Corby Spirit and Wine Limited Reports Its Fiscal 2025 Third Quarter Results for the Period Ended March 31, 2025, and Announces Quarterly Dividend of $0.23 per Share
Q3 Revenue of $48.0 million (-1% year-over-year) and Organic Revenue 1 -9%, reflecting the normalization of Q3 sales relative to a high base of comparison last year and impacted by de-stocking patterns at the Ontario liquor board
FYTD March Revenue at $174.8 million (+7%) and flat Organic Revenue 1, demonstrating continued spirits share gains and traction from the buoyant RTD portfolio, despite a challenging market environment and softer underlying consumer trends
Q3 Adjusted EBITDA 1 at $11.7 million (-10%)
FYTD March Adjusted EBITDA 1 at $48.4 million (+4%)
Q3 Adjusted Net Earnings 1 at $4.5 million (-20%) (Reported -6%)
FYTD March Adjusted Net Earnings 1 at $23.2 million (+1%) (Reported +11%)
Solid Balance Sheet and strong Cash Flow generation in FYTD March
Quarterly Dividend declared of $0.23 per share
FINANCIAL RESULTS
Q3 FY25 results: Revenue for the third quarter of fiscal 2025, typically Corby's lowest quarter in terms of revenue, saw a normalization of its domestic and export sales compared to very strong third quarter results last year (Revenue growth of 50% for the three-month period ended March 31, 2024 including ABG brands, and growth of 18% excluding ABG versus the comparable period in fiscal 2023). Corby's domestic sales were further impacted by inventory level reduction by the Liquor Control Board of Ontario ("LCBO") in this third quarter of fiscal 2025 versus the prior quarter, along with soft underlying consumer trends.
Q3 FY25 Revenue was $48.0 million, declining $0.4 million or 1% compared to the same period last year with the inclusion of the Nude brands. Organic revenue 1 was $44.1 million during the quarter, reflecting a decline of $4.4 million or 9% compared to the prior year. Marketing, sales and administrative expenses increased $0.3 million, or 2% to $17.0 million, reflecting new marketing activities and the addition of overhead related to the acquisition of Nude brands.
Reflecting the factors noted above, Reported net earnings 1 for Q3 FY25 were $4.0 million, a decline of 6% year-over-year, and Adjusted EBITDA 1 of $11.7 million declined by 10% versus the same period last year.
FYTD March 2025 results: Revenue for the first nine months of fiscal 2025 was $174.8 million, increasing by $11.6 million or 7% versus the same period last year, largely attributed to the inclusion of Nude brands' revenue of $11.9 million. Organic revenue 1 reached $162.9 million, broadly flat compared to the prior year period and demonstrating resilience in a challenging market environment, driven by:
Domestic case goods revenue of $125.9 million, declining 2% in a softer spirits market, and adversely impacted by the LCBO, port and rail labour strikes during the first half of fiscal 2025, partially offset by a dynamic RTD portfolio tapping into the grocery and convenience store retail modernization opportunity in Ontario;
Commissions sales reached $22.9 million, reflecting growth of 17%, led by imported RTD and wines capitalizing on the RTM modernization in Ontario; and
Export revenue of $11.2 million, a decline of 12% year-over-year, lapping the pipeline fill to new markets last year, despite a rebound in J.P. Wiser's performance in the US.
Marketing, sales and administrative expenses increased by $2.2 million, or 4% to $53.4 million in FYTD March, reflecting the inclusion of marketing investments and overheads related to the acquisition of Nude brands. Domestic investments lapped sponsorship and media campaign events from last year, while Corby invested further to support strategic brands J.P. Wiser's, through a new NHL multi-year partnership and Polar Ice vodka to sustain its strong commercial momentum. An ongoing focus on operational efficiency led to overall expenses increasing at a slower rate than revenue.
Adjusted EBITDA 1 totaled $48.4 million in FYTD March, increasing by 4% versus the same period last year. Corby delivered reported net earnings of $21.2 million and adjusted net earnings 1 of $23.2 million in FYTD March, increasing by 11% and 1% year-over-year, respectively. Reported net earnings included $0.4 million of costs related to Nude inventory adjusted to its fair value in the first quarter of fiscal 2025 and $2.2 million of costs related to ABG inventory adjusted to its fair value in the first half of fiscal 2024, both net of taxes.
The Company generated robust cash flow during FYTD March, with Cash Flow from Operating Activities of $29.2 million, an increase of $14.6 million year-over-year. Corby closed FYTD March with a healthy balance sheet and significant financial flexibility, with its Net Debt / Adjusted EBITDA 1 ratio (on a rolling 12-month basis) at 1.6x at quarter-end. Corby delivered a dividend payout ratio 1 of 54% as of quarter-end (on a rolling 12-month basis), highlighting the sustainability of the Company's quarterly dividend.
Corby's President and Chief Executive Officer, Nicolas Krantz, stated,
" Corby continues to execute on its strategic roadmap, supporting solid overall performance and strong cash flow in the year-to-date period, while demonstrating the resilience of our business in a volatile environment. Our continued market share gains in the Canadian spirits market and the strong momentum of our RTD brands highlight the strength of our portfolio and the unwavering commitment of our teams.
While our performance in the third quarter was impacted by an unfavorable comparative basis and liquor board de-stocking, we remain confident in our ability to capitalize on new opportunities in the coming quarters and to deliver value to our shareholders this financial year.
Our diverse portfolio of leading brands, paired with our industry-leading innovation and market capabilities, offer a resilient and attractive foundation for continued growth moving forward. With a balanced and prudent approach to capital allocation and a clear strategic roadmap to drive incremental long-term value, we look forward to continuing to execute on the opportunities ahead".
For further details, please refer to Corby's Management's Discussion and Analysis and interim condensed consolidated financial statements and accompanying notes for the three-month and nine-month periods ended March 31, 2025, prepared in accordance with IFRS Accounting Standards, available on www.sedarplus.ca and www.corby.ca/investors.
The overall spirits market declined 3.6% in value in the last rolling 12 months period, notably impacted by the LCBO labour strike in July 2024 and Ontario RTM modernization for the RTD and wine categories. The RTD category was also impacted by the summer LCBO strike during the first quarter of fiscal 2025 but benefitted from the RTM modernization in Ontario over the second and third quarters, and remained one of the fastest growing categories overall in the last twelve months, increasing by 6.3% in value.
Corby has been outperforming the Canadian spirits market in value for more than two years, gaining share in most categories over this timeframe. Over the past twelve months, Corby spirits were resilient at -1.9% year-over-year and Corby RTDs (excl. Nude) were dynamic at +9.1% year-over-year, both outpacing the market in value growth. This outperformance reflects the strength of Corby's comprehensive portfolio of brands along with successful new product launches and execution excellence.
Furthermore, Corby is monitoring potential regulatory changes to import tariffs between Canada and the United States. Canadian goods compliant with CUSMA continue to benefit from exemption from the 10% baseline tariff, including our exports to the US. The company is also diversifying supply chains to help ensure product availability, in addition to increasing promotion of Canadian and international products to seize new opportunities and mitigate risks effectively.
On July 17, 2024, Pernod Ricard announced the sale of its international strategic wine brands to Australian Wine Holdco Limited, which closed effective April 30, 2025. The transaction includes the sale of a wide portfolio of international wine brands owned and produced by Pernod Ricard Winemakers from three origins including Jacob's Creek® from Australia; Stoneleigh®, Brancott Estate® from New Zealand; and Campo Viejo® from Spain. As a result of this transaction, Corby will continue to represent these brands in Canada during a transition period until August 31, 2025 under the same terms of the Pernod Ricard Representation agreement. Corby is in active discussions with the new owner to continue the representation and distribution of the acquired wine brands in Canada beyond the end of the transition period.
QUARTERLY DIVIDEND
The Corby Board of Directors is pleased to declare a dividend of $0.23 per Voting Class A Common Share and Non-Voting Class B Common Share of the Company, consistent with the amount of the last dividend payment. This dividend is payable on June 11, 2025 to shareholders of record as at the close of business on May 28, 2025.
Corby management will host a conference call on Thursday, May 15 th, 2025, at 9:00 a.m. (EST) to review and discuss the financial and operational results for the Q3 and FYTD March periods. Corby welcomes stakeholders, investors, and other individual followers to access the conference call by dialing 437-900-0527 or toll free 1-888-510-2154 before the start of the call, or by joining via webcast at https://app.webinar.net/aGWRp1ZB46w. Following the conclusion of the call, a playback of the conference call will be available for 30 days by calling 289-819-1450 or 1-888-660-6345 and entering passcode 61323 #.
1) NON-IFRS FINANCIAL MEASURES & RATIOS
In addition to using financial measures prescribed under IFRS, references are made in this news release to "Adjusted Earnings from Operations", "Adjusted Net Earnings", "Adjusted Basic Earnings per Share", "Adjusted Diluted Earnings per Share", "Total Debt", "Net Debt", "Organic Revenue" and "Adjusted EBITDA" which are non-IFRS financial measures. Non-IFRS financial measures and ratios do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers.
Management believes the non-IFRS measures included in this news release are important supplemental measures of operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures.
Management believes that these measures allow for assessment of the Company's operating performance and financial condition on a basis that is more consistent and comparable between reporting periods.
Adjusted Earnings from Operations is equal to earnings from operations before interest and taxes for the period adjusted to remove the costs incurred for business combination inventory fair value adjustments.
Adjusted EBITDA refers to Adjusted Earnings from Operations adjusted to remove amortization and depreciation disclosed in Corby's financial statements.
Adjusted Net Earnings is equal to net earnings for the period adjusted to remove the costs incurred for business combination inventory fair value adjustments and the notional interest charges related to NCI obligation, net of tax calculated using the effective tax rate.
Adjusted Basic Net Earnings Per Share is computed in the same way as basic net earnings per share and diluted net earnings per share, respectively, using the aforementioned Adjusted Net Earnings non-IFRS financial measure in place of reported Net Earnings.
Adjusted Diluted Earnings Per Share is computed in the same way as basic net earnings per share and diluted net earnings per share, respectively, using the aforementioned Adjusted Net Earnings non-IFRS financial measure in place of reported Net Earnings.
The following table presents a reconciliation of Adjusted Earnings from Operations, Adjusted EBITDA and Adjusted Net Earnings to their most directly comparable financial measures for the three-month and nine-month periods ended March 31, 2025, and 2024:
Three months ended
Nine months ended
Mar. 31,
Mar. 31,
Mar. 31,
Mar. 31,
(in millions of Canadian dollars)
2025
2024
$ Change
% Change
2025
2024
$ Change
% Change
Earnings from operations
$ 7.7
9.2
$ (1.6)
(17 %)
$ 35.7
32.0
$ 3.7
11 %
Adjustments:
Transaction related costs 1
-
-
-
n/a
-
0.6
$ (0.6)
(100 %)
Fair value adjustment to inventory 2
-
-
-
n/a
0.6
3.0
(2.5)
(81 %)
Distributor transition 3
-
-
-
n/a
-
(0.3)
0.3
(100 %)
Adjusted Earnings from operations
$ 7.7
9.2
$ (1.6)
(17 %)
$ 36.3
35.4
$ 0.9
3 %
Adjusted for Depreciation and amortization
4.1
3.8
0.3
8 %
12.2
11.4
$ 0.8
7 %
Adjusted EBITDA
$ 11.7
13.0
$ (1.3)
(10 %)
$ 48.4
46.8
$ 1.7
4 %
Net earnings
$ 4.0
4.3
$ (0.3)
(6 %)
$ 21.2
19.1
$ 2.1
11 %
Adjustments:
Transaction related costs 1
-
-
-
n/a
-
0.5
(0.5)
(100 %)
Fair value adjustment to inventory 2
-
-
-
n/a
0.4
2.2
(1.8)
(80 %)
Distributor transition 3
-
-
-
n/a
-
(0.2)
0.2
(100 %)
NCI Obligation 4
0.5
1.4
(0.8)
(63 %)
1.5
1.4
0.2
12 %
Adjusted Net earnings
$ 4.5
5.6
$ (1.1)
(20 %)
$ 23.2
22.9
$ 0.3
1 %
Three months ended
Nine months ended
Mar. 31,
Mar. 31,
Mar. 31,
Mar. 31,
(in Canadian dollars)
2025
2024
$ Change
% Change
2025
2024
$ Change
% Change
Per common share
- Basic net earnings
$ 0.14
0.15
$ (0.01)
(6 %)
$ 0.75
0.67
$ 0.07
11 %
- Diluted net earnings
$ 0.14
0.15
$ (0.01)
(6 %)
$ 0.75
0.67
$ 0.07
11 %
Basic Net earnings per share
$ 0.14
0.15
$ (0.01)
(6 %)
$ 0.75
0.67
$ 0.07
11 %
Adjustments:
Transaction related costs 1
-
-
-
n/a
-
0.02
(0.02)
(100 %)
Fair value adjustment to inventory 2
-
-
-
n/a
0.02
0.08
(0.06)
(80 %)
Distributor transition 3
-
-
-
n/a
-
(0.01)
0.01
(100 %)
NCI Obligation 4
0.02
0.05
(0.03)
(63 %)
0.05
0.05
0.01
12 %
Adjusted Basic Net earnings per share
$ 0.16
0.20
$ (0.04)
(20 %)
$ 0.81
0.81
$ 0.01
1 %
Dilluted Net earnings per share
$ 0.14
0.15
$ (0.01)
(6 %)
$ 0.75
0.67
$ 0.07
11 %
Adjustments:
Transaction related costs 1
-
-
-
n/a
-
0.02
(0.02)
(100 %)
Fair value adjustment to inventory 2
-
-
-
n/a
0.02
0.08
(0.06)
(80 %)
Distributor transition 3
-
-
-
n/a
-
(0.01)
0.01
(100 %)
NCI Obligation 4
0.02
0.05
(0.03)
(63 %)
0.05
0.05
0.01
12 %
Adjusted Net Earnings per share
$ 0.16
0.20
$ (0.04)
(20 %)
$ 0.81
0.81
$ 0.01
1 %
(1) Costs related to the acquisition of ABG and Nude beverage brands
(2) Costs related to fair value adjustments to inventory due to business combination
(3) (Income) / costs related to one-time fee for distributor transition
(4) Notional interest costs related to non-conrtolling interest obligations for ABG
The following table presents a reconciliation of adjusted EBITDA to their most directly comparable financial measures from the three-month period ended March 31, 2025 to the three-month period ended March 31, 2023:
Organic revenue growth is measured as the difference between revenue excluding case goods revenue from acquired or disposed brands compared to revenue in the preceding fiscal period during which the acquisition or disposal had not yet occurred.
The following table presents a reconciliation of total organic revenue and organic case goods revenue to their most directly comparable financial measures for the three-month and nine-month periods ended March 31, 2025, and 2024:
Total Debt refers to debt of the Company, which includes bank indebtedness and credit facilities payable, lease liabilities and long-term debt.
Net Debt refers to the cash and deposits in cash management pools of the Company, less bank indebtedness and credit facilities payable and long-term debt.
The following table presents a reconciliation of total debt and net debt to their most directly comparable financial measures as at March 31, 2025 and 2024:
Dividend Payout Ratio refers to annualized dividends paid divided by Cash Flow from Operating Activities.
Please refer to the "Non-IFRS Financial Measures" & "Non-IFRS Financial Ratios" section of our MD&A for the three-month and nine-month periods ended March 31, 2025 as filed on SEDAR+ for further information regarding Non-IFRS measures.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including statements concerning possible or assumed future results of Corby's operations. Forward-looking statements typically are preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. These statements are being provided for the purposes of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our anticipated financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes and are not guarantees of future performance. Although Corby believes that the forward-looking information in this press release is based on information, assumptions and beliefs which are current, reasonable and complete, this information is necessarily subject to a number of factors, risks and uncertainties that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking information. For more information on the risks, uncertainties and assumptions that could cause Corby's actual results to differ from current expectations, refer to the Risks and Risk Management section of our Management's Discussion and Analysis for the three-month and nine-month periods ended March 31, 2025 as well as Corby's other public filings, available at www.sedarplus.com and at https://corby.ca/en/investors/. Corby does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements. All financial results are reported in Canadian dollars.
About Corby Spirit and Wine Limited
Corby Spirit and Wine Limited is a leading Canadian manufacturer, marketer and distributor of spirits and imported wines, and ready-to-drink beverages. Corby's portfolio of owned-brands includes some of the most renowned brands in Canada, including J.P. Wiser's®, Lot 40®, and Pike Creek® Canadian whiskies, Lamb's® rum, Polar Ice® vodka and McGuinness® liqueurs, as well as the Ungava® gin, Cabot Trail® maple-based liqueurs and Chic Choc® spiced rum, Cottage Springs® and Nude® ready-to-drink beverages and Foreign Affair® wines. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby also represents leading international brands such as Absolut® vodka, Chivas Regal®, The Glenlivet® and Ballantine's® Scotch whiskies, Jameson® Irish whiskey, Beefeater® gin, Malibu® rum, Olmeca Altos® and Código 1530® tequilas, Jefferson's™ and Rabbit Hole® bourbons, Kahlúa ® liqueur, and Mumm® champagne., Corby also represents Jacob's Creek®, Stoneleigh® and Campo Viejo® wines. Corby is a publicly traded company based in Toronto, Ontario, and is listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B. For further information, please visit our website or follow us on LinkedIn.
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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.
