Chorus Aviation Inc. Announces First Quarter 2025 Financial Results
2 These are non-GAAP financial measures or non-GAAP ratios that are not recognized measures for financial statement presentation under GAAP. As such, they do not have standardized meanings, may not be comparable to similar measures presented by other issuers and should not be considered a substitute for or superior to GAAP results. Refer to "Non-GAAP Financial Measures" for further information.
1 The results of discontinued operations (RAL segment) have been excluded from prior period figures to conform to current period presentation. All amounts presented and discussed in this press release are from continuing operations unless otherwise noted.
"These positive outcomes and our focus on returning capital to shareholders reflect the increased strength of our balance sheet, and a commitment to enhance value for our shareholders," said Mr. Copp.
"At the same time, we took steps to deliver on our commitment to return capital to shareholders through a substantial issuer bid (SIB) for $25.0 million in value of Chorus' shares," added Mr. Copp. "This initiative is in addition to $53.0 million in share buy-backs since we launched our normal course issuer bid (NCIB) program in 2022."
"Consistent with our plan, the first quarter results show significant improvements resulting from our sale of the regional aircraft leasing (RAL) business," said Colin Copp, President and Chief Executive Officer, Chorus. "The results also reflect strong growth at Voyageur, primarily driven by part sales, consistent earnings from Jazz's capacity purchase agreement (CPA) with Air Canada as well as our corporate cost reductions."
HALIFAX, NS, May 6, 2025 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) today announced its first quarter 2025 financial results.
Parts sales, contract flying, MRO and other revenue of $39.1 million compared to $28.5 million for Q1 2024 primarily driven by Voyageur.
Leverage Ratio 2 of 1.6 compared to 1.4 at December 31, 2024. The increase was a result of additional cash held at December 31, 2024 due to a $58.9 million prepayment of revenue related to January 2025.
Adjusted Earnings available to Common Shareholders of $0.57 per Common Share, basic, 2 compared to $0.13 for Q1 2024.
Adjusted Earnings available to Common Shareholders 2 of $15.4 million compared to $3.7 million for Q1 2024 was due to the positive impacts of the sale of the RAL business and improved financial results primarily related to increased parts sales, contract flying, MRO and other revenue.
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an increase in Voyageur's parts sales, contract flying and MRO activity; and
a decrease in general administrative expenses primarily attributable to lower overhead costs; partially offset by
a decrease in capitalization of major maintenance overhauls on owned aircraft of $1.5 million; and
a decrease in aircraft leasing revenue under the CPA of $0.7 million primarily due to a change in lease rates on certain aircraft partially offset by a higher US dollar exchange rate.
Adjusted Net Income from continuing operations was $15.4 million for the quarter, an increase of $2.8 million compared to the first quarter of 2024 primarily due to:
a $2.8 million increase in Adjusted EBITDA as previously described; and
a decrease in net interest costs of $5.5 million primarily related to the repayment of the Series A Debentures at maturity, the partial repurchase of the Series B Debentures and Series C Debentures and the absence of any draw in the current quarter under the Operating Credit Facility; partially offset by
an increase of $3.5 million in income tax expense;
an increase in depreciation expense of $1.1 million primarily attributable to capital expenditures; and
a negative change in foreign exchange of $1.0 million.
Net income from continuing operations was $18.9 million, an increase of $13.5 million compared to the first quarter of 2024 primarily due to:
the previously noted increase in Adjusted Net Income of $2.8 million; and
a positive change in net unrealized foreign exchange of $10.7 million.
Adjusted Earnings available to Common Shareholders from continuing operations was $15.4 million for the quarter, an increase of $11.7 million compared to the first quarter of 2024 primarily due to:
the previously noted increase in Adjusted Net Income of $2.8 million; and
the elimination of Preferred Share dividends of $8.8 million due to the redemption of the Preferred Shares.
Consolidated Financial Analysis
This section provides detailed information and analysis about Chorus' performance from continuing operations for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.
(unaudited)
(expressed in thousands of Canadian dollars)
Three months ended March 31,
2025
2024
Change
Change
$
$
$
%
(revised)(1)
Operating revenue
348,129
358,594
(10,465)
(2.9)
Operating expenses
318,419
330,632
(12,213)
(3.7)
Operating income
29,710
27,962
1,748
6.3
Net interest expense
(3,744)
(9,291)
5,547
(59.7)
Foreign exchange gain (loss)
152
(9,550)
9,702
(101.6)
Gain on property and equipment
1
—
1
100.0
Income before income tax
26,119
9,121
16,998
186.4
Income tax expense
(7,186)
(3,711)
(3,475)
93.6
Net income from continuing operations
18,933
5,410
13,523
250.0
Net income from discontinued operations, net of taxes
—
6,900
(6,900)
(100.0)
Net income
18,933
12,310
6,623
53.8
Net income attributable to non-controlling interest
—
3,491
(3,491)
(100.0)
Net income attributable to Shareholders
18,933
8,819
10,114
114.7
Adjusted EBITDA(2)
56,861
54,013
2,848
5.3
Adjusted EBT(2)
22,568
16,279
6,289
38.6
Adjusted Net Income(2)
15,382
12,568
2,814
22.4
(1)
The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted.
(2)
These are non-GAAP financial measures that are not recognized measures for financial statement presentation under GAAP. As such, they do not have standardized meanings, may not be comparable to similar measures presented by other issuers and should not be considered a substitute for or superior to GAAP results.
Outlook
(See cautionary statement regarding forward-looking information below.)
The discussion that follows includes forward-looking information. This outlook provides current expectations for the Jazz business in 2025 and 2026. This information may not be appropriate for other purposes.
The CPA provides a Fixed Margin to Jazz regardless of flying levels; therefore, any variations in flying are not expected to have any impact on Jazz's earnings. In addition, Jazz receives compensation for aircraft leased under the CPA that generates predictable Free Cash Flows. Jazz aircraft have amortizing debt that will be fully paid-off at the end of the original lease term under the CPA. At the end of each lease, Jazz will either extend the lease, sell or part-out each aircraft. Subsequent aircraft leases will continue to produce predictable Free Cash Flow at lower rates as the aircraft will be unencumbered.
Annual Forecast(1)
(unaudited)
(in thousands of Canadian dollars)
2025
$
2026(2)
$
Fixed Margin(3)
59,600
43,900
Aircraft leasing under the CPA
Revenue(4)
123,000
109,000
Payment on long-term debt and interest
81,000
72,000
Total Fixed Margin and Aircraft leasing under the CPA less payment on long-term debt and interest
101,600
80,900
Wholly-owned aircraft leased under the CPA (end of period)(4)
45
39
Wholly-owned aircraft leased under the CPA available for re-lease (end of period)(4)
3
9
(1)
The forecast uses a foreign exchange rate of 1.4000 for 2025 and 2026 to translate USD to CAD.
(2)
Includes lease rates for 12 Dash 8-400's for 2026 with contracted lease extensions to 2030.
(3)
The Fixed Margin will decrease to no less than $59.6 million in 2025 and no less than $43.9 million in 2026 with no further changes thereafter.
(4)
Leases on three Dash 8-400s expire at the end of 2025 and on six Dash 8-400s that expire in mid-2026. Chorus plans to sell these aircraft.
Portfolio of Aircraft Leasing under the CPA
Current fleet of 48 wholly-owned aircraft and five spare engines
Current net book value of $778.0 million
Future contracted lease revenue US $362.2 million 1
Current weighted average fleet age of 8.7 years 2
Current weighted average remaining lease term of 4.6 years 2
Long-term debt of $324.1 million (US $225.4 million)
100% of debt has a fixed rate of interest
Current weighted average cost of borrowing of 3.31%
1.
The estimates are based on agreed lease rates in the CPA.
2.
Fleet age and remaining lease term is calculated based on the weighted average of the aircraft net book value.
Covered Aircraft
The actual and forecasted Covered Aircraft under the CPA for the years 2025 to 2026 are as follows:
Actual
Change
Forecast
Change
Forecast
(unaudited)
March 31,
2025
2025
2025
2026
2026
Dash 8-400
Aircraft Leased under the CPA
34
(3)
31
(6)
25
Other Covered Aircraft
5
(5)
—
—
—
39
(8)
31
(6)
25
CRJ900
Aircraft Leased under the CPA
14
—
14
—
14
Other Covered Aircraft
21
—
21
(5)
16
35
—
35
(5)
30
CRJ200
Aircraft Leased under the CPA
—
—
—
—
—
Other Covered Aircraft(1)
15
—
15
(15)
—
15
—
15
(15)
—
E175
Aircraft Leased under the CPA
—
—
—
—
—
Other Covered Aircraft
25
—
25
—
25
25
—
25
—
25
Total
Aircraft Leased under the CPA(2)(3)
48
(3)
45
(6)
39
Other Covered Aircraft
66
(5)
61
(20)
41
114
(8)
106
(26)
80
(1)
The 15 CRJ200s are currently non-operational under the CPA.
(2)
After 2026, the 39 owned aircraft leased under the CPA have lease expiry dates from 2027 to 2033. Air Canada will determine the composition of the Covered Aircraft fleet on the condition that the fleet must have a minimum of 80 aircraft with 75-78 seats. As leases in respect of owned aircraft mature, the minimum 80 Covered Aircraft fleet will be composed of owned aircraft with lease extensions and/or other Covered Aircraft sourced by Air Canada.
(3)
Lease expiry dates for owned aircraft are as follows: Dash 8-400s: six expiries in November 2027, seven expiries in 2028 and 12 expiries in 2030; and for CRJ900s: five in 2028, eight in 2032 and one in 2033.
Jazz has started the initial phase of an extensive cabin refurbishment program for aircraft operated under the Air Canada Express brand. This refurbishment program includes upgraded Wi-Fi connectivity, larger overhead storage bins, new lightweight seats, in-seat power supply, and refreshed cabin interiors for the E-175s and CRJ900s. In addition, a select number of Dash 8-400s will receive Wi-Fi connectivity for Toronto Billy Bishop service along with Jazz's previous announcement in May 2024 that its Dash 8-400 fleet would receive new lightweight seats as part of an emission reductions initiative. All 39 owned aircraft leased under the CPA post 2026 are included in this passenger cabin refurbishment program with all costs associated with the program to be paid by Air Canada.
Capital Expenditures
Capital expenditures in 2025 are expected to be as follows:
(unaudited)
(in thousands of Canadian dollars)
Annual Forecast 2025
$
Capital expenditures, excluding aircraft acquisitions
20,000
to
25,000
Capitalized major maintenance overhauls(1)
8,000
to
13,000
Aircraft acquisitions and improvements
2,500
to
7,500
30,500
to
45,500
(1)
The 2025 plan includes between $3.0 million to $7.0 million of costs that are expected to be included in and recovered through the Controllable Costs.
Use of Defined Terms
Capitalized terms used but not defined in this news release have the meanings given to them in management's discussion and analysis of results of operations and financial condition dated May 6, 2025 (the"MD&A"), which is available on Chorus' website ( www.chorusaviation.com ) and under Chorus' profile on SEDAR+ ( www.sedarplus.ca ). In this news release, the term "shareholders" refers only to holders of Common Shares.
Investor Conference Call / Audio Webcast
Chorus will hold an analyst call at 9:00 AM ET on Wednesday, May 7, 2025, to discuss the first quarter 2025 financial results. The call may be accessed by dialing 1-888-699-1199. The call will be simultaneously audio webcast via: https://app.webinar.net/p4WRGKaZxQe .
This is a listen-in only audio webcast.
The conference call webcast will be archived on Chorus' website at www.chorusaviation.com under Investors > Reports. A playback of the call can also be accessed until midnight ET, May 14, 2025, by dialing toll-free 1-888-660-6345 and using passcode 88823 # (pound key).
NON-GAAP FINANCIAL MEASURES
This news release references several non-GAAP financial measures and ratios to supplement the analysis of Chorus' results. Chorus uses these non-GAAP measures to evaluate and assess performance. These non-GAAP measures are generally numerical measures of Chorus' financial performance, financial position, or cash flows, that include or exclude amounts from the most comparable GAAP measure. As such, these measures are not recognized for financial statement presentation under GAAP, do not have standardized meanings, may not be comparable to similar measures presented by other entities, and should not be considered a substitute for or superior to GAAP results. For further information on non-GAAP measures used in this news release, please refer to Section 17 (Non-GAAP Financial Measures) of the MD&A, which is available on Chorus' website ( www.chorusaviation.com ) and under Chorus' profile on SEDAR+ ( www.sedarplus.ca ). Reconciliations of non-GAAP measures to their nearest GAAP measures are provided below.
Adjusted Net Income, Adjusted EBT, Adjusted EBITDA
(unaudited)
(expressed in thousands of Canadian dollars)
Three months ended March 31,
2025
$
2024
$
Change
$
(revised)(1)
Net income
18,933
12,310
6,623
Less: Net income from discontinued operations, net of taxes
—
6,900
(6,900)
Net income from continuing operations
18,933
5,410
13,523
Add (Deduct) items to get to Adjusted Net Income
Unrealized foreign exchange (gain) loss
(3,551)
7,158
(10,709)
(3,551)
7,158
(10,709)
Adjusted Net Income
15,382
12,568
2,814
Add (Deduct) items to get to Adjusted EBT
Income tax expense
7,186
3,711
3,475
Adjusted EBT
22,568
16,279
6,289
Add (Deduct) items to get to Adjusted EBITDA
Net interest expense
3,744
9,291
(5,547)
Depreciation and amortization excluding impairment
27,151
26,051
1,100
Foreign exchange loss
3,399
2,392
1,007
Gain on disposal of property and equipment
(1)
—
(1)
34,293
37,734
(3,441)
Adjusted EBITDA
56,861
54,013
2,848
(1)
The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted.
Adjusted Earnings available to Common Shareholders per Common Share
Adjusted Earnings available to Common Shareholders per Common Share is used by Chorus to assess performance and is calculated as Adjusted Net Income less non-controlling interest and Preferred Share dividends declared, excluding the MOIC.
(unaudited)
(expressed in thousands of Canadian dollars, except per Share amounts)
Three months ended March 31,
2025
$
2024
$
Change
$
(revised)(1)
Adjusted Net Income from continuing operations
15,382
12,568
2,814
Add (Deduct) items to get to Adjusted Earnings available to Common Shareholders
Preferred Share dividends declared
—
(8,848)
8,848
Adjusted Earnings available to Common Shareholders - continuing operations
15,382
3,720
11,662
Adjusted Earnings available to Common Shareholders per Common Share, basic - continuing operations
0.57
0.13
0.44
(1)
The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted.
Leverage Ratio
Leverage Ratio is used by Chorus as a means to measure financial leverage. Leverage Ratio is calculated by dividing Net debt by trailing 12-month Adjusted EBITDA. Management believes Leverage Ratio to be a useful ratio when monitoring and managing debt levels. In addition, as leverage is a measure frequently analyzed for public companies, Chorus has calculated the amount to assist readers in this review. Leverage Ratio should not be construed as a measure of cash flows. Net debt is a key component of capital management for Chorus and provides management with a measure of its net indebtedness.
(unaudited)
(expressed in thousands of Canadian dollars)
March 31, 2025
December 31, 2024
Change
$
$
$
(revised)(1)
Long-term debt and lease liabilities (including current portion)
418,437
516,379
(97,942)
Less:
Cash
(74,351)
(222,216)
147,865
Adjusted Net Debt
344,086
294,163
49,923
Adjusted EBITDA(1)
211,885
209,037
2,848
Leverage Ratio
1.6
1.4
0.2
(1)
The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted.
Free Cash Flow
Free Cash Flow is a non-GAAP measure used as an indicator of financial strength and performance. Chorus believes that this measurement is useful as an indicator of its ability to service its debt, meet other ongoing obligations and reinvest in the Corporation and return capital to Common Shareholders. Readers are cautioned that Free Cash Flow does not represent residual cash flow available for discretionary expenditures.
Free Cash Flow is defined as cash provided by operating activities less net changes in non-cash balances related to operations, capital expenditures excluding aircraft acquisitions and improvements. Following the sale of the RAL business in December 2024, asset sales are no longer considered part of the ordinary course of Chorus' business. Therefore, net proceeds from asset sales are no longer included in Free Cash Flow.
The following table provides a reconciliation of Free Cash Flow to cash flows from operating activities, which is the most comparable financial measure calculated and presented in accordance with GAAP:
(unaudited)
(expressed in thousands of Canadian dollars)
Three months ended March 31,
2025
2024
Change
$
$
$
(revised)(1)
Cash (used in) provided by operating activities from continuing operations
(22,514)
68,216
(90,730)
Add (Deduct)
Net changes in non-cash balances related to operations
69,457
(29,722)
99,179
Capital expenditures, excluding aircraft acquisitions
(3,171)
(3,037)
(134)
Capitalized major maintenance overhauls
(3,218)
(4,768)
1,550
Free Cash Flow
40,554
30,689
9,865
(1)
The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted.
Adjusted Return on Equity
Adjusted Return on Equity is a non-GAAP financial measure used to gauge a corporation's profitability and how efficient it is in generating profits. Adjusted Return on Equity is calculated based on Chorus' Adjusted Net Income less non-controlling interest and Preferred Share dividends declared, excluding the MOIC, divided by Average Shareholders' equity excluding non-controlling interest, Preferred Shares and cash.
(unaudited)
(expressed in thousands of Canadian dollars)
Trailing 12-months ended
March 31,
December 31,
2025
2024
Change
$
$
$
(revised)(1)
Adjusted Net Income from continuing operations(1)
47,261
44,447
2,814
Add (Deduct) items to get to Adjusted Earnings available to Common Shareholders
Preferred Share dividends declared, excluding MOIC(2)
(8,979)
(17,827)
8,848
Adjusted Earnings available to Common Shareholders(2)
38,282
26,620
11,662
Average equity attributable to Common Shareholders excluding cash
Average Shareholders' equity
906,317
896,209
10,108
Add (Deduct) items to get to average equity attributable to Common Shareholders excluding cash
Average Non-controlling interest
(45,838)
(43,293)
(2,545)
Average Preferred Shares
(187,609)
(187,609)
—
Average Cash(1)
(48,101)
(126,385)
78,284
624,769
538,922
85,847
Adjusted Return on Equity(1)
6.1 %
4.9 %
1.2 %
(1)
The results of discontinued operations (RAL segment) have been excluded from prior period figures in accordance with IFRS 5 to conform to current period presentation. All amounts presented and discussed in this release are from continuing operations unless otherwise noted.
(2)
Adjusted Earnings available to Common Shareholders excludes the MOIC payment in December 2024 of $91.2 million as the Preferred Shares were redeemed early due to the sale of the RAL business.
Forward-Looking Information
This news release includes forward-looking information and statements within the meaning of applicable securities laws (collectively, "forward-looking information"). Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "potential", "predict", "project", "will", "would", and similar terms and phrases, including negative versions thereof. All information and statements other than statements of historical fact are forward-looking and by their nature, are based on various underlying assumptions and expectations that are subject to known and unknown risks, uncertainties and other factors that may cause actual future results, performance or achievements to differ materially from those indicated in the forward-looking information. As a result, there can be no assurance that the forward-looking information included in this news release will prove to be accurate or correct.
Examples of forward-looking information in this news release include the discussion in the Outlook section and statements regarding Chorus' future performance, growth prospects and the ability to return capital to Common Shareholders. Actual results may differ materially from those anticipated in forward-looking information for a number of reasons including: changes in the aviation industry and general economic conditions; the emergence of disputes with contractual counterparties (including under the CPA); a deterioration in Air Canada's financial condition; any default by Chorus under debt covenants; asset impairments; changes in law; litigation; the imposition of tariffs on Canadian exports or imports or adverse changes to existing trade agreements and/or relationships; and the risk factors in Chorus' Annual Information Form dated February 19, 2025, and in Chorus' public disclosure record available under its profile on SEDAR+ at www.sedarplus.ca .
The forward-looking information contained in this news release represents Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive.
About Chorus Aviation Inc.
Chorus is a holding company which owns the following principal operating subsidiaries: Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus' subsidiaries provide services that encompass every stage of an aircraft's lifecycle, including: contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; and pilot training.
Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. Chorus' 6.00% Convertible Senior Unsecured Debentures due June 30, 2026, and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols 'CHR.DB.B' and 'CHR.DB.C' respectively. For further information on Chorus, please visit www.chorusaviation.com .
SOURCE Chorus Aviation Inc.
Cision
View original content: http://www.newswire.ca/en/releases/archive/May2025/06/c4434.html
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Balch (BSc., #2250 Ontario), President and CEO of Homeland Nickel and a "Qualified Person" within the meaning of NI 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved its technical content on behalf of the Company. About Homeland Nickel Homeland Nickel is a Canadian-based mineral exploration company focused on critical metal resources with nickel projects in Oregon, United States and copper and gold projects in Newfoundland, Canada. The Company holds a significant portfolio of mining securities including 1.995 million shares of Canada Nickel Company Inc. (TSX-V: CNC), 9.960 million shares of Noble Mineral Exploration Inc. (TSX-V: NOB), 11.522 million shares of Benton Resources Inc. (TSX-V: BEX), 81,150 shares of Vinland Lithium Inc. (TSX-V: VLD) and 2.761 million shares of Magna Terra Minerals Inc. (TSX-V: MTT). Homeland Nickel's common shares trade on the TSX Venture Exchange under the symbol "SHL". More detailed information can be found on the Company's website at: Cautionary Statement Neither 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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains statements that constitute "forward-looking statements". Forward-looking statements are statements that are not historical facts and include, but are not limited to, disclosure regarding possible events, that are based on assumptions and courses of action, and in certain cases, can be identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur, or the negative forms of any of these words and other similar expressions. Forward-looking statements include statements related to future plans for the Company, and other forward-looking information. Forward-looking statements are based on various assumptions including with respect to the anticipated actions of securities regulators, stock exchanges, and government entities, management plans and timelines, as well as results of operations, performance, business prospects and opportunities. Although the forward-looking statements contained in this news release are based upon what the management of the Company believes are reasonable assumptions on the date of this news release, such assumptions may prove to be incorrect. Forward-looking statements involve known and unknown risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results, performance or achievements to differ materially from the results discussed in the forward-looking statements, including, but not limited to: an inability to develop and successfully implement exploration strategies; general business, economic, competitive, political and social uncertainties; the lack of available capital; impact of the evolving situation in Ukraine on the business of the Company; and other risks detailed from time-to-time in the Company's ongoing filings with securities regulatory authorities, which filings can be found at The Company cannot assure readers that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements in this press release. These forward-looking statements are made as of the date of this news release and the Company disclaims any intent or obligation to update any forward-looking statement, whether because of new information, future events or otherwise, unless otherwise required by law. Contact Stephen Balch, President & CEOPhone: 905-407-9586Email: steve@ About Noble Mineral Exploration Inc. Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its holdings of securities in Canada Nickel Company Inc., Homeland Nickel Inc., East Timmins Nickel, and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, will continue to hold ~2,215 hectares in Thomas Twp in the Timmins area and ~175 hectares of mining claims in Central Newfoundland. It will also hold its ~4,845 hectares in the Nagagami Carbonatite Complex and its ~4,600 hectares in the Boulder Project both near Hearst, Ontario, as well as ~3,700 hectares in the Buckingham Graphite Property, ~10,152 hectares in the Havre St Pierre Nickel, Copper, PGM property, ~482 hectares in the Cere-Villebon Nickel, Copper, PGM property, all of which are in the province of Quebec, ~569 hectares in the Chateau (Uranium, Rare Earths, Phosphorus, Silver) Property in Kitivik, northern Quebec, and the ~461 hectare Taser Uranium-Molybdenum property in northern Quebec. Noble's common shares trade on the TSX Venture Exchange under the symbol "NOB". More detailed information on Noble is available on the website at Cautionary Statement Concerning Forward-Looking Statements The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. Contacts: H. Vance White, PresidentPhone: 416-214-2250Fax: 416-367-1954Email: info@ Investor RelationsEmail: ir@ 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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Global Investors Cut Back Dollar Hedging, State Street Says
(Bloomberg) -- Global investors have reduced protection against a weaker dollar, countering expectations from earlier this year that an increase in hedging would drag the currency down. Data compiled by State Street Markets, a division of one of the world's biggest money custodians, shows that non-US investors in American equities have cut their hedge ratio to 21.6%, down 2 percentage points from May. It's roughly back to levels in early April, before tariff shocks roiled stock markets and the greenback. A Photographer's Pipe Dream: Capturing New York's Vast Water System Festivals and Parades Are Canceled Amid US Immigration Anxiety A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Princeton Plans New Budget Cuts as Pressure From Trump Builds That shows the shift in insurance against foreign-exchange losses has turned out to be less of a challenge to the dollar than feared. Analysts had warned that equity investors outside the US would continue to pile into hedges — typically by selling the currency in the forward market — to protect against further downside. 'This is nothing like past moves in the hedge ratio that we've seen before, where it's moved by as much as 10%,' said Michael Metcalfe, head of macro strategy at State Street Markets. 'It remains the dollar threat that has yet to trigger.' The tariff turmoil hurt the commonly held view that the dollar was good insurance against US equity losses, since in previous bouts of risk-off sentiment the greenback traditionally rallied. Despite the change in correlation in April's selloff, foreign investor behavior doesn't seem to have shifted that much, Metcalfe said. 'Everyone's very focused on it because everyone knows the hedge ratio is low and it could be higher, but the reality is that here we are in middle of August and it hasn't really gone up,' Metcalfe said. That may reflect the fact that investors typically look back over a longer period, such as three to five years, when assessing the best level of currency protection. On that basis, the dollar still looks like a decent hedge for periods where stocks have dropped. On top of that, the dollar won some respite in July as the worst-case scenarios for trade tariffs appeared to have been averted. Meanwhile, a recovery in US stocks has seen the S&P 500 surge back to all-time highs. Holding Back Given hedging comes at a cost, fund managers may simply be taking longer to decide on the best path from here. Three-month dollar hedging costs for euro-based investors, for example, climbed from a low of 1.31% last September to more than 2.40% in June and July, and are still holding above 2.20%. 'Investors seem to be holding back to see how much of what we've seen in the first eight months of 2025 will be repeated going forward,' Metcalfe said. Earlier this month, Deutsche Bank AG suggested that July's dollar bounce — when it posted its first monthly gain this year — may have been linked to a lack of new information around hedging decisions and portfolio re-allocations by long-term investors. Still, strategist Tim Baker said such changes are likely to take longer to play out. 'Our work has shown a raft of lightly-hedged dollar exposures around the world as of earlier this year, and we're not sure that's been addressed in a few short months,' he wrote in a note. 'Our take — give this story time.' (Adds additional context, Deutsche Bank comment.) Foreigners Are Buying US Homes Again While Americans Get Sidelined What Declining Cardboard Box Sales Tell Us About the US Economy Americans Are Getting Priced Out of Homeownership at Record Rates Living With 12 Strangers to Ease a Housing Crunch Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan ©2025 Bloomberg L.P. 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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Conversion of Senior Unsecured Convertible Debentures Due August 30, 2027
VANCOUVER, British Columbia, Aug. 18, 2025 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the 'Company' or 'Imperial') (TSX:III) announces that all outstanding Senior Unsecured Convertible Debentures (the 'Debentures') due August 30, 2027 will be converted into common shares of the Company ('Debenture Shares'), with 100% of the holders of the Debentures (the 'Holders') electing to exercise their conversion rights prior to the conversion notice deadline (the 'Conversion'). As a result, no cash redemption will be made on August 18, 2025 (the 'Redemption Date'). The 14,687,500 Debenture Shares issuable upon conversion will be delivered to the Holders on the Redemption Date in lieu of the redemption price. As previously announced in the News Release dated July 14, 2025, the Company intended to redeem at par on the Redemption Date all of its outstanding $47,000,000 principal amount of the Debentures. The Company issued redemption notices to the Holders that it wished to exercise its right to redeem the Debentures on the Redemption Date. Within five business days prior to the Redemption Date, each Holder exercised the right to convert their Debenture into Debenture Shares in accordance with the terms of the Debentures. The securities being issued pursuant to the Conversion have not been, nor will they be registered under the United States Securities Act of 1933, as amended, (the 'U.S. Securities Act'), or under the applicable securities laws of any state in the United States (as defined in Regulation S under the U.S. Securities Act) and may not be offered or sold within the United States absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. All securities issued in connection with the Conversion are subject to such restrictions as may apply under applicable securities laws of jurisdictions outside Canada. This release does not constitute an offer for sale of securities in the United States. Shareholdings of N. Murray Edwards Prior to the issuance of the Debenture Shares, N. Murray Edwards had beneficial ownership and control or direction over 72,875,775 common shares of the Company ('Shares'), representing 44.62% of the Company's issued and outstanding common shares as of the date hereof. Following the Conversion, Mr. Edwards will have 83,032,025 Shares representing 46.64% of the Company's issued and outstanding Shares. This Debenture, and the resulting Debenture Shares, were acquired by Mr. Edwards for investment purposes, and he may acquire or dispose of securities of the Company in the future depending on market conditions, reformulation of plans and/or other relevant factors, in each case in accordance with applicable securities laws. This portion of the news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR+ ( by Mr. Edwards containing additional information with respect to the foregoing matters. A copy of the early warning report may be obtained directly from the Company upon request at the telephone number below. About Imperial Imperial is a Vancouver based exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%), and the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia. Company Contacts Brian Kynoch | President | 604.669.8959 Darb S. Dhillon | Chief Financial Officer | 604.669.8959 Cautionary Note Regarding Forward-Looking Statements Certain information contained in this news release are not statements of historical fact and are 'forward-looking' statements within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect Company management's expectations or beliefs regarding future events and include, but are not limited to, Holder participation in the Conversion, the issuance and delivery of Debenture Shares to the Holders on the Redemption Date, and the completion of the Conversion. In certain cases, forward-looking statements can be identified by the use of words such as 'planning', "plans", "expects" or "does not expect", "is expected", "outlook", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology, and that 'up to' an amount may be obtained. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In making the forward-looking statements in this news release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company's current beliefs and assumptions. These factors as well as the risk factors detailed in the Company's annual information form, and from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR+ at Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, many of which are beyond the Company's ability to control or predict. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, including, but not limited to, the ability of the Company to issue and deliver the Debenture Shares to the Holders on the Redemption Date, and the completion of the Conversion. Accordingly, readers should not place undue reliance on forward-looking statements and all forward-looking statements in this news release are qualified by these cautionary statements.
