IGM FINANCIAL INC. ANNOUNCES JUNE 2025 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS
JUNE HIGHLIGHTS
IGM Financial – Record high assets under management & advisement were $283.9 billion up from $278.8 billion in the prior month. Investment fund net sales were $283 million up from net redemptions of $509 million in June 2024. Total net inflows were $330 million up from net outflows of $534 million in June 2024.
IG Wealth Management (IGWM) – Record high Assets under advisement were $146.7 billion up from $143.7 billion in the prior month. Investment fund net sales were $181 million up from net redemptions of $216 million in June 2024. Total net inflows were $245 million up from net inflows of $21 million in June 2024. Record high June 2025 gross inflows of $1.4 billion up from $1.2 billion in June 2024.
Mackenzie Investments – Record high assets under management were $224.6 billion up from $221.0 billion in the prior month. Investment fund net sales were $102 million up from net redemptions of $293 million in June 2024. Total net sales of $85 million up from net redemptions of $555 million in June 2024.
Table 1 – Gross and Net Flows
Please see www.igmfinancial.com for file with trended history.
Wealth Management
Asset Management
($ millions) (unaudited)
IG Wealth Management
Mackenzie Investments
IGM
Financial
For the month ended June 30, 2025
Net flows
Mutual fund net sales
181.0
(142.6)
38.4
ETF net creations
244.9
244.9
Investment fund net sales
181.0
102.3
283.3
Institutional SMA net sales
(17.8)(1)
(17.8)
Managed asset net sales
181.0
84.5
265.5
Other net flows
64.3
64.3
Net flows
245.3
84.5
329.8
Gross flows
Mutual fund gross sales
1,219.4
662.4
1,881.8
Dealer gross inflows
1,363.6
1,363.6
Table 2 – Assets under Management and Advisement
($ millions) (unaudited)
June
2025
May
2025
% ChangeLast Month
Wealth Management
IG Wealth Management
Assets under management
129,526
126,845
2.1 %
Other assets under advisement
17,138
16,834
1.8 %
Assets under advisement
146,664
143,679
2.1 %
Asset management
Mackenzie Investments
Mutual funds
62,488
61,459
1.7 %
ETFs
8,683
8,305
4.6 %
Investment funds
71,171
69,764
2.0 %
Institutional SMA
12,023
11,630
3.4 %
Sub-advisory to Canada Life
54,031
53,741
0.5 %
Total Institutional SMA
66,054
65,371
1.0 %
Total third party assets under management
137,225
135,135
1.5 %
Sub-advisory and AUM to Wealth Management
87,352
85,820
1.8 %
Total
224,577
220,955
1.6 %
ETF's distributed to third parties
8,683
8,305
4.6 %
ETF's held within IGM managed products
10,046
9,761
2.9 %
Total ETFs
18,729
18,066
3.7 %
Total
Assets under management
266,751
261,980
1.8 %
Other assets under advisement
17,138
16,834
1.8 %
Assets under management and advisement
283,889
278,814
1.8 %
Table 3 – Average Assets under Management and Advisement
($ millions) (unaudited)
Quarter to date 2025
Wealth Management
IG Wealth Management
Assets under management
124,484
Other assets under advisement
16,686
Assets under advisement(2)
141,170
Asset Management
Mackenzie Investments
Mutual funds
60,261
ETFs
8,104
Investment funds
68,365
Institutional SMA
11,649
Sub-advisory to Canada Life
52,661
Total Institutional SMA
64,310
Total third party assets under management
132,675
Sub-advisory and AUM to Wealth Management
85,248
Total
217,923
ETFs distributed to third parties
8,104
ETFs held within IGM managed products
9,445
Total ETFs
17,549
Total
Assets under management
257,159
Other assets under advisement
16,686
Assets under management and advisement
273,845
1
Excludes sub-advisory to Canada Life and the Wealth Management segment.
2
The figures shown for IG Wealth Management assets under advisement reflect a daily average. For reference, the simple quarterly average based on month end values is $142,276 million.
Glossary of Terms
Assets Under Management and Advisement (AUM&A) represents the consolidated AUM and AUA of IGM Financial's core businesses IG Wealth Management and Mackenzie Investments. In the Wealth Management segment, AUM is a component part of AUA. All instances where the asset management segment is providing investment management services or distributing its products through the Wealth Management segment are eliminated in our reporting such that there is no double-counting of the same client savings held at IGM Financial's core businesses. AUM&A excludes Investment Planning Counsel's (IPC's) AUM, AUA, sales, redemptions and net flows which have been disclosed as Discontinued operations.
Assets Under Advisement (AUA) are the key driver of the Wealth Management segment. AUA are savings and investment products held within client accounts of our Wealth Management segment core businesses.
Assets Under Management (AUM) are the key driver of the Asset Management segment. AUM are a secondary driver of revenues and expenses within the Wealth Management segment in relation to its investment management activities. AUM are client assets where we provide investment management services and include investment funds where we are the fund manager, investment advisory mandates to institutions, and other client accounts where we have discretionary portfolio management responsibilities.
Mutual fund gross sales and net sales reflect the results of the mutual funds managed by the respective operating companies, and in the case of the Wealth Management segment also include other discretionary portfolio management services provided by the operating companies, including separately managed account programs.
ETF's represent exchange traded funds managed by Mackenzie.
Institutional SMA represents investment advisory and sub-advisory mandates to institutional investors, pension plans and foundations through separately managed accounts.
Other net flows and Other assets under advisement represents financial savings products held within client accounts in the Wealth Management segment that are not invested in products or programs where these operating companies perform investment management activities. These savings products include investment funds managed by third parties, direct investment in equity and fixed income securities and deposit products.
Net flows represent the total net contributions, in cash or in kind, to client accounts at the Wealth Management segment and the overall net sales to the Asset Management segment.
Wealth Management – Reflects the activities of operating companies primarily focused on providing financial planning and related services to Canadian households and represents the operations of IGWM. IGWM is a retail distribution organization that serves Canadian households through their securities dealers, mutual fund dealers and other subsidiaries licensed to distribute financial products and services. The majority of the revenues of this segment are derived from providing financial advice and distributing financial products and services to Canadian households. This segment also includes the investment management activities of these organizations, including mutual fund management and discretionary portfolio management services.
Asset Management – Reflects the activities of operating companies primarily focused on providing investment management services, and represents the operations of Mackenzie Investments. Investment management services are provided to a suite of investment funds that are distributed through third party dealers and financial advisors, and also through institutional advisory mandates to pension and other institutional investors.
ABOUT IGM FINANCIAL INC.
IGM Financial Inc. ('IGM', TSX: IGM) is a leading Canadian diversified wealth and asset management organization with approximately $284 billion in total assets under management and advisement as of June 30, 2025. The company is committed to bettering the lives of Canadians by better planning and managing their money. To achieve this, IGM provides a broad range of financial planning and investment management services to help approximately two million Canadians meet their financial goals. IGM's activities are carried out principally through IG Wealth Management and Mackenzie Investments and are complimented by strategic positions in wealth managers Rockefeller Capital Management and Wealthsimple and asset managers ChinaAMC and Northleaf Capital. These strengthen IGM's capabilities, reach and diversification. IGM is a member of the Power Corporation group of companies. For more information, visit igmfinancial.com
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'Guests responded enthusiastically to a diverse slate of family, action, horror and adventure films, driving the significant attendance increase over the prior year. This momentum has carried into the third quarter, underscoring the continued demand for the immersive, theatrical experience. Our cinema media business continues to demonstrate why it remains a premier platform for advertisers seeking to reach highly attentive audiences. Amid broader softness in the advertising market, cinema media revenue grew year-over-year – highlighting the unique value of the theatrical environment. Meanwhile, our digital media business delivered strong revenue growth with a 17.8% increase driven by higher advertising sales across Canada's largest out-of-home shopping network and increased project revenues. We expect this momentum to continue, supported by our 10-year agreement with the North Carolina Education Lottery, which further validates the long-term growth potential of this segment. 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Cinema Media Reported second quarter cinema media revenues of $19.3 million, an increase of $0.8 million or 4.1% from the prior year primarily due to growth in showtime revenues. Continued to leverage opportunities in data and analytics to drive revenues. Digital Place-Based Media Reported second quarter revenues of $12.5 million, an increase of $1.9 million or 17.8% from the prior year. Reported second quarter project revenues of $4.2 million, an increase of $0.7 million or 18.2%, compared to the prior year of $3.6 million, which primarily consists of hardware sales and professional services. Reported second quarter media and services revenues of $8.2 million, an increase of $1.2 million or 17.7%, compared to the prior year of $7.0 million, which primarily consists of media advertising, sales of software and IT support. In May 2025, Cineplex Digital Media signed a ten-year agreement with the North Carolina Education Lottery to deploy a digital signage network across 1,500 retail locations and claim centers, with the opportunity to expand locations throughout its long-term partnership. LOCATION-BASED ENTERTAINMENT Reported second quarter revenues and a second quarter record of $33.2 million, an increase of $3.8 million or 13.0% compared to the prior year due to three additional locations. Reported second quarter adjusted store level EBITDAaL of $5.8 million, an increase of $1.0 million or 21.8% compared to the prior year. LOYALTY Membership in the Scene+ loyalty program was over 15 million members as at June 30, 2025. CORPORATE Celebrated Pride month by hosting external in-person and virtual Pride-related events designed to uplift and empower the 2SLGBTQIA+ community and its allies. Cineplex employees donated to Rainbow Railroad, a global not-for-profit organization that helps at-risk 2SLGBTQIA+ people reach safety worldwide. Cineplex closed the sale of Famous Players Prince Rupert Cinemas located in Prince Rupert, British Columbia for proceeds of $0.9 million on July 3, 2025. During the quarter, Cineplex implemented a cost reduction program including headcount reductions and efficiency improvements focused on leveraging technology investments and process optimization. On June 27, 2025, Cineplex announced President and CEO Ellis Jacob will retire on December 31, 2026. During the quarter, Rania Llewellyn was elected to the Board of Directors following Joan Dea's decision to not stand for re-election. NON-GAAP AND OTHER FINANCIAL MEASURES National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure ('NI 52-112') imposes obligations regarding disclosure of non-GAAP financial measures, non-GAAP ratios, and other financial measures. Cineplex reports on certain non-GAAP measures, non-GAAP ratios, supplementary financial measures and total segment measures that are used by management to evaluate Cineplex's performance. The following measures included in this news release do not have a standardized meaning under GAAP and may not be comparable to similar measures provided by other issuers. Cineplex includes these measures because management believes that they assist investors in assessing financial performance. These non-GAAP and other financial measures are used throughout this news release and are defined below. NON-GAAP FINANCIAL MEASURES A non-GAAP financial measure is defined in NI 52-112 as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. NON-GAAP RATIOS A non-GAAP ratio is defined in NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-GAAP financial measure as one or more of its components, and (c) is not disclosed in the financial statements. Below are non-GAAP financial measures or non-GAAP ratios for continuing operations that are reported by Cineplex. EBITDA, ADJUSTED EBITDA AND ADJUSTED EBITDAaL Management defines EBITDA as earnings before interest income and expense, income taxes and depreciation and amortization expense. Adjusted EBITDA excludes the change in fair value of financial instrument, loss (gain) on disposal of assets, foreign exchange, and impairment, depreciation, amortization, interest and taxes of Cineplex's other joint ventures and associates, and other items that do not in management's view represent a factor relevant to the ongoing performance of the business such as the Competition Tribunal's administrative monetary penalty. Adjusted EBITDAaL modifies adjusted EBITDA to deduct current period cash rent paid or payable related to lease obligations. Subsequent to the adoption of IFRS 16, Leases, by Cineplex effective January 1, 2019, the calculation of EBITDA no longer includes a charge for amounts paid or payable with respect to leased property and equipment. Given the majority of Cineplex's businesses are carried on in leased premises, Cineplex introduced the measure of adjusted EBITDAaL which includes a deduction for cash rent paid/payable related to lease obligations. Cineplex's management believes that adjusted EBITDAaL is an important supplemental measure of Cineplex's profitability at an operational level and provides analysts and investors with comparability in evaluating and valuing Cineplex's performance period over period. EBITDA, adjusted for various unusual items, is also used to define certain financial covenants in Cineplex's 2024 Credit Facility. Management calculates adjusted EBITDAaL margin by dividing adjusted EBITDAaL by total revenues. EBITDA, adjusted EBITDA and adjusted EBITDAaL are non-GAAP measures generally used as an indicator of financial performance and they should not be seen as a measure of liquidity or a substitute for comparable metrics prepared in accordance with GAAP. Cineplex's EBITDA, adjusted EBITDA and adjusted EBITDAaL may differ from similar calculations as reported by other entities and accordingly may not be comparable to EBITDA, adjusted EBITDA or adjusted EBITDAaL reported by other entities. Adjusted Store Level EBITDAaL Metrics Cineplex reviews and reports adjusted EBITDAaL at the location level for LBE which is calculated as total LBE revenues from all locations less total LBE operating expenses, which excludes pre-opening costs and overhead relating to the management of LBE. Adjusted Store Level EBITDAaL Margin Calculated as adjusted store level EBITDAaL divided by total revenues for LBE for the period. SUPPLEMENTARY FINANCIAL MEASURES Supplementary financial measures are financial measures that are not (a) presented in the financial statements and (b) are, or are intended to be, disclosed periodically to depict the historical or expected future financial performance, financial position or cash flow, that is not a non-GAAP financial measure or a non-GAAP ratio as defined in the instrument. Below are supplementary financial measures that Cineplex uses to depict its financial performance, financial position or cash flows. Earnings (loss) per Share Metrics Cineplex has presented basic and diluted earnings (loss) per share net of this item to provide a more comparable loss per share metric between the current periods and prior year periods. In the non-GAAP and other financial measures, earnings is defined as net income or net loss attributable to Cineplex excluding the change in fair value of financial instruments. Per Patron Revenue MetricsCineplex reviews per patron metrics as they relate to box office revenue, theatre food service revenue and cinema media revenue such as BPP, CPP, BPP excluding premium priced product, concession margin per patron, and CMPP, as these are key measures used by investors to value and assess Cineplex's performance, and are widely used in the theatre exhibition industry. Cineplex's management defines these metrics as follows: Theatre attendance: Theatre attendance is calculated as the total number of paying patrons that frequent Cineplex's theatres during the period. BPP: Calculated as total box office revenues divided by total paid theatre attendance for the period. BPP excluding premium priced product: Calculated as total box office revenues for the period, less box office revenues from 3D, 4DX, UltraAVX, VIP, ScreenX and IMAX product; divided by total paid theatre attendance for the period, less paid theatre attendance for 3D, 4DX, UltraAVX, VIP, ScreenX and IMAX product. CPP: Calculated as total theatre food service revenues divided by total paid theatre attendance for the period. CMPP: Calculated as total cinema media revenues divided by total paid theatre attendance for the period. Premium priced product: Defined as 3D, 4DX, UltraAVX, IMAX, ScreenX and VIP film product. Theatre concession margin per patron: Calculated as total theatre food service revenues less total theatre food service cost, divided by theatre attendance for the period. Same Theatre AnalysisCineplex reviews and reports same theatre metrics relating to box office revenues, theatre food service revenues, theatre rent expense and theatre payroll expense, as these measures are widely used in the theatre exhibition industry as well as other retail industries. Same theatre metrics are calculated by removing the results for all theatres that have been opened, acquired, closed or otherwise disposed of subsequent to the start of the prior year comparative period. For the three months ended June 30, 2025 the impact of one location that was opened or acquired and four locations that were closed or otherwise disposed of have been excluded, resulting in 154 theatres being included in the same theatre metrics. For the six months ended June 30, 2025 the impact of one location that was opened or acquired and four locations that were closed or otherwise disposed of have been excluded, resulting in 154 theatres being included in the same theatre metrics. Same LBE AnalysisCineplex reviews and reports same store LBE metrics relating to food service revenues, amusement revenues, media and other revenues, as these measures are widely used by comparable businesses in the industry. Same store LBE metrics are calculated by removing the results for all LBE venues that have been opened, acquired, closed or otherwise disposed of subsequent to the start of the prior year comparative period. For the three months ended June 30, 2025 the impact of three locations that was opened or acquired have been excluded, resulting in 13 LBE venues being included in the same LBE metrics. For the six months ended June 30, 2025 the impact of three locations that was opened or acquired have been excluded, resulting in 13 LBE venues being included in the same theatre metrics. Cost of sales percentagesCineplex reviews and reports cost of sales percentages for its two largest revenue sources; box office revenues and food service revenues, as these measures are widely used in the theatre exhibition industry. These measures are reported as film cost percentage and concession cost percentage, respectively, and are calculated as follows: Film cost percentage: Calculated as total film cost expense divided by total box office revenues for the period. Theatre concession cost percentage: Calculated as total theatre food service costs divided by total theatre food service revenues for the period. LBE food cost percentage: Calculated as total LBE food costs divided by total LBE food service revenues for the period. Certain information included in this news release contains forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to Cineplex's objectives and goals, and the strategies to achieve those objectives and goals, as well as statements with respect to Cineplex's beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words 'may', 'will', 'could', 'should', 'would', 'suspect', 'outlook', 'believe', 'plan', 'anticipate', 'estimate', 'expect', 'intend', 'forecast', 'objective' and 'continue' (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, including those described in Cineplex's Annual Information Form ('AIF'), Cineplex's management's discussion and analysis for the year ended December 31, 2024 ('Annual MD&A') and in this news release, which is incorporated herein by reference and available on SEDAR+ ( These risks and uncertainties, both general and specific, give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Cineplex cautions readers not to place undue reliance on these statements as a number of important factors, many of which are beyond Cineplex's control, could cause actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, Cineplex's expectations with respect to liquidity and capital expenditures, including its ability to meet its ongoing capital, operating and other obligations, and anticipated needs for, and sources of, funds; Cineplex's ability to execute cost-cutting and revenue enhancement initiatives in response to adverse economic conditions; competition from alternative forms of entertainment and content delivery via streaming and other formats; the impacts of any pandemic, epidemic, natural disaster, governmental restrictions, strikes or the inability to procure materials and supplies; information concerning future purchases of Common Shares under Cineplex's normal course issuer bid ('NCIB'); the outcome of the litigation with respect to Cineplex's online booking fee (described in further detail in the Annual MD&A); and risks generally encountered in the relevant industry, competition, customer, legal, taxation and accounting matters. The foregoing list of factors that may affect future results is not exhaustive. When reviewing Cineplex's forward-looking statements, readers should carefully consider the foregoing factors and other uncertainties and potential events. Additional information about factors that may cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the 'Risks and Uncertainties' section of Cineplex's Annual MD&A. Cineplex does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable Canadian securities law. Additionally, Cineplex undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Cineplex, its financial or operating results or its securities. All forward-looking statements in this news release are made as of the date hereof and are qualified by these cautionary statements. Additional information, including Cineplex's AIF and Annual MD&A, can be found on SEDAR+ at You are cordially invited to participate in a conference call with the management of Cineplex (TSX: CGX) to review our second quarter results. Ellis Jacob, President and Chief Executive Officer and Gord Nelson, Chief Financial Officer, will host the call scheduled for: Cineplex Inc. Q2 2025 Earnings Webcast: Date: Tuesday, August 12, 2025 Time: 10:00 a.m. Eastern Daylight Time Audio Webcast: Audience URL Pre-registration available. An archive of the webcast will be available at after the webcast for a limited time. Please note, analysts who cover the Company, should use the dial-in option to participate in the live question period:1-226-828-7575 (Local) or 1-833-950-0062 (Canada Toll-free), access code 167283. All attendees should join the event 5-10 minutes prior to the scheduled start time. Media are welcome to join the call in listen-only mode. About Cineplex Cineplex (TSX:CGX) is a top-tier Canadian brand that operates in the Film Entertainment and Content, Amusement and Leisure, and Media sectors. Cineplex offers a unique escape from the everyday to millions of guests through its circuit of 171 movie theatres and location-based entertainment venues. In addition to being Canada's largest and most innovative film exhibitor, the company operates Canada's favourite destination for 'Eats & Entertainment' (The Rec Room), complexes specially designed for teens and families (Playdium), and an entertainment concept that brings movies, amusement gaming, dining, and live performances together under one roof (Cineplex Junxion). It also operates successful businesses in cinema media (Cineplex Media), digital place-based media (Cineplex Digital Media or CDM), alternative programming (Cineplex Events) and motion picture distribution (Cineplex Pictures). Providing even more value for its guests, Cineplex is a partner in Scene+, Canada's largest entertainment and lifestyle loyalty program. Proudly recognized as having one of the country's Most Admired Corporate Cultures, Cineplex employs over 10,000 people in its offices and venues across Canada. To learn more, visit
Malaysian Reserve
31-07-2025
- Malaysian Reserve
First Mining Closes Sale of 20% Project Interest in Hope Brook Gold Project
VANCOUVER, BC, July 31, 2025 /CNW/ – First Mining Gold Corp. ('First Mining' or the 'Company') (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has closed its previously announced sale of its 20% project interest in the Hope Brook Gold Project in Newfoundland ('Hope Brook') with Big Ridge Gold Corp. (TSXV: BRAU) ('Big Ridge') for total consideration comprised of C$3,000,000 in cash and 7,000,000 common shares of Big Ridge (the 'Transaction'). About First Mining Gold Corp. First Mining is a gold developer advancing two of the largest gold projects in Canada, the Springpole Gold Project in northwestern Ontario, where we have commenced a Feasibility Study and permitting activities are on-going with a final Environmental Impact Statement / Environmental Assessment for the project submitted in November 2024, and the Duparquet Gold Project in Quebec, a PEA-stage development project located on the Destor-Porcupine Fault Zone in the prolific Abitibi region. First Mining also owns the Cameron Gold Project in Ontario and a portfolio of gold project interests including the Pickle Crow Gold Project (being advanced in partnership with Firefly Metals Ltd.) and the Hope Brook Gold Project (being advanced in partnership with Big Ridge Gold Corp.). First Mining was established in 2015 by Mr. Keith Neumeyer, founding President and CEO of First Majestic Silver Corp. ON BEHALF OF FIRST MINING GOLD CORP. Daniel W. WiltonChief Executive Officer and Director Cautionary Note Regarding Forward-Looking Statements This news release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as 'expects', 'anticipates', 'believes', 'plans', 'projects', 'intends', 'estimates', 'envisages', 'potential', 'possible', 'strategy', 'goals', 'opportunities', 'objectives', or variations thereof or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the closing of the Transaction, First Mining's exposure to Hope Brook, and First Mining's plans related to its Springpole, Duparquet and other projects. All forward-looking statements are based on First Mining's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Such factors include, without limitation the Company's ability to close the Transaction, the Company's business, operations and financial condition potentially being materially adversely affected by the outbreak of epidemics, pandemics or other health crises, and by reactions by government and private actors to such outbreaks; risks to employee health and safety as a result of the outbreak of epidemics, pandemics or other health crises, that may result in a slowdown or temporary suspension of operations at some or all of the Company's mineral properties as well as its head office; fluctuations in the spot and forward price of gold, silver, base metals or certain other commodities; fluctuations in the currency markets (such as the Canadian dollar versus the U.S. dollar); changes 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, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities, indigenous populations and other stakeholders; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development; title to properties.; and the additional risks described in the Company's Annual Information Form for the year ended December 31, 2024 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at and in the Company's Annual Report on Form 40-F filed with the SEC on EDGAR. First Mining cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to First Mining, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. First Mining does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on our behalf, except as required by law.
Malaysian Reserve
31-07-2025
- Malaysian Reserve
Foraco International reports Q2 2025
LUNEL, France, July 31, 2025 /CNW/ – Foraco International SA (TSX: FAR) ('Foraco' or the 'Company'), a leading global provider of drilling services, announces its financial results for the second quarter and first half of 2025. All figures are reported in US dollars unless otherwise noted. Q2 2025 Highlights: Revenue: US$69.1 million, compared to US$77.9 million in Q2 2024. At constant exchange rates, revenue decreased by US$5.8 million (-7.4%). Revenue breakdown: Asia Pacific: Achieved another record quarter with revenue of US$24.7 million, up 11% YoY, driven by the ongoing commissioning of proprietary rigs and strong operational performance. EMEA: Revenue rose to US$7.8 million, a 47% increase, supported by the start of significant new contracts for the region. North America: Despite noticeable early wins in the US, revenue decreased by 21% to US$25.3 million, due to program discontinuations and delays in starting new contracts. South America: Revenue fell to US$11.3 million (from US$18.2 million in Q2 2024), as Chile and Argentina entered the mobilization and learning curve phases of new long-term contracts, and Brazil faced client-driven mobilization delays. Profitability metrics: Gross Margin: US$14.1 million (20.5% of revenue), compared to US$17.9 million (23.0%) in Q2 2024. Excluding one-off costs of US$1.0 million related to specific reorganization measures, gross margin stood at US$15.1 million (21.9%). EBITDA: US$14.0 million (20.3% of revenue) or US$15.0 million (21.7% of revenue) excluding one-off costs, compared to US$16.4 million (21.0%) in Q2 2024. Net Profit: US$6.0 million (9% of revenue), compared to US$7.8 million (10%). Free Cash Flow: Negative US$7.1 million, mainly due to working capital requirements and Capex to support new contracts. Net Debt: US$76.5 million, including IFRS 16 but US$69.5 million at constant FX, compared to US$78.7 million as of June 30, 2024. Asia Pacific: Achieved another record quarter with revenue of US$24.7 million, up 11% YoY, driven by the ongoing commissioning of proprietary rigs and strong operational performance. EMEA: Revenue rose to US$7.8 million, a 47% increase, supported by the start of significant new contracts for the region. North America: Despite noticeable early wins in the US, revenue decreased by 21% to US$25.3 million, due to program discontinuations and delays in starting new contracts. South America: Revenue fell to US$11.3 million (from US$18.2 million in Q2 2024), as Chile and Argentina entered the mobilization and learning curve phases of new long-term contracts, and Brazil faced client-driven mobilization delays. Gross Margin: US$14.1 million (20.5% of revenue), compared to US$17.9 million (23.0%) in Q2 2024. Excluding one-off costs of US$1.0 million related to specific reorganization measures, gross margin stood at US$15.1 million (21.9%). EBITDA: US$14.0 million (20.3% of revenue) or US$15.0 million (21.7% of revenue) excluding one-off costs, compared to US$16.4 million (21.0%) in Q2 2024. Net Profit: US$6.0 million (9% of revenue), compared to US$7.8 million (10%). Free Cash Flow: Negative US$7.1 million, mainly due to working capital requirements and Capex to support new contracts. Net Debt: US$76.5 million, including IFRS 16 but US$69.5 million at constant FX, compared to US$78.7 million as of June 30, 2024. Tim Bremner, CEO of Foraco, reflected on the quarter, stating, 'In Q2 2025, we continued to focus on aligning our portfolio with high-potential regions and segments, driven by our investment in proprietary rigs and high-value contracts. While some regions face program discontinuations and delays in starting new contracts, we are seeing positive developments, with Asia Pacific achieving another robust quarter, the award of a significant long-term contract in Chile, and early wins, including four new contracts in the US to be executed in the second half of the year. We relocated more than 10 rigs across distant continents – including Europe, Chile, Canada, and the US – and continued to implement our tailored Capex program to support the execution of newly secured contracts.' Fabien Sevestre, CFO of Foraco, shared insights into the financial performance, stating, 'During this quarter, despite lower activity in America, we managed to maintain solid profitability supported by cost discipline and the resilient performance of our operations. Excluding the one-off costs of US$1.0 million related to a reorganization in South America, our EBITDA margin would have reached 21.7% compared to 21% in Q2 2024. The exit from Kazakhstan generated an accounting net gain of US$0.3 million. Working capital requirements, although still negative, improved significantly during the quarter, partially offsetting the impact of capital expenditures needed for new deployments. Net debt stands at US$76.5 million, as we remain committed to a disciplined capital allocation strategy, focusing on proprietary rigs and fleet modernization to sustain future growth.' Income Statement (In thousands of US$)(unaudited) Three-month period ended June 30, Six-month period ended June 30, 2025 2024 2025 2024 Revenue 69,063 77,884 124,073 154,973 Gross profit (1) 14,126 17,916 21,855 34,728 As a percentage of sales 20.5 % 23.0 % 17.6 % 22.4 % EBITDA 14,005 16,391 21,031 33,964 As a percentage of sales 20.3 % 21.0 % 17.0 % 21.9 % Operating profit 9,689 12,116 12,583 24,740 As a percentage of sales 14.0 % 15.6 % 10.1 % 16.0 % Net profit for the period 6,015 7,809 7,042 16,273 Attributable to: Equity holders of the Company 6,336 7,760 7,880 16,606 Non-controlling interests (321) 49 (838) (333) EPS (in US cents) Basic 6.43 7.87 7.99 16.84 Diluted 6.34 7.70 7.87 16.48 (1) This line item includes amortization and depreciation expenses related to operations Highlights – Q2 2025 Revenue Total revenue in Q2 2025 was US$69.1 million, compared to US$77.9 million in Q2 2024. At constant exchange rates, revenue decreased by US$5.8 million. Asia Pacific and EMEA delivered growth, with revenue increasing by US$5.7 million at constant exchange rates, while North and South America declined by US$11.0 million mainly due to the discontinuation of certain client programs and delays in starting new contracts. Mining activity was the most impacted by the factors mentioned above, partially offset by a US$3.0 million increase in Water activity. Profitability Gross margin for Q2 2025, including depreciation within cost of sales, was US$14.1 million (20.5% of revenue), compared to US$17.9 million (23.0% of revenue) in Q2 2024. The decrease was mainly driven by the phasing and ramp-up of new contracts which are typically associated with lower margins, and by one-off costs (US$1.0 million) related to a reorganization in South America. During the quarter, EBITDA amounted to US$14.0 million (or 20.3% of revenue) compared to US$16.4 million (or 21.0% of revenue) in the previous year. Net profit for the quarter amounted to US$6.0 million (9% of the revenue) compared to US$7.8 million (10% of revenue) in Q2 2024. Highlights – H1 2025 Revenue For the six-month period ending June 30, 2025 (H1 2025), the revenue amounted to US$124 million compared to US$155 million in H1 2024. Profitability In H1 2025, the gross margin, inclusive of depreciation within cost of sales, was US$21.9 million (or 18% of revenue), compared to US$34.7 million (or 22% of revenue) in H1 2024. During H1, EBITDA amounted to US$21.0 million (or 17.0% of revenue), compared to US$34 million (or 21.9% of revenue) for the same period last year. Free Cash Flow for the period was negative at US$7.1 million, primarily due to working capital needs and capital expenditures required to support the mobilization of new contracts. Net debt As of June 30, 2025, net debt, including the impact of IFRS 16, was US$76.5 million, US$69.5 million at constant exchange rates compared to US$78.7 million as of June 30, 2024. Financial results Revenue (In thousands of US$) – (unaudited) Q2 2025 % change Q2 2024 H1 2025 % change H1 2024 Reporting segment Mining 57,479 -17 % 69,316 101,217 -27 % 138,363 Water 11,584 35 % 8,568 22,856 38 % 16,610 Total revenue 69,063 -11 % 77,884 124,073 -20 % 154,973 Geographic region Asia-Pacific 24,637 11 % 22,190 45,030 22 % 36,861 North America 25,273 -21 % 32,129 43,372 -27 % 59,151 South America 11,325 -38 % 18,255 21,443 -51 % 43,830 Europe, Middle East and Africa 7,828 47 % 5,310 14,228 -6 % 15,130 Total revenue 69,063 -11 % 77,884 124,073 -20 % 154,973 Q2 2025 Revenue in Q2 2025 was US$69.1 million, compared to US$77.9 million in Q2 2024. At constant exchange rates, revenue decreased by US$5.8 million. Activity in North America declined by 21% to US$25.3 million in Q2 2025, compared to US$32.1 million in Q2 2024. This decrease was primarily driven by the discontinuation of certain client programs and delays in starting new contracts. Asia Pacific delivered growth with revenue reaching US$24.7 million, up 11% compared to Q2 2024. This strong performance reflects the ongoing success of operations and the continued commissioning of new proprietary rigs. Revenue in South America was US$11.3 million, compared to US$18.2 million in Q2 2024. In Chile and Argentina, the Company started new long-term contracts during the quarter, which are currently in the mobilization and learning curve phases, impacting both revenue and margins. In Brazil, operations were affected by disruptions in the mobilization process caused by client-driven delays. In the EMEA region, revenue was US$7.8 million in Q2 2025, compared to US$5.3 million in Q2 2024. Revenue in Africa and Europe grew by 47%, supported by the start of contracts that are significant for the region. Overall, rig utilization rate in Q2 2025 was 35% compared to 40% in Q2 2024. H1 2025 H1 2025 revenue totaled US$124.1 million, down from US$155 million in H1 2024. In Asia Pacific, the Company's first-largest revenue contributor, H1 2025 revenue amounted to US$45.0 million, marking the best first half ever with a 22% increase compared to H1 2024. This growth is primarily attributable to successful operations and the commissioning of new proprietary rigs. North America, the Company's second revenue contributor region, declined by 27%, The decrease was primarily due to the discontinuation of certain client programs and delays in starting new contracts. Revenue in South America totaled US$21.4 million in H1 2025, down 51% from US$43.8 million in H1 2024. In Chile and Argentina, the Company started new long-term contracts during the period, which are currently in the mobilization and learning curve phases, impacting both revenue and margins. In Brazil, the Company was impacted by disruption in the mobilization process due to client-driven delays. In the EMEA region, revenue slightly decreased by US$0.9 million compared to H1 2024. Excluding the exit from CIS and certain West African countries, the revenue increased by US$4.1 million (41%). Gross profit (In thousands of US$) – (unaudited) Q2 2025 % change Q2 2024 H1 2025 % change H1 2024 Reporting segment Mining 10,336 -33 % 15,396 14,376 -53 % 30,842 Water 3,790 50 % 2,520 7,479 92 % 3,886 Total gross profit / (loss) 14,126 -21 % 17,916 21,855 -37 % 34,728 Q2 2025 The Q2 2025 gross margin, including depreciation within cost of sales, was US$14.1 million (20.5% of revenue), or US$15.1 million (21.9% of revenue) when excluding one-off costs, compared to US$17.9 million (23.0% of revenue) in Q2 2024. The decline in the mining segment's gross margin was primarily due to the phasing and ramp-up of new contracts, which are typically associated with lower initial margins. In contrast, gross profit in the water segment was supported by the deployment of new proprietary rigs on long-term contracts. H1 2025 The H1 2025 gross margin including depreciation within cost of sales was US$21.9 million (or 17.6% of revenue) compared to US$34.7million (or 22.4% of revenue) in H1 2024. Selling, General and Administrative Expenses (In thousands of US$) – (unaudited) Q2 2025 % change Q2 2024 H1 2025 % change H1 2024 Selling, general and administrative expenses 4,726 -19 % 5,800 9,561 -21 % 12,099 Q2 2025 SG&A expenses were reduced by 19% versus the prior-year quarter. As a percentage of revenue, SG&A improved to 6.8% from 7.4% in Q2 2024. H1 2025 SG&A decreased 21% compared to last year. As a percentage of revenue, SG&A remained stable at approximately 7.8% of revenue. Operating result (In thousands of US$) – (unaudited) Q2 2025 % change Q2 2024 H1 2025 % change H1 2024 Reporting segment Mining 6,692 -35 % 10,234 6,887 -69 % 22,149 Water 2,997 59 % 1,882 5,696 120 % 2,591 Total operating profit / (loss) 9,689 -20 % 12,116 12,583 -49 % 24,740 Q2 2025 The operating profit was US$9.7 million compared to US$12.1 million in the same quarter last year. Foraco sold its 50% stake in its Kazakh subsidiary, Eastern Drilling Company LLP, generating a net gain of US$289 thousand, which was recorded under 'Other Operating Income' in the Company's consolidated financial statements for Q2 2025. H1 2025 The H1 2025 operating profit was US$12.6 million compared to US$24.7 million in H1 2024. Financial position The following table provides a summary of the Company's cash flows for H1 2025 and H1 2024: (In thousands of US$) H1 2025 H1 2024 Cash generated by operations before working capital requirements 21,032 33,964 Working capital requirements (7,893) (23,497) Income tax paid (7,565) (6,264) Purchase of equipment in cash (9,777) (9,978) Free Cash Flow before debt servicing (4,203) (5,775) Proceeds from / (repayment of) debt 2,894 1,796 Interests paid (2,877) (3,931) Acquisition of treasury shares (721) (556) Deconsolidation of EDC Russia & Kazakhstan Dividends paid to non-controlling interests (5) – (2,076) (330) Net cash generated / (used in) financing activities (709) (5,097) Net cash variation (4,912) (10,872) Foreign exchange differences 1,325 (1,458) Variation in cash and cash equivalents (3,588) (12,330) Cash and cash equivalents at the end of the period 20,775 21,959 In H1 2025, the cash generated from operations before working capital requirements amounted to US$21.0 million compared to US$33.9 million in H1 2024. During the same period, working capital requirements were US$7.9 million, a decrease compared to the same period last year, primarily driven by tightened control on working capital management and the reduction in activity. During the period, Capex totaled US$9.8 million in cash compared to US$10.0 million in H1 2024. Capex primarily relates to new rigs, and the acquisition of ancillary equipment and rods to support new contracts. Strategy The Company's strategy is to assist its customers in exploring or managing their deposits throughout the entire cycle, with a special focus on the life of mine activity. The Company intends to continue developing and growing its services across the world with a focus on stable jurisdictions, high tech drilling services, optimal commodities mix including battery metals and gold – with a significant presence in water related drilling services – and a gradual implementation of remote-controlled rigs and other advanced digital applications. The Company expects to execute its strategy primarily through organic growth and targeted acquisitions. The Company addressed the environmental, social and governance (ESG) requirements, and implemented a pragmatic and measurable approach to ESG with quantitative KPIs to maximize improvement and efficiencies. Currency exchange rates. The exchange rates for the periods under review are provided in the Management's Discussion and Analysis of Q2 2025. Non-IFRS measures EBITDA represents Net income before interest expense, income taxes, depreciation, amortization and non-cash share based compensation expenses. EBITDA is a non-IFRS quantitative measure used to assist in the assessment of the Company's ability to generate cash from its operations. The Company believes that the presentation of EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the drilling industry. EBITDA is not defined in IFRS and should not be considered to be an alternative to Profit for the period or Operating profit or any other financial metric required by such accounting principles. Net debt corresponds to the current and non-current portions of borrowings and the consideration of payables related to acquisitions, net of cash and cash equivalents. The Company's lease obligations are included in the net debt calculation. Reconciliation of the EBITDA is as follows: (In thousands of US$) (unaudited) Q2 2025 Q2 2024 H1 2025 H1 2024 Operating profit / (loss) 9,689 12,116 12,583 24,740 Depreciation expense 4,154 4,173 8,137 9,020 Non-cash employee share-based compensation 162 102 312 204 EBITDA 14,005 16,391 21,031 33,964 Conference call and webcast On July 31, 2025, Company Management will conduct a conference call at 10:00 am Eastern Time to review the financial results. The call will be hosted by Tim Bremner, CEO, and Fabien Sevestre, CFO. You can join the call by dialing 1-888-836-8184 or 1-289-819-1350. You will be put on hold until the conference call begins. A live audio webcast of the Conference Call will also be available An archived replay of the webcast will be available for 90 days. About Foraco International SA Foraco International SA (TSX: FAR) is a leading global mineral drilling services company that provides a comprehensive and reliable service offering in mining and water projects. Supported by its founding values of integrity, innovation and involvement, Foraco has grown into the third largest global drilling enterprise with a presence in 16 countries across five continents. For more information about Foraco, visit 'Neither TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.' Caution concerning forward-looking statements This document may contain 'forward-looking statements' and 'forward-looking information' within the meaning of applicable securities laws. These statements and information include estimates, forecasts, information and statements as to Management's expectations with respect to, among other things, the future financial or operating performance of the Company and capital and operating expenditures. Often, but not always, forward-looking statements and information can be identified by the use of words such as 'may', 'will', 'should', 'plans', 'expects', 'intends', 'anticipates', 'believes', 'budget', and 'scheduled' or the negative thereof or variations thereon or similar terminology. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading 'Risk Factors' in the Company's Annual Information Form dated March 2, 2025, which is filed with Canadian regulators on SEDAR ( The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to Foraco or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
