U.S. Gold Corp.: Advancing a Fully Permitted, Copper-Gold Project in Mining-Friendly Wyoming
Why This Matters
U.S. Gold Corp. is unlocking value in a fully permitted, feasibility-stage copper-gold asset in Wyoming—ready for near-term development and long-term growth
U.S. Gold Corp. (NASDAQ: USAU) is taking a production-focused approach at one of the most advanced gold-copper development projects in the Western United States. With 1 million ounces of gold and 260 million pounds of copper already defined, the company has secured all necessary permits, completed a robust feasibility study, and adopted a plan designed for rapid execution. In today's metal price environment, the project's economics are strong, with a projected sub-two-year payback.
Beyond gold and copper, U.S. Gold is generating additional value through the sale of surplus rock, creating local economic partnerships and new revenue streams. A dry-stack tailings system and minimal on-site emissions reflect the company's ESG-focused commitment. With strong state support, proximity to infrastructure, and a market-conscious mine plan, U.S. Gold Corp. is positioned as a U.S.-based development-stage company ready to deliver for shareholders and the energy transition.
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Globe and Mail
40 minutes ago
- Globe and Mail
Stran & Company Achieves 95.2% Increase in Sales to Approximately $32.6 Million for the Second Quarter of 2025
Reports Positive Net Income for the Three and Six Months Ended June 30, 2025 Executes Share Repurchase Program and Maintains Strong Balance Sheet with Approximately $18.1 Million in Cash, Cash Equivalents, and Investments Conference Call Scheduled for Wednesday, August 13th at 10:00 A.M. ET QUINCY, Mass., Aug. 12, 2025 (GLOBE NEWSWIRE) -- Stran & Company, Inc. ('Stran' or the 'Company') (NASDAQ: SWAG) (NASDAQ: SWAGW), a leading provider of outsourced marketing solutions specializing in promotional products and loyalty incentives, today announced its financial results for the three and six months ended June 30, 2025, and provided a business update. Management will host a conference call at 10:00 a.m. Eastern Time on Wednesday, August 13, 2025. 'We're excited to report a remarkable 95.2% year-over-year increase in sales, reaching approximately $32.6 million for the second quarter of 2025,' commented Andy Shape, Chief Executive Officer of Stran. 'Our gross profit increased by more than 80%, driven by robust organic sales growth of 30.4%. For the first half of 2025, sales climbed by 72.5% to roughly $61.3 million, with gross profit rising 65.6% to approximately $18.4 million. While the August 2024 addition of the Gander Group segment has impacted our overall margin mix, our continued sales momentum and strong financial results underscore Stran's resilience and leadership in the marketplace—even as many industry peers face headwinds.' Mr. Shape continued, 'Our industry achievements were recently recognized by the Advertising Specialty Institute (ASI), which advanced Stran to #23 in its 2025 Counselor Top 40 distributors list, up from #27 last year. This distinction positions us among the largest and most influential promotional products distributors in North America, reflecting our sustained growth, innovative strategies, and unwavering commitment to client success. We're also proud to welcome new board members Mark Adams, Sarah Cummins, and Brian Posner, who bring a wealth of experience across media, private equity, sports, consumer brands, and public company finance. Their leadership significantly enhances our board's strategic perspective and aligns with our vision for continued operational excellence and innovation.' Mr. Shape also stated, 'In addition, following our Combined 2024/2025 Annual Meeting of Stockholders, Stran is now fully compliant with all Nasdaq continued listing requirements, further solidifying our governance foundation as a public company. With a robust balance sheet featuring approximately $18.1 million in cash, cash equivalents, and investments, we remain well-positioned to pursue strategic growth opportunities and invest in long-term value creation. During the quarter, we executed our share repurchase program—acquiring approximately 110,000 shares at an average price of $1.32, for a total investment of about $145,600—demonstrating our confidence in the business and our steadfast commitment to shareholder value.' Mr. Shape concluded, 'As we look ahead, our enhanced board, industry recognition, and disciplined financial strategy have set the stage for continued growth and success. Stran is excited to build on this momentum and deliver even greater value to our clients, team members, and shareholders.' Financial Results for the Three Months ended June 30, 2025 Sales increased 95.2% to approximately $32.6 million for the three months ended June 30, 2025, from approximately $16.7 million for the three months ended June 30, 2024. Sales by the Stran segment (which consists of the Stran business not including the former Gander Group business) increased to approximately $21.8 million for the three months ended June 30, 2025 from approximately $16.7 million for the three months ended June 30, 2024. Sales by our SLS segment (which consists of the former Gander Group business) increased to approximately $10.8 million for the three months ended June 30, 2025 from $0 for the three months ended June 30, 2024. Gross profit increased 80.5% to approximately $9.9 million, or 30.3% of sales, for the three months ended June 30, 2025, from approximately $5.5 million, or 32.8% of sales, for the three months ended June 30, 2024. Gross profit margin decreased to 30.3% for the three months ended June 30, 2025 from 32.8% for the three months ended June 30, 2024 primarily due to the acquisition of the Gander Group business in August 2024, which operates at a lower gross margin than the Stran segment. Operating expenses increased 44.1% to approximately $9.5 million for the three months ended June 30, 2025, from approximately $6.6 million for the three months ended June 30, 2024. As a percentage of sales, operating expenses decreased to 29.1% for the three months ended June 30, 2025, from 39.4% for the three months ended June 30, 2024. Net income for the three months ended June 30, 2025 was approximately $0.6 million, compared to net loss of approximately $(1.0) million for the three months ended June 30, 2024. Financial Results for the Six Months ended June 30, 2025 Sales increased 72.5% to approximately $61.3 million for the six months ended June 30, 2025, from approximately $35.5 million for the six months ended June 30, 2024. Sales by the Stran segment increased to approximately $42.7 million for the six months ended June 30, 2025 from approximately $35.5 million for the six months ended June 30, 2024. Sales by the SLS segment increased to approximately $18.6 million for the six months ended June 30, 2025 from $0 for the six months ended June 30, 2024. Gross profit increased 65.6% to approximately $18.4 million, or 30.0% of sales, for the six months ended June 30, 2025, from approximately $11.1 million, or 31.2% of sales, for the six months ended June 30, 2024. Gross profit margin decreased to 30.0% for the six months ended June 30, 2025 from 31.2% for the six months ended June 30, 2024 primarily due to the acquisition of the Gander Group business in August 2024, which operates at a lower gross margin than the Stran segment. Operating expenses increased 43.8% to approximately $18.5 million for the six months ended June 30, 2025, from approximately $12.9 million for the six months ended June 30, 2024. As a percentage of sales, operating expenses decreased to 30.2% for the six months ended June 30, 2025, from 36.2% for the six months ended June 30, 2024. Net income for the six months ended June 30, 2025 was approximately $0.3 million, compared to net loss of approximately $(1.5) million for the six months ended June 30, 2024. Webcast and Conference Call Management will host a webcast and conference call at 10:00 A.M. Eastern Time on Wednesday, August 13, 2025, to discuss the Company's financial results for the second quarter of 2025 ended June 30, 2025, as well as the Company's corporate progress and other developments. The conference call will be available via telephone by dialing toll free 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and using entry code: 317692. A webcast of the call may be accessed at or on the company's Investors section of the website: A webcast replay will be available on the Investor Relations section of the Company's website ( through August 13, 2026. A telephone replay of the call will be available approximately one hour following the call, through August 27, 2025, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference ID: 52808. About Stran For over 30 years, Stran has grown to become a leader in the promotional products industry, specializing in complex marketing programs to help recognize the value of promotional products, branded merchandise, and loyalty incentive programs as a tool to drive awareness, build brands and impact sales. Stran is the chosen promotional programs manager of many Fortune 500 companies, across a variety of industries, to execute their promotional marketing, loyalty and incentive, sponsorship activation, recruitment, retention, and wellness campaigns. Stran provides world-class customer service and utilizes cutting-edge technology, including efficient ordering and logistics technology to provide order processing, warehousing and fulfillment functions. The Company's mission is to develop long-term relationships with its clients, enabling them to connect with both their customers and employees in order to build lasting brand loyalty. Additional information about the Company is available at: Forward Looking Statements This press release contains 'forward-looking statements' that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as 'anticipate,' 'believe,' 'contemplate,' 'could,' 'estimate,' 'expect,' 'intend,' 'seek,' 'may,' 'might,' 'plan,' 'potential,' 'predict,' 'project,' 'target,' 'aim,' 'should,' "will' 'would,' or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, but are not limited to, the Company's expectations regarding synergies from its acquired businesses, its financial position and operating performance, its expectations regarding its business initiatives, the Company's expectations about its operating performance, trends in its business, the effectiveness of its growth strategies, its market opportunities, and demand for its products and services in general. Forward-looking statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled 'Risk Factors' in the Company's periodic reports which are filed with the Securities and Exchange Commission. 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. Contacts: CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) June 30, 2025 December 31, 2024 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 13,070 $ 9,358 Investments 4,997 8,856 Accounts receivable, net 22,063 18,092 Accounts receivable - related parties, net 402 573 Inventory 6,736 5,389 Prepaid corporate taxes — 28 Prepaid expenses 2,391 2,308 Deposits 467 423 Other current assets 4 455 Total current assets 50,130 45,482 Property and equipment, net 1,618 1,701 OTHER ASSETS: Intangible assets - customer lists, net 3,934 4,170 Intangible assets - trade name 654 654 Goodwill 2,321 2,321 Other assets 222 23 Right of use assets 2,336 797 Total other assets 9,467 7,965 Total assets $ 61,215 $ 55,148 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $ 9,513 $ 8,919 Accrued payroll and related 2,044 1,513 Unearned revenue 4,817 4,423 Rewards program liability 9,000 6,000 Sales tax payable 315 353 Corporate taxes payable 9 — Current portion of contingent earn-out liabilities 105 256 Current portion of installment payment liabilities 158 365 Current portion of lease liabilities 661 366 Total current liabilities 26,622 22,195 LONG-TERM LIABILITIES: Long-term contingent earn-out liabilities 455 455 Long-term installment payment liabilities 425 425 Long-term lease liabilities 1,880 432 Total long-term liabilities 2,760 1,312 Total liabilities 29,382 23,507 Commitments and contingencies Preferred stock, $0.0001 par value; 50,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively — — Common stock, $0.0001 par value; 300,000,000 shares authorized, 18,546,461 and 18,598,574 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 2 2 Additional paid-in capital 38,285 38,391 Accumulated deficit (6,492) (6,742) Accumulated other comprehensive income (loss) 38 (10) Total stockholders' equity 31,833 31,641 Total liabilities and stockholders' equity $ 61,215 $ 55,148 For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 SALES Sales $ 32,577 $ 16,693 $ 61,271 $ 35,474 Sales – related parties — — — 46 Total sales 32,577 16,693 61,271 35,520 COST OF SALES: Cost of sales 22,708 11,226 42,920 24,405 Cost of sales - related parties — — — 35 Total cost of sales 22,708 11,226 42,920 24,440 GROSS PROFIT 9,869 5,467 18,351 11,080 OPERATING EXPENSES: General and administrative expenses 9,474 6,575 18,491 12,857 Total operating expenses 9,474 6,575 18,491 12,857 INCOME (LOSS) FROM OPERATIONS 395 (1,108) (140) (1,777) OTHER INCOME: Other income 285 1 280 16 Interest income 77 82 119 175 Realized gain on investments — 3 67 73 Total other income 362 86 466 264 INCOME (LOSS) BEFORE INCOME TAXES 757 (1,022) 326 (1,513) Provision for income taxes 114 3 76 3 NET INCOME (LOSS) $ 643 $ (1,025) $ 250 $ (1,516) NET INCOME (LOSS) PER COMMON SHARE Basic $ 0.03 $ (0.06) $ 0.01 $ (0.08) Diluted $ 0.03 $ (0.06) $ 0.01 $ (0.08) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING Basic 18,592,339 18,589,086 18,600,373 18,581,957 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 250 $ (1,516) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 521 341 Noncash operating lease expense 537 274 Change in allowance for credit losses 360 (288) Noncash interest accretion 23 72 Stock-based compensation 40 170 Changes in operating assets and liabilities: Accounts receivable, net (4,331) 4,496 Accounts receivable – related parties, net 172 25 Inventory (1,347) 808 Prepaid corporate taxes 29 30 Prepaid expenses (82) 336 Deposits (44) (193) Other assets 252 — Accounts payable and accrued expenses 590 (871) Accrued payroll and related 531 (1,357) Unearned revenue 395 (262) Rewards program liability 3,000 2,475 Sales tax payable (38) (117) Corporate taxes payable 9 — Operating lease liabilities (333) (256) Net cash provided by operating activities 534 4,167 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to property and equipment (202) (364) Proceeds from sale of investments 4,400 4,608 Purchase of investments (493) (3,836) Net cash provided by investing activities 3,705 408 CASH FLOWS FROM FINANCING ACTIVITIES: Payment of contingent earn-out liabilities (151) — Payment of installment payment liabilities (230) (760) Payment for stock repurchase (146) — Net cash used in financing activities (527) (760) NET INCREASE IN CASH 3,712 3,815 CASH AND CASH EQUIVALENTS - BEGINNING 9,358 8,059
Cision Canada
44 minutes ago
- Cision Canada
MEREN ANNOUNCES SECOND QUARTER 2025 RESULTS AND DECLARES THIRD QUARTERLY DIVIDEND
VANCOUVER, BC, Aug. 12, 2025 /CNW/ - (TSX: MER) (Nasdaq-Stockholm: MER) – Meren Energy Inc. ("Meren" or the "Company") today published its financial and operating results for the three and six months ended June 30, 2025, and is pleased to declare its third quarterly distribution of approximately $25 million under its base dividend policy. View PDF version View PDF Meren President and CEO, Roger Tucker commented:"Against a backdrop of increased oil price volatility and global economic uncertainty, we continue to deliver material shareholder returns whilst maintaining a strong balance sheet and significant liquidity headroom. We have a resilient business and are confident of continuing to deliver growth and returns through the business cycle, supported by our high-quality, high netback assets and funded growth catalysts." Highlights * Declared the third 2025 quarterly dividend of approximately $25.0 million, bringing total distributions year-to-date to approximately $75.1 million. During Q2 2025: Achieved average daily working interest ("W.I.") and entitlement production of 30,900 boepd and 35,700 boepd respectively, in line with expectations; Two new Egina wells brought on stream in May, which are performing in line with expectations, and a successful well intervention in Akpo providing strong support to production performance; Sold one cargo (approximately 1 MMbbl) at a sales price of $64.2/bbl; Pro-actively reduced the RBL by $80.0 million, reducing interest expenses and ending Q2 2025 with a debt balance of $540.0 million; Distributed the second quarterly cash dividend of approximately $25.1 million ($0.0371 per share) in June 2025; End of Q2 2025 cash balance of $266.6 million, resulting in a net debt position of $273.4 million with a Net Debt/ EBITDAX of 0.6x as at June 30, 2025. RBL facility headroom of $94.1 million at the end of Q2 2025; The Company cancelled its $65.0m standby Corporate Facility and the security has been released. During H1 2025: Cashflow from operations before working capital adjustment of $177.5 million; EBITDAX of $248.2 million; Cash capital investments of $58.6 million. Post period end, the Company pro-actively reduced the RBL debt balance by a further $60.0 million in July 2025, resulting, as of the date hereof in a debt balance of $480.0 million. * All dollar amounts in this press release are U.S. Dollars unless otherwise indicated. 2025 Second Quarter Results Highlights Three months ended Six months ended Years ended Meren Highlights Unit June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 December 31, 2024 Net income/ (loss) $'m 3.1 0.4 54.0 3.9 (279.1) Net income/ (loss) per share – basic $/share 0.00 (2) 0.00 0.09 (2) 0.01 (0.62) Net debt position (3) $'m 273.4 444.5 273.4 444.5 289.1 WI production (3) boepd 30,900 31,600 32,100 33,400 34,000 Entitlement production (3) boepd 35,700 36,600 36,700 38,600 38,800 Cash flow from operations (4, 5) $'m 77.7 n/a 177.5 n/a n/a EBITDAX (4) $'m 106.6 n/a 248.2 n/a n/a Capital investments (4) $'m 30.4 n/a 58.6 n/a n/a (1) The table includes non-GAAP measures. Definitions and reconciliations to these non-GAAP measures are provided on pages 13-16 of the Report to Shareholders for the period ended June 30, 2025.. (2) Based on the weighted average number of shares outstanding for the three and six months period ended June 30, 2025, of 675,012,308 and 572,481,427 respectively, which accounts for the newly issued shares to BTG Oil & Gas on March 19, 2025. (3) Net debt position and production numbers as presented for the comparative periods includes 100 percent of Meren Coop to be comparable with net debt position and production numbers for the three and six months period ended June 30, 2025. (4) Highlights are reported for the year 2025 only, on a constructed financial information basis, see pages 10 to 11 of the Q2 2025 MD&A for further information. (5) Cash flow from operations before working capital and interest payments. Outlook Shareholder Returns The Company is pleased to announce that its Board has declared the distribution of the Company's third quarterly cash dividend in 2025 of approximately $25.0 million or $0.0371 per share. This dividend will be payable to shareholders of record at the close of business on August 20, 2025. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. Dividends for shares traded on the Toronto Stock Exchange ("TSX") will be paid in Canadian dollars on September 5, 2025; however, all US and foreign shareholders will receive USD funds. Dividends for shares traded on Nasdaq Stockholm will be paid in Swedish Krona in accordance with Euroclear principles on September 10, 2025. To execute the payment of the dividend, a temporary administrative cross border transfer closure will be applied by Euroclear from August 18, 2025, up to and including August 20, 2025, during which period shares of the Company cannot be transferred between the TSX and Nasdaq Stockholm. Payment to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. For further details, please visit: The Company's Board views the base annual distribution policy to be prudent with due consideration for its capital allocation options and the priority of maintaining a strong balance sheet in a range of market scenarios. Future dividend declarations are subject to customary Board approval and consents. Nigeria The Company continues working with its JV partners to optimise production performance across its three producing fields, Akpo, Egina and Agbami and progressing the Preowei development project towards the final investment decision. The Company had previously guided to a break to the Akpo/Egina (PPL 2/3) drilling campaign in Q4 2025 to allow for the interpretation of the 4D seismic data and detailed results from the wells drilled to enhance the maturation of future infill well opportunities. This break has now been brought forward to Q3 2025, with drilling expected to resume in 2026 including the Akpo Far East near-field prospect and further development wells on Akpo and Egina fields. Akpo Far East is an infrastructure-led exploration opportunity that in case of commercial discovery success, presents an attractive short cycle, high return investment opportunities that would benefit from the existing Akpo facilities. Akpo Far East prospect has an unrisked, best estimate, gross field prospective resource volume of 143.6 MMboe. The targeted hydrocarbons are predicted to be light, high gas-oil ratio ("GOR") oil equivalent to those found in the Akpo field. If successful, initial production could be achieved from existing production manifolds with the potential to materially increase reserves on the Akpo Field. The JV partners are continuing the project optimization work for the Preowei field with the aim of reaching a final investment decision. The results from a re-assessment of the Preowei seismic data are positive, indicating an increase in recoverable resources. Work to validate these results towards project optimization continue with technical workshops planned for Q3 2025. For the Agbami field, in addition to the ongoing 2024 4D seismic interpretation, rig and long lead items contracting activities are progressing for the 2027 infill drilling campaign. Potential rig site visits have been concluded and the operator is scheduled to order the Long Lead Items ("LLIs") in Q3 2025. Namibia Orange Basin Development and Exploration, Blocks 2912 and 2913B The Venus Field is expected to be the first development area in Block 2913B. The Venus development plan is for up to 40 subsea wells tied back to a floating production, storage and offloading ("FPSO") facility with a capacity of 160,000 barrels per day of oil. Project preparation and decision-making – Front-End Engineering Designs ("FEED"): Q2 – Q4 2025 ESIA submission to authorities: Q4 2025 Final Investment Decision ("FID") could be made during H1 2026 The Company through its shareholding in Impact has an effective 3.8 percent interest in the Venus project. This interest is fully funded through to first commercial production under an agreement between Impact and TotalEnergies, which covers all of Impact's share of development and exploration expenditures on these blocks from January 1, 2024, through to first commercial production from the Venus project. The latest exploration drilling campaign was completed on April 25, 2025, with the drilling rig demobilized. Several further prospects are in the process of evaluation for drilling utilizing recently acquired 3D seismic data. South Africa Orange Basin, Block 3B/4B Following the granting of an Environmental Authorization for exploration activities (drilling of up to 5 exploration wells) by the Department of Mineral Resources and Energy for the Republic of South Africa on September 16, 2024, the legislative notification and appeals process continues to progress with the relevant regulatory agencies. The operator has stated that with the approval process progressing the current plan is to drill the first exploration well on Block 3B/4B in 2026 and has identified Nayla, a prospect that lies in the northwest of the license area as the potential drilling target. The Company completed a strategic farm down agreement with TotalEnergies and QatarEnergy during Q3 2024 that provide it with exploration carry. Transaction highlights are: Maximum transaction value of up to $46.8 million to the Company. The Company will receive, subject to achieving certain milestones defined in the farm down agreement, staged payments for a total cash amount of $10.0 million, of which $3.3 million was received at completion with the remaining balance to be received in two successive payments conditional upon achieving key operational and regulatory milestones. The Company will also receive a full carry of its retained share of all JV costs, up to a cap, that is repayable to TotalEnergies and QatarEnergy from production, and which is expected to be adequate to fund the Company's share of drilling for 1-2 wells on the license. Equatorial Guinea, EG-18 and EG-31 The Company continues to be in active dialogue with industry parties to attract farm in parties on both blocks, and the aspiration to complete the active data room part of the exercise by end Q3 2025 remains. If the Company is successful in attracting farminee partner(s) for these blocks, subject to customary consents and approvals including governmental and regulatory permissions, the Company anticipates that newly formed JVs could plan for exploration drilling in late 2026 or 2027. However, there is no guarantee the Company can secure farminee partners on acceptable terms. 2025 Management Guidance and Actuals The Company has revised its 2025 Management Guidance based on the H1 2025 actuals and the outlook for H2 2025, the changes are summarized in the table below. W.I. and entitlement production ranges have narrowed with mid-points for both ranges increasing marginally. EBITDAX and cash flow from operations guidance ranges are revised lower mainly from a lower full-year average Dated Brent oil price estimate of $69/bbl, compared to the assumption of $75/bbl used for the original management guidance. The revised full-year oil price estimate of $69/bbl accounts for average Dated Brent price of $72/bbl for H1 2025 and an average Dated Brent price of $66/bbl for H2 2025. (1) Aggregate oil equivalent production data comprised of light and medium crude oil and conventional natural gas production net to the Company's W.I. in Agbami, Akpo and Egina fields. These production rates only include sold gas volumes and not those volumes used for fuel, reinjected or flared. (2) Entitlement production is calculated using the economic interest methodology and includes cost recovery oil, royalty oil and profit oil and is different from working interest production that is calculated based on project volumes multiplied by the Company's effective working interest in each license. (3) This table includes non-GAAP measures that do not have a standardized meaning prescribed by IFRS Accounting Standards and, therefore, may not be comparable with the calculation of similar measures by other companies. The Company believes that the presentation of these non-GAAP figures provides useful information to investors and shareholders as the measures provide increased transparency. EBITDAX is a non-GAAP measure. This is used as a performance measure to understand the financial performance from the Company's business operations without including the effects of the capital structure, tax rates, depreciation, depletion, amortization, impairment and exploration expenses. Cash flow from operations before working capital and interest payments is a non-GAAP measure. This represents cash generated by removing the impact of working capital movements from cash generated by operating activities. It is a measure commonly used to better understand cash flow from operations across periods on a consistent basis, and when viewed in combination with the Company's results provides a more complete understanding of the factors and trends affecting the Company's performance. Management Conference Call Senior management will hold a conference call to discuss the results on Thursday, August 14, 2025, at 09:00 (EDT) / 14:00 (BST) / 15:00 (CEST). The conference call may be accessed by dial in or via webcast. Participants can also join via telephone with the instructions available on the following link: Click on the call link and complete the online registration form. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. About Meren Meren is a full-cycle Independent upstream oil and gas company with interests offshore Nigeria, Namibia, South Africa and Equatorial Guinea. Its main assets are producing and development assets in deepwater Nigeria operated by Majors. The Company holds a leading position in the Orange Basin including its effective interest in the Venus light oil project, offshore Namibia, and its direct interest in Block 3B/4B, offshore South Africa. Additional Information This information is information that Meren is obliged to make public pursuant to the EU Market Abuse Regulation and information that Meren is required to make public pursuant to the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact persons set out above, at 5:00 p.m. EDT on Aug 12, 2025. Advisory Regarding Oil and Gas Information The terms boe (barrel of oil equivalent) is used throughout this press release. Such terms may be misleading, particularly if used in isolation. Production data are based on a conversion ratio of six thousand cubic feet per barrel (6 Mcf: 1bbl). This conversion ratio 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 the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Petroleum references in this press release are to light and medium gravity crude oil and conventional natural gas in accordance with NI 51-101 and the COGE Handbook. Estimates of reserves in this press release were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The reserves estimates disclosed in this press release are estimates only and there is no guarantee that the estimated reserves will be recovered. Forward-Looking Information Certain statements and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation), including statements related to: the enlarged base dividend distribution; the declaration of the $25 million quarterly dividend; schedules and costs of drilling activity including those offshore Namibia, Nigeria and South Africa; the outcome and timing of exploration, appraisal and development activities including those offshore Namibia and Nigeria; the development of the Venus discovery; the ability of Meren to secure farminee partners on acceptable terms in Equatorial Guinea; the ability of Meren to deliver further growth or increased shareholder returns including by monetizing its assets; the ability of Meren to grow into a leading independent E&P the continuing benefits from funded, high value growth opportunities, including the Venus oil project in the Orange Basin; expectations regarding free-cash flow; the ability of Meren to influence its JV partners to sustain and enhance production in Nigeria; and statements regarding access to business opportunities in Meren's regions of focus and unlocking new sources of growth capital. Such statements and information (together, "forward-looking statements") relate to future events or the Company's future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, 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", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, ongoing uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including statements pertaining to performance of commodity hedges, uninsured risks, regulatory and fiscal changes, availability of materials and equipment, unanticipated environmental impacts on operations, duration of the drilling program, availability of third party service providers and defects in title, the sustainability of Meren across oil and gas price cycles, the enhanced visibility and certainty over the use of capital, and statements regarding capital priorities. Forward-looking statements are based on a number of assumptions, including but not limited to, the ability of Meren to delivery further growth, the ability to have a Board comprised at all times of a majority of independent non-executive directors, high value growth opportunities will continue to be funded, and the ability to access business opportunities in Meren's regions of focus. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in macro-economic conditions and their impact on operations, changes in oil prices, reservoir and production facility performance, contractual performance, results of exploration and development activities, cost overruns, uninsured risks, regulatory and fiscal changes including defects in title, claims and legal proceedings, availability of materials and equipment, availability of skilled personnel, the need to obtain required approvals from regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, joint venture partner underperformance, availability of financing on reasonable terms, hedging, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental, health and safety impacts on operations, the failure to realize the anticipated benefits of the amalgamation and the influence of BTG as a significant shareholder on the actions of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. SOURCE Meren Energy Inc.
Globe and Mail
44 minutes ago
- Globe and Mail
ScanTech AI to Attend 66th Annual Institute of Nuclear Materials Management Conference
Atlanta, GA, Aug. 12, 2025 (GLOBE NEWSWIRE) -- ScanTech AI Systems Inc. (the "Company" or "ScanTech AI") (Nasdaq: STAI), a next-generation provider of AI-powered CT screening systems for aviation, customs, and critical infrastructure, today announced its scheduled participation in the 66th Annual Institute of Nuclear Materials Management (INMM) Conference. The event will be held from August 24 – 28 in Washington, D.C. The INMM conference serves as a pivotal gathering for professionals in the nuclear materials management, security, and regulatory sectors, providing a platform for the exchange of ideas, technological innovations, and best practices. ScanTech AI's presence at this prestigious event highlights its continued commitment to advancing nuclear security and enhancing critical infrastructure protection through cutting-edge AI-powered solutions. About ScanTech AI ScanTech AI Systems Inc. (Nasdaq: STAI) has developed one of the world's most advanced non-intrusive 'fixed-gantry' CT screening technologies. Utilizing proprietary artificial intelligence and machine learning capabilities, ScanTech AI's state-of-the-art scanners accurately and quickly detect hazardous materials and contraband. Engineered to automatically locate, discriminate, and identify threat materials and items of interest, ScanTech AI's solutions are designed for use in airports, seaports, borders, embassies, corporate headquarters, government and commercial buildings, factories, processing plants, and other facilities where security is a priority. For more information, visit and Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the 'Securities Act'), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended ('Exchange Act'), including statements regarding ScanTech AI's management team's expectations, hopes, beliefs, intentions, plans, prospects or strategies regarding the future, including possible business combinations, revenue growth and financial performance, product expansion, and services. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Additionally, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words 'may,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'intend,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'project,' 'potential,' 'continue,' 'ongoing,' 'target,' 'seek' or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on the current expectations and beliefs made by the management of ScanTech AI, in light of their respective experience and their perception of historical trends, current conditions and expected future developments and their potential effect on ScanTech AI, as well as other factors they believe are appropriate under the circumstances. There can be no assurance that future developments affecting ScanTech AI will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including product and service acceptance, regulatory oversights, research and development success, and that ScanTech AI will have sufficient capital to operate as anticipated. Should one or more of these risks of uncertainties materialize, or should any of the assumptions of ScanTech AI prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Additional factors that could cause actual results to differ are discussed under the heading 'Risk Factors' and in other sections of the filings of ScanTech AI (and its predecessor, Mars Acquisition Corp.) with the U.S. Securities and Exchange Commission (the 'SEC'), and in the current and periodic reports filed or furnished by ScanTech AI (and its predecessor, Mars Acquisition Corp.) from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on the information available to ScanTech AI as of the date hereof, and ScanTech AI assumes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may otherwise be required under applicable securities laws. Contact: ScanTech AI Systems Inc. James White, CFO jwhite@ Investor & Media Relations Contact: International Elite Capital Inc. Annabelle Zhang
