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Dream Unlimited Corp. Reports Strong Fourth Quarter Results & Announces Dividend Increase

Dream Unlimited Corp. Reports Strong Fourth Quarter Results & Announces Dividend Increase

Dream Unlimited Corp. (TSX: DRM) ('Dream', 'the Company' or 'we') today announced its financial results for the three and twelve months ended December 31, 2024 ('fourth quarter').
'On many fronts, 2024 was a positive and significant year for our business with our core operating divisions performing very well,' said Michael Cooper, Chief Responsible Officer. 'Western Canada land produced its highest level of profit since going public in 2013 and is on track for another successful year. We continue to see steady expansion across our asset management platform, whether through institutional partnerships or expansion of our existing mandates, and the trajectory of growth for our income properties is at a point where it can achieve real scale. The office and GTA development markets continue to be challenged, however, we have accomplished all our key objectives we set out for in 2024. With the increasing chaos across our political and economic environment, our focus on managing liquidity is proving to be increasingly valuable so we can weather unexpected disruptions that may arise, and we are comfortable with our overall position from the diversity of our asset profile.'
Dream has published a supplemental information package on our website concurrent with the release of our fourth quarter results.
Highlights: Recurring Income (comprised of Income & Recreational Properties and Asset Management)
On November 19, 2024, we closed on the sale of Arapahoe Basin to Alterra Mountain Company. The sale generated a pre-tax gain of $157.4 million after closing costs and adjustments. Proceeds were used to repay certain debt facilities and fund a special shareholder dividend paid in December.
In the fourth quarter our asset management business generated revenue and net margin of $18.2 million and $11.3 million, compared to $23.8 million and $16.8 million in 2023. The decrease from 2023 is primarily driven by the magnitude of development fees recognized in the prior year, which will fluctuate as certain construction milestones are met. This was partially offset by growth in base fees, as fee earning assets under management (1) increased by over $2 billion since 2023. As previously disclosed, we anticipate continuing growth in this division as we closed on a $1 billion portfolio of multi-family rentals located in the Netherlands in December and announced a $2 billion joint venture focused on Canadian apartments in January.
Our income properties division generated revenue and net operating income of $17.9 million and $5.8 million in the fourth quarter, compared to $14.1 million and $5.7 million in the comparative period (excluding results from Arapahoe Basin). The increase in revenue was driven by the stabilization of three properties in Western Canada at the end of 2023, in addition to the opening of the Postmark Hotel in mid-2024. Net operating income was consistent year over year, as we incurred $0.4 million in losses associated with the hotel pre-stabilization ($1.0 million year-to-date). Towards the end of the fourth quarter, we acquired our partner's interest in our portfolio of hotels, comprised of the Broadview Hotel, Gladstone Hotel and Postmark Hotel for a net purchase price of $11.1 million, resulting in us owning 100% of the portfolio. Occupancy rates at our stabilized hotels was 79% in the fourth quarter.
The Distillery District is our 395,000 square foot ('sf') income property in the east end of downtown Toronto and we hold a 62.5% ownership interest. Subsequent to year end, one of our major tenants extended their current lease of 53,000 sf and upsized for a further 20,000 sf. The deal carries a term of 18 years, strong covenant and was completed at attractive market rents.
On a year-to-date basis, our recurring income businesses generated revenue and net operating income (1) of $176.9 million and $79.5 million, respectively, up by $7.7 million and $13.0 million from 2023 on a standalone basis. The increase was driven by carried interest realized on the U.S. Industrial Fund, higher occupancy and base rent at the Distillery District and improved yields at Arapahoe Basin up to August 31, 2024. This was partially offset by less development activity across our asset management platform.
Across the Dream group platform, which includes assets held through the Company, Dream Impact Trust, Dream Impact Fund and Dream Residential REIT, we have a growing portfolio of nearly 8,000 stabilized apartment units, 1,344 units in lease up and over 1,980 units under construction, compared to only 48 units in 2017 when we committed to our residential rental strategy. Our Canadian stabilized residential rentals maintained strong occupancy of 97% as of quarter-end and we expect to add over 2,600 residential rental units to our portfolio through 2027 (at 100% project level), nearly all of which are under construction today.
Highlights: Development (comprised of development activity in the GTA, National Capital Region and Western Canada)
In the fourth quarter our development segment generated $151.2 million in revenue and $42.6 million in net margin on a standalone basis, up from $53.8 million and $4.4 million in 2023 largely due to the timing of lot sales and an increase in acre sales. On a year-to-date basis, revenue and net margin were up $155.4 million and $59.2 million, respectively. The increase is primarily attributable to 622 lots and 236 acre sales in 2024, which includes 146 acres of land sold in Edmonton in the first half of 2024, and condominium occupancies at Brightwater. Revenue and net margins were partially offset by lower condominium occupancies at Phase 2 of Riverside Square in comparison to 2023 and minimal margin recognized on IVY Condos.
In the fourth quarter of 2024, we achieved 399 lot sales and 72 acres sales primarily across our Eastbrook and Holmwood communities in Regina and Saskatoon. As of February 24, 2025 we have $104 million in land commitments for sales in 2025.
On December 17, 2024, the City of Toronto announced the waiver of development charges on selected projects to support the advancement of purpose-built rentals across the city. Both Phase 1 at Quayside and 49 Ontario were named as part of this development charge waiver for a combined 2,500 units (at 100% project level). The savings achieved from this waiver directly improves the project viability and better positions construction start for these developments to be accelerated. We continue to make progress on innovative financing solutions for both of these projects.
Our Brighton community in Saskatoon is growing rapidly, with the completion of The Teal and a portion of Blocks 166 and JK in the fourth quarter, adding 144 units to our recurring income portfolio. The recently completed developments are 93% leased as of February 24, 2025. We expect to continue or commence construction on 500 units within Brighton and our first 168-unit purpose-built rental in Alpine Park in Calgary in 2025.
We have finalized a purchase and sale agreement for 13 acres to the City of Saskatoon for a high school in our Holmwood community, subject to city council approval at the end of March. We believe this will accelerate builder, residential rental and retail interest in our unsold lands in the community over the coming years and be an integral part of the master-planned community.
A summary of our consolidated results for the year ended December 31, 2024 is included in the table below.
For the three months ended
December 31,
For the year ended
December 31,
(in thousands of dollars, except number of shares and per share amounts)
2024
2023
2024
2023
Revenue
$
192,259
$
107,858
$
624,506
$
386,947
Net margin
$
63,102
$
26,380
$
158,213
$
85,870
Net margin (%) (1)
32.8%
24.5%
25.3%
22.2%
Earnings (loss) before income taxes
$
170,731
$
(77,557)
$
225,373
$
(119,790)
Dream standalone FFO per share (1)
$
1.22
$
0.56
$
2.86
$
1.37
Dream consolidated FFO per share (1)
$
1.44
$
0.43
$
2.63
$
0.91
Adjusted Dream standalone FFO per share (1)
$
4.97
$
0.56
$
6.60
$
1.37
December 31, 2024
December 31, 2023
Total assets
$
3,921,052
$
3,875,522
Total liabilities
$
2,419,523
$
2,471,463
Total equity
$
1,501,529
$
1,404,059
Total issued and outstanding shares
42,056,218
42,240,010
Earnings before income taxes for the fourth quarter was $170.7 million, an increase of $248.3 million from the comparative period. The increase was primarily attributable to the $157.4 million gain on sale of Arapahoe Basin, the timing of lot sales and higher acre sales in Western Canada in the fourth quarter of 2024, and losses attributable to an accounting write-down taken on Dream Office REIT units in 2023 with lower comparable losses taken in 2024.
Earnings before income taxes for the year ended December 31, 2024 was $225.4 million, an increase of $345.2 million from the comparative period. The comparative period included accounting losses on the sale of 7.0 million Dream Office REIT units with no similar dispositions in the current period. The increase is also attributable to the aforementioned sale of Arapahoe Basin and increased lot and acre sales, including 146 acres sold in Edmonton in the first half of 2024 with no comparable activity in 2023. In addition, lower fair value losses were recognized on both our commercial retail and multi-family residential rental properties in the Greater Toronto Area and Western Canada. Higher pre-tax earnings were partially offset by lower fair value gains on the liability for Dream Impact Trust.
Dream standalone funds from operations (1) ('FFO') for the three months ended December 31, 2024 was $1.22 per share, on a pre-tax basis, up from $0.56 per share in the comparative period for the aforementioned reasons. Dream standalone FFO (1) for the year ended December 31, 2024 was $2.86 per share, on a pre-tax basis, up from $1.37 per share in the comparative period. The increase is primarily attributable to the aforementioned factors and includes parcel sales in Edmonton, carried interest earned related to the Dream US Industrial Fund and stronger results at Arapahoe Basin up to August 31, 2024. Including the gain on sale of Arapahoe Basin, adjusted Dream standalone FFO was up $4.41 and $5.23 per share on a quarter and year-to-date basis.
As of December 31, 2024, we had available liquidity (1) of $366.9 million, up from $256.6 million of September 30, 2024 and we returned $67.3 million to Dream shareholders over 2024. Maintaining strong liquidity remains a top priority with fast changing economic conditions and allows us to be well positioned for new investments as they arise. We expect to finalize the refinancing of our $225 million term facility and $320 million Western Canada operating line by the end of the first quarter of 2025, extending the maturity to 2028.
Subsequent to the fourth quarter, the Company's Board of Directors approved an increase to the annual dividend per Class A Subordinate Voting Share and Class B Common Share from $0.60 per share to $0.65 per share ($0.1625 quarterly), effective with the dividend payable on March 31, 2025 to shareholders of record on March 14, 2025.
Conference Call
Senior management will host a conference call to discuss the financial results on Wednesday, February 26, 2025, at 10:00 AM (ET). To access the conference call, please dial 1-844-763-8274 (toll free) or 647-484-8814 (toll). To access the conference call via webcast, please go to Dream's website at www.dream.ca and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call.
Other Information
Information appearing in this press release is a select summary of results. The financial statements and MD&A for the fourth quarter of 2024 for the Company are available at www.dream.ca and on www.sedarplus.com.
About Dream Unlimited Corp.
Dream has an established and successful asset management business, inclusive of $27 billion of assets under management (1) as at December 31, 2024 across four Toronto Stock Exchange ('TSX') listed trusts, our private asset management business and numerous partnerships. We are a leading developer of exceptional real estate assets across Canada and Europe, including income properties that will be held for the long term as they are completed. We also develop land for sale in Western Canada. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. A comprehensive overview of our holdings is included in the 'Summary of Dream's Assets and Holdings' section of our MD&A for the fourth quarter of 2024.
Non-GAAP Measures and Other Disclosures
In addition to using financial measures determined in accordance with International Financial Reporting Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards'), we believe that important measures of operating performance include certain financial measures that are not defined under IFRS Accounting Standards. Throughout this press release, there are references to certain non-GAAP financial measures and ratios and supplementary financial measures, including Dream standalone FFO per share, Dream consolidated FFO per share, Dream standalone FFO, Dream consolidated FFO, Dream Impact Trust and consolidation and fair value adjustments, available liquidity, net operating income, standalone figures by division, fee earning assets under management and portfolio of stabilized properties, which management believes are relevant in assessing the economics of the business of Dream. These performance and other measures are not financial measures under IFRS Accounting Standards, and may not be comparable to similar measures disclosed by other issuers. However, we believe that they are informative and provide further insight as supplementary measures of financial performance, financial position or cash flow, or our objectives and policies, as applicable. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the management's discussion and analysis of Dream for the year ended December 31, 2024, dated February 25, 2025 (the 'MD&A for the fourth quarter of 2024') and can be found under the section 'Non-GAAP Ratios and Financial Measures', subheadings 'Dream standalone FFO' and 'Dream consolidated FFO', 'Dream standalone FFO per share' and 'Dream consolidated FFO per share', 'Net operating income' and 'Dream Impact Trust and consolidation and fair value adjustments'. The composition of supplementary financial measures included in this press release has been incorporated by reference from the MD&A for the fourth quarter of 2024 and can be found under the section 'Supplementary and Other Financial Measures'. The MD&A for the fourth quarter of 2024 is available on SEDAR+ at www.sedarplus.com under Dream's profile and on Dream's website at www.dream.ca under the Investors section.
Non-GAAP Ratios and Financial Measures
' Dream Impact Trust and consolidation and fair value adjustments" represent certain IFRS Accounting Standards adjustments required to reconcile Dream standalone and Dream Impact Trust results to the consolidated results as at December 31, 2024 and December 31, 2023 and for the year ended December 31, 2024 and December 31, 2023. Management believes Dream Impact Trust and consolidation and fair value adjustments provides investors useful information in order to reconcile it to the Dream Impact Trust financial statements.
Consolidation and fair value adjustments relate to business combination adjustments on acquisition of Dream Impact Trust on January 1, 2018 and related amortization, elimination of intercompany balances including the investment in Dream Impact Trust units, adjustments for co-owned projects, fair value adjustments to the Dream Impact Trust units held by other unitholders, and deferred income taxes.
'Dream standalone FFO', 'Adjusted Dream standalone FFO', 'Dream consolidated FFO' and 'Adjusted Dream consolidated FFO', are non-GAAP financial measures and are key measures of our financial performance. We use Dream standalone FFO and Dream consolidated FFO to assess operating results and the pre-tax performance of our businesses on a divisional basis.
Dream standalone FFO is calculated as the sum of FFO for all of our divisions, excluding Dream Impact Trust and consolidation adjustments, and Dream consolidated FFO is calculated as Dream standalone FFO plus Dream Impact Trust and consolidation adjustments. Adjusted Dream standalone FFO and Adjusted Dream consolidated FFO include the gain on sale of Arapahoe Basin. We use Dream standalone FFO and Dream consolidated FFO, to assess operating results and the performance of our businesses on a divisional basis. The most directly comparable measure to Dream standalone FFO and Dream consolidated FFO is net income.
The following table defines and illustrates how Dream standalone FFO is calculated by division:
(in thousands of dollars, unless otherwise noted)
For the three months ended
December 31,
For the year ended
December 31,
FFO by division:
2024
2023
2024
2023
Asset management (i)
$
9,451
$
15,459
$
38,337
$
39,047
Dream group unit holdings (ii)
5,108
6,248
21,191
26,145
Stabilized assets - GTA/Ottawa
1,164
2,706
2,712
2,628
Stabilized assets - Western Canada
(546)
4
2,198
3,258
Arapahoe Basin

(2,258)
15,792
7,284
Development - GTA/Ottawa
3,826
6,620
3,642
3,049
Development - Western Canada
39,876
3,945
73,551
15,664
Corporate & other
(7,393)
(8,871)
(37,171)
(38,678)
Dream standalone FFO
$
51,486
$
23,853
$
120,252
$
58,397
Dream Impact Trust and consolidation adjustments (iii) & fair value adjustments
9,236
(5,507)
(9,695)
(19,370)
Dream consolidated FFO
$
60,722
$
18,346
$
110,557
$
39,027
Add: Gain on disposition of Arapahoe Basin
$
157,362
$

$
157,362
$

Adjusted Dream standalone FFO
$
208,848
$
23,853
$
277,614
$
58,397
Adjusted Dream consolidated FFO
$
218,084
$
18,346
$
267,919
$
39,027
Shares outstanding, weighted average
42,034,893
42,437,858
42,088,662
42,759,942
Dream standalone FFO per share
$
1.22
$
0.56
$
2.86
$
1.37
Dream consolidated FFO per share
$
1.44
$
0.43
$
2.63
$
0.91
Adjusted Dream standalone FFO per share
$
4.97
$
0.56
$
6.60
$
1.37
(i)
Asset management includes our asset and development management contracts with the Dream group of companies and management fees from our private asset management business, along with associated costs. Included in asset management for the three and twelve months ended December 31, 2024 are asset management fees from Dream Impact Trust received in the form of units of $444 and $1,685, respectively (three and twelve months ended December 31, 2023 - $472 and $3,454, respectively). These fees have been received in the form of units since April 1, 2019. Had the asset management fees been paid in cash, rather than in units, the fees earned for the three and twelve months ended December 31, 2024 would have been $3,761 and $15,243, respectively (three and twelve months ended December 31, 2023 - $3,618 and $13,980).
(ii)
Dream group unit holdings includes our proportionate share of funds from operations from our 31.3% effective interest in Dream Office REIT and 11.9% effective interest in Dream Residential REIT, along with distributions from our 36.8% interest in Dream Impact Trust. Included in Dream group unit holdings for the three and twelve months ended December 31, 2024 are distributions from Dream Impact Trust received in the form of units of $nil and $653, respectively (three and twelve months ended December 31, 2023 - $947 and $4,386, respectively).
(iii)
Included within consolidation adjustments in the three and twelve months ended December 31, 2024 are losses of $664 and income of $4,294, respectively, attributable to non-controlling interest (three and twelve months ended December 31, 2023 - $116 and $495, respectively, in losses).
The following table reconciles Dream consolidated FFO to net income (loss):
(in thousands of dollars, unless otherwise noted)
For the three months ended
December 31,
For the year ended
December 31,
2024
2023
2024
2023
Dream consolidated net income (loss)
$
129,088
$
(81,352)
$
187,858
$
(117,079)
Financial statement components not included in FFO:
Fair value changes in investment properties
9,308
29,450
24,398
57,279
Fair value changes in financial instruments
(3,688)
1,138
(1,950)
691
Gain on sale of Arapahoe Basin
(157,362)

(157,362)

Share of loss from Dream Office REIT and Dream Residential REIT
36,254
74,824
28,044
183,098
Fair value changes in equity accounted investments
2,297
(6,090)
4,861
(8,261)
Adjustments related to Dream Impact Trust units
(3,691)
(16,312)
(26,891)
(107,427)
Adjustments related to Impact Fund units
939
5,925
(9,828)
3,561
Depreciation and amortization
826
2,034
3,374
8,117
Income tax (recovery) expense
41,643
3,795
37,515
(2,711)
Share of Dream Office REIT FFO
4,414
4,424
18,172
19,568
Share of Dream Residential REIT FFO
694
510
2,366
2,191
Dream consolidated FFO
$
60,722
$
18,346
$
110,557
$
39,027
'Dream standalone FFO per share', 'Adjusted Dream standalone FFO per share' and 'Dream consolidated FFO per share' are non-GAAP ratios. Dream standalone FFO per share is calculated as Dream standalone FFO divided by the weighted average number of Dream shares outstanding. Adjusted Dream standalone FFO per share is calculated as Adjusted Dream standalone FFO divided by the weighted average number of Dream shares outstanding. Dream consolidated FFO per share is calculated as Dream consolidated FFO divided by weighted average number of Dream shares outstanding. We use these ratios to assess operating results and the pre-tax performance of our businesses on a per share basis.
Dream standalone FFO per share and Dream consolidated FFO per share for the year ended December 31, 2024 and 2023 are shown in the table included under the 'Funds From Operations' section of the MD&A for the fourth quarter of 2024. Adjusted Dream standalone FFO per share is reconciled above.
' Net operating income" is a non-GAAP measure and represents revenue, less (i) direct operating costs and (ii) selling, marketing, depreciation and other indirect costs, but including: (iii) depreciation; and (iv) general and administrative expenses. The most directly comparable financial measure to net operating revenue is net margin. This non-GAAP measure is an important measure used by management to assess the profitability of the Company's recurring income segment. Net operating income for the recurring income segment for the year ended December 31, 2024 and 2023 is calculated and reconciled to net margin as follows:
For the three months ended
December 31,
For the year ended
December 31,
2024
2023
2024
2023
Net margin
$
20,335
$
23,299
$
93,995
$
75,732
Add: Depreciation
491
1,361
2,107
5,895
Add: General and administrative expenses
742
968
2,058
3,175
Net operating income
$
21,568
$
25,628
$
98,160
$
84,802
'Standalone Figures by Division' is a non-GAAP measure and represents the results of Dream, excluding the impact of Dream Impact Trust's consolidated results and IFRS Accounting Standards adjustments to reflect Dream's direct ownership of our partnerships. Direct ownership refers to Dream Unlimited Corp.'s interest in subsidiaries and partnerships and excludes any non-controlling interest in the noted entities based on units held as of the end of the reporting period. The most direct comparable financial measure to Dream standalone is consolidated Dream. This non-GAAP measure is an important measure used by the Company to evaluate earnings against historical periods, including results prior to the acquisition of control of Dream Impact Trust.
For the three months ended December 31, 2023
Asset
Management
Income
Properties (i)
Urban
Development
Western
Canada
Development
Corporate
Total
Standalone
Add: Dream
Impact Trust
and IFRS
adjustments
Consolidated
Dream
Revenue
$
23,800
$
20,830
$
20,539
$
33,304
$

$
98,473
$
9,385
$
107,858
Direct operating costs
(7,036)
(17,298)
(18,469)
(23,261)

(66,064)
(5,250)
(71,314)
Gross margin
16,764
3,532
2,070
10,043

32,409
4,135
36,544
Selling, marketing, depreciation and other operating costs

(2,680)
(2,515)
(5,228)

(10,423)
259
(10,164)
Net margin
16,764
852
(445)
4,815

21,986
4,394
26,380
Fair value changes in investment properties

1,734
(6,820)
2,296

(2,790)
(26,660)
(29,450)
Investment and other income
(261)
711
6,152
655
(607)
6,650
439
7,089
Interest expense
(12)
(4,027)
1,304
(1,577)
(3,067)
(7,379)
(7,541)
(14,920)
Share of earnings from equity accounted investments (ii)
(7,270)
46


(72,935)
(80,159)
13,364
(66,795)
Net segment earnings (loss)
9,221
(684)
191
6,189
(76,609)
(61,692)
(16,004)
(77,696)
General and administrative expenses




(9,972)
(9,972)
(276)
(10,248)
Adjustments related to Dream Impact Trust units






16,312
16,312
Adjustments related to Dream Impact Fund units






(5,925)
(5,925)
Income tax (expense) recovery




2,747
2,747
(6,542)
(3,795)
Net earnings (loss)
$
9,221
$
(684)
$
191
$
6,189
$
(83,834)
$
(68,917)
$
(12,435)
$
(81,352)
(i)
Income properties includes results attributable to Arapahoe Basin for the period.
(ii)
The loss in share of earnings from equity accounted investments within Corporate relates to an impairment loss of $72,935 from Dream Office REIT.
For the year ended December 31, 2024
Asset
Management
Income
Properties (i)
Urban
Development
Western
Canada
Development
Corporate
Total
Standalone
Add: Dream
Impact Trust
and IFRS
adjustments
Consolidated
Dream
Revenue
$
74,929
$
101,952
$
74,979
$
263,414
$

$
515,274
$
109,232
$
624,506
Direct operating costs
(33,635)
(63,718)
(64,919)
(163,922)

(326,194)
(96,655)
(422,849)
Gross margin
41,294
38,234
10,060
99,492

189,080
12,577
201,657
Selling, marketing, depreciation and other operating costs

(3,813)
(11,361)
(24,113)

(39,287)
(4,157)
(43,444)
Net margin
41,294
34,421
(1,301)
75,379

149,793
8,420
158,213
Fair value changes in investment properties

104
(8,312)
12,101

3,893
(28,291)
(24,398)
Investment and other income
(1,272)
1,841
8,249
4,137
2,718
15,673
2,243
17,916
Interest expense
(917)
(17,695)
(3,487)
(6,459)
(17,516)
(46,074)
(32,318)
(78,392)
Gain on disposition of Arapahoe Basin

157,362



157,362

157,362
Share of earnings from equity accounted investments
(32,034)




(32,034)
12,903
(19,131)
Net segment earnings (loss)
7,071
176,033
(4,851)
85,158
(14,798)
248,613
(37,043)
211,570
General and administrative expenses




(20,739)
(20,739)
(2,177)
(22,916)
Adjustments related to Dream Impact Trust units






26,891
26,891
Adjustments related to Dream Impact Fund units






9,828
9,828
Income tax (expense) recovery




(48,684)
(48,684)
11,169
(37,515)
Net earnings (loss)
$
7,071
$
176,033
$
(4,851)
$
85,158
$
(84,221)
$
179,190
$
8,668
$
187,858
(i) Income properties includes results attributable to Arapahoe Basin for the period.
For the year ended December 31, 2023
Asset
Management
Income
Properties (i)
Urban
Development
Western
Canada
Development
Corporate
Total
Standalone
Add: Dream
Impact Trust
and IFRS
adjustments
Consolidated
Dream
Revenue
$
71,124
$
98,047
$
47,895
$
135,051
$

$
352,117
$
34,830
$
386,947
Direct operating costs
(32,599)
(70,089)
(44,492)
(94,092)

(241,272)
(20,480)
(261,752)
Gross margin
38,525
27,958
3,403
40,959

110,845
14,350
125,195
Selling, marketing, depreciation and other operating costs

(8,588)
(8,580)
(20,868)

(38,036)
(1,289)
(39,325)
Net margin
38,525
19,370
(5,177)
20,091

72,809
13,061
85,870
Fair value changes in investment properties

(578)
(5,984)
2,068

(4,494)
(52,785)
(57,279)
Investment and other income
(1,111)
646
9,979
2,568
(16)
12,066
449
12,515
Interest expense
(23)
(13,405)
(2,247)
(7,803)
(12,595)
(36,073)
(32,228)
(68,301)
Share of earnings from equity accounted investments (ii)
(23,180)
46


(161,139)
(184,273)
18,967
(165,306)
Net segment earnings (loss)
14,211
6,079
(3,429)
16,924
(173,750)
(139,965)
(52,536)
(192,501)
General and administrative expenses




(29,929)
(29,929)
(1,226)
(31,155)
Adjustments related to Dream Impact Trust units






107,427
107,427
Adjustments related to Dream Impact Fund units






(3,561)
(3,561)
Income tax (expense) recovery




8,788
8,788
(6,077)
2,711
Net earnings (loss)
$
14,211
$
6,079
$
(3,429)
$
16,924
$
(194,891)
$
(161,106)
$
44,027
$
(117,079)
(i)
Income properties includes results attributable to Arapahoe Basin for the period.
(ii)
The loss in share of earnings from equity accounted investments within Corporate relates to $88,204 in accounting losses taken on the sale of Dream Office REIT units and an impairment loss of $72,935 from Dream Office REIT.
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, statements regarding our objectives and strategies to achieve those objectives; our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth, expected net proceeds from sales or transactions, results of operations, performance, business prospects and opportunities, acquisitions or divestitures, tenant base, future maintenance and development plans and costs, capital investments, financing, the availability of financing sources, income taxes, vacancy and leasing assumptions, litigation and the real estate industry in general; as well as specific statements in respect of our expectations regarding our ability to pursue opportunities to grow; our expectations regarding the performance of Western Canada division; our ability to grow our income property division and achieve scale; our ability to maintain strong liquidity and our expectation that we will be able to weather unexpected disruptions and be well positioned for new investments as they arise; our ability to achieve leasing and construction targets; our expectations regarding our asset management division, including expected growth; our development plans, including sizes, uses, density, number of units, amenities and timing thereof; our expectation that we will add over 2,600 residential rental units to our portfolio through 2027; expectations regarding the sale of assets and land; our ability to consummate land commitments, and use of proceeds and timing thereof and the impacts of any sales on interest in our communities; our occupancy targets; our ability to achieve financing solutions for Quayside and 49 Ontario and impacts of such financing on construction timing; the growth of our Brighton community and our expectations regarding construction timing; our expectations and ability to finalize the refinancing of our indebtedness including our $225 million term facility and $320 million Western Canada operating line, including timing and extension terms; our expectations about our liquidity in future periods. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to: the nature of development lands held and the development potential of such lands, interest rates and inflation remaining in line with management expectations, our ability to bring new developments to market, anticipated positive general economic and business conditions, including low unemployment and interest rates, that duties, tariffs and other trade restrictions, if any, will not materially impact our business, positive net migration, oil and gas commodity prices, our business strategy, including geographic focus, anticipated sales volumes, performance of our underlying business segments and conditions in the Western Canada land and housing markets. Risks and uncertainties include, but are not limited to, general and local economic and business conditions, the impact of public health crises and epidemics, employment levels, risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, international sanctions and the disruption of movement of goods and services across jurisdictions, inflation or stagflation, regulatory risks, mortgage and interest rates and regulations, risks related to a potential economic slowdown in certain of the jurisdictions in which we operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates, risks related to the imposition of duties, tariffs and other trade restrictions and their impacts, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward-looking information in this press release speaks as of February 25, 2025. Dream does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ ( www.sedarplus.com).
Endnotes:
(1)
Dream standalone FFO per share, Adjusted Dream standalone FFO per share, and Dream consolidated FFO per share are non-GAAP ratios. Dream Impact Trust and consolidation and fair value adjustments, Dream standalone FFO, Adjusted Dream standalone FFO, Dream consolidated FFO, portfolio of stabilized properties and net operating income are non-GAAP financial measures. Such measures are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. The most directly comparable financial measures to Dream Impact Trust and consolidation and fair value adjustments, Dream standalone FFO and Dream consolidated FFO is net income. The most directly comparable financial measures to portfolio of stabilized properties and net operating income is net margin. Assets under management, fee earning assets under management, net margin (%), and available liquidity are supplementary financial measures. Refer to the 'Non-GAAP Measures and Other Disclosures' section of this press release for further details.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250225250414/en/
CONTACT: Dream Unlimited Corp.
Meaghan Peloso
Chief Financial Officer
(416) 365-6322
[email protected] Lefever
Director, Investor Relations
(416) 365-6339
[email protected]
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY ASSET MANAGEMENT
SOURCE: Dream Unlimited Corp.
Copyright Business Wire 2025.
PUB: 02/25/2025 10:10 PM/DISC: 02/25/2025 10:10 PM

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Xtract One Technologies Inc. Announces $7 Million 'Bought Deal' Public Offering
Xtract One Technologies Inc. Announces $7 Million 'Bought Deal' Public Offering

Yahoo

time5 minutes ago

  • Yahoo

Xtract One Technologies Inc. Announces $7 Million 'Bought Deal' Public Offering

NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES BASE SHELF PROSPECTUS IS ACCESSIBLE AND PROSPECTUS SUPPLEMENT WILL BE ACCESSIBLE ON SEDAR+ WITHIN TWO BUSINESS DAYS TORONTO, June 11, 2025 (GLOBE NEWSWIRE) -- June 11, 2025 – Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL), a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, (the "Company" or "Xtract One") is pleased to announce that it has entered into an agreement with Ventum Capital Markets (the "Underwriter") pursuant to which the Underwriter has agreed to purchase 18,000,000 units (the "") from the treasury of the Company, at a price of $0.39 per Unit (the 'Issue Price') and offer them to the public by way of prospectus supplement for total gross proceeds of $7,020,000 (the "Offering"). Each Unit will consist of one common share of the Company (each a 'Common Share') and one common share purchase warrant (each full warrant, a 'Warrant' and collectively the 'Warrants'). The Company has granted the Underwriter an option to purchase up to an additional 15% of the Offered Securities at the Issue Price. The Over-Allotment Option may be exercised in whole or in part to purchase Offered Securities as determined by the Underwriter upon written notice to the Company at any time up to 30 days following the Closing Date (the 'Over-Allotment Option'). The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes. 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The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. The Offering is expected to close on or about June 18, 2025, or such other date as the Company and the Underwriter may agree, and is subject to customary closing conditions, including the approval of the securities regulatory authorities and the Toronto Stock Exchange. Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendments thereto are provided in Canada in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus supplement and any amendment to such documents. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days from the date hereof), accessible through SEDAR+ at An electronic or paper copy of the Prospectus Supplement, the Base Shelf Prospectus and any amendment thereto may be obtained, without charge, from Ventum Financial Corp., or email at ecm@ by providing the contact with an email address or address, as applicable. About Xtract One Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that are designed to assist facility operators in prioritizing- and delivering improved 'Walk-right-In' experiences while enhancing safety. Xtract One's innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit or connect on Facebook, X, and LinkedIn. About Threat Detection Systems Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today's world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security. 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Generation Mining Announces $10 Million Bought Deal Financing
Generation Mining Announces $10 Million Bought Deal Financing

Yahoo

time10 minutes ago

  • Yahoo

Generation Mining Announces $10 Million Bought Deal Financing

/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ TORONTO, June 11, 2025 /CNW/ - Generation Mining Ltd. (TSX: GENM) (OTCQB: GENMF) ("Generation Mining" or the "Company") announced today that it has entered into an agreement with Stifel Nicolaus Canada Inc. ("Stifel Canada") to act as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the "Underwriters") in connection with a "bought deal" private placement offering of 27,027,027 Units of the Company at a price of C$0.37 per Unit (the "Offering Price") for gross proceeds to the Company of up to C$10,000,000 (the "Offering"), with the Units to be issued pursuant to the Listed Issuer Financing Exemption (as defined below). Each Unit will consist of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). 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The Marathon Property covers a land package of approximately 26,000 hectares, or 260 square kilometers. Gen Mining is dedicated to fostering a greener future by promoting sustainability, empowering communities, and delivering value to our stakeholders. The Feasibility Study (the "Technical Report") estimated a Net Present Value (using a 6% discount rate) of C$1.07 billion, an Internal Rate of Return of 28%, and a 1.9-year payback based on the 3-yr trailing average metal prices at the effective date of the Technical Report. Over the anticipated 13-year mine life, the Marathon Project is expected to produce 2,161,000 ounces of palladium, 532 million lbs of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals. For more information, please review the Feasibility Study filed under the Company's profile at or on the Company's website at Qualified PersonThe scientific and technical content of this news release has been reviewed and approved by Daniel Janusauskas, Technical Services Manager of Generation PGM Inc., a wholly-owned subsidiary of the Company, and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects. Forward-Looking InformationThis news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, including statements relating to Offering, the proposed use of proceeds of the Offering, , receipt of all regulatory approvals related to the Offering, and the expected closing date of the Offering. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the timing of the Offering and regulatory approval of the Offering; timing for a construction decision; the progress of development at the Marathon Project, including progress of project expenditures and contracting processes, the Company's plans and expectations with respect to liquidity management, continued availability of capital and financing, the future prices of palladium, copper and other commodities, permitting timelines, exchange rates and currency fluctuations, increases in costs, requirements for additional capital, and the Company's decisions with respect to capital allocation, and the impact of COVID-19, inflation, global supply chain disruptions, global conflicts, including the wars in Ukraine and Israel, the project schedule for the Marathon Project, key inputs, staffing and contractors, continued availability of capital and financing, uncertainties involved in interpreting geological data and the accuracy of mineral reserve and resource estimates, environmental compliance and changes in environmental legislation and regulation, the Company's relationships with Indigenous communities, results from planned exploration and drilling activities, local access conditions for drilling, and general economic, market or business conditions, as well as those risk factors set out in the Company's annual information form for the year ended December 31, 2024, and in the continuous disclosure documents filed by the Company on SEDAR+ at Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR+ at SOURCE Generation Mining Ltd. View original content:

Major Drilling Announces Fourth Quarter and Fiscal Year 2025 Results as Activity Ramps Up
Major Drilling Announces Fourth Quarter and Fiscal Year 2025 Results as Activity Ramps Up

Hamilton Spectator

time11 minutes ago

  • Hamilton Spectator

Major Drilling Announces Fourth Quarter and Fiscal Year 2025 Results as Activity Ramps Up

MONCTON, New Brunswick, June 11, 2025 (GLOBE NEWSWIRE) — Major Drilling Group International Inc. ('Major Drilling' or the 'Company') (TSX: MDI), a leading provider of specialized drilling services to the mining sector, today reported results for the fourth quarter and fiscal year 2025, ended April 30, 2025. Fiscal 2025 Highlights Q4 2025 Summary 'Fiscal 2025 marked a pivotal year for the Company, with the successful acquisition of Explomin Perforaciones ('Explomin') in November 2024, bolstering the foundation for a strong path toward further growth heading into fiscal 2026. As we move into the new year, there have been several positive indications with respect to exploration spending, most notably from the larger exploration budgets outlined by several of our senior customers in conjunction with their year-end results,' said Denis Larocque, President and CEO of Major Drilling. 'Market hesitation due to tariff-related economic uncertainty impacted performance during the quarter as several project startups were delayed. These programs ramped up through March and accelerated into April, resulting in some training, mobilization, and startup costs impacting our margins in fiscal Q4,' Mr. Larocque continued. 'While we prepare for a busier fiscal year, we remain proud of our top-tier safety record, as we achieved a TRIFR of 0.74 in fiscal 2025, the lowest in Company history. Our strong safety culture, along with our well-maintained fleet of rigs, strong levels of inventory, and experienced crews, all combine to solidify our position as an industry leader,' concluded Mr. Larocque. 'With a sharp increase in activity expected over the coming months, we spent $18.6 million on capex during the quarter. This included the addition of 7 new drill rigs, while we disposed of 4 older, less efficient rigs, bringing the total rig count to 708 at fiscal year-end. Our fourth quarter, and annual capex spend of $72.5 million, include the purchase of additional ancillary support equipment as well as the latest technology, including our Drillside GeoSolutions products and hands-free rod handlers in order to meet the rigorous standards of our senior customer base,' said Ian Ross, CFO of Major Drilling. 'In fiscal Q4, the Company generated $20.5 million in EBITDA, with startup and mobilization costs having a negative impact on margins, as previously discussed. The Company's balance sheet remains strong with net debt (see 'Non-IFRS measures') of $3.9 million and total available liquidity of $123 million,' concluded Mr. Ross. 'Looking ahead, given the sharp ramp-up in activity we experienced at the end of the fiscal year, we expect fiscal 2026 Q1 revenue to grow by approximately 20% relative to fiscal 2025 Q4 levels. With a year-over-year increase in exploration budgets outlined by several senior mining companies, combined with a slower start to the exploration season, this points to a promising outlook for the balance of the year. In contrast, junior miners continue to face challenges in securing funding, which seems to be improving as the year progresses, albeit at a slow pace. The growing demand for our services puts us in an optimal position for the upcoming year, as gold prices have reached record highs, while copper prices remain resilient, further reinforcing a positive outlook for the sector,' continued Mr. Larocque. 'Despite the pressing need to replenish mineral reserves for both gold and critical metals, exploration spending has not yet caught up to levels required to address this issue. According to S&P Global Market Intelligence, global non-ferrous exploration budgets reached $12.5 billion in 2024, which is only 60% of the $21.5 billion spent at the peak of the last cycle in 2012 (non-inflation adjusted). The mining industry remains in the discovery phase and will need to undergo an intensive, multi-year exploration and infill drilling period to develop new mines and address the projected supply gaps in various commodities. Many of these new mineral deposits will be in challenging, hard-to-reach areas, necessitating complex drilling solutions and increasing the demand for Major Drilling's specialized services.' 'Our position as the leader in specialized drilling continues to be a factor in attracting business from senior companies, and we are proud to maintain the industry's largest, most modern fleet. To strengthen our leadership position in the industry, the Company expects to spend approximately $70 million in capital expenditures in fiscal 2026, including further investments to equip our rigs with the latest technology,' concluded Mr. Larocque. (1) See 'Non-IFRS Financial Measures' Fourth Quarter Ended April 30, 2025 Total revenue for the quarter was $187.5 million, up 11.6% from revenue of $168.0 million recorded in the same quarter last year. Excluding Explomin, revenue for the quarter would have been $149.9 million, down 11% from the same quarter last year. The favourable foreign exchange translation impact on revenue for the quarter, when compared to the effective rates for the same period last year, was approximately $5 million, with minimal impact on net earnings as expenditures in foreign jurisdictions tend to be in the same currency as revenue. Revenue for the quarter from Canada - U.S. drilling operations decreased by 21.1% to $58.8 million, compared to the same period last year due to a slow start to the quarter as many projects were delayed entering the new calendar year. As well, the junior market remained negatively impacted by a lack of access to capital. South and Central American revenue increased by 78.5% to $88.0 million for the quarter, compared to the same quarter last year. The Explomin acquisition was the main driver of growth in the region, however, the Chilean market also contributed positively to the quarter, which helped offset reduced activity in Argentina. Australasian and African revenue decreased by 7.7% to $40.8 million, compared to the same period last year. Project delays at the start of the calendar year negatively impacted revenue in the quarter. Gross margin percentage for the quarter was 14.8%, compared to 19.3% for the same period last year. Depreciation expense, totaling $15.0 million, is included in direct costs for the current quarter, versus $12.8 million in the same quarter last year. Adjusted gross margin, which excludes depreciation expense, was 22.8% for the quarter, compared to 26.9% for the same period last year. The decrease in margins relates to startup costs for projects that were delayed, as well as ramp-up costs for multiple projects in April. General and administrative costs were $20.9 million, an increase of $3.5 million compared to the same quarter last year. The increase was driven by the addition of the Explomin group of companies and annual inflationary wage adjustments. Amortization of the intangible assets was $2.0 million, an increase of $1.7 million compared to the same quarter last year, due to the addition of intangibles recognized as part of the Explomin acquisition. Other expenses were $2.2 million, down from $3.0 million in the prior year quarter, due to lower incentive compensation expenses given the decreased profitability as compared to the prior year quarter. The income tax provision for the quarter was an expense of $0.7 million, compared to an expense of $2.4 million for the prior year period. The decrease in the income tax provision was related to the overall reduction in profitability. Net earnings were $1.0 million or $0.01 per share ($0.01 per share diluted) for the quarter, compared to net earnings of $9.9 million or $0.12 per share ($0.12 per share diluted) for the prior year quarter. Fiscal Year Ended April 30, 2025 Total revenue for the year was $727.6 million, up 3% from revenue of $706.7 million recorded in the previous year. Excluding Explomin, revenue for the year would have been $657.0 million, down 7% from the previous year. The favourable foreign exchange translation impact, when comparing to the effective rates for the previous year, was approximately $10 million on revenue, with minimal impact on net earnings as expenditures in foreign jurisdictions tend to be in the same currency as revenue. Revenue for the year from Canada - U.S. decreased by 20% to $274.4 million, compared to the previous year. The lack of junior financing continues to impact this region year-over-year, and project delays resulted in a slow start to calendar 2025. South and Central American revenue increased by 40% to $262.3 million for the year, compared to the previous year. While some countries in the region are experiencing slowdowns and project delays, growth was generated by the additional revenue from the Explomin acquisition, and continued growth in Chile, driven by copper exploration. Australasian and African revenue increased by 9% to $190.9 million, compared to the previous year, as demand for specialized services in Australia and Mongolia continues to drive growth in this region. Gross margin percentage for the year was 17.9%, compared to 21.6% for the previous year. Depreciation expense totaling $56.0 million is included in direct costs for the current year, versus $47.8 million in the prior year. Adjusted gross margin (see 'Non-IFRS financial measures'), which excludes depreciation expense, was 25.6% for the year, compared to 28.4% for the prior year. While the Company remains disciplined on pricing, margins were reduced year-over-year as the competitive environment in Canada - U.S. remains, and the Company retained labour throughout project delays. General and administrative costs were $78.8 million, an increase of $11.0 million, compared to the previous year. The increase from the prior year was driven by the addition of the Explomin group of companies and annual wage adjustments implemented at the start of the fiscal year. Amortization of the intangible assets was $3.7 million, an increase of $2.6 million compared to the previous year, due to the addition of intangibles recognized as part of the Explomin acquisition. Other expenses were $9.0 million, down from $10.3 million in the prior year, due primarily to lower incentive compensation expenses throughout the Company, given the decreased profitability. Foreign exchange loss was $1.9 million, compared to $5.5 million for the prior year. While the Company's reporting currency is the Canadian dollar, various jurisdictions have net monetary assets or liabilities exposed to other currencies. Throughout fiscal 2025, various currencies lost strength against the Canadian dollar, while in the prior fiscal year the loss was mainly driven by Argentina as they experienced a significant devaluation of the Peso as part of economic reforms implemented by the Argentinian government. The income tax provision for the year was an expense of $11.3 million, compared to an expense of $17.9 million for the prior year. The decrease was driven by an overall decrease in profitability compared to the prior year. Net earnings were $26.0 million or $0.32 per share ($0.32 per share diluted) for the year, compared to $53.1 million or $0.64 per share ($0.64 per share diluted) for the prior year. Non-IFRS Financial Measures The Company's financial data has been prepared in accordance with IFRS, with the exception of certain financial measures detailed below. The measures below have been used consistently by the Company's management team in assessing operational performance on both segmented and consolidated levels, and in assessing the Company's financial strength. The Company believes these non-IFRS financial measures are key, for both management and investors, in evaluating performance at a consolidated level and are commonly reported and widely used by investors and lending institutions as indicators of a company's operating performance and ability to incur and service debt, and as a valuation metric. These measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. Adjusted gross profit/margin - excludes depreciation expense: EBITDA - earnings before interest, taxes, depreciation, and amortization: Net cash (debt) – cash net of debt, excluding lease liabilities reported under IFRS 16 Leases: Forward-Looking Statements This news release includes certain information that may constitute 'forward-looking information' under applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this news release that address future events, developments, or performance that the Company expects to occur (including management's expectations regarding the Company's objectives, strategies, financial condition, results of operations, cash flows and businesses) are forward-looking statements. Forward-looking statements are typically identified by future or conditional verbs such as 'outlook', 'believe', 'anticipate', 'estimate', 'project', 'expect', 'intend', 'plan', and terms and expressions of similar import. All forward-looking information in this news release is qualified by this cautionary note. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such forward-looking statements are subject to a number of risks and uncertainties that include, but are not limited to: the level of activity in the mining industry and the demand for the Company's services; competitive pressures; global and local political and economic environments and conditions; measures affecting trade relations between countries, including the imposition of tariffs and countermeasures, as well as the possible impacts on the Company's clients, operations and, more generally, the economy; the integration of business acquisitions and the realization of the intended benefits of such acquisitions; the level of funding for the Company's clients (particularly for junior mining companies); exposure to currency movements (which can affect the Company's revenue in Canadian dollars); changes in jurisdictions in which the Company operates (including changes in regulation); currency restrictions; the Company's dependence on key customers; efficient management of the Company's growth; the impact of operational changes; safety of the Company's workforce; risks and uncertainties relating to climate change and natural disasters; the geographic distribution of the Company's operations; failure by counterparties to fulfill contractual obligations; disease outbreak; as well as other risk factors described under 'General Risks and Uncertainties' in the Company's MD&A for the year ended April 30, 2025, available on the SEDAR+ website at . Should one or more risk, uncertainty, contingency, or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Forward-looking statements made in this document are made as of the date of this document and the Company disclaims any intention and assumes no obligation to update any forward-looking statement, even if new information becomes available, as a result of future events, or for any other reasons, except as required by applicable securities laws. About Major Drilling Major Drilling Group International Inc. is the world's leading provider of specialized drilling services in the metals and mining industry. The diverse needs of the Company's global clientele are met through field operations and registered offices that span across North America, South America, Australia, Asia, Africa, and Europe. Established in 1980, the Company has grown to become a global brand in the mining space, known for tackling many of the world's most challenging drilling projects. Supported by a highly skilled workforce, Major Drilling is led by an experienced senior management team who have steered the Company through various economic and mining cycles, supported by regional managers known for delivering decades of superior project management. Major Drilling is regarded as an industry expert at delivering a wide range of drilling services, including reverse circulation, surface and underground coring, directional, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/longhole, and surface drill and blast, along with the ongoing development and evolution of its suite of data and technology-driven innovation services. Webcast/Conference Call Information Major Drilling Group International Inc. will provide a simultaneous webcast and conference call to discuss its quarterly results on Thursday, June 12, 2025 at 8:00 am (EDT). To access the webcast, which includes a slide presentation, please go to the investors/webcasts section of Major Drilling's website at and click on the link. Please note that this is listen-only mode. To participate in the conference call, please dial 416-340-2217, participant passcode 5509648# and ask for Major Drilling's Fourth Quarter Results Conference Call. To ensure your participation, please call in approximately five minutes prior to the scheduled start of the call. For those unable to participate, a taped rebroadcast will be available approximately one hour after the completion of the call until Sunday, July 6, 2025. To access the rebroadcast, dial 905-694-9451 and enter the passcode 3742746#. The webcast will also be archived for one year and can be accessed on the Major Drilling website at . For further information: Ryan Hanley Director, Corporate Development & Investor Relations Tel: (506) 857-8636 Fax: (506) 857-9211 ir@ MAJOR DRILLING GROUP INTERNATIONAL INC. SELECTED FINANCIAL INFORMATION FOR THE THREE AND TWELVE MONTHS ENDED APRIL 30, 2025 AND 2024 (in thousands of Canadian dollars) SEGMENTED INFORMATION The Company's operations are divided into three geographic segments corresponding to its management structure: Canada - U.S.; South and Central America; and Australasia and Africa. The services provided in each of the reportable segments are essentially the same. The accounting policies of the segments are the same as those described in note 4 presented in the Notes to Consolidated Financial Statements for the year ended April 30, 2025. Management evaluates performance based on earnings from operations in these three geographic segments before finance costs, general and corporate expenses, and income tax. Data relating to each of the Company's reportable segments is presented as follows: *Canada - U.S. includes revenue of $27,375 and $36,679 for Canadian operations for the three months ended April 30, 2025 and 2024 respectively, and $102,596 and $130,378 for the twelve months ended April 30, 2025 and 2024 respectively. **General and corporate expenses include expenses for corporate offices, stock options and certain unallocated costs.

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