Newcore Gold Drilling Intersects 4.41 g/t Gold over 24.0 Metres, including 9.08 g/t Gold over 10.0 Metres, at the Enchi Gold Project, Ghana
VANCOUVER, British Columbia, May 20, 2025 (GLOBE NEWSWIRE) -- Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce additional drill results from the 35,000-metre drill program underway at the Company's 100% owned Enchi Gold Project ("Enchi" or the "Project") in Ghana. Shallow Reverse Circulation ("RC") drilling at the Boin Gold Deposit ("Boin") intersected multiple wide zones of higher-grade gold mineralization, including hole KBRC357 which intersected 4.41 grams per tonne gold ("g/t Au") over 24.0 metres ("m") from 126 m, including a higher-grade interval of 9.08 g/t Au over 10.0 m from 132 m. Hole KBRC360 intersected 1.58 g/t Au over 52.0 m from 75 m, including a higher-grade interval of 3.04 g/t Au over 16.0 m from 96 m. Drilling continues to prove out the continuity of gold mineralization and potential for resource growth at Enchi.
The 35,000-metre drill program underway at Enchi is focused on resource growth and infill drilling designed to convert Inferred Resources to Indicated. The goal of the first phase of drilling is completion of drilling required for resource conversion in advance of commissioning a Pre-Feasibility Study later this year. The second phase of the drill program will focus on discovery and resource growth, including drilling targeting earlier-stage exploration targets along with drilling focused on defining the resource growth potential at depth and along strike.
Highlights from Drilling at the Boin Gold Deposit at Enchi
Drilling in the north-central portion of the Boin Gold Deposit encountered multiple wide zones of gold mineralization with higher-grade intervals.
KBRC357 intersected 4.41 g/t Au over 24.0 m from 126 m, including a high-grade interval of 9.08 g/t Au over 10.0 m from 132 m.
KBRC360 intersected 1.58 g/t Au over 52.0 m from 75 m, including a higher-grade interval of 3.04 g/t Au over 16.0 m from 96 m. The hole ended in mineralization, encountering a second structure with 0.62 g/t Au over 22.0 m from 155 m.
Drilling continues to intersect gold mineralization outside of the limits of the pit that currently constrains the Mineral Resource Estimate at Boin.
KBRC347B intersected 1.05 g/t Au over 38.0 m from 134 m.
KBRC362 intersected 0.66 g/t Au over 52.0 m from 158 m, ending in mineralization.
Luke Alexander, President and CEO of Newcore stated, "The results from the drill program underway at Enchi continue to highlight the strong continuity of mineralization as well as the potential for resource growth. Not only do we continue to encounter wide zones of gold mineralization, but we continue to encounter higher-grade zones of gold mineralization above the average grade of the deposit, and notably we continue to intersect mineralization below the limits of the pit that constrains the current Mineral Resource Estimate at Boin. These additional shallow high-grade intercepts continue to highlight the opportunity for meaningful resource growth at depth. With most drilling to date at Enchi only completed to an average vertical depth of 100 metres, we believe we have only just begun to define the potential of the Project when compared to other multi-million-ounce gold mines, including Asante's Chirano and Bibiani mines as well as Newmont's Ahafo mine, which are located along the Sefwi-Bibiani belt. We look forward to continuing to highlight the growth and size potential of our district scale Enchi Gold Project as we advance the Project towards a mineral resource update and Pre-Feasibility Study in H1 2026."
This release reports results for 11 RC holes totalling 2,042 m (KBRC347B, KBRC357 to KBRC366) targeting the Boin Gold Deposit, with all holes intersecting gold mineralization. A total of 19,634 m in 153 holes have been reported as part of the ongoing 2024 - 2025 drill program at Enchi.
Select assay results from the 11 holes of the drill program reported in this release are below:
Table 1 - Enchi Gold Project Drill Highlights
Hole ID
Zone/Deposit
From (m)
To (m)
Length (m)
Au (g/t)
KBRC357
Boin
126.0
150.0
24.0
4.41
including
132.0
142.0
10.0
9.08
KBRC360
Boin
75.0
127.0
52.0
1.58
including
96.0
112.0
16.0
3.04
KBRC347B
Boin
134.0
172.0
38.0
1.05
KBRC362
Boin
158.0
210.0
52.0
0.66
KBRC359
Boin
110.0
144.0
34.0
0.87
Notes: 1. See detailed table for complete results; 2. Intervals reported are hole lengths with true width estimated to be 75 - 85%; and 3. Length-weighted averages from uncut assays.
A plan map showing the drill hole locations can be viewed at:https://newcoregold.com/site/assets/files/5915/2025_05_20-ncau-nr-enchi-plan-map-boin.pdf
Cross sections showing drill results and highlights for holes KBRC357, KBRC359 and KBRC360 can be viewed at:https://newcoregold.com/site/assets/files/5915/2025_05_20-ncau-crosssections-boin.pdf
A complete list of the drill results in this release, including hole details, can be viewed at:https://newcoregold.com/site/assets/files/5915/2025_05_20-ncau-enchi-2024-2025-drill-results.pdf
Drilling at the Boin Gold Deposit
KBRC347B and KBRC357 to KBRC366 (11 RC holes totalling 2,042 m) were completed at Boin, targeting the north-central and central portions of the deposit. Drilling targeted near-surface oxidized, transition as well as shallow sulphide mineralization with a goal of infill drilling for resource conversion to improve the confidence level as well as grow the existing Mineral Resource Estimate. RC drilling at Boin consisted of 50-metre spaced sections with drill holes spaced every 25 metres along the sections. The holes reported in this news release are distributed across 3 separate sections spanning 200 metres of strike length in the north-central area of Boin and 5 separate sections spanning 1.3 kilometres of strike length in the central area of Boin.
5 RC holes totalling 929 m (KBRC357 to KBRC361) were drilled on the north-central portion of the structure at Boin. KBRC357 intersected 4.41 g/t Au over 24.0 m from 126 m within the upper sulphide mineralization, including a higher-grade interval in the central portion of the structure of 9.08 g/t Au over 10.0 m from 132 m. KBRC357 also intersected a second interval of 1.07 g/t Au over 8.0 m from 113 m within the transition and upper sulphide horizon. Hole KBRC360, drilled 200 metres north of KBRC357, intersected 1.58 g/t Au over 52.0 m from 75 m, including a higher-grade interval of 3.04 g/t Au over 16.0 m from 96 m within the transitional mineralization. Within this hole, a second structure was encountered within the sulphide mineralization of 0.62 g/t Au over 22.0 m from 155 m, with KBRC360 ending in mineralization and the majority of this second interval encountered below the limits of the pit that constrains the current Mineral Resource Estimate at Boin. Additional drilling in the north-central area of Boin encountered wide zones of gold mineralization with above average grade gold mineralization, including KBRC359, drilled 25 metres to the east of KBRC360 on the same section, with 0.87 g/t gold over 34.0 m from 110 m intersected within the transitional and upper sulphide horizon. KBRC361, drilled 150 metres to the east of KBRC359 and directed back toward the west, intersected multiple zones within the sulphide mineralization including 2.13 g/t Au over 13.0 m from 157 m.
6 RC holes totalling 1,113 m (KBRC347B, KBRC362 to KBRC366) were drilled on the central portion of the structure at Boin, approximately one kilometre to the south of the north-central area. KBRC347B intersected 1.05 g/t Au over 38.0 m from 134 m within the sulphide horizon, with a second interval of 0.58 g/t over 17.0 m from 42 m in the near surface oxide mineralization. KBRC366, drilled 50 m to the east on the same section as KBRC347B, intersected a higher-grade zone in the sulphides with 2.01 g/t Au over 11.0 m from 192 m. KBRC362, drilled 300 m to the south of KBRC347B, intersected 0.66 g/t Au over 52.0 m from 158 m in the sulphide horizon, with the hole ending in mineralization and the entirety of this interval occurring below the limits of the pit that constrains the current Mineral Resource Estimate at Boin.
This drilling continues to confirm continuity along strike and down dip for the principal structures which comprise the Boin Gold Deposit. The width and gold grades within these drill results are consistent with prior wider-spaced drilling completed at Boin. The Company anticipates that these results, along with drill results previously released from the 2024 - 2025 drill program, should improve the confidence level of the existing Mineral Resource Estimate. This recent drilling was drilled in areas where the previous pit constrained Mineral Resource Estimate was classified as Inferred. The results of this recent drilling should allow for conversion of a substantial portion of mineralization within these areas to the Indicated category.
2024 - 2025 Enchi Work Program
A 35,000-metre drill program is underway at Enchi, targeting near-surface oxide and shallow sulphide mineralization with a primary goal of infill drilling for resource conversion to improve the confidence level of the existing Mineral Resource Estimate. Most of the infill drilling is allocated to the two largest deposits at Enchi, Boin and Sewum. Improving the confidence level of the Mineral Resource Estimate at Enchi is a key component of the development work required to be completed in advance of commissioning a Pre-Feasibility Study for the Project. A subset of the drill program will also focus on outlining resource growth, with all deposit areas and pre-resource targets at Enchi remaining open along strike and at depth, providing for future resource growth across the district-scale property.
Additional exploration and development work is on-going at Enchi, including metallurgical testwork, trenching, hydrogeological testing, geotechnical work, environmental work and soil sampling. Drone topographic surveys have been completed, expanding on previously completed work, at the Kwakyekrom and Tokosea deposit areas to provide detailed topographic information required to improve the confidence level of each deposit's Mineral Resource Estimate. Additionally, the drone survey was completed across the proposed heap leach facility area to contribute additional data for future detailed engineering studies. An airborne magnetic survey tested grass roots targets related to a series of gold-in-soil anomalies and gold mineralization identified in trenching. Soil sampling is also currently being completed on the Omanpe and Abotia licenses with a goal of further defining early-stage targets across Enchi for future trenching and drilling.
Boin Gold Zone
Boin is one of the five deposits which comprise the Mineral Resource Estimate at Enchi (Boin has an Indicated Mineral Resource of 13.0 million tonnes grading 0.62 g/t Au containing 258,200 ounces and Inferred Mineral Resource of 15.9 million tonnes grading 0.68 g/t Au containing 349,600 ounces). Boin is located 10 kilometres south of the town of Enchi, with nearby roads and power and further access provided by a series of drill roads. Boin is outlined on surface by a greater than six-kilometre-long by up to one-kilometre-wide gold in soil anomaly. An airborne geophysical anomaly coincident with the Boin structure extends for a further kilometre north and three kilometres south beyond the limits of current drilling. To date, approximately 40% of the gold-in-soil anomaly at Boin is untested by drilling, with the average vertical depth of all holes drilled to date at Boin only down to 100 metres.
Drill Hole Locations
Table 2 - Enchi Gold Project Drill Hole Location Details
Hole ID
UTM East
UTM North
Elevation
Azimuth °
Dip °
Length (m)
KBRC347B
519323
634242
118
114
-65
180
KBRC357
519546
634737
145
114
-55
168
KBRC358
519586
634795
158
114
-60
186
KBRC359
519612
634809
148
114
-60
148
KBRC360
519588
634823
145
114
-60
177
KBRC361
519726
634714
117
294
-55
250
KBRC362
519197
634054
133
114
-55
210
KBRC363
519205
634182
115
114
-60
210
KBRC364
519223
634082
125
114
-60
174
KBRC365
518844
633393
139
114
-60
84
KBRC366
519241
634342
130
114
-60
255
Enchi Gold Project Mineral Resource Estimate
The Enchi Gold Project hosts an Indicated Mineral Resource of 41.7 million tonnes grading 0.55 g/t Au containing 743,500 ounces gold and an Inferred Mineral Resource of 46.6 million tonnes grading 0.65 g/t Au containing 972,000 ounces. Mineral resource estimation practices are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (November 29, 2019) and follow CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), that are incorporated by reference into National Instrument 43-101 ("NI 43-101"). The Mineral Resource Estimate is from the technical report titled "NI 43-101 Technical Report, Preliminary Economic Assessment on the Enchi Gold Project" dated June 7, 2024, with an effective date of April 24, 2024, prepared for Newcore by Preetham Nayak, P.Eng., Ryda Peung, P.Eng., and Zunedbhai Shaikh, P.Eng., of Lycopodium Minerals Canada Ltd.; Kerrine Azougarh, P.Eng., of Micon International Limited; and Simon Meadows Smith, P.Eng. / P.Geo., of SEMS Exploration in accordance with NI 43-101, and is available under the Company's profile on SEDAR+ at www.sedarplus.ca. Simon Meadows Smith is an independent qualified person ("QP") as defined by NI 43-101.
Newcore Gold Best Practice
Newcore is committed to best practice standards for all exploration, sampling and drilling activities. Drilling was completed by an independent drilling firm using industry standard RC and Diamond Drill equipment. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Intertek Labs located in Tarkwa, Ghana for 50 gram gold fire assay.
Qualified Person
Mr. Gregory Smith, P. Geo, Vice President of Exploration at Newcore, is a Qualified Person as defined by NI 43-101, and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein and has conducted appropriate verification on the underlying data including confirmation of the drillhole data files against the original drillhole logs and assay certificates.
About Newcore Gold Ltd.
Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa's largest gold producer (1). Newcore Gold offers investors a unique combination of top-tier leadership, who are aligned with shareholders through their 15% equity ownership, and prime district scale exploration opportunities. Enchi's 248 km2 land package covers 40 kilometres of Ghana's prolific Bibiani Shear Zone, a gold belt which hosts several multi-million-ounce gold deposits, including the Chirano mine 50 kilometres to the north. Newcore's vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders.(1) Source: Production volumes for 2023 as sourced from the World Gold Council.
On Behalf of the Board of Directors of Newcore Gold Ltd.
Luke AlexanderPresident, CEO & Director
For further information, please contact:
Mal Karwowska | Vice President, Corporate Development and Investor Relations+1 604 484 4399info@newcoregold.com www.newcoregold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This news release includes statements that contain "forward-looking information" within the meaning of the applicable Canadian securities legislation ("forward-looking statements"). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: statements about the estimation of mineral resources; results of preliminary economic assessments; completion of a pre-feasibility study; results of metallurgical testwork; results of our ongoing drill campaign; results of drilling, magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; and future exploration prospects.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. The assumptions underlying the forward-looking statements are based on information currently available to Newcore. Although the forward-looking statements contained in this news release are based upon what management of Newcore believes, or believed at the time, to be reasonable assumptions, Newcore cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking information also involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of Newcore's business; Newcore's formative stage of development; Newcore's financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold and other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, unusual or unexpected geological formations); the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
Forward-looking statements contained herein are made as of the date of this news release and Newcore disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
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ST. JOHN'S, Newfoundland and Labrador--(BUSINESS WIRE)-- Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) ('Altius' or the 'Corporation') reports its Q2 2025 revenue of $9.8 million compared to $19.5 million in Q2 2024. Attributable royalty revenue (1) of $12.7 million ($0.27 per share (1)) compares to $20.4 million ($0.44 per share) reported in Q2 2024. The current quarter reflects lower attributable potash volumes and lower dividends from iron ore partially offset by higher base metal prices. Revenue in Q2 2024 included additional investment income of $3.6 million related to settlement of a loan receivable. Operating Royalty Portfolio Performance Quarterly Highlights & Subsequent Events Lundin Mining Corporation ('Lundin') continues to delineate its Saúva copper-gold deposit discovery, located 15 kilometers north of the Chapada Mine on lands encompassed by our copper stream interest. Lundin recently provided an update with respect to preliminary plans to incorporate higher grade Saúva ore into its current mining and milling operations at Chapada, while indicating that this could result in an approximately 50% increase in annual copper production. Permitting and technical work is ongoing to further define the project and a pre-feasibility study is anticipated to be completed by the end of this year. Both operators of Altius's potash royalty mines have reported strong first half sales and indicated expectations for record global potash demand in 2025 in addition to firmer pricing while noting reported production constraints as well as significant development project delays by several competing producers. On April 23, 2025 Silvercorp Metals Inc. ("Silvercorp") updated its construction progress and budget for the development of the Curipamba copper-zinc-gold-silver project citing an estimated capital cost of $240.5 million while noting that it is targeting production by the end of 2026. Altius holds a 2% NSR royalty relating to the project. On July 23, the Corporation announced that Altius Royalty Corporation ('ARC'), a wholly-owned subsidiary of Altius, completed the sale of a 1% NSR royalty covering the Silicon and Merlin gold deposit discoveries in Nevada ('1% Silicon Royalty') to a wholly owned subsidiary of Franco-Nevada Corporation ('Franco-Nevada') (TSX & NYSE: FNV), pursuant to a royalty purchase agreement entered into by ARC and Franco-Nevada (the 'Agreement'). ARC will continue to hold a remaining 0.5% NSR royalty interest in Silicon (recently renamed to the Arthur Gold Project by AngloGold Ashanti plc) as a long-term component of its diversified portfolio. The purchase price for the 1% Silicon Royalty interest is US$275 million (~C$ 375 million) comprised of US$250 million in upfront cash paid at closing and a further payment of US$25 million in cash payable upon the conclusion of an ongoing arbitration process (described earlier this year) confirming that the Silicon Royalty applies to (a) all claims designated by the parties as a 'Critical Area' and (b) at least 90% of the total claims (on an aggregate number of claims basis) comprising the list of properties specified in the Agreement. On July 9, 2025, Orogen Royalties Inc. ("Orogen") completed a plan of arrangement with Triple Flag Precious Metals Corp. ("Triple Flag") resulting in Triple Flag's acquisition of Orogen's 1.0% NSR royalty on the Expanded Silicon project in Nevada. Triple Flag acquired all the issued and outstanding common shares of Orogen for total consideration of approximately $421 million, or $2 per share. In exchange for Orogen shares, Altius received cash of $29,545,000, 1,147,710 Triple Flag shares (which were subsequently monetized for gross proceeds of $37 million) and 9,889,490 shares (16.7%) of a spin out company ('Orogen SpinCo') that will hold all of Orogen's assets and liabilities other than the 1.0% NSR royalty on the Expanded Silicon project. This resulted in total gross proceeds to Altius of approximately $81 million. Orogen SpinCo will continue to operate as Orogen Royalties and remains as a publicly listed company. Altius also continues to conduct exploration work in partnership with Orogen SpinCo in Nevada including targeting Silicon-like gold projects as well as copper projects. In July Champion Iron Limited ("Champion") announced that it has entered into a definitive framework agreement implementing the agreement signed in December 2024, with Nippon Steel Corporation ('Nippon') and Sojitz Corporation ('Sojitz') pursuant to which the two parties have agreed to initially contribute $245 million for an aggregate 49% interest in Kami Iron Mine Partnership (the "Partnership"), a new entity formed for the ownership and potential development of the Kami Project. Nippon also announced on May 30 its sanctioning of a US$6 billion investment to convert more of its traditional blast furnace steelmaking units in Japan to electric arc furnace based plants that will require high purity iron ore inputs of the type that Kami is being designed to produce. Altius originated the Kami project within its PG business and retains a 3% gross sales royalty interest. Adjusted EBITDA (1) of $7.5 million ($0.16 per share (1)) during Q2 2025 compares to $14.5 million ($0.31 per share) during Q2 2024. Q2 2025 adjusted operating cash flow (1) of $4.7 million ($0.10 per share (1)) compares to $8.3 million ($0.18 per share) in Q2 2024. The decrease reflects lower taxes paid offset by lower royalty revenue receipts as well as working capital changes. Net earnings of $5.5 million ($0.12 per share) for Q2 2025 compares to net earnings of $8.3 million ($0.18 per share) in Q2 2024. Net earnings for the current quarter reflects lower costs and expenses, amortization and interest offset by lower revenues. Adjusted net earnings per share (1) of $0.03 for Q2 2025 is lower than $0.09 per share for Q2 2024 and follows the trend of revenue. The main adjusting items are summarized in the below table and include a $1.9 million tax recovery relating to the recognition of certain tax losses. Liquidity and Capital Allocation Summary Cash and cash equivalents at June 30, 2025 were $11.1 million, compared to $15.9 million at the end of 2024. At June 30, 2025 the approximate market value of various public equity holdings included: $106 million for shares of Labrador Iron Ore Royalty Corp. $25 million for the value of the indirectly held interest in the shares of Lithium Royalty Corporation. $87 million for publicly traded shares held within the Project Generation equity portfolio, including $75.6 million in Orogen Royalties Inc. which subsequent to June 30 was acquired by Triple Flag. During the quarter the Corporation made scheduled debt repayments of $2.0 million, paid cash dividends of $3.8 million and issued 14,058 shares under the dividend reinvestment plan. The Corporation did not repurchase any shares under its normal course issuer bid. At June 30, 2025 the Corporation carried a balance of $93.3 million under its term debt facilities and $9.0 million under its revolving credit facility. Following the sale of the 1% Silicon royalty and the closing of the Triple Flag acquisition of Orogen the Corporation expects to have cash, after taxes and fees payable to financial and legal advisors, of approximately $360 million, with total liquidity increasing to $540 million. This includes $116 million available under the revolving credit facility as well as $62.5 million potentially available as an accordion feature, subject to certain criteria under the terms of its credit facility. Dividend Declaration The Corporation's board of directors has declared a quarterly dividend of $0.10 per share, which represents an increase of 11% over recent quarterly amounts, payable to all shareholders of record at the close of business on August 29, 2025. The dividend is expected to be paid on or about September 15, 2025. This dividend is eligible for payment in common shares under the Dividend Reinvestment Plan (DRIP) announced by press release May 20, 2020, and available to shareholders who are Canadian residents or residents of countries outside the United States. In order to be eligible to participate in respect of the September 15, 2025 dividend, non-registered shareholders must provide instruction to their brokerage and registered shareholders must provide completed enrollment forms to the transfer agent by August 22, 2025, five business days prior to record date. Stock market purchases made under the DRIP for the September 15, 2025 payment will be satisfied by issuance from treasury at the 5 day volume weighted average price ending at the close of trading the day before payment date. Shareholders who have already provided instruction to be enrolled previously will continue to be enrolled unless they direct otherwise. For more information, please see Altius Minerals Corporation Dividend Reinvestment Plan. Participation in the DRIP is optional and will not impact any cash dividends payable to shareholders who do not elect to participate in the DRIP. The declaration, timing and payment of future dividends will largely depend on the Corporation's financial results as well as other factors. Dividends paid by Altius on its common shares are eligible dividends for Canadian income tax purposes unless otherwise stated. Non-GAAP Financial Measures Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash flow and adjusted net earnings (loss). Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation's financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A. Second Quarter 2025 Financial Results Conference Call and Webcast Details Date: August 12, 2025 Time: 9:00 AM EDT Toll Free Dial-In Number: +1-800-717-1738 International Dial-In Number: +1-289-514-5100 Conference Call Title and ID: Altius Minerals Q2 2025 Financial Results, ID 06104 Webcast Link: Q2 2025 Financial Results About Altius Altius's strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius's commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 46,315,304 common shares issued and outstanding that are listed on Canada's Toronto Stock Exchange. It is included in each of the S&P/TSX Small Cap, the S&P/TSX Global Mining, and the S&P/TSX Canadian Dividend Aristocrats indices. Forward-looking information This news release contains forward-looking information. The statements are based on reasonable assumptions and expectations of management and Altius provides no assurance that actual events will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Altius believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. Altius does not undertake to update any forward-looking information contained herein except in accordance with securities regulations.
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Exchange Income Corporation Posts Record Second Quarter Financial Results and Increases Guidance by $35 Million to a Range of $725 million to $765 million
WINNIPEG, Manitoba--(BUSINESS WIRE)--Exchange Income Corporation (TSX: EIF) ('EIC' or the 'Corporation') a diversified, acquisition-oriented company focused on opportunities in the Aerospace & Aviation and Manufacturing segments, reported its financial results for the three and six-months ending June 30, 2025. All amounts are in Canadian currency. Q2 Financial Highlights Generated an all-time record quarter Revenue of $720 million, an increase of $59 million or 9%. Earned record second quarter Adjusted EBITDA of $177 million, representing growth of $20 million over the prior period or 13%. Free Cash Flow second quarter record of $123 million, an increase of $23 million or 23%, and record Free Cash Flow per share of $2.40 compared to the prior year of $2.13. Record second quarter Net Earnings of $40 million compared to the prior period of $33 million, an increase of 23%, and Net Earnings per share of $0.78 compared to the prior period of $0.69, an increase of 13%. Record second quarter Adjusted Net Earnings of $47 million compared to the prior year of $38 million or a 25% increase, and Adjusted Net Earnings per share of $0.92 compared to the prior period of $0.80, an increase of 15%. Trailing Twelve Month Free Cash Flow less Maintenance Capital Expenditures Payout Ratio 1 of 63% compared to the prior period of 61%. Subsequent to quarter end, announced the completion of the acquisition of Canadian North and a new ten-year Air Services Agreement for all of Nunavut, with an option for the parties to extend for a further five years. This represents the largest passenger contract in EIC's history. CEO Commentary 'The financial results of the second quarter once again proved the strength and soundness of our diversified business model. Quarterly records were achieved in the key financial metrics, of Revenue, Adjusted EBITDA, Free Cash Flow, Net Earnings and Adjusted Net Earnings. Perhaps the most significant result of our efforts in the second quarter actually occurred subsequent to quarter end, when we completed our previously announced acquisition of Canadian North effective July 1, 2025, and also announced a new long-term Air Services Agreement (the 'Agreement') with the Government of Nunavut for the entire Nunavut territory. This is a highly strategic acquisition and is largely asset backed by the aircraft and infrastructure assets of Canadian North. Northern Canada, and particularly the Canadian Arctic, is becoming increasingly important and strategic from both a sovereignty and economic development perspective and the addition of Canadian North to our existing portfolio of companies provides us with unmatched capabilities and infrastructure to advance those national goals both today and in the future. Many of the Canadian government's recently announced strategies revolve around increased activity in the North, from unlocking key minerals and resources needed to support the Canadian economy including transportation of those resources, to the defence spending required to ensure Canadian sovereignty over these assets and the Canadian government's commitment to meet the NATO defence spending target. EIC is uniquely able to partner with other companies and the government in the achievement of those goals. The long-term Air Services Agreement demonstrates our strong relationship with the Government of Nunavut as we understand the essential nature of aviation for Northern communities. We look forward to welcoming the Canadian North business into our family of aviation companies and we have already noted various wins by sharing best practices amongst our operators. Our Manufacturing segment continues to operate solidly, and the results posted demonstrate the resilience of our various businesses overall. While we were not materially impacted by the imposition of tariffs, the aluminum tariffs did result in period-over-period profitability declines in our Multi-Storey Window Solution's business line. The tariffs did not impact our other businesses directly; however we did note a reduction in business sentiment which was confirmed by various statistical reports from Canadian and US economists. Subsequent to quarter end, we have seen an increase in bookings as trade uncertainty started to abate. The vast majority of the products we produce are Canada United States Mexico Agreement compliant and therefore, based on current application of tariffs, we don't anticipate an impact from the most recent tariff increases, other than aluminum. Our Environmental Access Solutions business line experienced growth due to the acquisition of Spartan Mat, which continues to experience very strong demand for its composite mat products. We have made further progress on the building of a second plant as the management team is currently evaluating a number of potential locations to house the plant. Our Multi-Storey Windows Solution business line saw reductions in revenue due to production gaps and project delays however the operational efficiencies have started to be realized but were more than offset by the imposition of aluminum tariffs on aluminum extrusions imported into the United States. Our Precision Manufacturing & Engineering business line continues to see underlying strength in operations as evidenced by its revenue growth and increases in profitability. The collective results, coupled with the Canadian North transaction, provides us confidence in updating our Adjusted EBITDA guidance to $725 million to $765 million.' said Mike Pyle, CEO of EIC. 'EIC is well positioned for future growth as we continue to execute on our strategic initiatives. We will provide our 2026 guidance in November when releasing our third quarter results.' 'The acquisition of Canadian North and as important, the negotiation of the long-term Air Services Agreement with the Government of Nunavut, are key milestones on the continued execution of our strategy to acquire niche businesses and add to our portfolio of Northern aviation operators. The acquisition was largely supported by its asset backing across its aircraft and infrastructure, however the returns on capital, being Free Cash Flow less Maintenance Capital Expenditures, will be below our typical threshold in our first year of ownership. The return will grow steadily based on our operating scope, capability and knowledge to increase the efficiency of the airline. We expect to achieve our targeted returns on capital by the end of fiscal 2026. We believe that the North will be critical to Canada for economic development, defence and sovereignty reasons. Furthermore, the acquisition provides our other air operators with access to Canadian North's infrastructure and jet service which will allow us to provide greater offerings to our various communities and customers. Our relationship with the Government of Nunavut is very strong and we believe the Agreement and the acquisition will provide the opportunity for a mutually beneficial long-term economic partnership,' stated Adam Terwin, EIC's Chief Corporate Development Officer. 'Our pipeline of acquisition opportunities continues to be active with a number of targets in both operating segments; however, we remain disciplined in ensuring that we acquire companies with strong management teams and with sustainable, strategic business niches.' Review of Q2 Financial Results Consolidated revenue for the quarter was $720 million, which was an increase of $59 million or 9% over the prior period. Revenue in the Aerospace & Aviation segment grew over the prior period by $28 million or 7% to $455 million. Revenue in the Manufacturing segment increased by $31 million or 13% to $265 million. Adjusted EBITDA for the quarter was $177 million, which was an increase of $20 million or 13% compared to the second quarter of last year. The record financial metrics were achieved by continued growth in the operations of the Aerospace & Aviation segment coupled with solid growth in the Manufacturing segment. The tariffs implemented by the US administration during the quarter did not have a material impact on the Company as a whole, as expected, however did negatively impact the business line results for Multi-Storey Window Solutions due to US tariffs on aluminum in the short-term as we are taking steps to mitigate the impact through supply chain activities. Revenue generated by the Aerospace & Aviation segment increased by $28 million or 7% to $455 million and Adjusted EBITDA increased by $13 million or 10% to $148 million over the prior period. The significant drivers of the increased revenue and profitability relate to improved yields and expanded scope within the Essential Air Services' medevac operations and from the impact of active forest fires in our Northern communities, which resulted in increased passenger volumes and fire suppression activities for our rotary wing operations. Furthermore, leasing activity within the Aircraft Sales & Leasing business line has continued to experience improvements along with robust increases in parts demand partly offset by a reduction in lower margin large asset sales compared to the prior period. Such increases were offset by decreases in revenue and profitability in the Aerospace business line due to the wind down of high revenue, lower margin training programs prior to the start of new programs and the change in scope of a support contract from a performance-based contract to a time and materials arrangement. Manufacturing segment revenue increased by $31 million or 13% to $265 million for the quarter and Adjusted EBITDA increased by $9 million or 26% to $44 million. The increases in revenues and expansion in profitability were primarily driven by the acquisition of Spartan for which there was no comparative in the prior period partly offset by changes in product mix in the Environmental Access Solutions' Canadian market due to temporary softer short-term demand for wooden mat rentals as projects were deferred to subsequent periods. The Multi-Storey Window Solutions business line experienced a decrease in revenues and profitability, as expected, related to project deferrals and manufacturing gaps along with the impact of aluminum tariffs, which could not be mitigated in the short term due to supply chain requirements. The Precision Manufacturing & Engineering business line had solid growth in revenue and profitability associated with changes in product mix coupled with increases in volumes across many of the businesses. All of our businesses continue to see a significant number of inquiries and we see the conversion of bookings to firm orders continue although the pace of inquiries and booking softened during the quarter due to a reduction in business confidence from changes in foreign trade policy and the risk of tariffs. Subsequent to quarter end, we noted approximately $100 million of inquiries being converted into firm bookings within our Multi-Storey Window Solutions business line. EIC recorded Net Earnings of $40 million, or $0.78 per share, compared to $33 million, or $0.69 per share, in the second quarter of last year. Richard Wowryk, EIC's CFO also noted, 'Our balance sheet continues to be very strong, and our total leverage ratio remains near historical lows and well within our target. During the quarter, we anticipate utilizing the Social Loan to fund the acquisition of five King Air 360 aircraft for the BC Medevac contract and we anticipate being able to utilize the pre-existing aircraft in other parts of our business including the Newfoundland & Labrador medevac fixed wing services contract. As we had previously noted those organic investment initiatives do require some time to impact our financial results, however, as anticipated, we have started to see the fruits of our previous investments impacting our bottom line and per share metrics. We continue to have significant liquidity to deploy for further accretive organic growth initiatives or acquisitions. Our business model has remained remarkably stable, even during these times of geopolitical and trade unrest. This is a testament to our long-term view of our investment philosophy. Whilst the tariffs did have some direct impact on Multi-Storey Window Solutions, the overall impact on the consolidated financial results was not material and our management teams stand ready to react to any changes to the tariffs. In fact, we do see the groundswell in national unity and 'Buy Canada' mentality has provided further tailwinds for several of our business lines. We are proud of our record financial results taking into account the events and circumstances encountered over the past number of months.' Outlook Mr. Pyle concluded by saying, 'Our second quarter results continued to demonstrate the dependability and robustness of our business model as we reported record second quarter results on virtually all of our key metrics. We were very excited to announce the completion of the Canadian North acquisition and long-term Air Services Agreement with the Government of Nunavut subsequent to quarter end. These announcements coupled with the longer-term North American trends provides us with a very strong viewpoint for the future of EIC, as a collective group of companies. We are well positioned, with our advanced aerospace solutions, Arctic aviation capabilities, Northern infrastructure, in-country defence manufacturing and partnerships with Indigenous communities and businesses to execute on Government of Canada critical initiatives for the North. We have updated our 2025 fiscal year guidance, with the completion of the Canadian North acquisition, and expect an Adjusted EBITDA range of $725 million to $765 million, which is an increase of $35 million from our previously issued guidance. We will provide our 2026 guidance with our third quarter reporting in November 2025; however we are very bullish about the long-term prospects of EIC as our exposures to secular trends provides very favorable prospects for our various business lines. Our twenty-year track record provides evidence of the success of our business strategy, gives insight into how we will continue to grow and evolve into the future, and provides confidence that we will continue to execute on that strategy, including making investment decisions for the long-term that will continue to drive our strong and reliable results.' EIC's complete interim financial statements and management's discussion and analysis for the three and six months ending June 30, 2025 can be found at or at Conference Call Notice Management will hold a conference call to discuss its 2025 second quarter financial results on Tuesday, August 12, 2025, at 8:30am ET. All interested parties can join the conference call by dialing 1-800-717-1738 or 1-289-514-5100 (International). Please dial in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until August 19, 2025 at midnight. To access the archived conference call, please dial 1-888-660-6264 or 1-289-819-1325 (International) and enter the encore code 07197#. A live audio webcast of the conference call will be available at Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 90 days. About Exchange Income Corporation Exchange Income Corporation is a diversified acquisition-oriented company, focused in two segments: Aerospace & Aviation and Manufacturing. The Corporation uses a disciplined acquisition strategy to identify already profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth. For more information on the Corporation, please visit Additional information relating to the Corporation, including all public filings, is available on SEDAR+ ( Caution concerning forward-looking statements The statements contained in this news release that are forward-looking are based on current expectations and are subject to a number of uncertainties and risks, and actual results may differ materially. Many of these forward-looking statements may be identified by looking for words such as 'believes', 'expects', 'will', 'may', 'intends', 'projects', 'anticipates', 'plans', 'estimates', 'continues' and similar words or the negative thereof. These uncertainties and risks include, but are not limited to, external risks, operational risks, financial risks and human capital risks. External risks include, but are not limited to, risks associated with economic and geopolitical conditions, competition, government funding for Indigenous health care, access to capital, market trends and innovation, general uninsured loss, climate, acts of terrorism, armed conflict, labour and/or social unrest, pandemic, level and timing of government spending, government-funded programs and environmental, social and governance. Operational risks include, but are not limited to, significant contracts and customers, operational performance and growth, laws, regulations and standards, acquisitions (including receiving any requisite regulatory approvals thereof), concentration and diversification, maintenance costs, access to parts and relationships with key suppliers, casualty losses, environmental liability, dependence on information systems and technology, cybersecurity, international operations, fluctuations in sales prices of aviation related assets, fluctuations in purchase prices of aviation related assets, warranty, performance guarantees, global offset and intellectual property risks. Financial risks include, but are not limited to, availability of future financing, income tax matters, commodity risk, foreign exchange, interest rates, credit facility and the trust indentures, dividends, unpredictability and volatility of securities pricing, dilution and other credit risk. Human capital risks include, but are not limited to, reliance on key personnel, employees and labour relations and conflicts of interest. Except as required by Canadian Securities Law, Exchange Income Corporation does not undertake to update any forward-looking statements; such statements speak only as of the date made. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by Exchange Income Corporation with the securities regulatory authorities, available at Appendix A Adjusted EBITDA, Adjusted Net Earnings, Free Cash Flow, and Maintenance and Growth Capital Expenditures are not recognized measures under IFRS and are, therefore, defined below. Adjusted EBITDA: is defined as earnings before interest, income taxes, depreciation, amortization, other non-cash items such as gains or losses recognized on the fair value of contingent consideration items, asset impairment, and restructuring costs, and any unusual non-operating one-time items such as acquisition costs. It is used by management to assess its consolidated results and the results of its operating segments. Adjusted EBITDA is a performance measure utilized by many investors to analyze the cash available for distribution from operations before allowance for debt service, capital expenditures, and income taxes. The most comparable IFRS measure, presented in the Corporation's Statements of Income as an additional IFRS measure, is Operating profit before Depreciation, Amortization, Finance Costs, and Other. Adjusted Net Earnings: is defined as Net Earnings adjusted for acquisition costs, amortization of intangible assets, interest accretion on acquisition contingent consideration, accelerated interest accretion on convertible debentures, and non-recurring items. Adjusted Net Earnings is a performance measure, along with Free Cash Flow less Maintenance Capital Expenditures, which the Corporation uses to assess cash flow available for distribution to shareholders. The most comparable IFRS measure is Net Earnings. Interest accretion on contingent consideration is recorded in the period subsequent to an acquisition after the expected payment to the vendors is discounted. The value recorded on acquisition is accreted to the expected payment over the earn out period. Accelerated interest accretion on convertible debentures reflects the additional interest accretion recorded in a period that, but for the action to early redeem the debenture series, would have been recorded over the remaining term to maturity. This interest reflects the difference in the book value of the convertible debentures and the par value outstanding. The Corporation presents an Adjusted Net Earnings payout ratio, which is calculated by dividing dividends declared during a period, as presented in the Corporation's Financial Statements and Notes, by Adjusted Net Earnings, as defined above. The Corporation uses this metric to assess cash flow available for distribution to shareholders. Six Months Ended June 30, 2025 2024 Net Earnings $ 47,217 $ 37,176 Acquisition costs (net of tax $341 and $700) 1 5,063 1,849 Amortization of intangible assets (net of tax $3,249 and $2,960) 9,011 8,211 Interest accretion on acquisition contingent consideration (net of tax $25 and nil) 70 - Accelerated interest accretion on redeemed debentures (net of tax of $33 and nil) 90 - Adjusted Net Earnings $ 61,451 $ 47,236 Expand Note 1) The tax deductibility of Acquisition Costs is dependent on the nature of the expense and the jurisdiction in which they are incurred. Free Cash Flow: is equal to cash flow from operating activities as defined by IFRS, adjusted for changes in non-cash working capital, acquisition costs, principal payments on right of use lease liabilities, and any non-recurring items, such as restructuring costs. Free Cash Flow is a performance measure used by management and investors to analyze the cash generated from operations before the seasonal impact of changes in working capital items or other unusual items. The most comparable IFRS measure is Cash Flow from Operating Activities. Adjustments made to Cash Flow from Operating Activities in the calculation of Free Cash Flow include other IFRS measures, including adjusting the impact of changes in working capital and deducting principal payments on right of use lease liabilities. The Corporation presents Free Cash Flow per share, which is calculated by dividing Free Cash Flow, as defined above, by the weighted average number of shares outstanding during the period, as presented in the Corporation's Financial Statements and Notes. Six Months Ended June 30, 2025 2024 Cash flows from operations $ 182,130 $ 91,506 Change in non-cash working capital 39,573 87,576 Acquisition costs (net of tax $341 and $700) 1 5,063 1,849 Principal payments on right of use lease liabilities (21,858) (18,498) $ 204,908 $ 162,433 Expand Note 1) The tax deductibility of Acquisition Costs is dependent on the nature of the expense and the jurisdiction in which they are incurred. Free Cash Flow less Maintenance Capital Expenditures: is equal to Free Cash Flow, as defined above, less Maintenance Capital Expenditures, as defined below. The Corporation presents Free Cash Flow less Maintenance Capital Expenditures per share, which is calculated by dividing Free Cash Flow less Maintenance Capital Expenditures, as defined above, by the weighted average number of shares outstanding during the period, as presented in the Corporation's Financial Statements and Notes. The Corporation presents a Free Cash Flow less Maintenance Capital Expenditures payout ratio, which is calculated by dividing dividends declared during a period, as presented in the Corporation's Financial Statements and Notes, by Free Cash Flow less Maintenance Capital Expenditures, as defined above. The Corporation uses this metric to assess cash flow available for distribution to shareholders. Maintenance and Growth Capital Expenditures: Maintenance Capital Expenditures is defined as the capital expenditures made by the Corporation to maintain the operations of the Corporation at its current level. For fiscal 2025, Maintenance Capital Expenditures within the Corporation's Aircraft Sales & Leasing business line reflects a more conservative charge based on the utilization of the assets within the aircraft and engine lease portfolio which will result in much less volatility then the prior determination of Maintenance Capital Expenditures which was based on incurred cash outlays to maintain the aircraft and engine lease portfolio. Maintenance Capital Expenditures within the Environmental Access Solutions business line reflects the depreciation of the mats and bridges as well as the maintenance or replacement of equipment. Other capital expenditures are classified as Growth Capital Expenditures as they will generate new cash flows and are not considered by management in determining the cash flows required to sustain the current operations of the Corporation. While there is no comparable IFRS measure for Maintenance Capital Expenditures or Growth Capital Expenditures, the total of Maintenance Capital Expenditures and Growth Capital Expenditures is equivalent to the total of capital asset and intangible asset purchases, net of disposals, on the Statement of Cash Flows. Six Months Ended June 30, 2025 CAPITAL EXPENDITURES Aerospace & Aviation Manufacturing Head Office Total Maintenance Capital Expenditures $ 107,287 $ 14,308 $ 326 $ 121,921 Growth Capital Expenditures 64,143 (3,482) - 60,661 Total Net Capital Additions and Intangible Asset purchases, per Statement of Cash Flows $ 171,430 $ 10,826 $ 326 $ 182,582 Six Months Ended June 30, 2024 CAPITAL EXPENDITURES Aerospace & Aviation Manufacturing Head Office Total Maintenance Capital Expenditures $ 75,398 $ 11,840 $ 281 $ 87,519 Growth Capital Expenditures 83,690 425 10 84,125 Total Net Capital Additions and Intangible Asset purchases, per Statement of Cash Flows $ 159,088 $ 12,265 $ 291 $ 171,644 Expand Investors are cautioned that Adjusted EBITDA, Adjusted Net Earnings, Free Cash Flow, and Maintenance Capital Expenditures and Growth Capital Expenditures should not be viewed as an alternative to measures that are recognized under IFRS such as Net Earnings or cash from operating activities. The Corporation's method of calculating Adjusted EBITDA, Adjusted Net Earnings, Free Cash Flow, and Maintenance Capital Expenditures and Growth Capital Expenditures may differ from that of other entities and therefore may not be comparable to measures utilized by them. For additional information on the Corporation's Non-IFRS measures, refer to Section – Dividends and Payout Ratios and Section – Non-IFRS Financial Measures and Glossary of the Corporation's MD&A, which is available on SEDAR+ at 1 Adjusted EBITDA, Adjusted Net Earnings, Free Cash Flow, Free Cash Flow less Maintenance Capital Expenditures, Maintenance and Growth Capital Expenditures, and the corresponding per share amounts and payout ratios are Non-IFRS measures. See Appendix A for more information.
