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GOLD ROYALTY REPORTS FIRST QUARTER 2025 RESULTS HIGHLIGHTING CONTINUED REVENUE GROWTH

GOLD ROYALTY REPORTS FIRST QUARTER 2025 RESULTS HIGHLIGHTING CONTINUED REVENUE GROWTH

Yahoo08-05-2025

For further information, please refer to the Company's unaudited condensed interim consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2025, copies of which are available under the Company's profiles at www.sedarplus.ca and www.sec.gov .
Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, Adjusted Net Loss, Adjusted Net Loss Per Share, basic and diluted, and GEOs are each non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" for further information.
* Total Revenue, Land Agreement Proceeds and Interest, Cash Operating Expenses, Adjusted Net Loss, Adjusted Net Loss Per Share, basic and diluted and Total GEOs are each non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" for further information.
The Company remains on track to achieve its outlook of 5,700 – 7,000 GEOs for 2025, with production on its interests weighted towards the second half of the year as several projects continue to ramp-up and progress towards full steady-state production
David Garofalo, Chairman and CEO of Gold Royalty, commented: "We are pleased to report continued year-over-year revenue growth and another quarter of positive operating cash flow. These strong results reflect the embedded growth within our portfolio, which we expect to continue in 2025 as the key assets in our portfolio continue to advance. This includes three assets that are currently in the production ramp-up phase, each backed by long-life, large-scale mining operations. One of these assets – our royalty on the Borborema mine acquired in 2023 – achieved initial production during the first quarter, marking another milestone in our organic growth strategy. These and other assets in our diverse portfolio position Gold Royalty for continued and sustained revenue growth and value creation over the long term, including through the end of the decade."
VANCOUVER, BC, May 7, 2025 /CNW/ - Gold Royalty Corp. (" Gold Royalty " or the " Company ") (NYSE American: GROY) is pleased to announce the publication of its operating and financial results for the three months ended March 31, 2025. All amounts are expressed in U.S. dollars unless otherwise noted.
Story Continues
Portfolio Update
Borborema Project (2.0% NSR): As of February 26, 2025, Aura Minerals Inc. ("Aura") provided production guidance of 33,000 to 40,000 ounces of gold production for Borborema in 2025. Borborema is expected to achieve commercial production in the second half of 2025, reaching between 40% and 48% of its designed nominal capacity this year. Aura's partial year production guidance represents an annualized rate of 83,000 ounces per year. On March 27, 2025, Aura announced that first production at Borborema had been achieved and that it expects to achieve commercial production by the third quarter of 2025. On May 5, 2025, Aura reiterated expectations that Borborema will achieve commercial production by the third quarter of 2025, and it reiterated its production guidance of 33,000 – 40,000 ounces of gold in 2025.
For further information, see Aura's news releases dated February 26, 2025 March 27, 2025, and May 5, 2025 available under its profile on www.sedarplus.ca.
Borden Mine (0.5% NSR, partial royalty coverage): On April 16, 2025, Discovery Silver Corp. ("Discovery") disclosed that it had completed the acquisition of the Porcupine complex, including the Borden mine, from a wholly owned subsidiary of Newmont Corporation for total consideration of $425 million. Discovery completed a technical report on the Porcupine complex which includes details on the Borden mine entitled "Porcupine Complex, Ontario, Canada, Technical Report on Preliminary Economic Assessment".
For further information see such technical report and Discovery's news release dated April 16, 2025, each available under its profile on www.sedarplus.ca.
Canadian Malartic / Odyssey mine (3.0% NSR, partial royalty coverage): On February 13, 2025, Agnico Eagle Mines Limited ("Agnico Eagle") disclosed that development activities at Odyssey remain on schedule, with ongoing ramp development and shaft sinking progressing as planned. Agnico Eagle management reported on its February 14, 2025, conference call that the results of an internal study on the sinking of a second shaft at Odyssey would be released in 2026. On April 24, 2025, Agnico released its first quarter 2025 results which highlighted operating results and key developments including that total development at Odyssey South was a quarterly record at approximately 4,377 metres.
For further information, see Agnico Eagle's news releases dated February 13, 2025 and April 24, 2025, available under its profile on www.sedarplus.ca.
Côté Gold Mine (0.75% NSR, partial royalty coverage): On February 20, 2025, IAMGOLD Corporation ("IAMGOLD") announced that it had achieved successful production start-up of Côté. IAMGOLD's primary focus for Côté is to achieve nameplate mill design capacity of 36,000 tonnes per day by the fourth quarter of 2025 and to stabilize operations by implementing and improving operation and maintenance procedures. On May 6, 2025, IAMGOLD reported financial and operating results for the quarter ended March, 31, 2025. The Côté Gold mine achieved record throughput in March, totaling nearly 1Mt, which represented monthly average throughput of 90% of the nameplate mill capacity. The Côté Gold plant averaged 34,500tpd or 96% of nameplate capacity over the past 30 days. IAMGOLD has reiterated production guidance 360,000 to 400,000 ounces of gold on a 100% basis in 2026, and is targeting to reach nameplate 36,000tpd mill capacity by year end.
For further information, see IAMGOLD's news releases dated February 20, 2025 and May 6, 2025, available under its profile on www.sedarplus.ca.
Cozamin Mine (1.0% NSR, partial royalty coverage): On January 20, 2025, Capstone Copper Corp. ("Capstone") reported consolidated copper production for 2024 and provided operations and capital expenditure guidance for 2025. Cozamin achieved 24,907 tonnes of copper production in 2024. Cozamin's 2025 output is expected to be similar to 2024, at 23,000 to 26,000 tonnes of copper production at expected copper grades of approximately 1.87%. Capstone expects production to be consistently weighted through the year. On May 1, 2025, Capstone noted that first quarter 2025 production was consistent with the operator's mine plan, mill throughput was higher compared with the same period last year, and recoveries were flat year-over-year.
For further information, see Capstone's news releases dated January 20, 2025 and May 1, 2025, available under its profile on www.sedarplus.ca.
Fenelon Gold Project (2.0% NSR): On January 22, 2025, Wallbridge Mining Company Ltd. ("Wallbridge") announced its 2025 exploration program for Fenelon, planning between 3,000 and 5,000 metres of exploration drilling over the Detour-Fenelon gold trend. On March 27, 2025, Wallbridge announced the filing of a National Instrument 43-101 ("NI 43-101") technical report titled "NI 43-101 Technical Report and Preliminary Economic Assessment Update on the Fenelon Gold Project, Quebec, Canada", dated effective March 21, 2025 which envisioned a smaller, less capital intensive operation compared to its prior technical report.
For further information, see Wallbridge's news releases dated January 22, 2025 and March 27, 2025, available under its profile on www.sedarplus.ca.
Granite Creek Project (10.0% NPI): On March 5, 2025, i-80 Gold Corp. ("i-80") announced a positive NI 43-101 preliminary economic assessment on the Granite Creek underground project which outlined that this project is the first property within i-80's pipeline of assets to be redeveloped and is currently ramping up to full production. On May 5, 2025, i-80 further announced that improvements to dewatering efforts should allow the ramp-up to steady state gold production in the second half of 2025. On March 6, 2025, i-80 announced a positive preliminary economic assessment on the Granite Creek open pit project which envisions treating approximately 3.5 million tonnes per annum in a carbon in leach process plant. On April 1, 2025, i-80 announced the filing of a technical report titled "NI 43-101 Preliminary Economic Assessment Technical Report, Granite Creek Project" and a technical report summary under S-K 1300 titled "Initial Assessment of the Granite Creek Mine", each dated effective December 31, 2024.
For further information, see such technical report and technical report summary and i-80's news releases dated March 5, 2025, March 6, 2025, April 1, 2025 and May 5, 2025, each available under its profile on www.sedarplus.ca.
Ren Project (1.5% NSR and 3.5% NPI): In its management's discussion and analysis for the year ended December 31, 2024, Barrick Gold Corporation ("Barrick") provided early disclosure on the expected development and production timeline for Ren, part of the Nevada Gold Mines joint venture (Barrick 61.5%, Newmont 38.5%). It disclosed that it expects that Ren will produce an average of 140,000 ounces of gold per year (100% basis) at full production beginning in 2027. Barrick reiterated its targeted production and timeline on May 7, 2025 and noted that the joint venture had spent $95 million at Ren as at March 31, 2025 including $23 million in the first quarter, of an estimated $410 to $470 million (100% basis).
For further information, see Barrick's management's discussion and analysis for the year ended December 31, 2024 and for the quarter ended March 31, 2025, available under its profile on www.sedarplus.ca.
South Railroad Project (0.44% NSR, partial royalty coverage): On February 25, 2025, Orla Mining Ltd. ("Orla") released results of the 2024 South Carlin Complex exploration program and outlined the 2025 exploration plans for South Railroad. In 2024, Orla conducted over 19,000 metres of drilling which returned multiple high-grade intersections beyond the currently envisioned open pits, demonstrating the potential to further expand resources and reserves at Dark Star and Pinion pits. Orla expects to invest $15 million in its 2025 exploration program to drill an additional 18,000 metres. Approximately 10,000 metres will be focused on near-deposit targets close to Dark Star and Pinion, aiming to expand resources and extend the projected open pits; the remaining 8,000 metres of drilling will target areas to define new shallow oxide gold mineralization. Additionally, Orla disclosed that it expects to complete updated mineral resource and mineral reserve estimates and to complete an updated technical report in the second half of 2025. It also reiterated its projected 2027 first production from South Railroad.
For further information, see Orla's news release dated February 25, 2025, available under its profile on www.sedarplus.ca.
Tonopah West Project (3.0% NSR): On February 18, 2025, Blackrock Silver Corp. ("Blackrock Silver") disclosed that it had commenced permitting initiatives at Tonopah West with the objective of receiving the necessary approvals and permits to break ground on an exploration decline in 2027. Blackrock Silver has also expanded its drilling programs by an additional 15,000 m with an anticipated release of an updated NI 43-101 mineral resource estimate in the third quarter of 2025. On February 20, 2025, Blackrock Silver also reported multiple >1 kg/t silver equivalent intercepts from an in-fill drilling program initiated in mid-July 2024 at Tonopah West. On March 31, 2025, Blackrock reported significant drill results 1.2km east of the existing mineral resource. This step-out drilling remains within Gold Royalty's royalty coverage.
For further information, see Blackrock Silver's news releases dated February 18, 2025, February 20, 2025 and March 31, 2025, available under its profile on www.sedarplus.ca.
Vareš Mine (100% copper stream with ongoing payments of 30% of the spot copper price): On February 18, 2025, Adriatic announced the successful completion of its two-tranche institutional placement to raise A$80 million (approximately $50 million). Proceeds are intended to be used to fast-track the processing plant expansion, initiate technical studies and workstreams, and provide financial flexibility during ramp-up to nameplate production, anticipated to be in the second half of 2025. Adriatic expects the expansion to 1.0 million tonnes per annum (Mtpa) from current nameplate 0.8Mtpa will be completed in 2026 and the expansion to 1.3 Mtpa will be completed in 2027. On March 31, 2025, Adriatic released an operations update for the Vareš mine for the first quarter of 2025, disclosing that the Vareš mill processed a record 68 kt of ore compared to 47kt in the fourth quarter of 2024, and that it produced 1.3Moz AgEq compared to 0.9 Moz AgEq in the previous quarter. Adriatic disclosed that its expectation for achieving commercial production had been delayed from the first quarter to the second quarter of 2025. Adriatic outlined that construction of the Veovaca tailings facility was completed during the first quarter and that initial depositions would commence in early April. On April 30, 2025 Adriatic reported 66kt ore milled in the first quarter 2025, a 40% improvement quarter-over-quarter. It disclosed that, following the end of the quarter, it continues to make significant progress, hitting monthly records for mill throughput, silver equivalent metal production, mine development metres, and shipment values in April 2025. Commercial production remains on track for the second quarter of 2025.
For further information see Adriatic's Australian Stock Exchange announcements dated February 18, 2025, March 31, 2025 and April 30, 2025.
Whistler Project (1.0% NSR and right to acquire an additional 0.75% NSR): On February 10, 2025, U.S. GoldMining Inc. ("U.S. GoldMining") announced the drill discovery of a new high-grade zone at Raintree prospect at the Whistler project. On April 15, 2025, U.S. GoldMining announced it intends to commence an initial assessment under U.S. Regulation S-K 1300 and a preliminary economic assessment under Canadian NI 43-101 for the Whistler Project. On April 24, 2025, U.S. GoldMining announced it had commenced metallurgical test work which will help to support the proposed initial economic assessment at the Whistler Project.
For further information see U.S. GoldMining's news releases dated February 10, 2025, April 15, 2025 and April 24, 2025, available under its profiles at www.sedarplus.ca and www.sec.gov.
Royalty Generator Model Update
Our royalty generator model continues to generate positive results with two new royalties added in the three months ended March 31, 2025. We have generated 50 royalties since the acquisition of Ely Gold Royalties Inc. in 2021 through this model.
We currently have 33 properties subject to land agreements and 6 properties under lease generating land agreement proceeds. The model continues to incur low operating costs with only approximately $0.02 million spent on maintaining the mineral interests in the first quarter of 2025.
2025 Outlook
The Company maintains its forecast of between 5,700 and 7,000 GEOs, which includes approximately 600 GEOs of contractual Land Agreement Proceeds, based on an assumed gold price of $2,668 per ounce, and a copper price of $4.23 per pound. 2025 continues to be another growth year for Gold Royalty, as many of our cash flowing assets continue to ramp-up through the year towards full production run rate levels.
The Company expects to achieve positive free cash flow in 2025 when a number of recently completed and cash flowing projects ramp up in production, including a full year of cash inflows from the Company's interests in the Côté Gold mine and Vareš mine, initial production revenue from the Borborema project as it achieves commercial production in 2025 and continued cash flow from the Cozamin mine, Borden mine and Canadian Malartic / Odyssey mine.
First Quarter 2025 Results Conference Call Details
A conference call will be held on Thursday, May 8, 2025, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:
Webinar: Click Here
US (toll-free): 1-866-652-5200
Canada (toll-free): 1-855-669-9657
International: 1-412-317-6060
The first quarter 2025 presentation materials will be available on Gold Royalty's website at www.goldroyalty.com and a replay of the event will be available following the presentation.
About Gold Royalty Corp.
Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to invest in high-quality, sustainable, and responsible mining operations to build a diversified portfolio of precious metals royalty and streaming interests that generate superior long-term returns for our shareholders. Gold Royalty's diversified portfolio currently consists primarily of net smelter return royalties on gold properties located in the Americas.
Qualified Person
Alastair Still, P.Geo., Director of Technical Services of the Company, is a "qualified person" as such term is defined under NI 43-101 and has reviewed and approved the technical information disclosed in this news release.
Notice to Investors
For further information regarding the project updates regarding properties underlying the Company's royalties, stream and other interests, please refer to the disclosures of the operators thereof, including the news releases referenced herein and the other disclosures of such operators. Disclosure relating to properties in which Gold Royalty holds interests is based on information publicly disclosed by the owners or operators of such properties. The Company generally has limited or no access to the properties underlying its interests and is largely dependent on the disclosure of the operators of its interests and other publicly available information. The Company generally has limited or no ability to verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.
Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this news release, including any references to mineral resources or mineral reserves, was prepared by the project operators in accordance with NI 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC") applicable to domestic issuers. Accordingly, the scientific and technical information contained or referenced in this news release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.
Forward-Looking Statements:
Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"), including but not limited to statements regarding: estimated future GEOs and contractual payments, the Company's outlook, expectations regarding the Company's portfolio growth, the operations and/or development of the projects underlying the Company's royalties, stream and other interests, including the estimates of the operators thereof their timing and ability to achieve production, and other statements regarding the Company's plans and strategies. Such statements can be generally identified by the use of terms such as "may", "will", "expect", "intend", "believe", "plans", "anticipate" or similar terms. Forward-looking statements are based upon certain assumptions and other important factors, including assumptions of management regarding the accuracy of the disclosure of the operators of the projects underlying the Company's interests, their ability to achieve disclosed plans and targets, macroeconomic conditions, commodity prices, and the Company's ability to finance future growth and acquisitions. Forward-looking statements are subject to a number of risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements including, among others, any inability to any inability of the operators of the properties underlying the Company's royalties, stream and other interests to execute proposed plans for such properties or to achieved planned development and production estimates and goals, risks related to the operators of the projects in which the Company holds interests, including the successful continuation of operations at such projects by those operators, risks related to exploration, development, permitting, infrastructure, operating or technical difficulties on any such projects, the influence of macroeconomic developments, commodity price and counterparty risks, the ability of the Company to carry out its growth plans and other factors set forth in the Company's Annual Report on Form 20-F for the year ended December 31, 2024, and its other publicly filed documents under its profiles at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Non-IFRS Measures
We have included, in this document, certain performance measures, including: (i) Adjusted Net Loss and Adjusted Net Loss Per Share, basic and diluted; (ii) GEOs; (iii) Total Revenue, Land Agreement Proceeds and Interest; and (iv) Adjusted EBITDA which are each non-IFRS measures. The presentation of such non-IFRS measures 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. These non-IFRS measures do not have any standardized meaning prescribed by IFRS and other companies may calculate these measures differently.
Adjusted Net Loss and Adjusted Net Loss Per Share, basic and diluted
Adjusted Net Loss is calculated by adding land agreement proceeds credited against other mineral interests, interests earned on gold-linked loan, accretion of convertible debentures, transaction related and non-recurring general and administrative expenses(1) and share of loss in associate and deducting the following from net loss: dilution gain in associate, changes in fair value of embedded derivative, short-term investments and gold-linked loan, gain on loan modification, foreign exchange gain and other income. Adjusted Net Loss Per Share, basic and diluted, have been determined by dividing the Adjusted Net Loss by the weighted average number of common shares for the applicable period. Management believes that they are useful measures of performance as they adjust for items which are not always reflective of the underlying operating performance of our business and/or are not necessarily indicative of future operating results. The following is a reconciliation of net loss to Adjusted Net Loss, Per Share, basic and diluted for the periods indicated:
(1)
Transaction related and non-recurring general and administrative expenses comprised of operating expenses that are not expected to be incurred on an ongoing basis. During the three months ended March 31, 2025, transaction related and non-recurring general and administrative expenses primarily consisted of professional fees related to ongoing tax reviews.
For the three months ended
March 31
2025
2024
(in thousands of dollars, except per share amount)
($)
($)
Net loss
(1,255)
(1,405)
Land Agreement Proceeds credited against other mineral interests
113
1,050
Interest income credited against gold-linked loan
326
241
Accretion of convertible debentures
519
395
Transaction related and non-recurring general and administrative expenses
61
95
Share of loss in associate
30
52
Dilution gain in associate

(9)
Change in fair value of gold-linked loan
(290)
(639)
Change in fair value of short-term investments
74
(101)
Change in fair value of embedded derivative
(100)
(191)
Foreign exchange gain
(29)
(87)
Gain on loan modification
(693)
(310)
Other income
(9)
(21)
Adjusted Net Loss
(1,253)
(930)
Weighted average number of common shares
170,325,913
145,778,698
Adjusted Net Loss Per Share, basic and diluted
(0.01)
(0.01)
GEOs
GEOs are determined by dividing Total Revenue, Land Agreement Proceeds and Interest by the average gold prices for the applicable period:
(in thousands of dollars, except Average Gold Price/oz and GEOs)
Average Gold
Price/oz
Total Revenue,
Land Agreement
Proceeds and Interest
GEOs
For the three months ended March 31, 2024
2,072
4,185
2,019
For the three months ended March 31, 2025
2,865
3,577
1,249
Total Revenue, Land Agreement Proceeds and Interest
Total Revenue, Land Agreement Proceeds and Interest are determined by adding land agreement proceeds credited against other mineral interests and interests earned on gold-linked loan to total revenue. We have included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry.
The following is a reconciliation of Total Revenue, Land Agreement Proceeds and Interest to total revenue for the three months ended March 31, 2025 and 2024, respectively:
For the three months ended
March 31
2025
2024
(in thousands of dollars)
($)
($)
Royalty
1,116
1,062
Streaming
484

Advance minimum royalty and pre-production royalty
1,078
830
Land agreement proceeds
573
2,052
Interest income credited against gold-linked loan
326
241
Total Revenue, Land Agreement Proceeds and Interest
3,577
4,185
Land agreement proceeds credited against other mineral interests
(113)
(1,050)
Interest income credited against gold-linked loan
(326)
(241)
Revenue
3,138
2,894
Adjusted EBITDA
Adjusted EBITDA is determined by adding the impact of depletion, depreciation, finance costs, current and deferred tax (recovery) expenses, interest earned on gold-linked loan, transaction related and non-recurring general and administrative expenses(2), non-cash share-based compensation, share of loss in associate, dilution gain in associate, change in fair value of gold-linked loan, change in fair value of short-term investments, change in fair value of embedded derivative, foreign exchange gain, gain on loan modification and other income to net loss. We have included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry. The table below provides a reconciliation of net loss to Adjusted EBITDA.
(2)
Transaction related and non-recurring general and administrative expenses comprised of operating expenses that are not expected to be incurred on an ongoing basis. During the three months ended March 31, 2025, transaction related and non-recurring general and administrative expenses primarily consisted of professional fees related to ongoing tax reviews.
For the three months ended
March 31
2025
2024
(in thousands of dollars)
($)
($)
Net loss
(1,255)
(1,405)
Depletion
91
520
Depreciation
19
20
Finance costs
2,205
1,784
Current tax expense
68
789
Deferred tax (recovery)/expense
360
(363)
Land Agreement Proceeds credited against other mineral interests
113
1,050
Interest income credited against gold-linked loan
326
241
Transaction related and non-recurring general and administrative expenses
61
95
Share-based compensation
692
595
Share of loss in associate
30
52
Dilution gain in associate

(9)
Change in fair value of gold-linked loan
(290)
(639)
Change in fair value of short-term investments
74
(101)
Change in fair value of embedded derivative
(100)
(191)
Foreign exchange gain
(29)
(87)
Gain on loan modification
(693)
(310)
Other income
(9)
(21)
Adjusted EBITDA
1,663
2,020
Cision
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SOURCE Gold Royalty Corp.
Cision
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Major Drilling Announces Fourth Quarter and Fiscal Year 2025 Results as Activity Ramps Up

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To strengthen our leadership position in the industry, the Company expects to spend approximately $70 million in capital expenditures in fiscal 2026, including further investments to equip our rigs with the latest technology,' concluded Mr. Larocque. (1) See 'Non-IFRS Financial Measures' Fourth Quarter Ended April 30, 2025 Total revenue for the quarter was $187.5 million, up 11.6% from revenue of $168.0 million recorded in the same quarter last year. Excluding Explomin, revenue for the quarter would have been $149.9 million, down 11% from the same quarter last year. The favourable foreign exchange translation impact on revenue for the quarter, when compared to the effective rates for the same period last year, was approximately $5 million, with minimal impact on net earnings as expenditures in foreign jurisdictions tend to be in the same currency as revenue. Revenue for the quarter from Canada - U.S. drilling operations decreased by 21.1% to $58.8 million, compared to the same period last year due to a slow start to the quarter as many projects were delayed entering the new calendar year. As well, the junior market remained negatively impacted by a lack of access to capital. South and Central American revenue increased by 78.5% to $88.0 million for the quarter, compared to the same quarter last year. The Explomin acquisition was the main driver of growth in the region, however, the Chilean market also contributed positively to the quarter, which helped offset reduced activity in Argentina. Australasian and African revenue decreased by 7.7% to $40.8 million, compared to the same period last year. Project delays at the start of the calendar year negatively impacted revenue in the quarter. Gross margin percentage for the quarter was 14.8%, compared to 19.3% for the same period last year. Depreciation expense, totaling $15.0 million, is included in direct costs for the current quarter, versus $12.8 million in the same quarter last year. Adjusted gross margin, which excludes depreciation expense, was 22.8% for the quarter, compared to 26.9% for the same period last year. The decrease in margins relates to startup costs for projects that were delayed, as well as ramp-up costs for multiple projects in April. General and administrative costs were $20.9 million, an increase of $3.5 million compared to the same quarter last year. The increase was driven by the addition of the Explomin group of companies and annual inflationary wage adjustments. Amortization of the intangible assets was $2.0 million, an increase of $1.7 million compared to the same quarter last year, due to the addition of intangibles recognized as part of the Explomin acquisition. Other expenses were $2.2 million, down from $3.0 million in the prior year quarter, due to lower incentive compensation expenses given the decreased profitability as compared to the prior year quarter. The income tax provision for the quarter was an expense of $0.7 million, compared to an expense of $2.4 million for the prior year period. The decrease in the income tax provision was related to the overall reduction in profitability. Net earnings were $1.0 million or $0.01 per share ($0.01 per share diluted) for the quarter, compared to net earnings of $9.9 million or $0.12 per share ($0.12 per share diluted) for the prior year quarter. Fiscal Year Ended April 30, 2025 Total revenue for the year was $727.6 million, up 3% from revenue of $706.7 million recorded in the previous year. Excluding Explomin, revenue for the year would have been $657.0 million, down 7% from the previous year. The favourable foreign exchange translation impact, when comparing to the effective rates for the previous year, was approximately $10 million on revenue, with minimal impact on net earnings as expenditures in foreign jurisdictions tend to be in the same currency as revenue. Revenue for the year from Canada - U.S. decreased by 20% to $274.4 million, compared to the previous year. The lack of junior financing continues to impact this region year-over-year, and project delays resulted in a slow start to calendar 2025. South and Central American revenue increased by 40% to $262.3 million for the year, compared to the previous year. While some countries in the region are experiencing slowdowns and project delays, growth was generated by the additional revenue from the Explomin acquisition, and continued growth in Chile, driven by copper exploration. Australasian and African revenue increased by 9% to $190.9 million, compared to the previous year, as demand for specialized services in Australia and Mongolia continues to drive growth in this region. Gross margin percentage for the year was 17.9%, compared to 21.6% for the previous year. Depreciation expense totaling $56.0 million is included in direct costs for the current year, versus $47.8 million in the prior year. Adjusted gross margin (see 'Non-IFRS financial measures'), which excludes depreciation expense, was 25.6% for the year, compared to 28.4% for the prior year. While the Company remains disciplined on pricing, margins were reduced year-over-year as the competitive environment in Canada - U.S. remains, and the Company retained labour throughout project delays. General and administrative costs were $78.8 million, an increase of $11.0 million, compared to the previous year. The increase from the prior year was driven by the addition of the Explomin group of companies and annual wage adjustments implemented at the start of the fiscal year. Amortization of the intangible assets was $3.7 million, an increase of $2.6 million compared to the previous year, due to the addition of intangibles recognized as part of the Explomin acquisition. Other expenses were $9.0 million, down from $10.3 million in the prior year, due primarily to lower incentive compensation expenses throughout the Company, given the decreased profitability. Foreign exchange loss was $1.9 million, compared to $5.5 million for the prior year. While the Company's reporting currency is the Canadian dollar, various jurisdictions have net monetary assets or liabilities exposed to other currencies. Throughout fiscal 2025, various currencies lost strength against the Canadian dollar, while in the prior fiscal year the loss was mainly driven by Argentina as they experienced a significant devaluation of the Peso as part of economic reforms implemented by the Argentinian government. The income tax provision for the year was an expense of $11.3 million, compared to an expense of $17.9 million for the prior year. The decrease was driven by an overall decrease in profitability compared to the prior year. Net earnings were $26.0 million or $0.32 per share ($0.32 per share diluted) for the year, compared to $53.1 million or $0.64 per share ($0.64 per share diluted) for the prior year. Non-IFRS Financial Measures The Company's financial data has been prepared in accordance with IFRS, with the exception of certain financial measures detailed below. The measures below have been used consistently by the Company's management team in assessing operational performance on both segmented and consolidated levels, and in assessing the Company's financial strength. The Company believes these non-IFRS financial measures are key, for both management and investors, in evaluating performance at a consolidated level and are commonly reported and widely used by investors and lending institutions as indicators of a company's operating performance and ability to incur and service debt, and as a valuation metric. These measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. Adjusted gross profit/margin - excludes depreciation expense: EBITDA - earnings before interest, taxes, depreciation, and amortization: Net cash (debt) – cash net of debt, excluding lease liabilities reported under IFRS 16 Leases: Forward-Looking Statements This news release includes certain information that may constitute 'forward-looking information' under applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this news release that address future events, developments, or performance that the Company expects to occur (including management's expectations regarding the Company's objectives, strategies, financial condition, results of operations, cash flows and businesses) are forward-looking statements. Forward-looking statements are typically identified by future or conditional verbs such as 'outlook', 'believe', 'anticipate', 'estimate', 'project', 'expect', 'intend', 'plan', and terms and expressions of similar import. All forward-looking information in this news release is qualified by this cautionary note. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such forward-looking statements are subject to a number of risks and uncertainties that include, but are not limited to: the level of activity in the mining industry and the demand for the Company's services; competitive pressures; global and local political and economic environments and conditions; measures affecting trade relations between countries, including the imposition of tariffs and countermeasures, as well as the possible impacts on the Company's clients, operations and, more generally, the economy; the integration of business acquisitions and the realization of the intended benefits of such acquisitions; the level of funding for the Company's clients (particularly for junior mining companies); exposure to currency movements (which can affect the Company's revenue in Canadian dollars); changes in jurisdictions in which the Company operates (including changes in regulation); currency restrictions; the Company's dependence on key customers; efficient management of the Company's growth; the impact of operational changes; safety of the Company's workforce; risks and uncertainties relating to climate change and natural disasters; the geographic distribution of the Company's operations; failure by counterparties to fulfill contractual obligations; disease outbreak; as well as other risk factors described under 'General Risks and Uncertainties' in the Company's MD&A for the year ended April 30, 2025, available on the SEDAR+ website at . Should one or more risk, uncertainty, contingency, or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Forward-looking statements made in this document are made as of the date of this document and the Company disclaims any intention and assumes no obligation to update any forward-looking statement, even if new information becomes available, as a result of future events, or for any other reasons, except as required by applicable securities laws. About Major Drilling Major Drilling Group International Inc. is the world's leading provider of specialized drilling services in the metals and mining industry. The diverse needs of the Company's global clientele are met through field operations and registered offices that span across North America, South America, Australia, Asia, Africa, and Europe. Established in 1980, the Company has grown to become a global brand in the mining space, known for tackling many of the world's most challenging drilling projects. Supported by a highly skilled workforce, Major Drilling is led by an experienced senior management team who have steered the Company through various economic and mining cycles, supported by regional managers known for delivering decades of superior project management. Major Drilling is regarded as an industry expert at delivering a wide range of drilling services, including reverse circulation, surface and underground coring, directional, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/longhole, and surface drill and blast, along with the ongoing development and evolution of its suite of data and technology-driven innovation services. Webcast/Conference Call Information Major Drilling Group International Inc. will provide a simultaneous webcast and conference call to discuss its quarterly results on Thursday, June 12, 2025 at 8:00 am (EDT). To access the webcast, which includes a slide presentation, please go to the investors/webcasts section of Major Drilling's website at and click on the link. Please note that this is listen-only mode. To participate in the conference call, please dial 416-340-2217, participant passcode 5509648# and ask for Major Drilling's Fourth Quarter Results Conference Call. To ensure your participation, please call in approximately five minutes prior to the scheduled start of the call. For those unable to participate, a taped rebroadcast will be available approximately one hour after the completion of the call until Sunday, July 6, 2025. To access the rebroadcast, dial 905-694-9451 and enter the passcode 3742746#. The webcast will also be archived for one year and can be accessed on the Major Drilling website at . For further information: Ryan Hanley Director, Corporate Development & Investor Relations Tel: (506) 857-8636 Fax: (506) 857-9211 ir@ MAJOR DRILLING GROUP INTERNATIONAL INC. SELECTED FINANCIAL INFORMATION FOR THE THREE AND TWELVE MONTHS ENDED APRIL 30, 2025 AND 2024 (in thousands of Canadian dollars) SEGMENTED INFORMATION The Company's operations are divided into three geographic segments corresponding to its management structure: Canada - U.S.; South and Central America; and Australasia and Africa. The services provided in each of the reportable segments are essentially the same. The accounting policies of the segments are the same as those described in note 4 presented in the Notes to Consolidated Financial Statements for the year ended April 30, 2025. Management evaluates performance based on earnings from operations in these three geographic segments before finance costs, general and corporate expenses, and income tax. Data relating to each of the Company's reportable segments is presented as follows: *Canada - U.S. includes revenue of $27,375 and $36,679 for Canadian operations for the three months ended April 30, 2025 and 2024 respectively, and $102,596 and $130,378 for the twelve months ended April 30, 2025 and 2024 respectively. **General and corporate expenses include expenses for corporate offices, stock options and certain unallocated costs.

Andrew Peller Limited Reports Financial Results for Fourth Quarter and Fiscal Year 2025
Andrew Peller Limited Reports Financial Results for Fourth Quarter and Fiscal Year 2025

Hamilton Spectator

time35 minutes ago

  • Hamilton Spectator

Andrew Peller Limited Reports Financial Results for Fourth Quarter and Fiscal Year 2025

GRIMSBY, Ontario, June 11, 2025 (GLOBE NEWSWIRE) — Andrew Peller Limited (TSX: ADW.A / ADW.B) ('APL' or the 'Company') announced today results for the three and 12 months ended March 31, 2025. All amounts are expressed in Canadian dollars unless otherwise stated. FISCAL 2025 HIGHLIGHTS FOURTH QUARTER 2025 HIGHLIGHTS 'It was a strong overall fiscal 2025 as we continued to outperform the category, expand and win in important new channels and growth categories, while meaningfully strengthening gross margins, operating margins and free cash flow,' said Paul Dubkowski, Chief Executive Officer. 'Building on this work, we are positioning the company for long-term success and increased market share as we adapt to Ontario's evolving distribution landscape and shifting trade dynamics, and we believe this represents a meaningful opportunity as we move forward.' Mr. Dubkowski added: 'We applaud the Ontario Government's recent policy announcements and its continued support of the province's grape and wine industry. By promoting strong, competitive policies that are aligned with global best practices, and by focusing on local grape growers and wine producers, the Government is reinforcing the vital role our sector plays as a key driver of economic growth in the province. As a market leader, we remain deeply committed to investing in the long-term health and growth of the sector and the regions in which we operate.' Financial Highlights (Financial Statements and the Company's Management Discussion and Analysis for the period can be obtained on the Company's web site at ) (1) Please refer to the Company's MD&A concerning 'Non-IFRS Measures' (2) Selling and administrative expenses in fiscal 2024 include $9.5 million relating to the former CEO retirement and transition costs. These amounts are added back to calculate the Company's EBITA. Financial Review Revenue for the three months ended March 31, 2025 decreased 11.2% compared to the prior year's fourth quarter primarily due to the $5.8 million recognized as revenue at the end of fiscal 2024 which represents the full year's benefit of the revised Ontario VQA Support Program. The revenue from the VQA support program for fiscal 2025 was recognized throughout the fiscal year as eligible sales were made. The remaining decrease can be attributed to the timing of the Easter holiday season when compared to fiscal 2024 and continual adjustment of channel and shipment timing in the evolving Ontario retail market. Revenue for the year ended March 31, 2025 increased 1.0% over the prior year. The increase was attributable to sales to big box stores, partially offset by a decrease in the Company's retail stores in the second half of the fiscal year as Ontario's new beverage alcohol retail distribution guidelines took effect. The Company's retail store sales also benefited from the July strike at the LCBO. Several of the Company's other well-established trade channels performed well during the year, particularly sales to third party restaurants and hospitality locations. This strong performance is offset by softness in sales from the estate wineries and wine clubs due to lower guest traffic and reduced consumer discretionary spending due to tightening economic conditions. Gross margin as a percentage of revenue for the three months ended March 31, 2025 increased to 52.6% from 41.8% mainly due to the inclusion of $9.8 million from the Ontario Grape Support Program (OGSP). As the OGSP program is intended to increase the content of domestic grapes in blended wines, the support is recognized as a reduction to cost of goods sold when eligible wine is sold. For the year ended March 31, 2025, gross margin as a percentage of revenue increased to 42.8% from 39.0%. The increase can be attributed to lower costs for glass bottles and inbound freight due to the cost savings programs implemented by the Company, and the inclusion of the OGSP. Gross margin is also continuing to be impacted by channel mix and inflationary cost pressures in concentrate, packaging and other raw materials. In response to these margin pressures, the Company is continuing to execute cost savings programs and formulation changes relating to these inputs. For the year ended March 31, 2025, these programs have resulted in $10.7 million of cost savings (2024 - $9.3 million). As a percentage of revenue, selling and administrative expenses decreased to 34.7% and 26.6% for the three months and year ended March 31, 2025, respectively, compared to 42.1% and 28.4% in the prior year. Selling and administrative expenses in the fourth quarter of fiscal 2024 included $6.5 million relating to the retirement allowance and consulting agreements entered into as part of John Peller's retirement and transition and $3.0 million in legal and advisory fees incurred by certain shareholders in connection with these agreements. Offsetting the non-recurring expenses from 2024, was higher compensation and higher selling costs as a result of the strong performance in fiscal 2025. Earnings before interest, amortization, loss on debt extinguishment and financing fees, CEO retirement and transition costs, net unrealized gains and losses on derivative financial instruments, other (income) expenses, and income taxes ('EBITA') (see 'Non-IFRS Measures' section of this MD&A) was $13.5 million in the fourth quarter of fiscal 2025, compared to $9.3 million in the fourth quarter of prior year. EBITA increased to $62.9 million for the year ended March 31, 2025 compared to $50.3 million in prior year period. Interest expense for the three months and year ended March 31, 2025 has decreased by 22.4% and 4.4% respectively compared to the prior year due to lower average debt levels and lower interest rates in fiscal 2025 compared to prior year. The Company recorded a net unrealized non-cash loss in fiscal 2025 of $1.8 million related to mark-to-market adjustments on interest rate swaps and foreign exchange contracts compared to a loss of $0.6 million in the prior year. The Company recorded a loss of $0.7 million in the fourth quarter of fiscal 2025 compared to a gain of $1.0 million in the same quarter in the prior year. The Company has elected not to apply hedge accounting and accordingly the change in fair value of these financial instruments is reflected in the Company's consolidated statement of earnings (loss) each reporting period. These instruments are considered to be effective economic hedges and are expected to mitigate the short-term volatility of changing foreign exchange and interest rates. Other expenses (income), net were $0.6 million and $3.5 million for the three months and year ended March 31, 2025. The expense in fiscal 2025 related primarily to a restructuring initiative completed in fiscal year to align the Company's business structure with the changing retail landscape in Ontario. During the year ended March 31, 2025, the Company undertook certain tax planning initiatives as it relates to capital gains with respect to the Port Moody lands. This included transferring the beneficial interest in the land to a newly registered partnership. All parties associated with the limited partner are within the consolidated APL group and there has been no legal ownership change. In March 2025, the Government of Canada announced the cancellation of the previously proposed legislation changes to the capital gains inclusion rate. Consequently, the beneficial interest in the Port Moody lands was transferred at cost rather than at fair value as originally contemplated. The transaction had no impact on the Company's operating results or cash flows. The Company incurred a net loss of $0.7 million (loss of $0.02 per Class A share) for the fourth quarter of fiscal 2025 compared to a net loss of $6.9 million (loss of $0.17 per Class A share) in the fourth quarter of the prior year. For the year ended March 31, 2025, the Company generated net earnings of $11.1 million ($0.26 per Class A share) compared to a net loss of $2.9 million (loss of $0.07 per Class A Share) in the prior year. Investor Conference Call The Company will hold a conference call to discuss the results on Thursday, June 12, 2025 at 10:00 a.m. ET. Paul Dubkowski, CEO, Renee Cauchi, CFO and Patrick O'Brien, President and CCO, will host the call, with a question and answer period following management's presentation. Conference Call Dial In Details: Date: Thursday, June 12, 2025 Time: 10:00 a.m. (ET) Dial-in numbers: Local Toronto / International: (437) 900-0527 North American Toll Free: (888) 510-2154 RapidConnect: Webcast: A live webcast will be available at Replay: Following the live call, a recording will be available on the Company's investor relations website at About Andrew Peller Limited Andrew Peller Limited is one of Canada's leading producers and marketers of quality wines and craft beverage alcohol products. The Company's award-winning premium and ultra-premium Vintners' Quality Alliance brands include Peller Estates, Trius, Thirty Bench , Wayne Gretzky, Sandhill, Red Rooster, Black Hills Estate Winery, Tinhorn Creek Vineyards, Gray Monk Estate Winery, Raven Conspiracy, and Conviction . Complementing these premium brands are a number of popularly priced varietal offerings, wine-based liqueurs, craft ciders, and craft spirits. The Company owns and operates 101 well-positioned independent retail locations in Ontario under The Wine Shop, Wine Country Vintners, and Wine Country Merchants store names. The Company also operates Andrew Peller Import Agency and The Small Winemaker's Collection Inc., importers and marketing agents of premium wines from around the world. With a focus on serving the needs of all wine consumers, the Company produces and markets premium personal winemaking products through its wholly owned subsidiary, Global Vintners Inc., the recognized leader in personal winemaking products. More information about the Company can be found at . The Company utilizes EBITA (defined as earnings before interest, amortization, loss on debt extinguishment and financing fees, CEO retirement and transition costs, net unrealized gains and losses on derivative financial instruments, other (income) expenses, and income taxes) to measure its financial performance. EBITA is not a recognized measure under IFRS. Management believes that EBITA is a useful supplemental measure to net earnings, as it provides readers with an indication of earnings available for investment prior to debt service, capital expenditures, and income taxes, as well as provides an indication of recurring earnings compared to prior periods. Readers are cautioned that EBITA should not be construed as an alternative to net earnings determined in accordance with IFRS as indicators of the Company's performance or to cash flows from operating, investing, and financing activities as a measure of liquidity and cash flows. The Company also utilizes gross margin (defined as revenue less cost of goods sold, excluding amortization). The Company's method of calculating EBITA and gross margin may differ from the methods used by other companies and, accordingly, may not be comparable to measures used by other companies. Andrew Peller Limited common shares trade on the Toronto Stock Exchange (symbols ADW.A and ADW.B). FORWARD-LOOKING INFORMATION Certain statements in this news release may contain 'forward-looking statements' within the meaning of applicable securities laws including the 'safe harbour provisions' of the Securities Act (Ontario) with respect to APL and its subsidiaries. Such statements include, but are not limited to, statements about the growth of the business; its launch of new premium wines and craft beverage alcohol products; sales trends in foreign markets; its supply of domestically grown grapes; and current economic conditions. These statements are subject to certain risks, assumptions, and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. The words 'believe', 'plan', 'intend', 'estimate', 'expect', or 'anticipate', and similar expressions, as well as future or conditional verbs such as 'will', 'should', 'would', 'could', and similar verbs often identify forward-looking statements. We have based these forward-looking statements on our current views with respect to future events and financial performance. With respect to forward-looking statements contained in this news release, the Company has made assumptions and applied certain factors regarding, among other things: future grape, glass bottle, and wine and spirit prices; its ability to obtain grapes, imported wine, glass, and other raw materials; fluctuations in foreign currency exchange rates; its ability to market products successfully to its anticipated customers; the trade balance within the domestic Canadian and international wine markets; market trends; reliance on key personnel; protection of its intellectual property rights; the economic environment; the regulatory requirements regarding producing, marketing, advertising, and labelling of its products; the regulation of liquor distribution and retailing in Ontario; the application of federal and provincial environmental laws; and the impact of increasing competition. These forward-looking statements are also subject to the risks and uncertainties discussed in this news release, in the 'Risks and Uncertainties' section and elsewhere in the Company's MD&A and other risks detailed from time to time in the publicly filed disclosure documents of Andrew Peller Limited which are available at . Forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and assumptions which could cause actual results to differ materially from those conclusions, forecasts, or projections anticipated in these forward-looking statements. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. The Company's forward-looking statements are made only as of the date of this news release, and except as required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new information, future events or circumstances or otherwise. For more information, please contact: Craig Armitage and Jennifer Smith ir@ Source: Andrew Peller Limited

Equinox Gold Provides Updated 2025 Gold Production and Cost Guidance, 2025 Full-year Pro Forma Guidance, Including Calibre Mining Assets, of 785,000 - 915,000 Ounces of Gold, Greenstone Mine Expecting Strong H2 2025
Equinox Gold Provides Updated 2025 Gold Production and Cost Guidance, 2025 Full-year Pro Forma Guidance, Including Calibre Mining Assets, of 785,000 - 915,000 Ounces of Gold, Greenstone Mine Expecting Strong H2 2025

Yahoo

time44 minutes ago

  • Yahoo

Equinox Gold Provides Updated 2025 Gold Production and Cost Guidance, 2025 Full-year Pro Forma Guidance, Including Calibre Mining Assets, of 785,000 - 915,000 Ounces of Gold, Greenstone Mine Expecting Strong H2 2025

Vancouver, British Columbia--(Newsfile Corp. - June 11, 2025) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is updating its 2025 production and cost guidance to reflect the business combination with Calibre Mining Corp. ("Calibre"), which is expected to close around the end of June 2025, and the slower-than-planned ramp-up at the Company's Greenstone Gold Mine ("Greenstone") in Ontario, Canada. The Company expects pro forma full-year 2025 production of 785,000 to 915,000 ounces of gold, with total cash costs ("TCC") of $1,400 to $1,500 per ounce and all-in sustaining costs ("AISC") of $1,800 to $1,900 per ounce, including Calibre's full-year guidance (see Calibre news release dated January 8, 2025). Pro forma guidance excludes production and costs from Calibre's Valentine Gold Mine ("Valentine") and Equinox Gold's Los Filos Complex. Equinox Gold will host a conference call and webcast to discuss pro forma guidance on Thursday, June 12, 2025 commencing at 7:00 am PT (10:00 am ET). Login and dial-in details are included at the end of this news release. Greg Smith, President & CEO of Equinox Gold, stated: "Since achieving commercial production at Greenstone in Q4 2024, the ramp-up has been slower than planned. Mine productivity and equipment availability, particularly with the primary loading fleet, have fallen short of plan, impacting mining rates and delaying access to higher-grade ore zones. Further, year-to-date mined grades have been below expectations, in part due to higher-than-anticipated dilution. On the processing side, while we are seeing improvements in throughput and recovery, year-to-date performance is also below plan. We are addressing the shortfalls and are revising Greenstone full-year production guidance to 220,000 to 260,000 ounces of gold. Reflecting this change, some refinements to our other assets and the anticipated completion of the business combination with Calibre, consolidated pro forma 2025 guidance is 785,000 to 915,000 ounces of gold at an AISC of $1,800 to $1,900 per ounce, excluding Valentine and Los Filos. For Q2 2025, we expect consolidated production of 135,000 to 145,000 ounces of gold from Equinox Gold mines, including 45,000 to 50,000 ounces from Greenstone. Calibre's Q2 2025 production is estimated at 70,000 to 72,500 ounces of gold. Full-year Calibre and pro forma consolidated guidance is included below to provide visibility into the scale of the combined company." Darren Hall, President & CEO of Calibre Mining, stated: "As incoming President and Chief Operating Officer of Equinox Gold, I have been working closely on integration and to address the operational opportunities identified through due diligence and subsequent reviews. I believe a reset of expectations is necessary to establish a foundation for long-term shareholder value creation. While Greenstone is one part of the broader portfolio, it is a key asset and an immediate focus. The Company has mobilized additional human capital to support the site, and an improvement and optimization plan is underway. In May, mining rates averaged 175,000 tonnes per day, representing a 25% increase over Q1 2025 performance. With early gains visible in mining performance, I anticipate continued quarter-over-quarter improvement at Greenstone, with stronger production expected in the second half of the year. Construction and commissioning at Valentine in Newfoundland are progressing well and the mine remains on schedule, with first gold anticipated by the end of Q3 2025. I am encouraged with progress at Valentine, with the primary crusher recently commissioned and delivering material to the coarse ore stockpile (watch the video here). Given the commissioning experience of our operating team, I anticipate an effective and efficient ramp-up to name plate capacity." Table 1: Pro Forma Consolidated Full-year 2025 Equinox Gold Guidance (including Calibre assets from Jan 1, 2025)Gold Production/Sales (ounces) TCC($/ounce)1 AISC($/ounce)1 Growth Capital($ million)1 Exploration($ million) Greenstone 220,000 - 260,000 $1,275 - $1,375 $1,700 - $1,800 $80 - $85 $2 - $3 Brazil 250,000 - 270,000 $1,725 - $1,825 $2,275 - $2,375 $35 - $40 $21 - $24 Mesquite 85,000 - 95,000 $1,200 - $1,300 $1,800 - $1,900 $10 - $15 $2 - $3 Nicaragua 200,000 - 250,000 $1,200 - $1,300 $1,400 - $1,500 $60 - $70 $25 - $30 Pan 30,000 - 40,000 $1,600 - $1,700 $1,600 - $1,700 $5 - $10 $5 - $10 Newfoundland N/A N/A N/A N/A $15 - $20 Total 785,000 - 915,000 $1,400 - $1,500 $1,800 - $1,900 $190 - $220 $70 - $90 Table 2: Equinox Gold 2025 Revised GuidanceGold Production/Sales (ounces) TCC($/ounce)1 AISC($/ounce)1 Growth Capital ($ million)1 Exploration($ million) Greenstone 220,000 - 260,000 $1,275 - $1,375 $1,700 - $1,800 $80 - $85 $2 - $3 Brazil 250,000 - 270,000 $1,725 - $1,825 $2,275 - $2,375 $35 - $40 $21 - $24 Mesquite 85,000 - 95,000 $1,200 - $1,300 $1,800 - $1,900 $10 - $15 $2 - $3 Consolidated 555,000 - 625,000 $1,460 - $1,560 $1,970 - $2,070 $125 - $140 $25 - $30 Table 3: Equinox Gold 2025 Original GuidanceGold Production/Sales (ounces) TCC($/ounce)1 AISC($/ounce)1 Growth Capital ($ million)1 Exploration($ million) Greenstone 300,000 - 350,000 $790 - $890 $1,045 - $1,145 $35 N/A Brazil 245,000 - 295,000 $1,365 - $1,465 $1,855 - $1,955 $51 N/A Mesquite 90,000 - 105,000 $1,235 - $1,335 $1,725 - $1,825 $16 N/A Consolidated 635,000 - 750,000 $1,075 - $1,175 $1,455 - $1,550 $102 N/A Table 4: Calibre Mining 2025 GuidanceGold Production/Sales (ounces) TCC($/ounce)1 AISC ($/ounce)1 Growth Capital ($ million)1 Exploration ($ million) Nicaragua 200,000 - 250,000 $1,200 - $1,300 $1,400 - $1,500 $60 - $70 $25 - $30 Nevada 30,000 - 40,000 $1,600 - $1,700 $1,600 - $1,700 $5 - $10 $5 - $10 Newfoundland N/A N/A N/A N/A $15 - $20 Consolidated 230,000 - 280,000 $1,300 - $1,400 $1,500 - $1,600 $70 - $80 $50 - $60 Calibre guidance does not include Valentine, which is expected to pour first gold by the end of Q3 2025. Conference Call and Webcast Equinox Gold will host a conference call and webcast to discuss pro forma guidance on Thursday, June 12, 2025 commencing at 7:00 am PT (10:00 am ET). The webcast will be archived on Equinox Gold's website until December 12, 2025. Conference callToll-free in U.S. and Canada: 1-833-752-3366 International callers: +1 647-846-2813 Webcast login About Equinox Gold Equinox Gold is a growth-focused Canadian mining company operating entirely in the Americas. The Company has operating gold mines in Canada, the USA and Brazil and has a path to achieve more than one million ounces of annual gold production by advancing a pipeline of expansion projects. Equinox Gold's common shares are listed on the TSX and the NYSE American under the trading symbol EQX. Further information about Equinox Gold's portfolio of assets and long-term growth strategy is available at or by email at ir@ Equinox Gold Contacts Greg Smith, President & CEORhylin Bailie, Vice President Investor RelationsTel: +1 604-558-0560Email: ir@ ________________ 1. Total cash costs, all-in sustaining costs and growth capital (non-sustaining capital) are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes. Qualified Person The scientific and technical information contained in this news release related to Equinox Gold assets was approved by Doug Reddy, MSc, Equinox Gold's Chief Operating Officer and a "Qualified Person" under National Instrument 43-101. The scientific and technical information contained in this news release related to Calibre assets was approved by David Schonfeldt, Calibre's Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101. Non-IFRS Measures This news release refers to total cash costs (TCC) and all-in sustaining costs (AISC) per ounce sold, which are measures with no standardized meaning under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures presented by other companies. Their measurement and presentation 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. Non-IFRS measures are widely used in the mining industry as measurements of performance and the Company believes that they provide further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value. Refer to the "Non-IFRS measures" section of Equinox Gold's MD&A for the year ended December 31, 2024, and the "Non-IFRS measures" section of Calibre's MD&A for the year ended December 31, 2024, for a more detailed discussion of these non-IFRS measures and their calculation. Cautionary Notes and Forward-looking Statements This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively "Forward-looking Information"). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release relates to, among other things: expected pro-forma 2025 production and cost guidance; the expected benefits of the business combination with Calibre (the "Transaction") and the attributes of Equinox Gold post-Transaction; the anticipated receipt of all required approvals for the Transaction and timing for consummation of the Transaction; the strategic vision for Equinox Gold, and expectations regarding exploration potential, production capabilities, future financial or operating performance, investment returns and share price performance; expectations for the operation of Greenstone, including future financial or operating performance and anticipated improvements in recovery rates, mining rates and throughput to achieve design capacity; expectations for completing construction and commissioning at Valentine; and expectations for future success of the combined management team. Forward-looking Information is generally identified by the use of words like "believe", "will", "achieve", "strategy", "plan", "vision", "improve", "intend", "anticipate", "expect", "estimate", and similar expressions and phrases or statements that certain actions, events or results "may", "could", or "should", or the negative connotation of such terms, are intended to identify Forward-looking Information. Although the Company believes that the expectations reflected in such Forward-looking Information are reasonable, but undue reliance should not be placed on Forward-looking Information since the Company can give no assurance that such expectations will prove to be correct. Forward-looking information is based on Equinox Gold and Calibre's current expectations for future events and these assumptions include: the ability to successfully combine the assets and teams of Equinox Gold and Calibre; the ability to meet exploration, production, cost and development goals, including expected completion of Valentine construction and commissioning and the successful ramp-up to design capacity at both Greenstone and Valentine; gold prices remaining as estimated; no unplanned delays or interruptions; ore grades and recoveries remain consistent with expectations; expectations regarding the financial impact of tariffs; expectations for the impact of macroeconomic factors on the Company's operations, share price performance and gold price; currency exchange rates remaining as estimated; availability of funds for projects and future cash requirements; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the accuracy of Mineral Reserve and Mineral Resource estimates and the assumptions on which they are based; and the ability of Equinox Gold to work productively with its Indigenous partners at Greenstone. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Equinox Gold as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include, without limitation, risks relating to: changes in the gold price; Canadian and United States sanctions on Nicaraguan operations; the financial impact that tariffs placed on Canada or Mexico by the United States and risks related to retaliatory tariffs placed on the United States by either Canada or Mexico; new members of management and the board of Equinox Gold; fluctuations in prices for energy inputs, labour, materials, supplies and services; fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, geotechnical failures, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding, fire and severe weather); inadequate insurance, or inability to obtain insurance to cover these risks and hazards; relationships with, and claims by, local communities and Indigenous populations; Equinox Gold's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; changes in laws, regulations and government practices, including mining laws, and the factors identified in the section titled "Risks Related to the Business" in Equinox Gold's most recently filed Annual Information Form which is available on SEDAR+ at and on EDGAR at and in the section titled "Risk Factors" in Calibre's most recently filed Annual Information Form which is available on SEDAR+ at Forward-looking Information is designed to help readers understand Equinox Gold's views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Equinox Gold assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Equinox Gold updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to that or other Forward-looking Information. All Forward-Looking Information contained in this news release is expressly qualified in its entirety by this cautionary statement. To view the source version of this press release, please visit Sign in to access your portfolio

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