Canadian miner shifts focus to Zambia with $2 billion investment deal amid Mali tensions
Barrick Gold Corporation is investing $2 billion in expanding the Lumwana copper mine in Zambia to enhance production capabilities.
The emphasis on Zambia comes amidst Barrick's ongoing legal disputes with the Mali government concerning mining agreements.
The expansion includes doubling copper output and introducing new infrastructure like a high-capacity processing plant and energy supply lines.
Canadian multinational, Barrick Gold Corporation is pressing ahead with its $2-billion expansion of the Lumwana copper mine in Zambia, positioning the southern African nation's status as a global copper hub and deepening local industrial capacity.
The expansion, already under way, aims to double annual copper output at Lumwana to 240,000 tonnes, using a new processing plant that can handle 50 million tonnes of ore annually.
The project also includes new electricity lines being built with Zambia's national power company, ZESCO.
Speaking during a visit to Lusaka, the country's capital city, Barrick Gold's CEO, Mark Bristow, said the mine's transformation signals not just operational progress, but a long-term commitment to Zambia's economic future.
' When we reviewed the Lumwana mine in 2019, it was high-cost and underperforming. Today, it's a growing force in African copper.' He said
' With this expansion gaining momentum, Lumwana is on course to join the world's list of large and strategically important copper mines, and a powerful driver of growth for both Zambia and Barrick,' Bristow said during a recent visit to Lusaka.' He added.
Since taking over Lumwana, Barrick has contributed over $4 billion to the Zambian economy through taxes, wages, and local business contracts. In just the first quarter of 2025, 81% of the mine's spending, about $177 million went to Zambian suppliers. Nearly all the mine's 12,000 workers are Zambian, and almost half come from nearby communities.
The company is also building new facilities, including the Manyama township, a training centre to help Zambians gain mining and technical skills, and a regional airstrip. These projects support Zambia's long-term mining development plans under the Mining and Minerals 2031 policy.
Environmental sustainability is also central to the Canadian mining giant's strategy. The company is reportedly working with local leaders and Zambia's Forestry Department on a large forest protection project that will cover up to 300,000 hectares. The aim is to protect the environment, support local livelihoods, and create carbon credits i n the future.
'Lumwana is becoming a flagship for sustainable copper mining. It demonstrates how a world-class mine can help build an industrial ecosystem while protecting the environment and expanding economic opportunity, ' Bristow said.
Mali targets Barrick in mining row
Barrick Gold's dispute with Mali began after the country's 2023 mining code granted the state up to a 50% stake in projects and sought to apply the new terms retroactively. Barrick rejected this, calling it a breach of existing agreements tied to its Loulo–Gounkoto mine.
Tensions escalated when the junta appointed a provisional administrator and seized one tonne of gold—worth about $107 million—by military helicopter, following earlier seizures and export blocks.
Barrick has since launched international arbitration, accusing Mali of violating investment treaties in a case that underscores rising resource nationalism across military-led African states.
Barrick Gold's investment in Zambia underlines Africa's growing importance in the global energy transition as copper becomes increasingly vital for electric vehicles and green technologies.
With no major environmental incidents reported and strong quarterly performance, Lumwana is not only expanding production but also strengthening its legacy across Zambia and Africa.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
an hour ago
- Business Wire
DATA Communications Management Corp. Reports Q2 2025 Financial Results
BRAMPTON, Ontario--(BUSINESS WIRE)--DATA Communications Management Corp. (TSX: DCM; OTCQX: DCMDF) ('DCM' or the "Company"), a leading Canadian provider of print and digital solutions that help simplify complex marketing communications and workflow, today reported second quarter 2025 financial results. MANAGEMENT COMMENTARY 'Despite challenging market conditions and stronger than expected revenue headwinds in the second quarter, we continued to deliver solid operating performance with essentially flat adjusted EBITDA and higher adjusted EBITDA margin compared to last year,' said Richard Kellam, President & CEO of DCM. 'Uncertainty about trade policies, including tariffs, the direction of the economy, and the ongoing labour issues at Canada Post have driven continued market headwinds. These factors have negatively impacted business confidence, resulting in client budget reductions, delayed orders, and inventory drawdowns. As such, revenues in the quarter were down 9.5% compared to last year. Given this ongoing uncertainty, the Company has decided to withdraw all financial guidance until there is greater clarity on these external challenges.' 'We are well-positioned financially to manage through the current market conditions with our strong cash flow, a disciplined focus on maintaining margins, and managing overhead costs. We continue to be encouraged by our strong and growing pipeline of new business opportunities, the highest level of which we've seen in years. We expect to more fully realize these efforts as market conditions improve. Additionally, we have the flexibility to pursue M&A opportunities to strengthen our product and service offerings and create more value for our clients,' added Kellam. DCM continues to be guided by four strategic priorities for 2025: Maintain our focus on profitable organic growth Deliver a return on our new capital investments Continue to drive gross margin improvement through operating efficiencies Demonstrate agility and adaptability to effectively navigate an uncertain environment. OTHER BUSINESS HIGHLIGHTS Dividend Declaration On August 6, 2025, DCM's board of directors declared a quarterly dividend of $0.025 per common share, payable on September 24, 2025, to shareholders of record at the close of business on September 10, 2025. This dividend is designated as an 'eligible' dividend for the purpose of the Income Tax Act (Canada) and any similar provincial legislation. Normal Course Issuer Bid Commenced On June 10, 2025, DCM announced that the Toronto Stock Exchange (the 'TSX') accepted a notice filed by the Company of its intention to make a normal course issuer bid with respect to its outstanding common shares (the 'Common Shares'). The notice provided that the Company may, during the 12 month period commencing June 12, 2025 and ending no later than June 11, 2026, purchase, through the facilities of the TSX, up to 4,220,210 Common Shares, being approximately 10% of the 'public float' (as such term is defined in the policies of the TSX) of such Common Shares as at May 31, 2025. In June 2025, the Company repurchased and cancelled 79,400 common shares for total consideration of $0.1 million, including transaction costs. Amended Senior Revolving Credit Facility On June 2, 2025, DCM entered into a fourth amended and restated credit agreement (the 'Bank Credit Facility') with a Canadian chartered bank, extending the maturity date of its senior secured revolving credit facility to May 31, 2028. The Bank Credit Facility also included an expanded leasing facility to finance future equipment purchases along with a number of reporting enhancements. Amended Senior Term Credit Facility On July 17, 2025, a third amended and restated credit agreement with Fiera Private Debt ("FPD") was entered into to update certain definitions and incorporate qualitative changes, with no impact to the financial terms of the FPD Facilities. Q2 2025 EARNINGS CALL DETAILS The Company will host a conference call and webcast on Thursday, August 7, 2025 at 9:00 a.m. EST Mr. Kellam and James Lorimer, CFO, will present the second quarter 2025 results followed by a live Q&A. Register for the webcast prior to the start of the event: Microsoft Virtual Events Powered by Teams All attendees must register for the webinar prior to the call. Please complete the phone field in the form at the above link (prior to the start of the event) if you wish to dial in. The Company's full results will be posted on its Investor Relations page and on SEDAR+. A video message from Mr. Kellam will also be posted on the Company's website. Footnotes: 1 Adjusted EBITDA, Adjusted EBITDA as a percentage of revenues, Adjusted net income (loss), Adjusted net income (loss) as percentage of revenues, Net Debt to Adjusted EBITDA and Free cash flow are non-IFRS Accounting Standards measures. For a description of the composition of these and other non-IFRS Accounting Standards measures used in this press release, and a reconciliation to their most comparable IFRS Accounting Standards measure, where applicable, see the information under the heading 'Non-IFRS Accounting Standards Measures', the information set forth on Table 2 and Table 3 herein, and our most recent Management Discussion & Analysis filed on SEDAR+. TABLE 1 The following table sets out selected historical consolidated financial information for the periods noted. TABLE 2 The following table provides reconciliations of net income to EBITDA and of net income to Adjusted EBITDA for the periods noted. EBITDA and Adjusted EBITDA reconciliation For the periods ended June 30, 2025 and 2024 April 1 to June 30, 2025 April 1 to June 30, 2024 January 1 to June 30, 2025 January 1 to June 30, 2024 (in thousands of Canadian dollars, unaudited) Net income for the period $ 3,714 $ 4,064 $ 8,828 $ 5,539 Interest expense, net 5,120 5,366 10,268 10,919 Debt modification gain (867 ) — (867 ) — Amortization of transaction costs 131 140 271 280 Current income tax expense 1,445 16 3,516 1,358 Deferred income tax recovery (359 ) 947 (1,270 ) (216 ) Depreciation of property, plant, and equipment 1,792 1,783 3,514 3,306 Amortization of intangible assets 326 306 709 1,034 Depreciation of right-of-use-assets 5,029 4,329 9,831 8,814 EBITDA $ 16,331 $ 16,951 $ 34,800 $ 31,034 Acquisition and integration costs — 243 — 526 Restructuring expenses 58 1,101 58 2,186 Net fair value losses (gains) on financial liabilities at fair value through profit or loss 179 (1,407 ) 298 1,807 Adjusted EBITDA $ 16,568 $ 16,888 $ 35,156 $ 35,553 Expand TABLE 3 The following table provides reconciliations of net income (loss) to Adjusted net income and a presentation of Adjusted net income per share for the periods noted. Adjusted net income reconciliation About DATA Communications Management Corp. DCM is a leading Canadian tech-enabled provider of print and digital solutions that help simplify complex marketing communications and operations workflow. DCM serves over 2,500 clients including 70 of the 100 largest Canadian corporations and leading government agencies. Our core strength lies in delivering individualized services to our clients that simplify their communications, including customized printing, highly personalized marketing communications, campaign management, digital signage, and digital asset management. From omnichannel marketing campaigns to large-scale print and digital workflows, our goal is to make complex tasks surprisingly simple, allowing our clients to focus on what they do best. Additional information relating to DATA Communications Management Corp. is available on and in the disclosure documents filed by DATA Communications Management Corp. on SEDAR+ at FORWARD-LOOKING STATEMENTS Certain statements in this press release constitute 'forward-looking' statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of DCM, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. When used in this press release, words such as 'may,' 'would,' 'could,' 'will,' 'expect,' 'anticipate,' 'estimate,' 'believe,' 'intend,' 'plan,' and other similar expressions are intended to identify forward-looking statements. These statements reflect DCM's current views regarding future events and operating performance, are based on information currently available to DCM, and speak only as of the date of this press release. These forward-looking statements involve a number of risks, uncertainties, and assumptions. They should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Many factors could cause the actual results, performance, objectives or achievements of DCM to be materially different from any future results, performance, objectives or achievements that may be expressed or implied by such forward-looking statements. We caution readers of this press release not to place undue reliance on our forward-looking statements since a number of factors could cause actual future results, conditions, actions, or events to differ materially from the targets, expectations, estimates or intentions expressed in these forward-looking statements. The principal factors, assumptions and risks that DCM made or took into account in the preparation of these forward-looking statements and which could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are described in further detail in our most recent annual and interim Management Discussion and Analysis filed on SEDAR+, and include but are not limited to the following: industry conditions are influenced by numerous factors over which the Company has no control, including: declines in print consumption; labour disruptions at suppliers and customers, including Canada Post; the impact of tariffs and responses thereto (including by governments, trade partners and customers), which may include, without limitation, retaliatory tariffs, export taxes, restrictions on exports to the U.S. or other measures, increases in our input costs, and the effect of governmental regulations and policies in general; our ability to achieve and meet our revenue, profitability, free cash flow and debt reduction targets for 2025 and in the future; while we have received consents from our lenders for the declaration and payment of the special dividend and regular recurring dividend, including the exclusion of the special dividend from our fixed charge coverage ratios, our financial leverage may increase, and there is no guarantee that we will pay such dividends in the future; and, our ability to comply with our financial and other covenants under our credit facilities, which may preclude us from paying future dividends if our outlook and future financial liquidity changes. Additional factors are discussed elsewhere in this press release and under the headings "Liquidity and capital resources" and 'Risks and Uncertainties' in DCM's Management Discussion and Analysis and in DCM's other publicly available disclosure documents, as filed by DCM on SEDAR+. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated, or expected. Unless required by applicable securities law, DCM does not intend and does not assume any obligation to update these forward-looking statements. NON-IFRS ACCOUNTING STANDARDS MEASURES NON-IFRS ACCOUNTING STANDARDS AND OTHER FINANCIAL MEASURES This press release includes certain non-IFRS Accounting Standards measures, ratios and other financial measures as supplementary information. This supplementary information does not represent earnings measures recognized by IFRS Accounting Standards and does not have any standardized meanings prescribed by IFRS Accounting Standards. Therefore, these non-IFRS Accounting Standards measures, ratios and other financial measures are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that this supplementary information should not be construed as alternatives to net income (loss) determined in accordance with IFRS Accounting Standards as an indicator of DCM's performance. Definitions of such supplementary information, together with a reconciliation of net income (loss) to such supplementary financial measures, can be found in our most recent annual and interim Management Discussion and Analysis and filed on SEDAR+ at Condensed interim consolidated statements of operations (in thousands of Canadian dollars, except per share amounts, unaudited) For the three months ended June 30, 2025 For the three months ended June 30, 2024 For the six months ended June 30, 2025 For the six months ended June 30, 2024 Revenues $ 113,794 $ 125,751 $ 237,469 $ 255,005 Cost of revenues 83,286 91,417 170,701 183,360 Gross profit 30,508 34,334 66,768 71,645 Expenses Selling, commissions and expenses 9,649 10,178 20,609 21,042 General and administration expenses 10,222 12,295 22,721 25,566 Research & development expenses 1,216 1,391 2,336 2,638 Restructuring expenses 58 1,101 58 2,186 Acquisition and integration costs — 243 — 526 Net fair value losses (gains) on financial liabilities at fair value through profit or loss 179 (1,407 ) 298 1,807 21,324 23,801 46,022 53,765 Income before finance costs and income taxes 9,184 10,533 20,746 17,880 Finance costs Interest expense on long term debt and pensions, net 1,837 2,307 3,708 4,805 Interest expense on lease liabilities 3,283 3,059 6,560 6,114 Amortization of transaction costs 131 140 271 280 Debt modification gain (867 ) — (867 ) — 4,384 5,506 9,672 11,199 Income before income taxes 4,800 5,027 11,074 6,681 Income tax expense Current 1,445 16 3,516 1,358 Deferred (359 ) 947 (1,270 ) (216 ) 1,086 963 2,246 1,142 Net income for the period $ 3,714 $ 4,064 $ 8,828 $ 5,539 Other comprehensive income: Foreign currency translation (110 ) 14 (115 ) 44 (110 ) 14 (115 ) 44 Items that will not be reclassified to net income Re-measurements of pension and other post-employment benefit obligations s 1,816 1,755 1,431 8,768 Taxes related to pension and other post-employment benefit adjustment above (461 ) (406 ) (363 ) (2,248 ) 1,355 1,349 1,068 6,520 Other comprehensive income for the period, net of tax $ 1,245 $ 1,363 $ 953 $ 6,564 Comprehensive income for the period $ 4,959 $ 5,427 $ 9,781 $ 12,103 Basic earnings per share 0.07 0.07 0.16 0.10 Diluted earnings per share 0.06 0.07 0.15 0.10 Expand Condensed interim consolidated statements of cash flows (in thousands of Canadian dollars, unaudited) For the six months ended June 30, 2025 For the six months ended June 30, 2024 $ $ Cash provided by Operating activities Net income for the period $ 8,828 $ 5,539 Items not affecting cash Depreciation of property, plant, and equipment 3,514 3,306 Amortization of intangible assets 709 1,034 Depreciation of right-of-use-assets 9,831 8,814 Share-based compensation expense 89 321 Net fair value losses on financial liabilities at fair value through profit or loss 298 1,807 Pension expense 742 943 Gain on disposal of sale and leaseback — (11 ) Loss on disposal of property, plant and equipment — 149 Provisions 58 2,186 Debt modification gain (867 ) — Amortization of transaction costs 271 280 Accretion of asset retirement obligations 54 65 Other post-employment benefit plan expense 87 298 Right-of-use assets impairment — 97 Income tax expense 2,246 1,142 Changes in non cash working capital (12,173 ) 764 Contributions made to pension plans (675 ) (604 ) Contributions made to other post-employment benefit plans (189 ) (115 ) Provisions paid (5,460 ) (6,526 ) Income taxes paid (1,448 ) (1,599 ) Total cash generated from operating activities 5,915 17,890 Investing activities Proceeds on sale and leaseback transaction 6,694 8,661 Purchase of property, plant, and equipment (2,536 ) (6,989 ) Purchase of intangible assets (23 ) — Purchase of non-current assets (143 ) (6,499 ) Proceeds on disposal of property, plant, and equipment — 431 Total cash provided by (used in) investing activities 3,992 (4,396 ) Financing activities Exercise of options — 337 Proceeds from credit facilities 53,733 30,185 Repayment of credit facilities (48,054 ) (43,726 ) Decrease in bank overdrafts (880 ) (1,564 ) Transaction costs (417 ) — Dividends paid (13,829 ) — Principal portion of lease payments (4,005 ) (3,500 ) Repurchases of shares (213 ) — Total cash (used in) financing activities (13,665 ) (18,268 ) Change in cash and cash equivalents during the period (3,758 ) (4,774 ) Cash and cash equivalents – beginning of period 6,773 17,652 Effects of foreign exchange on cash balances (128 ) 51 Cash and cash equivalents – end of period $ 2,887 $ 12,929 Expand
Business Wire
an hour ago
- Business Wire
Granite REIT Announces 2025 Second Quarter Results, the Closing of $49.5 Million of New Acquisitions, and the Issuance of Its 2024 Global ESG+R Report
TORONTO--(BUSINESS WIRE)-- Granite Real Estate Investment Trust (TSX: NYSE: GRP.U) ("Granite" or the "Trust") announced today its condensed consolidated combined results for the three and six month periods ended June 30, 2025 and also announced that it has completed the acquisition of two income-producing properties in the United States comprising approximately 0.1 million square feet at a combined purchase price of approximately $49.5 million. Further, Granite announced that today it released its 2024 Environmental, Social, Governance + Resilience (ESG+R) Report. SECOND QUARTER 2025 HIGHLIGHTS Highlights for the three month period ended June 30, 2025 are set out below: Financial: Granite's net operating income ("NOI") was $123.4 million in the second quarter of 2025 compared to $116.8 million in the prior year period, an increase of $6.6 million primarily as a result of contractual rent adjustments and consumer price index based increases, renewal and re-leasing activity, and the lease commencement of three completed development and expansion projects in Canada, the United States and Netherlands during 2024; Same property NOI - cash basis (4) increased by 4.6% for the second quarter of 2025, excluding the impact of foreign exchange; Funds from operations ("FFO") (1) was $85.4 million ($1.39 per unit) in the second quarter of 2025 compared to $83.5 million ($1.32 per unit) in the second quarter of 2024; Adjusted funds from operations ("AFFO") (2) was $75.1 million ($1.23 per unit) in the second quarter of 2025 compared to $73.8 million ($1.17 per unit) in the second quarter of 2024; During the three month period ended June 30, 2025, the Canadian dollar weakened against the Euro and the US dollar relative to the prior year period. The impact of foreign exchange on FFO and AFFO for the three month period ended June 30, 2025, relative to the same period in 2024, was favourable by $0.03 per unit for each measure. Relative to the three month period ended March 31, 2025, the Canadian dollar strengthened against the US dollar and weakened against the Euro, resulting in an unfavourable impact of $0.02 per unit on FFO and $0.01 per unit on AFFO. In addition, Granite recognized net foreign exchange losses of $1.1 million due to the remeasurement of certain short-term monetary assets and liabilities in the second quarter of 2025, which negatively impacted both FFO and AFFO by $0.02 per unit. As a result, the total impact of foreign exchange on Granite's second quarter results relative to the first quarter was unfavourable by $0.04 per unit on FFO and $0.03 per unit on AFFO; AFFO payout ratio (3) was 69% for the second quarter of 2025 compared to 70% in the second quarter of 2024; Occupancy as at June 30, 2025 was 95.8%, representing an increase of 100 basis points relative to March 31, 2025. Committed occupancy as at August 6, 2025 is 96.5%, representing an increase of 70 basis points relative to June 30, 2025; Net leverage as at June 30, 2025 was 36%, representing an increase of 400 basis points relative to March 31, 2025. The increase was primarily driven by the classification of certain assets as held for sale, which reduced investment properties by $310.5 million, as well as increased unsecured debt of $81.0 million, from draws on the credit facility to fund, in the short-term, unit repurchases under the normal course issuer bid ("NCIB"); Granite recognized $16.8 million in net fair value gains on investment properties in the second quarter of 2025, primarily attributable to contractual rent increases and new leases in Canada and the US, partially offset by the expansion in the discount and terminal capitalization rates at select properties in the US due to market conditions. The value of investment properties was decreased by unrealized foreign exchange losses of $188.6 million in the second quarter of 2025 primarily resulting from the relative strengthening of the Canadian dollar against the US dollar, partially offset by the relative weakening of the Canadian dollar against the Euro as at June 30, 2025 compared to March 31, 2025; and Granite's net income attributable to unitholders in the second quarter of 2025 was $95.0 million in comparison to $76.2 million in the prior year period primarily due to a favourable change in the fair value adjustments on investment properties of $17.6 million, a $6.6 million increase in net operating income as noted above, and a $3.2 million favourable change in fair value gains on financial instruments, partially offset by a $3.0 million increase in income tax expense, a $2.3 million increase in general and administrative expenses, a $1.8 million increase in interest expense and other financing costs, and a $1.2 million increase in foreign exchange losses. Investments: During the second quarter of 2025, Granite completed the following new income-producing property acquisitions: 3850 NW and 3872 NW 126th Avenue, Coral Springs, Florida On June 30, 2025, Granite acquired two modern distribution facilities, comprising approximately 0.1 million square feet in Broward County, Florida for $49.5 million (US$36.4 million). The properties were constructed in 2021 and are 100% leased to two well established tenants with a weighted average remaining lease term of 6.6 years and were acquired at an in-going yield of 5.0%, which is estimated to increase more than 15% within two years. The properties are strategically positioned adjacent to the Sawgrass Expressway, connecting to Florida's Turnpike, I-595, I-75 and I-95. This central infill location supports last-mile logistics across the tri-county area, providing access to over 6.6 million people within a 90-minute drive and connecting to South Florida's most densely populated Metropolitan Statistical Areas, including Miami, Broward County, and Palm Beach County. Operations: As at June 30, 2025, five income producing properties located in the United States and Netherlands were classified as assets held for sale with a fair value of $310.5 million; During the second quarter of 2025, Granite achieved average rental rate spreads of 18% over expiring rents representing approximately 973,000 square feet of new leases and renewals taking effect in the quarter; A new lease commenced on June 1, 2025 at Granite's approximate 631,000 square foot, previously vacant, property in Louisville, Kentucky for a 62 month term with a global logistics/B2B e-commerce provider; A new lease commenced on July 1, 2025 at Granite's approximate 251,000 square foot, previously vacant, property in Locust Grove, Georgia for a 123 month term with a U.S. power grid and telecommunications infrastructure provider; and Subsequent to the second quarter of 2025, Granite has executed a lease commencing September 30, 2025 for the previously vacant unit comprising approximately 178,000 square feet, at its approximate 291,000 square foot property, newly developed in 2023, located in Avon, Indiana for a 125 month term with a leading global healthcare company. Financing: During the second quarter of 2025, Granite repurchased 1,226,312 units under the NCIB at an average unit cost of $66.04 for total consideration of $81.0 million, excluding commissions and taxes on net repurchases of units. In total, for the six month period ended June 30, 2025, Granite repurchased 2,157,281 units at an average unit cost of $67.01 for total consideration of $144.6 million, excluding commissions and taxes on net repurchases of units. GRANITE'S FINANCIAL, OPERATING AND PROPERTY HIGHLIGHTS Three Months Ended June 30, Six Months Ended June 30, (in millions, except as noted) 2025 2024 2025 2024 Revenue $ 149.3 $ 140.3 $ 303.9 $ 279.2 Net operating income ("NOI") $ 123.4 $ 116.8 $ 249.0 $ 231.3 NOI - cash basis (4) $ 121.1 $ 113.7 $ 244.0 $ 225.1 Constant currency same property NOI - cash basis (4) 4.6 % 6.0 % 4.5 % 4.2 % Net income attributable to unitholders $ 95.0 $ 76.2 $ 138.9 $ 165.3 Funds from operations ("FFO") (1) $ 85.4 $ 83.5 $ 176.5 $ 166.0 Adjusted funds from operations ("AFFO") (2) $ 75.1 $ 73.8 $ 163.6 $ 151.8 Diluted FFO per unit (1) $ 1.39 $ 1.32 $ 2.85 $ 2.62 Diluted AFFO per unit (2) $ 1.23 $ 1.17 $ 2.64 $ 2.39 Monthly distributions paid per unit $ 0.85 $ 0.83 $ 1.70 $ 1.65 AFFO payout ratio (3) 69 % 70 % 64 % 69 % As at June 30, 2025 and December 31, 2024 2025 2024 Fair value of investment properties $ 9,022.8 $ 9,397.3 Assets held for sale (10) $ 310.5 $ — Cash and cash equivalents $ 86.4 $ 126.2 Total debt (5) $ 3,302.5 $ 3,087.8 Net leverage ratio (6) 36 % 32 % Number of income-producing properties 135 138 Gross leasable area ('GLA'), square feet 60.6 63.3 Occupancy, by GLA 95.8 % 94.9 % Committed occupancy, by GLA (9) 96.5 % 95.0 % Magna as a percentage of annualized revenue (8) 28 % 26 % Magna as a percentage of GLA 20 % 19 % Weighted average lease term in years, by GLA 5.5 5.7 Overall capitalization rate (7) 5.5 % 5.3 % Expand The above disclosure includes certain non-GAAP performance measures and non-GAAP ratios (see "NON-GAAP PERFORMANCE MEASURES, RATIOS AND RECONCILIATIONS"). A more detailed discussion of Granite's condensed consolidated combined financial results for the three and six month periods ended June 30, 2025 and 2024 is contained in Granite's Management's Discussion and Analysis of Results of Operations and Financial Position ("MD&A") and the unaudited condensed consolidated combined financial statements for those periods and the notes thereto, which are available through the internet on the Canadian Securities Administrators' System for Electronic Data Analysis and Retrieval Plus ('SEDAR+') and can be accessed at and on the United States Securities and Exchange Commission's (the 'SEC') Electronic Data Gathering, Analysis and Retrieval System ('EDGAR'), which can be accessed at 2024 GLOBAL ENVIRONMENTAL, SOCIAL, GOVERNANCE + RESILIENCE (ESG+R) REPORT Today, Granite released its 2024 ESG+R report which highlights Granite's ESG+R program initiatives and updates from the 2024 calendar year. A copy of the report can be found on Granite's website at 2025 OUTLOOK Granite is increasing its 2025 guidance relative to estimates presented at the commencement of the year on February 26, 2025. Granite's current outlook reflects lease renewals and new leasing of vacant space completed year-to-date which have increased overall NOI estimates including constant currency same property NOI – cash basis estimates. The current outlook reflects the acquisition of the Florida properties completed June 30, 2025, but does not include any assumption for potential property dispositions since the timing of such dispositions cannot be accurately determined at this time. In addition, the current outlook reflects year-to-date financing and NCIB activity. Granite's FFO per unit forecast represents an approximate 6% to 9% increase over 2024 and the AFFO per unit forecast represents an approximate 1% to 4% increase over 2024, partially impacted by higher maintenance capital expenditures relative to the prior year. The high and low ranges of Granite's forecast are driven by foreign currency exchange rate assumptions for the six-month forecast period between July and December 2025, which have been modified relative to guidance provided on February 26, 2025 and May 7, 2025, reflecting a weakening of the Canadian dollar relative to the Euro offset by the strengthening of the Canadian dollar against the U.S. dollar. The table below outlines Granite's current forecast for the year ending December 31, 2025: (1) Foreign exchange rate assumptions pertain to forecast period only of the respective outlook. Expand Granite's 2025 forecast assumes no incremental acquisitions and dispositions, and assumes no favourable reversals of tax provisions relating to prior years which cannot be determined at this time. Non-GAAP performance measures are included in Granite's 2025 forecast above (see ' NON-GAAP PERFORMANCE MEASURES, RATIOS AND RECONCILIATIONS '). See also ' FORWARD-LOOKING STATEMENTS '. CONFERENCE CALL Granite will hold a conference call and live audio webcast to discuss its financial results. The conference call will be chaired by Kevan Gorrie, President and Chief Executive Officer. To hear a replay of the webcast, please visit The replay will be available for 90 days. OTHER INFORMATION Additional property statistics as at June 30, 2025 have been posted to our website at 2 -2025. Copies of financial data and other publicly filed documents are available through the internet on SEDAR+, which can be accessed at and on EDGAR, which can be accessed at Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 141 investment properties representing approximately 60.6 million square feet of gross leasable area. For further information, please see our website at or contact Teresa Neto, Chief Financial Officer, at (647) 925-7560. NON-GAAP PERFORMANCE MEASURES, RATIOS AND RECONCILIATIONS Readers are cautioned that certain terms used in this press release such as FFO, AFFO, FFO payout ratio, AFFO payout ratio, same property NOI - cash basis, constant currency same property NOI - cash basis, total debt and net debt, net leverage ratio, and any related per unit amounts used by management to measure, compare and explain the operating results and financial performance of the Trust do not have standardized meanings prescribed under IFRS ® Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards' or 'GAAP') and, therefore, should not be construed as alternatives to net income, cash provided by operating activities or any other measure calculated in accordance with IFRS Accounting Standards. Additionally, because these terms do not have a standardized meaning prescribed by IFRS Accounting Standards, they may not be comparable to similarly titled measures presented by other publicly traded entities. (1) FFO is a non-GAAP performance measure that is widely used by the real estate industry in evaluating the operating performance of real estate entities. Granite calculates FFO as net income attributable to unitholders excluding fair value gains (losses) on investment properties and financial instruments, gains (losses) on sale of investment properties including the associated current income tax, foreign exchange gains (losses) on certain monetary items not forming part of a net investment in a foreign operation, deferred income taxes, corporate restructuring costs and certain other items, net of non-controlling interests in such items. The Trust's determination of FFO follows the definition prescribed by the Real Property Association of Canada ('REALPAC') guidelines on Funds From Operations & Adjusted Funds From Operations for IFRS Accounting Standards dated January 2022 ('REALPAC Guidelines') except for the exclusion of corporate restructuring costs. Granite considers FFO to be a meaningful supplemental measure that can be used to determine the Trust's ability to service debt, fund capital expenditures and provide distributions to unitholders. FFO is reconciled to net income, which is the most directly comparable GAAP measure (see table below). FFO should not be construed as an alternative to net income or cash flow provided by operating activities determined in accordance with IFRS Accounting Standards. (2) AFFO is a non-GAAP performance measure that is widely used by the real estate industry in evaluating the recurring economic earnings performance of real estate entities after considering certain costs associated with sustaining such earnings. Granite calculates AFFO as net income attributable to unitholders including all adjustments used to calculate FFO and further adjusts for actual maintenance capital expenditures that are required to sustain Granite's productive capacity, leasing costs such as leasing commissions and tenant allowances incurred and non-cash straight-line rent and tenant incentive amortization, net of non-controlling interests in such items. The Trust's determination of AFFO follows the definition prescribed by the REALPAC Guidelines except for the exclusion of corporate restructuring costs as noted above. Granite considers AFFO to be a meaningful supplemental measure that can be used to determine the Trust's ability to service debt, fund expansion capital expenditures, fund property development and provide distributions to unitholders after considering costs associated with sustaining operating earnings. AFFO is also reconciled to net income, which is the most directly comparable GAAP measure (see table below). AFFO should not be construed as an alternative to net income or cash flow provided by operating activities determined in accordance with IFRS Accounting Standards. Expand Three Months Ended June 30, Six Months Ended June 30, (in millions, except per unit amounts) 2025 2024 2025 2024 Net income attributable to unitholders $ 95.0 $ 76.2 $ 138.9 $ 165.3 Add (deduct): Fair value (gains) losses on investment properties, net (16.8 ) 0.8 31.4 (11.8 ) Fair value (gains) losses on financial instruments, net (0.7 ) 2.5 (0.8 ) 4.5 Deferred tax expense 8.0 5.4 7.8 9.2 Fair value remeasurement of the Executive Deferred Unit Plan (0.4 ) (1.2 ) (0.7 ) (1.0 ) Fair value remeasurement of the Directors Deferred Unit Plan 0.2 (1.2 ) (0.1 ) (1.2 ) Corporate restructuring costs — 0.9 — 1.1 Non-controlling interests relating to the above 0.1 0.1 — (0.1 ) FFO [A] $ 85.4 $ 83.5 $ 176.5 $ 166.0 Add (deduct): Maintenance or improvement capital expenditures incurred (3.8 ) (5.8 ) (4.2 ) (6.4 ) Leasing costs (4.1 ) (0.3 ) (4.4 ) (0.5 ) Tenant allowances (0.1 ) (1.0 ) (0.1 ) (1.6 ) Tenant incentive amortization — — — 0.1 Straight-line rent amortization (2.3 ) (2.6 ) (4.2 ) (5.8 ) Non-controlling interests relating to the above — — — — AFFO [B] $ 75.1 $ 73.8 $ 163.6 $ 151.8 Basic FFO per unit [A]/[C] $ 1.40 $ 1.33 $ 2.87 $ 2.63 Diluted FFO per unit [A]/[D] $ 1.39 $ 1.32 $ 2.85 $ 2.62 Basic AFFO per unit [B]/[C] $ 1.23 $ 1.17 $ 2.66 $ 2.40 Diluted AFFO per unit [B]/[D] $ 1.23 $ 1.17 $ 2.64 $ 2.39 Basic weighted average number of units [C] 61.0 63.0 61.6 63.2 Diluted weighted average number of units [D] 61.3 63.2 61.9 63.4 Expand (3) The FFO and AFFO payout ratios are calculated as monthly distributions, which exclude special distributions, declared to unitholders divided by FFO and AFFO (non-GAAP performance measures), respectively, in a period. FFO payout ratio and AFFO payout ratio may exclude revenue or expenses incurred during a period that can be a source of variance between periods. The FFO payout ratio and AFFO payout ratio are supplemental measures widely used by investors in evaluating the sustainability of the Trust's monthly distributions to unitholders. Expand Three Months Ended June 30, Six Months Ended June 30, (in millions, except as noted) 2025 2024 2025 2024 Monthly distributions declared to unitholders [A] $ 51.7 $ 51.9 $ 104.5 $ 104.2 FFO [B] 85.4 83.5 176.5 166.0 AFFO [C] 75.1 73.8 163.6 151.8 FFO payout ratio [A]/[B] 61 % 62 % 59 % 63 % AFFO payout ratio [A]/[C] 69 % 70 % 64 % 69 % Expand (4) Same property NOI — cash basis refers to the NOI — cash basis (NOI excluding lease termination and close-out fees, and the non-cash impact from straight-line rent and tenant incentive amortization) for those properties owned by Granite throughout the entire current and prior year periods under comparison. Same property NOI — cash basis excludes properties that were acquired, disposed of, classified as development properties or assets held for sale during the periods under comparison. Granite believes that same property NOI — cash basis is a useful supplementary measure in understanding period-over-period organic changes in NOI — cash basis from the same stock of properties owned. Expand Sq ft (1) Three Months Ended June 30, Sq ft (1) Six Months Ended June 30, (in millions) 2025 2024 $ change % change (in millions) 2025 2024 $ change % change Revenue $ 149.3 $ 140.3 9.0 $ 303.9 $ 279.2 24.7 Less: Property operating costs 25.9 23.5 2.4 54.9 47.9 7.0 NOI $ 123.4 $ 116.8 6.6 5.7 % $ 249.0 $ 231.3 17.7 7.7 % Add (deduct): Lease termination and close-out fees — (0.5 ) 0.5 (0.8 ) (0.5 ) (0.3 ) Straight-line rent amortization (2.3 ) (2.6 ) 0.3 (4.2 ) (5.8 ) 1.6 Tenant incentive amortization — — — — 0.1 (0.1 ) NOI - cash basis 63.4 $ 121.1 $ 113.7 7.4 6.5 % 63.4 $ 244.0 $ 225.1 18.9 8.4 % Less NOI - cash basis for: Acquisitions 0.1 — — — 0.1 — — — Developments — — — — 0.4 (2.9 ) (1.4 ) (1.5 ) Dispositions and assets held for sale 2.8 (4.0 ) (4.7 ) 0.7 2.8 (9.3 ) (9.2 ) (0.1 ) Same property NOI - cash basis 60.5 $ 117.1 $ 109.0 8.1 7.4 % 60.1 $ 231.8 $ 214.5 17.3 8.1 % Constant currency same property NOI - cash basis (2) 60.5 $ 117.1 $ 112.0 5.1 4.6 % 60.1 $ 231.8 $ 221.8 10.0 4.5 % Expand (1) The square footage relating to the NOI — cash basis represents GLA of 63.4 million square feet as at June 30, 2025. The square footage relating to the same property NOI — cash basis represents the aforementioned GLA excluding the impact from the acquisitions, dispositions, assets held for sale and developments during the relevant period. (2) Constant currency same property NOI - cash basis is calculated by converting the comparative same property NOI - cash basis at current period average foreign exchange rates. Expand (5) Total debt is calculated as the sum of all current and non-current debt, the net mark to market fair value of derivatives and lease obligations. Net debt subtracts cash and cash equivalents from total debt. Granite believes that it is useful to include the derivatives and lease obligations for the purposes of monitoring the Trust's debt levels. (6) The net leverage ratio is calculated as net debt (a non-GAAP performance measure defined above) divided by the fair value of investment properties (excluding assets held for sale). The net leverage ratio is a non-GAAP ratio used in evaluating the Trust's degree of financial leverage, borrowing capacity and the relative strength of its balance sheet. Expand As at June 30, 2025 and December 31, 2024 2025 2024 Unsecured debt, net $ 3,176.9 $ 3,078.5 Derivatives, net 90.8 (25.1 ) Lease obligations 34.8 34.4 Total debt $ 3,302.5 $ 3,087.8 Less: cash and cash equivalents 86.4 126.2 Net debt [A] $ 3,216.1 $ 2,961.6 Investment properties [B] $ 9,022.8 $ 9,397.3 Net leverage ratio [A]/[B] 36 % 32 % Expand (7) Overall capitalization rate is calculated as stabilized net operating income (property revenue less property expenses) divided by the fair value of the income-producing property. (8) Annualized revenue for each period presented is calculated as the contractual base rent for the month subsequent to the quarterly reporting period multiplied by 12 months. Annualized revenue excludes revenue from properties classified as assets held for sale. (9) Committed occupancy as at August 6, 2025. (10) Assets held for sale are excluded from investment properties and related property metrics. Accordingly, five such assets that were held for sale as at June 30, 2025 were excluded from investment properties and related metrics as at June 30, 2025. There were no assets classified as held for sale as at December 31, 2024. Expand FORWARD-LOOKING STATEMENTS This press release may contain statements that, to the extent they are not recitations of historical fact, constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities legislation, including the United States Securities Act of 1933, as amended, the United States Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation. Forward-looking statements and forward-looking information may include, among others, statements regarding Granite's future plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, capital structure, cost of capital, tenant base, tax consequences, economic performance or expectations, or the assumptions underlying any of the foregoing. Words such as 'outlook', 'may', 'would', 'could', 'should', 'will', 'likely', 'expect', 'anticipate', 'believe', 'intend', 'plan', 'forecast', 'project', 'estimate', 'seek' and similar expressions are used to identify forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information should not be read as guarantees of future events, performance or results and will not necessarily be accurate indications of whether or the times at or by which such future performance will be achieved. Undue reliance should not be placed on such statements. There can also be no assurance that Granite's expectations regarding various matters, including the following, will be realized in a timely manner, with the expected impact or at all: the effectiveness of measures intended to mitigate such impact, and Granite's ability to deliver cash flow stability and growth and create long-term value for unitholders; Granite's ability to advance its ESG+R program and related targets and goals; the expansion and diversification of Granite's real estate portfolio and the reduction in Granite's exposure to Magna and the special purpose properties; Granite's ability to dispose of assets held for sale; Granite's ability to accelerate growth and to grow its net asset value, FFO and AFFO per unit, and constant currency same property NOI - cash basis; Granite's ability to execute on its strategic plan and its priorities in 2025; Granite's 2025 outlook for FFO per unit, AFFO per unit and constant currency same property NOI, including the anticipated impact of future foreign currency exchange rates on FFO and AFFO per unit and expectations regarding Granite's business strategy; fluctuations in foreign currency exchange rates and the effect on Granite's revenues, expenses, cash flows, assets and liabilities; Granite's ability to offset interest or realize interest savings relating to its term loans, debentures and cross currency interest rate swaps; Granite's ability to find and integrate satisfactory acquisition, joint venture and development opportunities and to strategically deploy the proceeds from recently sold properties and financing initiatives; Granite's intended use of available liquidity, its ability to obtain secured funding against its unencumbered assets and its expectations regarding the funding of its ongoing operations and future growth; any future offerings under Granite's base shelf prospectuses; obtaining site planning approval of a 0.7 million square foot distribution facility on the 34.0 acre site in Brantford, Ontario; obtaining site plan approval for the future phases of its development for up to 0.7 million square feet on the 68.7 acre site in Houston, Texas and up to 0.4 million square feet on the 30.8 acre site in Houston, Texas and the expected timing and potential yield from each project; the development of 12.9 acres of land in West Jefferson, Ohio and the potential yield from that project; the development of a 0.6 million square foot multi-phased business park on the remaining 36.0 acre parcel of land in Brantford, Ontario and the potential yield from that project; the development of a 0.2 million square foot modern distribution/logistics facility on the 10.1 acres of land in Brant County, Ontario and the potential yield of the project; the potential yield of the facilities acquired by Granite in Broward County, Florida; estimates regarding Granite's development properties and expansion projects, including square footage of construction, total construction costs and total costs; Granite's ability to meet its target occupancy goals; Granite's ability to secure sustainability or other certifications for any of its properties; Granite's ability to generate peak solar capacity on its properties; the impact of the refinancing of the term loans on Granite's returns and cash flow; the amount of any distributions; and the effect of any legal proceedings on Granite. Forward-looking statements and forward-looking information are based on information available at the time and/or management's good faith assumptions and analyses made in light of Granite's perception of historical trends, current conditions and expected future developments, as well as other factors Granite believes are appropriate in the circumstances. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond Granite's control, that could cause actual events or results to differ materially from such forward-looking statements and forward-looking information. Important factors that could cause such differences include, but are not limited to, the risk of changes to tax or other laws and treaties that may adversely affect Granite's mutual fund trust status under the Income Tax Act (Canada) or the effective tax rate in other jurisdictions in which Granite operates; the risk related to tariffs, global trade and supply chains that may adversely impact Granite's tenants' operations and in turn impact Granite's operations and financial performance; economic, market and competitive conditions and other risks that may adversely affect Granite's ability to expand and diversify its real estate portfolio; and the risks set forth under 'Risks and Uncertainties' in Granite's Management's Discussion and Analysis for the quarter ended June 30, 2025 filed on August 6, 2025 and in the "Risk Factors" section in Granite's AIF for 2024 dated February 26, 2025, filed on SEDAR+ at and attached as Exhibit 1 to the Trust's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the SEC and available online on EDGAR at all of which investors are strongly advised to review. The 'Risk Factors' section also contains information about the material factors or assumptions underlying such forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information speak only as of the date the statements and information were made and unless otherwise required by applicable securities laws, Granite expressly disclaims any intention and undertakes no obligation to update or revise any forward-looking statements or forward-looking information contained in this press release to reflect subsequent information, events or circumstances or otherwise.
Business Wire
2 hours ago
- Business Wire
Kiboko Announces Management and Board Changes
KELOWNA, British Columbia--(BUSINESS WIRE)--Kiboko Gold Inc. (TSXV: KIB) ('Kiboko' or the 'Company') announces a series of changes to its executive leadership and Board of Directors, effective immediately. Craig Williams has been appointed Interim President and Chief Executive Officer (CEO), succeeding Jeremy Link, who is stepping down from his executive role to focus on other professional pursuits. Mr. Link will continue to serve as Chair of Kiboko's Board of Directors, ensuring continuity and strategic support during this transition. Mr. Williams, a co-founder of Kiboko and a director since the Company's formation in 2019, is a Professional Geologist with over two decades of experience in resource exploration, project financing, project development, and corporate leadership. He will serve in this interim capacity while the Board conducts a formal search for a permanent President and CEO. The Company also announces the appointment of Michael Gheyle to the Board of Directors, replacing Amanda Sorsak, who has stepped down. Kiboko thanks Ms. Sorsak for her valuable contributions and dedicated service. Mr. Gheyle brings more than 30 years of experience in international capital markets, including wealth management, derivative trading, corporate finance, institutional sales, M&A, venture capital, and private equity. He has supported companies across a wide range of industries in raising more than $100 million and has held executive, board, and advisory roles with numerous public and private companies. Most recently, he served as CEO and Chairman of Discovery Lithium Corp. He currently sits on the boards of Oyama Capital Corp. and Naked Revival Inc., and advises Solo Automotive Inc., IdBase Technologies Inc., Ameriwest Lithium Inc., and Nova Pacific Metals Corp. These leadership and governance changes reflect the Company's commitment to advancing its exploration assets, positioning the business for long-term growth, and maximizing shareholder value. Additional information about Kiboko can be found on SEDAR+ at and on the Company's website at About Kiboko Gold Inc. Kiboko is a Canadian-based exploration company focussed on advancing its Harricana Gold Project, located 55 km north of Val-d'Or, Québec, within the world-renowned southern Abitibi gold belt. Kiboko's shares trade on the TSX Venture Exchange under the symbol 'KIB'. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward Looking Statements This news release includes certain 'forward-looking statements' which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition, belief, estimate or opinion, or result to occur. Forward looking statements may be identified by such terms as 'believes', 'anticipates', 'expects', 'interpreted', 'pending', 'suggests', 'preliminary', 'estimates', 'confident', 'may', 'aims', 'targets', 'could', 'would', 'will', or 'plans' and similar expressions, or that events or conditions 'will, 'would', 'may', 'can', 'could' or 'should' occur, or are those statements, which, by their nature, refer to future events. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based upon information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward looking information. Forward looking information in this news release may include, references to potential management changes, board composition, strategic reviews, or limited ongoing corporate or project activities. These statements reflect current expectations based upon information available to management as of the date hereof and are subject to a number of known and unknown risks, uncertainties, and assumptions. Given the Company's current stage and limited operational activity, there can be no assurance that any forward-looking statement will prove accurate, or that future developments will occur in the manner or timeframe anticipated. Actual results and developments may differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include, among others, limited financial resources, potential inability to secure additional financing, market conditions, limited exploration activity, regulatory risks, commodity price fluctuations, and other risks described in the Company's public filings on SEDAR+ ( Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable securities laws. All amounts are in Canadian dollars, unless otherwise stated.
