Primaris REIT Provides HBC Exposure Update
TORONTO, March 10, 2025--(BUSINESS WIRE)--Primaris Real Estate Investment Trust ("Primaris" or the "Trust") (TSX: PMZ.UN) announces today its exposure to the Hudson's Bay Company ULC, the retailer Hudson's Bay and TheBay.com ("HBC"), in response to HBC's March 7, 2025, press release stating that it has commenced proceedings under the Companies' Creditors Arrangement Act.
Primaris has been preparing for this announcement for an extended period of time.
HBC Exposure
As at March 10, 2025, Primaris REIT's exposure to HBC is as follows:
10 HBC locations totaling 1,124,000 square feet of gross leasable area ("GLA");
12th largest tenant by annualized minimum rent;
Approximately $11.6 million total gross rental revenue, per annum;
$10.33 weighted average gross rent per occupied square foot;
Approximately $4.6 million net rental revenue per annum, or 1.4% of total annualized minimum rent;
$4.14 weighted average net rent per occupied square foot;
February rent was received for all locations excluding two centres; and
In addition to the 10 HBC locations in Primaris' portfolio, there is a shadow-anchor HBC located at Devonshire Mall in Windsor, Ontario which is owned by an unrelated HBC joint venture.
"Primaris REIT has been preparing for this day for a very, very long time, in fact years. We have learned so much over the past 10+ years with the departure of Zellers, Target, Sears, and now potentially HBC," said Patrick Sullivan, President and Chief Operating Officer. "Although there could be an impact to our financial and operating metrics in the short term, Primaris has detailed plans for all 10 locations, and is ready to take action if and when any locations are disclaimed."
The below table lists Primaris' properties with HBC tenancies.
As at March 10, 2025
(in '000s square feet, unless otherwise indicated)
(unaudited)
Property Ownership at Share
Property GLA
at Share
HBC GLA
at Share
Cataraqui Town Centre
945 Gardiners Rd, Kingston, ON
50 %
286.2
56.5
Conestoga Mall
550 King St N,
Waterloo, ON
100 %
666.1
130.6
Les Galeries de la Capitale
5401 Bd des Galeries, Québec, QC
100 %
987.5
163.3
Medicine Hat Mall
3292 Dunmore Road SE,
Medicine Hat, AB
100 %
467.5
93.2
Orchard Park Shopping Centre
2271 Harvey Avenue, Kelowna, BC
100 %
651.1
127.3
Oshawa Centre
419 King St W,
Oshawa, ON
100 %
1,215.2
122.6
Place d'Orleans Shopping Centre
110 Place d'Orleans Drive, Orleans, ON
50 %
350.1
57.8
Southgate Centre
5015 111 St NW, Edmonton, AB
50 %
425.4
118.3
St Albert Centre
375 St. Albert Trail,
St. Albert, AB
100 %
352.8
93.3
Sunridge Mall
2525 36th Street NE, Calgary, AB
100 %
803.7
161.3
10 locations
6,205.6
1,124.2
The below table illustrates the weighted average net rent and occupied GLA for Commercial Retail Unit ("CRU") and large format tenants for Primaris' portfolio at December 31, 2024. HBC's weighted average net rent per occupied square foot for the 10 locations is $4.14.
As at December 31, 2024
(per occupied square foot unless otherwise indicated) (unaudited)
Weighted Average
Net Rent1
Occupied GLA
('000s of square feet)
GLA Proportions
CRU tenants
$
43.26
5,204
42
%
Large format tenants
$
14.37
7,363
59
%
$
25.28
12,567
100
%
1 Supplementary financial measure, see Section 1, "Basis of Presentation" - "Use of Operating Metrics" of the December 31, 2024 Management's Discussion and Analysis.
The Primaris portfolio includes over 2,700 stores, of which there are approximately 35 co-tenancy clauses that name HBC. Co-tenancy clauses are provisions commonly found in commercial real estate leases that stipulate certain conditions under which a tenant's rent or other obligations may be reduced or modified. These clauses typically come into effect when specific anchor tenants, such as HBC, or a certain percentage of tenants within a shopping centre or retail complex cease operations or vacate their premises. These clauses may not be triggered simply by HBC closing. The purpose of a co-tenancy clauses is to protect tenants from potential loss of business and foot traffic due to the absence of prominent anchor tenants. Over the past number of decades, reference to anchor requirements and named tenants have been removed from tenants' leases due to the changing enclosed mall merchandise mix and the reliance on anchor tenants for foot traffic.
About Primaris Real Estate Investment Trust
Primaris is Canada's only enclosed shopping centre focused REIT, with ownership interests primarily in leading enclosed shopping centres located in growing Canadian markets. The portfolio totals 15.0 million square feet, valued at approximately $4.6 billion at Primaris' share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.
Forward-Looking Statements
Certain statements included in this news release constitute ''forward-looking information'' or "forward-looking statements" within the meaning of applicable securities laws. The words "will", "expects", "plans", "estimates", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this news release include but are not limited to statements regarding: Primaris' future results, performance, prospects and opportunities, including with respect to the impact of the closure of any Hudson Bay Company locations in the portfolio, the Trust's strategy and plans and the Trust's portfolio quality. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on estimates and assumptions that are inherently subject to risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results, performance or achievements of Primaris may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in the Trust's management's discussion and analysis for the three months and years ended December 31, 2024 and 2023 ("MD&A") which is available on SEDAR+, and in Primaris' other materials filed with the Canadian securities regulatory authorities from time to time. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Primaris undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
Non-GAAP Measures
The Trust's financial statements are prepared in accordance with IFRS accounting standards as issued by the IASB, however, in this news release, Primaris also uses a number of measures which do not have a standardized meaning prescribed under generally accepted accounting principles ("GAAP") in accordance with IFRS. These non-GAAP measures, which are denoted in this news release by the suffix "**" include non-GAAP financial measures and non-GAAP ratios, each as defined in National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure ("NI 52-112"). None of these non-GAAP measures should be construed as an alternative to financial measures calculated in accordance with GAAP. Furthermore, these non-GAAP measures may not be comparable to similar measures presented by other real estate entities and should not be construed as an alternative to financial measures determined in accordance with IFRS. Additional information regarding these non-GAAP measures, including definitions, an explanation of management's reasons as to why it believe the measure is useful to investor can be found in the section entitled :Non-GAAP Measures" in the MD&A. Reconciliations to the most directly comparable GAAP figure, where applicable, can be found in the Trust's MD&A, which is available on the Trust's profile on SEDAR+ at www.sedarplus.ca.
Use of Operating Metrics
Primaris uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this news release include, amount others, in-place occupancy, weighted average gross rent per occupied square foot and weighted average net rent per occupied square foot. These operating metrics, which may constitute supplementary financial measures as defined in NI 52-112, are not derived from directly comparable measures contained in the Trust's financial statements but may be used by management and disclosed on a periodic basis to depict the historical or future expected operating performance of the Trust' portfolio. Weighted average gross rent per occupied square foot is defined as total annual gross rent divided by occupied GLA.
Primaris also uses certain nonfinancial operating metrics to describe its portfolio and portfolio operation performance. Non-financial operation metrics in this news release include, among others, gross leasable area ("GLA") and weighted average lease term. For greater certainty, the portfolio operating metrics in this news release include only the Trust's proportionate ownership of the 8 properties held in co-ownerships.
For more information: TSX: PMZ.UN www.primarisreit.com www.sedarplus.ca
View source version on businesswire.com: https://www.businesswire.com/news/home/20250310598460/en/
Contacts
Alex AveryChief Executive Officer416-642-7837aavery@primarisreit.com
Rags DavloorChief Financial Officer416-645-3716rdavloor@primarisreit.com
Claire MahaneyVP, Investor Relations & ESG647-949-3093cmahaney@primarisreit.com
Timothy PireChair of the Boardchair@primarisreit.com

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Sandstorm plans to grow and diversify its low-cost production profile through the acquisition of additional gold royalties. For more information visit: CAUTIONARY STATEMENTS TO U.S. SECURITYHOLDERS The financial information included or incorporated by reference in this press release or the documents referenced herein has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which differs from US generally accepted accounting principles ("US GAAP") in certain material respects, and thus are not directly comparable to financial statements prepared in accordance with US GAAP. This press release and the documents incorporated by reference herein, as applicable, have been prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current standards of the United States securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources,", "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced herein and the documents incorporated by reference herein, as applicable, are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). For United States reporting purposes, the United States Securities and Exchange Commission (the "SEC") has adopted amendments to its disclosure rules (the "SEC Modernization Rules") to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act, which became effective February 25, 2019. The SEC Modernization Rules more closely align the SEC's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7. Issuers were required to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2021. 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In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding CIM Definition Standards that are required under NI 43-101. While the SEC will now recognize "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", U.S. investors should not assume that all or any part of the mineralization in these categories will be converted into a higher category of mineral resources or into mineral reserves without further work and analysis. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. 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Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules or under the prior standards of SEC Industry Guide 7. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This press release contains "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Sandstorm Gold Royalties. Forward-looking statements include the future price of gold, silver, copper, iron ore and other metals, the estimation of mineral reserves and resources, realization of mineral reserve estimates, and the timing and amount of estimated future production. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", or similar terminology. Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm Gold Royalties to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm Gold Royalties will operate in the future, including the receipt of all required approvals, the price of gold and copper and anticipated costs. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will purchase gold, other commodities or receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the section entitled "Risks to Sandstorm" in the Company's annual report for the financial year ended December 31, 2024 and the section entitled "Risk Factors" contained in the Company's annual information form dated March 31, 2025 available at 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. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws. View original content to download multimedia: SOURCE Sandstorm Gold Ltd. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Awalé Announces Closing of Strategic Investment by Fortuna Mining
Toronto, Ontario--(Newsfile Corp. - June 11, 2025) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement with Fortuna Mining Corp. (TSX: FVI) (NYSE: FSM) ("Fortuna"), pursuant to a subscription agreement (the "Agreement") between the parties. Under the terms of the Agreement, Fortuna purchased 15,037,593 common shares of the Company (the "Shares") at a price of US$0.399 (C$0.55) per Share, for gross proceeds of US$6,000,000 (C$8,264,999) (the "Offering"). "Awalé is delighted to welcome Fortuna Mining as a strategic investor," commented Andrew Chubb, CEO of Awalé Resources. "As an established and successful operator with significant mining operations in Côte d'Ivoire, Fortuna's commitment is a firm vote of confidence in our technical expertise, our exploration strategy, and our vision for the Odienné district. This investment strategically strengthens the Company as we begin an extensive exploration campaign on our 100%-owned ground." Under the terms of the Agreement, Awalé will use the net proceeds to fund expanded exploration activities across Awalé's 100%-owned 1,549 km² properties at the Odienné Project in Côte d'Ivoire, where the Company is advancing multiple gold and copper-gold targets with IOCG-style mineralization potential. No warrants are included in the Offering, and no finder's fees or commissions were paid. The Shares will be subject to a statutory hold period of four months plus a day following the date hereof. The Shares represent a total position of approximately 15% of the issued and outstanding common shares of the Company on an undiluted basis. The Company has also entered into an investor rights agreement (the "Fortuna Investor Rights Agreement") with Fortuna dated June 11, 2025, pursuant to which Fortuna has the right to maintain its percentage interest in future financings, subject to certain customary exceptions, and will have such other rights as described in the May 29, 2025 news release of the Company and as set forth in the Fortuna Investor Rights Agreement. A copy of the Fortuna Investor Rights Agreement will be filed by the Company as a material agreement and will be made available on the Company's SEDAR+ profile. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements. About Awalé Resources Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Côte d'Ivoire, where the Company is exploring the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,346 km2 across seven permits-five granted and two applications. This includes 797 km2 in two permits held under the Awalé-Newmont Joint Venture ("OJV"). Awalé manages all exploration activities over the OJV, with funding provided by Newmont Joint Ventures Limited ("Newmont"). Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum mineralized systems within the OJV and has recently commenced exploration on its 100%-owned properties. The Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well-seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries. AWALÉ Resources LimitedOn behalf of the Board of Directors "Andrew Chubb"Chief Executive Officer FOR FURTHER INFORMATION, PLEASE CONTACT:Andrew Chubb, CEO(+356) Ardem Keshishian, VP Corporate Development+1 (416) The Company's public documents may be accessed at For further information on the Company, please visit our website at Forward-Looking Information This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, filing of the Fortuna Investor Rights Agreement and use of proceeds. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws. 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. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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3 hours ago
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Silver Elephant Early Warning Report
Vancouver, British Columbia--(Newsfile Corp. - June 11, 2025) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") announces that on June 9, 2025, it sold 4,000,000 common shares in the capital of Oracle Commodity Holding Corp. ("Oracle") through the facilities of the TSX Venture Exchange for total consideration of $100,000 (the "Oracle Share Sale"). Prior to the Oracle Share Sale, Silver Elephant held 36,700,110 Oracle common shares, representing approximately 35.30% of Oracle's issued and outstanding common shares. After the Oracle Share Sale, Silver Elephant now holds 32,700,110 Oracle Shares representing approximately 31.45% of Oracle's issued and outstanding common shares on a non-diluted basis and 29.28% on a fully diluted basis. This represents a change of 3.85% in Silver Elephant's shareholdings in Oracle. Silver Elephant will use the proceeds from the Oracle Share Sale for general working capital purposes. Silver Elephant may from time to time increase or decrease ownership or control of securities of Oracle depending on market conditions and/or other relevant factors. A copy of the early warning report has been filed on About Silver Elephant Mining Corp. Silver Elephant is a mineral exploration company with silver projects in Bolivia. Further information on Silver Elephant can be found at SILVER ELEPHANT MINING CORP. ON BEHALF OF THE BOARD "John Lee" CEO and Executive Chairman For more information about Silver Elephant, please contact Investor Relations:+1.604.569.3661 info@ FORWARD-LOOKING INFORMATION This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Such forward-looking information, which reflects management's expectations regarding Silver Elephant's future growth, results of operations, performance, business prospects and opportunities, is based on certain factors and assumptions and involves known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking information. Forward-looking statements involve significant risks and uncertainties, and should not be read as guarantees of future performance, events or results, and may not be indicative of whether such events or results will actually be achieved. A number of risks and other factors could cause actual results to differ materially from expected results discussed in the forward-looking statements, including but not limited to: market conditions; changes in business plans; ability to secure sufficient financing to advance the Company's mining projects; and general economic conditions. Additional risk factors about the Company are set out in its latest annual and interim management's discussion and analysis and annual information form available under the Company's profile on SEDAR at Forward-looking information is based on reasonable assumptions by management as of the date of this news release, and there can be no assurance that actual results will be consistent with any forward-looking information included herein. Readers are cautioned that all forward-looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking information in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data