
International Petroleum Corporation Announces Results of Normal Course Issuer Bid and Updated Share Capital
IPC's NCIB, announced on December 3, 2024, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.
During the period of May 26 to 30, 2025, IPC repurchased a total of 60,000 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.
A summary and detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of May 26 to 30, 2025 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation is available with this press release on IPC's website: www.international-petroleum.com/news-and-media/press-releases.
During the same period, IPC purchased a total of 29,200 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Securities Inc. on behalf of IPC.
All common shares repurchased by IPC under the NCIB will be cancelled. During May 2025, IPC cancelled 605,560 common shares repurchased under the NCIB. As at May 30, 2025, the total number of issued and outstanding IPC common shares is 113,642,559 with voting rights, of which IPC holds 40,000 common shares in treasury.
Since December 5, 2024 up to and including May 30, 2025, a total of 6,068,324 IPC common shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 7,465,356 IPC common shares may be repurchased over the period of twelve months commencing December 5, 2024 and ending December 4, 2025, or until such earlier date as the NCIB is completed or terminated by IPC.
International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC's shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol "IPCO".
For further information, please contact:
Rebecca Gordon
SVP Corporate Planning and Investor Relations
rebecca.gordon@international-petroleum.com
Tel: +41 22 595 10 50
Or
Media Manager
reriksson@rive6.ch
Tel: +46 701 11 26 15
This information is information that International Petroleum Corporation is required to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the contact persons set out above, at 08:45 CEST on June 2, 2025.
Forward-Looking Statements
This press release contains statements and information which constitute "forward-looking statements" or "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Corporation's future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", 'forecast', "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "budget" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements with respect to: the ability and willingness of IPC to continue the NCIB, including the number of common shares to be acquired and cancelled and the timing of such purchases and cancellations; and the return of value to IPC's shareholders as a result of any common share repurchases.
The forward-looking statements are based on certain key expectations and assumptions made by IPC, including expectations and assumptions concerning: the potential impact of tariffs implemented in 2025 by the U.S. and Canadian governments and that other than the tariffs that have been implemented, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; prevailing commodity prices and currency exchange rates; applicable royalty rates and tax laws; interest rates; future well production rates and reserve and contingent resource volumes; operating costs; our ability to maintain our existing credit ratings; our ability to achieve our performance targets; the timing of receipt of regulatory approvals; the performance of existing wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions and that we will be able to implement our standards, controls, procedures and policies in respect of any acquisitions and realize the expected synergies on the anticipated timeline or at all; the benefits of acquisitions; the state of the economy and the exploration and production business in the jurisdictions in which IPC operates and globally; the availability and cost of financing, labour and services; our intention to complete share repurchases under our normal course issuer bid program, including the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; and the ability to market crude oil, natural gas and natural gas liquids successfully.
Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
These include, but are not limited to: general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; political or economic developments, including, without limitation, the risk that (i) one or both of the U.S. and Canadian governments increases the rate or scope of tariffs implemented in 2025, or imposes new tariffs on the import of goods from one country to the other, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed by the U.S. on other countries and responses thereto could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Corporation; and changes in legislation, including but not limited to tax laws, royalties, environmental and abandonment regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in IPC's annual information form for the year ended December 31, 2024 (See 'Cautionary Statement Regarding Forward-Looking Information", "Reserves and Resources Advisory' and 'Risk Factors'), in the management's discussion and analysis (MD&A) for the three months ended March 31, 2025 (See "Risk Factors', 'Cautionary Statement Regarding Forward-Looking Information" and "Reserves and Resources Advisory") and other reports on file with applicable securities regulatory authorities, including previous financial reports, management's discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC's website (www.international-petroleum.com).
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Bragg Gaming Group Reports Second Quarter 2025 Revenue Increase 4.9% over the Second Quarter of 2024 to EUR 26.1M; 21% year-over-year¹ revenue growth excluding The Netherlands, Proprietary Content Revenue up 44% year over year
Article content TORONTO — Bragg Gaming Group (BRAG:CA) ('Bragg' or the 'Company'), a leading content and technology provider to the online gaming industry, today announced its financial results for the second quarter of 2025. Article content Article content Summary of 2Q25 Financial and Operational Highlights Euros (millions) (1) 2Q25 2Q24 Change Revenue € 26.1 € 24.9 4.9 % Gross profit € 13.7 € 12.4 10.8 % Gross profit margin 52.7 % 49.9 % 280bps Adjusted EBITDA (2) € 3.5 € 3.6 (4.3 )% Adjusted EBITDA Margin (2) 13.3 % 14.5 % (128)bps Operating loss € (2.3 ) € (1.2 ) 93.3 % Article content (1) Bragg's reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.17. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only. (2) 'Adjusted EBITDA' and 'Adjusted EBITDA Margin' are non-IFRS measures. For important information on the Company's non-IFRS measures, see 'Non-IFRS Financial Measures' below. Article content Matevž Mazij, Chief Executive Officer for Bragg, commented: 'In our 2024 strategic review, we identified cash flow, integration and margin as key priorities and value drivers for Bragg Gaming Group. In Q2 we began to focus on integration and optimization. We identified and actioned key areas where we have now optimized our cost structure and have implemented strategies to leverage synergies from acquisitions such as Spin Games and Wild Streak Gaming. Article content Specifically, we have realized EUR 2 Million in annualized synergies from the business, unlocking improved margins for the second half of 2025. Our leadership conducted a comprehensive review of the business to ensure cash flow and margin remain central to all decisions, supported by Bragg's strong underlying cash generation and margin profile. Article content While our top-line growth may appear modest, I want to be clear about our strategic focus. With increasing gaming taxes being implemented in key markets like Brazil, The Netherlands, and Romania, we're prioritizing improved margin and cash flow performance over aggressive revenue expansion. That said, we believe that there are substantial, highly accretive growth opportunities ahead for this business. We intend to pursue these opportunities methodically, with a focus on both margins and cash flow. Article content In terms of content and markets, proprietary content is growing in the U.S. and LatAm. While market conditions in The Netherlands remain challenging with the igaming market gross gaming revenue down 25% this year, Bragg is still outperforming the market, despite these factors coming into play. Article content With this focus on margin and cash flow we have also revised our revenue expectations for the year, while forecasting an improved Adjusted EBITDA Margin for the second half of 2025. We are prioritizing high margin opportunities versus low margin revenue. Article content We've also enhanced our leadership team with two transformational key hires, firstly adding Luka Pataky as our new EVP of AI and Innovation. Luka's appointment comes as we launch an initiative to drive an all encompassing AI-first cultural and technology based change at Bragg. Article content In addition, experienced iGaming industry executive Scott Milford also joins us as our EVP of Group Content, and will propel the next phase in the growth of our online casino content. Article content In summary, we are focused on driving cash flow, integration, and margin, and positioning Bragg for sustainable, profitable growth. The actions taken in Q2 position us to achieve a 20% Adjusted EBITDA Margin target in the second half of 2025.' Article content Key Highlights: Article content Strategic Market Expansion: Launched content with Fanatics Casino across Tri-State area, significantly expanding U.S. content footprint. U.S. Growth Acceleration: Signed exclusive content development agreement with Hard Rock Digital; builds on momentum in U.S. market with increasing share of proprietary content revenue. Brazil Market Focus: Strengthened position in newly regulated Brazilian iGaming market through strategic partnership and investment in local studio RapidPlay. Innovation and Product Development: Launched Big Ticket Bonanza, a gamification tool to drive player engagement. Leadership Strengthening: Appointed Scott Milford as EVP, Group Content, and Luka Pataky as EVP, AI and Innovation, enhancing leadership across AI, content, innovation and technology. Debt: During the quarter, we repaid USD 5.0m of the USD 7.0m secured promissory note that is outstanding. The loan maturity has been extended to September 15, 2025, with an option for a further one-month extension if required. We are in the advanced stages of securing a new working capital revolving debt faculty from a Tier 1 Canadian bank. While the process is taking longer than anticipated, we are optimistic that this will close in Q3. Operational Update: Issued corporate update outlining growth priorities, improved margin initiatives, and expanding addressable markets. Article content 2025 Outlook Article content Previously, the Company anticipated double-digit growth in revenue and Adjusted EBITDA for the full year of 2025 which was driven by a strategic focus on expanding in regulated markets, growing proprietary and exclusive content portfolio, and continuing momentum in growth markets such as the U.S. and LatAm. Article content The Company's focus is on cash flow, integration and margin and as such, while the strategy remains the same, the areas of attention and focus have shifted. The full year 2025 guidance has been revised to reflect higher gaming taxes and market softness in the Netherlands and headwinds in Brazil, as well as broader market conditions impacting key regulated markets. The Company now anticipates full year 2025 revenue between €106.0 million and €108.5 million and Adjusted EBITDA of €16.5 million to €18.5 million. Article content This change reflects a deliberate shift toward higher-quality earnings. The Company is prioritizing margin and cash generation over lower-margin revenue, and synergies realized post-quarter end to become a leaner operation put the Company on track to move Adjusted EBITDA Margin a few percentages higher in the second half of the year compared to the first half of the year. The Company remains focused on growing the business in a sustainable and margin-accretive manner, with strong momentum in the proprietary content and technology pipeline positioning Bragg for long-term profitable growth. Article content Investor Conference Call Article content The Company will host a conference call today at 8:30 a.m. Eastern, and management will discuss the financial and operational performance of the company. A presentation of these results will be made available to download at : To join the call, please use the below dial-in information: Participant Dial-In Numbers USA / International Toll +1 (646) 307-1963 USA – Toll-Free +1 (800) 715-9871 Canada – Toronto +1 (647) 932-3411 Canada – Toll-Free +1 (800) 715-9871 United Kingdom: +44 800 358 0970 Conference ID: 3967732 Article content A webcast of the call may also be followed at: An audio recording of the Event will be available via the Echo Replay platform until August 21, 2025. To access the platform by phone, please dial-in using one of the numbers listed below and input Playback ID: 3967732 followed by # key: Article content Cautionary Statement Regarding Forward-Looking Information Article content This news release contains forward-looking statements or 'forward-looking information' within the meaning of applicable Canadian securities laws ('forward-looking statements'), including, without limitation, statements with respect to the following: the Company's strategic growth initiatives and corporate vision and strategy; financial guidance for 2025, expected performance of the Company's business; expansion into new markets, our strategy for customer retention, growth, product development, and market position; expected future growth and expansion opportunities; expected benefits of transactions; expected future actions and decisions of regulators and the timing and impact thereof. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing readers to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or describes a 'goal', or variation of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Article content All forward-looking statements contained in this news release or the conference call reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the regulatory regime governing the business of the Company; the operations of the Company; the products and services of the Company; the Company's customers; the growth of the Company's business, meeting minimum listing requirements of the stock exchanges on which the Company's shares trade; the integration of technology; and the anticipated size and/or revenue associated with the gaming market globally. Article content Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the following: risks related to the Company's business and financial position; that the Company may not be able to accurately predict its rate of growth and profitability; risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the inability to access sufficient capital from internal and external sources; the inability to access sufficient capital on favourable terms; realization of growth estimates, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices; changes in customer demand; disruptions to our technology network including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; any disruptions to operations as a result of the strategic alternatives review process; and risks related to health pandemics and the outbreak of communicable diseases. Although the Company 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. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws. Article content Non-IFRS Financial Measures Article content Statements in this news release make reference to non-IFRS financial measures, including 'Adjusted EBITDA' and 'Adjusted EBITDA Margin', which are non-IFRS financial measures that the Company believes are appropriate to provide meaningful comparison with, and to enhance an overall understanding of, the Company's past financial performance and prospects for the future. The Company believes these non-IFRS financial measures will provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business and making decisions. Although management believes these financial measures are important in evaluating the Company, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. Non-IFRS measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS. These measures may be different from non-IFRS financial measures used by other companies, limiting their usefulness for comparison purposes. These non-IFRS measures and metrics are used to provide investors with supplemental measures of our operating performance and liquidity and thus highlight trends in our business that may nor otherwise be apparent when relying solely on IFRS measures. Article content 'Adjusted EBITDA' means EBITDA after: (i) adding back share based compensation; (ii) adding back or deducting gain (loss) on lease modification; (iii) deducting lease payments recorded as a depreciation of right-of-use assets and lease interest expense; (iv) adding back or deducting gain (loss) on re-measurement of contingent and deferred consideration; (v) adding back or deducting gain (loss) on re-measurement of derivative liabilities; (vi) adding back or deducting gain (loss) on settlement of convertible debt; (vii) adding back or deducting gain (loss) on disposal of intangible assets and (viii) adding back certain exceptional costs. 'Adjusted EBITDA Margin' means Adjusted EBITDA divided by revenue. A reconciliation to IFRS financial measures is provided in this news release as well as in Company's Management's Discussion and Analysis ('MD&A') for the three-month period ended June 30, 2025. Article content Future Oriented Financial Information Article content This news release and, in particular the information in respect of Bragg's prospective revenues, Adjusted EBITDA and Adjusted EBITDA Margin may contain future oriented financial information ('FOFI') within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook on Bragg's proposed activities and potential results and may not be appropriate for other purposes. The FOFI has been prepared based on assumptions with respect to customer growth and market expansion. Bragg and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments; however, the actual results of operations of Bragg and the resulting financial results may vary from the amounts set forth herein and such variations may be material. FOFI contained in this news release was made as of the date of this news release and Bragg disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Article content ( Article content , Article content TSX: BRAG Article content ) is an iGaming content and turnkey technology solutions provider serving online and land-based gaming operators with its proprietary and exclusive content, and cutting-edge technology. Bragg Studios offer high-performing and passionately crafted casino game titles using the latest in data-driven insights from in-house brands including Wild Streak Gaming, Atomic Slot Lab and Indigo Magic. Its proprietary content portfolio is complemented by a cross section of exclusive titles from carefully selected studio partners under the Powered By Bragg program. Games built on Bragg's remote games server (Bragg RGS) technology are distributed via the Bragg Hub content delivery platform and are available exclusively to Bragg customers. Bragg's flexible, modern, omnichannel Player Account Management (PAM) platform powers multiple leading iCasino and sportsbook brands and at all points is supported by expert in-house managed, operational, and marketing services. Content delivered via the Bragg Hub either exclusively or from the Bragg aggregated games portfolio is managed from a single back-office which is supported by powerful data analytics tools, and Bragg's award-winning Fuze™ player engagement toolset. Bragg is licensed, certified, approved and operational in many regulated iCasino markets globally, including the U.S., Canada, Brazil, United Kingdom, Italy, the Netherlands, Germany, Sweden, Spain, Malta and Colombia. Article content Article content LinkedIn Article content Article content Facebook Article content Article content Instagram Article content Financial tables follow: Article content Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue 26,079 24,861 51,584 48,672 Cost of revenue (12,336 ) (12,457 ) (23,557 ) (24,391 ) Gross Profit 13,743 12,404 28,027 24,281 Selling, general and administrative expenses (16,091 ) (13,702 ) (31,898 ) (26,089 ) Gain (Loss) on remeasurement of derivative liability — 38 — (140 ) Gain on settlement of convertible debt — — — 65 Gain (Loss) on remeasurement of deferred consideration — 45 (157 ) (600 ) Operating Loss (2,348 ) (1,215 ) (4,028 ) (2,483 ) Net interest expense and other financing charges (14 ) (930 ) (360 ) (1,522 ) Loss Before Income Taxes (2,362 ) (2,145 ) (4,388 ) (4,005 ) Income taxes (expense) recovery 533 (255 ) (81 ) (299 ) Net Loss (1,829 ) (2,400 ) (4,469 ) (4,304 ) Items to be reclassified to net loss: Cumulative translation adjustment (2,680 ) 387 (4,103 ) 4 Net Comprehensive Loss (4,509 ) (2,013 ) (8,572 ) (4,300 ) Basic Loss Per Share (0.07 ) (0.10 ) (0.18 ) (0.18 ) Diluted Loss Per Share (0.07 ) (0.10 ) (0.18 ) (0.18 ) Millions Millions Millions Millions Weighted average number of shares – basic 25.2 24.0 25.1 23.6 Weighted average number of shares – diluted 25.2 24.0 25.1 23.6 Article content As at As at June 30, December 31, 2025 2024 Cash and cash equivalents 4,242 10,467 Trade and other receivables 24,983 20,072 Prepaid expenses and other assets 4,141 2,624 Total Current Assets 33,366 33,163 Property and equipment 1,299 1,341 Right-of-use assets 3,152 3,510 Intangible assets 31,011 35,859 Goodwill 31,235 32,722 Investments 500 — Other assets 378 — Total Assets 100,941 106,595 Trade payables and other liabilities 26,639 19,946 Income taxes payable 445 463 Lease obligations on right of use assets 867 882 Deferred consideration — 1,244 Share appreciation rights liability 525 — Loans payable 1,696 6,579 Total Current Liabilities 30,172 29,114 Deferred income tax liabilities 594 680 Lease obligations on right of use assets 2,376 2,815 Share appreciation rights liability 437 — Other non-current liabilities 487 487 Total Liabilities 34,066 33,096 Share capital 133,253 131,729 Contributed surplus 18,104 17,680 Accumulated deficit (85,679 ) (81,210 ) Accumulated other comprehensive income 1,197 5,300 Total Equity 66,875 73,499 Total Liabilities and Equity 100,941 106,595 Article content BRAGG GAMING GROUP INC. RECONCILIATION OF OPERATING LOSS TO EBITDA AND ADJUSTED EBITDA PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) Three Months Ended June 30, Six Months Ended June 30, EUR 000 2025 2024 2025 2024 Net Loss (1,829 ) (2,400 ) (4,469 ) (4,304 ) Income taxes (expense) recovery (533 ) 255 81 299 Loss Before Income Taxes (2,362 ) (2,145 ) (4,388 ) (4,005 ) Net interest expense and other financing charges 14 930 360 1,522 Depreciation and amortization 4,969 3,994 9,689 7,871 EBITDA 2,621 2,779 5,661 5,388 Depreciation of right-of-use assets (215 ) (147 ) (429 ) (373 ) Lease interest expense (25 ) (26 ) (52 ) (60 ) Gain on lease modification (101 ) — Share based compensation 739 420 1,585 604 Exceptional costs 339 672 722 792 (Gain) Loss on remeasurement of derivative liability — (38 ) — 140 Gain on settlement of convertible debt — — — (65 ) (Gain) Loss on remeasurement of deferred consideration — (45 ) 157 600 Article content Article content Article content Article content Contacts Article content For media enquiries or interview requests, please contact: Article content Robert Simmons, Head of Communications at Bragg Gaming Group press@ Article content Investors: Robert Bressler, Chief Financial Officer, Bragg Gaming Group +1 647-480-1591 investors@ Article content


National Post
a few seconds ago
- National Post
TomaGold Launches Strategic Drilling Campaign on its Chibougamau Projects
Company also announces positive results from its 3D geological model at Obalski, revealing high-potential copper-gold targets Article content MONTREAL — TOMAGOLD CORPORATION (TSXV: LOT; OTCPK: TOGOF) (' TomaGold ' or the ' Company ') is pleased to announce the beginning of its drilling program on its Chibougamau projects in Quebec. As outlined in its June 20, 2025 press release, the Company has initiated a 53-hole exploration drilling program targeting its key projects, namely Obalski, Berrigan Mine, Radar, David, and Dufault, with the goal of uncovering new gold-copper mineralization on strategically selected, well-defined targets. Article content Article content TomaGold is also pleased to announce the results of its most recent 3D geological and structural interpretation of the Obalski project (the 'Project'), located two kilometres south of Chibougamau, Québec, within the mineral-rich Abitibi Greenstone Belt. Article content This comprehensive modeling effort led to the identification of multiple copper-gold (Cu-Au) mineralized zones controlled by well-defined shear systems, offering substantial upside for future exploration and drilling. This work integrates historical drilling data, geophysical surveys (resistivity and metal factor), and structural interpretation, resulting in a refined geological framework for the Project that confirms several high probability yet untested mineralized targets. Article content TomaGold's CEO David Grondin stated: 'This model provides us with a far more detailed and accurate picture of the lithological, structural, and mineralization architecture at Obalski. It confirms historical mineralization trends and identifies a series of compelling, high-confidence exploration targets observed elsewhere in the Chibougamau Mining Camp, based on recent work by the TomaGold technical team. We now have a clear roadmap to expand mineralized zones with precision-guided exploration using surface bedrock and soil sampling, outcrop stripping and sampling, and SONIC and diamond drilling.' Article content Technical Highlights and Key Conclusions Article content The updated geological model successfully reconciles decades of reportedly dissimilar and inconsistent datasets into a unified and standardized 2D and 3D framework of lithologies, structures, mineralization, geochemistry, and assay results. This integration significantly improves confidence in target definition and enhances geological continuity across the Project. Article content Key Findings: Article content 1. Identification of Two Major Shear Systems Article content The interpretation confirms the presence of two dominant shear systems: Article content A N110° (SE-NW) trending shear structure associated with copper-gold mineralization in quartz veins and chlorite-carbonate altered zones. A younger 020° (NE-SW) trending shear that offsets the former structure and appears to host predominantly gold mineralization. Article content The intersection of these two systems creates structurally favorable zones with increased permeability, representing high-priority targets for hydrothermal fluid migration and metal deposition. This structural configuration is clearly illustrated in Figure 1. Article content Article content 2. Spatial Association Between Mineralization and Intrusive Contacts Article content Numerical models of copper assays revealed that Cu enrichment is concentrated along the margins of intrusive units—particularly dioritic and granitic contacts. These observations support a genetic link between magmatic activity and mineralization. The highest assay clusters occur near structurally disrupted intrusive contacts. This correlation is well depicted in Figures 2 and 3. Article content 3. Well-Defined Mineralized Zone and Orientation Article content The integrated model delineates a mineralized zone trending north-northeast with a moderate plunge of approximately 32° toward the east. This geometry aligns with regional shear zones and provides a clear vector for down-plunge drilling extensions, shown in Figure 4. Article content 4. Predictive Mineralization Modelling Validates Untested High-Potential Zones Article content The 3D distance-based predictive model combines geophysics, lithology, and geochemistry to estimate the probability of mineralization. The zones with the highest potential for mineralization (shown in purple and dark blue shells in Figure 5 below) are concentrated along structural intersections and lithological boundaries between pillowed volcanics and intrusive rocks. Article content Exploration Upside and Targeting Strategy Article content The integration of geological, structural, and assay data defines multiple high-priority exploration targets, which are summarized as follows: Article content Structural intersections of the N110° (SE-NW) and NE-SW trending shears offer the greatest potential for mineralized shoots. Intrusive-volcanic contacts (especially where sheared) consistently correlate with higher copper and gold grades. Down-plunge extensions along the 32° plunge trend remain open and under-drilled. The southeastern area of the Project, where folding and intrusive complexity are observed (potential dioritic trap), presents a newly recognized exploration opportunity. Parallel, underexplored structures may host additional mineralized lenses. Article content This targeting strategy is supported by both structural logic and assay correlations, enhancing drill efficiency and reducing exploration risk. Article content Recommendations and Next Steps Article content To optimize future exploration success, the report recommends the following: Article content Increasing the assay dataset through systematic sampling of drill holes, particularly across lithological and structural contacts. Standardizing core logging protocols, with a focus on alteration, structure, and geochemical pathfinder elements. Re-logging historic cores with updated multi-element and trace element geochemistry (e.g., pXRF and spectral analysis). Expanding geophysical coverage, including high-resolution passive and active seismic surveys (in collaboration with the Smart Exploration Centre). Widening the geochemical scope beyond Au and Cu to include Ag, Zn, Bi, Te, and other pathfinder elements.