First Eagle Investments Appoints Justin Arabadjief as Head of High Grade Trading on Municipal Credit Team
NEW YORK--(BUSINESS WIRE)--First Eagle Investments ("First Eagle") today announced the appointment of Justin Arabadjief as Head of High Grade Trading on the firm's Municipal Credit team. Based in New York, he will report to David Blair, Head of the Municipal Core SMA Business, and Bryce Pickering, Head of Municipal Credit Trading.
Arabadjief has more than 20 years of experience in municipal bond trading, risk management and competitive underwriting. He joins First Eagle from JPMorgan, where he served as Executive Director of Secondary Trading and Competitive Underwriting, managing trading for high-grade municipals and pricing large-scale competitive transactions. He previously held senior roles at Barclays Capital and Lehman Brothers, where he was responsible for trading across the municipal curve and managing a range of short- and long-term municipal products.
'Justin brings more than two decades of consistent, high-level performance in the trading of investment grade municipal bonds, having delivered value across a wide range of market environments. His addition strengthens our capabilities as we expand into core plus and SMA strategies,' said John Miller, Head and Chief Investment Officer of the Municipal Credit team. 'We're excited to welcome him to the First Eagle municipal team—Justin not only has deep trading expertise but also the collaborative mindset and entrepreneurial spirit that have been foundational to our platform since day one.'
Arabadjief's hire is part of First Eagle's broader expansion into investment grade municipal strategies. This growth initiative is being led by David Blair, who oversees business development for the firm's Municipal Core SMA and upcoming core plus mutual fund.
First Eagle's municipal bond platform offers actively managed strategies focused on generating tax-exempt income across market environments, supported by rigorous credit research and a disciplined approach.
Led by John Miller, the Municipal Credit team includes Chief Operating Officer Carl Katerndahl; Head of Municipal Core SMA Business David Blair; credit analysts John Suh, Andrew Belsky, Bridget Young, Douglas Johnston, Ryan Rosberg and Ming Zhang; Senior Investment Specialist Purva Patel; and traders Bryce Pickering, Matthew Tanzer and Justin Arabadjief.
As of April 30, 2025, the First Eagle High Yield Municipal Fund (I Shares: FEHIX) had a distribution rate of 5.45 % and an unsubsidized 30-day SEC yield of 5.41%. The First Eagle Short Duration High Yield Municipal Fund (I Shares: FDUIX) had a distribution rate of 4.60% and an unsubsidized 30-day SEC yield of 4.87%.
First Eagle High Yield Municipal Fund 1 - NAV, Distribution Rate and 30-Day SEC Yield by Share Class
Data as of 31-March-2025
First Eagle High Yield Municipal Fund 1 - Average Annual Returns as of Quarter End
Data as of 31-March-2025
Class I (FEHIX)
0.72%
8.03%
7.37%
4.27%
0.91%
0.54%
Nov 19, 2007
Class A (FEHAX) w/o load
0.66%
7.89%
7.10%
3.99%
1.13%
0.76%
Jan 3, 2012
Class A (FEHAX) w/ load
-1.85%
5.24%
6.12%
3.51%
1.13%
0.76%
Jan 3, 2012
Class C (FEHCX)
-0.54%
5.94%
6.30%
3.22%
1.88%
1.51%
Jan 3, 2012
Class R6 (FEHRX)
0.65%
8.05%
7.43%
-
0.86%
0.49%
Mar 1, 2017
S&P Municipal Yield Index
0.17%
3.78%
3.54%
3.97%
-
-
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First Eagle High Yield Municipal Fund 1 - Average Annual Returns as of Month End
Data as of 30-April-2025
YTD
1
Year
5
Years
10
Years
Gross Expense Ratio²
Adjusted
Expense
Ratio³
Fund Inception Date 4
Class I (FEHIX)
-0.84%
6.98%
6.08%
3.90%
0.91%
0.54%
Nov 19, 2007
Class A (FEHAX) w/o load
-1.04%
6.59%
5.79%
3.60%
1.13%
0.76%
Jan 3, 2012
Class A (FEHAX) w/ load
-3.51%
3.95%
4.81%
3.12%
1.13%
0.76%
Jan 3, 2012
Class C (FEHCX)
-2.16%
4.90%
5.03%
2.84%
1.88%
1.51%
Jan 3, 2012
Class R6 (FEHRX)
-0.89%
6.90%
6.15%
-
0.86%
0.49%
Mar 1, 2017
S&P Municipal Yield Index
-1.26%
3.60%
3.82%
3.86%
-
-
--
Expand
The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at www.firsteagle.com or by calling 800-334-2143. The average annual returns are historical and reflect changes in share price, reinvested dividends and are net of expenses. 'With sales charge' performance for class A shares gives effect to the deduction of the maximum sales charge of 2.50%. The average annual returns for Class C shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only. Class I shares require $1MM minimum investment and are offered without sales charge. Class R6 shares are offered without sales charge. Operating expenses reflect the Fund's total annual operating expenses for the share class of the Fund's most current prospectus, including management fees and other expenses.
1. Effective 27-Dec-2023, the First Eagle High Yield Municipal Fund changed its name and principal investment strategy. Performance for the periods prior to 27-Dec-2023 is based on the investment strategy utilized by the Fund at those times.
2. First Eagle Investment Management, LLC (the ''Adviser'') has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (''annual operating expenses'') of each class are limited to 0.85%, 1.60%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until 28-Feb-2026 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1)0.85%, 1.60%, 0.60% and 0.60% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.
3. The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
First Eagle Short Duration High Yield Municipal Fund - NAV, Distribution Rate and 30-Day SEC Yield by Share Class
Data as of 31-March-2025
First Eagle Short Duration High Yield Municipal Fund - Average Annual Returns as of Quarter End
Data as of 31-March-2025
Class I (FDUIX)
1.54%
7.17%
7.21%
1.58%
0.62%
0.60%
Jan 2, 2024
Class A (FDUAX) w/o load
1.38%
6.88%
6.91%
1.47%
0.87%
0.85%
Jan 2, 2024
Class A (FDUAX) w/ load
-1.12%
4.19%
4.72%
1.47%
0.87%
0.85%
Jan 2, 2024
Class R6 (FDURX)
1.45%
7.18%
7.21%
2.47%
0.62%
0.60%
Jan 2, 2024
S&P Short Duration Municipal Yield Index
0.82%
3.78%
4.06%
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First Eagle Short Duration High Yield Municipal Fund - Average Annual Returns as of Month End
Data as of 30-April-2025
YTD
1
Year
Since Inception
Gross Expense Ratio 4
Net
Expense
Ratio
Adjusted
Expense
Ratio 5
Fund Inception Date
Class I (FDUIX)
0.75%
6.03%
6.11%
1.58%
0.62%
0.60%
Jan 2, 2024
Class A (FDUAX) w/o load
0.57%
5.74%
5.82%
1.47%
0.87%
0.85%
Jan 2, 2024
Class A (FDUAX) w/ load
-1.91%
3.08%
3.79%
1.47%
0.87%
0.85%
Jan 2, 2024
Class R6 (FDURX)
0.66%
6.05%
6.12%
2.47%
0.62%
0.60%
Jan 2, 2024
S&P Short Duration Municipal Yield Index
0.29%
3.77%
3.39%
--
Expand
The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at www.firsteagle.com or by calling 800-334-2143. The average annual returns are historical and reflect changes in share price, reinvested dividends and are net of expenses. 'With sales charge' performance for class A shares gives effect to the deduction of the maximum sales charge of 2.50%. Class I shares require $1MM minimum investment and are offered without sales charge. Class R6 shares are offered without sales charge. Operating expenses reflect the Fund's total annual operating expenses for the share class of the Fund's most current prospectus, including management fees and other expenses.
4. First Eagle Investment Management, LLC (the 'Adviser') has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (''annual operating expenses'') of each class are limited to 0.85%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until 28-Feb-2026 and may not be terminated during its term without the consent of the Board of Trustees. The Short Duration High Yield Municipal Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 0.60% and 0.60% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.
5. The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
S&P Municipal Yield Index measures the performance of high yield and investment grade municipal bonds. Index constituents are market value-weighted and adjusted for credit rating and concentration limits.
S&P Short Duration Municipal Yield Index measures the performance of high yield and investment grade municipal bonds with duration range of one to 12 years maturity.
Indices are unmanaged and do not incur management fees or other operating expenses. One cannot invest directly in an index.
NAV (Net Asset Value) is the month ending price for the various share classes indicated.
30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the Fund's filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the Fund's expenses. This is also referred to as the 'standardized yield.' The number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund, and therefore may not be correlated with dividends and distributions paid. Had fees not been waived and or/expenses reimbursed, the SEC Yield would have been lower.
The Subsidized 30-Day SEC Yield includes contractual expense reimbursements and it would be lower without those reimbursements
The Unsubsidized 30-Day SEC Yield excludes contractual expense reimbursements
The Fund intends to declare income dividends daily and distribute them monthly at rates intended to maintain a more stable level of distributions than would result from paying out amounts solely based on current net investment income by paying out less than all of its net investment income or paying out undistributed income from prior months (with any potential remaining deficiencies characterized as a return of capital at year end). The distributions might not be made in equal amounts, and one month's distribution may be larger than another. Distribution rate presented excludes any special dividends and indicates the annual rate received if the most recent monthly distribution paid (for each class) was the same for an entire year. The rate represents a distribution and does not represent the total return of the Fund. Because the distribution rate is annualized from a single month's distribution, investors would not necessarily receive this rate amount in a given year. The rate is calculated by annualizing the most recent monthly distribution paid for each class and dividing it by that class's NAV on the last day of the month.
Risk Disclosures:
First Eagle High Yield Municipal Fund
The Fund's investments in municipal securities rely on the opinion of the issuer's bond counsel and, in the case of derivative securities, sponsors' counsel, that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued, and neither the Fund nor the Adviser will independently review the bases for those tax opinions. However, tax opinions are not binding on the Internal Revenue Service (the 'IRS'), and if any of those tax opinions are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security's tax-exempt status, the Fund and its shareholders could be subject to substantial tax liability for the current or past years and shareholders may have to file amended tax returns and pay additional taxes, interest and penalties. In addition, an IRS assertion of taxability may impair the liquidity and the fair market value of the securities. If you redeem Fund shares or exchange them for shares of another Fund, you generally will be treated as having sold your shares and any gain on the transaction will be subject to tax.
Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise, while they typically increase their principal values when interest rates decline. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline.
The Fund may invest in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment-grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. High yield securities involve greater risk than higher rated securities and portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not.
Municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors' rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest.
All investments involve the risk of loss of principal.
Diversification does not guarantee investment returns and does not eliminate the risk of loss.
First Eagle Short Duration High Yield Municipal Fund
The First Eagle Short Duration High Yield Municipal Fund ('The Fund') is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.
The Fund's investments in municipal securities rely on the opinion of the issuer's bond counsel and, in the case of derivative securities, sponsors' counsel, that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued, and neither the Fund nor the Adviser will independently review the bases for those tax opinions. However, tax opinions are not binding on the Internal Revenue Service (the 'IRS'), and if any of those tax opinions are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security's tax-exempt status, the Fund and its shareholders could be subject to substantial tax liability for the current or past years and shareholders may have to file amended tax returns and pay additional taxes, interest and penalties. In addition, an IRS assertion of taxability may impair the liquidity and the fair market value of the securities. If you redeem Fund shares or exchange them for shares of another Fund, you generally will be treated as having sold your shares and any gain on the transaction will be subject to tax.
Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise, while they typically increase their principal values when interest rates decline. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline.
The Fund may invest in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment-grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. High yield securities involve greater risk than higher rated securities and portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not.
Municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors' rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest.
All investments involve the risk of loss of principal.
Diversification does not guarantee investment returns and does not eliminate the risk of loss.
Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds and may be viewed at www.firsteagle.com. You may also request printed copies by calling us at 800-747-2008. Please read our prospectus carefully before investing.
Investments are not FDIC insured or bank guaranteed and may lose value.
FEF Distributors, LLC ('FEFD') (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers.
The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.
© 2025 First Eagle Investment Management, LLC. All rights reserved.
About First Eagle Investments
First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $152 billion in assets under management as of March 31, 2025. * Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm's investment capabilities include equities, fixed income and currencies, alternative credit and real assets. For more information, please visit www.firsteagle.com.
All figures related to assets under management (AUM) are preliminary figures based on management's estimates and as such are subject to change.
*The total AUM represents the combined AUM of (i) First Eagle Investment Management, LLC, (ii) its subsidiary investment advisers, First Eagle Separate Account Management, LLC, First Eagle Alternative Credit ('FEAC') and Napier Park Global Capital ('Napier Park'), and (iii) Regatta Loan Management LLC, an advisory affiliate of Napier Park as of March 31, 2025. It includes $0.6 billion of committed and other non-fee-paying capital from First Eagle Alternative Credit, LLC and $3.1 billion of committed and other non-fee-paying capital from Napier Park Global Capital, inclusive of assets managed by Regatta Loan Management LLC.
First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers.
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The guidance "raises more questions than it answers," according to a November 2022 blog by consulting firm Patomak Global Partners entitled "The Curious Case of the Hidden FAQ." The SEC issued no corresponding public announcement about the guidance, the blog noted. And the agency didn't even include the FAQ alongside others available in the FAQ section of its website. In fact, the mere existence of the guidance may not have become publicly known without two of the commissioners releasing the statement. And any asset allocators or managers would have found it difficult to use in the first place, according to Patomak, which described it as "a check-the-box exercise to implement a controversial recommendation." "Even if an adviser stumbled upon the FAQ," the blog continued, "it does not provide helpful guidance as to how an adviser can incorporate DEI factors into its selection or recommendation of other advisers consistent with its fiduciary duty to clients. Investment advisers should be wary of overreliance on this FAQ. Staff FAQs have no legal force or effect and do not alter or amend applicable law, given that they represent the views of SEC staff, not the Commission. Choosing an investment adviser with a short track record or minimal AUM can open an investment adviser to significant liability in the event of subpar performance or an incident of defalcation, a problem this nonbinding FAQ is unlikely to solve, particularly in light of the fact that it contains no guidance on how to balance these competing concerns." READ MORE: How financial advisors can help close the racial wealth gap Regardless, advocates like Nuñez and Gholston will continue their work in any political climate — and welcome collaboration from other industry professionals in the mission to increase opportunities and align clients' portfolios to their principles. "The short answer is, contact me," Nuñez said. "Some of us have been out here doing this for decades, and we're now working closer together than before. But it is very fragmented." Taking down the guidance is "definitely a move in the wrong direction" by the SEC, but efforts to increase women- and minority representation in asset management "have been so inadequate to date that there's not much room to decline," Gholston said. And that has spanned Democratic and Republican administrations, he pointed out. The underlying trends in the investing marketplace aren't going away in Trump's second term, according to Gholston. "The desire for greater fairness and a level playing field in the investment management world has not declined amongst the populace, the investment world and our clients," he said. "It's very likely that, over the long term, we're going to see a renewed effort in this space." 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Yahoo
2 hours ago
- Yahoo
Aduro Clean Technologies Announces Closing of US$8 Million Underwritten Public Offering
LONDON, Ontario, June 11, 2025 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. ('Aduro' or the 'Company') (Nasdaq: ADUR) (CSE: ACT) (FSE: 9D5), a clean technology company using the power of chemistry to transform lower-value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, today announced the closing of its underwritten U.S. public offering (the 'Offering') of 947,868 common shares, together with accompanying warrants to purchase 473,934 common shares. The combined public offering price per common share and accompanying half warrant was US$8.44. The Company received gross proceeds of approximately US$8 million, before deducting underwriting discounts and offering expenses. The common shares were sold in combination with an accompanying half warrant (with each whole warrant being exercisable into one common share of the Company). Each whole warrant has an exercise price of US$10.13 per share and are exercisable immediately and will expire three years from the date of issuance. D. Boral Capital LLC is acting as the sole book-running manager for the Offering. Aduro intends to use the net proceeds from the offering for ongoing research and development costs, expenditures related to the construction of its 'Demonstration-Scale' plant and the remainder (if any) for general corporate purposes and working capital. In addition, the Company has granted the underwriters a 45-day over-allotment option to purchase up to an additional 142,180 common shares and/or warrants to purchase an additional 71,090 common shares. The Offering was being made pursuant to an effective shelf registration statement on Form F-10, as amended (File No. 333-287475), previously filed with the U.S. Securities and Exchange Commission ('SEC') and became effective on May 28, 2025, and the Company's Canadian short form base shelf prospectus dated May 28, 2025 (the 'Base Shelf Prospectus'). Aduro offered and sold the securities in the United States only. No securities were offered or sold to Canadian purchasers. The Base Shelf Prospectus relating to the Offering and describing the terms thereof has been filed with the applicable securities commissions in Canada and with the SEC in the United States and is available for free by visiting the Company's profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at or the SEC's website at as applicable. A final prospectus supplement with the final terms will be filed with the securities regulatory authorities in the Canadian provinces of British Columbia and Ontario and the SEC. Copies of the final prospectus may be obtained, when available, at the SEC's website at or from D. Boral Capital LLC, Attention: 590 Madison Avenue 39th Floor, New York, NY 10022, or by email at dbccapitalmarkets@ or by telephone at +1 212 970 5150. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the Company's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company's securities in any state or jurisdiction in which such offers, solicitations or sales would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. About Aduro Clean Technologies Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company's Hydrochemolytic™ Technology relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21st century. For further information, please contact: Abe Dyck, Head of Business Development and Investor Relationsir@ 226 784 8889 KCSA Strategic CommunicationsJack Perkins, Senior Vice Presidentaduro@ D. Boral Capital 212 970 5150This press release contains forward-looking statements regarding the Company's current expectations. These forward-looking statements include, without limitation, references to the Company's expectations regarding anticipated use of net proceeds from the Offering. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the factors that may result in changes to the Company's anticipated use of proceeds. These and other risks and uncertainties are described more fully in the section captioned "Risk Factors" in the Company's annual information form dated May 20, 2025, which is available on SEDAR+ at on EDGAR at Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law, including the securities laws of the United States and Canada.A photo accompanying this announcement is available at in to access your portfolio
