Flagship Communities Real Estate Investment Trust Wins National Manufactured Housing Institute's Highest Awards for Excellence in Community Operations and Impact
TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Flagship Communities Real Estate Investment Trust (TSX: MHC.U) (TSX:MHC.UN) ('Flagship' or the 'REIT') today announced that it was awarded the Manufactured Home Community Operator of the Year and Community Impact Project of the Year by the Manufactured Housing Institute (MHI). Flagship has been awarded the Manufactured Home Community Operator of the Year twice in the past three years by MHI.
'We are honored to receive two of the top MHI national awards,' said Flagship President and CEO Kurt Keeney. 'These awards recognize our unwavering commitment to providing both a high quality and affordable living experience for our residents. Our sincere thanks to the Manufactured Housing Institute for honoring the important work done by its member companies to enhance communities and support working families nationwide.'
Through the annual Excellence in Manufactured Housing Awards, MHI honors members' achievements in the industry who lead the way in providing outstanding products, customer service, creative solutions, and state-of-the-art homes for today's buyers. Flagship was chosen from 85 submissions by member companies.
Flagship's Suburban Pointe community was awarded the Community Impact Project of the Year. Flagship added many new amenities to Suburban Pointe, including a new clubhouse, a municipal grade playground, basketball court, soccer field, and dog park, and introduced community events and programming year-round in additional to the holidays.
'We made great strides as a community operator in 2024, through community impact efforts in our Suburban Pointe community and beyond,' said Flagship Chief Investment Officer Nathan Smith. 'We take great pride in our efforts, and we are deeply grateful to MHI for this recognition.'
About Flagship Communities Real Estate Investment Trust
Flagship Communities Real Estate Investment Trust is a leading operator of affordable residential Manufactured Housing Communities primarily serving working families seeking affordable home ownership. The REIT owns and operates exceptional residential living experiences and investment opportunities in family-oriented communities in Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri, West Virginia, and Illinois. To learn more about Flagship, visit
www.flagshipcommunities.com
.
For further information, please contact:
Eddie Carlisle, Chief Financial Officer
Flagship Communities Real Estate Investment Trust
Tel: +1 (859) 568-3390
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Orla Mining Reports Second Quarter 2025 Financial Results
VANCOUVER, BC, Aug. 11, 2025 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") today announces the results for the second quarter ended June 30, 2025. (All amounts expressed in U.S. dollars unless otherwise stated) Second Quarter 2025 Summary Record quarterly gold production of 77,811 ounces and total quarterly gold sold of 78,911 ounces (pre-released). Second quarter all-in sustaining cost1 ("AISC") was $1,421 per ounce of gold sold. Year to date AISC was $1,260 per ounce of gold sold. Net income for the second quarter was $48.2 million or $0.15 per share Adjusted earnings1 for the second quarter were $64.2 million or $0.20 per share. Cash flow from operating activities before changes in non-cash working capital during the second quarter was $102.7 million. Exploration and project expenditure1 was $32.3 million during the quarter, of which $22.9 million was capitalized and $9.4 million was expensed. The Company experienced a pit wall event at Camino Rojo on July 23rd. The mine has started the work on the action plan, including a 50–80 metre pushback of the north wall with a redesigned slope and continuous monitoring. As a result of the operational pause and mining resequencing at Camino Rojo, Orla updated annual consolidated guidance to 265,000 to 285,000 ounces of gold production and AISC of $1,350 to $1,550 per ounces of gold produced. The Company ended the period with $215.4 million in cash and $420.0 million in debt after paying $30.0 million towards its revolving credit facility during the quarter. "The second quarter marked another record production period for Orla, supported by strong contributions from Musselwhite. However, the pit wall event at Camino Rojo on July 23rd was an operational setback. Thanks to proactive geotechnical monitoring systems, no injuries occurred, and no equipment was damaged. While the temporary suspension of in-pit operations poses a short-term challenge for what has otherwise been a consistently strong-performing mine, the benefits of Orla's diversified production base are clear." - Jason Simpson, President and Chief Executive Officer of Orla _____________________________________ 1 Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this press release. Financial and Operations Update Table 1: Financial and Operating HighlightsOperatingQ2 2025 YTD 2025 ConsolidatedTotal Gold Produced oz 77,811 125,570 Total Gold Sold oz 78,911 125,267 Average Realized Gold Price2 $/oz $ 3,251 $ 3,127 Cash Cost per Ounce2,3 $/oz $ 1,065 $ 934 All-in Sustaining Cost per Ounce2,3 $/oz $ 1,421 $ 1,260 Camino Rojo, MexicoOre Stacked tonnes 2,608,589 4,281,415 Stacked Ore Gold Grade g/t 0.57 0.66 Gold Produced oz 25,145 55,118 Gold Sold oz 26,591 57,103 Musselwhite, Canada1Ore Milled tonnes 294,568 398,855 Milled Ore Gold Head Grade g/t 5.52 5.52 Gold Produced oz 52,666 70,452 Gold Sold oz 52,318 68,163 FinancialRevenue $m $ 263.7 $ 404.4 Cost of Sales – Operating Cost $m $ 85.6 $ 106.6 Net Income (Loss) $m $ 48.2 $ (21.6) Adjusted Earnings2 $m $ 64.2 $ 102.8 Earnings per Share – basic $/sh $ 0.15 $ (0.07) Adjusted Earnings per Share – basic2 $/sh $ 0.20 $ 0.32 Cash Flow from Operating Activities before Changes in Non-Cash Working Capital $m $ 102.7 $ 503.9 Free Cash Flow2 $m $ 64.2 $ (339.9) Financial PositionJun 30, 2025 Dec 31, 2024 Cash and Cash Equivalents $m $ 215.4 $ 160.8 Net Cash (Debt)2 $m $ (204.6) $ 160.8 1 Orla completed the acquisition of Musselwhite on February 28, 2025. Operational figures (excluding cash cost and AISC) are provided from March 1, 2025 onwards.2 Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this news release.3 Cash cost and AISC on a year-to-date basis for 2025 include the impact of the Musselwhite Mine as of April 1, 2025 onwards. Refer to "Non-GAAP Measures" for further discussion. Second Quarter 2025 Consolidated Summary Gold produced during the quarter totaled 77,811 ounces, with contributions from the Camino Rojo Oxide Mine and the Musselwhite Mine. This period represented the first full quarter of contribution from Musselwhite, resulting in a quarterly record for production for the Company. Gold sold during the quarter totalled 78,911 ounces, also a quarterly record. Consolidated cash costs and AISC totaled $1,065 and $1,421 per ounce of gold sold, respectively. Camino Rojo Operations Summary The Camino Rojo Oxide Gold Mine produced 25,145 ounces of gold in the second quarter of 2025, in-line with plan. During the quarter, Camino Rojo mined nearly 2.0 million tonnes of ore and 2.6 million tonnes of waste, for an implied strip ratio of 1.33. A total of 1.7 million tonnes of ore were stacked at an average grade of 0.71 g/t gold equating to an average daily stacking rate of approximately 18.5 thousand tonnes. In addition, 0.9 million tonnes of low-grade ore were rehandled and placed on the leach pad, at an average grade of 0.32 g/t gold. In total, 2.6 million tonnes of ore at an average grade of 0.57 g/t gold were placed on the heap leach pad during the quarter. Gold sold during the second quarter 2025 totaled 26,591 ounces and sustaining capital during the second quarter of 2025 totaled $0.5 million. On July 23rd, Camino Rojo experienced an uncontrolled material movement on the north wall, resulting in no injuries or equipment damage. Work has started on the action plan, including a 50–80 metre pushback of the north wall with a redesigned slope and continuous monitoring. Approximately 9.0 million tonnes of predominantly oxidized material (strip ratio 1:0.9, average grade 0.74 g/t Au) is planned to be removed and stacked on the heap leach. No material was lost or sterilized; the update to 2025 guidance reflects a deferral of production based on grade and recovery mix. See "2025 Guidance Update" below for details. Musselwhite During the quarter, Musselwhite mined 303,000 tonnes of ore and milled 295,000 tonnes at a mill head grade of 5.52 g/t gold. Gold recovery rates of 96.5% resulted in gold production of 52,666 ounces. Gold sold during the quarter was 52,318 ounces. Lateral development metres in the quarter totalled 2,746 metres. Lateral development is to access mining horizons for existing reserves and to provide additional drill platforms to support the underground exploration drill program to grow reserves, resources, and mineral inventories. Sustaining capex was $18.4 millions, mostly driven by underground development and PQ Deep Extension. Project and Exploration Summary The key project highlight of the quarter was the release of the initial underground Mineral Resource estimate at Camino Rojo on June 5, 2025. The Mineral Resource estimate will support future technical studies, engineering evaluations, and permitting preparations as the project advances. During the quarter, exploration focused on drilling activities at Camino Rojo in Mexico, the South Carlin Complex (including the South Railroad Project) in Nevada, and Musselwhite in Canada. For the second quarter, a total of 23,248 metres were drilled, with 7,575 metres in Mexico, 4,686 metres in Nevada and 10,987 metres at Musslewhite. Project development activities during the period focused on advancing permitting efforts for the South Railroad Project in Nevada and progressing the potential underground development at Camino Rojo. Camino Rojo, Mexico: During the quarter, the Company released an initial underground Mineral Resource estimate for the Camino Rojo deposit, incorporating mineralization hosted in the Camino Rojo Sulphides and extending into the underlying Zone 22. As a reminder Zone 22 represents the vertical and down plunge continuation of the Camino Rojo sulphide mineralization. A supporting technical report was released in July. Summary highlights of the initial resource:Measured Indicated Measured & Indicated Inferredkt g/t / % koz / Mlbs kt g/t / % koz / Mlbs kt g/t / % koz / Mlbs kt g/t / % koz / Mlbs Gold 7 1.95 0 50,079 2.45 3,949 50,086 2.45 3,950 5,576 2.21 396 Silver 31.5 7 10.6 17,048 10.6 17,055 10.9 1,949 Zinc - - 0.25 278 0.25 278 0.21 26 Gold Equiv. 2.11 1 2.58 4,156 2.58 4,156 2.33 418 See Appendix 1 to this news release and the Company's news release dated June 5, 2025 for additional information (Orla Mining Delivers Initial Underground Mineral Resource for Camino Rojo in Mexico, Paving the Way for Future Development Planning). Zone 22 accounts for only 7% (0.29 Moz AuEq) of the current underground Indicated Mineral Resource and 19% (0.08 Moz AuEq) of the current underground Inferred Mineral Resource. Drilling is ongoing and 2025 results will inform future updates. Recovery model supported by ongoing metallurgical work and the mineral resource is divided into three spatially distinct zones, each with specific processing options for the Caracol-hosted mineralization: Heap leaching (3%), Flotation by cyanidation (CIL) (25%), Flotation followed by pressure oxidation ("POX") as a pre-treatment prior to cyanidation (CIL with POX) (72%). Initial metallurgical testing indicates that material from Zone 22 is amenable to both cyanide leaching and flotation. Development strategy focuses on advancing the underground resource through: Continued drilling Exploration drift design Flowsheet optimization Metallurgical and engineering studies Permitting activities The Company continued the infill drill campaign at Zone 22, the extension of the Camino Rojo Sulphides. The 15,000-metre drill program was completed in late July 2025. An additional 5,000 metres are planned in 2025 at Zone 22 for infill and expansion along the down-plunge. Results from these drill programs are expected to enhance the Zone 22 resource, which was included in the recently released Camino Rojo Mineral Resource update, as discussed above. A drill campaign to test regional targets started in mid-April, with 1,722 metres drilled in the second quarter. Please see Company's news release dated August 7, 2025, for additional information (Orla Mining Reports New Drill Results from Zone 22 at Camino Rojo, Mexico – High grade intersections outside current resource panels enhances potential). South Railroad Project & South Carlin Complex, Nevada: The South Railroad Project is currently advancing under the guidance of the US Bureau of Land Management (BLM) in accordance with the National Environmental Policy Act (NEPA) for permitting. Orla continues to engage with local, state and federal stakeholders to sustain momentum in the permitting process. The Notice of Intent (NOI) is expected to be published in the coming weeks (Q3) with the Company targeting a Record of Decision (final permitting decision) approximately 12 months thereafter. Following this approval, construction on the South Railroad Project would commence, with first gold production targeted for 2028. Orla's 2025 exploration program at the South Carlin Complex is focused on increasing resources at Dark Star, Pinion and satellite deposits, as well as discovering new zones of mineralization. Drilling activities resumed in May at the new Spike target – located south of Pod-Sweet Hollow, as well as at the North Bullion target area. In June, the Dark Star and Bowl drill programs were initiated. Exploration activities are expected to continue through the end of 2025. Musselwhite, Ontario: At Musselwhite, the exploration objective is to define a critical mass of additional reserves and resources to support expansion of the operation and significantly extend the mine life. In the second quarter, underground exploration drilling progressed with three rigs, completing 7,413 metres. The deep directional surface program aimed at confirming the down-plunge extension of the mine trend began in late May with one drill rig. By early June, three rigs were operational, collectively completing 2,757 metres of drilling in the second quarter. The deep directional target zones are expected to be reached in the third quarter. Additionally, the near-mine surface program focused on identifying shallow mineralization as potential open pit mill feed started in June, with 817 metres drilled in the quarter. All exploration drilling programs will continue through the year. 2025 Guidance Update Since the pit wall event on July 23, Camino Rojo has continued to crush and stack stockpiled material at a rate of approximately 20,000 tonnes per day (in addition to 20,000 tonnes per day being truck stacked), to mitigate the short-term impact on production. Based on the current action plan and Camino Rojo's updated pit sequencing, Orla's annual production, cash costs, and AISC guidance has been updated and is shown below. ConsolidatedInitial Guidance Revised Guidance Gold ProductionCamino Rojo110 - 120 95 - 105 Musselwhite 170 - 180 170 - 180 Total Gold Production Koz 280 - 300 265 - 285 Total Cash Cost1 (net of by-product) Camino Rojo$625 - $725 $800 - $900 Musselwhite - April to December$1,000 - $1,200 $1,000 - $1,200 Total Cash Cost (Net of by-product)1 $/oz sold $850 - $1,050 $900 - $1,100 AISC1 – ConsolidatedCamino Rojo$700 - $800 $850 - $950 Musselwhite - April to December$1,550 - $1,750 $1,550 - $1,750 AISC1 $/oz sold $1,300 - $1,500 $1,350 - $1,550 1 Cash cost and AISC include 9 months of production and costs from Musselwhite, and full year from Camino Rojo and Corporate G&A (inclusive of share-based compensation). Cash costs and AISC are non-GAAP measures. Please refer to the Non-GAAP section of this news release for further detail. Financial Statements Orla's unaudited condensed interim consolidated financial statements and management's discussion and analysis for the quarter ended June 30, 2025, are available on the Company's website at and under the Company's profiles on SEDAR+ and EDGAR. Qualified Persons Statement The scientific and technical information in this news release was reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of the Company, and Mr. Sylvain Guerard, P. Geo., Senior Vice President, Exploration of the Company, who are the Qualified Persons as defined under NI 43-101 - Standards of Disclosure for Mineral Projects. Second Quarter 2025 Conference Call Orla will host a conference call on Tuesday, August 12, 2025, at 10:00 AM, Eastern Time, to provide a corporate update following the release of its financial and operating results for the second quarter 2025: Dial-In Numbers / Webcast: USA - Toll-Free: +1 (800) 715-9871 USA / International Toll: +1 (646) 307-1963 Canada – Toronto: +1 (647) 932-3411 Canada - Toll-Free: +1 (800) 715-9871 Conference ID: 3544393 Webcast: About Orla Mining Ltd. Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has three material projects, consisting of two operating mines and one development project, all 100% owned by the Company: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine. The property covers over 139,000 hectares which contains a large oxide and sulphide mineral resource, (2) Musselwhite Mine, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced over 6 million ounces of gold, with a long history of resource growth and conversion, and (3) South Railroad, in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend in Nevada. The technical reports for the Company's material projects are available on Orla's website at and on SEDAR+ and EDGAR under the Company's profile at and respectively. NON-GAAP MEASURES We have included herein certain performance measures ("non-GAAP measures") which are not specified, defined, or determined under generally accepted accounting principles ("GAAP"). These non-GAAP measures are common performance measures in the gold mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other issuers. Accordingly, we use such measures to provide additional information, and you should not consider them in isolation or as a substitute for measures of performance prepared in accordance with GAAP. In this section, all currency figures in tables are in thousands, except per-share and per-ounce amounts. AVERAGE REALIZED GOLD PRICE Average realized gold price per ounce sold is calculated by dividing gold sales proceeds received by the Company for the relevant period by the ounces of gold sold. Q2 2024 Q2 2024YTD Q2 2024 YTD Q2 2024 Revenue $ 263,747 $ 84,570$ 404,417 $ 151,848 Silver sales (7,207) (3,256)(12,740) (4,566) Gold sales 256,540 81,314391,677 147,282 Ounces of gold sold 78,909 34,875125,266 66,921 AVERAGE REALIZED GOLD PRICE $ 3,251 $ 2,332$ 3,127 $ 2,201 NET CASH (NET DEBT) Net cash (net debt) is calculated as cash and cash equivalents and short-term investments less total debt adjusted for unamortized deferred financing charges at the end of the reporting period. June 30, 2025 Dec 31, 2024 Cash and cash equivalents $ 215,448 $ 160,849 Less: Long term debt (420,000) — NET CASH $ (204,552) $ 160,849 ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE Adjusted earnings excludes unrealized foreign exchange, changes in fair values of financial instruments, impairments and reversals due to net realizable values, restructuring and severance, and other items which are significant but not reflective of the underlying operational performance of the Company. Q2 2025 Q2 2024YTD Q2 2025 YTD Q2 2024 Net income (loss) for the period $ 48,212 $ 24,265$ (21,620) $ 41,750 Change in fair values of financial instruments 3,000 —83,725 — Unrealized foreign exchange 2,167 (1,520)4,732 (2,431) One-time Musselwhite acquisition costs 1,699 —11,914 — Increased costs from inventory fair value adjustment 744 —10,513 — Share based compensation related to PSUs 532 1672,628 291 Accretion of deferred revenue 7,828 12210,878 244 ADJUSTED EARNINGS $ 64,182 $ 23,034$ 102,770 $ 39,854 Millions of shares outstanding – basic 324.9 318.0371.1 316.6 Adjusted earnings per share – basic $ 0.20 $ 0.07$ 0.32 $ 0.13 Companies may choose to expense or capitalize costs incurred while a project is in the exploration and evaluation phase. Our accounting policy is to expense these exploration costs. To assist readers in comparing against those companies which capitalize their exploration costs, we note that included within Orla's net income for each period are exploration costs which were expensed, as follows: Q2 2024 Q2 2024YTD Q2 2024 YTD Q2 2024 Exploration & evaluation expense $ 9,412 $ 6,649$ 18,291 $ 11,393 FREE CASH FLOW Free Cash Flow is calculated as the sum of cash flow from operating activities and cash flow from investing activities, excluding certain unusual transactions. Included within the figures for Q1 2025 are $798,504,000 for the acquisition of Musselwhite Mine. Q2 2025 Q2 2024 YTD Q2 2025 YTD Q2 2024 Cash flow from operating activities $ 94,822 $ 48,969$ 506,287 $ 77,119 Cash flow from investing activities (30,632) (4,906)(846,181) (9,130) FREE CASH FLOW $ 64,190 $ 44,063$ (339,894) $ 67,989 Millions of shares outstanding – basic 324.9 318.0323.6 316.6 Free cash flow per share – basic $ 0.20 $ 0.14$ (1.05) $ 0.21 CASH COST AND ALL-IN SUSTAINING COST Cash cost per ounce is calculated by dividing the sum of operating costs and royalty costs, net of by-product silver credits, by ounces of gold sold. All-in Sustaining Cost is intended to reflect all the expenditures that are required to produce an ounce of gold from operations. While there is no standardized meaning of the measure across the industry, the Company's definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance. The Musselwhite Mine was acquired on February 28, 2025, and accounting rules require metal inventory on hand at acquisition date (February 28, 2025) to be valued on the books at fair value rather than historical cost which is ordinarily the case. Accordingly, Orla management concluded it would not be meaningful to readers to present cash costs and AISC for Musselwhite Mine for the one-month period ended March 31, 2025. The tables below exclude the costs of, and gold sales of, Musselwhite Mine for the period March 1 to March 31, 2025. Consequently, the year-to-date numbers presented in the table below have been adjusted to reflect Musselwhite's contribution as of April 1, months ended June 30, 2025Six months ended June 30, 2025 CASH COST Camino Rojo Mussel-white Corporate Total Camino Rojo Mussel-white Corporate Total Cost of sales – operating costs $ 21,600 $ 63,979 $ — $ 85,579$ 42,583 $ 63,979 $ — $ 106,562 Inventory valuation adjustment at acquisition — (744) — (744)— (744) — (744) Cost of sales - royalties 2,823 3,577 — 6,4005,588 3,577 — 9,165 Silver sales (6,943) (264) — (7,207)(12,476) (264) — (12,740) CASH COST $ 17,480 $ 66,548 $ — $ 84,028$ 35,695 $ 66,548 $ — $ 102,243 Ounces sold 26,591 52,318 n/a 78,90957,103 52,318 n/a 109,421 Cash cost per ounce sold $ 657 $ 1,272 $ n/a $ 1,065$ 625 $ 1,272 $ n/a $ 934 Three months ended June 30, 2025Six months ended June 30, 2025 ALL-IN SUSTAINING COST Camino Rojo Mussel-white Corporate Total Camino Rojo Mussel-white Corporate Total Cash cost, as above $ 17,480 $ 66,548 $ — $ 84,028$ 35,695 $ 66,548 $ — $ 102,243 Office and administration — — 6,202 6,202— — 11,789 11,789 Share based payments (excl PSUs) 33 355 592 98063 355 1,685 2,103 Accretion of site closure provisions 140 786 — 926260 786 — 1,046 Amortization of site closure provisions 19 661 — 680169 661 — 830 Sustaining capital 519 889 — 1,408969 889 — 1,858 Sustaining capitalized exploration and development expenses — 17,552 — 17,552— 17,552 — 17,552 Lease payments 165 194 — 359303 194 — 497 ALL-IN SUSTAINING COST $ 18,356 $ 86,895 $ 6,794 $ 112,135$ 37,459 $ 86,895 $ 13,474 $ 137,918 Ounces sold 26,591 52,318 n/a 78,90957,103 52,318 n/a 109,421 All-in sustaining cost per ounce sold $ 690 $ 1,663 $ n/a $ 1,421$ 656 $ 1,663 $ n/a $ 1,260 (note, the tables above exclude costs and gold sales for Musselwhite Mine for the period March 1 to March 31, 2025) EXPLORATION AND PROJECT DEVELOPMENT COSTS Exploration and project development costs are calculated as the sum of costs related to exploration and to project development. Some of these costs have been expensed, while some of these have been capitalized, in accordance with our accounting policies. Q2 2025 Q2 2024 YTD Q2 2025 YTD Q2 2024 Exploration and evaluation expense $ 9,412 $ 6,649$ 18,291 $ 11,393 Expenditures on mineral properties capitalized 22,851 3,10329,783 6,979 EXPLORATION AND PROJECT DEVELOPMENT $ 32,263 $ 9,752$ 48,074 $ 18,372 Forward-looking Statements This news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding the impact of the pit wall event on the Company's operations; the Company's estimates of material to be removed from the north wall of the pit, including the strip ratio, expected grade, the stacking of such material on the heap leach over the coming months, tonnage, and the extent of the pushback; the Company's revised 2025 guidance, including production and AISC; the Company's exploration programs, including timing, expenditures, and the goals and results thereof; the timing of permitting, construction, and production at South Railroad; the initial mineral resource estimate for Camino Rojo; and the Company's goals and objectives. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the impact of the pit wall event on Camino Rojo; the future price of gold and silver; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on exploration, development, and mining activities; the Company's ability to successfully integrate the Musselwhite Mine; tonnage of ore to be mined and processed; ore grades and recoveries; decommissioning and reclamation estimates; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the Company's ability to secure and to meet obligations under property agreements, including the layback agreement with Fresnillo plc; that all conditions of the Company's credit facility will be met; the timing and results of drilling programs; mineral reserve and mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company's mineral properties; the obtaining of a subsequent agreement with Fresnillo to access the sulphide mineral resource at the Camino Rojo Project and develop the entire Camino Rojo Project mineral resources estimate; that political and legal developments will be consistent with current expectations; the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction, and operation of projects; the timing of cash flows; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will be no material adverse change or disruptions affecting the Company or its properties. Consequently, there can be no assurances 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 involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: uncertainty and variations in the estimation of mineral resources and mineral reserves; risks related to the Company's indebtedness and gold prepayment; risks related to exploration, development, and operation activities; foreign country and political risks, including risks relating to foreign operations; tailings risks; reclamation costs; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; environmental and other regulatory requirements; loss of, delays in, or failure to get access from surface rights owners; uncertainties related to title to mineral properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; financing risks and access to additional capital; risks related to guidance estimates and uncertainties inherent in the preparation of feasibility studies; uncertainty in estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold and silver; risks related to the Cerro Quema Project; unknown labilities in connection with acquisitions; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of the Company's securities; assessments by taxation authorities in multiple jurisdictions; foreign currency fluctuations; the Company's limited operating history; litigation risks; the Company's ability to identify, complete, and successfully integrate acquisitions; intervention by non-governmental organizations; outside contractor risks; risks related to historical data; the Company not having paid a dividend; risks related to the Company's foreign subsidiaries; risks related to the Company's accounting policies and internal controls; the Company's ability to satisfy the requirements of Sarbanes–Oxley Act of 2002; enforcement of civil liabilities; the Company's status as a passive foreign investment company (PFIC) for U.S. federal income tax purposes; information and cyber security; the Company's significant shareholders; gold industry concentration; shareholder activism; other risks associated with executing the Company's objectives and strategies; as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 18, 2025, which are available on and Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Cautionary Note to U.S. Readers This news release has been prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current standards of the United States securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources", "indicated mineral resources", "measured mineral resources" and "mineral resources" used or referenced in this news release are Canadian mineral disclosure terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). For United States reporting purposes, the United States Securities and Exchange Commission ("SEC") has adopted amendments to its disclosure rules (the "SEC Modernization Rules") to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the Securities Exchange Act of 1934, as amended. The SEC Modernization Rules more closely align the SEC's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that were included in Industry Guide 7 under the U.S. Securities Act. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system (MJDS), the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and provides disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information contained in this news release may not be comparable to similar information disclosed by United States companies. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding CIM Definition Standards that are required under NI 43-101. While the above terms are "substantially similar" to CIM Definition Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. There is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules. Accordingly, information contained in this news release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. Appendix: Camino Rojo Underground Mineral Resource Estimate Table 1: Camino Rojo Underground Mineral Resource Estimate: DescriptionsMeasured Indicated Measured & Indicated Inferred kt g/t koz kt g/t koz kt g/t koz kt g/t koz GOLD (Au) Heap leach 7 1.95 0 1,704 2.90 159 1,711 2.90 159 214 2.29 16CIL - - - 12,475 2.07 832 12,475 2.07 832 2,549 1.81 148FLOT/POX/CIL - - - 35,900 2.56 2,958 35,900 2.56 2,958 2,813 2.57 232Total - Gold 7 1.95 0 50,079 2.45 3,949 50,086 2.45 3,950 5,576 2.21 396 kt g/t koz kt g/t koz kt g/t koz kt g/t koz SILVER (Ag) Heap leach 7 31.5 7 1,704 13.2 722 1,711 13.3 729 214 15.1 104CIL - - - 12,475 8.7 3,480 12,475 8.7 3,480 2,549 10.2 835FLOT/POX/CIL - - - 35,900 11.1 12,847 35,900 11.1 12,847 2,813 11.2 1,010Total - Silver 7 31.5 7 50,079 10.6 17,048 50,086 10.6 17,055 5,576 10.9 1,949 kt % Mlb kt % Mlb kt % Mlb kt % Mlb ZINC (Zn) Heap leach - - - - - - - - - - - -CIL - - - - - - - - - - - -FLOT/POX/CIL - - - 35,900 0.35 278 35,900 0.35 278 2,813 0.42 26Total - Zinc 0 0 0 35,900 0.35 278 35,900 0.35 278 2,813 0.42 26 kt g/t koz kt g/t koz kt g/t koz kt g/t koz AUEQ (Au) Heap leach 7 2.11 1 1,704 3.03 166 1,711 3.03 166 214 2.44 17CIL - - - 12,475 2.11 848 12,475 2.11 848 2,549 1.85 152FLOT/POX/CIL - - - 35,900 2.72 3,142 35,900 2.72 3,142 2,813 2.75 249Total - AUEQ 7 2.11 1 50,079 2.58 4,156 50,086 2.58 4,156 5,576 2.33 418 kt g/t koz/Mlb kt g/t or % koz/Mlb kt g/t or % koz/Mlb kt g/t or % koz/Mlb TOTALS Au 7 1.95 0 50,079 2.45 3,949 50,086 2.45 3,950 5,576 2.21 396Ag 31.5 7 10.6 17,048 10.6 17,055 10.9 1,949Zn - - 0.25 278 0.25 278 0.21 26AuEq 2.11 1 2.58 4,156 2.58 4,156 2.33 418 Mineral Resources Notes: CIM (2014) definitions were followed for Mineral Resources. The mineral resource estimate for Camino Rojo has an effective date of March 31, 2025. The Qualified Person responsible for the mineral resource estimate is Marie-Christine Gosselin, Senior Resource Geologist of SLR Consulting (Canada) Ltd. Mineral resources are estimated using a long-term price of US$2,300 /oz gold, US$1.25 /lb zinc and US$29 /oz silver and the following smelter terms: for oxide 99.9% payable Au and 98% payable Ag, and for sulphide 95% payable Au, 90% payable Ag and 95% payable Zn. Offsite costs (refining, transport and insurance) of US$145 /wmt transportation and US$230 /dmt treatment; a 2.5% NSR royalty. Metallurgical recoveries vary according to geometallurgical domains from heap leach, CIL, and flotation CIL with POX and are either constant or formula based. Heap leach recoveries range from 40% to 70% for gold and from 11% to 34% for silver. For CIL and CIL with POX, gold and silver recoveries are calculated using grade dependent formulae. The underground CIL mean recovery is 92% for gold and 36% for silver. The underground CIL with POX mean recovery is 85% for gold and 41% for silver. Zinc recovery by flotation is 80%. Mineral Resources are estimated in underground resource panels using NSR cut-off grades of 59.02 US$/t for leach material, 68.73 US$/t for CIL material, and 76.23 US$/t for CIL w/POX material. Underground resource panels have a minimum width of 2m. The NSR for heap leach material is calculated with the following formula: NSR ($/t) = US$71.98 x Au recovery x Au grade + US$0.84 x Ag recovery x Ag grade (g/t). The NSR for CIL material is calculated with the following formula: NSR ($/t) = US$68.34 x Au recovery x Au grade (g/t) + US$0.73 x Ag recovery x Ag grade (g/t). The NSR for CIL w/POX material is calculated with the following formula: NSR ($/t) = US$68.34 x Au recovery x Au grade (g/t) + US$0.73 x Ag recovery x Ag grade (g/T) + US$0.00146 x Zn recovery x Zn grade (ppm). The gold equivalent (AuEq) for heap leach material is calculated with the following formula: Au grade (g/t) + (US$0.84 x Ag recovery x Ag grade (g/t)) /(US$71.98 x Au recovery). The AuEq for CIL material is calculated with the following formula: Au grade (g/t) + (US$0.73 x Ag recovery x Ag grade (g/t)) / (US$68.34 x Au recovery). The AuEq for CIL w/POX material is calculated with the following formula: Au grade (g/t) + (US$0.73 x Ag recovery x Ag grade (g/t)) / (US$68.34 x Au recovery) + (US$0.00146 x Zn recovery x Zn grade (ppm)) / (US$68.34 x Au recovery). Numbers may not add due to rounding. The Mineral Resource estimate includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The following factors, among others, could affect the mineral resource estimate: commodity price and exchange rate assumptions, pit slope angles, assumptions used in generating the resource pit shell and underground resource panels, including metal recoveries, and mining and process cost assumptions. SOURCE Orla Mining Ltd. View original content to download multimedia: Sign in to access your portfolio
Business Wire
12 hours ago
- Business Wire
Mineros S.A. Acquires 80% of La Pepa from Pan American to Own 100%
MEDELLIN, Colombia--(BUSINESS WIRE)--Mineros S.A. (TSX:MSA, MINEROS:CB) ('Mineros' or the 'Company') is pleased to announce that it will acquire from Pan American Silver Corp. ('Pan American') an 80% interest in the La Pepa Project for $40 million (the 'La Pepa Project Purchase'), bringing its interest in the La Pepa Project to 100%. The La Pepa Project Purchase is structured as a transaction between subsidiaries of Mineros and Pan American for the purchase and sale of all shares of Minera Cavancha SpA not currently owned by Mineros. Minera Cavancha SpA currently holds the La Pepa Project pursuant to a joint venture between Mineros and Pan American. In connection with the La Pepa Project Purchase, that joint venture will be terminated. The La Pepa Project Purchase is expected to close on or before September 30, 2025. 'We are pleased to add the balance of the La Pepa Project not already owned by us to our portfolio of organic growth projects,' stated David Londoño, President and CEO of Mineros. 'While we remain focused on acquiring producing gold assets or late-stage development assets, we are expanding our strategy to include acquiring earlier-stage projects to enable Mineros to develop a pipeline of growth projects as we mature as a mid-tier gold producer. Additionally, the acquisition of La Pepa Project exposes us to Chile, an additional jurisdiction with a long and well-established mining history.' La Pepa Project, Chile The La Pepa Project is an advanced gold exploration project located in the Maricunga Gold Belt of the Atacama Region, Chile, approximately 800 km north of Santiago and 110 km east of Copiapó, at 4,200 metres above sea level in the Andes Mountains. It is 100% owned by Minera Cavancha SpA, a joint venture entity that is owned 20% by Mineros and 80% by Pan American. The La Pepa Project represents a significant exploration-stage opportunity for Mineros in Chile, with promising mineralization and plans for further development. Key details about the project include: Exploration and Development: The project targets a porphyry-style gold system with two types of auriferous mineralization: gold disseminated in stockwork and high-sulphidation epithermal replacement veins. Envisioned as an open-pit mining and heap-leaching operation. Drilling and Results: A 6,342-metre drilling program (2019-2020) confirmed lateral continuity and potential expansion at depth. For further information, see Mineros' annual information form for the year ended December 31, 2021, dated March 31, 2022. Future Plans: Mineros plans to use the Mineral Resource estimate effective October 31, 2021 as the basis for a preliminary economic assessment (PEA) to evaluate feasibility as a heap-leaching operation. Mineral Resources reported in this press release were estimated by Geoestima Spa. (GeoEstima), inside an optimized pit envelope with cut-off grades of 0.20 g/t Au for oxides and 0.26 g/t Au for sulphides, which corresponds to the marginal cut-off grade, assuming a long-term gold price of $1,650 per ounce. All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not add up due to rounding. The qualified person is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the potential development of the Mineral Resources. ABOUT MINEROS S.A. Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with mines in Colombia and Nicaragua and a pipeline of development and exploration projects throughout the region. The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus on safety and sustainability at all its operations. Mineros' common shares are listed on the Toronto Stock Exchange under the symbol 'MSA', and on the Colombia Stock Exchange under the symbol 'MINEROS'. Election of Directors – Electoral Quotient System The Company has been granted an exemption from the individual voting and majority voting requirements applicable to listed issuers under Toronto Stock Exchange policies, on grounds that compliance with such requirements would constitute a breach of Colombian laws and regulations which require the directors to be elected on the basis of a slate of nominees proposed for election pursuant to an electoral quotient system. For further information, please see the Company's most recent annual information form, available on the Company's website at and from SEDAR+ at QUALIFIED PERSON Scientific and technical information contained in this news release has been approved by Orlando Rojas, MAIG, Principal Consultant and Director at GeoEstima, who is a qualified person within the meaning of NI 43-101, and who is independent of the Company. CAUTIONARY NOTE REGARDING MINERAL RESOURCE ESTIMATES In accordance with applicable Canadian securities regulatory requirements, all Mineral Resource estimates disclosed in this news release have been prepared in accordance with NI 43-101 and are classified in accordance with the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves (the 'CIM Standards'). Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. Pursuant to the CIM Standards, Mineral Resources have a higher degree of uncertainty than Mineral Reserves as to their existence as well as their economic and legal feasibility. Inferred Mineral Resources, when compared with Measured or Indicated Mineral Resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Pursuant to NI 43-101, Inferred Mineral Resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a Mineral Resource exists, will ever be converted into a Mineral Reserve, or is or will ever be economically or legally mineable or recovered. FORWARD-LOOKING STATEMENTS This news release contains 'forward looking information' within the meaning of applicable Canadian securities laws. Forward looking information includes statements that use forward looking terminology such as 'may', 'could', 'would', 'will', 'should', 'intend', 'target', 'plan', 'expect', 'budget', 'estimate', 'forecast', 'schedule', 'anticipate', 'believe', 'continue', 'potential', 'view' or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward looking information includes, without limitation, statements with respect to completion of the La Pepa Project Purchase; the estimate of Mineral Resources; exploration plans; and mining techniques that may be suitable for the La Pepa Project. Forward looking information is based upon estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this news release. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. For further information of these and other risk factors, please see the 'Risk Factors' section of the Company's annual information form dated March 31, 2025, available on SEDAR+ at The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained herein. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information contained herein is made as of the date of this news release and the Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.
Yahoo
13 hours ago
- Yahoo
High Arctic Announces 2025 Second Quarter Results
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW CALGARY, Alberta, Aug. 11, 2025 (GLOBE NEWSWIRE) -- High Arctic Energy Services Inc. (TSX: HWO) (the 'Corporation' or 'High Arctic') released its second quarter 2025 financial and operating results. The unaudited condensed interim consolidated financial statements, and the management discussion & analysis ('MD&A'), for the three and six months ended June 30, 2025 will be available on SEDAR+ at and on High Arctic's website at All amounts are denominated in thousands of Canadian dollars ('CAD'), unless otherwise indicated. Mike Maguire, Interim Chief Executive Officer commented: 'High Arctic has maintained its solid start to 2025 with a second quarter performance consistent with the first quarter. We have now operated for twelve months following the spin-out of the PNG Business and demonstrated that the Corporation has the resilience and a solid base business that positions it well to benefit from anticipated increases in upstream energy service activity levels in the western Canadian oil and gas industry.' In the following, the three months ended June 30, 2025 may be referred to as the 'quarter' or 'Q2 2025' and the comparative three months ended June 30, 2024 may be referred to as 'Q2 2024'. References to other quarters may be presented as 'QX 20XX' with X/XX being the quarter/year to which the commentary relates. Additionally, the six months ended June 30, 2025 maybe referred to as 'YTD' or 'YTD-2025'. References to other six-month periods ended June 30 may be presented as 'YTD-20XX' with XX being the year to which the six-month period ended June 30 commentary relates. 2025 Q2 Highlights Revenue from continuing operations of $2,391, a decrease of 6% compared to Q2 2024. Achieved an increase in oilfield services operating margin percentage for Q2 2025 of 49.1% compared to 45.5% in Q2 2024. Realized adjusted EBITDA from continuing operations of $482 in the quarter, 20% of revenue. Maintained operational excellence and safety, as evidenced by the continuation of recordable incident-free work. Achieved expected reductions in general and administrative expenses, a reduction of 52% compared to Q2 2024. High Arctic's 42% equity share of Team Snubbing's net loss for Q2 2025 was $348, lower than the $889 incurred in Q2 2024. The change was primarily attributable to improved profitability in the Alaskan operations, partially offset by reduced results in the Canadian operations. Exited Q2 2025 with positive working capital of $3,380, inclusive of cash of $2,428. 2025 YTD Highlights Revenue from continuing operations of $4,726, a decrease of 14% compared to YTD-2024. Achieved an increase in oilfield services operating margin percentage for YTD-2025 of 51.1% compared to 47.7% for YTD-2024. Realized Adjusted EBITDA from continuing operations of $986 for YTD-2025, 21% of revenue. Maintained operational excellence and safety, as evidenced by the continuation of recordable incident-free work. Achieved expected reductions in general and administrative expenses, a reduction of 56% compared to the YTD-2024 period. High Arctic's share of Team Snubbing's net loss for YTD-2025 was $336 comparable to a loss of $399 for YTD-2024. The modest change was primarily a result of improved operating activity in Alaska, offset by lower demand in the Canadian operations driven by the deferral of activity by a key customer. 2025 Strategic ObjectivesThe Corporation's 2025 strategic objectives include: Relentless focus on safety excellence and quality service delivery; Grow the core businesses through selective and opportunistic investments; Actively manage direct operating costs and general and administrative costs; Steward capital to preserve balance sheet strength and financial flexibility; and Execute on accretive acquisitions in Canada to drive shareholder value. Results Overview The following is a summary of select financial information of the Corporation: Three months ended June 30, Six months ended June 30, (thousands of Canadian Dollars, except per share amounts) 2025 2024 2025 2024 Operating results from continuing operations: Revenue – continuing operations 2,391 2,533 4,726 5,521 Net loss - continuing operations (295) (1,709) (415) (1,527) Per share (basic & diluted)(1) (0.02) (0.14) (0.03) (0.12) Oilfield services operating margin - continuing operations(2) 1,126 1,110 2,313 2,541 Oilfield services operating margin as a % of revenue(2) 49.1% 45.5% 51.1% 47.7% EBITDA - continuing operations(2) 333 (1,465) 792 (1,233) Per share (basic & diluted)(1) (4) 0.03 (0.12) 0.06 (0.10) Adjusted EBITDA - continuing operations(2) 482 187 986 280 Per share (basic & diluted)(1) (4) 0.04 0.02 0.08 0.02 Operating loss - continuing operations(2) (254) (1,363) (382) (2,433) Per share (basic & diluted)(1) (4) (0.02) (0.11) (0.03) (0.20) Cash flow from continuing operations: Cash flow from (used in) operating activities – continuingoperations (477) (761) 407 (490) Per share (basic & diluted)(1) (4) (0.04) (0.06) 0.03 (0.04) Funds flow from (used in) operating activities – continuingoperations(2) 310 (293) 805 (96) Per share (basic & diluted)(1) (4) 0.02 (0.02) 0.06 (0.01) Capital expenditures - continuing operations 411 507 793 815 As at (thousands of Canadian Dollars, except per share amounts andcommon shares outstanding) Jun 30, 2025 Dec 31, 2024 Financial position: Working capital(2) 3,380 2,692 Cash and cash equivalents 2,428 3,123 Total assets 28,755 30,867 Long-term debt (non-current) 3,090 3,178 Shareholders' equity 21,068 21,105 Per share(5) 1.66 1.70 Common shares outstanding(3)(5) 12,696,959 12,448,166 (1) The weighted average number of common shares used in calculating both basic and diluted net income (loss) per share, EBITDA (Earnings before interest, tax, depreciation and amortization) per share, Adjusted EBITDA per share, operating income (loss) per share, cash flow from operating activities per share, and funds flow from operating activities per share is detailed in Note 13(b) of the Financial Statements. (2) Readers are cautioned that oilfield services operating margin, oilfield services operating margin as percentage of revenue, EBITDA (earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, operating income (loss), funds flow from operating activities and working capital do not have standardized meanings prescribed by IFRS. See 'Non-IFRS Measures' for additional details on the calculations of these measures. (3) Pursuant to the de facto four-to-one consolidation of the Corporation's outstanding common shares effective August 12, 2024, the number of common shares outstanding and all per-share amounts have been retroactively adjusted to effect the common share consolidation for all prior period comparatives. (4) The number of weighted average common shares used in per share basic calculations for the three months ended June 30, 2025, was 12,696,959 (13,217,959 diluted per share) and for the three months ended June 30, 2024, was 12,286,101 (12,593,400 diluted per share). The number of weighted average common shares used in the per share basic calculation for the six month ended June 30, 2025 was 12,608,988 (13,183,988 diluted per share) and for the six months ended June 30, 2024 was 12,283,338 (12,608,906 diluted per share). (5) Shareholders' equity per share calculated based on common shares outstanding as at the relevant date. 2025 Q2 Summary Revenue from continuing operations for Q2 2025 was $2,391 compared to $2,533 in Q2 2024. Revenue was negatively impacted by softening demand driven primarily by deferral of some completions activity as customers have taken a cautious approach to the timing of the deployment of their 2025 capital budgets given recent commodity price volatility and general economic uncertainty. High Arctic obtained some larger high-pressure stimulation work from a new customer in Q2 2025 that served to partially offset some of these market headwinds. Oilfield services operating margin from continuing operations was $1,126 in the current year quarter consistent with the $1,110 realized in the prior year quarter. Operating margin percentage improved to 49.1% for Q2 2025 compared to 45.5% for Q2 2024, benefiting from a reduction in lower margin third-party rentals in the current year quarter. Adjusted EBITDA from continuing operations was $482 in the current year quarter compared to $187 in the prior year quarter. EBITDA from continuing operations benefitted the significant reduction in general and administrative expenses. Operating loss from continuing operations of $254 for Q2 2025 compared to $1,363 in Q2 2024. The decrease in operating loss is attributable to significantly reduced general and administrative expense. Prior year quarter general and administrative expenses were impacted by elevated corporate and professional fees related to the Arrangement. Net loss from continuing operations was $295 in Q2 2025 compared to net loss from continuing operations of $1,709 in Q2 2024. Net loss from continuing operations was impacted by the same items impacting operating loss, as above, combined with a reduced loss from equity-accounted investments, a reduction to contingent consideration partially offset with reduced interest income. 2025 Second Quarter YTD Summary Revenue from continuing operations for YTD-2025 was $4,726 compared to $5,521 in YTD-2024. Revenue was negatively impacted by softening demand driven primarily by deferral of some completions activity as customers have taken a cautious approach to the timing of the deployment of their 2025 capital budgets given volatility in oil and natural gas prices and global economic uncertainty, including impacts from ongoing geopolitical events. Year to date oilfield services operating margin from continuing operations was $2,313 in 2025 compared to $2,541 for YTD-2024. Operating margin percentage improved to 51.1% for YTD-2025 compared to 47.7% for YTD-2024, benefiting from a reduction in lower margin third-party rentals in the current year quarter. Year to date Adjusted EBITDA from continuing operations was $986 compared to $280 in the prior year period. Adjusted EBITDA from continuing operations benefitted from the significant reduction in general and administrative expenses. Operating loss from continuing operations for YTD-2025 was $382 compared to $2,433 in YTD-2024. The decrease in operating loss is attributable to significantly reduced general and administrative expenses. YTD-2024 general and administrative expenses were impacted by elevated corporate and professional fees related to the Arrangement and integration costs related to the acquisition of Delta. Net loss from continuing operations for YTD-2025 was $415 compared to $1,527 in YTD-2024. Net loss from continuing operations was impacted by the same items impacting operating loss, as above, combined with reduced interest income. Outlook The first half of 2025 has been an important period for High Arctic to address priorities following the 2024 reorganization and spinout. General and administrative expenses have been reduced as planned. The rentals business has provided a foothold in the WCSB from which to reset strategy, beginning with tactical equipment additions. High Arctic's 42% equity investment in Team Snubbing is significant with reported assets totalling $9.2 million as at June 30, 2025. Team Snubbing generated revenue in the first half of 2025 of $14.0 million, a 15% increase over the prior year comparative period. Although High Arctic's revenues, Adjusted EBITDA and liquidity are not directly impacted by the results of Team Snubbing because of its minority equity ownership, the management of the liquidity/capitalization of Team Snubbing, including its debt leverage levels continues to be a challenge and top priority for High Arctic. All of these areas remain as a primary focus for the balance of 2025. High Arctic's business is driven by the underlying economics associated with its customers' cash flows. These cash flows are driven by their oil and natural gas commodity price hedging and expectations. As customers embark on drilling new oil and natural gas wells, High Arctic's business outlook is reliant on decisions on the subsequent activity to complete these wells for production. Therefore, the financial and operational performance of High Arctic's rental assets and investment in the snubbing industry are highly dependent on fundamentals associated with both drilling and hydraulic fracturing completion trends in the WCSB. As the industry exited the seasonal second quarter spring breakup period in Canada, activity and well licensing has softened when compared to 2024 levels. Customer capital allocation decisions to complete wells continue to show signs of deferral. These deferrals have been influenced by factors that include industry consolidation with successor entities revisiting previously planned projects, OPEC moves to increase oil supply, global trade tariffs, and geopolitical risks that have collectively served to increase investment uncertainty. While global economic uncertainty persists, Canada has opportunity for future and is benefiting from recent energy infrastructure developments. The completion of the Trans Mountain pipeline system expansion in 2024, and recent commencement of west coast LNG exports are positive developments supporting improved long-term fundamentals for High Arctic's business and the upstream energy services. In summary, the Corporation expects to continue to execute on the initial phases of its strategic objectives, with progress to date being evidenced by strong safety performance, balance sheet preservation, general and administrative expense reductions, selective capital expenditure investments, and oversight of its equity investments. Non-IFRS MeasuresThis Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by IFRS and may not be comparable to the same or similar measures used by other companies. High Arctic uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, oilfield services operating margin, operating income (loss), Funds flow from operating activities and working capital. These do not have standardized meanings. These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS. For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation's MD&A, which is available online at and through High Arctic's website at Forward-Looking StatementsThis Press Release contains forward-looking statements. When used in this document, the words 'may', 'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe', 'seek', 'propose', 'estimate', 'expect', and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation's current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation's actual results, performance, or achievements to vary from those described in this Press Release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: general economic and business conditions, which will include, among other things, the outlook for the energy industry inclusive of commodity prices, producer activity levels (inclusive of drilling and completions activity) and general energy supply and demand fundamentals that may impact the energy industry as a whole and more specifically as it relates to the Corporation's customers in western Canada and Alaska, United States; expectations related to current and future LNG export projects; the impact (if any) of geo-political events, changes in government, changes to tariffs or related trade policies and the potential impact on the Corporation's ability to execute its 2025 strategic objectives; fluctuations in commodity prices; and the performance of the Corporation's investment in Team Snubbing. With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing uncertainty; remain competitive in all its operations; attract and retain skilled employees; obtain equity and debt financing on satisfactory terms and manage its liquidity risk; raise capital and manage its debt finance agreements; manage general and administrative costs; maintain a strong balance sheet and related financial flexibility; scale the Canadian business; and seek and execute accretive acquisitions in a timely manner and achieve operational and financial benefits therefrom. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: economic and financial conditions, including volatility in commodity prices; volatility in interest and exchange rates and capital markets; the level of demand and financial performance of the energy industry; changes in customer demand; and developments and changes in laws and regulations, including in the energy industry. The Corporation's actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set out in the most recent AIF filed on SEDAR+ at The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. About High Arctic Energy ServicesHigh Arctic is an energy services provider. High Arctic provides pressure control equipment and equipment supporting the high-pressure stimulation of oil and gas wells and other oilfield equipment on a rental basis to exploration and production companies, from its bases in Whitecourt and Red Deer, Alberta. For further information contact: Lonn BateChief Financial Officer P: 587-318-2218P: +1 (800) 688 7143 High Arctic Energy Services 2350, 330 – 5th Ave SWCalgary, Alberta, Canada T2P 0L4website: Email: info@
