Stony Plain Road construction straining business, shop owners says
Many shop owners say the years-long project has led to a significant drop in foot traffic, leaving them struggling to stay open.
Marigold Infrastructure Partners initiated several closures in the area, including some the area around Stony Plain Road and 156 Street, as part of the accelerated roadwork for Valley Line West
Petra Sekhon owns Vacuum Central, which has been on Stony Plain Road for 36 years. She said her business has lost a third of its revenue this month alone.
"We've been told it's going to be another three years," said Sekhon. "Ninety-nine per cent of the customers when they come in say it's hard to get in … they're telling us that we should move."
She said decisions are also being made without input from business owners.
"They're going to put one tree right in front of my door, which I did not ask for. But I was not given the opportunity to have any kind of input," said Sekhon.
"The plan was in place and they weren't making any changes, even though we've asked."
Bijoy Sasmel, owner of Spirit of India Express, took over his restaurant in January.
He said construction around 156th Street has made it almost impossible for customers to reach him.
"I've had a very bad experience here," said Sasmel.
Sasmel said he hasn't taken a salary in six months, as even delivery drivers cancel orders because they can't find the entrance to the plaza where his restaurant is located.
"Some days my sale is not even $100," he said. "If I don't move from here, maybe I'll be bankrupt. I have to feed my family, I have to feed my kids."
Despite asking for support from the city and Marigold Infrastructure, Sasmel said he got no positive response.
Construction for the Edmonton Valley Line West LRT has been going on for 50 months and is anticipated to be complete in 2028.
Justin Keats from the Stony Plain Road Business Association said businesses are losing 50 per cent or more of their traffic.
"There are no programs that are compensating or trying to rectify the unequal playing field these businesses have been placed in," said the association's members' relations and communications coordinator.
Keats said there was some talk about financial support with city council that has gone through several times, led by Ward Nakota Isga Cioun. Andrew Knack, but council was unable to reach a decision.
The association hopes that with Edmonton's municipal election coming up in October, they might be able to start the conversation anew.
"Businesses need some form of compensation that addresses them individually as the business owner versus having those funds go directly to the property owner," said Keats.
"The area in itself would also need some significant reinvestment, whether that's in marketing or additional placemaking initiatives to make this place more viable and lively."
In a statement to CBC News, Po Sun, general supervisor for the Valley Line West, said the city is aware of the challenges and is grateful for the continued patience of residents, commuters and businesses.
"The city doesn't offer financial compensation to businesses due to construction," the statement said, but added that the city is offering "business outreach, signage, and stakeholder support."
Construction at the 156th Street intersection reopened on July 10, but work will continue throughout the area until the LRT is finished, said the city.
"The plan will reduce the overall duration of traffic restrictions by more than half, and take many of the roads along the Valley Line West alignment to their final configuration by the end of 2025."
"If I ran my business the way they run this construction project, I would've been bankrupt years ago," said Sekhon of Vacuum Central.
"And this is taxpayers' money, it's not city's money that's paying for all this."
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Kiwetinohk reports second quarter 2025 results, demonstrating continued operational strength and free funds flow generation, leading to positive revisions to annual guidance
CALGARY, AB, July 30, 2025 /CNW/ - Kiwetinohk Energy Corp. ("Kiwetinohk" or, the "Company") (TSX: KEC) today reported its second quarter 2025 results and updated annual guidance. As companion documents to this news release, please review Kiwetinohk's management discussion and analysis (MD&A) and condensed consolidated interim financial statements for the second quarter of 2025 (available on or for additional details. Second quarter 2025 highlights include: Record production of 33,217 boe/d; low end of annual guidance raised by 1,000 boe/d. Operating costs of $6.02/boe; annual guidance lowered by $0.50/boe. Transportation expenses of $5.73/boe; annual guidance lowered by $0.25/boe. Upstream capital of $51.1 million; high end of annual guidance reduced by $10 million. Chicago gas sales priced at 164% premium to AECO for the six month period ending June 30, 2025; 23% toll reduction on Alliance effective Nov 1, 2025. Continued Montney outperformance confirms turbidite deposit overlying Simonette Duvernay with 69 high return locations mapped. New pacesetting drill and completion costs executed in Tony Creek Duvernay and Placid Montney. Adjusted funds flow from operations of $88.4 million, targeting a full-year 2025 range of $380 - $405 million at current strip pricing. Free free funds flow from operations of $37.2 million, targeting a full-year 2025 range of $80 - $110 million at current strip pricing. Restarted NCIB program. "It has been a very strong first half of the year with the business performance at or ahead of budget on almost all fronts. Our Duvernay and Montney platform is delivering exciting results with strong production, lowering operating and capital costs, peer leading product realizations with critical contracted access to key markets and significant free funds flow generation. These results have supported our decision to begin buying Kiwetinohk shares as our debt reduction is ahead of schedule. We look forward to a more fulsome return of capital framework in the coming quarters," said Pat Carlson, Chief Executive Officer. Kiwetinohk's previously announced launch of a formal business strategy review to evaluate a range of potential value enhancing opportunities with a focus on its upstream assets and an orderly exit from its power business continues with no developments to report at this time. Financial and operating resultsFor the three months endedJune 30, For the six months ended June 30,2025 2024 2025 2024 Production Oil & condensate (bbl/d) 10,462 7,598 10,546 8,025 NGLs (bbl/d) 4,477 3,817 4,458 3,922 Natural gas (Mcf/d) 109,667 89,259 107,472 89,859 Total (boe/d) 33,217 26,292 32,916 26,924 Oil and condensate % of production 32 % 29 % 32 % 30 % NGL % of production 13 % 15 % 14 % 15 % Natural gas % of production 55 % 56 % 54 % 55 % Realized prices Oil & condensate ($/bbl) 84.98 102.71 90.95 97.25 NGLs ($/bbl) 36.60 42.21 42.62 44.49 Natural gas ($/Mcf) 4.27 2.39 5.08 3.11 Total ($/boe) 45.79 43.91 51.50 45.86 Royalty expense ($/boe) (2.10) (3.96) (2.81) (3.78) Operating expenses ($/boe) (6.02) (6.17) (5.61) (6.61) Transportation expenses ($/boe) (5.73) (5.97) (5.44) (5.27) Operating netback ($/boe) 1 31.94 27.81 37.64 30.20 Realized gain (loss) on risk management ($/boe) 2 0.59 0.70 (0.44) 0.76 Realized gain (loss) on risk management - purchases ($/boe) 2 (0.28) 0.79 (0.73) 0.61 Net commodity sales from purchases ($/boe) 1 0.67 0.03 1.40 0.12 Adjusted operating netback ($/boe) 1 32.92 29.33 37.87 31.69 Financial results ($000s, except per share amounts) Commodity sales from production 138,419 105,049 306,811 224,711 Net commodity sales from purchases 1 2,033 87 8,360 597 Cash flow from operating activities 79,839 61,232 190,156 136,415 Adjusted funds flow from operations 1 88,378 60,637 204,260 135,661 Per share basic 2.02 1.39 4.66 3.11 Per share diluted 1.97 1.37 4.55 3.08 Net debt to trailing 12-month adjusted funds flow from operations 1 0.60 0.81 0.60 0.81 Free funds flow (deficiency) from operations (excluding acquisitions/dispositions) 1 37,150 (9,802) 66,656 (10,567) Net income (loss) 59,300 (26,538) 114,219 (15,446) Per share basic 1.35 (0.61) 2.61 (0.35) Per share diluted 1.32 (0.61) 2.55 (0.35) Capital expenditures prior to acquisitions (dispositions) 1 51,228 70,439 137,604 146,228 Net acquisitions (dispositions) — — (21,050) (21) Capital expenditures and net acquisitions (dispositions) 1 51,228 70,439 116,554 146,207June 30, 2025 December 31, 2024 Balance sheet ($000s, except share amounts) Total assets 1,264,028 1,215,575 Long-term liabilities 353,325 388,452 Net debt 1 205,142 272,764 Adjusted working capital deficit 1 (2,089) (22,862) Weighted average shares outstanding Basic 43,823,351 43,690,640 Diluted 44,868,490 44,571,772 Shares outstanding end of period 43,879,190 43,781,748 1 – Non-GAAP and other financial measures that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. See Non-GAAP and Other Financial Measures section herein. 2 – Realized gain (loss) on risk management contracts includes settlement of financial hedges on production and foreign exchange, with gain (loss) on contracts associated with purchases presented separately. Second Quarter Performance and Operational Updates Record quarterly production of 33,217 boe/d (55% natural gas and 45% condensate and NGLs) with three new Duvernay wells brought on stream. Kiwetinohk has increased the lower end of annual guidance to a range of 32.0 - 34.0 Mboe/d. Average peak 30-day production rates from new wells are summarized below: Pad On-stream # wells Natural gas +associated liquids (MMcf/d) Condensate (bbl/d) Averageproductionper well (boe/d) %Condensate 09-11 (Simonette) Dec/Jan1 3 Duvernay 7.5 1,600 2,850 56 % 14-29 (Simonette) Feb 2 Duvernay 6.8 1,100 2,230 49 % 14-29 (Simonette) Feb 1 Montney 7.3 700 1,920 36 % 09-33 (Simonette) May 3 Duvernay 2.1 970 1,320 73 % _____________________________________ 1 Two wells were brought on-stream in December 2024, with the third well on the pad brought on-stream in January 2025. Operating netback of $31.94/boe drove strong adjusted funds flow from operations of $88.4 million and demonstrated the value of Kiwetinohk's high-liquid content production and access to historically higher priced Chicago natural gas markets. During the first quarter of 2025, Kiwetinohk's market access generated a significant premium to Alberta-based AECO benchmark pricing, realizing an average of $4.27/Mcf on its natural gas production during the quarter. Operating expenses of $6.02/boe continue to outperform expectations, highlighting exceptional asset execution and the value gained from Kiwetinohk's owned and operated infrastructure. Kiwetinohk has reduced full-year operating cost guidance range to $6.25 - $6.75/boe. Generated $37.2 million in free funds flow after capital expenditures (prior to acquisitions/dispositions) of $51.2 million, bringing 2025 first-half free funds flow to a total of $66.7 million. Reduced net debt by $67.6 million from year end 2024 levels, exiting the second quarter of 2025 with a net debt to trailing 12-month adjusted funds flow from operations ratio of 0.60x. Production growth and reliability was driven by a number of factors: Continued success in the Simonette Montney delineation program, with the first turbidite well delivering flat production over its first 10 months. The second turbidite well, brought on-stream in the first quarter of 2025, has similar inflow characteristics and is expected to provide stable volumes through its first year of production. These well results, in combination with updated mapping, have validated a lower turbidite target in the region. Kiwetinohk has identified 69 locations in the turbidite and expects this new inventory to compete for capital against its existing development plans. In Placid, the third-party party K3 facility's planned turnaround was extended and has further constrained our base volumes into the third quarter of 2025. The 1-18 Placid Montney development pad was recently completed and included three development wells. The first two wells are expected to be on-stream by early September when the K3 turnaround is completed. The third well encountered a leak in a tool string component and will require remediation at a later date. This well remains as drilled and uncompleted at this time. Neither of these delays in Placid will have an impact on annualized production guidance due to strong performance across the remainder of the asset base and the development portfolio. Additional development, including the recent 9-33 Tony Creek Duvernay development pad, remains on-track for the year. Lower drill and completion ("D&C") cost execution in Placid and Tony Creek. In Tony Creek, the 9-33 Duvernay pad's D&C cost averaged $13.7 million, approximately 12% lower than its 2024 activity on a length normalized basis. In Placid, the two fully completed Montney wells have a forecasted average D&C cost of $9.6 million, approximately 25% lower than the last area activity in 2023. These improved well costs support the company's decision to lower the upper end of its capital guidance range. Pembina Pipeline reaches settlement with shippers on Alliance Pipeline: Greater cost certainty resulting from the recently announced settlement reached with shippers on the Alliance Pipeline. To capture the maximum benefit, the Company anticipates extending its commitment for the Canadian portion of the pipeline effective November 1, 2025, with the expectation of aligning the term already committed to on the U.S. portion of the pipeline, pending the review and approval of the settlement by the Canadian Energy Regulator. Settlement benefits on the Canadian portion of the pipeline include: toll reduction of $0.11/mcf based on extending our contract to a 10-year term; one time refund for recoverable cost variance of approximately $8 million, based on internal estimates and Kiwetinohk's proportionate capacity. Payment anticipated around March 31, 2026; and, sharing of revenue from biddable transportation services (seasonal and interruptible) for volumes above long-term firm capacity of 1,325 MMcf/d. Combined with the previously announced reduction in the U.S. tolls, effective November 1, 2025, the new Alliance toll will be $0.98/mcf based an exchange rate of 0.73 USD/CAD, before any contribution from revenue sharing. Guidance update Following robust operational and financial results in the first half of 2025, Kiwetinohk has made the following positive revisions to its annual guidance: The low-end of the annual production guidance range has been increased to account for a strong first half of the year and the confidence we have in our remaining development program. The projected royalty rate has been decreased, in response to lower commodity prices than initially budgeted, particularly AECO natural gas prices. Kiwetinohk continues to benefit from higher Chicago pricing, while natural gas royalties are determined with reference to AECO. Projected operating expenses have been decreased, reflecting strong operational performance and continued asset reliability. Projected transportation expenses have been decreased, supported by lower costs to transport Placid NGLs in the second quarter of 2025 and an expected reduction in Alliance tolls effective November 2025. The high-end of the annual upstream capital guidance range has been decreased, driven by efficient drilling and completion execution and improved cost certainty. Updated guidance is summarized in the table below. These updates reflect actual year-to-date realized commodity pricing, Kiwetinohk's hedging program and estimated forward strip pricing. 2025 Financial & Operational GuidanceCurrent July 30, 2025 Previous May 6, 2025 8 Production (2025 average) Mboe/d 32.0 - 34.0 31.0 - 34.0 Oil & liquids % 45% - 49%Natural gas 1 % 51% - 55% Financial Royalty rate % 5% - 7% 6% - 8% Operating costs $/boe $6.25 - $6.75 $6.75 - $7.25 Transportation $/boe $5.50 - $5.75 $5.75 - $6.00 Corporate G&A expense 2 $/boe $1.95 - $2.15Cash taxes 3 $MM $—Upstream Capital 4 $MM $290 - $305 $290 - $315 DCET 5 $MM $270 - $285 $270 - $290 Plant expansion, production maintenance and other $MM $20 $20 - $25 2025 Guidance SensitivitiesCurrent July 30, 2025 2025 Adjusted Funds Flow from Operations commodity pricing 4, 6 Strip (July 28) US$66/bbl WTI & US$3.36/MMBtu HH $MM $380 - $405 US$60/bbl WTI & US$3.50/MMBtu HH & $0.73 USD/CAD $MM $365 - $395 US$70/bbl WTI & US$4.50/MMBtu HH & $0.73 USD/CAD $MM $405 - $435 US$ WTI +/- $1.00/bbl 7 $MM +/- $2.0 US$ Chicago +/- $0.10/MMBtu 7 $MM +/- $2.1 CAD$ AECO 5A +/- $0.10/GJ 7 $MM +/- $0.1 Exchange Rate (USD/CAD) +/- $0.01 7 $MM +/- $1.8 2025 Net debt to Adjusted Funds Flow from Operations 4, 6Strip (July 28) US$66/bbl WTI & US$3.36/MMBtu HH X 0.4x - 0.5x US$60/bbl WTI & US$3.50/MMBtu HH & $0.73 USD/CAD X 0.5x - 0.6x US$70/bbl WTI & US$4.50/MMBtu HH & $0.73 USD/CAD X 0.4x - 0.5x 1 – ~90% is expected to be sold into the Chicago market in 2025. 2 – Includes G&A expenses for all divisions of Kiwetinohk – corporate, upstream, power and business development. 3 – Kiwetinohk expects to pay immaterial cash taxes on its U.S. subsidiary annually. No Canadian taxes are anticipated in 2025. 4 – Non-GAAP and other financial measures that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Please refer to the section "Non-GAAP Measures" herein. 5 – Approximately 5% of DCET relates to technology initiatives aimed at reducing per well capital costs and optimizing well design for improved productivity. 6 – Previously disclosed sensitivities utilized pricing levels prevailing at the time and have been revised to reflect current market data. As the previously disclosed sensitivities are no longer based on current information, they have been withdrawn. 7 – Assumes US$65/bbl WTI, US$4.00/mmbtu HH, US$2.50/mmbtu HH - AECO basis diff, 0.725 USD/CAD. 8 – Previously presented financial and operational guidance is shown only for balances that have been revised. While U.S. trade policy changes may affect economic conditions, their impact on Kiwetinohk remains uncertain. Kiwetinohk's natural gas exports to the United States are CUSMA-compliant and currently exempt from tariffs. Given ongoing uncertainty, no tariff impacts are included in revised guidance. If future tariffs affect operations, guidance will be updated. A detailed breakdown of current full-year guidance can also be found in the MD&A for this quarter available on SEDAR+ at The revised sensitivities incorporate updated information relevant to expectations for financial and operational results. This corporate guidance is based on commodity price assumptions and economic conditions and readers are cautioned that guidance estimates may fluctuate and are subject to numerous risks and uncertainties. Kiwetinohk will update guidance if and as required throughout the year. Conference call and third quarter 2025 reporting date Kiwetinohk management will host a conference call on July 31, 2025, at 8:00 AM MT (10:00 AM ET) to discuss results and answer questions. Participants can listen to the conference call by dialing 1-888-510-2154 (North America toll free) or 437-900-0527 (Toronto and area). A replay of the call will be available until August 7, 2025, at 1-888-660-6345 (North America toll free) or 646-517-4150 (Toronto and area) by using the code 92805. Kiwetinohk plans to release its results for the third quarter of 2025 after the close of trading on the TSX on November 5, 2025. About Kiwetinohk Kiwetinohk produces natural gas, natural gas liquids, oil and condensate from profitable early to mid-life liquids-rich natural gas properties focused in the Montney and Duvernay formations in Alberta, Canada. Kiwetinohk's common shares trade on the Toronto Stock Exchange under the symbol KEC. Additional details are available within the year-end documents available on Kiwetinohk's website at and SEDAR+ at Oil and gas advisories For the purpose of calculating unit costs, natural gas is converted to a barrel of oil equivalent using six thousand cubic feet of natural gas equal to one barrel of oil unless otherwise stated. The term barrel of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio for gas of 6 Mcf:1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from an energy equivalency of 6:1, utilizing a conversion ratio of 6:1 may be misleading as an indication of value. This news release includes references to sales volumes of "crude oil", "oil and condensate", "NGLs" and "natural gas" and revenues therefrom. National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, includes condensate within the NGLs product type. Kiwetinohk has disclosed condensate as combined with crude oil and separately from other NGLs since the price of condensate as compared to other NGLs is currently significantly higher, and Kiwetinohk believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, tight oil, and condensate. Notwithstanding the foregoing, the Company's amount of crude oil that constitutes light oil, medium oil and tight oil is immaterial, and the majority of KEC's crude oil is comprised of condensate. NGLs refers to ethane, propane, butane, and pentane combined. Natural gas refers to conventional natural gas and shale gas combined. References to "30-day production rates" are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter, and are therefore not indicative of long term performance or recovery. Investors are encouraged not to place reliance on such rates when assessing Kiwetinohk's aggregate production. Forward looking information Certain information set forth in this news release contains forward-looking information and statements including, without limitation, management's business strategy, management's assessment of future plans and operations. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "estimate", "project", "potential", "may", "will" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of Kiwetinohk. In particular, this news release contains forward-looking statements pertaining to the following: expectations of achieving 2025 budget objectives of optimizing multi-year growth, unlocking the free funds flow potential of our asset, enhancing operational flexibility, and divesting the power development portfolio; expectations regarding Kiwetinohk's formal business strategy review and the associated timelines to complete the process; drilling and completion activities on certain wells and pads and the expected timing for certain pads to be brought on-stream; Kiwetinohk's revised 2025 financial and operational guidance and adjustments to the previously communicated 2025 guidance, including revised annual production range, reduced royalty rate, reduced operating costs, decreased transportation expenses, revised upstream capital spend range, and revised operations sensitivities; Kiwetinohk's ability to continue to access the Chicago market; the timing and amount of cash taxes for the Company's US subsidiary and Kiwetinohk's expectations regarding being taxable in Canada and the timing thereof; Kiwetinohk's ability to use technology to reduce well capital costs, optimize well design and improve productivity; expectations of continued premiums in the Chicago natural gas benchmark pricing when compared to Alberta markets; estimated impact of United States import tariffs; Kiwetinohk's operational and financial strategies and plans; Kiwetinohk's business strategies, objectives, focuses and goals and expected or targeted performance and results; the ability to generate free funds flows and reduce debt levels in the future; and the timing of the release of Kiwetinohk's third quarter of 2025 results. Statements relating to reserves are also deemed to be forward looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. In addition to other factors and assumptions that may be identified in this news release, assumptions have been made regarding, among other things: the expectation of ~90% of natural gas sales being directed to the Chicago market during 2025 Kiwetinohk's ability to execute on its revised 2025 budget priorities; the timing and costs of Kiwetinohk's capital projects, including drilling and completion of certain wells; the impact of the federal government's draft clean electricity regulations on the portfolio and uncertainties regarding same; the impact of the provincial government's restructured energy market on the portfolio and uncertainties regarding same; Kiwetinohk's ability to exit the power business and negotiate deal structures and terms on Kiwetinohk's power projects; the impact of increasing competition; the general stability of the economic and political environment in which Kiwetinohk operates; general business, economic and market conditions; the ability of Kiwetinohk to obtain qualified staff, equipment and services in a timely and cost efficient manner; future commodity and power prices; currency, royalty, exchange and interest rates; near and long-term impacts of tariffs or other changes in trade policies in North America, as well as globally; the regulatory framework regarding royalties, taxes, power, renewable and environmental matters in the jurisdictions in which Kiwetinohk operates; the ability of Kiwetinohk to obtain the required capital to finance its exploration, development and other operations and meet its commitments and financial obligations; the ability of Kiwetinohk to secure adequate product processing, transportation, fractionation and storage capacity on acceptable terms and the capacity and reliability of facilities; the impact of war, hostilities, civil insurrection, pandemics, instability and political and economic conditions (including the ongoing Russian-Ukrainian conflict and conflict in the Middle East) on the Company; the ability of Kiwetinohk to successfully market its products; the ability to fund power projects through third parties; expectations regarding access of oil and gas leases in light of caribou range planning; and Kiwetinohk's operational success and results being consistent with current expectations. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used. Although Kiwetinohk believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements as Kiwetinohk can give no assurance that such expectations will prove to be correct. Forward-looking statements or information involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by Kiwetinohk and described in the forward-looking statements or information. These risks and uncertainties include, among other things: those risks set out in the Annual Information Form (AIF) under "Risk Factors"; the ability of management to execute its business plan; general economic and business conditions; the ability of Kiwetinohk to proceed with the power generation projects as described, or at all; global economic, financial and political conditions, including the results of ongoing trade negotiations in North America, as well as globally; risks of war, hostilities, civil insurrection, pandemics, instability and political and economic conditions (including the ongoing Russian-Ukrainian conflict and conflict in the Middle East) in or affecting jurisdictions in which Kiwetinohk operates; the risks of the power and renewable industries; operational and construction risks associated with certain projects; the possibility that government policies or laws may change or governmental approvals may be delayed or withheld; risks relating to regulatory approvals and financing; the ability to market in Alberta for power projects; uncertainty involving the forces that power certain renewable projects; Kiwetinohk's ability to enter into or renew leases; potential delays or changes in plans with respect to power and solar projects or capital expenditures; risks associated with rising capital costs and timing of project completion; fluctuations in commodity and power prices, foreign currency exchange rates and interest rates; risks inherent in the Company's marketing operations, including credit risk; health, safety, environmental and construction risks; risks associated with existing and potential future lawsuits and regulatory actions against Kiwetinohk; uncertainties as to the availability and cost of financing; the ability to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; processing, pipeline and fractionation infrastructure outages, disruptions and constraints; financial risks affecting the value of Kiwetinohk's investments; risks related to the interpretation of, and/or potential claims made pursuant to, the Government of Canada amendments to the deceptive marketing practices provisions of the Competition Act (Canada) regarding greenwashing; and other risks and uncertainties described elsewhere in this document and in Kiwetinohk's other filings with Canadian securities authorities. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties. The forward-looking statements and information contained in this news release speak only as of the date of this news release and Kiwetinohk's undertakes no obligation to publicly update or revise any forward-looking statements or information, except as expressly required by applicable securities laws. Non-GAAP and other financial measures This news release uses various specified financial measures including "non-GAAP financial measures", "non-GAAP financial ratios", "capital management measures" and "supplementary financial measures", in each case, as defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure and explained in further detail below. The non-GAAP and other financial measures presented in this news release should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS and should be read in conjunction with the Financial Statements and MD&A. Readers are cautioned that these non-GAAP measures do not have any standardized meanings and should not be used to make comparisons between Kiwetinohk and other companies without also taking into account any differences in the method by which the calculations are prepared. Please refer to Kiwetinohk's MD&A as at and for the three and six months ended June 30, 2025, under the section "Non-GAAP and other financial measures" for a description of these measures, the reason for their use and a reconciliation to their closest GAAP measure where applicable. Kiwetinohk's MD&A is available on Kiwetinohk's website at or its SEDAR+ profile at Non-GAAP Financial Measures Capital expenditures, capital expenditures and net acquisitions (dispositions), operating netback, adjusted operating netback, and net commodity sales from purchases (loss), are measures that are not standardized measures under IFRS and might not be comparable to similar financial measures presented by other companies. The most directly comparable GAAP measure to capital expenditures and capital expenditures and net acquisitions (dispositions) is cash flow used in investing activities. The most directly comparable GAAP measure to operating netback and adjusted operating netback is commodity sales from production. The most directly comparable GAAP measure to net commodity sales from purchases (loss) is commodity sales from purchases. Non-GAAP Financial Ratios Operating netback per boe and adjusted operating netback per boe are calculated as operating netback and adjusted operating netback, respectively, divided by total production for the period as measured by boe. Capital Management Measures Adjusted funds flow from operations, free funds flow (deficiency) from operations, adjusted working capital surplus (deficit), net debt, net debt to annualized adjusted funds flow from operations and net debt to adjusted funds flow from operations are capital management measures that may not be comparable to similar financial measures presented by other companies. These measures may include calculations that utilize non-GAAP financial measures and should not be considered in isolation or construed as alternatives to their most directly comparable measure disclosed in Kiwetinohk's primary financial statements or other measures of financial performance calculated in accordance with IFRS. Supplementary Financial Measures This news release contains supplementary financial measures expressed as: (i) cash flow from operating activities, adjusted funds flow on a per share – basic and per share – diluted basis, (ii) realized prices, petroleum and natural gas sales, adjusted funds flow, revenue, royalties, operating expenses, transportation, realized loss on risk management, and net commodity sales from purchases on a $/bbl, $/Mcf or $/boe basis and (iii) royalty rate. Cash flow from operating activities, adjusted funds flow and free cash flow on a per share – basic and diluted basis are calculated by dividing the cash flow from operating activities, adjusted funds flow or free cash flow, as applicable, over the referenced period by the weighted average basic or diluted shares outstanding during the period determined under IFRS. Metrics presented on a $/bbl, $/Mcf or $/boe basis are calculated by dividing the respective measure, as applicable, over the referenced period by the aggregate applicable units of production (bbl, Mcf or boe) during such period. Royalty rate is calculated by dividing royalties by petroleum and natural gas sales less royalty and other revenue. Future oriented financial information Financial outlook and future-oriented financial information referenced in this news release about prospective financial performance, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above and are provided to give the reader a better understanding of the potential future performance of Kiwetinohk in certain areas. Actual results may differ significantly from the projections presented herein. These projections may also be considered to contain future oriented financial information or a financial outlook. The actual results of Kiwetinohk's operations for any period will likely vary from the amounts set forth in these projections, and such variations may be material. See "Risk Factors" in Kiwetinohk's AIF published on Kiwetinohk's profile on SEDAR+ at for a further discussion of the risks that could cause actual results to vary. The future oriented financial information and financial outlooks contained in this news release have been approved by management as of the date of this news release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. Abbreviations $/bbl dollars per barrel $/boe dollars per barrel equivalent $/Mcf dollars per thousand cubic feet AIF Annual Information Form bbl/d barrels per day boe barrel of oil equivalent, including crude oil, condensate, natural gas liquids, and natural gas (converted on the basis of one boe per six Mcf of natural gas) CUSMA Canada-United States-Mexico Agreement Mboe thousand barrels of oil equivalent boe/d barrel of oil equivalent per day D&C Drill and completion DCET Drill, Complete, Equip and Tie-in Mcf thousand cubic feet Mcf/d thousand cubic standard feet per day MD&A Management Discussion & Analysis MMcf/d million cubic feet per day NGLs natural gas liquids, which includes butane, propane, and ethane RCV recoverable variance For more information on Kiwetinohk, please contact: Investor Relations email: IR@ phone: (587) 392-4395 Pat Carlson, Chief Executive Officer Jakub Brogowski, Chief Financial Officer SOURCE Kiwetinohk Energy View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18 minutes ago
- Yahoo
PM Carney says trade talks with U.S. may not end by Aug. 1 deadline
WASHINGTON — Prime Minister Mark Carney said on Wednesday that Canada's negotiations with the United States might not conclude by Donald Trump's Aug. 1 deadline as the president added new trade measures that could further hinder some Canadian businesses. Carney said talks have been complex, comprehensive and constructive. He also said they are ongoing and cover "a broad variety of topics." "There are many areas for co-operation between Canada and the United States, including defence spending, security spending, investments, which is one of the reasons why we're having these broader discussions," Carney said at a news conference in Ottawa. Trump sent a letter to Carney threatening to impose 35 per cent tariffs if Canada doesn't make a trade deal by Friday. The White House has said those duties would not apply to goods compliant with the Canada-U.S.-Mexico Agreement on trade, better known as CUSMA. The Canadian economy is also being slammed by Trump's Section 232 tariffs on steel, aluminum and automobiles. Trump on Wednesday signed executive orders for 50 per cent tariffs on semi-finished copper products starting Friday. The president, however, didn't include imports of the refined metal in his order, leaving many in the Canadian copper industry feeling relieved. In a separate order, Trump suspended de minimis exemptions — which had allowed packages worth $800 or less to ship to the United States to avoid tariffs. As part of his reasoning for the change, Trump cited the flow of fentanyl into the United States. Canadian Federation of Independent Business President and CEO Dan Kelly said suspending the de minimis exemption "is bad news for many Canadian small businesses." The federation's data shows about one-third of small Canadian exporters used the exemption to ship to U.S. consumers duty free, Kelly said in a post on social media. Pascal Chan, the vice president of strategic policy and supply chains at the Canadian Chamber of Commerce, said it adds "another layer of uncertainty for Canadian businesses exporting to the U.S.," particularly small- and medium-sized businesses. "Any increase in compliance costs and delivery delays will only serve to compound the pressure on the cross-border supply chains that have long fuelled our shared economic prosperity," Chan said in a statement. The latest trade changes comes as countries around the world are set to face staggering tariffs when Trump's deadline to make deals passes. Trump announced a deal with South Korea Wednesday which will see the country slapped with a 15 per cent tariff. The president said South Korea "will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President. In apost on social media Trump said South Korea will also "purchase $100 Billion Dollars of LNG, or other Energy products." In a separate post the president also said he "concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves" but Trump didn't provide details of a tariff rate. Frameworks of deals have previously been announced for the European Union, Japan, Vietnam, Indonesia, the Philippines and the United Kingdom — with all nations facing some level of baseline tariff. Not all the details of the deals are clear but Trump has said countries can "buy down" the tariff rate and most agreements have come with announcements of billion-dollar investments. Trump on Wednesday also escalated his threats against Brazil — which will be hit a 50 per cent duty — and India — which will face a 25 per cent tariff, plus an additional import tax because of India purchases Russian oil. Trump has been dismissive of conversations with Canada, saying it is not a priority for his administration. The president said Wednesday that America's northern neighbour is a high-tariff nation, misrepresenting Canadian duties for agriculture imports. "They've been charging our farmers 200 per cent, 300 per cent, 400 per cent for years and nobody did anything about it," Trump told reporters. Carney met virtually with his cabinet earlier Wednesday for a meeting focused largely on the situation in the Middle East. Carney said Canada is seeking the best deal for Canadians and that negotiations will continue until that is achieved. He said Dominic LeBlanc, the minister responsible for Canada-U.S. trade, will remain in Washington with senior officials "in pursuit of that goal." — With files from Catherine Morrison This report by The Canadian Press was first published July 30, 2025. Kelly Geraldine Malone, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Associated Press
18 minutes ago
- Associated Press
Gold Mountain Provides Update Respecting Late Filing of Annual Financial Statements
VANCOUVER, BC / ACCESS Newswire / July 30, 2025 / Gold Mountain Mining Corp. ('Gold Mountain' or the 'Company') (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to provide an update with respect to the previously announced management cease trade order (the 'MCTO') issued by the British Columbia Securities Commission on July 2, 2025. The MCTO was issued in connection with the delay by the Company in filing its annual financial statements for the financial year ended March 31, 2025 (the 'Financial Statements') and its management's discussion and analysis, CEO and CFO filing certificates and annual information form relating to the Financial Statements (collectively, the 'Required Filings') before the prescribed filing deadline of June 30, 2025 (the 'Filing Deadline'). The Company previously announced that it expected to file the Required Filings by July 30, 2025. However, while the Company and the auditor continue to make progress, the Required Filings will not be filed by that date. The Company continues to work closely with its auditor and anticipates filing the Required Filings on or before August 13, 2025. The Company is providing this status update in accordance with National Policy 12-203 Management Cease Trade Orders ('NP 12-203"). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on July 2, 2025, and there is no other material information concerning the affairs of the Company that has not been generally disclosed. About Gold Mountain Gold Mountain is a British Columbia based gold and silver production, exploration and development company focused on the development of the Elk Gold Mine, a producing mine located 57 kilometers from Merritt in South Central British Columbia. Additional information is available at or on the Company's website at For more information, please contact: Gold Mountain Mining Corp. Email: [email protected] Website: The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. Forward Looking Statements Forward-looking statements in this news release may include, but are not limited to, statements relating to those in respect of the Company's future financial reporting. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance 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. The forward-looking statements contained in this news release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation or intent to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise. SOURCE: Gold Mountain Mining Corp press release