New Canada Research Chair at the UQAT: reduce the environmental impacts of mining operations in cold regions
Provide much-needed expertise to the Canadian mining community
Advances in technology and the world's growing demand for diverse natural resources have led to an increase in mining activity across the country and pushed mining operations farther away from populated mining regions. As a result, there is an increasing number of mining projects being developed in northern and remote regions of Canada. The development of such mining projects brings numerous unique technical, environmental, and social acceptability challenges. Curently, only few solutions have been specifically developed to overcome the challenges associated with the severe seasonal freezing and thawing as well as permafrost* conditions of northern Canada. The research program of this Canada research chair aims to develop practical, climate-resilient mine waste management and reclamation solutions specifically designed for cold regions to reduce the impacts of mining activities.
This program will therefore help the mining industry, government agencies, and consultants to better manage mine waste, reduce environmental impacts, and protect fragile ecosystems of these regions. "I aim to undertake cutting-edge research ranging from fundamental experimentation to laboratory and field testing, as well as numerical modeling," says the chairholder, Vincent Boulanger-Martel. Several technological advances are proposed in cold region experimental geotechnics and geoenvironmental engineering, advanced numerical modelling, remote sensing, and monitoring applied to mine waste management and reclamation.
The work is geared towards solving practical, concrete problems faced by the mining industry, governmental agencies and consulting firms in Canada. The results of this chair will enhance our ability to sustainably design and manage critical mining structures under conditions specific to cold regions, from operation to post-closure. Professor Vincent Boulanger-Martel is receiving $600,000 in funding from the Canada Research Chairs Program, as well as $322,500 from the Canada Foundation for Innovation for the acquisition of new laboratory equipment.
The Research Institute of Mines and Environment (RIME)
With more than $8 million in research annually the RIME boasts an internationally-recognized team of experts, with more than fifteen specialized laboratories and a vast network of industrial test sites. Its work is carried out within the framework of projects led by several scientific groups and research chairs, fostering a collaborative, multidisciplinary approach. RIME also plays a key role in the training of highly qualified personnel, ready to meet the challenges of the mining sector and actively contribute to the sustainable development of communities. UQAT ranks first in Canada in terms of research intensity per professor among Canadian universities primarily active at the undergraduate level (RE$EARCH Infosource Inc., 2024).
* Ground that remains at or below 0°C for at least two consecutive years.
SOURCE Université du Québec en Abitibi-Témiscamingue (UQAT)
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To access the meeting as a guest (i.e., a non-voting shareholder): Visit the webcast site: Click the button "I am a Guest" and complete the form If necessary, provide the case-sensitive password: onc2025 Information on how to vote your shares by proxy and attend the meeting as a shareholder is available in the Company's most recent Management Information Circular (the "Circular") dated June 18, 2025. The Circular is available on the Reports page of the investor relations section of the Company's website at and in Canadian and American securities filings. Going forward, Oncolytics will continue to announce quarterly financial results via press releases and in securities filings, but will no longer host quarterly conference calls with the management team. As at June 30, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 14,626 $ 15,942 Other receivables 72 68 Prepaid expenses 3,174 1,885 Warrant derivative 1,024 980 Total current assets 18,896 18,875 Property and equipment 351 411 Right-of-use assets 727 901 Total assets $ 19,974 $ 20,187 Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued liabilities $ 5,285 $ 4,792 Other liabilities 982 1,618 Lease liabilities 291 277 Total current liabilities 6,558 6,687 Contract liability 6,730 6,730 Lease liabilities 597 787 Total liabilities 13,885 14,204 Commitments Shareholders' equity Share capital Authorized: unlimited Issued: June 30, 2025 – 97,407,903 December 31, 2024 – 80,020,131 451,142 438,193 Contributed surplus 44,792 44,542 Accumulated other comprehensive income 720 961 Accumulated deficit (490,565) (477,713) Total shareholders' equity 6,089 5,983 Total liabilities and shareholders' equity $ 19,974 $ 20,187 ONCOLYTICS BIOTECH INC. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) (in thousands of Canadian dollars) Share Capital Contributed Surplus Accumulated Other Comprehensive Income Accumulated Deficit Total As at December 31, 2023 $ 430,906 $ 42,116 $ 544 $ (446,003) $ 27,563 Net loss and other comprehensive income — — 178 (14,150) (13,972) Issued pursuant to incentive share award plan 3 (3) — — — Issued pursuant to "At the Market" Agreement 3,840 — — — 3,840 Share issue costs (202) — — — (202) Share-based compensation expense — 1,082 — — 1,082 As at June 30, 2024 $ 434,547 $ 43,195 $ 722 $ (460,153) $ 18,311 As at December 31, 2024 $ 438,193 $ 44,542 $ 961 $ (477,713) $ 5,983 Net loss and other comprehensive loss — — (241) (12,852) (13,093) Issued pursuant to incentive share award plan 1,481 (1,481) — — — Issued pursuant to "At the Market" Agreement 8,714 — — — 8,714 Issued pursuant to share purchase agreement 3,841 — — — 3,841 Share issue costs (1,087) — — — (1,087) Share-based compensation expense — 1,731 — — 1,731 As at June 30, 2025 $ 451,142 $ 44,792 $ 720 $ (490,565) $ 6,089 Six Months Ended June 30, 2025 2024 Operating Activities Net loss for the period $ (12,852) $ (14,150) Depreciation - property and equipment 51 56 Depreciation - right-of-use-assets 140 165 Share-based compensation expense 1,731 1,082 Interest expense on lease liabilities 74 57 Unrealized foreign exchange loss (gain) 1 (576) Change in fair value of warrant derivative (44) (1,104) Net change in non-cash working capital (1,070) 182 Cash used in operating activities (11,969) (14,288) Investing Activities Acquisition of property and equipment — (201) Cash used in investing activities — (201) Financing Activities Proceeds from "At the Market" equity distribution agreement, net 8,386 3,638 Proceeds from share purchase agreement, net 3,082 — Payment of lease liabilities (205) (168) Cash provided by financing activities 11,263 3,470 Decrease in cash and cash equivalents (706) (11,019) Cash and cash equivalents, beginning of period 15,942 34,912 Impact of foreign exchange on cash and cash equivalents (610) 957 Cash and cash equivalents, end of period $ 14,626 $ 24,850 About Oncolytics Biotech Inc. Oncolytics is a clinical-stage biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep has demonstrated promising results in multiple first-line pancreatic cancer studies, two randomized Phase 2 studies in metastatic breast cancer and early-phase studies in anal and colorectal cancer. It induces anti-cancer immune responses by converting immunologically "cold" tumors "hot" through the activation of innate and adaptive immune responses. The Company is advancing pelareorep in combination with chemotherapy and/or checkpoint inhibitors in metastatic pancreatic and breast cancers, both of which have received Fast Track designation from the FDA, and other gastrointestinal tumors. Oncolytics is actively pursuing strategic partnerships to accelerate development and maximize commercial impact. For more about Oncolytics, please visit: or follow the Company on social media on LinkedIn and on X @ oncolytics. Forward-looking statements This press release contains forward-looking statements, within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended and forward-looking information under applicable Canadian securities laws (such forward-looking statements and forward-looking information are collectively referred to herein as "forward-looking statements"). Forward-looking statements contained in this press release include statements regarding Oncolytics' belief as to the potential, mechanism of action and benefits of pelareorep as a cancer therapeutic; its upcoming milestones; its belief that we will establish our position as the only platform immunotherapy in gastrointestinal tumors; its plans for a potential registration-enabling pivotal study in 1L mPDAC; the anticipated potential timing of commencement of start-up activities and enrollment in a study; the focus of its discussions with the FDA in respect of the study; the anticipated trial design; its plan to delist from the Toronto Stock Exchange; its plans with respect to shareholder communications; and its plan to continue actively pursuing strategic partnerships; its goals, strategies and objectives; its belief in the clinical promise of pelareorep in mPDAC and other gastrointestinal cancers; financial projections and the sufficiency of capital to reach critical milestones and pursue strategic opportunities and its need for near-term dilutive financing. In any forward-looking statement in which Oncolytics expresses an expectation or belief as to future results, such expectations or beliefs are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will be achieved. These statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those anticipated. These risks include, but are not limited to, regulatory outcomes, trial execution, financial resources, access to capital markets, and market dynamics. Please refer to Oncolytics' public filings with securities regulators in the United States and Canada for more information. The Company assumes no obligation to update forward-looking statements, except as required by law. Company Contact Jon Patton Director of IR & Communication [email protected] Investor Relations for Oncolytics Mike Moyer LifeSci Advisors +1-617-308-4306 [email protected]
