
Hum: Korean eateries in downtown Ottawa please with punchy flavours, affordable prices
For me, fried rice is comfort food. I like Maroo's kimchi fried rice ($20), available with one of those pork patties or a sunny-side egg, that adds kimchi's heat and funk and the umami lift of seaweed flakes to the mix.
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Bulgogi, the easy-to-like fry-up of sweet-salty beef, stars in multiple dishes, from a rice bowl ($18) to fajitas ($22) to a ciabatta-bun sandwich ($19, including a side dish) in which it's joined by cheddar, grilled mushrooms, garlic butter and mayo. Choose your own bulgogi adventure, I say. They've all hit the spot for me.
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The new Maroo serves several traditional Korean soups and stews that I don't recall seeing at its first iteration. Soon-tofu and seafood stew ($20) was piping hot and significantly spicy but its shrimp, squid and mussels were still plump and toothsome. A less hearty choice was the fish-stock soup ($20) bulked up with onions, mushrooms cabbage, an imitation crab, not to mention the perfectly fried pork cutlet on the side that would have made any schnitzel cook proud.
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Previously when I've had Korean short ribs, I cooked them myself at Daldongnae, the Korean table-top barbecue eatery in Chinatown, as part of a convivial, family-style dinner. At Maroo, it was worth it to have Kim do the grilling of a single-diner's version, given the nicely charred, flavourfully marinated short ribs ($33) that he sent to our table.
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Korean fried chicken ($22 to $38, half- and full-orders respectively) had all the right fast-food attributes — admirably crisp exteriors, sweet-savoury or sweet-spicy sauces on the side. Still, I prefer the KFC from the specialists at Pelicana inside the OK Mart on Merivale Road.
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Speaking of other Korean-run food businesses in Ottawa, I will note two more that recently joined Kitchen Maroo downtown.
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In Sandy Hill, close to the University of Ottawa, there's In's Kitchen, which opened in early 2024. I've paid two more cursory visits to In's Kitchen and can speak highly of its traditional, full-flavoured dishes. I thought best of its spicier items, including dakgalbi ($22), which here was a saucy stir-fry of boneless chicken, chewy rice cakes and vegetables, as well as the new-to-me and evocatively named 'troop's soup ($22), a hearty stew of pantry meats such as ham and sausage, instant noodles, plus kimchi and vegetables.
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Like Ottawa's Middle Eastern restaurants, and an increasing number of non-Middle Eastern eateries, In's Kitchen uses halal ingredients so as not to exclude Muslim customers.
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Last fall, the takeout-oriented shop Kimbap opened on Bank Street, a little more than three blocks from Parliament Hill.
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Kimbap is named after its grab-and-go specialty, which is not to be confused with sushi rolls, despite their similar appearances. While kimbap rolls do wrap cooked rice in seaweed, its cooked fillings can be meatier (think ham, bulgogi or bits of spicy chicken) or seafood-y (think spicy fish cakes, cooked tuna or imitation crab).
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I've sampled some of the Kimbap's offerings, including spicy fish kimbap ($15), spicy chicken on rice ($15) and a bulgogi bowl ($16). While the smaller portions wouldn't leave you stuffed, they should tide you over, especially at lunch, and please you with freshness and lucid flavours.
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Together, Kitchen Maroo, In's Kitchen and Kimbap make me realize that a larger wave of casual Korean food businesses have opened in downtown Ottawa in the last five years. Had I had the time or appetite to be more comprehensive, I would have gone to Maht, up the street from Maroo, or Gogiya, down the street from Kimbap.
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Cision Canada
2 hours ago
- Cision Canada
ShaMaran Reports Second Quarter 2025 Results
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The following tables set out how the non-IFRS Accounting Standards measures are calculated from figures shown in the unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2025, together with the accompanying notes (the "Financial Statements"): EBITDAX and Adjusted EBITDAX EBITDAX is calculated as the net result before financial items, taxes, depletion of oil and gas properties, impairment costs, the gains on acquisitions, depreciation and exploration expenses and adjusted for non-recurring profit/loss on sale of assets and other income. The Company uses EBITDAX primarily as a measure of profitability and cash generation. Adjusted EBITDAX adds back non-cash, share-based payments and non-recurring, transaction-related expenses. A quantitative reconciliation to revenues, the most directly comparable IFRS Accounting Standards measure, is provided below. Free cash flow before debt service Free cash flow before debt service is a non-IFRS financial measure calculated as the sum of cash flows from operating and investment activities. The Company uses free cash flow before debt service primarily as a measure of cash generation. A quantitative reconciliation to net cash inflows from operating activities, the most directly comparable IFRS Accounting Standards measure, is provided below. Net debt Net debt is a non-IFRS financial measure calculated as total debt less cash and cash equivalents. The Company uses net debt primarily as a measure of leverage. A quantitative reconciliation to total debt, the most directly comparable IFRS Accounting Standards measure, is provided below. All figures in the net debt calculation are based on their nominal value at the balance sheet date. See Notes 15, 16 and 20 in the Financial Statements. About ShaMaran Petroleum Corp. ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. The Company is listed in Toronto on the TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies. Important Information ShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on August 6, 2025, at 5:30 p.m. Eastern Time. The Company's certified advisor on Nasdaq First North Growth Market is FNCA Sweden AB. Forward-Looking Statements Certain statements contained in this press release constitute forward-looking information. 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Toronto Star
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Andrew Peller Limited Reports Financial Results for First Quarter of Fiscal 2026
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'Our strong performance in the quarter was due to ongoing improvements in our margins, profitability, and free cash flow, while lowering debt and further strengthening our balance sheet. Margins continue to expand due to the success of our cost savings programs and are further supported by the Ontario Government's recent policy changes, which reflect its ongoing commitment to a strong and competitive industry. The business is on a strong foundation as we look to generate sustained long-term value through above-category sales performance, EBITA growth, and leveraging our asset base.' Financial Highlights (Financial Statements and the Company's Management Discussion and Analysis for the period can be obtained on the Company's web site at ARTICLE CONTINUES BELOW (1) Please refer to the Company's MD&A concerning 'Non-IFRS Measures' Financial Review Revenue for the three months ended June 30, 2025 remained consistent with the prior year's first quarter results. Several of the Company's well-established trade channels performed well, particularly sales in western Canada due to the success of our BC replacement program, as well as sales to big box stores and at the Company estates. This was offset by expected softness in sales at the Company's stand-alone retail stores due to the evolving Ontario market, as well as sales from the Company's personal wine making business. Gross margin as a percentage of revenue for the three months ended June 30, 2025 increased to 42.4% from 38.4%. The increase was driven by lower costs for glass bottles and inbound freight, resulting from the Company's cost savings program. The improvement also reflects the benefit of the Ontario Government Support Program of $2.1 million, which was recognized in the first quarter of fiscal 2026 but was not in effect during the comparable period in fiscal 2025. As a percentage of revenue, selling and administrative expenses increased to 26.1% from 25.5% for the three months ended June 30, 2025 primarily due to timing of professional services and advertising and promotional expenditures. The increase is partially offset by a reduction in compensation expense resulting from the realization of cost savings associated with the Company's restructuring efforts. Earnings before interest, amortization, net unrealized gains and losses on derivative financial instruments, other (income) expenses, and income taxes ('EBITA') (see 'Non-IFRS Measures' section of the Company's MD&A) was $16.1 million in the first quarter of fiscal 2026, compared to $12.9 million in the first quarter of prior year, an increase of 25.4%. Interest expense for the three months ended June 30, 2025 has decreased by 14.8% compared to the prior year due to lower average debt levels and lower interest rates compared to prior year. The Company recorded a nominal net unrealized non-cash loss in the first quarter of fiscal 2026 related to mark-to-market adjustments on interest rate swaps and foreign exchange contracts compared to a loss of $0.2 million in the first quarter of fiscal 2025. The Company has elected not to apply hedge accounting and accordingly the change in fair value of these financial instruments is reflected in the Company's consolidated statement of earnings (loss) each reporting period. These instruments are considered to be effective economic hedges and are expected to mitigate the short-term volatility of changing foreign exchange and interest rates. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW The Company generated net earnings of $4.6 million ($0.11 per Class A share) for the first quarter of fiscal 2026 compared to a net loss of $0.4 million (loss of $0.01 per Class A share) in the first quarter of the prior year. As part of its strategy to recognize value from non-core assets, during the first quarter of fiscal 2026, the Company initiated proceedings to sell land, vineyard, and building assets in Kaleden, British Columbia with a net book value of $1.0 million which were classified as assets held for sale on June 30, 2025. The sale was completed on July 15, 2025 for proceeds of $1.3 million. Investor Conference Call The Company will hold a conference call to discuss the results on Thursday, August 7, 2025 at 10:00 a.m. ET. Paul Dubkowski, CEO, Renee Cauchi, CFO and Patrick O'Brien, President and CCO, will host the call, with a question and answer period following management's presentation. About Andrew Peller Limited Andrew Peller Limited is one of Canada's leading producers and marketers of quality wines and craft beverage alcohol products. The Company's award-winning premium and ultra-premium Vintners' Quality Alliance brands include Peller Estates, Trius, Thirty Bench, Wayne Gretzky, Sandhill, Red Rooster, Black Hills Estate Winery, Tinhorn Creek Vineyards, Gray Monk Estate Winery, Raven Conspiracy, and Conviction. Complementing these premium brands are a number of popularly priced varietal offerings, wine-based liqueurs, craft ciders, and craft spirits. The Company owns and operates 101 well-positioned independent retail locations in Ontario under The Wine Shop, Wine Country Vintners, and Wine Country Merchants store names. The Company also operates Andrew Peller Import Agency and The Small Winemaker's Collection Inc., importers and marketing agents of premium wines from around the world. With a focus on serving the needs of all wine consumers, the Company produces and markets premium personal winemaking products through its wholly owned subsidiary, Global Vintners Inc., the recognized leader in personal winemaking products. More information about the Company can be found at The Company utilizes EBITA (defined as earnings before interest, amortization, net unrealized gains and losses on derivative financial instruments, other (income) expenses, and income taxes) to measure its financial performance. EBITA is not a recognized measure under IFRS. Management believes that EBITA is a useful supplemental measure to net earnings (loss), as it provides readers with an indication of earnings available for investment prior to debt service, capital expenditures, and income taxes, as well as provides an indication of recurring earnings compared to prior periods. Readers are cautioned that EBITA should not be construed as an alternative to net earnings determined in accordance with IFRS as indicators of the Company's performance or to cash flows from operating, investing, and financing activities as a measure of liquidity and cash flows. The Company also utilizes gross margin (defined as sales less cost of goods sold, excluding amortization). The Company's method of calculating EBITA and gross margin may differ from the methods used by other companies and, accordingly, may not be comparable to measures used by other companies. Andrew Peller Limited common shares trade on the Toronto Stock Exchange (symbols ADW.A and ADW.B). ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW FORWARD-LOOKING INFORMATION Certain statements in this news release may contain 'forward-looking statements' within the meaning of applicable securities laws including the 'safe harbour provisions' of the Securities Act (Ontario) with respect to APL and its subsidiaries. Such statements include, but are not limited to, statements about the growth of the business; its launch of new premium wines and craft beverage alcohol products; sales trends in foreign markets; its supply of domestically grown grapes; and current economic conditions. These statements are subject to certain risks, assumptions, and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. The words 'believe', 'plan', 'intend', 'estimate', 'expect', or 'anticipate', and similar expressions, as well as future or conditional verbs such as 'will', 'should', 'would', 'could', and similar verbs often identify forward-looking statements. We have based these forward-looking statements on our current views with respect to future events and financial performance. With respect to forward-looking statements contained in this news release, the Company has made assumptions and applied certain factors regarding, among other things: future grape, glass bottle, and wine and spirit prices; its ability to obtain grapes, imported wine, glass, and other raw materials; fluctuations in foreign currency exchange rates; its ability to market products successfully to its anticipated customers; the trade balance within the domestic Canadian and international wine markets; market trends; reliance on key personnel; protection of its intellectual property rights; the economic environment; the regulatory requirements regarding producing, marketing, advertising, and labelling of its products; the regulation of liquor distribution and retailing in Ontario; the application of federal and provincial environmental laws; and the impact of increasing competition. These forward-looking statements are also subject to the risks and uncertainties discussed in this news release, in the 'Risks and Uncertainties' section and elsewhere in the Company's MD&A and other risks detailed from time to time in the publicly filed disclosure documents of Andrew Peller Limited which are available at Forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and assumptions which could cause actual results to differ materially from those conclusions, forecasts, or projections anticipated in these forward-looking statements. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. The Company's forward-looking statements are made only as of the date of this news release, and except as required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new information, future events or circumstances or otherwise. For more information, please contact: Craig Armitage and Jennifer Smith ir@ Source: Andrew Peller Limited


Cision Canada
3 hours ago
- Cision Canada
OceanaGold Reports Record Quarterly Net Profit
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Generated strong Free Cash Flow † of $120 million and $189 million year to date, resulting in a trailing 12 month Free Cash Flow † yield 1 of 18%. Cash balance increased by 31% to $299 million from the prior quarter, enhancing an already strong balance sheet with no debt. Repurchased $21 million in common shares during the quarter and $41 million year to date under the share buyback program. On track to buyback up to $100 million of shares in 2025. Declared a $0.03 per share quarterly dividend, payable in September 2025. Completed a 3-for-1 share consolidation in preparation for a planned listing on the New York Stock Exchange in the first half of 2026. Released new drill results at Wharekirauponga extending the strike length, continuing to demonstrate its upside potential. † See "Non-IFRS Financial Information" 1 Calculated as trailing 12 month Free Cash Flow† over the average trailing 12 month market capitalization in USD. Gerard Bond, President and CEO of OceanaGold, said: "We are pleased to have had another safe, responsible and strong quarter, with us being on track to deliver full year production, cost and capital guidance. Our production and cost performance, together with being a fully unhedged gold producer with no prepays, drove record quarterly net profit and earnings per share, and delivered strong Free Cash Flow. With no debt and a strengthening cash balance, our exceptional financial position continues to provide us the flexibility to invest in our exciting organic growth opportunities and deliver enhanced shareholder returns via dividends and our recently renewed and expanded share buyback program. Looking ahead, open pit waste stripping is advancing as planned at Haile in Ledbetter Phase 3 and at Macraes in Innes Mills Phase 8, setting us up for a strong fourth quarter and 2026 as we gain access to higher grade ore at our two largest sites. Permitting of our Waihi North Project, which includes the high-grade Wharekirauponga underground, is progressing and we continue to expect approval by year end. Building on the success at Wharekirauponga, where we recently announced an extension of the strike length, exploration is ongoing on promising targets at all sites as we remain focused on unlocking additional value for shareholders." Share Buyback and Dividend In the first half of 2025, the Company repurchased 3.9 million common shares for consideration of $40.6 million. The Board approved in February 2025 the repurchase in 2025 of up to $100 million of common shares under the Company's NCIB ("Normal Course Issuer Bid") program announced in July 2024. The NCIB was recently extended for another 12 months and upsized to be for up to 10% of issued capital. OceanaGold has declared a $0.03 per share dividend payable in September 2025. Shareholders of record at the close of business in each jurisdiction on August 20, 2025 (the "Record Date") will be entitled to receive payment of the dividend on September 19, 2025. The dividend payment applies to holders of record of the Company's common shares traded on the Toronto Stock Exchange. Dividends are payable in United States dollars. Shareholders in other jurisdictions can elect to participate in Computershare's international payments service if they want to receive dividends in an alternative currency. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. Results Overview 1 Production is reported on a 100% basis as all operations are controlled by OceanaGold. 2 Attributable to the shareholders of the Company. † See "Non-IFRS Financial Information" Management Update The Company is pleased to announce that Mr. Keenan Jennings has been appointed Chief Exploration Officer effective September 29, 2025. Mr. Jennings will replace Craig Feebrey who is retiring after 10 years with OceanaGold. Mr. Jennings brings over 35 years of global experience in mineral exploration and executive leadership, having held senior roles at BHP, Rio Tinto, and Anglo American. The Company also announces that Peter Sharpe, Chief Operating Officer-Asia Pacific, is leaving OceanaGold to pursue other opportunities outside the gold industry. His last day with the Company will be October 24, 2025. Bhuvanesh Malhotra, current Chief Technical and Project Officer, will become Chief Operating Officer for all operations from September 26, 2025. Mr. Malhotra has been with the Company since early 2024 and has over 25 years of experience in operational and technical roles across multiple commodities and mining methods, driving safety performance, operational excellence and sustainable transformational change. The Company thanks Mr. Feebrey and Mr. Sharpe for their tremendous contributions to OceanaGold and wishes them both well in the future. Conference Call and Webcast: Senior management will host a conference call and webcast to discuss the quarterly results on Thursday, August 7, 2025 at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the following methods: Webcast: Toll-free North America: +1 888-510-2154 International: +1 437-900-0527 If you are unable to attend the call, a recording will be made available on the Company's website. About OceanaGold OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand. Cautionary Statement for Public Release This public release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company, its mining projects, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and resource estimates, costs of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines, costs and timing of future exploration and drilling programs, timing of filing of updated technical information, anticipated production amounts, requirements for additional capital, governmental regulation of mining operations and exploration operations, timing and receipt of approvals, consents and permits under applicable legislation, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. All statements in this public release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. 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. Such risks include, among others: future prices of gold; general business; economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Australian dollar, the Philippines Peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits including the FTAA as well as those factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available on SEDAR+ at under the Company's name. The list is not exhaustive of the factors that may affect the Company's forward-looking statements. The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to: the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry. The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements. Non-IFRS Financial Information Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share These are used by Management to measure the underlying operating performance of the Company. Management believes these measures provide information that is useful to investors because they are important indicators of the strength of the Company's operations and the performance of its core business. Accordingly, such measures are intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses, write-downs, foreign exchange (gains)/losses, gain on sale of assets, OGP listing costs and restructuring costs related to transitioning certain corporate activities from Australia to Canada. The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share: $M, except per share amounts Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Net profit 117.6 101.2 34.0 218.8 28.7 Foreign exchange (gain) loss 2.4 0.8 (0.1) 3.2 6.2 Write-down of assets — 0.2 3.5 0.2 4.7 Gain on sale of Blackwater project — — (17.6) — (17.6) Tax expense on sale of Blackwater project — — 4.9 — 4.9 OGP listing costs — — 5.5 — 5.5 Restructuring costs — — 0.4 — 1.9 Adjusted net profit 120.0 102.2 30.6 222.2 34.3 Adjusted weighted average number of common shares - fully diluted 234.8 238.3 242.8 235.4 241.0 Adjusted earnings per share 0.51 0.43 0.13 0.94 0.14 EBITDA and Adjusted EBITDA Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producing operating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses, write-downs, gains/losses on disposal of assets, OGP listing costs, foreign exchange gains/losses and other non-recurring costs. EBITDA Margin is calculated as EBITDA divided by revenue. Prior to the first quarter of 2024, Adjusted EBITDA was calculated using an adjustment for a specific portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The comparative quarters have been recalculated adjusting for all foreign exchange gains/losses. The following table provides a reconciliation of EBITDA, Adjusted EBITDA and EBITDA Margin: $M Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Net profit 117.6 101.2 34.0 218.8 28.7 Depreciation and amortization 54.9 53.7 69.9 108.6 134.7 Net interest expense and finance costs 1.5 1.8 6.5 3.3 11.9 Income tax expense on earnings 43.1 35.3 2.0 78.4 9.0 EBITDA 217.1 192.0 112.4 409.1 184.3 Write-down of assets — 0.2 3.5 0.2 4.7 Gain on sale of Blackwater project — — (17.6) — (17.6) Tax expense on sale of Blackwater project — — 4.9 — 4.9 OGP listing costs — — 5.5 — 5.5 Restructuring expense — — 0.4 — 1.9 Foreign exchange (gain) loss 2.4 0.8 (0.1) 3.2 6.2 Adjusted EBITDA 219.5 193.0 109.0 412.5 189.9 Revenue 432.4 359.9 251.2 792.3 521.5 EBITDA Margin 50 % 53 % 45 % 52 % 35 % Cash Costs and AISC Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability to generate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes copper and silver by-product credits as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing Management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS. Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows, both on an individual site basis and an overall company basis, while maintaining current production levels. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow per ounce sold. AISC is calculated as the sum of Cash Costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce. Prior to the first quarter of 2025, Didipio's AISC calculation excluded local corporate G&A costs which is consistent with the calculation of AISC for the other operations. In order to align the Company's reporting of AISC with local reporting requirements in the Philippines, Management has included local corporate G&A costs in Didipio's AISC calculation beginning in the first quarter of 2025. The following table provides a reconciliation of consolidated Cash Costs and AISC: 1 Excludes the Additional Government Share related to the FTAA at Didipio of $10.2 million, $7.5 million and $17.7 million for the second quarter, first quarter and year to date 2025, respectively, as it is considered in nature of an income tax. The following tables provides a reconciliation of Cash Costs and AISC for each operation: Haile $M, except per oz amounts Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Cash costs of sales 53.9 45.6 50.5 99.5 103.7 By-product credits (1.9) (1.9) (0.8) (3.8) (1.5) Inventory adjustments (2.8) (3.0) 4.0 (5.8) 16.0 Freight, treatment and refining charges 0.2 0.2 0.1 0.4 0.2 Total Cash Costs (net) 49.4 40.9 53.8 90.3 118.4 Sustaining capital and leases 16.2 10.4 7.9 26.6 16.9 Deferred stripping and capitalized mining 28.0 36.4 18.4 64.4 26.6 Onsite exploration and drilling 0.1 0.8 — 0.9 — Total AISC 93.7 88.5 80.1 182.2 161.9 Gold sales (koz) 49.5 57.2 39.8 106.7 81.0 Cash Costs ($/oz) 997 715 1,351 846 1,462 AISC ($/oz) 1,890 1,551 2,008 1,708 1,998 Didipio $M, except per oz amounts Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Cash costs of sales 38.3 32.1 35.5 70.4 71.6 By-product credits (30.9) (31.2) (23.3) (62.1) (51.5) Royalties 2.4 1.6 1.6 4.0 3.0 Indirect taxes 5.7 4.7 4.8 10.4 10.4 Inventory adjustments (0.7) 4.5 (5.4) 3.8 (0.6) Freight, treatment and refining charges 3.2 3.8 3.3 7.0 7.2 Total Cash Costs (net) 18.0 15.5 16.5 33.5 40.1 Sustaining capital and leases 7.0 2.7 5.3 9.7 9.9 Deferred stripping and capitalized mining 1.1 1.9 1.8 3.0 3.7 General and administration 1 0.2 0.1 — 0.3 — Total AISC 26.3 20.2 23.6 46.5 53.7 Gold sales (koz) 20.6 17.8 18.9 38.4 50.7 Cash Costs ($/oz) 873 871 874 872 791 AISC 1 ($/oz) 1,287 1,130 1,250 1,214 1,059 1 Excludes the Additional Government Share of FTAA at Didipio of $10.2 million, $7.5 million and $17.7 million for the second quarter, first quarter, and year to date 2025, respectively, as it is considered in nature of an income tax. Macraes $M, except per oz amounts Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Cash costs of sales 43.3 39.2 24.1 82.5 53.7 Less: by-product credits — (0.1) (0.1) (0.1) (0.1) Royalties 2.6 0.7 2.3 3.3 2.2 Inventory adjustments 5.9 (7.6) 2.2 (1.7) 5.2 Freight, treatment and refining charges 0.3 0.2 0.2 0.5 0.4 Total Cash Costs (net) 52.1 32.4 28.7 84.5 61.4 Sustaining capital and leases 8.4 9.4 6.8 17.8 13.2 Deferred stripping and capitalized mining 14.2 12.3 25.4 26.5 44.1 Onsite exploration and drilling 0.1 0.6 0.4 0.7 1.0 Total AISC 74.8 54.7 61.3 129.5 119.7 Gold sales (koz) 34.8 23.7 26.5 58.5 58.7 Cash Costs ($/oz) 1,496 1,369 1,085 1,444 1,047 AISC ($/oz) 2,146 2,313 2,319 2,213 2,041 Waihi $M, except per oz amounts Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Cash costs of sales 30.7 26.8 18.0 57.5 37.5 By-product credits (2.6) (2.1) (1.1) (4.7) (2.1) Royalties 0.6 0.5 0.3 1.1 0.6 Inventory adjustments (1.4) (2.3) — (3.7) (0.2) Add: Freight, treatment and refining charges — 0.1 0.1 0.1 0.1 Total Cash Costs (net) 27.3 23.0 17.3 50.3 35.9 Sustaining capital and leases 2.2 4.3 1.8 6.5 4.3 Deferred stripping and capitalized mining 5.7 4.7 6.1 10.4 11.6 Onsite exploration and drilling 0.5 0.2 0.7 0.7 1.9 Total AISC 35.7 32.2 25.9 67.9 53.7 Gold sales (koz) 16.4 15.9 10.6 32.3 22.2 Cash Costs ($/oz) 1,670 1,445 1,635 1,559 1,617 AISC ($/oz) 2,190 2,019 2,434 2,106 2,418 Net Cash/(Debt) Net Cash/(Debt) has been calculated as total debt less cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health. Prior to 2024, lease liabilities were included in the calculation of Net Cash/(Debt). The change in respect of 2024 is consistent with the generally adopted approach to the calculation of Net Cash/(Debt). The comparative quarters have been recalculated excluding lease liabilities. The following table provides a reconciliation of Net Cash/(Debt): 1 Fleet facility arrangement for mining equipment financing was fully repaid in March 2025. There are no additional amounts available under the fleet facility. Operating Cash Flow per share Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital then divided by the fully diluted adjusted weighted average number of common shares issued and outstanding. The following table provides a reconciliation of total fully diluted Operating Cash Flow per share: Free Cash Flow Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted adjusted weighted average number of common shares issued and outstanding. The following table provides a reconciliation of Free Cash Flow: SOURCE OceanaGold Corporation