Aduro Clean Technologies Announces Closing of Underwriter's Over-Allotment Option in Public Offering
The common shares issued pursuant to the over-allotment option were sold in combination with an accompanying half warrant (with each whole warrant being exercisable into one common share of the Company). Each whole warrant has an exercise price of US$10.13 per share and are exercisable immediately and will expire three years from the date of issuance.
D. Boral Capital LLC is acting as the sole book-running manager for the Offering.
Aduro intends to use the net proceeds from the offering for ongoing research and development costs, expenditures related to the construction of its 'Demonstration-Scale' plant and the remainder (if any) for general corporate purposes and working capital.
The Offering was being made pursuant to an effective shelf registration statement on Form F-10, as amended (File No. 333-287475), previously filed with the U.S. Securities and Exchange Commission ('SEC') and became effective on May 28, 2025, and the Company's Canadian short form base shelf prospectus dated May 28, 2025 (the 'Base Shelf Prospectus'). Aduro offered and sold the securities in the United States only. No securities were offered or sold to Canadian purchasers.
The Base Shelf Prospectus relating to the Offering and describing the terms thereof has been filed with the applicable securities commissions in Canada and with the SEC in the United States and is available for free by visiting the Company's profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca or the SEC's website at www.sec.gov, as applicable. A final prospectus supplement with the final terms was be filed with the securities regulatory authorities in the Canadian provinces of British Columbia and Ontario and the SEC.
Copies of the final prospectus may be obtained, when available, at the SEC's website at www.sec.gov or from D. Boral Capital LLC, Attention: 590 Madison Avenue 39th Floor, New York, NY 10022, or by email at dbccapitalmarkets@dboralcapital.com, or by telephone at +1 212 970 5150.
Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the Company's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company's securities in any state or jurisdiction in which such offers, solicitations or sales would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Aduro Clean Technologies
Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company's Hydrochemolytic™ Technology relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21st century.
For further information, please contact:
Abe Dyck, Head of Business Development and Investor Relationsir@adurocleantech.com+1 226 784 8889
KCSA Strategic CommunicationsJack Perkins, Senior Vice Presidentaduro@kcsa.com
D. Boral Capital LLC.dbccapitalmarkets@dboralcapital.com+1 212 970 5150This press release contains forward-looking statements regarding the Company's current expectations. These forward-looking statements include, without limitation, references to the Company's expectations regarding anticipated use of net proceeds from the Offering. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the factors that may result in changes to the Company's anticipated use of proceeds. These and other risks and uncertainties are described more fully in the section captioned "Risk Factors" in the Company's annual information form dated May 20, 2025, which is available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law, including the securities laws of the United States and Canada.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dab6f926-3c9e-4918-96f7-891bff9a8b71
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Cavvy Releases Q2 2025 Financial and Operating Results
Third Party Processing Growth and Strong Hedging Gain Bolsters Cash Flow, Drives Debt Reduction Not For Distribution to United States News Wire Services or Dissemination in United States CALGARY, Alberta, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Cavvy Energy Ltd. ('Cavvy' or the 'Company') (TSX:CVVY) is pleased to announce the release of its second quarter 2025 financial and operating results. The Company produced 26,064 boe/d and generated Net Operating Income1 ('NOI') of $26.5 million during the second quarter of 2025. Management's discussion and analysis ('MD&A') and unaudited interim condensed consolidated financial statements and notes for the quarter ended June 30, 2025 are available at and on SEDAR+ at Darcy Reding, President and CEO stated, 'Growing shareholder value remains the top priority for our team. Compared to the second quarter of 2024, and aligned with our strategic objectives, we grew third party processing volumes and revenue by over 120% and continued to optimize our business, including by keeping certain dry gas producing areas shut-in because they are uneconomic at current natural gas prices. Our continuing focus on lowering our debt resulted in net debt reduction of $18.6 million, to $166.9 million. As we head towards the end of 2025 our team remains focused on debt reduction, continuous improvement to our cost structure, filling our gas processing facilities, preparing for the expiration of a long-term fixed price sulphur marketing agreement on December 31, 2025, and evaluating opportunities for growth.' Q2 2025 HIGHLIGHTS Generated NOI of $26.5 million ($0.09 per basic and fully diluted share) and Funds Flow from Operations1 of $14.5 million ($0.05 per basic and fully diluted share). Reduced Net Debt1 by $18.6 million from Q1 2025 to $166.9 million. Reduced operating expenses by $12.6 million (24%) compared to Q2 2024 to $40.4 million, reflecting both the shut-in of uneconomic production and the continued reduction of operating cost structure. Increased third-party processing volumes by 66.0 MMcf/d (123%) compared to Q2 2024 to 119.8 MMcf/d. This yielded higher third-party processing and marketing revenue of $9.6 million, an increase of $5.4 million (129%) to compared to Q2 2024. Produced 26,064 boe/d (81% natural gas), down 16% from Q2 2024 mainly due to the voluntary shut-in of approximately 9,000 boe/d of uneconomic dry gas production from Q3 2024 through Q2 2025. Completed corporate rebranding to Cavvy Energy Ltd. on May 12, 2025, capping our strategic pivot to affirm our identity as a western Canadian based energy company. ____________________1 Refer to the 'non-GAAP measures' section of the Company's MD& Quarterly Figures 2025 2024 2023 ($ 000s unless otherwise noted) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Production Natural gas (mcf/d) 126,198 105,338 111,787 115,196 157,077 175,356 174,211 155,763 Condensate (bbl/d) 2,507 2,454 2,149 2,191 2,472 2,781 2,384 2,020 NGLs (bbl/d) 2,524 2,574 1,788 1,726 2,210 2,613 1,921 2,273 Sulphur (tonne/d) 1,128 1,076 968 1,444 1,376 1,491 1,284 1,124 Total production (boe/d)(1) 26,064 22,584 22,568 23,116 30,861 34,620 33,340 30,253 Third-party volumes processed (mcf/d)(2) 119,761 81,777 71,497 66,518 53,763 58,423 67,350 57,363 Financial Natural gas price ($/mcf) Realized before Risk Management Contracts(3) 1.73 2.24 1.55 0.77 1.14 2.53 2.32 2.65 Realized after Risk Management Contracts(3) 3.23 3.58 3.36 3.43 2.71 3.21 3.12 3.25 Benchmark natural gas price 1.72 2.14 1.46 0.68 1.17 2.48 2.29 2.59 Condensate price ($/bbl) Realized before Risk Management Contracts(3) 84.60 95.15 94.87 92.13 99.96 91.18 97.15 97.47 Realized after Risk Management Contracts(3) 85.88 88.29 90.61 84.61 87.75 84.49 86.34 80.49 Benchmark condensate price ($/bbl) 87.71 100.24 98.85 97.10 105.62 98.43 104.30 106.30 Sulphur price ($/tonne) Realized sulphur price(4) 32.40 17.00 12.09 8.86 18.43 14.49 22.54 13.34 Benchmark sulphur price 373.11 246.36 180.54 128.47 103.19 94.84 118.29 107.09 Net income (loss) 4,147 2,666 (20,921 ) 7,496 (19,196 ) (6,284 ) 7,414 (16,254 ) Net income (loss) $ per share, basic 0.01 0.01 (0.08 ) 0.04 (0.12 ) (0.04 ) 0.06 (0.10 ) Net income (loss) $ per share, diluted 0.01 0.01 (0.08 ) 0.04 (0.12 ) (0.04 ) 0.04 (0.10 ) Net operating income(5) 26,491 32,550 13,720 19,818 7,652 23,418 25,441 11,650 Cashflow provided by (used in) operating activities 1,599 22,612 (592 ) 2,260 (1,555 ) 7,049 31,983 7,577 Funds flow from operations(5) 14,502 21,707 2,824 8,234 (4,874 ) 12,044 14,269 (1,422 ) Total assets 553,216 571,470 612,423 615,040 585,940 590,531 638,541 564,921 Adjusted working capital deficit(5) (20,144 ) (30,540 ) (29,777 ) (42,658 ) (37,986 ) (31,671 ) (31,830 ) (21,454 ) Net debt(5) (166,878 ) (185,438 ) (197,564 ) (206,779 ) (219,204 ) (209,964 ) (204,046 ) (205,536 ) Capital expenditures(6) 2,391 6,538 5,800 10,002 5,003 4,897 9,306 16,363 (1) Total production excludes sulphur. (2) Third-party volumes processed are raw natural gas volumes reported by activity month, which do not include accounting accruals.(3) Includes physical commodity and financial risk management contracts inclusive of cash flow hedges, (together 'Risk Management Contracts'). The realized natural gas price after Risk Management Contracts shown above is normalized to exclude the impact of the hedge monetization. (4) Realized sulphur price is net of deductions such as transportation, marketing and storage fees.(5) Refer to the 'Net Operating Income', 'Capital Resources', 'Funds Flow from Operations' and 'Working Capital and Capital Strategy' sections of the Company's MD&A for reference to non-GAAP measures.(6) Excludes reclamation and abandonment activities. OUTLOOK Management's near-term priority remains strengthening our balance sheet while safely and responsibly operating our assets. Delivering on this priority requires continued focus on attracting incremental third-party volumes, implementing cost reduction initiatives, optimizing infrastructure, and executing non-core asset dispositions to maintain profitability during all periods of the commodity cycle. Our long-term strategy requires continuous improvement in the business while identifying opportunities to generate growth for our shareholders. While guidance remains unchanged at this time, management expects 2025 NOI at or above the high end of the guidance range. 2025 guidance remains unchanged as follows: 2025 Guidance ($ 000s unless otherwise noted) Low High Total production (boe/d)(1) 23,000 25,000 Net operating income(2)(3)(4) 75,000 95,000 Operating netback ($/boe)(2)(3)(4) 9.00 11.00 Capital expenditures 25,000 30,000 (1) 2025 production guidance assumes persistence of previously announced shut-ins in Central AB and periodic production of previously announced shut-ins in Northern AB and Northeast BC through 2025.(2) Refer to the 'Net Operating Income' and 'Operating Netback' sections of the Company's MD&A for reference to non-GAAP measures.(3) Assumes unhedged average 2025 AECO price of $1.85/GJ and average 2025 WTI price of US$ 66.92/bbl.(4) Includes the impact of hedge contracts in place at August 12, 2025. Specific priorities for 2025 are: Sustain a safe and regulatory compliant business Minimize facility outages to maximize sales and processing revenue Capture opportunities to grow our third-party gathering and processing business Meaningfully reduce operating expenses to improve corporate netback Deliver attractive ROI on value adding optimization projects included in the 2025 capital program Reduce long term debt to improve financial flexibility Our ongoing priority to grow third-party gathering and processing revenues at our operated facilities has yielded growth in processed volumes at the Caroline Gas Plant over the last four quarters, reflecting strong demand and increased utilization. As a result, third-party processing revenues are forecasted to exceed management's expectations for the year. The legacy fixed price sulphur contract, entered into in 2019, expires on December 31, 2025. Under this contract, the Company receives a fixed price of approximately $6/tonne for the majority of its sulphur production capability of approximately 1,400 tonnes per day. On January 1, 2026, the Company will receive market price for all sulphur production, less normal deductions for transportation, handling, and marketing. The expiration of this contract represents a significant potential revenue opportunity beginning in 2026. As of August 12, 2025, the spot west coast sulphur price was US$252.50/tonne, prior to processing, transportation and marketing costs. Due to the current outlook for North American natural gas prices, Cavvy is not planning to resume drilling operations in 2025, although may participate in a low working interest, non-operated, liquids rich gas drilling prospect in Central AB. The Company will only develop its portfolio of high impact conventional Foothills drilling opportunities once natural gas prices sustainably recover and the Company has achieved its deleveraging target. HEDGE POSITION Cavvy hedges to mitigate commodity price, interest rate and foreign exchange volatility to protect the cash flow required to fund the Company's operations, capital requirements and debt service obligations, while maintaining exposure to commodity price upside. Cavvy continues to execute its risk management program governed by its hedge policy and in compliance with the thresholds required by senior lenders. The Company has 110,000 GJ/d of its 2025 natural gas production hedged at a weighted average fixed price of $3.32/GJ, and 1,679 bbl/d of its 2025 condensate production hedged with a weighted average floor price of CAD$84.42/bbl and a weighted average ceiling price of CAD$92.32/bbl. The Company's aggregate hedge position for 2025 totals 19,055 boe/d, or approximately 80% of the production guidance range. As of June 30, 2025, the Company is hedged in accordance with the requirements of its senior loan agreements. The discounted unrealized gain on the Company's hedge portfolio at August 12, 2025 was approximately $52.5 million using the forward strip on August 11, 2025. The tables below summarize the hedge portfolio as of August 12, 2025: 2025-2026 Hedge Portfolio(1) Q125 Q225 Q325 Q425 2025 Q126 Q226 Q326 Q426 2026 AECO Natural Gas Sales Total Hedged (GJ/d) 110,000 110,000 110,000 110,000 110,000 78,500 71,854 68,340 65,025 70,886 Avg Hedge Price (C$/GJ) $3.32 $3.32 $3.32 $3.32 $3.32 $3.32 $3.34 $3.40 $3.41 $3.36 WTI / C5+Sales Total Hedged (bbl/d) 1,721 1,692 1,663 1,641 1,679 1,622 1,529 1,364 1,350 1,465 Avg Collar Cap Price (C$/bbl) $92.73 $92.45 $92.03 $92.05 $92.32 $91.69 $90.94 $91.67 $91.68 $91.48 Avg Collar Floor Price (C$/bbl) $84.14 $84.25 $84.61 $84.67 $84.42 $84.09 $83.83 $85.64 $85.70 $84.82 Power Purchases Total Hedged (MW) 53 54 54 54 54 45 45 45 45 45 Avg Hedge Price (C$/MWh) $79.19 $79.10 $79.07 $79.08 $79.11 $75.87 $75.88 $75.88 $75.88 $75.882027-2028 Hedge Portfolio (1) Q127 Q227 Q327 Q427 2027 Q128 Q228 Q328 Q428 2028 AECO Natural Gas Sales Total Hedged (GJ/d) 63,340 28,154 - - 22,637 - - - - - Avg Hedge Price (C$/GJ) $3.41 $3.40 - - $3.41 - - - - - WTI / C5+ Sales Total Hedged (bbl/d) 1,171 1,151 1,125 1,125 1,143 785 750 - - 382 Avg Collar Cap Price (C$/bbl) $91.40 $88.80 $90.05 $90.05 $90.08 $90.40 $86.50 - - $88.50 Avg Collar Floor Price (C$/bbl) $84.37 $84.08 $90.05 $90.05 $87.14 $90.40 $86.50 - - $88.50 Power Purchases Total Hedged (MW) 25 25 25 25 25 - - - - - Avg Hedge Price (C$/MWh) $70.19 $70.19 $70.19 $70.19 $70.19 - - - - - (1) Includes forward physical sales contracts and financial derivative contracts as of August 12, 2025 CONFERENCE CALL DETAILS A conference call and webcast to discuss the results will be held on Wednesday, August 13, 2025, at 8:30 a.m. MDT / 10:30 a.m. EDT. To participate in the webcast or conference call, you are asked to register using one of the links provided below. To register to participate via webcast please follow this link: Alternatively, to register to participate by telephone please follow this link: A replay of the webcast will be available two hours after the conclusion of the event and may be accessed using the webcast link above. ABOUT CAVVY ENERGY Cavvy Energy is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from Western Canada. Cavvy's vision is to provide responsible, affordable natural gas and derived products to meet society's energy security needs. For further information, visit or please contact: Darcy Reding, President & Chief Executive Officer Telephone: (403) 261-5900 Adam Gray, Chief Financial OfficerTelephone: (403) 261-5900 Investor Relationsinvestors@ Forward-Looking StatementsCertain of the statements contained herein including, without limitation, management plans and assessments of future plans and operations, Cavvy's outlook, strategy and vision, intentions with respect to future acquisitions, dispositions and other opportunities, including exploration and development activities, Cavvy's ability to market its assets, plans and timing for development of undeveloped and probable resources, Cavvy's goals with respect to the environment, relations with Indigenous people and promoting equity, diversity and inclusion, estimated abandonment and reclamation costs, plans regarding hedging, plans regarding the payment of dividends, wells to be drilled, the weighting of commodity expenses, expected production and performance of oil and natural gas properties, results and timing of projects, access to adequate pipeline capacity and third-party infrastructure, growth expectations, supply and demand for oil, natural gas liquids and natural gas, industry conditions, government regulations and regimes, capital expenditures and the nature of capital expenditures and the timing and method of financing thereof, may constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities laws (collectively 'forward-looking statements'). Words such as 'may', 'will', 'should', 'could', 'anticipate', 'believe', 'expect', 'intend', 'plan', 'continue', 'focus', 'endeavor', 'commit', 'shall', 'propose', 'might', 'project', 'predict', 'vision', 'opportunity', 'strategy', 'objective', 'potential', 'forecast', 'estimate', 'goal', 'target', 'growth', 'future', and similar expressions may be used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to, the risks associated with oil and gas exploration, development, exploitation, production, processing, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of resources estimates, environmental risks, competition from other producers, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals, ability to access sufficient capital from internal and external sources and the risk factors outlined under 'Risk Factors' and elsewhere herein. The recovery and resources estimate of Cavvy's reserves provided herein are estimates only and there is no guarantee that the estimated resources will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Forward-looking statements are based on a number of factors and assumptions which have been used to develop such forward-looking statements, but which may prove to be incorrect. Although Cavvy believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because Cavvy can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which Cavvy operates; the timely receipt of any required regulatory approvals; the ability of Cavvy to obtain and retain qualified staff, equipment and services in a timely and cost efficient manner; the ability of the operator of the projects which Cavvy has an interest in to operate the field in a safe, efficient and effective manner; the ability of Cavvy to obtain financing on acceptable terms; the ability to replace and expand oil and natural gas resources through acquisition, development and exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of Cavvy to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Cavvy operates; timing and amount of capital expenditures; future sources of funding; production levels; weather conditions; success of exploration and development activities; access to gathering, processing and pipeline systems; advancing technologies; and the ability of Cavvy to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Cavvy's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website ( and at Cavvy's website ( Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and Cavvy assumes no obligation to update or review them to reflect new events or circumstances except as required by applicable securities laws. Forward-looking statements contained herein concerning the oil and gas industry and Cavvy's general expectations concerning this industry are based on estimates prepared by management using data from publicly available industry sources as well as from reserve reports, market research and industry analysis and on assumptions based on data and knowledge of this industry which Cavvy believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While Cavvy is not aware of any misstatements regarding any industry data presented herein, the industry involves risks and uncertainties and is subject to change based on various Reader AdvisoriesBarrels of oil equivalent ('boe') may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Abbreviations Natural Gas Liquids Mcf thousand cubic feet bbl/d barrels per day Mcf/d thousand cubic feet per day boe/d barrels of oil equivalent per day MMcf/d million cubic feet per day WTI West Texas Intermediate AECO Alberta benchmark price for natural gas Mbbl Thousand barrels GJ Gigajoule MMbbl Million barrels Power MMboe Million barrels of oil equivalent MW Megawatt C2 Ethane MWh Megawatt hour C3 Propane C4 Butane C5/C5+ Condensate / Pentane Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this releaseError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Artemis Gold Reports Q2 2025 Results Consistent with Guidance: Q2 Production of 50,623 ounces gold and Post-commercial AISC US$805 per ounce, and Announces $700M Revolving Credit Facility
TSXV: ARTG (all amounts in Canadian dollars unless otherwise stated) VANCOUVER, BC, Aug. 12, 2025 /CNW/ - Artemis Gold Inc. (TSXV: ARTG) ("Artemis Gold" or the "Company") reports financial and operating results for the three- and six-month periods ended June 30, 2025 (Q2 2025 and YTD 2025, respectively) and announces the arrangement of an underwritten revolving credit facility ("RCF"). The Company will host a conference call and webcast on August 13, 2025, the details of which are provided below. 2025 Highlights Q2 2025 production totalled 50,623 ounces of gold, bringing YTD 2025 production to 63,343 ounces of gold Cash costs1 of US$690 per ounce of gold sold and all-in sustaining costs (AISC1) of US$805 per ounce of gold sold during the two months May and June 2025 (the "post-commercial production period") During Q2 2025, generated net income of $100.2 million or $0.43 per share on a fully diluted basis, adjusted EBITDA1 of $146.4 million, and cash flow from operating activities of $185.1 million To date, the Company has made $67 million of principal payments against its long-term debt2 (including a $40 million repayment in July) Arranged a $700 million underwritten RCF to refinance existing long-term debt2 and provide additional flexibility to support near-term expansion options. Financial close of the RCF remains subject to customary conditions precedent. 5.5 million hours worked without a lost time incident up to the end of July 2025 Post-commercial Production Highlights Mill throughput averaged 16,206 tonnes per day during the post-commercial production period representing 98.6% of nameplate capacity Gold production totalled 34,824 ounces in May and June 2025, and gold sales were 34,112 ounces Average realized gold price1 of C$4,578 per ounce1 Artemis Gold CEO Dale Andres commented: "This quarter marked a major milestone for Artemis Gold, as we transitioned the Blackwater Mine from development to production, and celebrated the opening of Canada's newest gold mine together with our First Nations partners and other stakeholders. We are uniquely positioned in one of the best mining jurisdictions in the world, and in this record gold price environment, we are demonstrating consistent operational performance, cost control, and capital discipline. ________________________ 1 Refer to Non-IFRS Measures 2 Long-term debt is comprised of the Project Loan Facility (including the cost overrun facility, the "PLF") and Stand-by Facility as defined in the Company's unaudited condensed consolidated interim financial statements for Q2 2025. "At US$805 per ounce of gold sold, our AISC1 ranks among the lowest in the industry, as we benefit from a low strip ratio, downhill loaded hauling, and low-cost, renewable hydro electric power. Looking ahead, we plan to continue to optimize the current Phase 1 operations, which we expect will allow Blackwater to consistently outperform its nameplate capacity. In addition to debt repayments already made, we will be refinancing the remainder of the PLF and Standby-Facility with the recently agreed $700 million revolving credit facility which we expect to have available for drawdown before the end of Q3 2025. At the same time, we are evaluating the opportunity to accelerate and optimize the Phase 2 expansion, with a decision expected in the second half of the year." Financial and Operating Results The following tables summarize key operating statistics and unit analysis for the post-commercial production period of May 1, 2025 to June 30, 2025 only, as well as select financial information for Q2 2025 and YTD 2025. For further information, refer to the Company's unaudited condensed consolidated interim financial statements and Management's Discussion and Analysis ("MD&A") filed on SEDAR+ at Operating Results Units May 1-June 30, 2025 (post-commercial production period) Ore mined tonnes 4,816,820 Waste mined tonnes 2,404,651 Strip ratio waste/ore 0.50 Total mined tonnes 7,221,471 Milled tonnes 988,588 Milled tonnes per day 16,206 Gold grade grams per tonne 1.34 Gold recoveries1 % 84.0 % Gold produced ounces 34,824 Gold sold ounces 34,112 Cash costs2 C$ per ounce $949 Cash costs2 US$ per ounce $690 All-in sustaining costs2 C$ per ounce $1,109 All-in sustaining costs2 US$ per ounce $805 Average realized gold price2 C$ per ounce $4,578 Average realized gold price2 US$ per ounce $3,326 1Gold recoveries include gold recovered in circuit 2 Refer to Non-IFRS Measures Gold production during the month of April was 15,799 ounces and gold production during Q2 2025 totaled 50,623 ounces. Gold production in Q1 2025 was 12,720 ounces. Year-to-date gold production totaled 63,343 ounces through June 30, 2025, including 28,519 ounces produced during the pre-commercial period. The Blackwater mill operated at 102% of nameplate capacity in the month of June, averaging 16,738 tonnes per day. _______________________ 1 Refer to Non-IFRS Measures In late July 2025 the Company successfully completed a 3-day planned shut-down of the processing plant to make various modifications and improvements to the dry and wet circuits, which is expected to enable the mill to further (and more consistently) outperform the nameplate capacity. The Company's current focus is to drive both stability and above-nameplate mill throughput. This, along with mill feed ore characteristics, impacted gold recoveries which were lower than originally planned (averaging 84% in May and June 2025). Various initiatives are underway to further improve recoveries, including augmenting the Company's understanding of the ore characteristics in oxide zones and transitional zones to optimize the ore blend. AISC1 for the post-commercial production period was US$805 per ounce sold, with 34,112 ounces sold during this two-month period. The Company's low AISC for the post-commercial production period reflects, amongst other factors, the benefit of Blackwater's low strip ratio, as well as comparatively low cost of diesel consumption associated with Blackwater's hauling activities due to the down-hill haul from the pit to the process plant, stockpile areas and the tailings storage facility. Blackwater also benefits from comparatively low cost of power as the Company invested in a 135km transmission line which connects Blackwater to hydro-electric power. When determining the value of the Company's inventory balances, which in turn drives the quantum of the credit (reduction) to production cost (and AISC1), the Company does not capitalize its stockpile of low-grade ore tonnes (the Company only attributes mining costs to high-grade and medium-grade ore when valuing stockpile inventory and the low-grade stockpile inventory is carried on the Company's books at $nil). Select Financial Information ($000s except per share information) Q2 2025 Q2 2024 YTD 2025 YTD 2024 Revenue 231,064 - 272,131 - Cost of sales Production costs (55,386) - (63,938) - Depreciation and depletion (7,791) - (8,458) - Gross profit 167,887 - 199,735 - General and administrative expense (5,052) (4,474) (10,123) (9,167) Finance expense (14,598) (127) (14,746) (211) Finance income 251 - 251 - Equity income (loss) from investment in associate 6 (74) (109) (166) Unrealized change in fair value of derivatives (1,731) (1,052) (22,637) (2,829) Income (loss) before income taxes 146,763 (5,727) 152,371 (12,373) Current income tax expense (3,066) - (3,066) - Deferred income tax expense (43,511) - (44,476) - Income (loss) 100,186 (5,727) 104,829 (12,373) Net income (loss) per common share – basic 0.44 (0.03) 0.46 (0.06) Net income (loss) per common share – diluted 0.43 (0.03) 0.45 (0.06) Net cash from (used in) operating activities 185,138 (913) 199,141 (6,117) Sustaining capital expenditures and lease payments 4,157 810 7,329 1,387 Growth capital2 81,168 146,338 175,661 291,137 EBITDA1 168,901 (5,600) 175,324 (12,162) Adjusted EBITDA1 146,380 (4,474) 173,526 (9,167) 1 Refer to Non-IFRS Measures 2 Growth capital comprises both Phase 1 capital and Phase 1 deferred capital associated with infrastructure and certain plant rectification works, including amounts which will form part of the Company's counterclaim against its former EPC contractor. The Company recorded revenue of $231.1 million and $272.1 million in Q2 2025 and YTD 2025, respectively, driven by the initial sales of gold and silver in the current year following the commencement of production at the Blackwater Mine. During Q2 2025, the Company generated net income of $100.2 million or $0.43 diluted earnings per share, compared to a loss of $5.7 million or $0.03 loss per share in Q2 2024. Similarly, during YTD 2025, the Company generated net income of $104.8 million or $0.45 diluted earnings per share, compared to a loss of $12.4 million or a loss per share of $0.06 in YTD 2024. During Q2 2025, the Company incurred sustaining capital and lease payments of $4.2 million, along with $47.1 million Phase 1 capital cost (pre-commercial production) and $34 million of Phase 1 deferred capital. For YTD 2025, the Company incurred $7.3 million in sustaining capital and lease payments, while Phase 1 capital (pre-commercial production) totalled $141.6 million and Phase 1 deferred capital totalled $34 million. During the comparative periods, the Company incurred no sustaining capital, made lease payments of $0.8 million and $1.4 million in Q2 2024 and YTD 2024, respectively, and incurred Phase 1 capital of $147.1 million and $292.5 million in Q2 2024 and YTD 2024, respectively. Both Phase 1 and Phase 1 deferred capital in YTD 2024 and YTD 2025 includes amounts associated with rectification works which will form part of the Company's counterclaim against its former EPC contractor. EBITDA1 for Q2 2025 totaled $168.9 million, while adjusted EBITDA1 for the same period amounted to $146.4 million. For YTD 2025, EBITDA1 and adjusted EBITDA1 totaled $175.3 million and $173.5 million, respectively. Cash flow from operating activities was $185.1 million for Q2 2025 and $199.1 million for YTD 2025, compared to negative $0.9 million and negative $6.1 million during the respective comparative periods. In Q2 2025, the Company repaid $34.0 million in principal and interest under the Project Loan Facility ("PLF") and made $4.2 million in lease payments. In late July the Company repaid an additional $40 million in principal under the Stand-by Facility of the PLF". The improvement in the financial metrics noted above reflect the impact of the successful start-up of the Blackwater Mine in early 2025. Corporate Update As previously disclosed, on June 19, 2025 the Company announced a leadership transition with the appointment of Mr. Dale Andres as Chief Executive Officer and Director. Mr. Steven Dean, the Company's founder, transitioned to the role of Executive Chair. Mr. Jeremy Langford continues as President, with a focus on business growth, asset optimization, and development. On August 12, 2025, the Company executed a credit-approved commitment letter and term sheet with National Bank of Canada to underwrite a $700 million RCF. The Company expects to utilize the RCF to discharge its remaining obligations associated with the PLF and Standby-Facility, which at the time of closing of the RCF is expected to amount to approximately $450 million. The RCF will be secured by a charge against all assets of the Company, subject to various intercreditor agreements. The RCF will attract customary upfront and commitment fees and interest will be based on CORRA plus a margin ranging from 2.25% to 3.25%, depending on the Company's ratio of adjusted EBITDA1 to net debt. Financial close of the RCF remains subject to customary conditions precedent and the RCF is expected to mature four years following such financial close. _______________________ 1 Refer to Non-IFRS Measures Outlook The Company is on track to achieve its previously stated production guidance for fiscal 2025 of 190,000 to 230,000 ounces of gold, including 160,000 to 200,000 ounces during the post-commercial production period at AISC1 of US$670 to US$770 per ounce. AISC1 is expected to trend lower in the second half of the year as operating efficiencies improve and production continues to increase. Conference Call and Webcast Details Artemis Gold will host a conference call and webcast on Wednesday, August 13, 2025 at 8.00am PDT (11.00am EDT). Conference call Toll-free in Canada and the US: 1-833-752-3746International: +1-647-846-8723 Webcast: The webcast will be available for replay on the Company's website at until November 13, 2025. About Artemis Gold Artemis Gold is a well-financed, growth-oriented gold and silver producer and development company with a strong financial capacity aimed at creating shareholder value through the identification, acquisition, and development of gold properties in mining-friendly jurisdictions. The Company's primary focus is the operation and further development of the Blackwater Mine in central British Columbia approximately 160km southwest of Prince George and 450km northeast of Vancouver. The first gold and silver pour at Blackwater was achieved in January 2025 and commercial production was declared on May 1, 2025. Artemis Gold trades on the TSX-V under the symbol ARTG and the OTCQX under the symbol ARGTF. For more information visit Qualified Person Artemis Gold Vice President, Technical Services Alastair Tiver, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release. On behalf of the Board of Directors Steven DeanExecutive Chair+1 604 558 1107 ___________________________ 1 Refer to Non-IFRS Measures Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Non-IFRS Measures This news release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, adjusted EBITDA, cash operating cost per oz sold, all-in sustaining cost, sustaining and growth capital expenditures, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures have been derived from the Company's financial statements because the Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and stakeholders will use the non-IFRS measures to evaluate the Company's future operating and financial performance. However, these non-IFRS performance measures do not have any standardized meaning and may therefore not be comparable to similar measures presented by other issuers. Accordingly, these non-IFRS performance measures are intended to provide additional information and should not be considered in isolation or as a substitute of performance measures prepared in accordance with IFRS. Certain non-IFRS measures presented in this news release are reported for a partial period, being the period after commercial production was achieved on May 1, 2025. As such, these non-IFRS measures are presented for May and June 2025, with a reconciliation to the Q2 2025 results as reported within the Company's Interim Financial Statements. The Company does not expect to report on partial interim periods in future disclosures. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company's MD&A for the three and six months ended June 30, 2025 available on the Company's website at and on SEDAR+ at Cautionary Note Regarding Forward-looking Information This press release contains certain forward-looking statements and forward-looking information as defined under applicable Canadian and U.S. securities laws. Statements contained in this press release that are not historical facts are forward-looking statements that involve known and unknown risks and uncertainties. Any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. In certain cases, forward-looking statements and information can be identified using forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", "potential" or similar terminology. Forward-looking statements and information are made as of the date of this press release and include, but are not limited to, statements regarding strategy, plans, future financial and operating performance of the Blackwater Mine, including the Company's plans to refinance the PLF and Standby-Facility with the RCF; the contribution of the mine to various stakeholders or the economy; opinions of the Province of British Columbia regarding the mine and the region; agreements and relationships with Indigenous partners; the future of mining in British Columbia; the plans of the Company with respect to optimizing current Phase 1 operations and the next phase of expansion, including construction, site preparation, consultation with indigenous groups, and other plans and expectations of the Company with respect to the mine, future production and anticipated timing of optimization and expansion works. These forward-looking statements represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance, which are based on information currently available to management, management's historical experience, perception of trends and current business conditions, expected future developments and other factors which management considers appropriate. Such forward-looking statements involve numerous risks and uncertainties, and actual results may vary. Important risks and other factors that may cause actual results to vary include, without limitation: risks related to ability of the Company to accomplish its plans to refinance the PLF and Standby-Facility with the RCF on acceptable terms or at all; risks related to ability of the Company to accomplish its plans and objectives with respect to the operations and expansion of the Blackwater Mine within the expected timing or at all, the timing and receipt of certain required approvals, changes in commodity prices, changes in interest and currency exchange rates, litigation risks (including the anticipated outcome or resolution of ongoing or potential claims and counterclaims, the timing and success of such claims and counterclaims),, risks inherent in mineral resource and mineral reserves estimates and results, risks inherent in exploration and development activities, changes in mining, optimization or expansion plans due to changes in logistical, technical or other factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials, equipment or third party contractors, delays in the receipt of government approvals, industrial disturbances, job action, and unanticipated events related to heath, safety and environmental matters), changes in governmental regulation of mining operations, political risk, social unrest, changes in general economic conditions or conditions in the financial markets, and other risks related to the ability of the Company to proceed with its plans for the Mine and other risks set out in the Company's most recent MD&A, which is available on the Company's website at and on SEDAR+ at In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, the assumptions that: (1) market fundamentals will result in sustained mineral demand and prices; (2) any necessary approvals and consents in connection with the operations and expansion of the Mine will be obtained; (3) financing for the continued operation of the Blackwater Mine and future expansion activities will continue to be available on terms suitable to the Company; (4) sustained commodity prices will continue to make the Mine economically viable; and (5) there will not be any unfavourable changes to the economic, political, permitting and legal climate in which the Company operates. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause the actual results or performance by the Company to differ materially from those expressed in or implied by any forward-looking statements. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or the financial condition of the Company. Investors should therefore not place undue reliance on forward-looking statements. The Company is under no obligation and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future events or otherwise, except as may be required under applicable securities laws. SOURCE Artemis Gold Inc. View original content to download multimedia: Sign in to access your portfolio
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Air Canada says negotiations with flight attendants' union are at 'impasse'
The union representing Air Canada's flight attendants says it has declined the airline's proposal to resolve negotiations using an arbitrator, according to an update on the bargaining committee's website. The Canadian Union of Public Employees (CUPE) wrote on Tuesday that Air Canada had proposed referring the matter to binding interest arbitration, a process that would bring a third party into the talks. On Tuesday afternoon, Air Canada said talks had reached an impasse, and that the two sides were far apart. The arbitrator would hear proposals from each side about specific agenda items that haven't been agreed upon and then make a decision that would bind both parties. It would also suspend the chance of a lockout or strike. CUPE members voted overwhelmingly in favour of a strike mandate last week, paving the way for workers to walk off the job as soon as 12:01 a.m. ET on Aug. 16. CUPE published a letter addressed to the president of its Air Canada component, Wesley Lesosky, and signed by Air Canada vice-president and human resources chief Arielle Meloul-Wechsler on Monday. "After eight months of negotiation, we have been unable to reach a tentative collective agreement despite our best efforts," the letter says. Outlining the proposal, it adds that "if we cannot agree on an arbitrator within 30 days of your agreeing to the proposal, we ask the Minister of Labour to name one." CUPE declined the proposal and intends to stay at the bargaining table, Lesosky wrote in a response addressed to Meloul-Wechsler on Tuesday. A representative for CUPE told CBC News that both sides are "back to evaluating proposals" after their exchange. CBC News has also reached out to Air Canada for interest arbitration tends to be preferred by employers "because you are avoiding the strike and the business disruption," said Malini Vijaykumar, an employment and labour lawyer at Nelligan Law in Ottawa. The federal government would first have to pass legislation forcing the parties to go to arbitration. But that's a "really risky thing to do," Vijaykumar said, because the union could challenge it under a section of Canada's Charter of Rights that protects the right to strike through freedom of association. "So even that's not a silver bullet, so to speak, to prevent a strike," she said, referring to the arbitration process. Talks ongoing since March CUPE's Air Canada component represents more than 10,000 flight attendants who work for the major airline and its budget carrier Air Canada Rouge. Some of those workers held demonstrations on Monday outside major Canadian airports in Toronto, Montreal, Vancouver and Calgary for what the union called a "day of action." The union says the most contentious issues at the bargaining table are wages — which it says have not kept pace with inflation — and unpaid work that occurs before boarding and after deplaning, such as safety checks and assisting Canada's latest offer includes paying flight attendants 50 per cent of their wage for work done on the ground, but the union is still pursuing a 100 per cent ground pay rate, according to CUPE's Tuesday update. CUPE said last week that it would continue talks with Air Canada until Aug. 15, the day before a potential strike on Saturday. The two parties have been negotiating since March, when the previous 10-year collective agreement expired. But the talks reached an impasse in May, at which point the union filed for conciliation with the federal labour minister. At the time, Air Canada said that its pay structure is in step with other global carriers. Delta Air Lines is the only major North American airline that offers ground pay to its flight attendants, paying them at half their hourly rate for 40 to 50 minutes of boarding time depending on the flight destination and aircraft. Porter Airlines, a smaller Canadian carrier that operates out of Toronto and several smaller cities, has started paying for at least part of the boarding time that its flight attendants work. 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
