Baylin Announces Financial Results for the First Quarter of 2025
Gross margin of 42.4%, an increase of 10.1% over Q1 2024.
Adjusted EBITDA (2) of $0.7 million, an increase of 47.8% over Q1 2024.
Investor Conference Call on May 8, 2025 at 10:00 a.m. ET
TORONTO, May 7, 2025 /CNW/ - Baylin Technologies Inc. (TSX: BYL) (OTCQB: BYLTF) (the "Company" or "Baylin"), a diversified global wireless technology company focused on the research, design, development, manufacture, and sale of passive and active radio frequency and satellite communications products, and the provision of supporting services, today announced its financial results for the three months ended March 31, 2025. All amounts are stated in Canadian dollars unless otherwise indicated.
FIRST QUARTER SUMMARY
Revenue of $18.9 million in the first quarter of 2025, a decrease of $1.2 million compared to the first quarter of 2024. The decrease was mainly due to softer demand in the Embedded Antenna and Satcom business lines in the first quarter of 2025, offset in part by strong sales volume increase in the Wireless Infrastructure business line compared to the prior year period.
Despite the decrease in revenue, gross profit of $8.0 million in the first quarter of 2025, an increase of $0.3 million or 3.6% compared to the first quarter of 2024. The increase was primarily attributable to the Wireless Infrastructure business line which generated stronger revenue and favourable product mix compared to the prior year period.
Gross margin of 42.4% in the first quarter of 2025 compared to 38.5% in the first quarter of 2024. The higher gross margin in the first quarter of 2025 was due to improved product mix mainly generated by stronger sales of multibeam, small cell and innovative antennas in the Wireless Infrastructure business line.
Adjusted EBITDA of $0.7 million in the first quarter of 2025, an increase of $0.2 million compared to the first quarter of 2024. The increase in Adjusted EBITDA in the first quarter of 2025 was mainly due to the increase in gross profit as discussed above.
Net loss of $2.0 million in the first quarter of 2025 was largely consistent with the net loss in the first quarter of 2024. The net loss in the first quarter of 2025 was primarily due to an operating loss of $1.1 million plus interest and other finance expenses. On a per share basis, a net loss of $0.01 per share in the first quarter of 2025 compared to a net loss of $0.01 per share in the first quarter of 2024.
Net debt (3) of $12.1 million at March 31, 2025, a decrease of $2.2 million from December 31, 2024, mainly resulted from the cash generated by operating activities in the first quarter of 2025.
Backlog (4) of $32.5 million at March 31, 2025 compared to $30.2 million at December 31, 2024. The higher level of backlog was primarily due to an increase in new order intake across all business lines during the first quarter of 2025. Backlog was $29.4 million at April 30, 2025.
SELECTED FINANCIAL INFORMATION
The table below discloses selected financial information for the periods indicated.
(in $000's except per share amounts)
Three Months Ended March 31,
2025
2024
Change
Change
$
$
$
%
Profit and Loss
Revenue
18,866
20,053
(1,187)
(5.9 %)
Gross profit
8,003
7,722
281
3.6 %
Gross margin
42.4 %
38.5 %
3.9 pp
10.1 %
Net loss from continuing operations
(2,042)
(1,972)
(70)
3.5 %
Net loss from discontinued operations
-
(786)
786
(100.0 %)
Net loss
(2,042)
(2,758)
716
(26.0 %)
Basic and diluted net loss per share from continuing operations
($0.01)
($0.01)
$0.00
0.0 %
Basic and diluted net loss per share from discontinued operations
-
($0.01)
$0.01
(100.0 %)
Basic and diluted net loss per share
($0.01)
($0.02)
$0.01
(50.0 %)
EBITDA from continuing operations
(525)
(671)
146
(21.8 %)
EBITDA from discontinued operations
-
281
(281)
(100.0 %)
EBITDA (1)
(525)
(390)
(135)
34.6 %
Adjusted EBITDA from continuing operations
680
460
220
47.8 %
Adjusted EBITDA from discontinued operations
-
(43)
43
(100.0 %)
Adjusted EBITDA (2)
680
417
263
63.1 %
As at
As at
As at
As at
March
31, 2025
March
31, 2024
Change
Change
March
31, 2025
December
31, 2024
Change
Change
$
$
$
%
$
$
$
%
Balance Sheet and Other
Current assets - Continuing operations
35,072
38,335
(3,263)
(8.5 %)
35,072
37,292
(2,220)
(6.0 %)
Current assets - Assets held for sale
-
9,576
(9,576)
(100.0 %)
-
-
-
N/A
Total current assets
35,072
47,911
(12,839)
(26.8 %)
35,072
37,292
(2,220)
(6.0 %)
Total assets
47,372
63,978
(16,606)
(26.0 %)
47,372
49,166
(1,794)
(3.6 %)
Current liabilities - Continuing operations
44,068
43,291
777
1.8 %
44,068
44,375
(307)
(0.7 %)
Current liabilities - Liabilities related to assets held for sale
-
10,628
(10,628)
(100.0 %)
-
-
-
N/A
Total current liabilities
44,068
53,919
(9,851)
(18.3 %)
44,068
44,375
(307)
(0.7 %)
Total liabilities
57,825
65,943
(8,118)
(12.3 %)
57,825
57,689
136
0.2 %
Net debt (3) from continuing operations
12,096
15,689
(3,593)
(22.9 %)
12,096
14,271
(2,175)
(15.2 %)
Backlog (4) from continuing operations
32,502
30,336
2,166
7.1 %
32,502
30,195
2,307
7.6 %
(1)
See "Non-IFRS Measures". "EBITDA" refers to net income (loss) plus interest and other finance (income) expense, tax expense (recovery), depreciation, and amortization.
(2)
See "Non-IFRS Measures". "Adjusted EBITDA" refers to EBITDA adjusted for the impact of certain items, including asset impairment charges, expenses related to mergers and acquisitions, gain or loss on the sale of a business, including related expenses, costs of reorganization of a business, legal costs arising from significant non-operating activities, severance and executive recruitment costs, and share-based compensation.
(3)
See "Non-IFRS Measures". "Net debt" refers to total bank indebtedness less cash and cash equivalents.
(4)
See "Non-IFRS Measures". "Backlog" refers to the value of unfulfilled purchase orders placed by customers.
A copy of the Company's unaudited interim condensed consolidated financial statements for the three months ended March 31, 2025 and corresponding management's discussion and analysis (the "MD&A") are available under the Company's profile on SEDAR+ at www.sedarplus.ca.
Products
The Company's products continue to be used in a wide variety of applications. Wireless Infrastructure's innovative multibeam antennas continue to deliver value for its customers, particularly major carriers and third-party infrastructure operators. They are uniquely adept at handling high-capacity environments, such as indoor and outdoor stadiums. Satcom received a $0.9 million follow-on order for its high-power amplifiers from the US National Oceanic and Atmospheric Administration (NOAA). They will use the amplifiers to carry telemetry, tracking and control links for their fleet of geostationary weather observation satellites.
Credit Facilities
The Company and its principal lender have agreed to another short-term extension of the Company's revolving credit facility from April 30, 2025 to May 30, 2025. The Company had expected to negotiate a longer extension but uncertainty caused by US import tariffs delayed the negotiation process. The Company expects that the current one-month extension will enable it to complete the negotiation of a new credit agreement to extend the revolving credit facility until April 30, 2026.
Litigation Settlement
The Company has settled certain litigation involving two former principals of Alga Microwave Inc. and entities related to them. For further details, see Note 8 to the Company's Interim Financial Statements.
Share Consolidation
In March 2025, the Board of Directors approved a consolidation (the "Consolidation") of the Company's outstanding common shares on the basis of 40 pre-Consolidation common shares for one post-Consolidation common share. The Consolidation is subject to shareholder approval at the Company's Annual and Special Meeting on May 8, 2025. The Consolidation also requires approval of the Toronto Stock Exchange.
The Company has now achieved five consecutive quarters of positive Adjusted EBITDA and has consistently improved gross margins since the first quarter of 2024 other than the fourth quarter of 2024, which was mainly due to soft performance by Satcom. The Wireless Infrastructure business line continued its strong financial performance, again exceeding the plan, by delivering strong results in the first quarter of 2025, with substantial increases in revenue, gross profit and Adjusted EBITDA compared to the prior year period. The Embedded Antenna and Satcom business lines fell below expectations in the first quarter of 2025, which was largely impacted by reduced customer demand as a result of market fluctuations and global economic uncertainty. The macro-economic environment in 2025 remains a concern, principally due to high level of uncertainty concerning the impacts of US tariffs and retaliatory tariffs from the countries subject to US tariffs, changes in customer purchasing behaviour driven by uncertainty over tariffs, as well as the overall level of inflation and interest rates. In addition to their effect on inflation, tariffs could also affect exchange rates and disrupt supply chains on which the Company relies in producing its products. Based on our current assessment, we expect revenue from the Wireless Infrastructure business line will further grow in 2025 but with higher tariff costs resulting in a combined financial performance comparable to 2024, which was a very strong year. The Embedded Antenna and Satcom business lines are currently expected to deliver lower revenue than 2024 due to uncertainty over the effect of tariffs and customer delays. We continue to prioritize product mix, emphasizing products that generate higher margins and gross profit, with a view to growing Adjusted EBITDA and positive cash flows while reducing the overall debt.
Embedded Antenna Business Line
We expect Embedded Antenna will perform at reasonable levels over the remainder of 2025 albeit potentially lower than or in line with 2024 revenue. While the backlog of purchase orders remains at its highest level in the business' history, order flow through due to uncertainty on tariffs is having an impact on its revenue attainment in the first half of 2025. See "Tariffs" below. The number of active bids for new projects remains at a strong level.
Wireless Infrastructure Business Line
Wireless Infrastructure had a very strong first quarter of 2025 compared to each of the preceding four quarters in 2024. We expect strong sales of its higher margin multibeam and innovative small cell antennas as well as stadium deployments will continue in the remainder of 2025. We are continuing to leverage the competitive advantages that these products afford in order to open up new global opportunities and drive sales with wireless carriers and third-party operators who operate wireless mobile networks for their customers. We are continuing to expand into new markets, particularly with multibeam antenna sales in Europe and Mexico. Although there remains a risk of spending cutbacks by carriers and third-party operators, we expect to see further spending on multibeam and small cell antennas continue in 2025, which will drive higher sales volumes for the business. However, gross margin of the Wireless Infrastructure business line is likely to be adversely affected by the US tariff currently imposed on imports from China. See "Tariffs" below.
Satcom Business Line
Satcom expects to generate lower revenue in 2025 compared to 2024 mainly due to a reduction in demand for its products, particularly its specialized custom engineered products, such as high powered amplifiers for use in military, government, and broadcast applications.
We continue to see softness in the commercial lower power market, but broadcast applications remain solid. Our Genesis and Summit lines of solid-state power amplifiers are generating sales from clients due to the improvements in performance, monitoring and failover they provide over our older technology and products of our competitors. Importantly, these new amplifiers are consistent in architecture, meaning they will allow the business to simplify supply chain requirements over time and thereby improve efficiencies in manufacturing.
We expect to see continued opportunities for military and other government-related uses as many western countries continue to maintain high levels of defence and scientific spending. Conversely, the new US government administration and the Department of Government Efficiency activities may cause some delay in orders due to uncertainty with our customers. Our plan is to retire legacy products and replace them with the new Genesis architecture.
Satcom has taken steps to better align its cost structure to reflect its lower revenue and production volume. In April 2025, it temporarily laid off approximately 30 workers at its facility in Quebec, which will result in savings of approximately $0.2 million per month. Employees will be recalled if and when business conditions improve. Additionally, since the majority of Satcom's products are made in Quebec, we expect the Canada-United States-Mexico Agreement ("CUSMA", also called "USMCA" in the United States) tariff exemption applies to the vast majority, if not all, of the satellite communications products produced there. See "Tariffs" below.
Tariffs
The Company's business is being significantly affected by uncertainty over the timing, level, duration and extent of US tariffs. Currently, Canadian goods other than those that are compliant with the CUSMA are subject to a 25% tariff, with a lower tariff rate for non-CUSMA compliant energy and potash. On April 2, 2025, the US President announced a sweeping set of new reciprocal tariffs on almost all foreign imports to the US, including some of the US's major trading partners such as China and Vietnam. As of now, the US has imposed a 145% tariff on imports from China, with some exemptions, and different reciprocal tariff rates on a number of other countries. With the exception of China, a 90-day pause on their tariffs was put into effect by the US.
The Company is proactively taking steps to mitigate the effect of the tariffs across all of its business lines.
The Embedded Antenna business line is not expected to be directly affected by the increase in the China tariff. This has been our experience with the previous US tariffs levied on imports from China starting in 2018. Although Embedded Antenna's products are manufactured in our facility in China, they are shipped from there to the contract manufacturers elsewhere in Asia for embedding in the final products of those contract manufacturers. There remains a risk that the new tariffs on other Asian countries, if resumed after the 90-day pause, could impact future order volumes for Embedded Antenna's products as well as result in requests for some price concessions. Additionally, if end customer demand declines due to the inflationary impact of tariffs, the Embedded Antenna business may be indirectly impacted in revenue attainment.
Wireless Infrastructure's products are also manufactured in our facility in China and are then purchased by Galtronics USA for delivery to customers in various jurisdictions, including the United States. Products shipped into the US enter under a US Harmonized Tariff Schedule (HTS) code that subjects them to the 25% tariff on imports of steel and aluminum based on the value of those metals. According to the US Customs and Border Protection's public information on application of the 25% steel and aluminum tariff, the pre-reciprocal tariff on goods from China of 27.5% continues to apply (but not the increased reciprocal tariff on goods from China). When the steel and aluminum tariff is applied to the value of steel and aluminum of Wireless Infrastructure's products, the effective tariff rate is approximately 30.5% and not the maximum 145% on imports from China generally. This result has also been evidenced by containers recently cleared through customs by the US Customs and Border Protection. There is a risk that the US Customs and Border Protection will change the basis on which it applies the tariffs to our products. In that case, the higher tariff is expected to result in Wireless Infrastructure incurring a higher cost of sales and thus reduce the gross margin for this business line. We are working with our US customers and taking other appropriate measures to mitigate the effect of the China tariff.
In the case of Satcom, most of its products are produced in Canada, of which a significant proportion - between 40% and 50% annually - is delivered to customers in the United States. Although we believe Satcom's products are compliant with the CUSMA and therefore are not subject to the 25% Canada tariff, we are assessing other measures to mitigate the effect of the Canada tariff, particularly if this exemption is removed in the future. This may include a change in the structure and operation of Satcom's business so that its products will remain competitive in the US market. Despite Satcom's products being compliant with the CUSMA, the uncertainty surrounding the effect of the Canada tariff and other tariffs generally could result in delays or cancellations of existing orders and reduced new orders for Satcom's products, impacting Satcom's backlog and its revenue attainment.
There can be no assurance (i) as to the timing, level, duration or extent of the existing or new tariffs or the temporary or permanent nature of them or (ii) that our efforts to mitigate the effect of the tariffs will be sufficient or adequate to counteract (in whole or in part) the potential negative financial or other impacts the tariffs may have on our business, and those impacts may be material.
INVESTOR CONFERENCE CALL
Baylin will hold a conference call on Thursday, May 8, 2025 at 10:00 a.m. (ET) to discuss its financial results for the three months ended March 31, 2025. The conference call will be hosted by Leighton Carroll, Chief Executive Officer, and Cliff Gary, Chief Financial Officer. All interested parties are invited to participate using the dial-in details provided below.
FORWARD-LOOKING INFORMATION AND STATEMENTS
This press release includes forward-looking information and forward-looking statements (together, "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements are not statements of historical fact. Rather, forward-looking statements are disclosure regarding conditions, developments, events or financial performance that we expect or anticipate may or will occur in the future including, among other things, information or statements concerning our objectives and strategies to achieve those objectives, statements with respect to management's beliefs, estimates, intentions and plans, and statements concerning anticipated future circumstances, events, expectations, operations, performance or results. Forward-looking statements can be identified generally by the use of forward-looking terminology, such as "anticipate", "believe", "could", "should", "would", "estimate", "expect", "forecast", "indicate", "intend", "likely", "may", "outlook", "plan", "potential", "project", "seek", "target", "trend" or "will" or the negative or other variations of these words or other comparable words or phrases and is intended to identify forward-looking statements, although not all forward-looking statements contain these words.
The forward-looking statements in this press release include statements concerning the outlook for our business generally and each of our business lines in particular, including our expectation for future financial performance, the effect of the macroeconomic environment, higher interest rates, timing of and potential impacts from US tariffs and retaliatory tariffs from countries subject to US tariffs, and other disruptions to our business and financial performance. Forward-looking statements are based on certain assumptions and estimates made by us in light of the experience and perception of historical trends, current conditions, expected future developments, including projected growth in the sales of passive and active radio frequency and satellite communications products, and supporting services, and other factors we believe are appropriate and reasonable in the circumstances, but there can be no assurance that such assumptions and estimates will prove to be correct.
Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including the risk factors discussed in the Company's most recent Annual Information Form, which is available under the Company's profile on SEDAR+ at www.sedarplus.ca. All the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors in this press release. There can be no assurance that the actual results or developments will be realized or, even if substantially realized, will have the expected consequences to, or effects on, the Company. Unless required by applicable securities law, the Company does not intend and does not assume any obligation to update any forward-looking statements.
NON-IFRS MEASURES
This press release includes a number of measures that are not recognized under International Financial Reporting Standards ("IFRS"), do not have any standardized meaning under IFRS and as such may not be comparable to similar measures presented by other companies. Management believes that these measures provide useful information to analysts, investors and other interested parties regarding the Company's financial condition and results of operation as they provide additional key metrics of the Company's performance. While management believes that non-IFRS measures provide useful supplemental information, they are not intended to represent, and should not be considered as alternatives to, net income (loss), cash flows generated by operating, investing or financing activities, or other financial statement data presented in accordance with IFRS. For further information, see "Non-IFRS Measures" on page 3 of the MD&A.
ABOUT BAYLIN
Baylin Technologies Inc. is a diversified global wireless technology company focused on the research, design, development, manufacture, and sale of passive and active radio frequency and satellite communications products, and the provision of supporting services.
SOURCE Baylin Technologies Inc.
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Operating Income and Operating Netback Operating Income, a non-GAAP financial measure, is a useful supplemental measure that provides an indication of the Company's ability to generate cash from field operations, prior to administrative overhead, financing, and other business expenses. " Operating Income, before hedging" is calculated by Spartan as oil and gas sales, net of royalties, plus processing and other revenue and net commodities purchased margin, less operating and transportation expenses. " Operating Income, after hedging" is calculated by adjusting Operating Income for realized gains or losses on derivative financial instruments. The Company refers to Operating Income expressed per unit of production as an " Operating Netback" and reports the Operating Netback before and after hedging, both of which are non-GAAP financial ratios. Spartan considers Operating Netback an important measure to evaluate its operational performance as it demonstrates its field level profitability relative to current commodity prices. Adjusted Funds Flow and Free Funds Flow Cash provided by operating activities is the most directly comparable measure to Adjusted Funds Flow. " Adjusted Funds Flow" is a non-GAAP financial measure reconciled to cash provided by operating activities by excluding changes in non-cash working capital, adding back transaction costs on acquisitions and dispositions, and deducting the principal portion of lease payments. Spartan utilizes Adjusted Funds Flow as a key performance measure in the Company's annual financial forecasts and public guidance. Transaction costs, which primarily include legal and financial advisory fees, regulatory and other expenses directly attributable to execution of acquisitions and dispositions, are added back because the Company's definition of Free Funds Flow excludes capital expenditures related to acquisitions and dispositions. For greater clarity, incremental overhead expenses related to restructuring following significant acquisition or divestitures are included in Spartan's general and administrative expenses. Lease liabilities are not included in Spartan's definition of Net Debt therefore lease payments are deducted in the period incurred to determine Adjusted Funds Flow. The Company refers to Adjusted Funds Flow expressed per unit of production as an " Adjusted Funds Flow Netback". " Free Funds Flow" is a non-GAAP financial measure calculated by Spartan as Adjusted Funds Flow less Capital Expenditures before A&D. Spartan believes Free Funds Flow provides an indication of the amount of funds the Company has available for future capital allocation decisions such as to repay current and long-term debt, reinvest in the business or return capital to shareholders. Adjusted Funds Flow per share Adjusted Funds Flow (" AFF") per share is a non-GAAP financial ratio used by the Company as a key performance indicator. AFF per share is calculated using the same methodology as net income per share (" EPS"), however the diluted weighted average common shares (" WA Shares") outstanding for AFF may differ from the diluted weighted average determined in accordance with IFRS Accounting Standards for purposes of calculating EPS due to non-cash items that impact net income only. The impact of stock options and share awards is more dilutive to AFF than EPS because the number of shares deemed to be repurchased under the treasury stock method is not adjusted for unrecognized share-based compensation expense as it is non-cash (see also, "Share Capital"). Capital Expenditures before A&D " Capital Expenditures before A&D" is a non-GAAP financial measure used by Spartan to measure its capital investment level compared to the Company's annual budgeted capital expenditures for its organic drilling program. It includes capital expenditures on exploration and evaluation assets and property, plant and equipment, before acquisitions and dispositions. The directly comparable GAAP measure to Capital Expenditures before A&D is cash used in investing activities. Adjusted Net Capital A&D " Adjusted Net Capital A&D" is a supplemental measure disclosed by Spartan which aggregates the total amount of cash, debt, and share consideration used to acquire crude oil and natural gas assets during the period, net of cash proceeds received on dispositions. The Company believes this is useful information because it is more representative of the total transaction value than the cash acquisition costs or total cash used in investing activities, determined in accordance with IFRS Accounting Standards. The most directly comparable GAAP measures are acquisition costs and disposition proceeds included as components of cash used in investing activities. Net Debt and Adjusted Working Capital References to " Net Debt" includes long-term debt under Spartan's revolving credit facility, net of Adjusted Working Capital. Net Debt and Adjusted Working Capital are both non-GAAP financial measures. " Adjusted Working Capital" is calculated as current assets less current liabilities, excluding derivative financial instrument assets and liabilities, lease liabilities, and current debt (if applicable). The Adjusted Working Capital deficit includes cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and deposits, accounts payable and accrued liabilities, dividends payable, and the current portion of decommissioning obligations. Spartan uses Net Debt as a key performance measure to manage the Company's targeted debt levels. The Company believes its presentation of Adjusted Working Capital and Net Debt are useful as supplemental measures because lease liabilities and derivative financial instrument assets and liabilities relate to contractual obligations for future production periods. Lease payments and cash receipts or settlements on derivative financial instruments are included in Spartan's reported Adjusted Funds Flow in the production month to which the obligation relates. Net Debt to Adjusted Funds Flow Ratio The Company monitors its capital structure using a " Net Debt to Adjusted Funds Flow Ratio", which is a non-GAAP financial ratio calculated as the ratio of the Company's Net Debt to its " Annualized Adjusted Funds Flow". Annualized Adjusted Funds Flow is calculated by multiplying Adjusted Funds Flow for the most recently completed quarter, normalized for significant non-recurring items, by a factor of four. OTHER MEASUREMENTS All dollar figures included herein are presented in Canadian dollars, unless otherwise noted. This press release contains various references to the abbreviation " BOE" which means barrels of oil equivalent. Where amounts are expressed on a BOE basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet (mcf) per barrel (bbl). The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and is significantly different than the value ratio based on the current price of crude oil and natural gas. This conversion factor is an industry accepted norm and is not based on either energy content or current prices. References to "oil" in this press release include light crude oil and medium crude oil, combined. National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) includes condensate within the product type of "natural gas liquids". References to "natural gas liquids" or "NGLs" include pentane, butane, propane, and ethane. References to "gas" or "natural gas" relates to conventional natural gas. References to "liquids" includes crude oil, condensate and NGLs. The Company has disclosed condensate as combined with crude oil and/or separately from other natural gas liquids in this press release since the price of condensate as compared to other natural gas liquids is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results. SHARE CAPITAL Spartan's common shares are listed on the Toronto Stock Exchange (" TSX") and trade under the symbol "SDE". The volume weighted average trading price of Spartan's common shares on the TSX was $3.12 for the three months ended June 30, 2025. Spartan's closing share price was $3.81 on June 30, 2025, compared to $3.45 on December 31, 2024. As of June 30, 2025, there were 200.1 million common shares outstanding. There are no preferred shares or special preferred shares outstanding. The table below summarizes the weighted average number of common shares outstanding (000s) used in the calculation of diluted EPS and diluted AFF per share: (1) AFF per share does not have a standardized meaning under IFRS Accounting Standards, refer to "Non-GAAP Measures and Ratios". FORWARD-LOOKING AND CAUTIONARY STATEMENTS Certain statements contained within this press release constitute forward-looking statements within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "outlook", "anticipate", "budget", "plan", "endeavor", "continue", "estimate", "evaluate", "expect", "forecast", "monitor", "may", "will", "can", "able", "potential", "target", "intend", "consider", "focus", "identify", "use", "utilize", "manage", "maintain", "remain", "result", "cultivate", "could", "should", "believe" and similar expressions (or grammatical variations or negatives thereof). Spartan believes that the expectations reflected in such forward-looking statements are reasonable as of the date hereof, but no assurance can be given that such expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Without limitation, this press release contains forward-looking statements pertaining to: the business plan, objectives, strategy of Spartan; continued optimization of its Deep Basin asset, participation in the consolidation of the Deep Basin fairway and advancing and accelerating its Duvernay strategy; the Company's drilling strategy in the Deep Basin; expected drilling and completions in the Duvernay; expectations that the utilization of wine-racking well designs will significantly increase recoveries on the Company's acreage; further reductions to drilling and completion costs as Spartan continues to build scale; Spartan's strategies to deliver strong, repeatable and economic operational performance and to generate significant shareholder returns; the ability of the Company to achieve drilling success consistent with management's expectations; being well positioned to take advantage of opportunities in the current business environment; risk management activities, including hedging; continuing to pursue immediate production optimization and responsible future growth with organic drilling, and continuing to execute on building an extensive position in the Duvernay. The forward-looking statements and information are based on certain key expectations and assumptions made by Spartan, including, but not limited to, expectations and assumptions concerning the business plan of Spartan, the timing of and success of future drilling, development and completion activities, the growth opportunities of Spartan's Duvernay acreage, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Spartan's properties, the successful application of drilling, completion and seismic technology, the Company's ability to secure sufficient amounts of water, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, prevailing commodity prices, price volatility, future commodity prices, price differentials and the actual prices received for the Company's products (including pursuant to hedging arrangements), anticipated fluctuations in foreign exchange and interest rates, impact of inflation on costs, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners, general economic conditions, and the ability to source and complete acquisitions. Although Spartan believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Spartan can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, fluctuations and volatility in commodity prices; changes in industry regulations and legislation (including, but not limited to, tax laws, royalties, and environmental regulations); the risk that the U.S. administration (i) maintains tariffs on Canadian goods, including crude oil and natural gas, (ii) increases the rate or scope of previously announced tariffs, or (iii) imposes new tariffs on the import of goods from Canada; the risk that the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including crude oil and natural gas, and that such tariffs or other measures (and/or the Canadian government's response to such tariffs or other measures) adversely affect the Canadian, U.S., and global economies, and by extension the Canadian oil and natural gas industry and the Company; demand and/or market price for the Company's products and/or otherwise adversely affects the Company; changes in the political landscape both domestically and abroad, wars (including ongoing military actions in the Middle East and between Russia and Ukraine), hostilities, civil insurrections, foreign exchange or interest rates, increased operating and capital costs due to inflationary pressures (actual and anticipated), risks associated with the oil and gas industry in general, stock market and financial system volatility, impacts of pandemics, the retention of key management and employees, risks with respect to unplanned third-party pipeline outages and risks relating to inclement and severe weather events and natural disasters, including fire, drought, and flooding, including in respect of safety, asset integrity and shutting-in production. Please refer to Spartan's MD&A for the period ended June 30, 2025, and annual information form for the year ended December 31, 2024, for discussion of additional risk factors relating to the Company, which can be accessed either on Spartan's website at or under Spartan's SEDAR+ profile on Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Spartan undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. This press release contains future-oriented financial information and financial outlook information (collectively, " FOFI") about Spartan's 2025 guidance, including prospective results of operations and production (including 2025 guidance of 40,000 BOE/d), operating costs, organic growth, capital efficiency improvements and components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Spartan's future business operations. Spartan and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Spartan disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in Spartan's guidance. The Company's actual results may differ materially from these estimates. References in this press release to peak rates, peak sales production, initial production rates, IP30s, IP90s, test rates, and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of Spartan. The Company cautions that such results should be considered preliminary. Peak rates are the highest average daily sales production rate for each well excluding clean-up and downtime. ABBREVIATIONS SOURCE Spartan Delta Corp.
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Readout - Prime Minister Carney convenes First Ministers' Meeting Français
OTTAWA, ON, Aug. 6, 2025 /CNW/ - Today, the Prime Minister, Mark Carney, met virtually with provincial and territorial premiers to discuss Canada's co-ordinated economic response to ongoing U.S. trade measures. The Prime Minister updated the premiers on the status of trade negotiations with the U.S. He noted that, while Canada continues to negotiate with the United States on our trading relationship, the impacts of tariffs remain present across the Canadian economy. As such, First Ministers discussed concrete actions to support Canadian workers and businesses most impacted by these tariffs across various sectors, including the softwood lumber sector. To this end, the Prime Minister underscored the series of federal measures announced yesterday to help softwood lumber workers and industry remain competitive and seize new opportunities in Canadian and international markets. First Ministers agreed to accelerate efforts to mobilize capital and investment, diversify supply chains, and strengthen domestic production capacity. They were also unanimous in encouraging Canadian businesses to prioritize and leverage Canadian expertise, where possible, to help alleviate the short-term economic impacts of U.S. tariffs, reduce dependence on vulnerable trade flows, and build Canada's long-term economic resilience. The Prime Minister emphasized that the federal government remains determined to secure the best deal for Canadians. First Ministers affirmed their united and steadfast commitment to bolstering Canada's strength at home and building one Canadian economy.
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U.S. Secretary of Labor, Idaho Governor Visit Perpetua Resources to Discuss Stibnite Gold Project Importance to Securing U.S. Jobs and Critical Minerals
Stibnite Gold Project Listed as a White House Transparency Project Perpetua Anticipates 550+ Direct Jobs in Idaho during operations Perpetua Announces Stibnite Launch Scholarship with College of Western Idaho BOISE, Idaho, Aug. 6, 2025 /CNW/ - Today, U.S. Secretary of Labor Lori Chavez-DeRemer and Idaho Governor Brad Little met with Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company") in Valley County, Idaho to discuss the Stibnite Gold Project's strategic importance to the United States and Perpetua's plans to provide family-wage, in-demand jobs to rural Idaho during the construction and operations of the Stibnite Gold Project. During the visit, Perpetua Resources announced a new education and job training partnership with the College of Western Idaho (CWI). The Secretary's visit underscores the Trump administration's focus on domestic critical mineral projects that are essential to U.S. national security, like the Stibnite Gold Project. The Stibnite Gold Project is designed to restore the environment, provide family-wage jobs to rural Idaho, and produce gold and the critical mineral antimony. The Stibnite Gold Project, which was identified as a "Transparency Project" by the National Economic Development Council, is expected to provide the United States its only domestically mined source of the critical mineral antimony. Given antimony's essential role in hundreds of defense applications, the Department of Defense has granted Perpetua Resources more than $80 million to date to advance the Stibnite Gold Project. "Perpetua is committed to Idaho," said Jon Cherry, CEO of Perpetua Resources. "We want our project to benefit local communities, and one of the most tangible ways we can do that is by providing meaningful, well-paying careers. For years, we have been laying the foundation – providing internships, working with local schools and investing in career education for local students – and soon we intend to offer quality, family-wage jobs to hundreds of Idaho workers at the Stibnite Gold Project. It was a true honor to host U.S. Secretary of Labor Lori Chavez-DeRemer and Governor Brad Little and tell them about our efforts to bring jobs to rural Idaho." "The Stibnite Gold Project represents exactly the kind of American-led initiative we need to secure our critical mineral supply chains, strengthen national security, and create in-demand, mortgage-paying jobs," said Secretary Chavez-DeRemer. "Under President Trump's leadership, the U.S. Department of Labor is committed to working with employers like Perpetua to ensure they have the skilled workforce they need to ramp up domestic production. I'd like to thank Governor Little and Perpetua Resources for hosting me today and providing an update on this important project, which fulfills our mission to put American workers first." To advance Perpetua's commitment to hiring locally, during the Secretary and Governor's visit, Perpetua Resources announced the creation of the Stibnite Launch Scholarship to support CWI's Geosciences Department, helping prepare students with real-world, hands-on training for rewarding, high-skill jobs in Idaho's mining sector. Perpetua presented CWI with a $250,000 check to fund scholarships for 12 or more CWI Geosciences and Mining Technician students each year for the next three years and at least three students per year thereafter. "Partnerships like this between Idaho businesses and our higher education institutions mean we can keep jobs, economic benefits, and expertise right here in Idaho. I appreciate Perpetua Resources for its commitment to supporting students and families and strengthening rural Idaho," Governor Little said. Designed to complement the Idaho LAUNCH grant program, which provides students a one-time opportunity to have 80 percent of their tuition and fees covered at an eligible institution, the Stibnite Launch Scholarship can fund the remaining 20 percent of a CWI student recipient's tuition and fees, closing the funding gap and providing financial relief to [eligible students. "CWI is proud to be named the official education partner of Perpetua Resources," said CWI President Gordon Jones. "This partnership expands hands-on learning and workforce opportunities for our students, while also supporting the economic vitality of Idaho. By working together, we are preparing Idahoans for essential careers and ensuring our communities thrive for generations to come." Idaho LAUNCH was created by Governor Little in 2023 to help Idaho students receive the training they needed to fill rewarding, well-paying jobs in the state. To date, nearly 11,000 Idaho graduating high school seniors and over 10,000 adults have taken advantage of LAUNCH grants. During their visit, Secretary Chavez-DeRemer and Governor Little held a roundtable discussion with Perpetua Resources, project partners, and local education leaders to learn more about the opportunities mining is creating for Idahoans. Roundtable participants encouraged permitting reform to advance critical mining projects and pointed to LAUNCH as an essential program to advance Idaho's workforce readiness. Since her appointment as U.S. Secretary of Labor, Chavez-DeRemer has prioritized putting American workers first. As part of her "America at Work" listening tour, Secretary Chavez-DeRemer has traveled across the country to meet with American businesses and workers to identify the skills and training programs our country needs to power the economy. Her stop in Valley County, Idaho, demonstrates her ongoing commitment to understanding the labor needs of Idaho's rural workforce and underscores how the Stibnite Gold Project can fuel the region's economic success. About Perpetua Resources and the Stibnite Gold Project Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Stibnite Gold Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Antimony trisulfide from Stibnite is the only known domestic reserves of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. FORWARD-LOOKING INFORMATION Investors should be aware that the Stibnite Gold Project's designation as a Transparency Project does not imply endorsement of or support for the project by the federal government, or create a presumption that the Project will be approved, favorably reviewed by any agency, or receive federal funding. The designation of a project as a Transparency Project may be reconsidered based on updated information. Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding expected benefits from the Project, including providing a domestic source of antimony, local employment opportunities, national defense benefits and environmental benefits; expected benefits from the Stibnite Launch Program and other educational and training initiatives; and the number and nature of jobs expected to be created. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". Forward-Looking Information in this news release are based on certain material assumptions and involve, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, including Perpetua's Annual Report on Form 10-K filed with the SEC on March 19, 2025 and subsequent filings on Form 10-Q and Form 8-K, which are available at and with the Canadian securities regulators, which are available at Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. SOURCE Perpetua Resources Corp.
