAS, a specialist laboratory quality control consultancy. See Technical Report entitled 'Costerfield Operation, Victoria, Australia NI 43-101 Report' dated March 30, 2025, available on SEDAR ( ) for a complete description of drilling, sampling, and assaying procedures. Qualified Person: Chris Davis, Vice President of Operational Geology and Exploration at Mandalay Resources, is a Chartered Professional of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), as well as a Member of the Australian Institute of Geoscientists (MAIG) and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release. For Further Information Frazer Bourchier Director, President and Chief Executive Officer Edison Nguyen Director, Business Valuations and Investor Relations Contact: 647.258.9722 About Mandalay Resources Corporation Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement. Forward-Looking Statements: This news release contains 'forward-looking statements' within the meaning of applicable securities laws, including statements regarding the exploration and development potential of the True Blue discover (Costerfield). Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading 'Risk Factors' in Mandalay's annual information form dated March 30, 2025, a copy of which is available under Mandalay's profile at In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Appendix Table 1. Significant Intercepts from drilling program. Notes 1. The AuEq (gold equivalent) grade is calculated using the following formula: Prices and recoveries used: Au $/oz = 2,500; Sb $/t = 19,000; Au Recovery = 91% and; Sb Recovery = 92% 2. LLD signifies an undetectable amount of antimony. Detection limit for the analysis used is 0.01% Table 4. Drill Hole Collar Details Notes: Photos accompanying this announcement are available at
Fashion Value Chain
17-07-2025
- Entertainment
- Fashion Value Chain
Rosalía Joins New Balance as Global Brand Ambassador
New Balance proudly announces Grammy-winning artist Rosalía as its newest global brand ambassador. Known for her genre-defying music and bold fashion identity, Rosalía represents a fusion of independence, artistry, and cultural impact—ideals that align closely with New Balance's legacy since 1906. Chris Davis, Brand President and CMO of New Balance, commented, 'Rosalía is more than a global cultural icon—she's a trendsetter and a fearless creator. Her individuality and defiance of convention embody everything New Balance stands for. Together, we're building a narrative that goes beyond fashion or performance—this is about rewriting the rules.' To mark the start of this dynamic partnership, the brand unveiled a cinematic five-part campaign featuring Rosalía. Directed by Alex Prager and produced by American Haiku, the campaign plays out like a visual story. It begins at New Balance's Boston HQ and follows Rosalía on a symbolic journey to New York, ending with the reveal of a co-created logo—a custom painting that symbolizes this groundbreaking collaboration. The storyline showcases her fearless style, independent voice, and artistic flair. In the campaign, Rosalía also debuts the New Balance 204L, a sleek, retro-inspired lifestyle sneaker with premium suede overlays and early 2000s tech details. The 204L is set to launch globally in July through official New Balance outlets. Speaking on the collaboration, Rosalía shared, 'My love for fashion and design keeps growing. I've always admired New Balance's ability to connect sport with culture, and becoming an ambassador is both exciting and meaningful for me.' The announcement signals New Balance's continued focus on creative storytelling, unconventional partnerships, and expanding its cultural footprint through music, fashion, and design.
Yahoo
02-07-2025
- Sport
- Yahoo
Orioles Pay $9.16 Million to Retired MLB Star on Tuesday
Orioles Pay $9.16 Million to Retired MLB Star on Tuesday originally appeared on Athlon Sports. By now, most MLB fans are familiar with "Bobby Bonilla Day." The former New York Mets star famously secured a deal that pays him over $1.19 million every July 1 through 2035, even though he hasn't played since 2001. So far, the Mets have paid him over $17 million, with another $10.7 million still to go. Advertisement But did you know July 1 is also a big payday for another retired player? Former Baltimore Orioles first baseman Chris Davis is also cashing in. According to Spotrac, "Former 1B Chris Davis secures a $9.16M payment today stemming from two deferral agreements throughout his 7 year, $161M 2016 contract with the #Orioles. That's not all. Davis is set to receive an additional $31.5 million in deferred payments through 2037, a staggering sum for a player long removed from action. Davis, now 39, last played in 2020 where he ended his career with 295 home runs and a .233 batting average. Before his major league debut, he was named Minor League Player of the Year in 2007. Baltimore Orioles first baseman Chris Davis (19). David Berding-Imagn Images His massive contract was largely based on his monster 2013 season, when he crushed 53 home runs and drove in 138 runs. That year, he finished third in American League MVP voting. Davis also had a big 2015 campaign, hitting 47 homers with 117 RBIs. Advertisement But with the power came plenty of strikeouts. Davis had back-to-back seasons with over 200 strikeouts and totaled more than 800 in a four-year span, highlighting his all-or-nothing approach at the plate. Related: Kevin Garnett Reacts to Bronny James News With Strong Prediction This story was originally reported by Athlon Sports on Jul 1, 2025, where it first appeared.
Forbes
24-06-2025
- Business
- Forbes
How New Balance Went From ‘Dad Shoe' To Scoring The No. 1 NBA Draft Prospect
In 2023, before Cooper Flagg was the top player in college basketball and the presumptive No. 1 pick in this year's NBA Draft, New Balance Chief Marketing Officer Chris Davis issued an audacious challenge to one of his top lieutenants. 'Go get this guy,' Naveen Lokesh, who leads the brand's basketball and football divisions, recalls being told, as his boss dropped a recent issue of SLAM magazine with Duke's prized freshman on the cover onto his desk. The odds certainly weren't in New Balance's favor. Though just 17 at the time, Flagg had already spent years dazzling scouts with his elite athleticism and seemingly clairvoyant playmaking ability, leading to a reputation as one of the best teenage prospects this century, alongside other No. 1 picks, LeBron James, Zion Williamson and Victor Wembanyama. And that sky-high potential had sneaker companies dreaming of the financial windfall he could unlock. But while the Boston-based New Balance, which posted $7.8 billion in revenue last year, could hardly match the resources of, for example, Nike ($51 billion in 2024 revenue) or Adidas ($26 billion), it did have one edge over the competition. Flagg grew up in Newport, Maine, about 25 miles east of the privately-held New Balance's manufacturing facility in Skowhegan, and the now 18-year-old phenom tells Forbes he still remembers shopping with his mom at the factory's annual tent sale for backpacks, clothes and sneakers every school year. So when it came time to pitch Flagg, at a Calabasas hotel with other sneaker brands waiting outside, New Balance led with a personal touch, unveiling a tribute video shot at the Skowhegan factory that 'let the associates that have been working in Maine for 20 years speak for us,' Lokesh says. New Balance was successful, officially announcing Flagg as an ambassador in August, yet such a rigorous chase for superstar talent was a bit out of character for the 119-year-old brand. In fact, the company once ran a campaign with the tagline 'Endorsed By No One' during the 1990s. 'They prided themselves that athletes were choosing to wear their products because it was a good or great product, not because they were getting paid,' notes BCE Consulting's Matt Powell, who previously spent more than 20 years as a sports retail analyst. Now, as the sneaker landscape has changed, so has that mentality. In a bid to redefine its place in the sports hierarchy and reach the next generation of consumers, New Balance has spent the last 15 years reshaping its marketing strategy, and athlete ambassadors have played a core role. The brand now boasts a formidable roster of sports stars, with two-time Grand Slam champion Coco Gauff in tennis, three-time MVP Shohei Ohtani in baseball, NBA All-Stars Kawhi Leonard, Jamal Murray and Tyrese Maxey and WNBA star Cameron Brink. In doing so, New Balance has created a new identity for itself beyond the 'Dad Shoe,' a historically popular product that Saturday Night Live once parodied with the tagline, 'Shoes made for running, but worn by chubby white guys in their late 30s to early 40s.' That evolution has also fueled growth for New Balance's topline, which last year more than quadrupled from the $1.8 billion it posted in 2010. Winning Strategy: With Shohei Ohtani, Coco Gauff, and Kawhi Leonard on its roster, New Balance has already demonstrated its prowess at signing champions. David J. Griffin/More recently, from 2022 to 2024, the brand grew global revenue 27% collectively across its baseball, basketball, football and tennis categories. That rise coincides with Gauff winning her first major at the U.S. Open, signing Ohtani (who won a World Series last year), Brink and Maxey, and Murray winning the NBA title with the Denver Nuggets in 2023. The growth also plays a larger role in driving consumers to the brand's lifestyle sneakers and apparel, an area where the industry makes the bulk of its money. Overall, Forbes estimates New Balance's sports footwear segment, which includes performance, lifestyle and outdoor offerings, grew 50% from $4.4 billion to $6.6 billion worldwide during that period. 'We knew that we could be so much more than we were, and we knew that the story, the values and the potential of our brand was under-realized,' says Davis, the son of New Balance's billionaire chairman, Jim Davis. 'And partnerships in athletics, entertainment, streetwear and luxury fashion have all played a significant role in communicating our brand ambition to new consumers.' Despite its cheeky ad campaign in the 1990s, it's not as if New Balance had never worked with athletes before. In the early 1980s, the brand added NBA journeyman M.L. Carr as its first basketball ambassador and, a few years later, signed future Hall of Famer James Worthy to the first-ever million-dollar shoe deal in the sport's history. But by 2010, the New Balance roster had scaled back to runners and, as a 'beta test to get into team sports,' Davis says, New Balance reinvented its baseball division with the addition of Boston Red Sox star Dustin Pedroia. Five years later, the brand set its sights on a demographic of 400 million consumers between the ages of 13 and 34 who were interested in the intersection of sports and culture. To reach them, New Balance flipped its media buying strategy—going from spending 70% of its marketing dollars on transaction-based tactics, such as Google AdWords and paid social posts, to allocating that same percentage toward showcasing its star athletes, as in its recent 'We Got Now' campaign, and collaborating with entertainers, influencers and luxury fashion brands. Love Story: 'They took a chance on me before anyone else," Coco Gauff tells Forbes of her New Balance relationship. TENNIS PHOTO NETWORK/New Balance Still, shedding years of public perception is a daunting task for a sports apparel company and New Balance remains a relatively small player in a massive industry. Research firm Euromonitor estimates the retail sports footwear market in the U.S. was worth $50 billion in 2024, with Nike claiming nearly a third of the share. (Comparatively, New Balance controlled 5.6% last year.) And, with 'the vast majority of the best athletes in the world' going to its two largest competitors, Davis explains, New Balance has adopted a highly selective approach in who it targets as an ambassador. In many cases, that's led the brand to skew young, like in 2018, when it signed up Gauff at just 14 years old. 'It just felt right,' Gauff told Forbes in an email, a few weeks after winning her second major at Roland Garros. 'They took a chance on me before anyone else, so I'm so grateful for our seven-year relationship and how much we've grown together since then. They've always supported my values, voice and vision.' That same year, New Balance also made a loud return to basketball. First, it signed NBA prospect Darius Bazley to his infamous '$1 million internship' as he passed up college and the G-League to train for the NBA Draft. A month later, New Balance landed superstar Kawhi Leonard, a deal Davis remembers vividly because he was finalizing the details of the contract while awaiting the birth of his first daughter. Considering that Leonard reportedly turned down a four-year, $22 million deal to remain with Nike's Jordan Brand, speculation ensued that New Balance had exceeded that mark with its own offer. It's common, of course, for top NBA stars to earn well over seven figures annually from their sneaker deals. Yet BCE's Powell questions whether these endorsements produce a valid return on investment, given the market for performance basketball sneakers is 'not that big anymore,' and 'there will never be another [Michael] Jordan in terms of merchandise sales ever.' Davis, whom Forbes recently named the No. 2 most influential CMO in the world, sees the opportunities more holistically.'We don't only judge the effectiveness of our entry into basketball by how many basketball shoes we sell,' he says. 'We judge our effectiveness by connecting with basketball culture and basketball consumers across all categories within our organization. So if basketball consumers are buying more lifestyle product and more apparel, that's a win. If they're buying more running product, that's a win.' Whether it's measured in direct sales or in cultural appeal, New Balance still needs its athletes to keep performing at a high level to remain relevant. With Gauff, Ohtani, Murray, Brink and Leonard, the brand has already demonstrated its prowess at signing champions. And if Flagg lives up to his hype in the NBA, presumably there will soon be hardware in his future. In the meantime, New Balance has its sights on crossing $10 billion in annual revenue, a goal it expects to reach in the next few years. And while its athletes have become an essential piece of that future, the brand has no plans to abandon the product that fueled its growth for so many years. 'The 'Dad Shoe' is what got us here to be able to play in the realm of Cooper, Kawhi, Cameron, Ohtani and Coco,' New Balance's Lokesh says. 'I would never say we'd want to erase it or make it disappear. We can be many things to many people.' More from Forbes Forbes A Whole New Shoe Game For Women By Justin Birnbaum Forbes Roger Federer-Backed Shoe Brand On Takes A Big Swing At Tennis By Matt Craig Forbes The Highest-Paid Players At The 2025 FIFA Club World Cup By Justin Birnbaum Forbes The World's Highest-Paid Golfers 2025 By Justin Birnbaum
