Propel announces upsize to CreditFresh credit facility, refinancing of MoneyKey credit facility and a lower cost of capital
TORONTO, April 28, 2025 /CNW/ - Propel Holdings Inc. ('Propel') (TSX: PRL), the fintech facilitating access to credit for underserved consumers, announced an amendment to and upsize of $70 million to $400 million to its existing syndicated credit facility for the CreditFresh line of business (the 'CreditFresh credit facility'). Furthermore, Propel announced a refinancing of its credit facility for the MoneyKey line of business (the 'MoneyKey credit facility'). All amounts are expressed in U.S. dollars.
CreditFresh Credit Facility
With the amendment, the CreditFresh credit facility will bear interest at an interest rate equal to the Secured Overnight Financing Rate ('SOFR') plus approximately 620 basis points per annum. This is a reduction from the prior interest rate of SOFR plus 750 basis points per annum. With the upsize, the total commitment for the CreditFresh credit facility is $400 million.
The CreditFresh credit facility continues to be led by Mesirow Alternative Credit (formerly Bastion Management) and affiliates thereof and Hudson Cove Capital Management, LLC and affiliates thereof ('Hudson Cove'). The syndicate also includes the addition of a large FDIC insured bank.
MoneyKey Credit Facility
Under the terms of the new credit agreement, the MoneyKey credit facility will bear interest at an interest rate equal to SOFR plus approximately 425 basis points per annum. This is a reduction from the prior MoneyKey credit facility interest rate of SOFR plus 1020 basis points per annum. The MoneyKey credit facility total commitment is $15 million and will be solely led by Veritex Community Bank ('Veritex').
Commentary
As reported in its Q4 and Full Year 2024 results, Propel's US loan portfolio, including CreditFresh and MoneyKey, continues to experience strong growth driven by the expansion of its bank partnerships, the delivery of best-in-class products and the growing demand from the underserved market in the US. With the combined amendment and refinancing, Propel's cost of capital will be lowered by approximately 150 basis points per annum1.
'Looking ahead, we see opportunity. The amendment and refinancing allow us to realize a reduction in our cost of capital and increased liquidity to achieve our growth targets. Admist the economic uncertainty, the continued support from large, institutional lenders, such as Veritex, Mesirow Alternative Credit and Hudson Cove, and the addition of a new large bank to the syndicate, is a testament to Propel's demonstrated performance and growth outlook. Propel delivered record performance in 2024, and there is still so much growth ahead of us on our journey to become a global leader in providing credit for underserved consumers,' said Clive Kinross, Propel's Chief Executive Officer.
About Propel
Propel Holdings (TSX: PRL) the fintech building a new world of financial opportunity for consumers, partners, and investors. Propel's operating brands — Fora Credit, CreditFresh, MoneyKey and QuidMarket — and its Lending-as-a-Service product line facilitate access to credit for consumers underserved by traditional financial institutions. Through its AI-powered platform, Propel evaluates customers in a more comprehensive way than traditional credit scores can. The result is better products and an expanded credit market for consumers while creating sustainable, profitable growth for Propel. The revolutionary fintech platform has already helped consumers access over one million loans and lines of credit and over two billion dollars in credit. At Propel, we are here to change the way customers, partners and investors succeed together. Learn more at propelholdings.com
( www.foracredit.ca, www.creditfresh.com, www.moneykey.com )
Forward-Looking Information
Certain information contained in this press release may constitute forward-looking information under applicable securities laws, including statements related to our ability to reduce our cost of capital, increase liquidity and achieve our growth targets and other statements that are not historical facts. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as 'may', 'will', 'expect', 'believe', 'estimate', 'plan', 'could', 'should', 'would', 'outlook', 'forecast', 'anticipate', 'foresee', 'continue' or the negative of these terms or variations of them or similar terminology. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release.
Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the 'Risk Factors' section of the Company's annual information form dated March 12, 2025 for the year ended December 31, 2024 (the 'AIF'). A copy of the AIF and the Company's other publicly filed documents can be accessed under the Company's profile on SEDAR+ at www.sedarplus.ca.
SOURCE Propel Holdings Inc.
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PLS PROJECT WINTER DRILLING DELIVERS POSITIVE RESULTS AT SALOON EAST
PERTH, Australia, June 2, 2025 /CNW/ - Paladin Energy Ltd (ASX: PDN) (TSX: PDN) (OTCQX: PALAF) ("Paladin" or the "Company") is pleased to advise it has successfully completed a winter exploration program at the Patterson Lake South (PLS) high-grade uranium project in the Athabasca Basin region of Saskatchewan, Canada. The winter program was carried out in line with the Company's strategic objective to identify additional uranium mineralization outside of the Triple R deposit within the largely underexplored 31,039-hectare PLS project. The results represent the strongest radioactivity identified outside of the Triple R Deposit at PLS. Twenty drillholes totalling 7,102.9m were completed between February and May 2025, with eleven drillholes targeting the Saloon East area, 3.5km southeast of the Triple R deposit (Figure 1 and Table 1). All eleven drillholes at Saloon East intersected highly elevated radioactivity in multiple zones and over significant widths with downhole gamma probe peaks up to 51,303 counts per second (cps). Radioactivity across the Saloon East area has been defined by drilling in two areas separated by 550m (Figure 2), between 200m and 420m vertically from surface within a consistent package of steeply southeast dipping, hydrothermally altered and structurally deformed basement rocks. Drilling Highlights Twenty exploration drillholes between February and May, totalling 7,102.9m Drilling was primarily focused at Saloon East to target elevated radioactivity intersected in 2024 Saloon East – Eleven drillholes completed, encountering highly elevated radioactivity associated with strong hydrothermal alteration, including: PLS25-688A – 41.2m of total composite radioactivity, including 12.3m of continuous radioactivity averaging 3,582 cps with a maximum of 13,657 cps PLS25-693 – 51.0m of total composite radioactivity, including 37.2m of continuous radioactivity averaging 4,761 cps with a maximum of 34,636 cps PLS25-696 – 56.7m of total composite radioactivity, including 11.5m of continuous radioactivity averaging 8,957 cps with a maximum of 51,303 cps PLS25-698 – 25.2m of total composite radioactivity, including 12.5m of continuous radioactivity averaging 4,198 cps with a maximum of 27,730 cps PLG-3 – one reconnaissance drillhole 100m west of the R1515W orebody intersected intensely altered basement rocks with anomalous radioactivity: PLS25-704 – 53.5m of total composite radioactivity, including 32.6m averaging 2,116.7 cps with a maximum of 5,133.3 cps Paladin CEO, Ian Purdy said: "Our Canadian team are very encouraged by the initial results we are seeing at Saloon East. The drilling results at Saloon East represent the strongest radioactivity intersected on the PLS property to date outside of the Triple R deposit. All eleven Saloon East drillholes completed to date in 2025 intersected radioactivity and have provided exciting results over significant core lengths. The widespread presence of elevated radioactivity and hydrothermal alteration suggests that we are exploring a significant mineralised system." Overview of the Saloon Trend The Saloon Trend is a linear, multi-kilometre long, southwest-northeast trending structural zone up to 1km in width, that is parallel to and located 3.5km south of the shear zones that host the Triple R deposit within the Patterson Lake Conductive Corridor. The Saloon Trend has been a major focus of the 2024 and 2025 exploration drilling, with 27 drillholes completed along 8.8km of its strike length. Drilling in August 2024 in the eastern portion of the Saloon Trend intersected anomalous radioactivity in three drillholes, PLS24-680, 682 and 684B, in what was subsequently termed Saloon East. Drilling in the first half of 2025 followed up on the August 2024 results at Saloon East and intersected highly elevated radioactivity, with notable intercepts in drillholes PLS25-696 and 698. Drilling along trend to the northeast intersected a thick zone of elevated radioactivity in PLS25-693, leaving a highly prospective 550m long untested zone between the two established zones of radioactivity. Figure 1: 2025 Regional Drillhole Plan Map Figure 2: Saloon East drilling to date Table 1: 2025 Regional Exploration Drill Hole Summary Collar Basement depth (m) Totaldepth (m) 2PGA-1000 Gamma probe (≥500 cps / ≥0.5 m minimum) ExplorationArea Hole ID Easting(UTM NAD83) Northing(UTMNAD83) Elevation(masl) Azimuth(deg) Dip(deg) From To Interval Average cps Max cps Saloon East PLS25-685 601774.8 6388784.0 498.3 128 -70 44.4 558.0 263.6 272.1 8.5 694 2,009 279.2 289.2 10.0 2,576 14,772 291.7 294.0 2.3 1,140 2,916 299.7 303.2 3.5 641 1,715 319.1 324.5 5.4 1,177 3,346 333.4 333.9 0.5 578 672 342.9 343.7 0.8 1,406 2,422 387.8 390.5 2.7 2,641 7,413 394.2 396.7 2.5 2,566 10,010 428.5 429.1 0.6 3,713 6,165 PLS25-688A 601789.1 6388769.2 498.0 129 -71 51.0 552.0 108.7 109.8 1.1 589 800 204.6 205.1 0.5 598 687 210.2 215.4 5.2 1,115 3,962 223.1 223.8 0.7 576 637 225.8 236.1 10.3 2,474 11,660 289.7 290.8 1.1 1,377 2,152 312.0 312.5 0.5 1,402 2,002 365.4 365.9 0.5 1,151 1,665 370.4 371.7 1.3 6,133 14,862 416.3 419.8 3.5 4,030 11,964 424.0 426.5 2.5 3,443 11,280 433.2 445.5 12.3 3,582 13,657 497.0 498.7 1.7 773 1,046 PLS25-690 602270.6 6389053.9 498.2 321 -75 51.0 387.0 243.0 246.0 3.0 533 1,092 283.6 290.3 6.7 764 2,122 295.8 297.5 1.7 1,403 2,250 PLS25-691 601800.2 6388759.9 498.2 129 -71 50.6 492.1 180.9 184.3 3.4 682 919 227.3 227.9 0.6 778 961 251.4 254.7 3.3 531 802 268.1 272.0 3.9 960 1,951 418.3 424.8 6.5 627 1,847 427.8 431.2 3.4 1,057 2,625 443.0 443.8 0.8 536 647 PLS25-692 602270.4 6389065.4 498.0 305 -73 53.5 330.0 190.8 192.0 1.2 669 793 195.6 199.1 3.5 639 2,849 202.7 212.4 9.7 1,314 5,423 234.0 234.8 0.8 612 803 249.7 252.3 2.6 623 944 256.8 267.5 10.7 1,172 4,988 273.5 277.9 4.4 1,650 4,837 317.0 317.6 0.6 1,360 2,015 PLS25-693 602270.4 6389065.4 498.0 310 -68 60.8 318.0 164.8 166.4 1.6 515 726 180.1 181.1 1.0 782 1,271 204.1 210.1 6.0 923 3,976 213.4 217.9 4.5 634 1,908 220.5 257.7 37.2 4,761 34,636 294.4 295.1 0.7 809 1,373 PLS25-694A 601841.6 6388784.0 498.0 129 -75 46.8 348.0 185.7 190.1 4.4 1,418 3,856 195.9 196.4 0.5 867 1,208 198.5 205.5 7.0 1,548 3,010 222.0 223.3 1.3 831 1,190 226.7 228.1 1.4 1,209 1,752 241.6 246.5 4.9 1,079 1,913 250.5 251.2 0.7 824 1,179 264.0 273.7 9.7 928 2,466 288.4 294.1 5.7 871 1,783 PLS25-695 602270.4 6389065.4 498.0 305 -60 56.4 213.0 Drillhole lost, not gamma probed PLS25-696 601895.9 6388750.8 498.3 335 -80 64.9 351.0 161.5 164.8 3.3 652 1,185 185.3 218.3 33.0 1,101 6,723 222.9 224.3 1.4 703 896 227.6 232.3 4.7 738 2,057 241.9 253.4 11.5 8,957 51,303 258.8 260.9 2.1 1,750 4,473 306.5 307.2 0.7 662 943 PLS25-697 602252.2 6389079.1 498.2 304 -66.25 74.4 250.1 120.5 125.8 5.3 563 1,099 138.6 139.5 0.9 604 798 141.0 141.5 0.5 675 793 152.4 161.5 9.1 611 1,960 172.7 173.6 0.9 618 677 177.1 178.1 1.0 608 679 184.2 188.8 4.6 1,377 4,104 193.9 195.7 1.8 925 1,446 PLS25-698 602019.0 6388634.2 510.7 316 -49 92.5 357.0 134.9 135.5 0.6 717 763 259.2 265.7 6.5 1,513 4,702 276.2 281.8 5.6 954 2,999 291.6 304.1 12.5 4,198 27,730 Saloon PLS25-700A 602083.8 6388022.1 527.1 313 -77 83.6 537.0 183.8 187.9 4.1 554 1,258 436.6 437.3 0.7 806 1,107 446.7 447.3 0.6 947 1,232 PLS25-703 598710.0 6386314.0 565.0 320 -75 126.0 198.3 Drillhole lost South Patterson PLS25-686A 599131.0 6388680.0 498.1 0 -90 51.0 201.0 129.0 131.0 2.0 624 1,038 134.5 135.5 1.0 568 721 142.7 147.3 4.6 536 821 149.3 152.1 2.8 589 1,145 163.9 164.6 0.7 545 643 174.3 179.1 4.8 692 1,041 181.3 182.8 1.5 666 848 Far East PLS25-687 600112.8 6390497.2 498.3 348 -70 47.8 204.4 No anomalous radioactivity PLS25-689 600359.3 6390575.5 501.9 158 -79 54.2 372.0 No anomalous radioactivity PLG Main PLS25-699 597359.7 6389781.8 536.4 157 -77 95.7 558.0 120.9 124.1 3.2 633 856 128.5 130.5 2.0 501 581 132.6 134.8 2.2 778 1,196 PLS25-701 596345.0 6389136.0 548.3 347 -77 111.0 270.0 104.4 124.5 20.1 1,796 4,076 PLS25-702 596058.2 6389209.5 554.4 155 -60 143.4 288.0 No anomalous radioactivity PLS25-704 596189.5 6389089.4 552.1 335 -78 110.3 318.0 105.0 137.6 32.6 2,117 5,133 138.3 141.2 2.9 634 866 142.8 152.4 9.6 1,036 6,415 170.8 171.4 0.6 795 980 173.0 174.8 1.8 828 1,476 177.8 183.8 6.0 589 1,505 Competent Person's Statement / Qualified Person and Technical Information The drilling and exploration results contained in this document have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The information in this document as it relates to drilling and exploration results was provided by Kanan Sarioglu, a Competent Person and "qualified person" under NI 43-101, who is a registered Professional Geoscientist ( with the Engineers and Geoscientists of British Columbia (EGBC), the Association of Professional Geoscientists and Engineers of Alberta (APEGA) and the Association of Professional Geoscientists and Engineers of Saskatchewan (APEGS). Kanan Sarioglu is the VP Exploration for Paladin Canada and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Sarioglu consents to the inclusion in this document of the matters based on the information in the form and context in which it appears. The drilling and exploration results including verification of the data disclosed, has been completed by Kanan Sarioglu following NI 43-101. Mr. Sarioglu has reviewed and approved the contents of this news release. The design of the drilling programs and interpretation of results is under the control of Paladin Canada's geological staff, including qualified persons employing strict protocols consistent with NI 43-101 and industry best practices. Natural gamma radiation that is reported in this news release was measured in counts per second every 10cm throughout the length of each drillhole, in the up and down direction, using a Mount Sopris 2PGA-1000 single gamma probe. Results presented were derived from the up-hole data only. Prior to drilling, the accuracy of the 2PGA-1000 gamma probe was confirmed using a historical calibration drillhole on the PLS property. The reader is cautioned that gamma probe readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials. All intersections are down-hole depths. All depths reported of core interval measurements including radioactivity and mineralization intervals widths are not always representative of true thickness. Forward-looking statements This announcement includes forward-looking information (forward-looking statements) that can generally be identified by words such as "anticipate", "expect", "likely", "propose", will", "intend", "should", "could", "may", "believe", "forecast", "estimate", "target", "outlook", "guidance" and similar expressions. Forward-looking statements involve subjective judgment and are subject to significant uncertainties and contingencies (including risk factors associated with the mining industry), many of which are outside the control of the Company. Although at the date of this announcement Paladin believes the forward-looking statements contained herein are based on reasonable assumptions, such statements are not guarantees of future performance. Actual results or developments may differ materially from the Company's expectations due to a range of factors including fluctuations in commodity prices and exchange rates, exploitation and exploration successes, permitting and development issues, political risks, First Nation engagement, climate risk, natural disasters, regulatory concerns, continued availability of capital and financing, general economic and market conditions, general uranium industry factors, and other factors. The Company makes no representation, warranty, guarantee or assurance (express or implied) that any forward-looking statements will prove to be correct. Except for statutory liability, which cannot be excluded, the Company, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this announcement and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this announcement or any error or omission therefrom. The Company accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this announcement or any other information made available to a person nor any obligation to furnish the person with any further information. JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialised 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 mineralisation 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 pulverised 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 mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. Results reported in this announcement consist of downhole radioactivity measured using a 2PGA-1000 gamma probe The 2PGA-1000 gamma probe records radioactivity in counts per second (cps) every 10 cm throughout the entire length of the drillhole in both the up and down directions, at a speed of approximately 6 m/minute Gamma probe measurements are made within the drill rods The 2PGA-1000 gamma probe comes calibrated from the manufacturer and is checked on site at Patterson Lake South using a historical calibration drillhole 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). All drilling reported in this release was completed using a Zinex A5 core drill In select drillholes with poor ground conditions at the top of bedrock HQ (63.5 mm) diameter coring was performed, but drillholes are primarily NQ (47.6 mm) diameter, standard tube Drill core is orientated by the logging geologist, with orientation marks provided by a REFLEX ACTIII Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise 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. Drill core recovery is not relevant to this release as it pertains to in-situ gamma probe results 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. All core drilled at the PLS project has been geologically and geotechnically logged in detail Drill core relevant to this news release has not been logged in a level of detail to support resource estimation or mining studies as these are exploration drillholes Logging is qualitative in nature core photos have been collected for all drill core 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 maximise 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. Not relevant to this release 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. Radioactivity measurements in this release were recorded using a 2PGA-1000 single gamma probe manufactured by Mount Sopris The gamma probe comes calibrated from the manufacturer, and Paladin has an on-site check drillhole which is used to confirm the probe accuracy prior to the start of every drill campaign Radioactivity measurements were recorded every 10 cm Drillholes are surveyed in the down and up directions, effectively duplicating the results, which are compared for any discrepancies after surveying 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. Significant intersections have not been verified by independent or alterative company personnel No holes have been twinned Gamma probe data was collected at the drill by Paladin contactors, then the raw data was directly issued to the Paladin technical team All probe data is converted to Excel format and stored in Paladin's drillhole database 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. All drillhole collars are positioned using a Trimble real time kinematic GPS system All coordinates are in UTM NAD83 Drillholes are aligned to the planned azimuth and dip using a TN-14 azimuth aligner A final collar position is collected using the Trimble GPS once the drill has moved off the site Drillhole azimuth and dip information is measured every 50 m during drilling using a REFLEX EZ-Trac The PLS property has a detailed digital terrane model to provide topographic control 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. Pierce point spacing for exploration drilling can vary between 15 to 50 m depending on the geology and level of radioactivity encountered Drillhole pierce point spacing is considered appropriate for the current exploration stage of drillholes in this release 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 mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Drilling orientations are generally sub-perpendicular to the interpreted dip of the geology, but there is limited knowledge of the geology in exploration areas Occasional drillholes will be orientated parallel to features of interest to test their depth extent It is noted within the release that all radioactive intervals are core lengths and not true widths Sample security The measures taken to ensure sample security. Not relevant to this release Audits or reviews The results of any audits or reviews of sampling techniques and data. No audits or reviews of the data presented in this release have occurred Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) 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. Drilling presented in this release was completed on mineral claim S-111376 which is 100% owned by Fission Uranium Corp a subsidiary of Paladin Energy Ltd. All claims are in good standing and all necessary permits for drilling and geophysical surveys have been received Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. The PLS project has been explored by a number of historical exploration companies including Uranerz Exploration and Mining Ltd., Hudson Bay Exploration and Development and Canadian Occidental Petroleum Ltd. There are historical drillholes on the property, none of which have tested the areas presented in this announcement Geology Deposit type, geological setting and style of mineralisation. The target deposit type is unconformity-associated high-grade uranium, hosted at the base of the Athabasca Basin or underlying metamorphic basement rocks 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. This information is included in Table 1 of the announcement No material information has been excluded 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. Radioactivity measurements are recorded every 10 cm throughout the drillhole length, no weighting is applied Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation 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'). All intervals are down hole lengths Due to the early-stage nature of these results, true widths are not known at this time 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. Refer to the figures in the announcement 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. All relevant exploration data has been reported 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. All relevant exploration data has been reported Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. Next steps are outlined within the release SOURCE Paladin Energy Ltd View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Innergex and MMBC Announce Construction Financial Close of the Mesgi'g Ugju's'n 2 Wind Project
LONGUEUIL, QC, May 30, 2025 /CNW/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") and Mi'gmawei Mawiomi Business Corporation ("MMBC") are pleased to announce the closing of the financing for the construction and operation of the 102 MW Mesgi'g Ugju's'n 2 Wind Project. The financing consists in a $163.9 million green loan, an interconnection bridge loan of $41.0 million and a LC facility of $10.2 million with CIBC, Desjardins Group and National Bank of Canada as Lenders, Joint Bookrunners, Coordinating Lead Arrangers and Green Loan Coordinators. The financing was informed by the Green Loan Principles and the Desjardins Group acted as Administrative Agent for the senior lenders syndicate. "We are proud to reach financial close on Mesgi'g Ugju's'n 2 and to continue advancing a project that is deeply rooted in collaboration, sustainability and regional economic impact," said Michel Letellier, President and Chief Executive Officer of Innergex. "We thank MMBC and the Mi'gmaq communities for their continued trust and partnership. This project is a powerful example of how strong Indigenous-led partnerships and clean energy development go hand in hand to generate economic and environmental value." "This project represents more than megawatts on the grid, it is a testament to Mi'gmaq leadership in the energy transition," said Frederic Vicaire, CEO of MMBC. "Through our equal partnership with Innergex and the support of key financial institutions, we are demonstrating that Indigenous-led clean energy projects can be ambitious, innovative and deeply rooted in reconciliation and economic empowerment." Mesgi'g Ugju's'n 2 is a 102 MW wind project to be located in the MRC d'Avignon and an extension to the existing 150 MW Mesgi'g Ugju's'n wind facility commissioned in 2016. The wind project is the result of a 50-50 renewed partnership between Innergex and the three Mi'gmaq communities in Quebec – Gesgapegiag, Gespeg and Listuguj – represented by MMBC. The project recently obtained the government decree authorizing construction and major contract negotiations have advanced significantly, including the execution of the Balance of Plant agreement (BOPA) with Borea Construction and the Turbine Supply Agreement (TSA) with Nordex. These key milestones enable the teams to proceed with construction preparation and pave the way for activities to ramp up in the coming months. Upon its commissioning scheduled in 2026, the electricity to be produced by Mesgi'g Ugju's'n 2 will be sold under a 30-year "take-or-pay" power purchase agreement indexed to 25% inflation with Hydro-Québec. The project financing includes a subordinated construction loan of $92.5 million and an equity loan of $15.4 million provided by a Canadian financial institution, demonstrating the innovative structuring approach behind this Indigenous-led wind project. Plan A Capital, as mandated financial advisor for MMBC, structured and sourced an equity loan from a Canadian financial institution to Mesgi'g Ugju's'n 2 Holding L.P. About Mi'gmawei Mawiomi Business CorporationMi'gmawei Mawiomi Business Corporation ("MMBC") is an organization established by the three Mi'gmaq communities located on the territory of Gespe'gewa'gi, namely, Gesgapegiag, Gespeg and Listuguj. MMBC is the economic arm of the three Mi'gmaq communities, and its mission is to create and manage wealth, and initiate business opportunities in the sustainable development of natural resources, as well as in services and knowledge industries. Through investments, acquisitions, and the establishment of partnerships and diverse business ventures, MMBC's goal is also to support meaningful improvement in employment and economic security. For more info, see About Innergex Renewable Energy 35 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 91 operating facilities with an aggregate net installed capacity of 3,737 MW (gross 4,693 MW), including 42 hydroelectric facilities, 36 wind facilities, 10 solar facilities and 3 battery energy storage facilities. Innergex also holds interests in 16 projects under development with a net installed capacity of 915 MW (gross 1,547 MW), 5 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 10,288 MW. Its approach to building shareholder value is to generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital. To learn more, visit or connect with us on LinkedIn. Cautionary Statement Regarding Forward-Looking InformationTo inform readers of the Corporation's future prospects, this press release contains forward-looking information within the meaning of applicable securities laws ("Forward-Looking Information"), including the Corporation's growth targets, power production, prospective projects, successful development, construction and financing (including tax equity funding) of the projects under construction and the advanced-stage prospective projects, sources and impact of funding, project acquisitions, execution of project-level financing (including the timing and amount thereof), and strategic, operational and financial benefits and accretion expected to result from such acquisitions, business strategy, future development and growth prospects, business integration, governance, business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. Forward-Looking Information can generally be identified by the use of words such as "approximately", "may", "will", "could", "believes", "expects", "intends", "should", "would", "plans", "potential", "project", "anticipates", "estimates", "scheduled" or "forecasts", or other comparable terms that state that certain events will or will not occur. It represents the projections and expectations of the Corporation relating to future events or results as of the date of this press release. Forward-Looking Information includes future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the Corporation's targeted production, the estimated targeted revenues and production tax credits, targeted Revenues and Production Tax Credits Proportionate, targeted Adjusted EBITDA and targeted Adjusted EBITDA Proportionate, targeted Free Cash Flow, targeted Free Cash Flow per Share and intention to pay dividend quarterly, the estimated project size, costs and schedule, including obtainment of permits, start of construction, work conducted and start of commercial operation for Development Projects and Prospective Projects, the Corporation's intent to submit projects under Requests for Proposals, the qualification of U.S. projects for PTCs and ITCs and other statements that are not historical facts. Such information is intended to inform readers of the potential financial impact of expected results, of the expected commissioning of Development Projects, of the potential financial impact of completed and future acquisitions and of the Corporation's ability to pay a dividend and to fund its growth. Such information may not be appropriate for other purposes. Forward-Looking Information is based on certain key assumptions made by the Corporation, including, without restriction, those concerning hydrology, wind regimes and solar irradiance; performance of operating facilities, acquisitions and commissioned projects; availability of capital resources and timely performance by third parties of contractual obligations; favourable economic and financial market conditions; average merchant spot prices consistent with external price curves and internal forecasts; no material changes in the current assumed U.S. dollar to Canadian dollar and Euro to Canadian dollar exchange rate; no significant variability in interest rates; the Corporation's success in developing and constructing new facilities; no adverse political and regulatory intervention; successful renewal of PPAs; sufficient human resources to deliver service and execute the capital plan; no significant event occurring outside the ordinary course of business such as a natural disaster, pandemic or other calamity; continued maintenance of information technology infrastructure and no material breach of cybersecurity. Forward-Looking Information involves risks and uncertainties that may cause actual results or performance to be materially different from those expressed, implied or presented by the Forward-Looking Information. These are referred to in the "Risks and Uncertainties" section of the Annual Report and include, without limitation: equipment supply; global climate change: variability in hydrology, wind regimes and solar irradiance; global climate change: extreme weather events; IT security risks and cyberattacks; increase in water rental cost or changes to regulations applicable to water use; performance of major counterparties, delays, cost overruns; non compliance with project site regulatory requirements leading to penalties, fines and other consequences; impact of failure to comply with project's environmental commitments or requirements throughout project lifetime; equipment failure, unexpected operations and maintenance activity and increased asset maintenance on ageing equipment; health and safety risks; availability and reliability of transmission systems; resource assessment and performance variability; preparedness to facing natural disasters and force majeure; pandemics, epidemics or other public health emergencies; inability to secure new profitable PPAs; inability to renew PPAs at adequately profitable prices; failure to bring projects into commercial operation within contractually stipulated delay; regulatory and political risks; risks related to U.S. production and investment tax credits, changes in U.S. corporate tax rates and availability of tax equity financing; increases in operational cost and financial uncertainty surrounding development of new facilities; social acceptance of renewable energy projects; inability to secure appropriate land; obtainment of permits; volatility of supply and demand in the energy market; exposure to many different forms of taxation in various jurisdictions; purchaser's inability to fulfill contractual obligations or refusal to accept delivery of power under power purchase agreements or power hedges; changes in governmental support to increase electricity to be generated from renewable sources by independent power producers; fluctuations affecting prospective power prices; relationships with Indigenous communities and stakeholders; inability of the Corporation to execute its strategy for building shareholder value; inability to raise additional capital and the state of the capital market; liquidity risks related to derivative financial instruments; interest rate fluctuations and refinancing; foreign exchange fluctuations; changes in general economic conditions; financial leverage and restrictive covenants governing current and future indebtedness; possibility that the Corporation may not declare a dividend or may reduce the amount of the dividend; insufficiency of insurance coverage; litigation; credit rating may not reflect actual performance of the Corporation or a lowering (downgrade) of the credit rating; revenues from certain facilities will vary based on the market (or spot) price of electricity; host country economic, social and political conditions; reliance on intellectual property and confidentiality agreements to protect the Corporation's rights and confidential information; reputational risks arising from misconduct of representatives of the Corporation; and ability to attract new talent or to retain officers or key employees. For more information on the risks and uncertainties that may cause actual results or performance to be materially different from those expressed, implied or presented by the forward-looking information or on the principal assumptions used to derive this information, please refer to the "Forward-Looking Information" section of the Management's Discussion and Analysis for the year ended December 31, 2024. SOURCE Innergex Renewable Energy Inc. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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MEG Energy Safely Evacuates Non-Essential Personnel from Christina Lake Regional Project Amid Wildfires
CALGARY, AB, May 31, 2025 /CNW/ - MEG Energy Corp. ("MEG" or the "Corporation") (TSX: MEG) provided an update today on operations at its Christina Lake Regional Project (CLRP) production facilities in response to regional wildfires south of CLRP. As a precautionary measure, MEG Energy has proactively evacuated all non-essential personnel, ensuring the safety of our team while maintaining critical operating staff on site. The wildfire caused an outage to third-party power line infrastructure connecting CLRP to Alberta's electric grid, prompting MEG to safely disconnect from the grid. MEG's cogeneration capabilities are enabling continued production at CLRP. However, the power outage is delaying startup of the company's Phase 2B operations, which represent approximately 70,000 barrels per day of production. When the fire situation developed, MEG was preparing to restart Phase 2B following the successful completion of the planned turnaround. We are working closely with the utility company and other stakeholders to restore grid connection and return to full capacity. "The safety of our people and protection of our assets remain our top priorities, and there is no immediate risk to either," said Darlene Gates, President and CEO. "We are working closely with authorities and coordinating with our industry peers to support each other and resume normal operations. I want to thank Alberta's emergency responders for their efforts in battling the fires and wish them continued safety." About MEG MEG is the leading pure-play in situ thermal oil producer in Canada. Our purpose is to meet the growing demand for energy, produced safely and reliably, while generating long-term value for all our stakeholders. MEG produces, transports and sells our oil (AWB) to customers throughout North America and internationally. Our common shares are listed on the Toronto Stock Exchange under the symbol "MEG" (TSX: MEG). Learn more at For further information, please contact: Media RelationsT 403.775.1131E media@ SOURCE MEG Energy Corp. View original content to download multimedia: Sign in to access your portfolio
