Exchange Income Corporation Announces Voting Results for its 2025 Annual General Meeting of Shareholders
WINNIPEG, Manitoba--(BUSINESS WIRE)--Exchange Income Corporation (TSX: EIF) (the 'Corporation'), a diversified, acquisition-oriented company focused on opportunities in the Aerospace & Aviation and Manufacturing segments, announced today the voting results on the election of directors from its 2025 Annual General Meeting of Shareholders ("AGM").
A total of 16,410,022 common shares representing 31.97% of the Corporation's 51,323,387 issued and outstanding common shares were voted in connection with the AGM. Shareholders approved all items of business before the AGM, including the election of directors as follows:
Nominees
Votes in Favour
%
For
Votes Against
%
Against
Total
Brad Bennett
15,931,947
97.09%
478,075
2.91%
16,410,022
Gary Buckley
15,917,034
97.00%
492,988
3.00%
16,410,022
Polly Craik
16,327,097
99.49%
82,925
0.51%
16,410,022
Barb Gamey
16,341,518
99.58%
68,504
0.42%
16,410,022
Bruce Jack
15,951,562
97.21%
458,460
2.79%
16,410,022
Duncan Jessiman
15,035,586
91.62%
1,374,436
8.38%
16,410,022
Carmele Peter
15,970,120
97.32%
439,902
2.68%
16,410,022
Michael Pyle
15,981,967
97.39%
428,055
2.61%
16,410,022
Melissa Sonberg
14,994,736
91.38%
1,415,286
8.62%
16,410,022
Donald Streuber
15,908,038
96.94%
501,984
3.06%
16,410,022
Edward Warkentin
15,903,368
96.91%
506,654
3.09%
16,410,022
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At the meeting, shareholders also voted in favour of the reappointment of PricewaterhouseCoopers LLP as the auditor of the Corporation until the close of the next annual meeting of shareholders; and the approval, on an advisory basis, of the Corporation's approach to executive compensation.
About Exchange Income Corporation
Exchange Income Corporation is a diversified acquisition-oriented company, focused in two segments: aerospace & aviation and manufacturing. The Corporation uses a disciplined acquisition strategy to identify already profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth. For more information on the Corporation, please visit www.ExchangeIncomeCorp.ca. Additional information relating to the Corporation, including all public filings, is available on SEDAR+ (www.sedarplus.ca).
The statements contained in this news release that are forward-looking are based on current expectations and are subject to a number of uncertainties and risks, and actual results may differ materially. Many of these forward-looking statements may be identified by looking for words such as 'believes', 'expects', 'will', 'may', 'intends', 'projects', 'anticipates', 'plans', 'estimates', 'continues' and similar words or the negative thereof. These uncertainties and risks include, but are not limited to, external risks, operational risks, financial risks and human capital risks. External risks include, but are not limited to, risks associated with economic and geopolitical conditions, competition, government funding for Indigenous health care, access to capital, market trends and innovation, general uninsured loss, climate, acts of terrorism, armed conflict, labour and/or social unrest, pandemic, level and timing of government spending, government-funded programs and environmental, social and governance. Operational risks include, but are not limited to, significant contracts and customers, operational performance and growth, laws, regulations and standards, acquisitions (including receiving any requisite regulatory approvals thereof), concentration and diversification, maintenance costs, access to parts and relationships with key suppliers, casualty losses, environmental liability, dependence on information systems and technology, cybersecurity, international operations, fluctuations in sales prices of aviation related assets, fluctuations in purchase prices of aviation related assets, warranty, performance guarantees, global offset and intellectual property risks. Financial risks include, but are not limited to, availability of future financing, income tax matters, commodity risk, foreign exchange, interest rates, credit facility and the trust indentures, dividends, unpredictability and volatility of securities pricing, dilution and other credit risk. Human capital risks include, but are not limited to, reliance on key personnel, employees and labour relations and conflicts of interest.
Except as required by Canadian Securities Law, Exchange Income Corporation does not undertake to update any forward-looking statements; such statements speak only as of the date made. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by Exchange Income Corporation with the securities regulatory authorities, available at www.sedarplus.ca.
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Perseus Mining Announces 5 Year Gold Production Outlook
Perth, June 11, 2025 (GLOBE NEWSWIRE) -- Perth, Western Australia/ June 11, 2025/ Perseus Mining Limited (ASX/TSX: PRU) (Company) is pleased to provide its gold production and All-In Site Cost (AISC) outlook for the five-year period from FY26 to FY30 inclusive for its portfolio of mines located in Ghana, Côte d'Ivoire and Tanzania. The Five-year Operating Outlook incorporates the updated planning outlook for each of Perseus's three existing operations based on planning assumptions reflecting current operating conditions. It also takes into account Final Investment Decisions (FID) for the CMA underground mining operation at the Yaouré Gold Mine in Côte d'Ivoire (see ASX announcement 'Perseus Mining takes Final Investment Decision on CMA underground project at Yaouré' dated 28 January 2025), as well as the development of the Nyanzaga Gold Project (NGP) in Tanzania (see ASX announcement 'Perseus Mining proceeds with development of the Nyanzaga Gold Project' dated 28 April 2025). HIGHLIGHTS Perseus expects to recover at total of 2.6Moz – 2.7Moz of gold with average gold production from the four operating mines of approximately 515koz – 535koz per annum in the five-year period to the end of FY30. The weighted average AISC over the five-year period is forecast to be US$1,400/oz – US$1,500/oz with not more than ±10% change year-on-year over the period, emphasising the benefit of our portfolio approach to asset management. Total development capital of ~US$878M that has been allocated to the operating assets during the period to achieve this production outlook is excluded from the AISC estimate. At a long-term gold price of US$2,400/oz, Perseus's cash operating margin is expected to consistently exceed US$500/oz at all mines over the five-year period. In some cases, it is significantly higher. The five-year outlook is underpinned by a high level of geological and technical confidence with 93% of the gold ounces in the mine plan comprising existing Ore Reserves with the remaining 7% from Measured or Indicated Mineral Resources. Inferred Mineral Resources and other upside projections of mineralisation were specifically omitted from Perseus's five-year outlook. The five-year outlook reinforces Perseus's commitment to the three core components of its capital allocation policy, namely: maintenance of a resilient balance sheet, delivery of strong, consistent operational performance and careful deployment of discretionary capital for growth and capital returns to shareholders.'In FY22, Perseus's gold production reached approximately 500,000 ounces for the first time and set in train our ambition to maintain or exceed this level of production on a consistent basis going forward. Perseus's decision in 2023 to defer development of its Meyas Sand Gold Project in Sudan and pivot towards acquisition and development of the Nyanzaga Gold Project, will lead to a short term shortfall in 2026 and 2027 relative to this target. From the five-year outlook published today, it is clear that this is a temporary setback and that Perseus's strategy of consistently producing between 500,000 to 600,0000 ounces of gold per year at a cash margin of not less than US$500 per ounce, is eminently achievable. With cash and undrawn debt capacity currently exceeding US$1.1 billion, Perseus is fully funded to not only deliver the five-year outlook as presented today but also consider a prudent mix of future growth opportunities beyond the current plan, as well as generous returns to shareholders'.Perseus's five-year outlook delivers on the Company's strategy of building a sustainable, geopolitically diversified, African-focused gold business of three to four operating mines that produce between 500koz to 600koz of gold per annum at a cash margin of not less than US$500/oz. As part of its annual planning cycle, the Company has reassessed the growth opportunities available within its portfolio with the approach of optimising the portfolio rather than focussing on fixed investment targets for each asset. In this way, the Company has sought to find the balance between investment in growth opportunities and the cash margin generated by the gold production for the group over the five-year period is 515koz – 535koz per annum for a total of 2.6Moz – 2.7Moz with Yaouré contributing 34%, Edikan contributing 28% and Sissingué contributing 10%. Based on the current schedule, the recently committed NGP in Tanzania is anticipated to provide 28% of the metal production for the portfolio over the next 5 years. The Company's weighted average AISC over the five-year outlook is estimated at US$1,400/oz - US$1,500/oz. AISC rises slightly in the first two years, driven by lower production base. In FY28, the integration of lower-margin ore sources into the mine plan contributes to a slight increase in AISC. The portfolio's diverse production base allows AISC to remain within ±10% of the five-year average on a year-to-year Company has strong confidence in its ability to deliver on this five-year outlook, which is underpinned by a mine plan with high geological and technical certainty, with 93% of the production ounces forming part of the existing Ore Reserves with the remaining 7% from Measured or Indicated Mineral Resources (as detailed in ASX announcement 'Perseus Mining updates Mineral Resources and Ore Reservesdated 21 August 2024). Nyanzaga Ore Reserves are detailed in ASX announcement 'Perseus Proceeds with Development of Nyanzaga Gold Project' dated 28 April 2025. The Company will provide an update to the Mineral Resource and Ore Reserve statement in August 2025, in line with its annual disclosure. Incremental production included in the mine plan at Yaouré, Edikan and Sissingué comes from well-understood deposits with a proven operating history. This production does not require significant additional infrastructure or capital beyond the investment necessary to access the TOTAL PRODUCTION5-YEAR OUTLOOK AISC 5-YEAR RANGE1 TOTAL DEVELOPMENT CAPITAL 5-YEAR Yaouré 870koz – 905koz $1,480/oz - $1,580/oz US$170M2 Nyanzaga 725koz – 750koz $1,230/oz - $1,330/oz US$523M3 Edikan 720koz – 750koz $1,450/oz - $1,550/oz US$180M4 Sissingué 265koz – 275koz $1,580/oz - $1,680/oz US$5M TOTAL 2,580koz – 2,680koz $1,400/oz - $1,500/oz US$878M 1) AISC includes sustaining capital but excludes development capital 2) Yaouré Development capital relates to capitalised underground development and includes US$21M forecast to be incurred to 30 June 25 3) Includes development and pre-production capital cost incurred post-FID up to first gold pour. In addition it includes US$38M forecast to be incurred to 30 June 25 4) Development capital relates to capitalised waste stripping costs at Esuajah North and Fetish deposits and development capital for ESS UndergroundKey Production Indicators Units FY26 FY27 FY28 FY29 FY30 5-year totalsOre Mined – Open pit Mt 11.7 12.2 14.8 17.1 10.5 66.2 Ore Grade Mined – Open pit g/t 1.10 1.06 1.18 1.25 1.41 1.20 Total Mined – Open pit Mt 52.9 103.0 102.6 87.1 63.4 409.1 Strip Ratio t:t 3.54 7.43 5.93 4.10 5.05 5.18Ore tonnes - Underground Mt 0.2 0.6 1.0 2.1 2.0 5.8 Ore Grade Mined – Underground g/t 3.51 3.36 3.13 1.27 1.48 1.94 Total Tonnes Mined - Underground Mt 0.5 0.9 1.5 2.6 2.1 7.6Ore Milled Mt 12.7 14.5 16.5 15.8 12.8 72.3 Ore Grade Milled g/t 1.18 1.10 1.26 1.37 1.42 1.27 Recovery % 85% - 90% 85% - 90% 85% - 90% 85% - 90% 85% - 90% 85% - 90% Gold Produced koz 420-440 450-470 590-610 610-630 510-530 2,580-2,680Perseus is in a strong financial position, with a resilient balance sheet and an operational portfolio that continues to safely and efficiently generate reliable operational cash flow. This allows the Company to look to deploy operating cashflow to shareholders and other stakeholders in the business. summarises Perseus's capital allocation five-year outlook is the result of a systematic process to assess and prioritise internal growth opportunities to ensure the portfolio continues to deliver strong operating margins over the long term. The deployment of capital within the business complements existing capital management strategies, including a share buyback programme and the payment of dividends. While Perseus continues to consider inorganic growth opportunities, these are required to compete rigorously for discretionary investment and be assessed in the context of overall business risk and delivery of value. By allocating discretionary capital to internal organic growth, Perseus can invest in jurisdictions where it has an established operating presence, on known geological terranes, and with a proven workforce capable of safely and efficiently delivering five-year forecast for Yaouré includes mining of the recently started Yaouré open pit and CMA underground as the primary ore sources. Supplementing the primary ore sources, material is also sourced from Zain, CMA Southwest and long-term stockpiles to maximise mill will continue to be a cornerstone asset in Perseus's portfolio, total gold production of 870koz – 905koz and a weighted average AISC of $1,480/oz - $1,580/oz over the five-year outlook. While FY26 sees a reduction in gold produced compared to previous years, the change in production volume was anticipated and is a result of a combination of factors including change in ore characteristics and material sources (as detailed in the ASX announcement 'Perseus extends life of the Yaouré Gold Mine to 2035' dated 18 September 2023).KEY PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30 TOTAL 5-YEAR OUTLOOKOre Mined – Open pit Mt 4.3 2.8 3.7 5.7 2.6 19.2 Ore Grade Mined – Open pit g/t 1.06 1.08 0.98 0.99 1.14 1.04 Total Mined – Open pit Mt 26.1 28.6 30.5 27.9 12.2 125.2 Strip Ratio t:t 5.02 9.15 7.17 3.90 3.70 5.53Ore tonnes - Underground Mt 0.2 0.6 0.8 0.8 0.8 3.2 Ore Grade Mined – Underground g/t 3.51 3.36 3.43 3.33 3.80 3.49 Total Tonnes Mined - Underground Mt 0.5 0.9 1.1 0.9 0.8 4.1Ore Milled Mt 3.7 3.8 3.6 3.4 3.4 17.9 Ore Grade Milled g/t 1.66 1.43 1.69 1.89 1.85 1.70 Following FID on the CMA underground operation in January 2025, the project is due to cut the first of four underground portals in Q1 FY26. The expansion to include underground operations allows further exploitation of the CMA deposit, which has proven to be a reliable and well understood geological domain of the Yaouré operation to date. At steady state production, it is planned that underground ore will represent approximately 20% of the tonnes of ore mined on the site from both open cut and underground operations. Since approving FID, Perseus has worked with its mining contractor to further develop the mine schedule ahead of commencement of underground operations in Q1 FY26. This milestone is aligned to the project schedule detailed in ASX announcement 'Perseus Mining takes final investment decision on CMA Underground Project at Yaouré' dated 28 January 2025. As of this update, changes to the underground schedule have resulted in the development capital allocated for the CMA underground increasing by 36% from the approved US$124.6M to US$170M. Development capital for CMA Underground has increased due to bringing forward underground development into the pre-commercial production period and updated capitalisation methodology to include royalties and G&A previously expensed. Further optimisation of the Yaouré life of mine plan is scheduled as several on-lease targets are assessed as part of the regular mine planning is forecast to be the lowest cost operation in the Perseus's portfolio. Gold production totals 725koz – 750koz, with peak metal output in FY28 over the five-year outlook. The weighted average AISC ranges between US$1,230/oz - US$1,330/oz. Nyanzaga's increasing contribution to Perseus's portfolio underscores the decision to acquire and proceed with project development. During the five-year period, all of the Nyanzaga's Kilimani pit is mined providing initial ore supply to the mill with the remainder of the material sourced from the main Nyanzaga deposit. All material mined is part of the stated Ore Reserve (see ASX announcement 'Perseus Mining proceeds with development of the Nyanzaga Gold Project' dated 28 April 2025). Total gold production over Nyanzaga's current 11-year life of mine, Phase 1 mine production is currently estimated to be 2.01 Moz based on a JORC 2012 Probable Ore Reserve of 52.0 Mt @ 1.40 g/t gold for 2.3 Moz. The development capital cost for the plant and site infrastructure is estimated at US$472M inclusive of US$49M of contingency, and pre-production capital of US$51M, giving a total capital cost to first gold pour of US$ PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30 TOTAL 5 YEAR OUTLOOKOre Mined – Open pit Mt - 1.8 6.3 6.2 6.2 20.5 Ore Grade Mined – Open pit g/t - 1.02 1.37 1.39 1.25 1.31 Total Mined – Open pit Mt 1.0 31.1 47.2 47.2 48.9 175.4 Strip Ratio t:t - 16.74 6.51 6.56 6.84 7.55Ore Milled Mt - 1.8 6.1 5.7 5.6 19.1 Ore Grade Milled g/t - 1.02 1.40 1.47 1.32 1.37 As previously advised, Perseus has committed to completing a second round of infill drilling at Nyanzaga, involving a number of drilling programmes aimed at confirming the tenor of the current mineralisation and testing extensions of the known mineralisation. Results received to date have been compelling and Perseus is expected to update the Mineral Resource and Ore Reserves (MROR) in Q1 FY27, in line with our annual MROR updated five-year outlook combines mining from the existing Nkosuo deposit and the commencement of a cutback of the Esuajah North pit, along with the second phase of mining at the Fetish pit, following completion of mining of the first phase in April 2025. Total gold production over this period is expected to be 720koz – 750koz, with a weighted average AISC of around US$1,450/oz – US$1,550/oz per Fetish and Esuajah North cutbacks have been incorporated into the updated five-year plan, reflecting the opportunity to extend Edikan's mine life at an incremental AISC. Together, the Fetish and Esuajah North cutbacks attract capitalised waste stripping costs of $168M but contribute ~200koz of production to Edikan's mine life and diversify the ore availability in the PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30 TOTAL 5 YEAR OUTLOOKOre Mined – Open pit Mt 5.7 6.4 4.3 4.5 1.4 22.4 Ore Grade Mined – Open pit g/t 0.90 0.90 0.92 1.24 2.44 1.07 Total Mined – Open pit Mt 15.6 34.2 16.9 8.0 1.8 76.6 Strip Ratio t:t 1.73 4.36 2.95 0.78 0.23 2.43Ore tonnes - Underground Mt - - 0.2 1.3 1.2 2.7 Ore Grade Mined – Underground g/t - - 1.68 1.82 2.08 1.93 Total Tonnes Mined - Underground Mt - - 0.5 1.7 1.3 3.5Ore Milled Mt 7.4 7.5 5.4 5.8 3.5 29.7 Ore Grade Milled g/t 0.81 0.84 0.79 0.93 1.14 0.88 In addition to these open-pit sources, Perseus is progressing an updated Feasibility Study for the Esuajah South underground deposit, with a view to bringing this project into production later in the decade. If approved through to development, Esuajah South would become the company's second underground mine and its first such operation in Ghana. The combination of Fetish, Esuajah North, and Esuajah South underground has extended the life of mine plane out to FY32. Perseus remains committed to brownfields exploration on its existing mining leases and exploration licences at Edikan to support ongoing production growth and to extend the Edikan production pipeline over the longer updated five-year outlook involves the continuation of mining at Sissingué Stage 4 open pit and commencement of new mining areas at Bagoé and Airport West (included in Sissingué in ) in FY26, as well as a Sissingué Stage 5 open pit cutback in FY27. This plan extends Sissingué's mine life to FY30, producing a total 265koz – 275koz of gold at a weighted average AISC of US$1,580/oz – US$1,680/oz over this an assessment of growth opportunities on site, additional mining inventory was included in the life of mine plan from the Sissingué Stage 5 pit. The addition of the expanded pit in the five-year outlook extends the mine life by approximately 12 months out to FY30, providing a meaningful contribution to Sissingué's production profile from existing mining areas. As part of this assessment other growth options were considered but were not included in the plan, as they require further technical assessment to confirm their economic PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30 TOTAL 5 YEAR OUTLOOKOre Mined – Open pit Mt 1.6 1.3 0.5 0.6 0.2 4.2 Ore Grade Mined – Open pit g/t 1.94 1.86 2.39 2.18 2.34 2.03 Total Mined – Open pit Mt 10.2 9.1 8.0 4.0 0.6 31.9 Strip Ratio t:t 5.40 6.22 14.86 5.43 1.77 6.60Ore Milled Mt 1.6 1.5 1.4 1.0 0.3 5.7 Ore Grade Milled g/t 1.83 1.67 1.35 1.68 1.86 1.65 Infill drilling is included in Sissingué's FY26 budget to confirm the mineralisation and design parameters for the Sissingué Stage 5 pit along with further geotechnical and grade control programmes at Bagoé and Airport West that are intended to further reduce operational PERSON STATEMENT All production targets referred to in this release are underpinned by estimated Ore Reserves and Measured or Indicated Mineral Resources which have been prepared by competent persons in accordance with the requirements of the JORC Code. Edikan The information in this report that relates to the Mineral Resources and Ore Reserve at Edikan was updated by the Company in a market announcement 'Perseus Mining updates Mineral Resources and Ore Reserves' released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Edikan Gold Mine, Ghana' dated 7 April 2022 continue to apply. Sissingué, Fimbiasso and Bagoé The information in this report that relates to the Mineral Resources and Ore Reserve at the Sissingué Gold Mine including Fimbiasso and Bagoé was updated by the Company in a market announcement 'Perseus Mining updates Mineral Resources and Ore Reserves' released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Sissingué Gold Project, Côte d'Ivoire' dated 29 May 2015 continue to apply. YaouréThe information in this report that relates to the Mineral Resources and Ore Reserve at Yaouré was updated by the Company in a market announcement 'Perseus Mining announces Open Pit and Underground Ore Reserve update at Yaouré' released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Yaouré Gold Project, Côte d'Ivoire' dated 19 December 2023 continue to apply. NyanzagaThe information in this report that relates to the Mineral Resources and Ore Reserve at Nyanzaga was updated by the Company in a market announcement 'Perseus Mining proceeds with development of the Nyanzaga Gold Project' released on 28 April 2025. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Nyanzaga Gold Project' dated 10 June 2025 continue to apply. CAUTION REGARDING FORWARD LOOKING INFORMATION: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Nyanzaga, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws. ASX/TSX CODE: PRUCAPITAL STRUCTURE:Ordinary shares: 1,362,221,512Performance rights: 10,056,681REGISTERED OFFICE:Level 2437 Roberts RoadSubiaco WA 6008Telephone: +61 8 6144 DIRECTORS:Rick MenellNon-Executive ChairmanJeff QuartermaineManaging Director & CEO Amber BanfieldNon-Executive DirectorElissa CorneliusNon-Executive DirectorDan LougherNon-Executive DirectorJohn McGloinNon-Executive Director CONTACTS:Jeff QuartermaineManaging Director & FormanInvestor Relations+61 484 036 RyanMedia Relations+61 420 582 Sie sich an, um Ihr Portfolio aufzurufen.
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44 minutes ago
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Stingray Reports Fourth Quarter and Full-Year Results for Fiscal 2025
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Adjusted EBITDA(1) by segment was $28.1 million, or 43.6% of revenues for Broadcasting and Commercial Music, $8.6 million or 27.3% of revenues for Radio, and $(1.7) million for Corporate; Adjusted Net income(1) improved to $18.6 million, or $0.27 per share, in the fourth quarter of 2025 from $15.4 million, or $0.22 per share, in the same period in 2024; Cash flow from operating activities decreased 10.3% to $39.7 million, or $0.58 per share(1), in the fourth quarter of 2025 from $44.3 million, or $0.64 per share(1), in the fourth quarter of 2024; Adjusted free cash flow(1) rose 17.8% to $18.4 million, or $0.27 per share, in the fourth quarter of 2025 from $15.6 million, or $0.23 per share, in the same period in 2024; Net debt to Pro Forma Adjusted EBITDA(1) ratio decreased to 2.28x compared to 2.76x last year; and Repurchased and cancelled 275,000 shares for a total of $2.3 million in the fourth quarter of 2025 compared to 57,600 shares for a total of $0.4 million in the same period in 2024. Full Year Highlights Organic growth of 12.3% year-over-year in Broadcast and Recurring Commercial Music Revenues; Revenues increased 12.0% to $386.9 million in 2025 from $345.4 million in 2024; Net income totaled $36.4 million, or $0.53 per share, in 2025 compared to a Net loss of $13.7 million, or $0.20 per share, in the same period last year; Adjusted EBITDA(1) improved 13.0% to $142.2 million in 2025 from $125.9 million in 2024. Adjusted EBITDA(1) by segment was $107.6 million or 42.3% of revenues for Broadcasting and Commercial Music, $42.1 million or 31.8% of revenues for Radio, and $(7.5) million for Corporate; Adjusted Net income(1) increased to $72.7 million, or $1.05 per share, in 2025 compared to $60.3 million, or $0.87 per share, in the same period last year; Cash flow from operating activities decreased 11.4% to $105.0 million, or $1.53 per share(1), in 2025 from $118.5 million, or $1.72 per share(1), in 2024; Adjusted free cash flow(1) rose 3.5% to $83.6 million, or $1.21 per share, in 2025 from $80.8 million, or $1.17 per share, in the same period last year; and Repurchased and cancelled 1,186,800 shares for a total of $9.1 million in 2025 compared to 557,500 shares for a total of $2.9 million in 2024. MONTREAL, June 10, 2025 (GLOBE NEWSWIRE) -- Stingray Group Inc. (TSX: RAY.A; RAY.B) (the 'Corporation'; 'Stingray'), an industry leader in music and video content distribution, business services, and advertising solutions, announced today its financial results for the fourth quarter and fiscal year ended March 31, 2025. Financial Highlights(in thousands of Canadian dollars, except per share data) Three months endedMarch 31 Twelve months endedMarch 31 2025 2024 % 2025 2024 % Revenues 96,008 83,665 14.8 386,891 345,428 12.0 Adjusted EBITDA(1) 35,027 29,423 19.0 142,199 125,855 13.0 Net income (loss) 7,655 (46,318) — 36,440 (13,741) — Per share – diluted ($) 0.11 (0.67) — 0.53 (0.20) — Adjusted Net income(1) 18,568 15,382 20.7 72,654 60,312 20.5 Per share – diluted ($)(1) 0.27 0.22 22.7 1.05 0.87 20.7 Cash flow from operating activities 39,720 44,263 (10.3) 105,040 118,526 (11.4) Adjusted free cash flow(1) 18,411 15,624 17.8 83,611 80,794 3.5(1) This is a non-IFRS measure and is not a standardized financial measure. The Corporation's method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, the definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Refer to 'Non-IFRS Measures' on page 5 of this news release for more information about each non-IFRS measure and refer to pages 6-7 for the reconciliations to the most directly comparable IFRS financial measures. Reporting on Stingray's fiscal 2025 and fourth quarter results, President, Co-Founder and CEO Eric Boyko stated: 'Fiscal 2025 was a highly successful year that checked many boxes in our profitable growth strategy. First, advertising revenues for our Broadcast and Recurring Commercial Music segment, which comprises our FAST channel and retail media advertising units, increased by more than 45% for a second consecutive year as advertisers increasingly relied on connected TVs to maximize their advertising dollars. Accordingly, we invested in our FAST channel platform in 2025, including the recent launch of channels like Cozy Café, Movie Music, Stargaze and Cityscapes, to position Stingray as the No. 1 supplier of musical and ambient channels for connected TVs. To take advantage of growing listening hours on FAST channels worldwide, we also introduced Stingray's Premium Connected TV Ad Inventory Network to enable alternative vendors to sell unsold inventory.' 'Second, our collaboration with IAB Canada and Leger to produce a breakthrough report about the evolution of in-store audio advertising in Canada has consolidated our standing as the de facto leader in this growing sector. We are true trailblazers in this market, evangelizing retailers about the untapped potential of in-store media ads, adding sales representatives and partners to increase inventory selling, and optimizing our pricing structure to improve monetization.' 'Third, double-digit organic growth for a second straight year reflects the judicious investment decisions Stingray has made to sustain revenue growth and drive profitability.' 'Finally, we reduced our net debt level by more than $27 million in 2025, closing the fiscal year with a Net Debt to Pro Forma Adjusted EBITDA ratio of 2.28 times and well within our target range.' 'In this encouraging context, Broadcasting and Commercial Music revenues increased 17.8% to $254.5 million in 2025, driven by higher FAST channel revenues, greater equipment and installation sales related to digital signage, and a positive foreign exchange impact,' Mr. Boyko added. 'Radio revenues improved 2.3% year-over-year to $132.3 million in 2025 mainly due to higher digital revenues. We are particularly pleased that our strategy to leverage the Radio sales team in Canada to sell in-store audio and video ads is beginning to deliver meaningful results. This latest facet of our plan helped to generate Radio revenue growth of nearly 4% in the fourth quarter despite a tight market environment.' 'Looking ahead to fiscal 2026, our capital allocation priorities are well-defined. We intend to sustain our momentum by re-investing in high-growth growth areas of our business; lowering our net debt level to a leverage ratio approaching 2.0 times; seeking acquisitions on an opportunistic basis; and continuing to reward shareholders with our well-established NCIB and dividend programs,' Mr. Boyko concluded. Fourth Quarter ResultsRevenues in the fourth quarter of 2025 increased $12.3 million, or 14.8%, to $96.0 million from $83.7 million in the fourth quarter of 2024. The growth was mainly due to an increase in FAST channel revenues and a positive foreign exchange impact. Revenues in Canada rose $1.2 million, or 2.7%, to $46.8 million from $45.6 million in the fourth quarter of 2024. The growth was mainly due to an increase in Radio revenue mostly driven by higher local sales. Revenues in the United States grew $11.8 million, or 45.0%, to $38.0 million from $26.2 million in the fourth quarter of 2024. The increase can be attributed to higher FAST channel revenues and a positive foreign exchange impact. Revenues in Other countries decreased $0.7 million, or 5.5%, to $11.2 million from $11.9 million in Q4 2024. The year-over-year decline was mainly due to lower in-store commercial revenues. Broadcasting and Commercial Music revenues in the fourth quarter of 2025 increased $11.2 million, or 20.9%, to $64.6 million from $53.4 million in the fourth quarter of 2024. The growth was primarily driven by higher FAST channel revenues and a positive foreign exchange impact. For the fourth quarter of 2025, Radio revenues improved $1.1 million, or 3.9%, to $31.4 million from $30.3 million in the same period of 2024. This increase was largely due to higher local revenues. Consolidated Adjusted EBITDA in the fourth quarter of 2025 increased $5.6 million, or 19.0%, to $35.0 million from $29.4 million in the fourth quarter of 2024. Adjusted EBITDA margin in the fourth quarter of 2025 rose to 36.5% from 35.2% in the same period last year. The increase in Adjusted EBITDA and Adjusted EBITDA margin was mainly due to higher revenues, partially offset by greater operating expenses related mainly to higher salaries. For the fourth quarter of 2025, net income totaled $7.7 million, or $0.11 per share, compared to a net loss of $46.3 million, or ($0.67) per share, in the fourth quarter of 2024. The variance was mainly due to a one-time impairment charge of $56.1 million on goodwill related to the Radio segment in the comparable period in 2024 and higher operating results in Q4 2025. These factors were partially offset by a foreign exchange loss and an unrealized loss on derivative financial instruments in the most recent quarter. Cash flow generated from operating activities amounted to $39.7 million in the fourth quarter of 2025 compared to $44.3 million in the fourth quarter of 2024. The decline was primarily due to a foreign exchange loss, higher income taxes paid, as well as greater acquisition, legal, restructuring and other costs. These factors were partially offset by improved operating results. Adjusted free cash flow generated in the fourth quarter of 2025 totaled $18.4 million compared to $15.6 million in the same period last year. The increase was mainly related to improved operating results, partially offset by higher income taxes paid. As of March 31, 2025, the Corporation had cash and cash equivalents of $14.0 million and credit facilities of $341.4 million. The credit facility consists of a $500 million revolving credit facility, of which $156.3 million was available. Full-Year ResultsFiscal 2025 revenues increased $41.5 million, or 12.0%, to $386.9 million from $345.4 million in 2024. The growth was largely due to higher FAST channel revenues, greater equipment and installation sales related to digital signage, and a positive foreign exchange impact. Adjusted EBITDA in fiscal 2025 improved by $16.3 million, or 13.0%, to $142.2 million from $125.9 million in 2024. Adjusted EBITDA margin in 2025 reached 36.8% compared to 36.4% in 2024. The increase in Adjusted EBITDA and Adjusted EBITDA margin was mainly driven by higher revenues, partially offset by greater operating expenses related mostly to higher salaries. Net income in fiscal 2025 totaled $36.4 million, or $0.53 per share, compared to a net loss of $13.7 million, or ($0.20) per share, in 2024. The variance was primarily due to a one-time impairment charge of $56.1 million on goodwill related to the Radio segment in the comparable period in 2024 and to higher operating results in 2025. These factors were partially offset by an unrealized loss on derivative financial instruments, a one-time settlement gain related to a trademark dispute in the comparable period in 2024, and a higher foreign exchange loss. Adjusted net income in fiscal 2025 amounted to $72.7 million, or $1.05 per share, compared to $60.3 million, or $0.87 per share, in 2024. The increase can mainly be attributed to higher operating results and lower interest expense, partially offset by a greater foreign exchange loss. Declaration of DividendThe Corporation declared a dividend of $0.075 per subordinate voting share, variable subordinate voting share and multiple voting share on March 25, 2025. The dividend will be payable on or around June 13, 2025, to shareholders on record as of May 30, 2025. The Corporation's dividend policy is at the discretion of the Board of Directors and may vary depending upon, among other things, our available cash flow, results of operations, financial condition, business growth opportunities and other factors that the Board of Directors may deem relevant. The dividends paid are designated as "eligible" dividends for the purposes of the Income Tax Act (Canada) and any corresponding provisions of provincial and territorial tax legislation. Business Highlights and Subsequent Events On April 15, 2025, the Corporation announce a partnership with Zoox, an autonomous mobility company. This collaboration enhances the rider experience in Zoox robotaxis with a diverse selection of curated music channels. On March 11, 2025, the Corporation announced the launch the launch of three of its popular FAST channels, Qello Concerts, Stingray Classica, and Movie Music, on Germany's largest TV platform for HD television. On February 5, 2025, the Corporation announced the launch of four new FAST (Free Ad-Supported Streaming TV) video channels. Cozy Café, Stargaze, and Movie Music have been selected by various platforms, including LG Channels, Samsung TV Plus, as part of their new channel offerings. On January 20, 2025, the Corporation announced the launch of five video channels on the ScreenHits TV in-car entertainment platform, available in Renault Grand Koleos, Nio and Porsche (Cayenne, Taycan, Panamera and 911) vehicles with upcoming plans for a worldwide release. On January 9, 2025, the Corporation announced that Samsung TV Karaoke, powered by the Stingray Karaoke app, has received the CES Innovation Award 2025 in the Content & Entertainment category. Conference CallThe Corporation will hold a conference call tomorrow, June 11, 2025, at 10:00 AM (ET) to review its financial results. Interested parties can join the call by dialing 289-514-5100 (Toronto) or 1-800-717-1738 (toll free). A rebroadcast of the conference call will be available until midnight, July 11, 2025, by dialing 289-819-1325 or 888-660-6264 and entering passcode 11999. About StingrayStingray (TSX: RAY.A; RAY.B), a global music, media, and technology company, is an industry leader in TV broadcasting, streaming, radio, business services, and advertising. Stingray provides an array of global music, digital, and advertising services to enterprise brands worldwide, including audio and video channels, 97 radio stations, subscription video-on-demand content, FAST channels, karaoke products and music apps, and in-car and on-board infotainment content. Stingray Business, a division of Stingray, provides commercial solutions in music, in-store advertising solutions, digital signage, and AI-driven consumer insights and feedback. Stingray Advertising is North America's largest retail audio advertising network, delivering digital audio messaging to more than 30,000 major retail locations. Stingray has close to 1,000 employees worldwide and reaches 540 million consumers in 160 countries. For more information, visit Forward-Looking InformationThis news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, information with respect to Stingray's goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray's control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray's Annual Information Form for the year ended March 31, 2025, which is available on SEDAR at Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray's business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law. Non-IFRS MeasuresThe Corporation believes that Adjusted EBITDA and Adjusted EBITDA margin are important measures when analyzing its operating profitability without being influenced by financing decisions, non-cash items and income taxes strategies. Comparison with peers is also easier as companies rarely have the same capital and financing structure. The Corporation believes that Adjusted Net income and Adjusted Net income per share are important measures as it shows stable results from its operation which allows users of the financial statements to better assess the trend in the profitability of the business. The Corporation believes that Adjusted free cash flow and Adjusted free cash flow per share are important measures when assessing the amount of cash generated after accounting for capital expenditures and non-core charges. It demonstrates cash available to make business acquisitions, pay dividend and reduce debt. The Corporation believes that Net debt and Net debt to Pro Forma Adjusted EBITDA are important to analyse the company's debt repayment capacity on an annualized basis, taking into consideration the annualized adjusted EBITDA of acquisitions made during the last twelve months. Each of these non-IFRS financial measures is not an earnings or cash flow measure recognized by International Financial Reporting Standards (IFRS) and does not have a standardized meaning prescribed by IFRS. This method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, our definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as an alternative to net income determined in accordance with IFRS as indicators of our performance or to cash flows from operating activities as measures of liquidity and cash flows. Reconciliation of Net income to Adjusted EBITDA, Adjusted Net income, LTM Adjusted EBITDA and Pro Forma Adjusted EBITDA 3 months 12 months (in thousands of Canadian dollars) March 31,2025Q4 2025 March 31, 2024Q4 2024 March 31,2025Fiscal 2025 March 31, 2024Fiscal 2024 Net income (loss) 7,655 (46,318 ) 36,440 (13,741 ) Impairment on goodwill – 56,119 – 56,119 Net finance expense 9,516 3,736 42,416 28,883 Change in fair value of investments 2 (106 ) (54 ) 18 Income taxes 977 3,639 10,982 16,030 Depreciation and write-off of property and equipment 1,941 1,183 8,090 8,342 Depreciation of right-of-use assets 1,020 1,192 4,097 4,420 Amortization of intangible assets 5,115 4,124 18,583 17,371 Share-based compensation 111 93 409 435 Performance and deferred share unit expense 5,640 4,711 10,181 6,841 Share of results of investments in associates (210 ) (354 ) 3,381 1,166 Gain on disposal of an investment (845 ) – (845 ) – Other income (24 ) – (24 ) – Acquisition, legal, restructuring and other expenses 4,129 1,404 8,543 (29 ) Adjusted EBITDA 35,027 29,423 142,199 125,855 Adjusted EBITDA margin 36.5% 35.2% 36.8% 36.4% Net income (loss) 7,655 (46,318 ) 36,440 (13,741 ) Adjusted for: Impairment on goodwill – 56,119 – 56,119 Unrealized loss (gain) on derivative instruments 1,010 (2,252 ) 9,267 (1,431 ) Amortization of intangible assets 5,115 4,124 18,583 17,371 Change in fair value of investments 2 (106 ) (54 ) 18 Share-based compensation 111 93 409 435 Performance and deferred share unit expense 5,640 4,711 10,181 6,841 Share of results of investments in associates (210 ) (354 ) 3,381 1,166 Gain on disposal of an investment (845 ) – (845 ) – Other income (24 ) – (24 ) – Acquisition, legal, restructuring and other expenses 4,129 1,404 8,543 (29 ) Income taxes on above noted adjustments (4,015 ) (2,039 ) (13,227 ) (6,437 ) Adjusted Net income 18,568 15,382 72,654 60,312 Average number of shares outstanding (diluted) 68,807 68,811 68,871 69,104 Adjusted Net income per share (diluted) 0.27 0.22 1.05 0.87 (in thousands of Canadian dollars) March 31,2025Fiscal 2025 March 31,2024Fiscal 2024 LTM Adjusted EBITDA 142,199 125,855 Permanent cost-saving initiatives 1,046 2,758 Adjusted EBITDA for the months prior to the business acquisition of The Coda Collection which are not already reflected in the results 150 – Pro Forma Adjusted EBITDA 143,395 128,613 Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow 3 months 12 months (in thousands of Canadian dollars) March 31,2025Q4 2025 March 31, 2024Q4 2024 March 31,2025Fiscal 2025 March 31, 2024Fiscal 2024 Cash flow from operating activities 39,720 44,263 105,040 118,526 Add / Less : Acquisition of property and equipment (2,057 ) (2,351 ) (7,194 ) (7,812 ) Acquisition of intangible assets other than internally developed intangible assets (1,183 ) (355 ) (2,680 ) (1,231 ) Addition to internally developed intangible assets (1,371 ) (1,148 ) (5,184 ) (5,001 ) Interest paid (5,287 ) (6,641 ) (23,781 ) (25,927 ) Repayment of lease liabilities (954 ) (929 ) (4,295 ) (4,351 ) Net change in non-cash operating working capital items (17,094 ) (17,661 ) 6,663 5,983 Unrealized loss (gain) on foreign exchange 2,508 (958 ) 6,499 636 Acquisition, legal, restructuring and other expenses 4,129 1,404 8,543 (29 ) Adjusted free cash flow 18,411 15,624 83,611 80,794 Calculation of Net Debt and Net Debt to Pro Forma Adjusted EBITDA Ratio (in thousands of Canadian dollars) March 31, 2025 March 31, 2024 Credit facilities 341,365 338,712 Subordinated debt – 25,579 Cash and cash equivalents (13,984 ) (9,606 ) Net debt 327,381 354,685 Net debt to Pro Forma Adjusted EBITDA 2.28 2.76 Note to readers: Consolidated financial statements and Management's Discussion & Analysis of Operating Results and Financial Position are available on the Corporation's website at and on SEDAR at Contact InformationMathieu PéloquinSenior Vice-President, Marketing and CommunicationsStingray(514) 664-1244, ext. 2362mpeloquin@ 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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Lineage Announces Pricing of $500 million of Senior Notes due 2030
NOVI, Mich., June 10, 2025--(BUSINESS WIRE)--Lineage, Inc. (NASDAQ: LINE) (the "Company"), today announced that Lineage OP, LP (the "Operating Partnership"), a direct subsidiary of the Company, priced an offering of $500 million aggregate principal amount of 5.250% Senior Notes due 2030 (the "Notes") at a price of 98.991% of the principal amount. The Notes will be senior unsecured obligations of the Operating Partnership and will be fully and unconditionally guaranteed by the Company, Lineage Logistics Holdings, LLC and each other subsidiary of the Company (other than the Operating Partnership and certain excluded subsidiaries) that guarantees or is otherwise obligated in respect of the Company's revolving credit and term loan agreement. Interest on the Notes will accrue at a rate of 5.250% per annum and be payable semi-annually on January 15 and July 15 of each year. The Notes will mature on July 15, 2030. Closing of the offering is expected to occur on June 17, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the Notes to repay amounts outstanding from time to time under its revolving credit facility and for other general corporate and working capital purposes. The Notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the Securities Act. The Notes will be offered only to "qualified institutional buyers" under Rule 144A of the Securities Act or, outside the United States, to persons other than "U.S. persons" in compliance with Regulation S under the Securities Act. This communication is not an offer to sell or a solicitation of an offer to buy securities of Linage, Inc. or its subsidiaries, nor shall it constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. There can be no assurances that the offering of the Notes will be completed as described herein or at all. Safe Harbor Statement This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to the timing and consummation of the offering of the Notes and the expected use of the net proceeds. Forward-looking statements can generally be identified by the use of words such as words "estimate," "anticipate," "expect," "believe," "intend," "may," "will," "could," "should," "would," "seek," "position," "support," "drive," "enable," "optimistic," "target," "opportunity," "approximately" or "plan," or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. The Company can provide no assurances that it will be able to complete the offering on the anticipated terms, or at all. For a further list and description of such risks and uncertainties, see the Company's reports and other filings with the U.S. Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2024. 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. View source version on Contacts Investor Relations ContactEvan BarbosaVP, Investor Relationsir@ Media Contact Megan HendricksenVP, Global Marketing & Communicationspr@
