B.C. premier defends new LNG pipeline with terminus near Prince Rupert
The Prince Rupert Gas Transmission project is a joint venture between the Nisga'a Nation and Texas-based Western LNG to supply natural gas to the proposed Ksi Lisims LNG facility, a project the province says is still undergoing environmental assessment.
"The Ksi Lisims project is an Indigenous-owned project led by the Nisga'a Nation. They are a treaty nation that has control over their jurisdiction," Eby said, speaking from Seoul, South Korea, as he nears the end of his 10-day trade mission to Asia.
"They have a vision for economic growth in the area, for their people, which includes selling B.C. resources into the Asian market, where I am right now."
The Nisga'a Nation and Western LNG say the Ksi Lisims project would be a floating production facility capable of producing 12 million tonnes of LNG per year.
The project faces opposition from several environmental groups and the Gitanyow hereditary chiefs, who argue it will have negative environmental consequences, including a risk to important salmon habitat.
Tara Marsden, sustainability director for the Gitanyow hereditary chiefs, previously told CBC News there are concerns about Western LNG's financial backing from Blackstone Inc.
Blackstone is a major American asset manager whose CEO publicly endorsed U.S. President Donald Trump and contributed to his election campaign — with Marsden saying the investment undermines any notion that the project is needed to push back against Trump's tariff threats.
CBC News asked Eby whether the bulk of the profits from the Prince Rupert Gas Transmission project would enrich a U.S. company.
"We're not in the business of turning away investment in British Columbia," the premier responded. "Especially investment that assists us in diversifying our customers for our resources and allows us to get a higher price for those resources."
The pipeline was first approved in 2014 under the ownership of Calgary-based TC Energy Corp, when it was meant to supply the now-cancelled Pacific NorthWest LNG terminal spearheaded by Malaysian energy giant Petronas.
It was purchased by the Nisga'a Nation and Western LNG in 2024 under their revised proposal for the Ksi Lisims facility.
Eby says he wants to work with Alberta
Eby was also asked Monday about comments from Alberta Premier Danielle Smith, who said she could convince him to drop his opposition to a second crude oil pipeline from Alberta to B.C.'s North Coast.
"I'm not the one who stands between Premier Smith and a pipeline to the coast. There's no proponent, there's no money, there's no project right now," Eby said.
"In the event that Premier Smith is successful in assembling those things, we'll cross that bridge when we come to it."
Prime Minister Mark Carney said last week he supports "nation-building projects," including a possible decarbonized oil pipeline — if he can find consensus among the premiers.
WATCH | Smith pushes for pipeline through northwest B.C.:
Hearing PM talk about northwestern pipeline 'very encouraging': Alberta premier | Power & Politics
7 days ago
Duration 8:37
Alberta Premier Danielle Smith tells Power & Politics she found Prime Minister Mark Carney's comments on a possible northwestern pipeline 'very encouraging' and a 'sea change' from where first ministers' discussions on energy projects were six months ago.
Eby said companies in South Korea that he's talking to are focused on bringing in hydrogen.
He said that would involve Alberta using blue hydrogen, and B.C. exporting green hydrogen, which he said would aid in carbon transition.
"I'm happy to talk to Premier Smith about our shared goals of increasing prosperity, about uniting the country," he told reporters.
"Focusing on a project that currently does not exist, and focusing on our differences rather than where we can work together, is not the spirit."
Eby travelled from Malaysia to Seoul where he met with officials from conglomerates like Hyundai and Samsung as well as the Canadian ambassador to South Korea.
His trade mission to Asia, a bid to diversify the province's trading relationships amid the tariff war with the U.S., will wrap up Tuesday.
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Globe and Mail
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Imperial Reports Second Quarter 2025 Financial Results
VANCOUVER, British Columbia, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the 'Company' or 'Imperial') (TSX:III) reports financial results for the three and six months ended June 30, 2025. QUARTER HIGHLIGHTS 'Operationally, the second quarter was aligned with guidance, driven largely by higher throughput, and copper and gold grades at Mount Polley and higher copper and gold grades at Red Chris,' said Brian Kynoch, President. 'With consolidated production totalling 32,381,617 pounds copper and 34,968 ounces gold through the first half of the year, we remain on track to achieve 2025 guidance'. 'During the quarter, we also achieved strong financial results, including adjusted EBITDA of $99.5 million and cash earnings of $97.7 million which was derived from strong operational results and higher metal prices.' FINANCIAL All dollar amounts referenced are in Canadian Dollars, except where noted otherwise. Total revenue was $175.8 million in the June 2025 quarter compared to $131.7 million in the 2024 comparative quarter. In the June 2025 quarter, the Red Chris mine (100% basis) had 5.0 concentrate shipments (2024-5.0 concentrate shipments). Mount Polley mine had 1.9 concentrate shipments (2024-2.0 concentrate shipments). Variations in revenue are impacted by the timing and quantity of concentrate shipments, metal prices and exchange rates, and period end revaluations of revenue attributed to concentrate shipments where copper and gold prices will settle at a future date. The London Metals Exchange cash settlement copper price per pound averaged US$4.32 in the June 2025 quarter compared to US$4.42 in the 2024 comparative quarter. The LBMA (London Bullion Market Association) gold price per troy ounce averaged US$3,280 in the June 2024 quarter compared to US$2,338 in the 2024 comparative quarter. The average US/CDN Dollar exchange rate was 1.384 in the June 2025 quarter, 1.2% higher than the exchange rate of 1.368 in the June 2024 quarter. In CDN Dollar terms the average copper price in the June 2025 quarter was CDN$5.98 per pound compared to CDN$6.05 per pound in the 2024 comparative quarter, and the average gold price in the June 2025 quarter was CDN$4,540 per ounce compared to CDN$3,199 per ounce in the 2024 comparative quarter. A positive revenue revaluation in the June 2025 quarter was $2.2 million as compared to a negative revenue revaluation of $4.3 million the 2024 comparative quarter. Revenue revaluations are the result of the metal price on the settlement date and/or the current period balance sheet date being higher or lower than when the revenue was initially recorded or the metal price at the last balance sheet date and finalization of contained metal as a result of final assays. Net income for the June 2024 quarter was $40.6 million ($0.25 income per share) compared to net income of $20.4 million ($0.13 income per share) in the 2024 comparative quarter. The increase in net income of $20.2 million primarily due to the following factors: Income from mine operations increased from $39.0 million in the June 2024 quarter to an income of $81.3 million in June 2025, increasing net income by $42.3 million largely due to the increase in gold production and gold prices; Income and mining tax expense increased from $7.7 million in June 2024 to $26.5 million in the June 2025 quarter, reducing net income by $18.8 million. Capital expenditures including leases were $64.1 million in the June 2025 quarter, an increase of $8.2 million from $55.9 million in the 2024 comparative quarter. The June 2025 quarter expenditures included $20.4 million in exploration and development, $17.4 million for tailings dam construction, $14.8 million on stripping costs and $11.5 million of other capital. At June 30, 2025, the Company had not hedged any copper, gold or US/CDN Dollar exchange. OPERATIONS During the quarter ended June 30, 2025, Imperial's consolidated metal production was 16,539,280 pounds copper and 17,848 ounces gold, of which 9,495,511 pounds copper and 11,061 ounces gold were produced at Mount Polley and 7,043,769 pounds copper and 6,787 ounces gold from its 30% share of Red Chris mine production. Consolidated copper production was up 4% from the 15,842,336 pounds copper produced in the first quarter 2025 and gold production was up 4% from the 17,120 ounces gold produced in the first quarter 2025. Mount Polley Mine Mill throughput in the second quarter 2025 was up 2.6%, with 1.759 million tonnes being treated compared with 1.714 million tonnes treated in the second quarter of 2024. Copper production and gold production in the second quarter of 2025 were up versus the second quarter of 2024 on similar grades and recovery, reflecting the increase in throughput. For the first six months of 2025, an increase in throughput, copper and gold grades and copper and gold recoveries resulted in copper production being up 10.6% and gold production up 8.3% compared to the same period last year. Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Ore milled - tonnes 1,759,093 1,714,330 3,480,862 3,385,835 Ore milled per calendar day - tonnes 19,331 18,839 19,231 18,603 Grade % - copper 0.295 0.294 0.288 0.273 Grade g/t - gold 0.286 0.263 0.280 0.272 Recovery % - copper 83.0 83.4 83.2 81.6 Recovery % - gold 68.4 69.2 69.1 67.6 Copper - 000's pounds 9,496 9,281 18,400 16,637 Gold - ounces 11,061 10,009 21,682 20,018 The majority (approximately 79%) of mill feed for the second quarter of 2025 came from near the bottom of Phase 4 of the Springer Pit and was supplemented by some ore from Phase 5 pushback and stockpiles. Stripping for the Phase 5 pushback of the Springer Pit continued with approximately 3,675,325 tonnes of rock stripped from this pushback in the second quarter of 2025. Approximately 2,527,380 tonnes of non-acid generating rock from Phase 5 were hauled to the tailings facility to buttress the tailings storage embankment. Exploration, development, and capital expenditures in the second quarter of 2025 were $33.7 million compared to $23.0 million in the 2024 comparative quarter. Red Chris Mine Red Chris production (100%) for the second quarter of 2025 was 23,479,231 pounds copper and 22,624 ounces gold compared to 23,126,491 pounds copper and 21,663 ounces gold during the first quarter of 2025. In the second quarter of 2025, copper production is up 2% compared to the first quarter of 2025. In the second quarter of 2025, Red Chris copper production was up 13% compared to the second quarter of 2024. The increase in copper production was a result of a 17% increase in copper grade (0.547% vs 0.466%), offset by a small decrease in throughput. Gold production in the second quarter of 2025 was up 81% from the second quarter of 2024 as result of the increased gold grades and better recovery, offset by slightly lower throughput. For the first six months of 2025, copper production was up 25% compared to the same period last year on higher copper grades and gold production was up 101% on higher gold grades and better recovery. Imperial's 30% portion of Red Chris mine for the second quarter of 2025 was 7,043,769 pounds copper and 6,787 ounces gold. 100% Red Chris mine production Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Ore milled - tonnes 2,393,788 2,489,532 4,443,263 4,589,886 Ore milled per calendar day - tonnes 26,305 27,357 24,414 25,219 Grade % - copper 0.547 0.466 0.580 0.450 Grade g/t - gold 0.490 0.302 0.514 0.284 Recovery % - copper 81.4 81.1 82.0 82.1 Recovery % - gold 60.0 51.8 60.3 52.6 Copper - 000's pounds 23,479 20,731 46,606 37,392 Gold - ounces 22,624 12,531 44,287 22,038 Imperial's 30% share of exploration, development, and capital expenditures were $30.2 million in the June 2025 quarter compared to $32.7 million in the 2024 comparative quarter. Block Cave Feasibility Study The Red Chris Block Cave Feasibility Study is advancing as are permitting activities and early-stage underground development work and other work to support the underground block cave project. The total development completed to June 30, 2025, was approximately 11,727 metres, completed on both the Nagha and conveyor declines. Huckleberry Mine Huckleberry operations ceased in August 2016 and the mine remains on care and maintenance status. Site personnel continue to focus on maintaining site access, water management, maintenance of site infrastructure and equipment, and mine permit compliance. Work is also planned in 2025 to investigate and update the tailings facility design for Huckleberry. Diamond drilling has been completed at the Whiting Creek area, 6.5 kilometres north of the Huckleberry mine and 1,000 metres east of the previously drilled Creek Zone. The target in this area is defined by a strong magnetic anomaly and a compilation of historic copper soil sampling results and is in the center of the host Whiting Creek stock. For the June 2025 quarter, Huckleberry incurred idle mine costs comprised of $1.7 million in operating costs and $0.3 million in depreciation expense compared to $1.5 million in operating cost and $0.3 million in depreciation expense in the comparable quarter of 2024. TECHNICAL INFORMATION The technical and scientific information related to the Company's mineral projects has been reviewed and approved by Brian Kynoch, President of Imperial, and a designated Qualified Person as defined by NI 43-101. EARNINGS AND CASH FLOW Select Quarter Financial Information expressed in thousands of dollars, Three Months Ended June 30 Six Months Ended June 30 except share and per share amounts 2025 2024 2025 2024 Operations: Total revenues $175,751 $131,731 $352,370 $216,299 Net income $40,550 $20,370 $81,887 $11,205 Net income per share $0.25 $0.13 $0.50 $0.07 Diluted income per share $0.25 $0.13 $0.50 $0.07 Adjusted net income (1) $40,550 $20,294 $81,887 $11,129 Adjusted net income per share (1) $0.25 $0.13 $0.50 $0.07 Adjusted EBITDA (1) $99,471 $54,009 $197,140 $63,883 Cash earnings (1)(2) $97,697 $53,099 $193,706 $62,995 Cash earnings per share (1)(2) $0.60 $0.33 $1.19 $0.39 Working capital deficiency deficiency $(119,604) $(137,108) $(119,604) $(137,108) Total assets $1,708,810 $1,480,824 $1,708,810 $1,480,824 Total debt (including current portion) (3) $277,264 $379,257 $277,264 $379,257 (1) Refer to Non- GAAP Financial Measures for further details. (2) Cash earnings is defined as the cash flow from operations before the net change in non-cash working capital balances, income and mining taxes, and interest paid and received. Cash earnings per share is defined as cash earnings divided by the weighted average number of common shares outstanding during the year. (3) Total debt consists of credit facility, development loan, convertible and non-convertible debentures, equipment loans and leases. NON-GAAP FINANCIAL MEASURES The Company reports on four non-GAAP financial measures: adjusted net loss, adjusted EBITDA, cash earnings and cash cost per pound of copper produced, which are described in detail below. The Company believes these measures are useful to investors because they are included in the measures that are used by management in assessing the financial performance of the Company. Adjusted net loss, adjusted EBITDA, cash earnings and cash cost per pound of copper are not standardized financial measures under IFRS® Accounting Standards ('IFRS') and might not be comparable to similar financial measures disclosed by other issuers. Adjusted Net Income and Adjusted Net Income Per Share Adjusted net income is derived from operating net income by removing the gains or losses, resulting from acquisition and disposal of property, mark to market revaluation of derivative instruments not related to the current period, net of tax, unrealized foreign exchange gains or losses on long term debt, net of tax and other non-recurring items. Adjusted net income in the June 2025 quarter was $40.6 million ($0.25 income per share) compared to an adjusted net income of $20.3 million ($0.13 income per share) in the 2024 comparative quarter. We believe that the presentation of Adjusted Net Income helps investors better understand the results of our normal operating activities and the ongoing cash generating potential of our business. Adjusted EBITDA Adjusted EBITDA in the June 2025 quarter was $99.5 million compared to $54.0 million in the 2024 comparative quarter. We define Adjusted EBITDA as net income before interest expense, taxes, depletion, and depreciation, and as adjusted for certain other items. Cash Earnings and Cash Earnings Per Share Cash earnings in the June 2025 quarter were $97.7 million compared to $53.1 million in the 2024 comparative quarter. Cash earnings per share were $0.60 in the June 2025 quarter compared to $0.33 in the 2024 comparative quarter. Cash earnings and cash earnings per share are measures used by the Company to evaluate its performance; however, they are not terms recognized under IFRS. We believe that the presentation of cash earnings and cash earnings per share is appropriate to provide additional information to investors about how well the Company can earn cash to pay its debts and manage its operating expenses and investment. Cash earnings are defined as cash flow from operations before the net change in non-cash working capital balances, income and mining taxes paid, and interest paid. Cash earnings per share are the same measure divided by the weighted average number of common shares outstanding during the year. Cash Cost Per Pound of Copper Produced Management uses this non-GAAP financial measure to monitor operating costs and profitability. The Company is primarily a copper producer and therefore calculates this non-GAAP financial measure individually for its two operating copper mines, Mount Polley and Red Chris (30% share), and on a composite basis for these mines. Variations from period to period in the cash cost per pound of copper produced are the result of many factors including: grade, metal recoveries, amount of stripping charged to operations, mine and mill operating conditions, labour and other cost inputs, transportation and warehousing costs, treatment and refining costs, the amount of by-product and other revenues, the US$ to CDN$ exchange rate and the amount of copper produced. Calculation of Cash Cost Per Pound of Copper Produced expressed in thousands, except cash cost per pound of copper produced Three Months Ended June 30, 2025 Mount Polley Red Chris Composite Cash cost of copper produced in US$ $(13,951) $8,525 $(5,426) Copper produced – 000's pounds 9,496 7,044 16,540 Cash cost per lb copper produced in US$ $(1.47) $1.21 $(0.33) expressed in thousands, except cash cost per pound of copper produced Three Months Ended June 30, 2024 Mount Polley Red Chris Composite Cash cost of copper produced in US$ $7,614 $17,686 $25,300 Copper produced – 000's pounds 9,281 6,219 15,500 Cash cost per lb copper produced in US$ $0.82 $2.84 $1.63 expressed in thousands, except cash cost per pound of copper produced Six Months Ended June 30, 2025 Mount Polley Red Chris Composite Cash cost of copper produced in US$ $(19,529) $18,123 $(1,406) Copper produced – 000's pounds 18,400 13,982 32,382 Cash cost per lb copper produced in US$ $(1.06) $1.30 $(0.04) expressed in thousands, except cash cost per pound of copper produced Six Months Ended June 30, 2024 Mount Polley Red Chris Composite Cash cost of copper produced in US$ $20,138 $38,607 $58,745 Copper produced – 000's pounds 16,637 11,217 27,853 Cash cost per lb copper produced in US$ $1.21 $3.44 $2.11 For detailed information, refer to Imperial's 2025 Second Quarter Management's Discussion and Analysis available on and About Imperial Imperial is a Vancouver based exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%), and the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia. Company Contacts Brian Kynoch | President | 604.669.8959 Darb S. Dhillon | Chief Financial Officer | 604.669.8959 Cautionary Note Regarding Forward-Looking Statements Certain information contained in this news release are not statements of historical fact and are 'forward-looking' statements. Forward-looking statements relate to future events or future performance and reflect Company management's expectations or beliefs regarding future events and include, but are not limited to, specific statements regarding the Company's expectations with respect to: the continuation of work to advance preparation for the block cave feasibility study, permitting activities and some early stage underground development to support the Red Chris underground block cave project; Huckleberry's care and maintenance activities and 2025 plans to investigate and update the tailings facility design; and more general statements regarding the Company's expectations with respect to its business and operations; metal pricing and demand; fluctuation of revenues; metal production guidance and estimates; and expectations regarding the usefulness of non-IFRS financial measures including adjusted net income (loss), adjusted EBITDA, cash earnings and cash cost per pound of copper. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "outlook", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In making the forward-looking statements in this news release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company's current beliefs and assumptions. These factors and assumptions and beliefs and assumptions include hazards and risks disclosed with the 'Risk Factors' section of the Company's current Annual Information Form, and other public filings which are available for review on Imperial's SEDAR+ profile at Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, many of which are beyond the Company's ability to control or predict. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and all forward-looking statements in this news release are qualified by these cautionary statements.
Globe and Mail
3 hours ago
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Canacol Energy Ltd. Reports Net Income of $13.9 Million For The Second Quarter of 2025
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The increase is due to an increase in average sales prices, offset by an increase in operating expenses on a per Mcf basis. Adjusted EBITDAX decreased 35% and 23% to $47.4 million and $103.6 million for the three and six months ended June 30, 2025, respectively, compared to $73.2 million and $134.2 million for the same periods in 2024, respectively. The decrease is mainly due to a decrease in realized contractual natural gas and LNG sales volumes. Adjusted funds from operations decreased 35% and 23% to $36.9 million and $76.2 million for the three and six months ended June 30, 2025, respectively, compared to $57.1 million and $99.3 million for the same periods in 2024, respectively, mainly due to a decrease in EBITDAX. Total revenues, net of royalties and transportation expenses for the three and six months ended June 30, 2025 decreased 27% and 17% to $64.8 million and $137.5 million, respectively, compared to $88.3 million and $166.0 million for the same periods in 2024, respectively, mainly due to a decrease in realized natural gas and LNG sales volumes. Realized contractual natural gas sales volume decreased 25% and 20% to 119.0 MMcfpd and 123.8 MMcfpd for the three and six months ended June 30, 2025, respectively, compared to 158.5 MMcfpd and 154.5 MMcfpd for the same periods in 2024, respectively. The Corporation realized net income of $13.9 million and $45.7 million for the three and six months ended June 30, 2025, respectively, compared to a net loss of $21.3 million and $17.6 million for the same periods in 2024, respectively. The increase in net income is the result of recognizing a non-cash deferred income tax recovery of $14.1 million and $33.6 million for the three and six months ended June 30, 2025, respectively, compared to a non-cash deferred income tax expense of $42.6 million and $43.1 million for the same periods in 2024, respectively. Net cash capital expenditures for the three and six months ended June 30, 2025 were $57.1 million and $107.5 million, respectively, compared to $33.9 million and $69.7 million for the same periods in 2024, respectively. The increase is mainly related to the cost of drilling the Natilla-2 exploration well. As at June 30, 2025, the Corporation had $37.0 million in cash and cash equivalents and $20.9 million in working capital deficit. Outlook The Corporation remains focused on completing its exploration and development drilling and workover programs, and the installation of additional compression, for the remainder of 2025. One new successful exploration well, Borbon-1, and one new successful appraisal well, Fresa-4, were drilled in June 2025. The Corporation is also completing the drilling of the Palomino-1 exploration well located in the Sucre Norte area as of the date of this release. At the end of July 2025, the Borbon-1 and Zamia-1 exploration wells, located in the Sucre Norte area, were tied into the permanent production facilities at Jobo, with each currently producing approximately 8 MMcfpd. The successful Fresa-4 appraisal well was also brought onto production at the end of July 2025 and is currently producing at approximately 9 MMcfpd. Once completed, the Palomino-1 exploration well is anticipated to be brought on to production at a rate of between 8 and 10 MMcfpd by mid-August 2025. Current natural gas sales are approximately 138 MMcfpd. Sustainability During the quarter ended June 30, 2025, the Corporation presented its 2024 ESG and TCFD Reports. Both reports are available on the Corporation's website at Executive Management Change The Corporation announces that Mr. William Satterfield, Senior Vice President of Exploration, tendered his resignation effective August 7, 2025. The Board of Directors of the Corporation wish to thank Mr. Satterfield for his dedication and contributions to Canacol over the past four years, and wish him well in his future personal and professional endeavors. FINANCIAL & OPERATING HIGHLIGHTS (in United States dollars (tabular amounts in thousands) except as otherwise noted) Financial Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change Total revenues, net of royalties and transportation expense 64,809 88,288 (27 %) 137,544 165,979 (17 %) Adjusted EBITDAX (1) 47,350 73,187 (35 %) 103,618 134,228 (23 %) Adjusted funds from operations (1) 36,855 57,121 (35 %) 76,171 99,347 (23 %) Per share – basic ($) (1) 1.08 1.67 (35 %) 2.23 2.91 (23 %) Per share – diluted ($) (1) 1.08 1.67 (35 %) 2.23 2.91 (23 %) Cash flows provided by operating activities 33,351 49,202 (32 %) 95,939 103,921 (8 %) Per share – basic ($) 0.98 1.44 (32 %) 2.81 3.05 (8 %) Per share – diluted ($) 0.98 1.44 (32 %) 2.81 3.05 (8 %) Net income and comprehensive income 13,856 (21,298) n/a 45,657 (17,644) n/a Per share – basic ($) 0.41 (0.62) n/a 1.34 (0.52) n/a Per share – diluted ($) 0.41 (0.62) n/a 1.34 (0.52) n/a Weighted average shares outstanding – basic 34,120 34,111 — % 34,120 34,111 — % Weighted average shares outstanding – diluted 34,120 34,111 — % 34,121 34,111 — % Net cash capital expenditures (1) 57,052 33,853 69 % 107,529 69,731 54 % Jun 30, 2025 Dec 31, 2024 Change Cash and cash equivalents 37,046 79,201 (53 %) Working capital surplus (deficit) (20,875) 45,524 n/a Total debt 755,055 762,313 (1 %) Total assets 1,240,255 1,215,777 2 % Common shares, end of period (000's) 34,120 34,120 — % Operating Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change Production Natural gas and LNG (Mcfpd) 124,345 162,652 (24 %) 129,033 158,348 (19 %) Colombia oil (bopd) 1,380 1,700 (19 %) 1,304 1,552 (16 %) Total (boepd) 23,195 30,235 (23 %) 23,941 29,332 (18 %) Realized contractual sales Natural gas and LNG (Mcfpd) 118,972 158,541 (25 %) 123,805 154,481 (20 %) Colombia oil (bopd) 1,382 1,681 (18 %) 1,289 1,535 (16 %) Total (boepd) 22,254 29,495 (25 %) 23,009 28,637 (20 %) Operating netbacks (1) Natural gas and LNG ($/Mcf) 5.11 5.34 (4 %) 5.30 5.12 4 % Colombia oil ($/bbl) 16.32 21.98 (26 %) 15.14 21.14 (28 %) Corporate ($/boe) 28.34 29.95 (5 %) 29.37 28.77 2 % (1) Non-IFRS measures – see 'Non-IFRS Measures' section within the MD&A. This press release should be read in conjunction with the Corporation's interim condensed consolidated financial statements and related Management's Discussion and Analysis ('MD&A'). The Corporation has filed its interim condensed consolidated financial statements and related MD&A as at and for the six months ended June 30, 2025 with Canadian securities regulatory authorities. These filings are available for review on SEDAR+ at Canacol is a natural gas exploration and production company with operations focused in Colombia. The Corporation's shares are traded on the Toronto Stock Exchange under the symbol CNE, the OTCQX in the United States of America under the symbol CNNEF, the Bolsa de Valores de Colombia under the symbol CNEC. This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as 'plan', 'expect', 'project', 'target', 'intend', 'believe', 'anticipate', 'estimate' and other similar words, or statements that certain events or conditions 'may' or 'will' occur, including without limitation statements relating to estimated production rates from the Corporation's properties and intended work programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Information and guidance provided herein supersedes and replaces any forward looking information provided in prior disclosures. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Other risk factors could include risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, and other factors, many of which are beyond the control of the Corporation. Other risks are more fully described in the Corporation's most recent Management Discussion and Analysis ('MD&A') and Annual Information Form, which are incorporated herein by reference and are filed on SEDAR+ at Average production figures for a given period are derived using arithmetic averaging of fluctuating historical production data for the entire period indicated and, accordingly, do not represent a constant rate of production for such period and are not an indicator of future production performance. Detailed information in respect of monthly production in the fields operated by the Corporation in Colombia is provided by the Corporation to the Ministry of Mines and Energy of Colombia and is published by the Ministry on its website; a direct link to this information is provided on the Corporation's website. References to 'net' production refer to the Corporation's working-interest production before royalties. Use of Non-IFRS Financia l Measures - Such supplemental measures should not be considered as an alternative to, or more meaningful than, the measures as determined in accordance with IFRS as an indicator of the Corporation's performance, and such measures may not be comparable to that reported by other companies. This press release also provides information on adjusted funds from operations. Adjusted funds from operations is a measure not defined in IFRS. It represents cash provided (used) by operating activities before changes in non-cash working capital and the settlement of decommissioning obligation, adjusted for non-recurring charges. The Corporation considers adjusted funds from operations a key measure as it demonstrates the ability of the business to generate the cash flow necessary to fund future growth through capital investment and to repay debt. Adjusted funds from operations should not be considered as an alternative to, or more meaningful than, cash provided by operating activities as determined in accordance with IFRS as an indicator of the Corporation's performance. The Corporation's determination of adjusted funds from operations may not be comparable to that reported by other companies. For more details on how the Corporation reconciles its cash provided by operating activities to adjusted funds from operations, please refer to the 'Non-IFRS Measures' section of the Corporation's MD&A. Additionally, this press release references Adjusted EBITDAX and operating netback measures. Adjusted EBITDAX is defined as consolidated net income adjusted for interest, income taxes, depreciation, depletion, amortization, exploration expenses and other similar non-recurring or non-cash charges. Operating netback is a benchmark common in the oil and gas industry and is calculated as total natural gas, LNG and petroleum sales, net transportation expenses, less royalties and operating expenses, calculated on a per barrel of oil equivalent basis of sales volumes using a conversion. Operating netback is an important measure in evaluating operational performance as it demonstrates field level profitability relative to current commodity prices. Adjusted EBITDAX and operating netback as presented do not have any standardized meaning prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other entities. Operating netback is defined as revenues, net transportation expenses less royalties and operating expenses. Realized contractual sales is defined as natural gas and LNG produced and sold plus income received from nominated take-or-pay contracts without the actual delivery of natural gas or LNG and the expiry of the customers' rights to take the deliveries. Net cash capital expenditures is defined as capital expenditures net of dispositions, excluding non-cash costs and adjustments such as the addition of right-of-use leased assets and change in decommissioning obligations. The Corporation's LNG sales account for less than one percent of the Corporation's total realized contractual natural gas and LNG sales. Boe Conversion - The term 'boe' is used in this news release. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of cubic feet of natural gas to barrels oil equivalent is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In this news release, we have expressed boe using the Colombian conversion standard of 5.7 Mcf: 1 bbl required by the Ministry of Mines and Energy of Colombia. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 5.7 Mcf:1, utilizing a conversion on a 5.7 Mcf:1 basis may be misleading as an indication of value.
