STAR DIAMOND CORPORATION ANNOUNCES THE RESULTS OF 2025 ANNUAL MEETING
SASKATOON, SK, May 15, 2025 /CNW/ - Star Diamond Corporation ("Star Diamond" or the "Corporation") is pleased to announce that all of the nominees listed in the management proxy circular dated March 31, 2025, were elected as directors of the Corporation at its annual meeting of shareholders held on May 15, 2025 (the "Meeting"). Details of the voting results for the election of directors are set out below:
In addition, shareholders also approved a resolution: re-appointing KPMG LLP as the Corporation's independent auditor. Voting results for all matters will be posted on SEDAR+ at http://www.sedarplus.ca.
At today's Meeting, the Chair of the Board, Mr. Ewan Mason, provided an update on the status of the Fort à la Corne Project and the Buffalo Hills Project
Fort à la Corne mineral properties
Star Diamond's technical team will focus on the technical investigation and evaluation of the Star – Orion South Diamond Project, with the goal of a future development decision. The initial work was completed in 2024 with a revised Mineral Resource estimate for the Star – Orion South Diamond Project, which will form the foundation of an updated Prefeasibility Study ("PFS"). The PFS will enable a Feasibility Study, on which a production decision can be based.
Buffalo Hills mineral properties
Management continues to review the recent results from the diamond valuation and typing analysis with a view to possible work programs and a potential path forward for the asset. A more detailed update on activities at Buffalo Hills will be provided as it becomes available
About Star Diamond Corporation
Star Diamond is a Canadian natural resource company focused on exploring and evaluating Saskatchewan's diamond resources. Star Diamond holds a 100% interest in the Fort à la Corne Project, (FALC Project, which includes the Star – Orion South Diamond Project, or the "Project"). These properties are in central Saskatchewan, near established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future possible mine development. The Company also holds a 100% interest in the exploration and evaluation properties of the Buffalo Hills Diamond Project (the "BH Project") located approximately 400 kilometres northwest of Edmonton, Alberta, Canada (see "Corporate Developments").
Technical Information
All technical information has been prepared under the supervision of Mark Shimell, VP Exploration, Professional Geoscientist in the Province of Saskatchewan, who is the Company's "Qualified Person" under NI 43-101
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Website www.stardiamondcorp.com
This press release contains "forward-looking statements" and/or "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes", or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could", "would", "will", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. All statements, other than statements of historical fact, are forward-looking statements.
These forward-looking statements are based on Star Diamond's current beliefs as well as assumptions made by and information currently available to Star Diamond and involve inherent risks and uncertainties, both general and specific. Risks exist that forward-looking statements will not be achieved due to a number of factors including, but not limited to, statements regarding Rio Tinto Canada, the Company's ability to obtain financing to further the exploration, evaluation and/or development of exploration and evaluation properties in which the Company holds interest, the economic feasibility of any future development projects, developments in world diamond markets, changes in diamond prices, risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar, the impact of changes in the laws and regulations regulating mining exploration, development, closure, judicial or regulatory judgments and legal proceedings, operational and infrastructure risks and the additional risks described in Star Diamond's most recently filed Annual Information Form, and annual and interim MDA.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release are made as of the date hereof and Star Diamond assumes no obligation to update any forward-looking statements, except as required by applicable laws.
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Toronto Star
4 hours ago
- Toronto Star
Mark Carney says sacrifice is necessary to pay for defence spending. So what will Canadians be asked to do?
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Page didn't sugar-coat it. He said it would require either big spending cuts, or a budget deficit or a tax hike, or some combination of these measures. Raising the GST by one percentage point, Page offered as an example, would bring an extra $10 billion — that's just slightly more than Carney is promising to give defence this year. That last option would be political poison in a time when Canadians are reeling from affordability challenges and the havoc that Donald Trump's tariffs are wreaking on the economy. Besides, a government that just cut the carbon levy because of its unpopularity, which just received unanimous support for tax-cut measures last week, is unlikely to turn around and ask Canadians to pay more GST. Opinion Althia Raj: Mark Carney can't be allowed to ram through his plan to build big Bill C-5 has been quickly panned by Indigenous groups, human rights organizations, and There's the option of increasing taxes only on the wealthy, but Carney is in the midst of building back Liberals' standing with business and corporate Canada, which saw itself — rightly or wrongly — as under siege from Justin Trudeau's government. Assuming that running a deficit is also not on brand with Carney's fiscal-manager reputation, thus, not on at all, that leaves this government looking for big savings. Everyone always thinks this is a good idea, right up until their services or benefits or jobs get cut. As former PM Jean Chrétien liked to say, everyone wants to go to heaven but nobody wants to die. None of this is to pour cold water on the idea of this big, bold boost in Canada's defence ambitions. Carney's speech on Monday was eloquent, even occasionally poetic, on this score. One of my favourite lines: 'In a darker, more competitive world, Canadian leadership will be defined not just by the strength of our values, but also by the value of our strength.' The announcement too, is buying the Liberals a lot of good words from unaccustomed places: the defence community and Conservatives. It will also give Carney and Canada some added heft at this weekend's G-7 meeting, which this country is hosting in Kananaskis, AB. Federal Politics Analysis Mark Carney revives tough talk about America and warns 'a new imperialism threatens' A Canadian government official told the Star that it is 'difficult to say whether or not we'll The prime minister is, then, to borrow from his own phrase, seeing some immediate value for his strong words on defence. Where the value of that strength will be tested is in the cost — not just the $9 billion the government is promising to lay out this year, but in the as-yet unspecified 'sacrifice' it requires from Canadians. Politics Headlines Newsletter Get the latest news and unmatched insights in your inbox every evening Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. Please enter a valid email address. Sign Up Yes, I'd also like to receive customized content suggestions and promotional messages from the Star. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy. This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Politics Headlines Newsletter You're signed up! You'll start getting Politics Headlines in your inbox soon. Want more of the latest from us? Sign up for more at our newsletter page.
Cision Canada
18 hours ago
- Cision Canada
ADF GROUP INC. ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED APRIL 30, 2025 Français
QUARTER HIGHLIGHT Revenues of $55.5 million, down from the same period last year, in line with the uncertainty related to the U.S. tariffs. Gross margin, as a percentage of revenue (1) stood at 22.0%, compared to 29.2% a year ago. Cash flow from operations of $25.3 million. Net income of $8.7 million, down compared to April 30, 2024. Order Backlog (1) at $330.4 million as at April 30, 2025, up compared with January 31, 2025. All amounts are in Canadian dollars unless otherwise noted. TERREBONNE, QC, June 10, 2025 /CNW/ - ADF GROUP INC. ("ADF" or the "Corporation") (TSX: DRX), a North American leader in the fabrication of steel superstructures, recorded revenues of $55.5 million for the first quarter ended April 30, 2025, compared to $107.4 million for the same period a year earlier. Gross margin, as a percentage of revenue (1) went from 29.2% for the three (3) months ended April 30, 2024, to 22.0% for the same period ended April 30, 2025. These variations are attributable to the direct and indirect impacts of the U.S. tariffs. Although the Corporation's order backlog (1) is more than adequate, exceeding $300 million as at April 30, 2025, the uncertainty surrounding the application and functioning of these tariffs has caused an unrecoverable delay in fabrication hours, mainly at ADF's plant in Terrebonne, Quebec. The decline in revenues forced the Corporation to take contingency measures and initiate a work-sharing program at its Terrebonne plant. This program has allowed the Corporation to mitigate the negative impacts of the decrease in fabrication hours, however not entirely. The tariffs also had an indirect negative impact on the Corporation's margins, which is caused by the increase in the price of steel sold by U.S. steel mills. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) (2) amounted to $10.4 million, or 18.7% of revenues, compared with $23.1 million or 21.5% of revenues on April 30, 2024. For the first quarter ended April 30, 2025, ADF recorded net income of $8.7 million ($0.30 per share basic and diluted) compared to net income of $15.3 million ($0.47 per share basic and diluted) for the same period a year earlier. As at April 30, 2025, the Corporation's order backlog (1) was $330.4 million, up compared with January 31, 2025, when the order backlog stood at $293.1 million. As at April 30, 2025, the Corporation had working capital (1) of $108.6 million while operating activities generated cash of $25.3 million during the three (3) month period ended April 30, 2025, closing the same quarter with cash and cash equivalents of $75.3 million. Financial Highlights (1) Adjusted EBITDA is a non-IFRS financial measure. Refer to the "Non-IFRS Financial Measures and Other Financial Measures" section of this press release for the definition of this indicator. U.S. Tariffs In recent months, the tariff measures put in place by the US authorities have been marked by frequent and sometimes unpredictable developments. In this context, and now that the official documents have been published and interpreted by the Corporation's customs experts, Management has a clearer view of the different impacts of these tariffs, including the impact of the announcements in the recent weeks. The products exported by ADF comply with the requirements of the Canada-United States-Mexico Agreement (USMCA). As a result, they are only subject to the specific steel tariffs, set at 25% by U.S. Government Proclamation 10896. These duties only apply if the raw materials used are not smelted and poured in the United States. However, ADF generally obtains steel from US-based mills and has done so for several years. Thus, when this condition is met, ADF's exports are exempt from these duties, allowing the Corporation to maintain its competitiveness in the U.S. market. At the same time, the Canadian government introduced countermeasures in the form of surtaxes on steel imports from the United States. However, these surcharges are recoverable upon exports. To facilitate the management of these costs for manufacturers, a remission order has been issued, allowing for immediate relief from these surtaxes at the time of import. Outlook "Given the circumstances, and more particularly the uncertainty related to U.S. tariffs, we are pleased with the results of the first quarter of our current fiscal year, which ended on April 30, 2025. We were able to generate cash, while continuing our normal course issuer bid program, which we have completed since the close of the first quarter" indicated Mr. Jean Paschini, Chairman of the Board of Directors and Chief Executive Officer. " We closed our first quarter with an order backlog (1) of $330.4 million, allowing us to expect an increase in revenue and profitability for the second half of our fiscal year ending January 31, 2026" concluded Mr. Jean Paschini. Dividend On April 9, 2025, ADF Group's Board of Directors approved the payment of a semi-annual dividend of $0.02 per share, which was paid on May 15, 2025, to Shareholders of Record as at April 24, 2025. Conference Call with Investors A conference call with investors is scheduled today, April 10, 2025, at 10 a.m. (Montreal time) to discuss the results of the quarter ended April 30, 2025. To join the conference call without operator assistance, you can register with your phone number on to receive an instant automatic reminder. You can also join the conference call with operator assistance by dialing 1-800-990-4777 a few minutes prior to the conference call scheduled start time. A replay of this conference call will be available from 1:00 p.m. on June 10, 2025, until June 17, 2025, by dialing 1-888-660-6345, followed by access code 63247#. The conference call (audio) will also be available at the Members of the media are invited to join in listening mode. ANNUAL GENERAL MEETING OF SHAREHOLDERS FOR THE FISCAL YEAR ENDED JANUARY 31, 2025 ADF Group Inc.'s Annual Meeting of Shareholders will be held on: About ADF Group Inc. | ADF Group Inc. is a North American leader in the design and engineering of connections, fabrication, including the application of industrial coatings, and installation of complex steel structures, heavy steel built-ups, as well as in miscellaneous and architectural metals for the non-residential infrastructure sector. ADF Group Inc. is one of the few players in the industry capable of handling highly technically complex mega projects on fast-track schedules in the commercial, institutional, industrial and public sectors. The Corporation operates two fabrication plants and two paint shops, in Canada and in the United States, and a Construction Division in the United States, which specializes in the installation of steel structures and other related products. Forward-Looking Information | This press release contains forward-looking statements reflecting ADF's objectives and expectations. These statements are identified by the use of verbs such as "expect" as well as by the use of future or conditional tenses. By their very nature these types of statements involve risks and uncertainty. Consequently, reality may differ from ADF's expectations. Non-IFRS Financial Measures and Other Financial Measures | Are measures derived primarily from the consolidated financial statements but are not a standardized financial measure under the financial reporting framework used to prepare the Corporation's financial statements. Therefore, readers should be careful not to confuse or substitute them with performance measures prepared in accordance with IFRS. In addition, readers should avoid comparing these non-IFRS financial measures to similarly titled measures provided or used by other issuers. The definition of these indicators and their reconciliation with comparable International Financial Reporting Standards measures issued by the International Accounting Standards Board ("IFRS Accounting Standards") is as follows: Adjusted EBITDA shows the extent to which the Corporation generates profits from operations, without considering the following items: Net financial expenses; Income taxes expense ; Foreign exchange losses, and Depreciation and amortization of property, plant and equipment, intangible assets, and right-of-use assets. Net income is reconciled with adjusted EBITDA in the table below: Gross Margin as a Percentage of Revenues Gross margin as a percentage of revenue indicator is used by the Corporation to assess the level of profitability for a given period based on the project mix for that same period. This indicator is subject to fluctuations in project prices and also in the operational efficiency of the Corporation. The indicator of gross margin as a percentage of revenues results from dividing gross margin by revenues. Order Backlog The order backlog is a measure used by the Corporation to assess future revenue levels. The order backlog includes firm orders obtained by the Corporation, either through a firm contract or a formal notice to proceed confirmed by the client. The order backlog disclosed by the Corporation therefore includes the portion of confirmed contracts that have not been put into production. Working Capital The working capital indicator is used by the Corporation to assess whether current assets are sufficient to meet current liabilities. It is therefore equal to current assets, less current liabilities. SOURCE ADF Group Inc.
Winnipeg Free Press
a day ago
- Winnipeg Free Press
Snake eyes: D-backs' $425 million investment in starting pitching hasn't gone as planned
PHOENIX (AP) — The normally budget-conscious Arizona Diamondbacks have been willing to spend big money over the past several years, taking chances on the notoriously volatile market of free agent starting pitching. So far, it's a bet that has come up snake eyes. Over the past 5 1/2 years, Diamondbacks owner Ken Kendrick has committed roughly $425 million to four pitchers — Corbin Burnes, Jordan Montgomery, Eduardo Rodríguez and Madison Bumgarner. The combined return on that investment: A 30-48 record, 5.25 ERA, minus-0.4 WAR and two Tommy John surgeries. Yikes. The latest bad news came on June 1 when Burnes — who signed a $210 million, six-year deal in January — abruptly left a game against the Nationals with right elbow pain. Now he's set to undergo Tommy John surgery and might not return to the mound until 2027. It's a brutal blow for the D-backs, who have a 31-34 record heading into Monday night's game against the Mariners. The 30-year-old Burnes seemed like the safest bet on the market last winter when the D-backs made the signing. The four-time All-Star and 2021 National League Cy Young Award winner had been remarkably consistent and healthy over the previous four seasons, making at least 28 starts every year. 'I might as well do another job if we're going to be scared of bringing in a guy of this caliber on your team,' Arizona's general manager Mike Hazen said at Burnes' introductory news conference. Added Kendrick: 'We're stretching the budget. It won't be the last time.' And for two months, he was everything Hazen, Kendrick and the D-backs hoped for with a 3-2 record and 2.66 ERA. Now he's out for the foreseeable future. It's the latest in a bad run of luck for Arizona's front office. It's also a brutal reminder of the substantial risk in handing out big money to pitchers in an era when injuries are happening at an alarming rate. The D-backs aren't the only team facing the same problem, even in their own division. The Los Angeles Dodgers currently have 14 pitchers on the injured list — including starters Blake Snell, Tyler Glasnow, Roki Sasaki and Tony Gonsolin. Snell has made just two starts this season because of injuries after signing a $182 millon, five-year deal in the offseason. The difference is the Dodgers seem to have nearly unlimited money to keep adding talent. The D-backs do not. The string of disappointing signings started in December 2019, when the D-backs added Bumgarner with a $85 million, five-year deal. The lefty had declined from his peak in the early-to-mid 2010s, when he led the San Francisco Giants to three World Series titles, but there was reason to believe he would be a solid middle-of-the-rotation option. Instead, he regressed even more in the desert, going 15-32 with a 5.23 ERA over a little more than three seasons. The D-backs released him in 2023 after he had a 10.26 ERA through four starts, eating more than $30 million in the process. The D-backs made a surprise run to the World Series that year and invested in a pair of pitchers — Montgomery and Rodriguez — during the ensuing offseason. Montgomery signed a $25 million, one-year deal with a vesting option for 2025. Rodriguez was added on an $80 million, four-year deal. Much like the Bumgarner signing, both seemed like good deals at the time. Montgomery had just helped the Rangers beat the Diamondbacks in the World Series and was a solid lefty with a sub-4.00 ERA in each of the previous three seasons. Rodriguez was coming off one of the best seasons of his career after going 13-9 with a 3.30 ERA for the Detroit Tigers. Things haven't worked out for either pitcher. Montgomery was awful in 2024 with a 6.23 ERA and eventually demoted to the bullpen. But because he made 21 starts, his vesting option for $22.5 million kicked in for 2025. His bid for a bounce-back season ended before it even started. The lefty got hurt during spring training in March and needed Tommy John surgery for the second time in his career, ending his time in the desert. Rodriguez hurt his shoulder during spring training in 2024 and didn't make his D-backs debut until August, contributing a 5.04 ERA as the team faded down the stretch and missed the playoffs. He's battled injuries and ineffectiveness again this year with a 6.70 ERA through 10 starts. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. There's still time for the Rodriguez and Burnes deals to take a turn for the better. Even if Burnes doesn't return until 2027, he'd have four more years remaining on his deal. D-backs manager Torey Lovullo chose to remain optimistic following Burnes' injury. 'We're all with Corbin right now,' Lovullo said. 'This is a tough day to get this news. But we'll find a way to rally around him, play hard for him all year long. … It's a long road, and it takes time for him to heal and recover. And he will. He'll be great for the Arizona Diamondbacks, I'm convinced of it.' ___ AP MLB:
