As miners, delegates and industry insiders dispersed after the Prospectors & Developers Association of Canada convention (PDAC), news circulated on X, formerly Twitter, that two 10 ounce bars of silver were missing.
The bars were owned by Arlen Hansen, founder of Kin Communications and host of the Kinvestor Report. In a post on X, Hansen explained that he purchased the bars from First Majestic Silver (TSX:FR,NYSE:AG) during the event.
The silver, with a total estimated value of US$647, was checked inside Hansen’s bag as he boarded his Vancouver-bound Air Canada (TSX:AC,OTCQX:ACDF) flight following the conference. From there, the white metal was destined for a silent auction in support of Canadian children living with diabetes.
However, according to Hansen’s post, the silver never arrived at its final destination.
MY SILVER BARS WERE STOLEN.
I would to hear from someone at @AirCanada as to what happened to 20 ounces of #silver in my checked-in bag, bought from @FMSilverCorp at @the_PDAC. It certainly was not there when I arrived home.
While I hope this went to someone that… pic.twitter.com/0zKhQVQHHg
— Arlen Hansen (@ArlenHansen) March 5, 2025
“I don’t need a refund, a free upgrade, or more points, this was stolen from the children who need it, not me,” Hansen wrote on X, adding, ‘A pretty simple solution @AirCanada.’
The silent auction the silver was to be used for is part of the larger Pump Couture fashion show, an event that aims to reduce the stigma around diabetes, while raising awareness about the 3.8 million Canadians living with chronic disease.
Shortly after Hansen’s post was published, the mining community began showing its support.
Sorry to hear this, Arlen…but hopefully our donations will lead to an even greater result.
— Brien Lundin (@Brien_Lundin) March 5, 2025
‘Sorry to hear this, Arlen…but hopefully our donations will lead to an even greater result,’ wrote Brien Lundin, editor of Gold Newsletter and host of the New Orleans Investment Conference.
Silver producer and seller First Majestic and its mint division First Mint have offered to replace the lost silver, while others have donated to Diabetes Canada and provided encouragement to Hansen.
Arlen Hansen, we’re sorry to hear this news. We will gladly donate the 20 ounces for your intended donation to Diabetes Canada’s silent auction.
A representative from our office will reach out to coordinate.
— First Majestic (@FMSilverCorp) March 5, 2025
‘There has been a wonderful outreach from the mining community, not only sharing their condolences, but helping step up with financial support, taxable donations — and very fortunately, the silver was replaced by First Majestic Silver and then further matched by First Mint LLC. I didn’t ask them, they volunteered, and that to me is an example of how the good people in the mining community have stepped up,’ he said.
Hansen has filed a report with the Ontario Provincial Police (OPP) regarding the lost silver bars.
Systemic issues
During the ordeal, Hansen has been informed that many travellers have had similar issues with Air Canada.
‘There were over 200 responses of support, and many were not shocked and shared stories of how they have had personal items removed from their bags after checking in their luggage with Air Canada and other airlines,’ he said.
‘The silver was stolen from my bag, and someone should be held accountable for this, because if this is happening to me, it’s happening still and I believe the airlines should be investigating this seriously.’
This latest incident marks the third time since 2022 that Air Canada has been at the center of missing precious metals reports. Most notable is the April 2023 gold heist that saw 400 kilograms of gold stolen from an Air Canada cargo terminal at Toronto Pearson International Airport. The sophisticated heist was conducted by at least nine individuals and saw US$20 million worth of stolen gold melted and transported around the world.
In mid-2024, Peel Region Police announced the arrest of nine people in conjunction with the elaborate theft; however, only six pure gold bracelets with an estimated value of C$90,000 have been recovered.
In late 2023, Brink’s (NYSE:BCO) sued Pearson International Airport and Air Canada over the theft, alleging negligence in securing the cargo. Air Canada countered, arguing that Brink’s failed to insure the shipment or disclose its true value.
Although the C$20 million heist is considered the largest in Canadian history, it wasn’t the first time Air Canada was accused of losing precious metals. Months before the 2023 gold heist at Pearson International Airport, another gold bar disappeared while transiting through Toronto, according to a lawsuit.
On December 22, 2022, a Swiss precious metals refinery shipped 65 doré bars worth US$15.7 million from Lima, Peru, through Toronto to Zurich, Switzerland. However, somewhere along the way one gold bar disappeared.
According to the court filing, Brink’s paid an additional fee for the added security of the bullion, a designation that was to ensure the shipment did not “comingle” with other cargo. The doré bar worth over US$270,000 was never recovered. It is also not clear if that earlier incident is related to the later C$20 million heist.
Air Canada has said it will ‘vigorously’ defend itself in court, but questions about the security of precious metals shipments using the airline remain.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
