D-BOX Technologies Announces CEO Change
D-BOX extends its gratitude to Sébastien Mailhot for his dedicated service and invaluable contributions. During his tenure, Mr. Mailhot achieved significant and critical financial milestones, helping the Corporation deliver both revenue growth and improved profitability.
'On behalf of the entire Board of Directors and management team, I want to extend our sincere thanks and appreciation to Sébastien Mailhot for his dedication and the positive impact he had on D-BOX,' said Brigitte Bourque, Chair of the Board of Directors. 'This mutual decision allows for a smooth transition and positions the Corporation to build on the financial progress achieved under Sébastien's leadership, as we look to further unlock D-BOX's potential. We wish Sébastien all the best,' stated Mrs. Bourque.
With Naveen Prasad's appointment, the Board is reinforcing its commitment to focused execution. A seasoned media and technology executive, Mr. Prasad brings over 25 years of experience driving growth, innovation, and organizational change. He is the Co-Founder of SoundIMAGE, an AI-powered localization company, and Founder of the media consultancy firm Impossible Objects. As President of VICE Media Canada, he led a comprehensive restructuring across all divisions. He was also a key architect in building Elevation Pictures into Canada's leading independent film distributor and held senior executive roles at Entertainment One and Alliance Films. A current D-BOX Board member, Mr. Prasad steps into the CEO role with deep operational insight and a proven record of leadership and change.
'D-BOX is at an important inflection point, and I'm stepping into this role with a sharp focus on disciplined execution,' said Naveen Prasad. 'As a current independent Board member, I've seen the progress firsthand and understand the opportunities ahead. I look forward to working closely with the team to build on that momentum and ensure we're aligned around clear priorities and strategic outcomes.'
Brigitte Bourque added, 'Naveen's deep understanding of the business and the industry, combined with a track record of leadership and transformation, makes him well positioned to lead D-BOX forward with focus and clarity. The Board has full confidence in his ability to strengthen operational effectiveness, support the team, and guide the next phase of the Corporation's evolution. His appointment reflects our shared commitment to delivering results and advancing the Corporation's priorities.'
In addition, D-BOX is pleased to announce the appointment of Lori Vaudry Tersigni as an independent director.
Mrs. Vaudry Tersigni brings extensive operational and leadership experience, having served as Senior Vice-President of Strategic Planning & Operational Effectiveness at Morneau Shepell (now Telus Health), and previously holding multiple executive roles at CIBC across strategy, governance, HR, and technology. She currently serves as a board member and Chair of the Human Resources Compensation Committee at the Canadian Securities Exchange. Mrs. Vaudry Tersigni holds a BA in Industrial Relations from McGill, an MBA from McMaster and holds both the Institute of Corporate Directors and Global Competent Boards designations, with the latter focused on ESG leadership.
The Corporation further announced that it expects to release its financial results for the fourth quarter and full fiscal year ended March 31, 2025, on Tuesday, June 10, 2025.
ABOUT D-BOX TECHNOLOGIES INC.D-BOX Technologies Inc. (TSX: DBO) is a global leader in haptic technology, delivering immersive motion experiences that engage the body and spark the imagination. Our patented systems synchronize motion, vibration, and texture with on-screen content, enhancing storytelling across various platforms. With over 25 years of innovation, D-BOX's solutions are utilized in movie theaters, sim racing, and simulation & training. Headquartered in Montreal, Canada, with offices in Los Angeles, USA, D-BOX continues to redefine how audiences experience media worldwide. Visit https://www.d-box.com/.
FOR FURTHER INFORMATION, PLEASE CONTACT:
D-BOX TECHNOLOGIES INC.Daniel Le BlancVice President, Legal Affairs and Corporate SecretaryD-BOX Technologies Inc.dleblanc@d-box.com
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS
Certain information included in this press release may constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, activities, objectives, operations, strategy, business outlook, and financial performance and condition of the Corporation, or the assumptions underlying any of the foregoing. In this document, words such as 'may', 'would', 'could', 'will', 'likely', 'believe', 'expect', 'anticipate', 'intend', 'plan', 'estimate' and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information, by its very nature, is subject to numerous risks and uncertainties and is based on several assumptions which give rise to the possibility that actual results could differ materially from the Corporation's expectations expressed in or implied by such forward-looking information and no assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including but not limited to the future plans, activities, objectives, operations, strategy, business outlook and financial performance and condition of the Corporation.
Forward-looking information is provided in this press release for the purpose of giving information about Management's current expectations and plans and allowing investors and others to get a better understanding of the Corporation's operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking information for any other purpose.
Forward-looking information provided in this document is based on information available at the date hereof and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation's control.
The risks, uncertainties and assumptions that could cause actual results to differ materially from the Corporation's expectations expressed in or implied by the forward-looking information include, but are not limited to, the ability to complete a successful CEO transition and build on the current momentum and alignment around clear priorities and strategic outcomes. These and other risk factors that could cause actual results to differ materially from expectations expressed in or implied by the forward-looking information are discussed under 'Risk Factors' in the Corporation's annual information form for the fiscal year ended March 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.ca.
Except as may be required by Canadian securities laws, the Corporation does not intend nor does it undertake any obligation to update or revise any forward-looking information contained in this press release to reflect subsequent information, events, circumstances or otherwise.
The Corporation cautions readers that the risks described above are not the only ones that could have an impact on it. Additional risks and uncertainties not currently known to the Corporation or that the Corporation currently deems to be immaterial may also have a material adverse effect on the Corporation's business, financial condition or results of operations.Errore nel recupero dei dati
Effettua l'accesso per consultare il tuo portafoglio
Errore nel recupero dei dati
Errore nel recupero dei dati
Errore nel recupero dei dati
Errore nel recupero dei dati
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
7 minutes ago
- Business Wire
Dream Unlimited Corp. Reports Second Quarter Results & Advancement of Next Master-Planned Community
TORONTO--(BUSINESS WIRE)-- Dream Unlimited Corp. (TSX: DRM) ('Dream', 'the Company' or 'we') today announced its financial results for the three and six months ended June 30, 2025 ('second quarter'). 'Even with the uncertainty due to tariffs and housing policy, we have continued to make significant progress on our long-term business plan,' said Michael Cooper, Chief Responsible Officer. 'With our progress developing Alpine Park in Calgary and the commencement of two new communities, being the 1,100-acre Holmwood community in Saskatoon, as well as the 1,200-acre Coopertown community in Regina, we expect our Western Canada land business to be more profitable in the future relative to the past. In addition, the continued development of new income properties in Western Canada and the National Capital Region, along with the Distillery and other Toronto assets, has provided us with growing asset value and net operating income in this segment. With growth in our asset management business, all three major segments of the Company are advancing well. We continue to improve our public disclosures to provide a clearer understanding of our business with asset management, income properties and Western Canada representing more than 80% of our value. We provided net asset value for the business at our annual meeting, and the current results are in line with the value we disclosed. Overall, we are on track for another year of solid performance.' General Business Update Our Western Canadian land and housing business completed its best year ever in 2024. This success has carried into 2025 as we position the division for future growth with the introduction of three new communities and the expansion of our multi-family developments. Next quarter, we are breaking ground on the development of our 1,200-acre community in Regina which will provide us with growth opportunities in the city for many years. Coopertown is the first new community in Regina in nearly ten years and expected to welcome approximately 21,000 residents over its 20-year buildout. We also anticipate developing income properties in Regina, similar to what we have done in Saskatoon. In Saskatoon, we are progressing on the sale of the school site in Holmwood which will accommodate 3,400 students. In addition, we have pre-sold 27-acres to a leading retail developer to start the commercial development in Holmwood. As a result, we will be able to progress our single family, multi-family, retail and commercial development simultaneously in the community. In Calgary, our 200-acre expansion of Alpine Park is well underway with closings expected in 2025 and 2026, while we continue to make progress on sales for future periods. The introduction of Alpine Park has been very well received and with about 500 more acres to develop, the community is expected to be a significant profit contributor for many years. We have commenced construction on our retail and first apartment in Alpine Park, as well as our fourth apartment building in Brighton (Saskatoon), another 100 townhouses and a further 40 single family residences. Our third apartment building being a 125-unit building in Brighton began occupancy at the beginning of June and we are already over 70% occupied in the first ten weeks of lease up. As a result, we have completed or have under construction, 660 apartment units, 220 townhouses and 140 single family units for a total of over 1,000 units in this newly created business line. Our asset management business has grown by $2.5 billion over the past twelve months resulting in Dream having more private assets under management than public, which is exceptional growth since we started this division in 2020. We expect to see continued growth based on our current initiatives over the next few years. Our third major segment, our income properties, continues to expand quickly as we complete buildings and progress in lease-up. While we have some erosion due to cap rate expansion in Ontario, our net operating income is growing in line with expectations, and we are pleased with the lease-up of new buildings recently. While development in Toronto is challenging, we are making progress on our client's major projects and expect to commence development of 49 Ontario St. in 2025 and Quayside in 2026. Consolidated Results Overview In the second quarter the Company revised its segment presentation to better reflect how our business has grown and how we manage the various components. Accordingly, the comparative period presentation of segments has also been updated to conform to the new presentation. For segment details, refer to the financial statements and the management's discussion and analysis of the financial condition and results of operations of the Company for the three and six months ended June 30, 2025, dated August 12, 2025 (the 'MD&A for the second quarter of 2025'). A summary of our consolidated results for the second quarter is included in the table below. Losses before income taxes for the second quarter were $28.5 million, a decrease from the comparative period. Prior period results included significant earnings from two parcels of land sold in Edmonton, performance fees related to the Dream U.S. Industrial Fund and operational results from Arapahoe Basin, which was sold at the end of 2024. The Company's consolidated results include non-cash fair value adjustments relating to Dream Impact Trust and Dream Impact Fund units held by third parties, the magnitude of which differed in each reporting period. Earnings for the second quarter were generally in line with management's expectations as the majority of income from Western Canada development is weighted in the second half of the year. As of June 30, 2025, we had available liquidity (1) of $345 million and $218 million of contractual debt maturities expected in 2025. Of this amount of debt, the majority is either in advanced lender discussions for extensions or expected to be rolled as part of the annual renewal process. We proactively work with our lenders to address upcoming maturities and work towards increasing liquidity over time to create flexibility to participate in discretionary investments as they arise and to withstand sudden adverse changes in economic conditions. Results Highlights (Asset management, Western Canada development, Income properties): In the second quarter, our asset management business generated revenue and net margin of $11.6 million and $6.9 million, respectively, compared to $27.5 million and $22.8 million in the comparative period. The comparative figures included performance fees of $15.7 million related to the Dream U.S. Industrial Fund, with no similar activity in the current period. Transactional and performance-related fees are expected to fluctuate period to period. In the second quarter, we achieved 44 lot sales and 19 housing occupancies in Western Canada, generating net margin of $1.1 million, compared to $31.3 million in the comparative period. Prior year results included the sale of two parcels of land sold in Edmonton totalling 146 acres, generating revenue of $39.5 million and net margin of $28.1 million. Excluding these transactions, net margin for the division was relatively in line with prior year as lots sold in 2025 generated a higher margin due to the specific product mix sold. We continue to make progress on our land pre-sales commitments. As of August 8, 2025, we have a total of $155.0 million in sales commitments to be recognized between 2025 and 2026 (in addition to the $21.2 million recognized in 2025 to date) and another $27.5 million from acre sales secured in 2027. Our income properties generated revenue and net operating income of $12.2 million and $6.8 million, respectively, in 2025, up slightly from prior year. Growth in the segment was largely driven by the lease-up of our purpose-built rentals in Brighton (Saskatoon). Other items: Our other investments segment generated $14.8 million in revenue and $4.5 million of negative margin in the second quarter, compared to $41.2 million in revenue and $6.2 million of negative margin in the prior period. Fluctuations in revenue and net loss were largely driven by prior year results from Arapahoe Basin which was sold in the fourth quarter of 2024 and occupancies at IVY condominium and Phase 2 of Riverside Square with limited occupancies in 2025, in line with management's expectations. Included in this segment are platform costs associated with our Toronto and Ottawa development teams. Dream has published a supplemental information package on our website concurrent with the release of our second quarter results. Conference call Senior management will host a conference call to discuss the financial results on Wednesday, August 13, 2025, at 10:00 AM (ET). To access the conference call, please dial 1-833-752-4596 (toll free) or 647-849-3316 (toll). To access the conference call via webcast, please go to Dream's website at and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call. Other Information Information appearing in this press release is a select summary of results. The financial statements and MD&A for the second quarter of 2025 for the Company are available at and on About Dream Unlimited Corp. Dream is a leading real estate developer and has an established and successful asset management business, inclusive of $28 billion of assets under management* as at June 30, 2025 across four Toronto Stock Exchange ("TSX") listed trusts, our private asset management business and numerous partnerships. We develop land and housing in our master planned communities in Western Canada and hold a growing portfolio of income generating properties across Canada. Dream expects this area of our business to grow as investment properties under construction are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. Non-GAAP Measures and Other Disclosures In addition to using financial measures determined in accordance with International Financial Reporting Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards'), we believe that important measures of operating performance include certain financial measures that are not defined under IFRS Accounting Standards. Throughout this press release, there are references to certain non-GAAP financial measures and ratios and supplementary financial measures, including Dream Impact Trust and consolidation and fair value adjustments, available liquidity, net operating income and, standalone figures by division, which management believes are relevant in assessing the economics of the business of Dream. These performance and other measures are not financial measures under IFRS Accounting Standards, and may not be comparable to similar measures disclosed by other issuers. However, we believe that they are informative and provide further insight as supplementary measures of financial performance, financial position or cash flow, or our objectives and policies, as applicable. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the 'MD&A for the second quarter of 2025' and can be found under the section 'Non-GAAP Ratios and Financial Measures', subheadings 'Net operating income' and 'Dream Impact Trust and consolidation and fair value adjustments'. The composition of supplementary financial measures included in this press release has been incorporated by reference from the MD&A for the second quarter of 2025 and can be found under the section 'Supplementary and Other Financial Measures'. The MD&A for the second quarter of 2025 is available on SEDAR+ at under Dream's profile and on Dream's website at under the Investors section. Non-GAAP Ratios and Financial Measures " Dream Impact Trust and consolidation and fair value adjustments" represent certain IFRS Accounting Standards adjustments required to reconcile Dream standalone and Dream Impact Trust results to the consolidated results as at June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and December 31, 2024. Management believes Dream Impact Trust and consolidation and fair value adjustments provides investors useful information in order to reconcile it to the Dream Impact Trust financial statements. Consolidation and fair value adjustments relate to business combination adjustments on acquisition of Dream Impact Trust on January 1, 2018 and related amortization, elimination of intercompany balances including the investment in Dream Impact Trust units, adjustments for co-owned projects, fair value adjustments to the Dream Impact Trust units held by other unitholders, and deferred income taxes. ' Net operating income" is a non-GAAP measure and represents revenue, less (i) direct operating costs and (ii) selling, marketing, depreciation and other indirect costs, but including: (iii) depreciation; and (iv) general and administrative expenses. The most directly comparable financial measure to net operating revenue is net margin. This non-GAAP measure is an important measure used by management to assess the profitability of the Company's income property segment. Net operating income for the income properties segment for the three and six months ended June 30, 2025 and 2024 is calculated and reconciled to net margin as follows: 'Standalone Figures by Division' is a non-GAAP measure and represents the results of Dream, excluding the impact of Dream Impact Trust's consolidated results and IFRS Accounting Standards adjustments to reflect Dream's direct ownership of our partnerships. Direct ownership refers to Dream Unlimited Corp.'s interest in subsidiaries and partnerships and excludes any non-controlling interest in the noted entities based on units held as of the end of the reporting period. The most direct comparable financial measure to Dream standalone is consolidated Dream. This non-GAAP measure is an important measure used by the Company to evaluate earnings against historical periods, including results prior to the acquisition of control of Dream Impact Trust. (1) Refer to the "Non-GAAP Measures and Other Disclosures" section of the MD&A for second quarter of 2025 for the definition of Dream Impact Trust and consolidation and fair value adjustments, Dream standalone adjustments and Dream standalone, which are non-GAAP financial measures. (2) The adjustments related to Dream Impact Trust and Dream Impact Fund units relate to non-controlling interest of properties held across various reporting segments. These line items are included in Corporate as they are reviewed on a consolidated basis. Expand For the six months ended June 30, 2024 Revenue $ 39,336 $ 21,578 $ 76,799 $ 102,781 $ — $ 240,494 $ 96,029 $ 336,523 Direct operating costs (8,111) (11,172) (36,797) (84,533) — (140,613) (92,089) (232,702) Gross margin 31,225 10,406 40,002 18,248 — 99,881 3,940 103,821 Selling, marketing, depreciation and other operating costs — (2,818) (9,101) (6,861) — (18,780) (4,835) (23,615) Net margin 31,225 7,588 30,901 11,387 — 81,101 (895) 80,206 Fair value changes in investment properties — 2,721 — — — 2,721 (11,867) (9,146) Other income and expenses (631) (908) 922 (25,326) 234 (25,709) 32,952 7,243 Interest expense (10) (9,024) (2,438) (1,641) (7,208) (20,321) (16,578) (36,899) Share of earnings (loss) from equity accounted investments — — — (799) — (799) 7,370 6,571 Net segment earnings (loss) 30,584 377 29,385 (16,379) (6,974) 36,993 10,982 47,975 General and administrative expenses — — — — (11,398) (11,398) (896) (12,294) Adjustments related to Dream Impact Trust units (2) — — — — — — 30,694 30,694 Adjustments related to Dream Impact Fund units (2) — — — — — — 5,263 5,263 Income tax (expense) recovery — — — — (3,619) (3,619) 5,710 2,091 Net earnings (loss) $ 30,584 $ 377 $ 29,385 $ (16,379) $ (21,991) $ 21,976 $ 51,753 $ 73,729 (1) Refer to the "Non-GAAP Measures and Other Disclosures" section of the MD&A for second quarter of 2025 for the definition of Dream Impact Trust and consolidation and fair value adjustments, Dream standalone adjustments and Dream standalone, which are non-GAAP financial measures. (2) The adjustments related to Dream Impact Trust and Dream Impact Fund units relate to non-controlling interest of properties held across various reporting segments. These line items are included in Corporate as they are reviewed on a consolidated basis. Expand Forward-Looking Information This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, statements regarding our objectives and strategies to achieve those objectives; our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth, expected net proceeds from sales or transactions, results of operations, performance, business prospects and opportunities, acquisitions or divestitures, tenant base, future maintenance and development plans and costs, capital investments, financing, the availability of financing sources, income taxes, vacancy and leasing assumptions, litigation and the real estate industry in general; as well as specific statements in respect of our expectations regarding our development plans, including sizes, uses, density, number of units, amenities and timing thereof; our expectations regarding the performance of Western Canada division, including future profitability; our growth opportunities in Regina and our ability to develop income properties in that market; the expected profitability of our Alpine Park development and the anticipated future sales and closing in that project; our expectations regarding our asset management division, including expected growth; our expectations regarding the 49 Ontario St. and Quayside projects, including development timelines; our expected debt maturities in future periods and our ability to refinance indebtedness in the normal course; our expectations regarding future sales of homes and land; our ability to ultimately consummate future land commitments, and the timing thereof; our ability to maintain strong liquidity and our expectation that we will be well positioned for new investments as they arise; the contribution of our Other Investment segment to earnings in future periods. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to: the nature of development lands held and the development potential of such lands, interest rates and inflation remaining in line with management expectations, our ability to bring new developments to market, anticipated positive general economic and business conditions, including low unemployment and interest rates, that duties, tariffs and other trade restrictions, if any, will not materially impact our business, positive net migration, oil and gas commodity prices, our business strategy, including geographic focus, anticipated sales volumes, performance of our underlying business segments and conditions in the Western Canada land and housing markets. Risks and uncertainties include, but are not limited to, general and local economic and business conditions, the impact of public health crises and epidemics, employment levels, risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, international sanctions and the disruption of movement of goods and services across jurisdictions, inflation or stagflation, regulatory risks, mortgage and interest rates and regulations, risks related to a potential economic slowdown in certain of the jurisdictions in which we operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates, risks related to the imposition of duties, tariffs and other trade restrictions and their impacts, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward-looking information in this press release speaks as of August 12, 2025. Dream does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ ( Endnotes:
Yahoo
36 minutes ago
- Yahoo
Anaergia Reports Second Quarter 2025 Financial Results
Revenue grew 37% and Gross Profit increased 153% from Q2 2024 Revenue Backlog increased to $244 million BURLINGTON, Ontario, August 12, 2025--(BUSINESS WIRE)--Anaergia Inc. ("Anaergia", the "Company", "us", or "our") (TSX: ANRG) (OTCQX: ANRGF), a company that offers integrated waste-to-value solutions to reduce greenhouse gases by cost-effectively turning organic waste into renewable natural gas ("RNG"), fertilizer, and water, released its financial results for the three- and six-month periods ended June 30, 2025 ("Q2 2025"), and the related management's discussion and analysis ("MD&A") for the period. All financial results are reported in Canadian dollars unless otherwise stated. Highlights and Management Commentary Anaergia's financial results for the second quarter of 2025 reflect the ongoing strategic transition in its business model. The Company's shift to a capital-light strategy was the primary driver behind our strong quarterly results led by significantly higher revenue, higher gross profit margin, and an increase in Revenue Backlog. Anaergia is uniquely positioned to benefit from the growing demand for sustainable waste solutions, underpinned by a robust market, and regulatory and environmental tailwinds. The Company provides complete, integrated resource recovery solutions globally. Anaergia's products and services respond to regulatory and customer demand for sustainable waste management services that are superior to landfills and composting while producing carbon negative fuel, thereby reducing greenhouse gas emissions. Anaergia is focused on providing cost effective and sustainable solutions that leverage our experience with project development, execution and our network of owned infrastructure. "Reflecting on my first year as CEO at Anaergia, I am excited to highlight the transformative progress we've made. We have strategically redefined Anaergia as a leading technology company in the RNG sector, delivering complete solutions though our capital sales business, and we are well positioned to capture expanding opportunities. Our second-quarter financial results demonstrate significant advancements enabled by our transition to a capital-light business model, clearly showcasing Anaergia's positive trajectory," stated Assaf Onn, Chief Executive Officer of Anaergia. "Additionally, our Revenue Backlog surged to $244 million at the end of the quarter, increasing from $200 million in the previous quarter and $104 million at the start of the year. This growing backlog, along with $43.8 million in new contracts announced since the end of the second quarter, enhances our visibility and optimism for the future. We are enthusiastic about the ongoing transition and remain confident that the most promising developments are yet to come," added Mr. Onn. Financial Results for Q2 2025 Financial highlights: Revenue increased by 36.8%, or $8.7 million, to $32.3 million in Q2 2025, as compared to Q2 2024. Revenue increased primarily due to higher revenue from Capital Sales, most significantly in Italy and North America. Gross profit margin percentage increased to 32.5% in Q2 2025 from 17.6% in Q2 2024, or a 14.9 increase in percentage points. This is attributable to higher margins from all three segments, Capital Sales, Build-Own-Operate ("BOO"), and Operation Maintenance Services ("O&M"). Adjusted EBITDA1 loss in Q2 2025 of $2.2 million improved by 72.1%, from an Adjusted EBITDA loss of $8.0 million reported in Q2 2024. This positive variance reflects a substantial improvement in our results from operations which was driven by the increases in revenue and in gross profit. Three months ended: 30-Jun-25 30-Jun-24 % Change (In millions of Canadian dollars, except %) Revenue 32.3 23.6 +36.8% Gross profit 10.5 4.1 +152.9% Gross profit % 32.5% 17.6% +14.9 percentage points Loss from operations (4.1) (11.7) +64.6% Net loss (9.5) (13.4) +29.0% Adjusted EBITDA1 (2.2) (8.0) +72.1% Six months ended: 30-Jun-25 30-Jun-24 % Change (In millions of Canadian dollars except %) Revenue 57.1 48.6 +17.7% Gross profit 15.9 10.6 +49.6% Gross profit % 27.8% 21.9% +5.9 percentage points Loss from operations (9.8) (21.9) +55.2% Net loss (15.4) (24.8) +38.1% Adjusted EBITDA1 (6.2) (14.1) +56.2% Statement of Financial Position 30-Jun-23 31-Dec-24 (In millions of Canadian dollars) Total Assets 226.1 233.3 Total Liabilities 185.5 180.1 Equity 40.6 53.2 For a more detailed discussion of Anaergia's results for Q2 2025, please see the Company's financial statements for Q2 2025 and related MD&A, which are available at the Company's SEDAR+ page at ___________________________ 1 Adjusted EBITDA is a non-IFRS measure. See "Non-IFRS Measures" Non-IFRS® Measures This press release makes reference to certain non-International Financial Reporting Standards ("IFRS") measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures to provide investors with supplemental measures. Management also uses non-IFRS measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our future debt service, capital expenditure and working capital requirements. Management believes these non-IFRS measures and industry metrics are important supplemental measures of operating performance because they eliminate items that have less bearing on operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes such measures allow for assessment of our operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of public companies. Definitions of non-IFRS measures and industry metrics used in this press release are provided below. "Adjusted EBITDA" is defined as net earnings before finance costs, taxes and depreciation and amortization adjusted for our normalized proportionate interest in our Build-Own-Operate assets and one-time or non-recurring items, stock-based compensation expense, asset impairment charges and write downs, gains and losses for equity-accounted investees, gain or loss on equity method adjustment, significant one-time provisions, foreign exchange gains or losses, restructuring costs, Enterprise Resource Planning ("ERP") customization and configuration costs, litigation and other claims settlements, gains and losses resulting from changes in certain balance sheet valuations (such as derivatives and warrants) and acquisition costs. "EBITDA" is defined as net income before finance costs, taxes and depreciation and amortization. "Revenue Backlog" is defined as the balance of unrecognized, undiscounted, consolidated revenues from signed contracts in our Capital Sales and O&M Services segments. For our Capital Sales contracts, we have modeled only projects that have been contracted. For our O&M Services segment, while most of our in-hand contracts are 5-15 years in tenure, we have conservatively modeled for only 3 years of contracted revenue. See "Reconciliation of Non-IFRS Measures" below for a reconciliation of the foregoing non-IFRS measures to their most directly comparable measures calculated in accordance with IFRS. Conference Call and Webcast Details A conference call to review the Company's financial results will take place at 9:00 a.m. (EDT) on Wednesday August 13, 2025. It will be hosted by management of Anaergia. An accompanying slide presentation will be posted to the Investor Relations section of the Company's website shortly before the call. To listen to the webcast live: The webcast will be archived and available in the Investor Relations section of our website following the call. About Anaergia Anaergia is a pioneering technology company in the renewable natural gas ("RNG") sector, with over 250 patents dedicated to converting organic waste into sustainable solutions such as RNG, fertilizer, and water. We are committed to addressing a significant source of greenhouse gases ("GHGs") through cost-effective processes. Our proprietary technologies, combined with our engineering expertise and vast experience in facility design, construction, and operation, position Anaergia as a leader in the RNG industry. With a proven track record of delivering hundreds of innovative projects over the past decade, we are well-equipped to tackle today's critical resource recovery challenges through diverse project delivery methods. As one of the few companies worldwide offering an integrated portfolio of end-to-end solutions, we effectively combine solid waste processing, wastewater treatment, organics recovery, high-efficiency anaerobic digestion, and biomethane production. Additionally, we operate RNG facilities owned by both third parties and Anaergia. This comprehensive approach not only reduces environmental impact but also significantly lowers costs associated with waste and wastewater treatment while mitigating GHG emissions. For further information please see: Forward-Looking Statements This press release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information may relate to future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, other future events or developments and may include, without limitation, information regarding our financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, plans and objectives. Particularly, information regarding our future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "may", "will", "would", "should", "could", "expects", "plans", "intends", "estimate", "believes", "likely", "potential", "continue", or "future" or the negative or other variations of these words or other comparable words or phrases. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements in this press release include, among other things, statements relating to financial condition and results of operations; Company's strategic growth plan; and statements regarding the Company's Revenue Backlog and potential future sales. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that we considered appropriate and reasonable as of the date such statements were made. It is also subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the risk factors described in the Company's annual information form and management's discussion and analysis for the year ended December 31, 2024. Certain assumptions in respect of our ability to execute on our expansion plans; our ability to obtain or maintain existing financing on acceptable terms; and our ability of realizing the anticipated benefits of such are material factors underlying forward looking information and management's expectations. The purpose of the forward-looking statements in this press release is to provide the reader with a description of management's current expectations regarding the Company's financial performance and may not be appropriate for other purposes. There can be no assurance that such 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, which speaks only to opinions, estimates and assumptions as of the date made. Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are made as of the date of this press release, and we have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Reconciliation of Non-IFRS Measures Three months ended: 30-Jun-25 30-Jun-24 (In thousands of Canadian dollars) Net loss (9,488) (13,356) Finance costs (income), net 1,266 1,614 Depreciation and amortization 1,394 1,628 Income tax recovery 2,058 (486) EBITDA1 (4,770) (10,600) Share based compensation expense 515 594 Losses related to equity-accounted investees - 2,431 Asset Impairment loss - 1,083 Other (gains) losses, net 402 (1,597) RIBF income tax credit transaction cost - - Foreign exchange (gain) loss 1,629 (271) Severance Costs - 376 Adjusted EBITDA1 (2,224) (7,984) Six months ended: 30-Jun-25 30-Jun-24 (In thousands of Canadian dollars) Net loss (15,385) (24,837) Finance costs (income), net 2,282 2,649 Depreciation and amortization 2,874 2,729 Income tax recovery 172 (503) EBITDA1 (10,057) (19,962) Share based compensation expense 765 1,183 Losses related to equity-accounted investees - 2,909 Asset Impairment loss - 1,083 Other (gains) losses, net 1,211 (1,277) RIBF income tax credit transaction cost - 2,416 Foreign exchange (gain) loss 1,917 (816) Severance Costs - 376 Adjusted EBITDA1 (6,164) (14,088) 1 "Adjusted EBITDA" is a non-IFRS measure. View source version on Contacts For media and/or investor relations: IR@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
36 minutes ago
- Yahoo
Andean Precious Metals Reports Second Quarter 2025 Financial Results
Another Strong Quarter with Record Revenues and EBITDA; San Bartolome Financial Metrics Revised Upward (All amounts in U.S. dollars unless otherwise indicated) Toronto, Ontario--(Newsfile Corp. - August 12, 2025) - Andean Precious Metals Corp. (TSX: APM) (OTCQX: ANPMF) ("Andean" or the "Company") is pleased to report its financial results for the three and six months ended June 30, 2025. This news release should be read together with Andean's management's discussion and analysis ("MD&A") and condensed interim consolidated financial statements for the three and six months ended June 30, 2025 (the "Financial Statements") which are available under the Company's profile on SEDAR+ ( Second Quarter 2025 Highlights: Consolidated revenue of $73.7 million from sales at an average realized gold price of $3,316/oz1 and an average realized silver price of $34.36/oz1 for Q2 2025 versus consolidated revenue of $69.8 million from sales at an average realized gold price of $2,305/oz and an average realized silver price of $27.80/oz for Q2 2024. Consolidated Q2 2025 production of 24,341 gold equivalent ounces. Gross operating income of $29.4 million for Q2 2025 versus $11.7 million for Q2 2024, mainly due to higher average realized gold and silver prices and lower operating costs at San Bartolome and Golden Queen. Income from operations of $24.5 million for Q2 2025 versus income from operations of $9.8 million for Q2 2024, mainly due to higher gross operating income partially offset by higher exploration and evaluation expenditures. Adjusted EBITDA2 of $28.9 million for Q2 2025 compared to adjusted EBITDA of $17.2 million for Q2 2024. Net income and net income per share of $17.4 million and $0.12 (diluted basis), respectively for Q2 2025, net income and net income per share of $9.4 million and $0.06 (diluted basis) for Q2 2024. The Company ended Q2 2025 with $87.3 million in liquid assets as compared to $72.0 million in liquid assets at the end of Q2 2024. The Company strengthened its balance sheet with $320.9 million in total assets as compared to $315.1 million in total assets at the end of Q4 2024, and $139.4 million in total liabilities at the end of Q2 2025 as compared to $164.1 million at the end of Q4 2024. The improved financial position is attributed to cash-flow generation (with a portion converted to marketable securities), additions to working capital, and paydown of the Company's revolving credit facilities. During Q2 2025, the Company paid down its existing revolving credit facilities to $nil. The Company is pleased to favourably update its 2025 San Bartolome financial metrics as well as to reaffirm its 2025 Production, CAPEX, and Golden Queen Guidance. Golden Queen Results: Golden Queen produced 12,213 gold equivalent ounces in Q2 2025 versus 16,986 gold equivalent ounces in Q2 2024. Golden Queen OCC1 of $1,717/oz and AISC1 of $2,245/oz for Q2 2025 versus OCC of $1,471/oz and AISC of $1,752/oz for Q2 2024. San Bartolome Results: San Bartolome produced 12,128 gold equivalent ounces in Q2 2025 versus 12,795 gold equivalent ounces in Q2 2024. Cash Gross Operating Margin ("CGOM")1 of $13.89 per silver equivalent ounce sold and a Gross Margin Ratio ("GMR")1 of 45.89% for Q2 2025, versus a CGOM of $5.03 per silver equivalent ounce sold and a GMR of 20.80% for Q2 2024. Corporate Updates: On May 1, 2025 the Company reported the results of the 2024 exploration program and outlined plans for its 2025 exploration program objectives and targets at Golden Queen. On June 2, 2025 the Company entered into an exclusive long-term agreement with COMIBOL to purchase up to 7 million tonnes of oxide ore. Alberto Morales, Executive Chairman and CEO stated: "Q2 was another strong quarter for Andean, marked by record revenue, and robust EBITDA. Operationally, San Bartolome delivered improved margins, supported by strong silver prices and steady cost control, enabling us to favourably revise our 2025 guidance for CGOM and GMR. As previously announced, the Company signed a 7 million tonne purchase agreement with state-owned company COMIBOL. We continue to make progress developing this project where we anticipate first ore in the second half of 2026. The agreement provides additional prospective oxide deposits that will increase ore sourcing for years to come and ultimately leverage processing capacity which is currently under utilized. Golden Queen remains on track to meet its production and cost guidance, with production weighted to the second half of the year as planned. We are also reaffirming our 2025 production and capital expenditure guidance for both operations. The exploration results released in May at Golden Queen are encouraging, and our 2025-2026 exploration program is underway to extend mine life and grow resources. With a stronger balance sheet, solid free cash flow, and a clear growth strategy, Andean is well positioned to continue creating long-term value for shareholders." OPERATING HIGHLIGHTS Q2 2025 Q2 2024 YTD 2025 YTD 2024 Gold ounces (Au, Oz) Produced 11,945 15,309 23,024 25,742Sold 11,403 15,679 22.227 25,971 Average realized gold price ($/oz) 1 3,316 2,305 3,013 2,213 Silver ounces (Ag, K-Oz) Produced 1,116 1,208 2.041 2,128Sold 1,046 1,210 2.074 2,129 Average realized silver price ($/oz) 1 34.36 27.80 33.14 26.00 Gold equivalent ounces (Au Eq, Oz) 2 Produced 24,341 29,867 45,702 50,792Sold 23,024 30,262 45,275 51,027 Golden Queen OCC ($ / Gold Ounces Sold)1 3 1,717 1,471 1,593 1,586AISC ($ / Gold Ounces Sold) 1 2,245 1,752 2,229 1,825 San Bartolome CGOM ($ / Silver Equivalent Ounces Sold)1 13.89 5.03 12.88 2.50GMR / Silver Equivalent Ounces Sold (%)1 3 45.89 20.80 44.08 12.121 Average realized gold price, average realized silver price, OCC, AISC, CGOM, and GMR are measures of financial performance with no prescribed definition under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures" section of this release for further detail, including a reconciliation of these metrics to the financial statements.2 Beginning in 2025, gold equivalent ounces of silver produced or sold in a quarter are computed using a consistent ratio of silver price to the gold price and multiplying this ratio by silver ounces produced or sold during that quarter. The Company is using a conversion factor of 90 using a price assumption of $2,500 per ounce of gold and $27.78 per ounce of silver.3 Beginning in 2025 with impact on prior-year comparative periods, the Company reclassed mine-site general and administrative expenses to cost of sales which has a corresponding impact on OCC, GMR, and gross operating income. FINANCIAL HIGHLIGHTS Q2 2025 Q2 2024 YTD 2025 YTD 2024(In thousands of US dollars, except for net income per share metrics) Revenue 73,739 69,799 135,717 112,849Gross operating income1 29,381 11,677 52,404 11,989 Income from operations 24,538 9,777 43,460 8,158Net income 17,413 9,385 32,021 9,309Net income per share -Basic 0.12 0.06 0.22 0.06-Diluted 0.12 0.06 0.21 0.06Adjusted EBITDA2 28,895 17,176 50,833 18,187Capital expenditures 8,200 5,379 17,596 9,207Free cash flow2 12,265 8,150 10,727 59Cash and cash equivalents 36,073 47,049 36,073 47,049Liquid assets1 87,293 71,960 87,293 71,9601 Beginning in 2025 with impact on prior-year comparative periods, the Company reclassed mine-site general and administrative expenses to cost of sales which has a corresponding impact on OCC, GMR, and gross operating income.2 Free cash flow, EBITDA, Adjusted EBITDA, and Liquid Assets are measures of financial performance with no prescribed definition under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures" section of this news release for further detail, including a reconciliation of these metrics to the financial statements. The Company is pleased to revise, on a favourable basis, the cost guidance for San Bartolome for CGOM and GMR. The CGOM range guidance increases from a range of $6.50 - $8.40 to $8.00 - $13.00, and the GMR range guidance increases from 29 - 36% to 33% - 45%. The Company continues to see favorable production costs, primarily due to favourable foreign exchange rates, and continued elevated realized spot silver prices which are expected to continue through to the end of 2025. Given our strong cash position, the Company took the strategic decision to fully repay all outstanding amounts under its revolving credit facilities during Q2. The $25 million facility remains fully available, providing additional financial flexibility if required. ORIGINAL GUIDANCE REVISED GUIDANCE Golden Queen OCC ($ / Au Oz Sold)AISC ($ / Au Oz Sold) $ 1,500 - $ 1,800$ 1,950 - $ 2,150 $ 1,500 - $ 1,800$ 1,950 - $ 2,150 San Bartolome CGOM ($ / AgEq Oz Sold)GMR / AgEq Oz Sold (%) $ 6.50 - $8.4029 % - 36 % $ 8.00 - 13.0035 % - 45 % Production Guidance The Company reaffirms its 2025 annual gold and silver production guidance for Golden Queen and San Bartolome:Gold Production(Thousand Ounces) Silver Production(Million Ounces) Gold Equivalent Production2(Thousand Ounces) Golden QueenSan Bartolome 50.0 - 55.01.8 - 2.2 0.2 - 0.54.4 - 4.9 52.2 - 60.650.7 - 56.6 Total 51.8 - 57.2 4.6 - 5.4 102.9 - 117.2 Q2 2025 Conference Call and Webcast Wednesday, August 13, at 9:00 AM ET Participants may listen to the webcast by registering via the following link Participants may also listen to the conference call by calling North American toll free 1-833-821-0164, or 1-647-846-2305 outside the U.S. or Canada. An archived replay of the webcast will be available for 90 days at: or the Company website at About Andean Precious Metals Andean is a growing precious metals producer focused on expanding into top-tier jurisdictions in the Americas. The Company owns and operates the San Bartolome processing facility in Potosí, Bolivia and the Golden Queen mine in Kern County, California, and is well-funded to act on future growth opportunities. Andean's leadership team is committed to creating value; fostering safe, sustainable and responsible operations; and achieving our ambition to be a multi-asset, mid-tier precious metals producer. Qualified Person Statement The scientific and technical content disclosed in this news release was reviewed and approved by Donald J. Birak, Independent Consulting Geologist to the Company, a Qualified Person as defined by National Instrument 43-101 - Standards for Disclosure for Mineral Projects, Registered Member, Society for Mining, Metallurgy and Exploration (SME), Fellow, Australasian Institute of Mining and Metallurgy (AusIMM). For more information, please contact: Amanda MalloughDirector, Investor Relationsamallough@ +1 647 463 7808 Caution Regarding Forward-Looking Statements Certain statements and information in this release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which we refer to collectively as "forward-looking statements". Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this release include, but are not limited to, statements and information regarding the Company's production guidance and expectations for CAPEX and the Company's expectations regarding production costs, exchange rates and spot prices. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to: the Company's ability to carry on exploration and development activities; the Company's ability to secure and to meet obligations under property and option agreements and other material agreements; the timely receipt of required approvals and permits; that there is no material adverse change affecting the Company or its properties; that contracted parties provide goods or services in a timely manner; that no unusual geological or technical problems occur; that plant and equipment function as anticipated and that there is no material adverse change in the price of silver, price of gold, costs associated with production or recovery. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct, and you are cautioned not to place undue reliance on forward-looking statements contained herein. Some of the risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements contained in this release include, but are not limited to: risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations; results of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks relating to possible variations in reserves, resources, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined; mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated difficulties with or interruptions in exploration and development; the potential for delays in exploration or development activities or the completion of feasibility studies; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; risks related to commodity price and foreign exchange rate fluctuations; the uncertainty of profitability based upon the cyclical nature of the industry in which the Company operates; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental or local community approvals or in the completion of development or construction activities; risks related to environmental regulation and liability; political and regulatory risks associated with mining and exploration; risks related to the uncertain global economic environment; and other factors contained in the section entitled "Risk Factors" in the Company's MD&A for the three and six months ended June 30, 2025. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive and there may be other factors that the Company has not identified. Furthermore, the Company undertakes no obligation to update or revise any forward-looking statements included in this release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law. NON-GAAP FINANCIAL MEASURES, RATIOS, AND SUPPLEMENTARY FINANCIAL MEASURES This news release includes "specified financial measures" within the meaning of National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112"), specifically the non-GAAP financial measures, non-GAAP ratios and supplementary financial measures described below. Management believes that the use of these measures assists analysts, investors and other stakeholders of the Company in understanding the costs associated with producing silver and gold, understanding the economics of silver and gold mining, assessing operating performance, the Company's ability to generate free cash flow from current operations, and for planning and forecasting of future periods. The specified financial measures used in this news release do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers, even as compared to other issuers who may be applying the World Gold Council ("WGC") guidelines. Accordingly, these measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Operating Cash Costs OCC includes total production cash costs incurred at the Company's mining operations, which form the basis of the Company's cash costs, less by-product revenue. Beginning in 2025 with impact on prior-year comparative periods, the Company reclassed mine-site general and administrative expenses to cost of sales which has a corresponding impact on the calculation of OCC. The following table provides a reconciliation of the OCC per ounce sold on a by-product basis to the Financial Statements: Golden Queen Three months ended June 30, Six months ended June 30,(in thousands of US dollars)2025 2024 2025 2024Costs of sales, as reported21,617 27,100 38,695 47,470Less: by-product silver credits(2,948 )(4,390 )(5,395 )(6,924 ) Total OCC18,669 22,710 33,300 40,546Divided by Au ounces sold10,871 15,441 20,900 25,563OCC ($ / Au ounces sold)1,717 1,471 1,593 1,586 All-in Sustaining Costs AISC on a by-product basis per ounce is a non-GAAP ratio calculated as AISC on a by-product basis divided by ounces of gold sold. AISC on a by-product basis is a non-GAAP financial measure calculated as the aggregate of production costs as recorded in the consolidated statements of income (loss), refining and transport costs, cash component of sustaining capital expenditures, lease payments related to sustaining assets, corporate general and administrative expenses and accretion expenses. When calculating AISC on a by-product basis, all revenue received from the sale silver at Golden Queen are treated as a reduction of costs incurred. The Company believes that AISC represents the total costs of producing gold from current operations and provides the Company and other stakeholders of the Company with additional information relating to the Company's operational performance and ability to generate cash flow. The following table provides a reconciliation of the AISC per ounce sold on a by-product basis to the Financial Statements: Golden Queen Three months ended June 30, Six months ended June 30,(in thousands of US dollars)2025 2024 2025 2024OCC, net of by-product credits18,669 22,710 33,299 40,541General and administration-site and corporate allocation2,132 1,036 3,581 1,579Sustaining capital expenditures3,488 3,224 9,485 4,333Accretion for decommissioning liability114 84 222 195Total all in sustaining cost24,403 27,053 46,587 46,648Divided by Au ounces sold10,871 15,441 20,900 25,563AISC ($ / Au ounces sold)2,245 1,752 2,229 1,825 Cash Gross Operating Margin CGOM per silver equivalent ounce sold is calculated by subtracting the average cash cost of sale (cost of sales, allocated corporate administrative costs and business unit general and administration cost) per equivalent ounce sold from the average selling price per equivalent ounce. It is a measure of financial performance with no prescribed definition under IFRS and may not be comparable to similar financial measures disclosed by other issuers. The following table provides a reconciliation of the CGOM per ounce to the Financial Statements and the most directly comparable IFRS measure: San Bartolome Three months ended June 30, Six months ended June 30,(in thousands of US dollars)2025 2024 2025 2024Costs of sales, as reported18,739 23,608 37,641 43,366General and administration-site and corporate allocation1,914 776 3,535 1,223Total gross operating costs20,653 24,384 41,176 44,589Divided by AgEq ounces sold (koz)1,007 1,076 2,030 1,902Gross operating cost per AgEq ounce sold20.52 22.63 20.29 23.43Average realized silver price per oz34.41 27.67 33.16 25.93CGOM ($ / Silver Equivalent Ounces Sold)13.89 5.03 12.88 2.50 Gross Margin Ratio GMR is calculated by subtracting the cost of sale as reported in the income statement from the revenue of equivalent ounces divided by revenue from sales of equivalent ounces. GMR is a measure of financial performance with no prescribed definition under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Beginning in 2025 with impact on prior-year comparative periods, the Company reclassed mine-site general and administrative expenses to cost of sales which has a corresponding impact on the calculation of GMR. The following table provides a reconciliation of the GMR per ounce to the most directly comparable IFRS measure: San Bartolome Three months ended June 30, Six months ended June 30,(in thousands of US dollars)2025 2024 2025 2024Costs of sales, as reported18,739 23,608 37,641 43,366Divided by AgEq ounces sold (koz)1,006 1,077 2,030 1,903Costs of sales per AgEq oz sold18.62 21.91 18.55 22.79Average realized silver price per oz34.41 27.67 33.16 25.93GM per AgEq oz sold15.79 5.75 14.62 3.14GMR per Silver Equivalent Ounces Sold (%)45.89 20.80 44.08 12.12 Free Cash Flow The Company has included free cash flow as a non-GAAP financial measure in this news release. The Company considers net cash provided from operating activities, less capital expenditures on property, plant and equipment, to be a measure that allows the Company and investors to evaluate the ability of the Company to generate cash flow. Accordingly, free cash flow is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following table provides a reconciliation of free cash flow to the Financial Statements: Consolidated Three months ended June 30, Six months ended June 30,(in thousands of US dollars)2025 2024 2025 2024Net cash provided from operating activities20,260 13,006 27,275 8,307Less: Capital Expenditures on property, plant and equipment(7,995 )(5,218 )(16,548 )(8,610 ) Free cash flow12,265 7,788 10,727 (303 ) Adjusted EBITDA EBITDA and Adjusted EBITDA are non-GAAP financial measure calculated by adjusting net income (loss) as recorded in the condensed interim consolidated statements of income (loss) for items not associated with ongoing operations. The Company believes that this generally accepted industry measure allows the evaluation of the results of income-generating capabilities and is useful in making comparisons between periods. This measure adjusts for the impact of items not associated with ongoing operations. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS. The following table provides a reconciliation of EBITDA and Adjusted EBITDA to the Financial Statements: (in thousands of US dollars) 2025 2024 2025 2024Net income 17,413 9,385 32,021 9,309Add: Income taxes 10,278 6,090 12,427 5,487Finance costs 1,180 1,624 2,867 3,274Depreciation and depletion 4,002 7,399 6,977 10,029EBITDA 32,873 24,498 54,292 28,099 Corporate development expenses 355 - 396 -Other gains (8,743 )(3,928 )(13,626 )(4,223 ) Foreign Exchange loss (gain) 4,410 (3,394 )9,771 (5,689 ) Adjusted EBITDA 28,895 17,176 50,833 18,187 Average Realized Gold and Silver Prices Per Ounce The Company has included average realized prices as a supplementary non-GAAP financial measure in this news release. The Company quantifies average realized price per ounce as revenue per the Statement of Income (loss), bifurcated by gold or silver revenue and divided by ounces of gold or silver sold, respectively. Management uses this measure to monitor sales of silver and gold ounces against the average market silver and gold prices. The following table provides a reconciliation of average realized prices to the most directly comparable IFRS measure: (in thousands of US dollars) 2025 2024 2025 2024Silver revenue 35,930 33,645 68,747 55,368Divided by silver sold (k oz) 1,046 1,210 2,074 2,129Average realized silver price per oz 34.36 27.80 33.14 26.00 Gold revenue 37,809 36,134 66,970 57,481Divided by gold sold (oz) 11,403 15,679 22,227 25,971Average realized gold price per oz 3,316 2,305 3,013 2,213 Liquid Assets The Company believes this non-GAAP financial performance measure provides further transparency and assists analysts, investors, and other stakeholders of the Company in assessing the Company's financial position. The following table provides a reconciliation of this non-GAAP financial metric to the Financial Statements: (in thousands of US dollars)2025 2024 2025 2024Cash and cash equivalents36,073 47,049 36,073 47,049Add: Marketable securities and other investments51,221 39,911 51,221 39,911Less: Revolving line of credit- 15,000 - 15,000Liquid assets87,293 71,960 87,293 71,960 To view the source version of this press release, please visit
