NGEx Reports Q2 2025 Results; Porphyry and High-grade Gold Discoveries at Lunahuasi; Plan to Spin-out Royalties to Shareholders
Highlights for three months ended June 30, 2025 ("Q2 2025") and the subsequent period thereto, include the following, details of which are discussed later in the release:
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Highly successful Phase 3 drill program continued to grow the Lunahuasi deposit. The Company successfully completed 25,003 metres of drilling in 24 holes during the Phase 3 drill program, confirming two significant new discoveries:
Major new copper-gold porphyry system – Drillhole DPDH027 confirmed the presence of a predicted copper-gold porphyry system at Lunahuasi, adjacent to the high-grade copper-gold-silver high-sulphidation vein structures that were initially discovered at the project. The porphyry discovery opens an entirely new dimension to the project, comprising a very large-scale exploration target which holds the potential to significantly increase Lunahuasi's long-term value.
Quartz veins with high-grade visible gold – Drillhole DPDH046 intersected two separate quartz veins containing ultra high-grade free gold. This new style of mineralization is rarely seen in high-sulphidation epithermal deposits but has accounted for a significant portion of the value at successful projects developed worldwide where it is present, such as the El Indio mine located 150 kilometres to the southwest. The exceptional gold grades intersected thus far suggest that substantial additional value creation may be possible within only a relatively small, mineralized volume, which greatly increases the gold potential of the Lunahuasi deposit. The full extent of this new style of mineralization has not yet been defined, and the Company will prioritize, among other things, follow-up drilling to test this exciting new exploration target in the upcoming program.
NGEx plans to spin-out royalties on its flagship assets to shareholders. On July 22, 2025, the Company announced its intention to spin-out net smelter return ("NSR") royalties on its Lunahuasi and Los Helados Projects, that will be held by a wholly-owned subsidiary of NGEx ("RoyaltyCo") by way of a statutory plan of arrangement under the Canada Business Corporations Act (the "Arrangement"). If all requisite approvals are obtained, including those required from NGEx shareholders and the Toronto Stock Exchange, each shareholder of NGEx will receive 1/4 of a share of RoyaltyCo for each share of NGEx held as of the Share Distribution Record Date (as defined below) and NGEx will retain a 19.9% interest in RoyaltyCo. RoyaltyCo intends to apply to list its shares on the TSX Venture Exchange (the "TSXV") following completion of the Arrangement. Such listing will be subject to it fulfilling all of the listing requirements of the TSXV. The creation and spin-out of RoyaltyCo is designed to allow NGEx Shareholders to capture additional long-term value from the Lunahuasi and Los Helados projects through the royalties, while NGEx continues to focus on advancing the projects through further exploration efforts.
Wojtek Wodzicki, President and CEO, commented, " We take great pride in the outstanding value that NGEx and its predecessors have unlocked and delivered to shareholders over the years through successful exploration and the execution of thoughtful corporate transactions including past spin-outs that have created tremendous value for our shareholders. Our work during this past quarter is the latest example of this continuing endeavor. Phase 3 drilling at Lunahuasi has been a resounding success, with the final assays of the program confirming two new discoveries, each having the potential to further augment what is already a remarkable deposit: a copper-gold porphyry system and a new zone of quartz veins hosting ultra high-grade free gold. This past season of drilling at Lunahuasi has reconfirmed the unique nature of the deposit, which continues surprising to the upside, and we are eager to get back into the field in October to follow up on the findings of the recent campaign.
On the corporate front, we are advancing the previously proposed spin-out of royalty assets on Lunahuasi and Los Helados. If completed, the Arrangement will continue to give shareholders exposure to our keystone assets in the emerging Vicuña District, while also providing a ground level opportunity to participate in a new and exciting investment opportunity in the royalty space that will be led by an experienced leadership team, that we have begun to assemble, with a mandate to grow and diversify its portfolio."
Q2 2025 Operating Highlights and Outlook
Successful Phase 3 Lunahuasi Program Results in Two New Discoveries
The Company successfully completed its Phase 3 drill program at Lunahuasi, located in San Juan, Argentina, in early May 2025, with 25,003 metres completed in 24 holes, including three geotechnical holes designed to support the Company's analysis of a conceptual underground exploration adit at Lunahuasi. The final assays from the Phase 3 program were released by the Company on July 8, 2025.
The program accomplished its main objectives of testing the Lunahuasi deposit at three target scales:
Long-range exploration holes (+300m spacing) were big step-outs that tested for significant extensions of mineralization to the north, south, and west;
Mid-range step out holes (50-300m spacing) explored for extensions of the mineralized zone in all directions and started to fill in large gaps in the drill pattern; and
Short-range infill holes (30-50m spacing) tested the short-range variability of mineralized structures and high-grade zones and confirmed the main structural orientations.
Throughout the Phase 3 campaign, drillholes at all three target scales consistently intersected high-grade vein-hosted mineralization across considerable widths and significantly contributed to improvements in the geological understanding of the structures that form the original Lunahuasi discovery, which continue to be the near-term exploration priority at the project. The final assay results from the Phase 3 program confirmed the discovery of a new copper-gold porphyry system at Lunahuasi (see News Release dated May 21, 2025) and the discovery of a third, distinct type of mineralization at the project with ultra high-grade visible gold in quartz veins (see News Release dated July 8, 2025).
Drillhole DPDH027 was drilled across the high-sulphidation epithermal structures before discovering a new zone of porphyry copper-gold mineralization at approximately 1,262 metres downhole. The hole was drilled to a final depth of 2,005 metres, where it ended in mineralization, returning 1,619.4 metres at 0.87% copper equivalent ("CuEq") (0.52% Cu, 0.32 g/t Au, 13.2 g/t Ag) including a porphyry intersection of 743.00 metres at 0.56% CuEq (0.44% Cu, 0.13 g/t Au, 2.3 g/t Ag), which included:
18.00 metres at 2.68% CuEq (2.46% Cu, 0.18 g/t Au, 10.3 g/t Ag); and
17.80 metres at 1.23% CuEq (1.01% Cu, 0.24 g/t Au, 5.5 g/t Ag).
While the full scale of the Lunahuasi porphyry system remains unknown, another Phase 3 drillhole, DPDH029, ended in argillic alteration associated with the high-sulphidation system overprinting early porphyry veins, some 500 metres south of the intersection in DPDH027, illustrating the size potential of the porphyry discovery. Importantly, this discovery has opened up an entirely new dimension to Lunahuasi and significantly increases the long-term potential of the project.
Drillhole DPDH046 resulted in the discovery of ultra high-grade free gold in quartz veins, which is a new style of mineralization at Lunahuasi. Highlights include:
2.20 metres at 142.27 g/t Au from 467.10m, plus
3.60 metres at 245.39 g/t Au from 520.00m
The discovery of this third distinct style of mineralization at Lunahuasi is potentially transformative for the project, as several renowned mines around the world have been built around high-grade gold quartz veins. While the size and extent of the quartz veins have yet to be confirmed, the remarkably high-grades observed in DPDH046 allude to the possibility that a relatively small volume of this gold-dominant mineralization could add a substantial amount of value to Lunahuasi. Following up on this third Lunahuasi discovery will be a key objective of the Company's upcoming Phase 4 drill program.
The Company is now completing its analysis of the geological data collected during the Phase 3 campaign and refining the geological model at Lunahuasi. Planning for the Company's upcoming Phase 4 exploration program at Lunahuasi is well advanced, with a start date currently anticipated for around October 2025.
Further details, such as the copper equivalent formula, can be found in the "Qualified Persons and Technical Notes" section of this news release.
Proposed Spin-out of NSR Royalties on Lunahuasi and Los Helados
The Company has caused a royalty purchase agreement to be entered into between a newly incorporated, wholly-owned subsidiary ("RoyaltyCo") and the subsidiary that currently holds the Nacimiento I concession, which will result in a 1% NSR royalty on the Nacimiento I concession being granted to RoyaltyCo (the "Lunahuasi Royalty") in exchange for cash consideration. NGEx's 100% owned Lunahuasi Project, as currently defined, is located on the Nacimiento I concession.
In addition, another wholly-owned subsidiary of NGEx which holds the Los Helados Project, located in Region III, Chile, on behalf of an unincorporated joint venture between NGEx and Nippon Caserones Resources LLC ("NCR"), has entered into royalty purchase agreements with each of RoyaltyCo and NCR to cause a combined 2.0% NSR royalty to be granted on the concessions comprising the Chilean portion of the Los Helados properties (the "Los Helados Royalty") in exchange for cash consideration. The Los Helados Royalty, and the associated aggregate cash consideration, will be allocated to RoyaltyCo and NCR based on the Company and NCR's respective pro rata interests in Los Helados of approximately 69% and 31%, resulting in RoyaltyCo's portion of the Los Helados Royalty amounting to a 1.38% NSR royalty.
The Company has also entered into an arrangement agreement with RoyaltyCo (the "Arrangement Agreement"), whereby NGEx intends to complete a share capital reorganization by way of a statutory plan of arrangement under the Canada Business Corporations Act, which will result in, among other things, at least 80.1% of the common shares of the RoyaltyCo (the "RoyaltyCo Shares") being spun-out to the shareholders of NGEx (the "NGEx Shareholders"). As part of the spin-out of the RoyaltyCo Shares to NGEx Shareholders, NGEx will make an additional capital contribution into RoyaltyCo for working capital purposes, which is in addition to the amounts to be injected by NGEx to fund the acquisition of the Lunahuasi Royalty and RoyaltyCo's portion of the Los Helados Royalty, which will also be made by way of a capital contribution. The capital contributions by NGEx will result in it receiving a number of RoyaltyCo Shares in return representing up to a 19.9% ownership interest in RoyaltyCo that will be retained and not form part of the spin-out to NGEx Shareholders.
The Arrangement Agreement describes the terms of the proposed arrangement (the "Arrangement"), which, among other things, includes:
Each common share of NGEx (each, a "NGEx Share") outstanding at the close of business on the business day immediately preceding the effective date of the Arrangement (the "Share Distribution Record Date") will be redesignated and exchanged as part of a reorganization of the share capital of NGEx, and in accordance with section 86 of the Income Tax Act (Canada), for (i) one (1) new common share of NGEX (each, a "New NGEx Share"), which such New NGEx Share will be identical to the NGEx Shares immediately prior to the effective time of the Arrangement (the "Effective Time") and (ii) 1/4 of a RoyaltyCo Share; and
Each outstanding stock option of NGEx (each, a "NGEx Option") that is outstanding immediately before the Effective Time will be exchanged for (i) one (1) replacement stock option of NGEx (each, a "NGEx Replacement Option") to purchase from NGEx one New NGEx Share having an exercise price (rounded up to the nearest whole cent) equal to the product of the exercise price of each NGEx Option so exchanged immediately before the Effective Time multiplied by the fair market value of a New NGEx Share at the Effective Time divided by the total of the fair market value of a New NGEx Share and the fair market value of 1/4 of a RoyaltyCo Share at the Effective Time, and (ii) one (1) fully-vested stock option of the Company (each, a "RoyaltyCo Option") to acquire 1/4 of a RoyaltyCo Share, each whole RoyaltyCo Option having an exercise price (rounded up to the nearest whole cent) equal to the product of the exercise price of the NGEx Option so exchanged immediately prior to the Effective Time multiplied by the fair market value of 1/4 of a RoyaltyCo Share at the Effective Time divided by the total of the fair market value of one New NGEx Share and 1/4 of a RoyaltyCo Share at the Effective Time.
Completion of the Arrangement is subject to receipt of requisite NGEx Shareholder, Toronto Stock Exchange and court approvals, the timing and receipt of which cannot be determined at this time. NGEx Shareholders will vote on the Arrangement at a special meeting to be held on September 12, 2025.
Following completion of the Arrangement, NGEx is expected to hold up to a 19.9% ownership interest in RoyaltyCo, with the remaining RoyaltyCo Shares being distributed to NGEx Shareholders as described above, in accordance with their pro-rata interest in NGEx as of the Share Distribution Record Date.
RoyaltyCo intends to apply to list its shares on the TSXV following completion of the Arrangement. Such listing will be subject to it fulfilling all of the listing requirements of the TSXV.
July 22, 2025, on SEDAR+ at www.sedarplus.ca and the Company's website www.ngexminerals.com.
The financial information in this table was selected from the Company's condensed interim consolidated financial statements for the three and six months June 30, 2025 (the "Financial Statements"), which are available on SEDAR+ at www.sedarplus.ca and the Company's website www.ngexminerals.com.
Selected Financial Information
The financial information in this table was selected from the Financial Statements, which are available on SEDAR+ at www.sedarplus.ca and the Company's website www.ngexminerals.com.
The Company incurred a net loss of $21.4 million during the three months ended June 30, 2025, comprised primarily of $17.4 million in exploration and project investigation costs and $3.3 million in G&A costs. For the 2024 comparative period, the Company reported a net loss of $7.6 million, consisting primarily of $7.8 million in exploration and project investigation costs and $2.0 million in G&A costs, which were partially offset by a gain of approximately $2.4 million resulting from the use of marketable securities for the purposes of facilitating intragroup funding transfers.
Liquidity and Capital Resources
As at June 30, 2025, the Company had cash of $97.2 million, short-term investments of $46.0 million and net working capital of $138.6 million compared to cash of $153.4 million, short-term investments of $45.2 million and net working capital of $188.9 million as at December 31, 2024. The Company's total treasury, consisting of its cash and short-term investments, and net working capital decreased during the six months ended June 30, 2025, due primarily to funds used in operations and for general corporate purposes.
About NGEx Minerals
NGEx Minerals is a copper and gold exploration company based in Canada, focused on exploration of the Lunahuasi copper-gold-silver project in San Juan Province, Argentina, and the nearby Los Helados copper-gold project located approximately nine kilometres northeast in Chile's Region III. Both projects are located within the Vicuña District, which includes the Caserones mine, and the Josemaria and Filo del Sol deposits.
NGEx owns 100% of Lunahuasi and is the majority partner and operator for the Los Helados project, subject to a Joint Exploration Agreement with Nippon Caserones Resources LLC, which is the indirect 30% owner of the operating Caserones open pit copper mine located approximately 17 kilometres north of Los Helados. Lundin Mining Corporation holds the remaining 70% stake in Caserones.
The Company's common shares are listed on the TSX under the symbol "NGEX" and also trade on the OTCQX under the symbol "NGXXF". NGEx is part of the Lundin Group of Companies.
Additional information relating to NGEx may be obtained or viewed on SEDAR+ at www.sedarplus.ca.
Additional Information
The information contained in this news release was accurate at the time of dissemination but may be superseded by subsequent news release(s). The Company is under no obligation, nor does it intend to update or revise the forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Qualified Persons and Technical Notes
The scientific and technical disclosure for the Lunahuasi Project included in this news release have been reviewed and approved by Bob Carmichael, B.A.Sc., P.Eng. who is the Qualified Person as defined by NI 43-101. Mr. Carmichael is Vice President, Exploration for the Company. Additional details on the drill results from the Company's completed Phase 3 drill program at Lunahuasi, including those specifically discussed above, can be found in the Company's press releases dated December 18, 2024, January 22, 2025, February 19, 2025, March 13, 2025, April 24, 2025, May 21, 2025, June 18, 2025, July 2, 2025, and July 9, 2025.
Copper equivalent for Lunahuasi drill intersections is calculated based on US$ 3.00/lb Cu, US$ 1,500/oz Au and US$ 18/oz Ag, with 80% metallurgical recoveries assumed for all metals. The formula is: CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag g/t).
Cautionary Note Regarding Forward-Looking Statements
Certain statements made and information contained herein in the news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking information"). All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to, statements regarding: exploration and development plans and expenditures, including the size, scope, nature, timing and foci of the Company's future exploration programs, particularly at Lunahuasi; the potential for an underground exploration adit at Lunahuasi; the geological interpretation of the Lunahuasi system which is expected to evolve with additional drilling, including whether current interpretation of the exploration and/or drill results to date at Lunahuasi will be confirmed by future work, the ability of future drilling to convert exploration potential to a Mineral Resource Estimate, the scale, grade, or significance of the discovery of a copper-gold porphyry system and visible gold in quartz veins at the project; the timing, structure and completion of the Arrangement; the timing and completion of the transactions contemplated by the royalty purchase agreements related to the Lunahuasi Royalty and the Los Helados Royalty; the timing and amount of the injection of cash from NGEx to RoyaltyCo; future potential for NGEx and RoyaltyCo; future acquisitions of additional royalty interests by RoyaltyCo to its portfolio; anticipated benefits of the Arrangement to NGEx, NGEx Shareholders or the shareholders of RoyaltyCo; the timing and receipt of required shareholder, court and stock exchange approvals for the Arrangement; the composition of RoyaltyCo's board of directors and management team; the application for, and listing of, the RoyaltyCo Shares on the TSXV following completion of the Arrangement; the future uses of the Company's cash and working capital; the success of future exploration activities; potential for the discovery of new mineral deposits or expansion of existing mineral deposits; ability to build shareholder value; expectations with regard to adding to Mineral Resources through exploration; expectations with respect to the conversion of Inferred Resources to an Indicated Resource classification, or the conversion of Indicated Resources to a Measured Resource classification; ability to execute the planned work programs; estimation of commodity prices, Mineral Resources, estimations of costs, and permitting time lines; ability to obtain surface rights and property interests; currency exchange rate fluctuations; requirements for additional capital; government regulation of mining activities; environmental risks; unanticipated reclamation expenses; title disputes or claims; limitations on insurance coverage; assumptions that the Company will be able to carry out exploration program at Lunahuasi as planned; fluctuations in the current price of and demand for commodities; and material adverse changes in general business and economic conditions, particularly in Argentina with respect to uncertainty around exchange rate and other economic policies potentially affecting the Company, as well as other factors associated with ongoing financial instability in Argentina. Generally, this forward-looking information can frequently, but not always, be identified by use of forward-looking terminology such as "plans", "expects" "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects", "budgets", "assumes", "strategy", "objectives", "potential", "possible", "anticipates", or "believes", or variations of such words and phrases or statements that certain actions, events, conditions or results "will", "may", "could", "would", "should", "might" or "will be taken", "will occur" or "will be achieved" or the negative connotations thereof.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the intended use or deployment of the Company's treasury balance, and the nature, scope and timing of the work to be undertaken to advance the Lunahuasi Project. Although the Company believes that these factors and expectations are reasonable as at the date of this document, in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown risks, uncertainties and other factors may cause actual results or events to differ materially from those anticipated in such forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, without limitation: the risk of the Company not obtaining court, NGEx Shareholder or stock exchange approvals to proceed with the Arrangement; the risk of unanticipated tax consequences to the Arrangement; the risk of the market valuing NGEx and RoyaltyCo in a manner not anticipated by the Company; risks related to the benefits of the Arrangement not being realized; risks relating to RoyaltyCo not being able to add additional royalty interests to its portfolio; the emergence or intensification of infectious diseases, such as COVID 19, and the risk that such an occurrence globally, or in the Company's operating jurisdictions and/or at its project sites in particular, could impact the Company's ability to carry out the program and could cause the program to be shut down; estimations of costs, and permitting time lines; ability to obtain environmental permits, surface rights and property interests in a timely manner; currency exchange rate fluctuations; requirements for additional capital; changes in the Company's share price; changes to government regulation of mining activities; environmental risks; unanticipated reclamation or remediation expenses; title disputes or claims; limitations on insurance coverage, fluctuations in the current price of and demand for commodities; material adverse changes in general business, government and economic conditions in the Company's operating jurisdictions, such as Argentina; the availability of financing if and when needed on reasonable terms; risks related to material labour disputes, accidents, or failure of plant or equipment; there may be other factors that cause results not to be as anticipated, estimated, or intended, including those set out in the Company's most recent annual information form and annual management discussion and analysis, and risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators, which are available on the Company's website and SEDAR+ at www.sedarplus.ca under the Company's profile.
The forward-looking information contained in this news release is based on information available to the Company as at the date of this news release. Except as required under applicable securities legislation, the Company does not undertake any obligation to publicly update and/or revise any of the included forward-looking information, whether as a result of additional information, future events and/or otherwise. Forward-looking information is provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment. Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All the forward-looking information contained in this document is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.
Cautionary Note to U.S. Readers
Information concerning the mineral properties of the Company contained in this news release has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from the requirements of securities laws of the United States applicable to U.S. companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission.
SOURCE NGEx Minerals Ltd.
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Should broader economic conditions or employment levels weaken significantly, or if interest rates remain elevated for an extended period without sufficient adjustments in housing prices, affordability could remain strained. This scenario could suppress new home construction and, in turn, reduce near-term demand for lumber products. Our company, based in Ontario, primarily supplies SPF lumber products to the U.S. market. On a year-to-date basis, SPF lumber prices have rebounded in 2025, with benchmark prices increasing approximately 8-10%. Pricing strength is supported by constrained supply, elevated U.S. rebuilding demand (notably in wildfire-affected areas), and ongoing trade-related duties on Canadian exports. Similar to most Canadian softwood lumber exporters, our company faces combined anti-dumping and countervailing duties of approximately 34–35 % imposed by the U.S. Department of Commerce. Our SPF products have largely remained exempt from tariffs due to compliance with the United States-Mexico-Canada Agreement (USMCA), except for a two-day period in the first quarter of 2025. The actual impact of any current or future tariffs remains unknown and cannot be reasonably estimated at this time. Several factors will influence the outcome, including the effective date and duration of any new trade actions, potential changes in the amount, scope, or nature of the tariffs, and the possibility of countermeasures by the Canadian government. Additionally, any mitigating actions available to the Company or the broader industry may affect the overall impact. We continue to monitor developments closely and assess their potential implications for our operations and financial position. Reconciliation of Adjusted EBITDA References to EBITDA in this document are measures of earnings (loss) before interest and finance costs, income taxes, depreciation and amortization, while references to Adjusted EBITDA reflect EBITDA plus other non-operating costs such as impact of valuation changes on the Company's investments, loss on sale of assets and other non-operating losses. Management believes that certain lenders, investors, and analysts use EBITDA and Adjusted EBITDA as a common valuation measurement and to measure the Company's ability to service debt and meet other payment obligations. EBITDA and Adjusted EBITDA are not intended to replace net earnings (loss), or other measures of financial performance and liquidity reported in accordance with GAAP. For more information on non-GAAP measures, please see the Company's MD&A. (In thousands of CAD) June 28, March 29, June 29, For the quarter ended 2025 2025 2024 (3 ) Net income (loss) from continuing operations $ (9,593 ) $ 920 $ (9,946 ) Adjustments: Finance costs, net 797 440 1,101 Income taxes (32 ) 51 (321 ) Depreciation and amortization 3,667 3,649 3,575 EBITDA (5,161 ) 5,060 (5,591 ) Gain on sale of assets — — (484 ) Adjusted EBITDA from continuing operations (1)(2) $ (5,161 ) $ 5,060 $ (6,075 ) 1 Adjusted EBITDA is a Non‐GAAP measure and does not have standardized meaning under GAAP or IFRS. As a result, it may not be comparable to information presented by other companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the Non-GAAP Measures section in the Company's MD&A . 2 Non-GAAP Adjusted EBITDA before one-time duties recoveries for the second quarter and two quarters ended June 28, 2025 was negative $5.2 million and negative $0.1 million respectively, compared to negative $6.1 million and $0.2 million respectively, for the second quarter and two quarters ended June 29, 2024. 3 Certain prior period amounts have been restated as a result of a change in presentation of the Company's Financial Statements for continuing and discontinued operations under IFRS. Please refer to Note 4 - Discontinued Operations, in the Company's Financial Statements for further information. Earnings Conference Call GreenFirst will host a conference call to review the Q2 2025 financial results on Wednesday, August 13, 2025 at 9:00am (Eastern). The live webcast of the earnings conference call can be accessed via web: and via phone: (+1) 416 764 8658 or (+1) 888 886 7786. A replay of the webcast and presentation slides will be available on GreenFirst's website following the conference call. About GreenFirst GreenFirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production. The Company owns four sawmills located in rich wood baskets proudly operating over six million hectares of FSC® certified public Ontario forest lands (FSC®-C167905). The Company believes that responsible forest practices, coupled with the long-term green advantage of lumber, provide GreenFirst with significant cyclical and secular advantages in building products. Forward Looking Information Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact are forward-looking statements. Forward looking statements are often identified by terms such as 'may', 'should', 'anticipate', 'expect', 'potential', 'believe', 'intend', 'estimate' or the negative of these terms and similar expressions. Forward-looking statements are based on certain assumptions and, while GreenFirst considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including those set out in GreenFirst's public disclosure record filed under its profile on Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. GreenFirst disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Cision Canada
7 hours ago
- Cision Canada
STAR DIAMOND CORPORATION ANNOUNCES SECOND QUARTER 2025 RESULTS
TSX: DIAM SASKATOON, SK, Aug. 12, 2025 /CNW/ - Star Diamond Corporation ("Star Diamond" or the "Company") reports that unaudited financial results for the quarter ended June 30, 2025, will be filed today on SEDAR+ and may be viewed at once posted. All amounts are in thousands of Canadian dollars, except common share or per share amounts or as otherwise noted. Overview Star Diamond is a Canadian natural resource company focused on exploring and evaluating Saskatchewan's diamond resources. Star Diamond holds a 100% interest in the Fort à la Corne Project, (FALC Project, which includes the Star – Orion South Diamond Project, or the "Project"). These properties are in central Saskatchewan, near established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future possible mine development. The Company also holds a 100% interest in the exploration and evaluation properties and assets of the Buffalo Hills Diamond Project (the "BH Project") located approximately 400 kilometres northwest of Edmonton, Alberta, Canada (see " Corporate Developments"). Fort à la Corne mineral properties The Company currently holds a 100% interest in certain Fort à la Corne ("FALC") kimberlites (see March 26, 2024, news release: Star Diamond Corporation completes acquisition of Rio Tinto's 75% interest in Fort à la Corne Joint Venture) including the Star and Orion South Kimberlites. The FALC mineral properties are located in the Fort à la Corne Provincial Forest, 60 km east of Prince Albert, Saskatchewan. Highway 55, located to the north of the Project, connects Prince Albert with several towns located directly north of FALC to the town of Nipawin, east of FALC. Highway 6 runs north south and is located to the east of FALC. Recent activities relating to the Star - Orion South Diamond Project and Fort à la Corne mineral properties The Revised Mineral Resources estimate (see July 24, 2024 news release: Star – Orion South Diamond Project Revised Mineral Resources Estimate) will now be incorporated into a re-optimized open pit mine plan for the Project, which will include a re-evaluation of Mineral Reserves and an economic assessment based thereon. It is anticipated that this work will be completed during 2025-26 and will result in an updated Pre-feasibility Study including a revised statement of Mineral Reserves for the Project, if warranted, and an economic assessment based thereon. Buffalo Hills mineral properties The Company holds a 100% interest in the exploration and evaluation properties and assets of the Buffalo Hills (BH) Project. Located approximately 400 kilometres northwest of Edmonton, Alberta, Canada, the BH Project includes 21 mineral leases covering 4,800 hectares and is a significant and accessible field of diamond-bearing kimberlites, with similarities to the Company's Fort á la Corne kimberlites. The BH Project is located in the Buffalo Hills Kimberlite District, which contains at least 38 individual kimberlite bodies, of which 26 kimberlites are diamond-bearing and a number of which outcrop at surface. Exploration on these kimberlites started in 1996, and small parcels of diamonds have been collected from various exploration programs on many of those considered most prospective. Corporate Developments On May 16, 2025, the Company announced that it reached an agreement with Spirit Resources s.a.r.l. ("Spirit") to provide funding to the Company by way of a private placement of units for gross proceeds of $4,000 and an interim $800 unsecured loan. The loan bears interest at 6% per annum and matures upon the earlier of the private placement and the date falling on the 180th day after issuance of the loan, unless extended by Spirit in its sole discretion. Quarter End Results For the three months ended June 30, 2025, the Company recorded a net loss of $1,450 or $0.00 per share (2024 – net loss of $1,630 or $0.00 per share). The decrease in net loss was primarily due to the following: Exploration and evaluation expenditures decreased to $463 in 2025 (2024 - $913). Exploration and evaluation expenditures incurred during 2025 were primarily due to security and maintenance, continued diamond analyses, and test work for the FALC Project. Corporate development decreased to $19 in 2025 (2024 - $136) due to reduced marketing and publications issued in 2025. Change in derivative liability increased to a loss of $218 in 2025 (2024 - $nil) due to the changes in the fair values of the embedded derivatives of the convertible debentures. Year to Date Results For the six months ended June 30, 2025, the Company recorded a net loss of $2,416 or $0.00 per share (2024 – net loss of $2,516 or $0.00 per share). The decrease in net loss was primarily due to the following: Exploration and evaluation expenditures decreased to $930 in 2025 (2024 - $1,202). Exploration and evaluation expenditures incurred during 2025 were primarily due to security and maintenance, continued diamond analyses, and test work for the FALC Project. Corporate development decreased to $32 in 2025 (2024 - $274) due to reduced marketing and publications issued in 2025. Loss on investment in Wescan Goldfields Inc. decreased to $nil in 2025 (2024 – loss of $58). Unwinding of discount of environmental rehabilitation provision increased to $132 in 2025 (2024 - $65). Change in derivative liability increased to a loss of $218 in 2025 (2024 - $nil) due to the changes in the fair values of the embedded derivatives of the convertible debentures. On June 30, 2025, the Company had $452 (December 31, 2024 - $164) in cash and cash equivalents and a working capital deficit (excess of current liabilities over current assets) of $1,692 (2024 – working capital deficit of $1,017). The increase in working capital deficit was a result of the unsecured loan payable to Spirit and net cash used in operating activities, offset by proceeds received from convertible debentures and sale of shares in Wescan Goldfields Inc. In 2025, the Company initiated the following cost reductions: We have moved our head office to a smaller area in the same building resulting in a 70% drop in our office lease payments; Certain management/employee functions have been reduced or eliminated; and Site costs have been significantly reduced as operations moved to a care and maintenance basis. A budget has been prepared for the completion of the PFS of $3,000 which is subject to the completion of a financing. However, the ability of the Company to continue as a going concern and fund its expenses in an orderly manner will require additional forms of financing. There can be no assurance that the Company will succeed in obtaining additional financing, now or in the future. Failure to raise additional financing on a timely basis could cause the Company to suspend its operations and planned activities. June 30, 2025 and 2024 is summarized as follows: (1) Basic and diluted. Summary of Quarterly Result (1) Basic and diluted. Outlook Fort à la Corne mineral properties Star Diamond's technical team will focus on the technical investigation and evaluation of the Star – Orion South Diamond Project, with the goal of a future development decision. The initial work was completed in 2024 with a revised Mineral Resource estimate for the Star – Orion South Diamond Project, which will form the foundation of an updated Prefeasibility Study ("PFS"). The PFS will enable a Feasibility Study, on which a production decision can be based. Buffalo Hills mineral properties Management continues to review the recent results from the diamond valuation and typing analysis with a view to possible work programs and a potential path forward for the asset. A more detailed update on activities at Buffalo Hills will be provided as it becomes available. About Star Diamond Corporation Star Diamond is a Canadian natural resource company focused on exploring and evaluating Saskatchewan's diamond resources. Star Diamond holds a 100% interest in the Fort à la Corne Project, (FALC Project, which includes the Star – Orion South Diamond Project, or the "Project"). These properties are in central Saskatchewan, near established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future possible mine development. The Company also holds a 100% interest in the exploration and evaluation properties of the Buffalo Hills Diamond Project (the "BH Project") located approximately 400 kilometres northwest of Edmonton, Alberta, Canada (see " Corporate Developments"). Technical Information All technical information in this press release has been prepared under the supervision of Mark Shimell, VP Exploration, Professional Geoscientist in the Province of Saskatchewan, who is the Company's "Qualified Person" under NI 43-101. Caution Regarding Forward-looking Statements This press release contains "forward-looking statements" and/or "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes", or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could", "would", "will", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. All statements, other than statements of historical fact, are forward-looking statements. These forward-looking statements are based on Star Diamond's current beliefs as well as assumptions made by and information currently available to Star Diamond and involve inherent risks and uncertainties, both general and specific. Risks exist that forward-looking statements will not be achieved due to a number of factors including, but not limited to, statements regarding Rio Tinto Canada, the Company's ability to obtain financing to further the exploration, evaluation and/or development of exploration and evaluation properties in which the Company holds interest, the economic feasibility of any future development projects, developments in world diamond markets, changes in diamond prices, risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar, the impact of changes in the laws and regulations regulating mining exploration, development, closure, judicial or regulatory judgments and legal proceedings, operational and infrastructure risks and the additional risks described in Star Diamond's most recently filed Annual Information Form, and annual and interim MDA. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements in this news release are made as of the date hereof and Star Diamond assumes no obligation to update any forward-looking statements, except as required by applicable laws.
Toronto Star
8 hours ago
- Toronto Star
Ascot Reports Second Quarter 2025 Results
VANCOUVER, British Columbia, Aug. 12, 2025 (GLOBE NEWSWIRE) — Ascot Resources Ltd. (TSX: AOT; OTCQB: AOTVF) ('Ascot' or the 'Company') announces the Company's unaudited financial results for the three and six months ended June 30, 2025 ('Q2 2025'). For details of the unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the three and six months ended June 30, 2025, please see the Company's filings on SEDAR+ ( All amounts herein are reported in $000s of Canadian dollars unless otherwise specified.
