BTB REIT Announces its Distribution for the Month of May 2025 Français
MONTRÉAL, May 14, 2025 /CNW/ - BTB Real Estate Investment Trust (TSX: BTB.UN) (" BTB" or the " REIT") announced today that the monthly cash distribution for the month of May 2025 is $0.025 per unit, representing $0.30 per unit on an annualized basis. The cash distribution will be paid on June 16 th, 2025, to unitholders of record on May 30 th, 2025.
About BTB
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB REIT invests in industrial, suburban office and necessity-based retail properties across Canada for the benefit of their investors. As of today, BTB owns and manages 75 properties, representing a total leasable area of approximately 6.1 million square feet.
People and their stories are at the heart of our success.
For more detailed information, visit BTB's website at www.btbreit.com.
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Cision Canada
37 minutes ago
- Cision Canada
D2L Inc. Announces First Quarter 2026 Financial Results
Total revenue increased 9% year-over-year to US$52.8 million and Constant Currency Revenue 2 increased by 11% year-over-year Subscription and support revenue grew 11% year-over-year to US$47.7 million Constant Currency Annual Recurring Revenue 1 reached US$206.8 million, up 9% over the prior year Adjusted EBITDA 2 was US$9.3 million (17.6% Adjusted EBITDA Margin 2), versus US$4.0 million (8.3% Adjusted EBITDA Margin) in the prior year Income for the period was $3.3 million, versus income of $0.6 million for the comparative period of the prior year. TORONTO, June 10, 2025 /CNW/ - D2L Inc. (TSX: DTOL) ("D2L" or the "Company"), a leading global learning technology company, today announced financial results for its Fiscal 2026 first quarter ended April 30, 2025. All amounts are in U.S. dollars and all figures are prepared in accordance with International Financial Reporting Standards ("IFRS") unless otherwise indicated. "We are executing successfully in the current environment, delivering efficient growth and strengthening our fundamentals, as seen in our SaaS revenue growth and further improvements in gross margins and operating leverage this quarter," said John Baker, CEO of D2L. "As organizations navigate the macroeconomic volatility, our modern, AI-first learning platform is an important solution to enhance learner engagement, drive retention, and enable new learning modalities with greater efficiency. We remain focused on balancing near-term performance with strategic investments in platform innovation and market expansion, as we work to become the leader in targeted education markets globally and establish ourselves as the next-generation learning platform for corporate upskilling." First Quarter Fiscal 2026 Financial Highlights Total revenue of $52.8 million, up 9% from the same period in the prior year and Constant Currency Revenue 2 increased by 11% to $53.6 million. Subscription and support revenue was $47.7 million, an increase of 11% over the same period of the prior year. Annual Recurring Revenue 1 ("ARR") as at April 30, 2025 increased by 8% year-over-year, from $190.3 million to $206.2 million. Constant Currency Annual Recurring Revenue 1 increased 9% to $206.8 million. Adjusted Gross Profit 2 increased by 15% to $37.7 million (71.3% Adjusted Gross Margin 2) from $32.8 million (67.7% Adjusted Gross Margin) in the same period of the prior year. Gross Profit increased by 13% to $37.0 million from $32.7 million in the same period of the prior year. Gross profit margin for subscription and support revenue increased to 75.2%, up 300 basis points from 72.2% in the same period of the prior year. Adjusted EBITDA 2 increased to $9.3 million, up from $4.0 million for the comparative period in the prior year. Income for the period was $3.3 million, versus income of $0.6 million for the comparative period of the prior year. Cash flows used in operating activities was $1.9 million, versus $14.8 million of cash flows used in the same period in the prior year, and Free Cash Flow 2 was negative $1.8 million, compared to Free Cash Flow of negative $15.0 million in the same period in the prior year. Cash flows from operations typically have a seasonal low in the first quarter each year and a seasonal high in the second quarter each year. Strong balance sheet at quarter end, with cash and cash equivalents of $92.5 million and no debt. During the quarter ended April 30, 2025, the Company repurchased and canceled 168,800 Subordinate Voting Shares under its normal course issuer bid ("NCIB"). 1 Refer to "Key Performance Indicators" section of this press release. 2 A non-IFRS financial measure or non-IFRS ratio. Refer to "Non IFRS Financial Measures" section of this press release. First Quarter Fiscal 2025 Financial Results – Selected Financial Measures (in thousands of U.S. dollars, except for percentages) Q1 2026 Q1 2025 Change Change $ $ $ % Subscription & Support Revenue 47,735 42,954 4,781 11.1 % Professional Services & Other Revenue 5,100 5,541 (441) (8.0 %) Total Revenue 52,835 48,495 4,340 8.9 % Constant Currency Revenue 1 53,608 48,495 5,113 10.5 % Gross Profit 37,030 32,677 4,353 13.3 % Adjusted Gross Profit 1 37,667 32,839 4,828 14.7 % Adjusted Gross Margin 1 71.3 % 67.7 % Income for the period 3,268 572 2,696 471.3 % Adjusted EBITDA 1 9,305 4,019 5,286 131.5 % Cash Flows from (used in) Operating Activities (1,856) (14,826) 12,970 87.5 % Free Cash Flow 1 (1,841) (14,952) 13,111 87.7 % 1 A non-IFRS financial measure or non-IFRS ratio. Refer to the "Non-IFRS Financial Measures and Reconciliation of Non-IFRS Financial Measures" section of this press release for more details. First Quarter Business & Operating Highlights D2L continued to grow its customer base in education in North America, adding Knox College, LCI Education, and Tradechology Academy. D2L continued to grow its customer base in global education, adding University of Otago, Universidad de la Sabana, and HOGENT University of Applied Sciences and Arts. D2L expanded its corporate customer portfolio, adding The Institute of Electrical and Electronics Engineers (IEEE) Computer Society and Pantheon Academy. Named one of the World's Top EdTech Companies of 2025 by TIME and one of Canada's Best Diversity Employers of 2025. Named an Innovative AI Product in the 2025 Artificial Intelligence Excellence Awards and a winner in G2's 2025 Best Software Awards for Best Education Software Products and G2's 2025 Best Software Companies in Canada. D2L's Chief Learning Officer, Dr. Cristi Ford, was recognized as an ASU+GSV Leading Women in AI at the 2025 ASU+GSV Summit. D2L launched its expanded partner program to deepen collaboration and enhance integration with D2L Brightspace. Financial Outlook The Company is maintaining its previous financial guidance for the year ended January 31, 2026 as follows: Subscription and support revenue in the range of $194 million to $196 million, implying growth of 7-9% over Fiscal 2025, and 9-10% growth on a constant currency basis; Total revenue in the range of $219 million to $221 million, implying growth of 7-8% over Fiscal 2025, and 8-9% growth on a constant currency basis; and Adjusted EBITDA in the range of $32 million to $34 million, implying an Adjusted EBITDA margin of 15%. The Company presented a Medium Term Target Operating Model that it expects to achieve by Fiscal 2028 in the Company's Management's Discussion and Analysis ("MD&A") for the years ended January 31, 2025 and 2024 (the "Annual MD&A"). This Medium Term Target Operating Model remains unchanged as of April 30, 2025. For additional details on the Company's outlook and Medium Term Target Operating Model, including the principal underlying assumptions and risk factors regarding achievement, refer to the "Financial Outlook" section of the Company's Annual MD&A, as well as the " Forward-Looking Information" section therein and in the Company's MD&A for the three months ended April 30, 2025 (the "Interim MD&A"). Conference Call & Webcast D2L management will host a conference call on Wednesday, June 11, 2025 at 8:30 am ET to discuss its first quarter Fiscal 2026 financial results. Forward-Looking Information This press release includes statements containing "forward-looking information" within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "budget", "scheduled", "estimates", "outlook", "target", "forecasts", "projection", "potential", "prospects", "strategy", "intends", "anticipates", "seek", "believes", "opportunity", "guidance", "aim", "goal" or variations of such words and phrases or statements that certain future conditions, actions, events or results "may", "could", "would", "should", "might", "will", "can", or negative versions thereof, "be taken", "occur", "continue" or "be achieved", and other similar expressions. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events or circumstances. This forward-looking information relates to the Company's future financial outlook and anticipated events or results and includes, but is not limited to, statements under the heading " Financial Outlook" and information regarding the Company's financial position, financial results, business strategy, performance, achievements, prospects, objectives, opportunities, business plans and growth strategies. Forward-looking information is based on certain assumptions, expectations and projections, and analyses made by the Company in light of management's experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, including the following: the Company's ability to win business from new customers and expand business from existing customers; the timing of new customer wins and expansion decisions by existing customers; the Company's ability to generate revenue and expand its business while controlling costs and expenses; the Company's ability to manage growth effectively; the Company's assumptions regarding the principal competitive factors in our markets; the Company's ability to hire and retain personnel effectively; the effects of foreign currency exchange rate fluctuations on our operations; the ability to seek out, enter into and successfully integrate acquisitions, including the acquisition of H5P Group AS ("H5P"); business and industry trends, including the success of current and future product development initiatives; positive social development and attitudes toward the pursuit of higher education; the Company's ability to maintain positive relationships with its customer base and strategic partners; the Company's ability to adapt and develop solutions that keep pace with continuing changes in technology, education and customer needs; the Company's ability to predict future learning trends and technology; the ability to patent new technologies and protect intellectual property rights; the Company's ability to comply with security, cybersecurity and accessibility laws, regulations and standards; the assumptions underlying the judgments and estimates impacting on financial statements; certain accounting matters, including the impact of changes in or the adoption of new accounting standards; the Company's ability to retain key personnel; the factors and assumptions discussed under the " Financial Outlook" section of the Annual MD&A and that the list of factors referenced in the following paragraph, collectively, do not have a material impact on the Company. Although the Company believes that the assumptions underlying such forward-looking information were reasonable when made, they are inherently uncertain and are subject to significant risks and uncertainties and may prove to be incorrect. The Company cautions investors that forward-looking information is not a guarantee of the future and that actual results may differ materially from those made in or suggested by the forward-looking information contained in this press release. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties and other factors, including but not limited to the risks identified herein, including " Summary of Factors Affecting Our Performance" of the Annual MD&A, or in the " Risk Factors" section of the Company's most recently filed annual information form, in each case filed under the Company's profile on SEDAR+ at If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking information prove incorrect, actual results might vary materially from those anticipated in the forward-looking information. Given these risks and uncertainties, investors are cautioned not to place undue reliance on forward-looking information, including any financial outlook. Any forward-looking information that is contained in this press release speaks only as of the date of such statement, and the Company undertakes no obligation to update any forward-looking information or to publicly announce the results of any revisions to any of those statements to reflect future events or developments, except as required by applicable securities laws. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data. D2L is transforming the way the world learns—helping learners of all ages achieve more than they dreamed possible. Working closely with customers all over the world, D2L is supporting millions of people learning online and in person. Our global workforce is dedicated to making the best learning products to leave the world better than they found it. Learn more at D2L INC. Condensed Consolidated Interim Statements of Financial Position (In U.S. dollars) As at April 30, 2025 and January 31, 2025 (Unaudited) April 30, 2025 January 31, 2025 Assets Current assets: Cash and cash equivalents $ 92,526,834 $ 99,184,514 Trade and other receivables 24,372,457 26,430,586 Uninvoiced revenue 2,969,131 2,756,998 Prepaid expenses 7,789,390 7,564,837 Deferred commissions 5,139,987 5,106,976 132,797,799 141,043,911 Non-current assets: Other receivables 400,458 422,589 Prepaid expenses 314,523 308,235 Deferred income taxes 15,872,360 18,115,730 Right-of-use assets 8,026,078 7,450,545 Property and equipment 7,049,725 7,125,272 Deferred commissions 6,954,101 6,909,439 Loan receivable from associate 9,295,669 9,123,399 Intangible assets 17,852,622 17,135,529 Goodwill 27,019,307 25,286,222 Total assets $ 225,582,642 $ 232,920,871 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 35,417,661 $ 30,504,085 Deferred revenue 85,411,389 97,454,306 Lease liabilities 1,545,432 1,201,604 Contingent consideration 5,005,457 4,927,193 127,379,939 134,087,188 Non-current liabilities: Deferred income taxes 4,031,858 4,110,030 Lease liabilities 10,391,849 9,977,941 14,423,707 14,087,971 141,803,646 148,175,159 Shareholders' equity: Share capital: 367,125,848 367,487,956 Additional paid-in capital 45,380,347 48,263,266 Accumulated other comprehensive loss (4,696,131) (7,456,599) Deficit (324,031,068) (323,548,911) 83,778,996 84,745,712 Related party transactions Investment in associate Total liabilities and shareholders' equity $ 225,582,642 $ 232,920,871 D2L INC. Condensed Consolidated Interim Statements of Comprehensive Income (Loss) (In U.S. dollars) For the three months ended April 30, 2025 and 2024 (Unaudited) 2025 2024 Revenue: Subscription and support $ 47,735,572 $ 42,953,475 Professional services and other 5,099,599 5,541,417 52,835,171 48,494,892 Cost of revenue: Subscription and support 11,840,420 11,946,610 Professional services and other 3,964,545 3,870,868 15,804,965 15,817,478 Gross profit 37,030,206 32,677,414 Expenses: Sales and marketing 13,668,739 12,904,939 Research and development 11,459,714 12,290,771 General and administrative 8,386,362 8,099,431 33,514,815 33,295,141 Income (loss) from operations 3,515,391 (617,727) Interest and other income (expenses): Interest expense (220,129) (160,660) Interest income 717,052 1,084,045 Other income 315,059 59,476 Foreign exchange gain 1,536,516 230,781 2,348,498 1,213,642 Income before income taxes 5,863,889 595,915 Income taxes expense (recovery): Current 571,177 50,745 Deferred 2,024,408 (27,096) 2,595,585 23,649 Income for the period 3,268,304 572,266 Other comprehensive gain (loss): Foreign currency translation gain (loss) 2,760,468 (795,690) Comprehensive income (loss) $ 6,028,772 $ (223,424) Earnings per share – basic $ 0.06 $ 0.01 Earnings per share – diluted 0.06 0.01 Weighted average number of common shares – basic 54,689,330 54,015,602 Weighted average number of common shares – diluted 56,137,363 55,723,344 D2L INC. Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (In U.S. dollars) For the three months ended April 30, 2025 and 2024 (Unaudited) Share Capital Additional paid-in capital Accumulated other comprehensive loss Deficit Total Shares Amount Balance, January 31, 2025 54,653,174 $ 367,487,956 $ 48,263,266 $ (7,456,599) $ (323,548,911) $ 84,745,712 Issuance of Subordinate Voting Shares on exercise of options 13,734 120,279 (88,253) — — 32,026 Issuance of Subordinate Voting Shares on settlement of restricted share units 370,200 1,328,952 (5,292,603) — — (3,963,651) Stock-based compensation — — 3,213,041 — — 3,213,041 Reduction in excess tax benefit on stock-based compensation — — (715,104) — — (715,104) Repurchase of share capital for cancellation under NCIB (168,800) (1,811,339) — — — (1,811,339) Share repurchase commitment under the ASPP — — — — (3,750,461) (3,750,461) Other comprehensive income — — — 2,760,468 — 2,760,468 Income for the period — — — — 3,268,304 3,268,304 Balance, April 30, 2025 54,868,308 $ 367,125,848 $ 45,380,347 $ (4,696,131) $ (324,031,068) $ 83,778,996 Balance, January 31, 2024 53,978,085 $ 364,830,884 $ 47,485,107 $ (4,998,317) $ (350,437,401) $ 56,880,273 Issuance of Subordinate Voting Shares on exercise of options 206,299 1,739,261 (900,761) — — 838,500 Issuance of Subordinate Voting Shares on settlement of restricted share units 194,483 965,967 (2,587,799) — — (1,621,832) Stock-based compensation — — 2,332,754 — — 2,332,754 Repurchase of share capital for cancellation under NCIB (131,380) (1,021,919) — — — (1,021,919) Share repurchase commitment under the ASPP — — — — 284,181 284,181 Other comprehensive loss — — — (795,690) — (795,690) Income for the period — — — — 572,266 572,266 Balance, April 30, 2024 54,247,487 $ 366,514,193 $ 46,329,301 $ (5,794,007) $ (349,580,954) $ 57,468,533 D2L INC. Condensed Consolidated Interim Statements of Cash Flows (In U.S. dollars) For the three months ended April 30, 2025 and 2024 (Unaudited) 2025 2024 Operating activities: Income for the period $ 3,268,304 $ 572,266 Items not involving cash: Depreciation of property and equipment 392,558 436,493 Depreciation of right-of-use assets 347,334 286,692 Amortization of intangible assets 557,631 27,967 Gain on disposal of property and equipment (16,825) (45,803) Stock-based compensation 3,213,041 2,332,754 Net interest income (496,923) (923,385) Income tax expense 2,595,585 23,649 Fair value gain on loan receivable from associate (172,270) — Changes in operating assets and liabilities: Trade and other receivables 3,684,970 (2,528,272) Uninvoiced revenue (133,791) 168,438 Prepaid expenses 153,112 2,116,314 Deferred commissions 369,573 (191,409) Accounts payable and accrued liabilities (1,189,037) (6,008,716) Deferred revenue (14,399,467) (12,109,523) Right-of-use assets and lease liabilities — (43,743) Interest received 710,627 1,077,425 Interest paid (1,633) (12,633) Income taxes paid (738,303) (4,239) Cash flows used in operating activities (1,855,514) (14,825,725) Financing activities: Payment of lease liabilities (487,522) (405,727) Proceeds from exercise of stock options 32,026 838,500 Taxes paid on settlement of restricted share units (3,963,651) (1,621,832) Repurchase of share capital for cancellation under NCIB (1,811,339) (1,021,919) Cash flows used in financing activities (6,230,486) (2,210,978) Investing activities: Purchase of property and equipment (1,737) (171,869) Proceeds from disposal of property and equipment 16,825 45,803 Cash flows from (used in) investing activities 15,088 (126,066) Effect of exchange rate changes on cash and cash equivalents 1,413,232 (929,583) Decrease in cash and cash equivalents (6,657,680) (18,092,352) Cash and cash equivalents, beginning of period 99,184,514 116,943,499 Cash and cash equivalents, end of period $ 92,526,834 $ 98,851,147 Non-IFRS Financial Measures and Reconciliation of Non-IFRS Financial Measures The information presented within this press release refers to certain non-IFRS financial measures (including non-IFRS ratios) including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Margin, and Constant Currency Revenue. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS. Non-IFRS financial measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS and are unlikely to be comparable to similar measures presented by other issuers. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations, financial performance and liquidity from management's perspective and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS measures. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of the Company. The Company's management also uses non-IFRS financial measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to assess our ability to meet our capital expenditures and working capital requirements. Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA is defined as income (loss), excluding interest, taxes, depreciation and amortization (or EBITDA), adjusted for stock-based compensation, foreign exchange gains and losses, non-recurring expenses, transaction-related costs, fair value adjustment of acquired deferred revenue, income (loss) from equity accounted investee, change in fair value on the loan receivable from associate, impairment charges and other income and losses. Adjusted EBITDA Margin is calculated as Adjusted EBITDA expressed as a percentage of total revenue. For an explanation of management's use of Adjusted EBITDA and Adjusted EBITDA Margin see " Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Adjusted EBITDA and Adjusted EBITDA Margin" section in the Company's Interim MD&A, which section is incorporated by reference herein. The following table reconciles Adjusted EBITDA to income for the period, and discloses Adjusted EBITDA Margin, for the periods indicated: Notes: (1) These expenses relate to non-recurring activities, such as certain legal fees incurred that are not indicative of continuing operations, and changes of workforce or technology whereby certain functions were realigned to optimize operations. (2) These expenses include post-combination compensation costs from the acquisition of H5P, and was partially offset by a gain recognized from the reduction in the second anniversary payment owed to the selling shareholders of Connected Shopping Ltd ("Connected Shopping"), a company acquired in Fiscal 2024, which was recorded through Other income. In the prior fiscal year, these expenses included post-combination compensation, legal, professional and other fees related to the acquisition activities of H5P, Connected Shopping, and the divestiture of our majority ownership stake in SkillsWave. These expenses would not have been incurred if not for these transactions and are not considered to be indicative of expenses associated with the Company's continuing operations. (3) At the date of acquisition, the Company recognized a fair value adjustment on the opening deferred revenue balance acquired as part of the H5P acquisition as required under IFRS 3, Business Combinations. This adjustment is not reflective of ordinary operations and is expected to be substantially completed by the end of Fiscal 2026. (4) On a quarterly basis, the Company determines the fair value of the loan advanced to SkillsWave. The adjustments to the fair value of the loan are not reflective of the Company's main business operations and will not impact the Company's future results beyond the maturity date of the loan on June 28, 2029. Adjusted Gross Profit and Adjusted Gross Margin Adjusted Gross Profit is defined as gross profit excluding related stock-based compensation expenses and amortization from acquired intangible assets, specifically acquired technology. Adjusted Gross Margin is calculated as Adjusted Gross Profit expressed as a percentage of total revenue. For an explanation of management's use of Adjusted Gross Profit and Adjusted Gross Margin see " Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Adjusted Gross Profit and Adjusted Gross Margin" section in the Company's Interim MD&A, which section is incorporated by reference herein. The following table reconciles Adjusted Gross Profit to gross profit, and discloses Adjusted Gross Margin, for the periods indicated: Free Cash Flow and Free Cash Flow Margin Free Cash Flow is defined as cash flows from (used in) operating activities less net additions to property and equipment. Free Cash Flow Margin is calculated as Free Cash Flow expressed as a percentage of total revenue. For an explanation of management's use of Free Cash Flow and Free Cash Flow Margin see " Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Free Cash Flow and Free Cash Flow Margin" section in the Company's Interim MD&A, which section is incorporated by reference herein. The following table reconciles Free Cash Flow to cash flow used in operating activities, and discloses Free Cash Flow Margin, for the periods indicated: Constant Currency Revenue Constant Currency Revenue is defined as our total revenue with foreign-currency-denominated revenues translated at the historical exchange rates from the comparable prior period into our U.S. dollar functional currency. For an explanation of management's use of Constant Currency Revenue see " Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Constant Currency Revenue" section in the Company's Interim MD&A, which section is incorporated by reference herein. The following table reconciles our Constant Currency Revenue to revenue, for the periods indicated: Key Performance Indicators Management uses a number of metrics, including the key performance indicators identified below, to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other issuers. These metrics are estimated operating metrics and not projections, nor actual financial results, and are not indicative of current or future performance. Annual Recurring Revenue and Constant Currency Annual Recurring Revenue: We define Annual Recurring Revenue ("ARR") as the annualized equivalent value of subscription revenue from all existing customer contracts as at the date being measured, exclusive of the implementation period. Our calculation of ARR assumes that customers will renew their contractual commitments as those commitments come up for renewal. We believe ARR provides a reasonable, real-time measure of performance in a subscription-based environment and provides us with visibility for potential growth in our cash flows. We believe that increasing ARR reflects the continued strength of our business and the successful execution of our strategy. Increasing ARR will continue to be our focus on a go-forward basis. We define Constant Currency Annual Recurring Revenue as foreign-currency-denominated ARR translated at the historical exchange rates from the comparable prior period into our U.S. dollar functional currency. SOURCE D2L Inc.
Cision Canada
37 minutes ago
- Cision Canada
BTB Announces the Results of the 2025 Election of Trustees Français
MONTRÉAL, June 10, 2025 /CNW/ - BTB Real Estate Investment Trust (TSX: (" BTB" or the " REIT") is proud to announce that each of the Trustees nominated in the Management Information Circular dated May 5 th, 2025, were elected as Trustees of BTB during the Annual General Meeting held in Montréal today. The details of the election are as follows: The results of the final votes regarding all matters subject to a vote during the Annual General Meeting of the Unitholders are available on the SEDAR+ website ( About BTB BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB REIT invests in industrial, suburban office and necessity-based retail properties across Canada for the benefit of their investors. As of today, BTB owns and manages 75 properties, representing a total leasable area of approximately 6.1 million square feet. People and their stories are at the heart of our success. SOURCE BTB Real Estate Investment Trust
Cision Canada
an hour ago
- Cision Canada
High-Grade Pollucite Confirmed as Main Caesium Host Mineral at the Vega and Rigel Zones
Identification of other potential high-value by-products within the existing lithium Mineral Resource shows the highly evolved pegmatites at Shaakichiuwaanaan as a potential major host for further critical metals. VANCOUVER, BC, June 10, 2025 /CNW/ - June 11, 2025 – Sydney, Australia HIGHLIGHTS Pollucite confirmed as the principal mineral host for the caesium discovered recently at both the Vega and Rigel zones at the CV13 Pegmatite: Pollucite is considered the optimal mineral host for caesium in Li-Cs-Ta ("LCT") pegmatites due to its high caesium content (typically >30%) and its relative ease of processing and recovery. Up to 75% pollucite in individual core sample (1.1 m at 26.6% Cs 2 O 1). Caesium within the Vega and Rigel zones will be included in the next Mineral Resource update for the Project, targeted for Q3-2025. Interpreted sizes of the Vega and Rigel zones are significant – footprints of ~800 m x 250 m (Vega) and ~200 m x 100 m (Rigel). The Company has commenced evaluating options to advance and incorporate the caesium opportunity at CV13 as a potential by-product into the overall economic development of the Project, to follow completion of the lithium-only Feasibility Study on the CV5 Pegmatite. Caesium pricing varies based on its end-product form and purity; however, in its refined form, caesium metal (Cs >99.5%) is a high value commodity similar to gold and currently trades around US$2,540/oz (excluding VAT, Source – Shanghai Metal Markets). Shaakichiuwaanaan LCT pegmatites are highly evolved through the process of crystal fractionation during formation, resulting in extreme enrichment of lithium, caesium, and tantalum – each at potentially world-class scale. Tantalum and gallium are already part of the existing Mineral Resource with potential to become meaningful future by-products. The lithium-only Feasibility Study based on the CV5 Mineral Resource component remains on-track for completion in Q3-2025, with the economic potential of the critical metal by-products to be assessed thereafter. ____________ 1 Refer to news release dated April 9, 2025. Ken Brinsden, President, CEO, and Managing Director, comments: " The confirmation of widespread pollucite mineralization – the optimal host mineral for caesium – at the Vega and Rigel zones marks another important step forward in evaluating the economic potential of this exciting discovery. As we advance towards a preliminary mineral processing program to evaluate recovery of caesium, the team is working on a maiden MRE for caesium that is anticipated to be announced before the end of third-quarter 2025. "The presence of significant caesium mineralization at Shaakichiuwaanaan, in addition to lithium and tantalum, reinforces the amazing endowment of the geology and the potential for other critical and strategic metals to further enhance and diversify future Project economics. We are very keen to explore these value-add opportunities on top of what is already recognized as a world-class lithium pegmatite in its own right," added Mr. Brinsden. PATRIOT BATTERY METALS INC. (THE "COMPANY" OR "PATRIOT") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to provide an update on caesium – a high-value critical and strategic metal – identified at the CV13 spodumene pegmatite, at its 100%-owned Shaakichiuwaanaan Property (the "Property" or "Project") located in the Eeyou Istchee James Bay region of Quebec. The CV13 Spodumene Pegmatite is located approximately 3 km west-southwest along geological trend of the CV5 Spodumene Pegmatite, which is situated approximately 13 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure corridor, and is accessible year-round by all-season road. The Shaakichiuwaanaan Li-Cs-Ta ("LCT") pegmatites are highly evolved through the process of crystal fractionation during formation, whereby mineral crystallization leads to progressive changes in the chemistry of the remaining melt, resulting in increasingly rare minerals being formed as the process unfolds. This process of pegmatite formation most commonly leads to only modest enrichment of lithium and other critical metals. However, in the LCT pegmatites at Shaakichiuwaanaan this process has resulted in the extreme enrichment of lithium, caesium, and tantalum – each at potentially world-class scale – as well as other potentially recoverable critical and strategic metals (e.g., gallium). Each of these critical metals could become further value-added by-products to the envisioned lithium operation at Shaakichiuwaanaan. Additional information is provided below describing the caesium opportunity and the steps being taken to evaluate development of this unique asset. Further details will be provided on the other potential by-products identified, including tantalum and gallium, in the coming weeks. CAESIUM OPPORTUNITY In news releases dated March 2 and April 9, 2025, the Company announced the discovery of significant caesium mineralization in drill hole at the CV13 Pegmatite within the Vega and Rigel zones. Initial drill results include: 11.1 m at 4.87% Cs 2 O, including 7.1 m at 7.39% Cs 2 O (Vega, CV24-520), and 5.0 m at 13.32% Cs 2 O, including 2.0 m at 22.90% Cs 2 O (Rigel, CV23-255). The Company is pleased to report that XRD-Rietveld mineralogical analysis completed on drill core samples from the Vega and Rigel caesium zones has confirmed pollucite as the dominant caesium-bearing mineral present (Figure 1). A pollucite content high of 74.2% was reported over 1.1 m in drill hole CV23-204, assaying 26.6% Cs 2 O. Pollucite is considered the optimal mineral host to caesium in LCT pegmatites due to its very high caesium content (typically >30%) and its relative ease of processing and recovery. Pollucite is typically recovered using standard and conventional ore sorting methods as well as potential secondary flotation. The Company has completed collection of drill core samples from the Vega Zone for an ore sorting test program that will evaluate pollucite (caesium) concentrate recovery ahead of the typical spodumene (lithium) and tantalite (tantalum) recovery circuits. Using a 0.5% Cs 2 O grade constraint within the wider CV13 Pegmatite body, the interpreted extent of the Vega and Rigel caesium zones has been further refined (Figure 2). The footprint of caesium mineralization at the Vega Zone has been traced over a general area of at least 800 m x 250 m and consists of two proximal flat-lying lenses, at a depth of ~110 m, with a true thickness of <2 m and up to ~10 m and ~6 m, respectively. At Rigel, the footprint of caesium mineralization has been traced over a general area of least 200 m x 100 m and consists of a single, shallow dipping lens at a depth of ~50 m with a true thickness of <2 m to ~6 m. The interpreted dimensions for the Vega and Rigel caesium zones will form the primary constraints to the subsequent block modelling and Mineral Resource Estimate anticipated to be announced in Q3-2025. Mineral deposits of caesium (pollucite hosted) are extremely rare globally and represent the most fractionated component of LCT pegmatite systems, which are effectively the only primary source of caesium globally. Economic deposits of caesium pegmatite are typically on a smaller scale of <10 kt to 350 kt in size compared to deposits of lithium pegmatite that typically range in the millions of tonnes in size (<10 Mt and rarely over 100 Mt). Globally, it is estimated only three (3) primary caesium mines have historically operated and all were pollucite hosted – Tanco (Canada), Bikita (Zimbabwe), and Sinclair (Australia). At Bikita and Sinclair, the pollucite resources were exhausted in 2018 and 2019, respectively. Tanco is understood to be approaching the end of its mine-life with extraction from existing tailings piles and/or mine remnants being explored. At Sinclair 3, the mine produced 18,629 tonnes of pollucite pegmatite ore grading 8.3% Cs 2 O for a contained metal content of 1,551 tonnes Cs 2 O. In comparison to the size of the interpreted caesium zones at Vega (~800 m x 250 m) and Rigel (~200 m x 100 m), the primary ore body at Sinclair was relatively small and measured ~60 m long, up to 20 m wide, and up to 10 m thick, and was situated at a depth~40 m from surface. ___________ 3 Management cautions that past results or discoveries on other mineral properties or mines owned by third parties (i.e., Tanco, Bikita, Sinclair) may not necessarily be indicative to the presence of mineralization on the Company's properties or the economic viability of any such mineralization. There can be no assurance that future exploration efforts will result in the identification of mineral resources or reserves. NEXT STEPS Through the lithium focused exploration and resource development drilling to date at the Property, the Company has identified other high-value critical metal potential by-products in addition to the existing large-scale lithium Mineral Resource at Shaakichiuwaanaan, namely caesium, tantalum, and gallium. The caesium within the Vega and Rigel zones at the CV13 Pegmatite will be included in the next Mineral Resource update for the Project, targeted for Q3-2025. This MRE, which will be the 4 th for the Project, will then include lithium, caesium, tantalum, and gallium and form the basis for further evaluation of secondary critical metal recovery to the primary lithium. Each of these critical metals has the potential to become a meaningful future by-product as part of the overall future Project development at Shaakichiuwaanaan. The lithium-only Feasibility Study based on the CV5 Mineral Resource component of the overall Shaakichiuwaanaan MRE is on-track for completion in Q3-2025 and remains the near-term focus for the Company. The economic potential in critical metal by-products will be assessed thereafter, with various studies underway concurrently to better evaluate the opportunities present for caesium, tantalum, and gallium specifically. The Company has completed its collection of caesium mineralized drill core from the Vega Zone and anticipates an ore-sorting test program for the recovery of pollucite (caesium) to begin shortly. Additionally, the Company has recently completed a tantalum recovery program at SGS Canada's Lakefield facility using anticipated early mine-life open-pit and underground material from the CV5 Pegmatite and is compiling the results. CAESIUM MARKET Caesium is listed as a critical and strategic metal by the province of Quebec (Canada), Canada, Japan, and the United States. Mineral deposits of caesium (in pollucite) are extremely rare globally. Due to its high-density, low toxicity, biodegradable nature and recoverability, caesium is used to support the completion of oil and gas wells at high pressure and temperature. Caesium isotopes are used as an atomic resonance frequency standard in chip scale atomic clocks, playing a vital role in aircraft guidance systems, global positioning satellites, internet and cellular telephone transmissions, and scientific medical research. The caesium market's growth is estimated to be primarily driven by increasing demand in the medical, space, and oil & gas exploration industries. Caesium chloride, in particular, is expected to be the fastest-growing product segment due to its applications in medical imaging and cancer therapy. Caesium pricing varies based on its end-product form and purity; however, in its refined form, caesium metal (Cs >99.5%) is a high value commodity similar to gold and currently trades around US$2,540/oz (excluding VAT, Source – Shanghai Metal Markets). QUALIFIED/COMPETENT PERSON The information in this news release that relates to exploration results for the Shaakichiuwaanaan Property is based on, and fairly represents, information compiled by Mr. Darren L. Smith, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed and approved the technical information in this news release. Mr. Smith is an Executive and Vice President of Exploration for Patriot Battery Metals Inc. and holds common shares, Restricted Share Units (RSUs), and Performance Share Units (PSUs) in the Company. Mr. Smith has sufficient experience, which is relevant to the style of mineralization, type of deposit under consideration, and to the activities being undertaken to qualify as a Competent Person as described by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Smith consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears. ABOUT PATRIOT BATTERY METALS INC. Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100%-owned Shaakichiuwaanaan Property (formerly known as Corvette) located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and is proximal to regional powerline infrastructure. The Shaakichiuwaanaan Mineral Resource 4, which includes the CV5 & CV13 spodumene pegmatites, totals 108.0 Mt at 1.40% Li 2 O Indicated, and 33.3 Mt at 1.33% Li 2 O Inferred, and ranks as the largest lithium pegmatite resource in the Americas, and the 8 th largest lithium pegmatite resource in the world. 5 Shaakichiuwaanaan also holds significant potential for other critical and strategic metals including caesium, tantalum, and gallium. A Preliminary Economic Assessment ("PEA") was announced for the CV5 Pegmatite (lithium) on August 21, 2024, and highlights Shaakichiuwaanaan as a potential North American lithium raw materials powerhouse. The PEA outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation ("DMS") only process flowsheet. Please also refer to the Company's continuous disclosure filings, available under its profile at and for available exploration data. This news release has been approved by the Board of Directors. " KEN BRINSDEN" Kenneth Brinsden, President, CEO, & Managing Director Olivier Caza-Lapointe Head, Investor Relations – North America T: +1 (514) 913-5264 E: [email protected] APPENDIX 1 – JORC CODE 2012 TABLE 1 (ASX LISTING RULE 5.8.2) Section 1 – Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralization that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralization types (eg submarine nodules) may warrant disclosure of detailed information. XRD Rietveld mineralogical analysis was completed on select drill core sample pulps of pegmatite and host rock. Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). N/A. No drill results reported. Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximize sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. N/A. No drill results reported. Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. N/A. No drill results reported. Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximize representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. Drill core pulps were prepared for analysis by SGS Canada Inc. using XRD Rietveld analysis. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. XRD Rietveld mineralogical analysis was completed on select drill core sample pulps of pegmatite and host rock. The method is considered appropriate for the mineralogical determination of pegmatite. Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. N/A. No drill results reported. Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. N/A. No drill results reported. Data spacing and distribution Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. Samples selected for mineralogical analysis included pegmatite and host rock, as well as a range of low to high grades for caesium. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralized structures is considered to have introduced a sampling bias, this should be assessed and reported if material. N/A. No drill results reported. Sample security The measures taken to ensure sample security. Sample pulps remained under the custody of SGS Canada Inc. as they also completed the initial geochemical analysis. Audits or reviews The results of any audits or reviews of sampling techniques and data. A review of the sample procedures for the Company's 2021 fall drill program (CF21-001 to 004) and 2022 winter drill program (CV22-015 to 034) was completed by an Independent Competent Person and deemed adequate and acceptable to industry best practices (discussed in a technical report titled "NI 43-101 Technical Report on the Corvette Property, Quebec, Canada", by Alex Knox, Issue Date of June 27 th, 2022.) A review of the sample procedures through the Company's 2024 winter drill program (through CV24-526) was completed by an independent Competent Person with respect to the MRE (CV5 & CV13 pegmatites) and deemed adequate and acceptable to industry best practices (discussed in a technical report titled "NI 43‑101 Technical Report, Preliminary Economic Assessment for the Shaakichiuwaanaan Project, James Bay Region, Quebec, Canada" by Todd McCracken, Hugo Latulippe, Shane Ghouralal, MBA, and Luciano Piciacchia, Ph.D., of BBA Engineering Ltd., Ryan Cunningham, of Primero Group Americas Inc., and Nathalie Fortin, of WSP Canada Inc., Effective Date of August 21, 2024, and Issue Date of September 12, 2024. Additionally, the Company continually reviews and evaluates its procedures in order to optimize and ensure compliance at all levels of sample data collection and handling. Section 2 – Reporting of Exploration Results Criteria JORC Code explanation Commentary Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. The Shaakichiuwaanaan Property (formerly called "Corvette") is comprised of 463 CDC claims located in the James Bay Region of Quebec, with Lithium Innova Inc. (wholly owned subsidiary of Patriot Battery Metals Inc.) being the registered title holder for all of the claims. The northern border of the Property's primary claim block is located within approximately 6 km to the south of the Trans-Taiga Road and powerline infrastructure corridor. The CV5 Spodumene Pegmatite is accessible year-round by all-season road is situated approximately 13.5 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure. The CV13 and CV9 spodumene pegmatites are located approximately 3 km west-southwest and 14 km west of CV5, respectively. The Company holds 100% interest in the Property subject to various royalty obligations depending on original acquisition agreements. DG Resources Management holds a 2% NSR (no buyback) on 76 claims, D.B.A. Canadian Mining House holds a 2% NSR on 50 claims (half buyback for $2M), Osisko Gold Royalties holds a sliding scale NSR of 1.5-3.5% on precious metals, and 2% on all other products, over 111 claims, and Azimut Exploration holds 2% NSR on 39 claims. The Property does not overlap any atypically sensitive environmental areas or parks, or historical sites to the knowledge of the Company. There are no known hinderances to operating at the Property, apart from the goose harvesting season (typically mid-April to mid-May) where the communities request helicopter flying not be completed, and potentially wildfires depending on the season, scale, and location. Claim expiry dates range from January 2026 to November 2027. Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. No previous exploration targeting caesium mineralization has been conducted by other parties at the Project. For a summary of previous exploration undertaken by other parties at the Project, please refer to the most recent independent Property review was a technical report titled "NI 43‑101 Technical Report, Preliminary Economic Assessment for the Shaakichiuwaanaan Project, James Bay Region, Quebec, Canada" by Todd McCracken, Hugo Latulippe, Shane Ghouralal, MBA, and Luciano Piciacchia, Ph.D., of BBA Engineering Ltd., Ryan Cunningham, of Primero Group Americas Inc., and Nathalie Fortin, of WSP Canada Inc., Effective Date of August 21, 2024, and Issue Date of September 12, 2024. Geology Deposit type, geological setting and style of mineralization. The Property overlies a large portion of the Lac Guyer Greenstone Belt, considered part of the larger La Grande River Greenstone Belt and is dominated by volcanic rocks metamorphosed to amphibolite facies. The claim block is dominantly host to rocks of the Guyer Group (amphibolite, iron formation, intermediate to mafic volcanics, peridotite, pyroxenite, komatiite, as well as felsic volcanics). The amphibolite rocks that trend east-west (generally steeply south dipping) through this region are bordered to the north by the Magin Formation (conglomerate and wacke) and to the south by an assemblage of tonalite, granodiorite, and diorite, in addition to metasediments of the Marbot Group (conglomerate, wacke). Several regional-scale Proterozoic gabbroic dykes also cut through portions of the Property (Lac Spirt Dykes, Senneterre Dykes). The geological setting is prospective for gold, silver, base metals, platinum group elements, and lithium over several different deposit styles including orogenic gold (Au), volcanogenic massive sulfide (Cu, Au, Ag), komatiite-ultramafic (Au, Ag, PGE, Ni, Cu, Co), and pegmatite (Li, Cs, Ta). Exploration of the Property has outlined three primary mineral exploration trends crossing dominantly east-west over large portions of the Property – Golden Trend (gold), Maven Trend (copper, gold, silver), and CV Trend (lithium, caesium, tantalum). The CV5 and CV13 spodumene pegmatites are situated within the CV Trend. Lithium mineralization at the Property, including at CV5, CV13, and CV9, is observed to occur within quartz-feldspar pegmatite, which may be exposed at surface as high relief 'whale-back' landforms. The pegmatite is often very coarse-grained and off-white in appearance, with darker sections commonly composed of mica and smoky quartz, and occasional tourmaline. The lithium pegmatites at Shaakichiuwaanaan are categorized as LCT Pegmatites. Core assays and ongoing mineralogical studies, coupled with field mineral identification and assays confirm spodumene as the dominant lithium-bearing mineral on the Property, with no significant petalite, lepidolite, lithium-phosphate minerals, or apatite present. The spodumene crystal size of the pegmatites is typically decimetre scale, and therefore, very large. The pegmatites also carry significant tantalum (tantalite) and caesium (pollucite). Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. N/A. No drill results reported. Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. N/A. No drill results reported. Relationship between mineralization widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known'). N/A. No drill results reported. Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Please refer to the figures included herein as well as those posted on the Company's website. Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Reporting is balanced. Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. The Company is currently completing site environmental work over the CV5 and CV13 pegmatite area. No endangered flora or fauna have been documented over the Property to date, and several sites have been identified as potentially suitable for mine infrastructure. The Company has completed a bathymetric survey over the shallow glacial lake which overlies a portion of the CV5 Spodumene Pegmatite. The lake depth ranges from <2 m to approximately 18 m, although the majority of the CV5 Spodumene Pegmatite, as delineated to date, is overlain by typically <2 to 10 m of water. The Company has completed significant metallurgical testing comprised of HLS and magnetic testing, which has produced 6+% Li 2 O spodumene concentrates at >70% recovery on both CV5 and CV13 pegmatite material, indicating DMS as a viable primary process approach, and that both CV5 and CV13 could potentially feed the same process plant. A DMS test on CV5 Spodumene Pegmatite material returned a spodumene concentrate grading 5.8% Li 2 O at 79% recovery, strongly indicating potential for a DMS only operation to be applicable. Additionally, a more expansive DMS pilot program has been completed, including with non-pegmatite dilution, and has produced results in line with prior testwork. Various mandates required for advancing the Project towards economic studies have been initiated, including but not limited to, environmental baseline, metallurgy, geomechanics, hydrogeology, hydrology, stakeholder engagement, geochemical characterization, as well as transportation and logistical studies. DISCLAIMER FOR FORWARD-LOOKING INFORMATION This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. All statements, other than statements of present or historical facts are forward-looking statements. that involve risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as "plan", "development", "growth", "continued", "intentions", "expectations", "strategy", "opportunities", "anticipated", "trends", "potential", "outlook", "ability", "additional", "on track", "prospects", "viability", "estimated", "reaches", "enhancing", "strengthen", "target", "will", "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. Forward-looking statements include, but are not limited to, statements concerning: the ability of the the highly evolved pegmatites at Shaakichiuwaanaan to be a potential major host for further critical metals, timing of the next Mineral Resource update for the Project, targeted for Q3-2025, and of the completion of the feasibility study, the potential of caesium, tantalum and gallium an as by-products and the potential for other critical and strategic metals to further enhance and diversify future Project economics. Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include, without limitation, the price of caesium, the caesium growth market, that proposed exploration and MRE work on the Property will continue as expected, the accuracy of reserve and resource estimates, the classification of resources between inferred and the assumptions on which the reserve and resource estimates are based, long-term demand for spodumene supply, and that exploration and development results continue to support management's current plans for Property development. Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Readers should consider reviewing the detailed risk discussion in the Company's most recent Annual Information Form filed on SEDAR+, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations. Although the Company believes its expectations are based upon reasonable assumptions and 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. There can be no assurance that forward-looking information will prove to be accurate. If any of the risks or uncertainties mentioned above, which are not exhaustive, materialize, actual results may vary materially from those anticipated in the forward-looking statements. The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements. The production target from the PEA referred to in this release was reported by the Company in accordance with ASX Listing Rule 5.16 on August 21, 2024. The Company confirms that, as of the date of this announcement, all material assumptions and technical parameters underpinning the production target in the original announcement continue to apply and have not materially changed. COMPETENT PERSON STATEMENT (ASX LISTING RULE 5.23) FOR SHAAKICHIUWAANAAN MRE The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule 5.8 on May 13, 2025. The Company confirms that, as of the date of this news release, it is not aware of any new information or data verified by the competent person that materially affects the information included in the announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The Company confirms that, as at the date of this announcement, the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.
