CT REIT Reports Second Quarter 2025 Results Français
"We are pleased to report another strong quarter of growth for CT REIT. In a busy Q2, we expanded our portfolio with two new investments totaling over 250,000 square feet and renewed 10 Canadian Tire store leases," said Kevin Salsberg, President and Chief Executive Officer, CT REIT. "We also continue to advance our Environmental, Social and Governance (ESG) priorities and are proud to have recently published our fourth annual ESG report that highlights our approach, progress and achievements."
"Additionally, with the recent announcement of the significant retrofit that will be undertaken at our Canada Square property in midtown Toronto, anchored by a new 20-year office lease with Canadian Tire Corporation, and the successful completion of our $200 million Series J unsecured debenture issuance, we continue to improve the quality of our portfolio and successfully execute our core strategy," added Salsberg.
New Investment Activity
CT REIT announced two new investments which will require an estimated $66 million to complete. The investments are, in aggregate, expected to earn a going-in yield of 7.55% and represent approximately 252,000 square feet of incremental gross leasable area ("GLA").
Update on Previously Announced Investments
CT REIT invested $45 million in previously disclosed projects that were completed in the second quarter of 2025, adding 142,000 square feet of incremental GLA to the portfolio as detailed in the table below.
Financial and Operational Summary
Summary of Selected Information
(in thousands of Canadian dollars, except unit, per unit and square footage amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
Change
2025
2024
Change
Property revenue
$ 149,782
$ 144,438
3.7 %
$ 300,178
$ 288,659
4.0 %
Net operating income 1
$ 118,909
$ 114,946
3.4 %
$ 237,612
$ 228,427
4.0 %
Net income
$ 103,003
$ 103,285
(0.3) %
$ 208,657
$ 204,430
2.1 %
Net income per unit - basic 2
$ 0.434
$ 0.439
(1.1) %
$ 0.880
$ 0.868
1.4 %
Net income per unit - diluted 2,3
$ 0.365
$ 0.346
5.5 %
$ 0.737
$ 0.686
7.4 %
Funds from operations 1
$ 81,245
$ 79,439
2.3 %
$ 162,342
$ 157,628
3.0 %
Funds from operations per unit - diluted 2,4,5
$ 0.342
$ 0.337
1.5 %
$ 0.683
$ 0.668
2.2 %
Adjusted funds from operations 1
$ 76,071
$ 74,253
2.4 %
$ 152,125
$ 146,883
3.6 %
Adjusted funds from operations per unit - diluted 2,4,5
$ 0.320
$ 0.315
1.6 %
$ 0.640
$ 0.623
2.7 %
Distributions per unit - paid 2
$ 0.231
$ 0.225
3.0 %
$ 0.463
$ 0.449
3.0 %
AFFO payout ratio 4
72.2 %
71.4 %
0.8 %
72.3 %
72.1 %
0.2 %
Cash generated from operating activities
$ 100,181
$ 96,374
4.0 %
$ 214,184
$ 208,293
2.8 %
Weighted average number of units outstanding 2
Basic
237,370,297
235,424,848
0.8 %
237,182,294
235,531,039
0.7 %
Diluted 3
328,334,913
344,749,865
(4.8) %
328,183,384
344,835,287
(4.8) %
Diluted (non-GAAP) 5
237,740,125
235,823,443
0.8 %
237,588,596
235,908,865
0.7 %
Indebtedness ratio
39.8 %
40.9 %
(1.1) %
Gross leasable area (square feet) 6
31,169,260
30,588,037
1.9 %
Occupancy rate 6,7
99.5 %
99.4 %
0.1 %
1 This is a non-GAAP financial measure. See "Specified Financial Measures" below for more information.
2 Total units means Units and Class B LP Units outstanding.
3 Diluted units determined in accordance with IFRS Accounting Standards includes restricted and deferred units issued under various plans and the effect of assuming that all of the Class C LP Units will be settled with Class B LP Units. Refer to section 7.0 of the MD&A.
4 This is a non-GAAP ratio. See "Specified Financial Measures" below for more information.
5 Diluted units used in calculating non-GAAP measures include restricted and deferred units issued under various plans and exclude the effect of assuming that all of the Class C LP Units will be settled with Class B LP Units. Refer to section 7.0 of the MD&A.
6 Refers to retail, mixed-use commercial and industrial properties and excludes Properties Under Development.
7 Occupancy and other leasing key performance measures have been prepared on a committed basis which includes the impact of existing lease agreements contracted on or before June 30, 2025 and June 30, 2024, and vacancies as at the end of those reporting periods.
Financial Highlights
Net Income – Net income was $103.0 million for the quarter was in line with the same period in the prior year.
Net Operating Income (NOI) * – Total property revenue for the quarter was $149.8 million, which was $5.3 million or 3.7% higher compared to the same period in the prior year. In the second quarter, NOI was $118.9 million, which was $4.0 million or 3.4% higher compared to the same period in the prior year. This was primarily due to the acquisition, intensification and development of income-producing properties completed in 2024 and 2025, which added $3.1 million, and rent escalations from Canadian Tire leases, which contributed $1.7 million.
Same store NOI was $115.0 million and same property NOI was $115.8 million for the quarter, which were $1.8 million or 1.6%, and $2.5 million or 2.2%, respectively, higher when compared to the prior year. Same store NOI increased primarily due to the increased revenue derived from contractual rent escalations. Same property NOI increased primarily due to the increase in same store NOI noted, as well as from the intensifications completed in 2024 and 2025.
Funds from Operations (FFO)* – FFO for the quarter was $81.2 million, which was $1.8 million or 2.3% higher than the same period in 2024, primarily due to the impact of NOI variances discussed earlier, partially offset by higher interest expense and lease surrender revenue earned in Q2 2024. FFO per unit - diluted (non-GAAP) for the quarter was $0.342, which was $0.005 or 1.5% higher, compared to the same period in 2024, due to the growth of FFO exceeding the growth in weighted average units outstanding - diluted (non-GAAP).
Adjusted Funds from Operations (AFFO)* – AFFO for the quarter was $76.1 million, which was $1.8 million or 2.4% higher than the same period in 2024, primarily due to the impact of NOI variances discussed earlier, partially offset by higher interest expense and lease surrender revenue earned in Q2 2024. AFFO per unit - diluted (non-GAAP) for the quarter was $0.320, which was $0.005 or 1.6% higher, compared to the same period in 2024, due to the growth of AFFO exceeding the growth in weighted average units outstanding - diluted (non-GAAP).
Distributions – Distributions per Unit paid in the quarter amounted to $0.231, which was 3.0% higher than the same period in 2024 due to an increase in the rate of distributions which became effective with the monthly distributions paid in July 2024.
Operating Results
Leasing – CTC is CT REIT's most significant tenant. As at June 30, 2025, CTC represented 93.0% of total GLA and 91.9% of annualized base minimum rent.
Occupancy – As at June 30, 2025, CT REIT's portfolio occupancy rate, on a committed basis, was 99.5%.
*NOI, FFO and AFFO are non-GAAP financial measures. See below for additional information.
Specified Financial Measures
CT REIT uses specified financial measures as defined by National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators ("NI 52-112"). CT REIT believes these specified financial measures provide useful information to both management and investors in measuring the financial performance of CT REIT and its ability to meet its principal objective of creating unitholder value over the long term by generating reliable, durable and growing monthly cash distributions on a tax-efficient basis.
These specified financial measures used in this document include non-GAAP financial measures and non-GAAP ratios, within the meaning of NI 52-112. Non-GAAP financial measures and non-GAAP ratios do not have a standardized meaning prescribed by IFRS Accounting Standards, also referred to as generally accepted accounting principles ("GAAP"), and therefore they may not be comparable to similarly titled measures and ratios presented by other publicly traded entities and should not be construed as an alternative to other financial measures determined in accordance with GAAP.
See below for further information on specified financial measures used by management in this document and, where applicable, for reconciliations to the nearest GAAP measures.
Net Operating Income
NOI is a non-GAAP financial measure defined as property revenue less property expense, adjusted for straight-line rent. The most directly comparable primary financial statement measure is property revenue. Management believes that NOI is a useful key indicator of performance as it represents a measure of property operations over which management has control. NOI is also a key input in determining the fair value of the Property portfolio. NOI should not be considered as an alternative to property revenue or net income and comprehensive income, both of which are determined in accordance with IFRS Accounting Standards.
Funds From Operations and Adjusted Funds From Operations
Certain non-GAAP financial measures for the real estate industry have been defined by the Real Property Association of Canada under its publications, "REALPAC Funds From Operations & Adjusted Funds From Operations for IFRS" and "REALPAC Adjusted Cashflow from Operations for IFRS". CT REIT calculates Fund From Operations, Adjusted Funds From Operations and Adjusted Cashflow from Operations in accordance with these publications.
The following table reconciles GAAP net income and comprehensive income to FFO and further reconciles FFO to AFFO:
(in thousands of Canadian dollars)
Three Months Ended
Six Months Ended
For the periods ended June 30,
2025
2024
Change ¹
2025
2024
Change ¹
Net Income and comprehensive income
$ 103,003
$ 103,285
(0.3) %
$ 208,657
$ 204,430
2.1 %
Fair value adjustment on investment property
(23,560)
(22,931)
2.7 %
(48,373)
(46,565)
3.9 %
Deferred income tax
818
(159)
NM
647
788
(17.9) %
Lease principal payments on right-of-use assets
(126)
(210)
(40.0) %
(271)
(416)
(34.9) %
Fair value adjustment of unit-based compensation
773
(826)
NM
1,014
(1,177)
NM
Internal leasing expense
337
280
20.4 %
668
568
17.6 %
Funds from operations
$ 81,245
$ 79,439
2.3 %
$ 162,342
$ 157,628
3.0 %
Property straight-line rent adjustment
1,756
1,437
22.2 %
3,625
2,547
42.3 %
Direct leasing costs 2
(186)
(184)
1.1 %
(365)
(504)
(27.6) %
Capital expenditure reserve
(6,744)
(6,439)
4.7 %
(13,477)
(12,788)
5.4 %
Adjusted funds from operations
$ 76,071
$ 74,253
2.4 %
$ 152,125
$ 146,883
3.6 %
¹ NM - not meaningful.
² Excludes internal and external leasing costs related to development projects.
Funds From Operations
FFO is a non-GAAP financial measure of operating performance used by the real estate industry, particularly by those publicly traded entities that own and operate income-producing properties. The most directly comparable primary financial statement measure is net income and comprehensive income. FFO should not be considered as an alternative to net income or cash flows provided by operating activities determined in accordance with IFRS Accounting Standards. The use of FFO, together with the required IFRS Accounting Standards presentations, has been included for the purpose of improving the understanding of the operating results of CT REIT.
Management believes that FFO is a useful measure of operating performance that, when compared period-over-period, reflects the impact on operations of trends in occupancy levels, rental rates, operating costs and property taxes, acquisition activities and interest costs, and provides a perspective of the financial performance that is not immediately apparent from net income determined in accordance with IFRS Accounting Standards.
FFO adds back to net income items that do not arise from operating activities, such as fair value adjustments. FFO, however, still includes non-cash revenues related to accounting for straight-line rent and makes no deduction for the recurring capital expenditures necessary to sustain the existing earnings stream.
Adjusted Funds From Operations
AFFO is a non-GAAP financial measure of recurring economic earnings used in the real estate industry to assess an entity's distribution capacity. The most directly comparable primary financial statement measure is net income and comprehensive income. AFFO should not be considered as an alternative to net income or cash flows provided by operating activities determined in accordance with IFRS Accounting Standards.
CT REIT calculates AFFO by adjusting FFO for non-cash income and expense items such as amortization of straight-line rents. AFFO is also adjusted for a reserve for maintaining the productive capacity required for sustaining property infrastructure and revenue from real estate properties and direct leasing costs. As property capital expenditures do not occur evenly during the fiscal year or from year to year, the capital expenditure reserve in the AFFO calculation, which is used as an input in assessing the REIT's distribution payout ratio, is intended to reflect an average annual spending level. The reserve is primarily based on average expenditures as determined by building condition reports prepared by independent consultants.
Management believes that AFFO is a useful measure of operating performance similar to FFO as described above, adjusted for the impact of non-cash income and expense items.
Capital Expenditure Reserve
The following table compares and reconciles recoverable capital expenditures since 2013 to the capital expenditure reserve used in the calculation of AFFO during that period:
(in thousands of Canadian dollars)
Capital
expenditure
reserve
Recoverable
capital
expenditures
Variance
For the periods indicated
October 23, 2013 to December 31, 2023
$ 218,927
$ 217,862
$ 1,065
Year ended December 31, 2024
$ 26,078
$ 33,099
$ (7,021)
Period ended June 30, 2025
$ 13,477
$ 3,790
$ 9,687
The capital expenditure reserve is a non-GAAP financial measure and management believes the reserve is a useful measure to understand the normalized capital expenditures required to maintain property infrastructure. Recoverable capital expenditures are the most directly comparable measure disclosed in the REIT's primary financial statements. The capital expenditure reserve should not be considered as an alternative to recoverable capital expenditures, which is determined in accordance with IFRS Accounting Standards.
The capital expenditure reserve varies from the capital expenditures incurred due to the seasonal nature of the expenditures. As such, CT REIT views the capital expenditure reserve as a meaningful measure.
FFO per unit - Basic, FFO per unit - Diluted (non-GAAP), AFFO per unit - Basic and AFFO per unit - Diluted (non-GAAP)
FFO per unit - basic, FFO per unit - diluted (non-GAAP), AFFO per unit - basic and AFFO per unit - diluted (non-GAAP) are non-GAAP ratios and reflect FFO and AFFO on a weighted average per unit basis. Management believes these non-GAAP ratios are useful measures to investors since the measures indicate the impact of FFO and AFFO, respectively, in relation to an individual per unit investment in the REIT. When calculating diluted per unit amounts, diluted units include restricted and deferred units issued under various plans and exclude the effects of settling the Class C LP Units with Class B LP Units.
Management believes that FFO per unit ratios are useful measures of operating performance that, when compared period-over-period, reflect the impact on operations of trends in occupancy levels, rental rates, operating costs and property taxes, acquisition activities and interest costs, and provides a perspective of the financial performance that is not immediately apparent from net income per unit determined in accordance with IFRS Accounting Standards. Management believes that AFFO per unit ratios are useful measures of operating performance similar to FFO as described above, adjusted for the impact of non-cash income and expense items. The FFO per unit and AFFO per unit ratios are not standardized financial measures under IFRS Accounting Standards and should not be considered as an alternative to other ratios determined in accordance with IFRS Accounting Standards. The component of the FFO per unit ratios, which is a non-GAAP financial measure, is FFO, and the component of AFFO per unit ratios, which is a non-GAAP financial measure, is AFFO.
Management calculates the weighted average units outstanding - diluted (non-GAAP) by excluding the full conversion of the Class C LP Units to Class B LP Units, which is not considered a likely scenario. As such, the REIT's fully diluted per unit FFO and AFFO amounts are calculated, excluding the effects of settling the Class C LP Units with Class B LP Units, which management considers a more meaningful measure.
AFFO Payout Ratio
The AFFO payout ratio is a non-GAAP ratio which measures the sustainability of the REIT's distribution payout. Management believes this is a useful measure to investors since this metric provides transparency on performance. Management considers the AFFO payout ratio to be the best measure of the REIT's distribution capacity. The AFFO payout ratio is not a standardized financial measure under IFRS Accounting Standards and should not be considered as an alternative to other ratios determined in accordance with IFRS Accounting Standards. The component of the AFFO payout ratio, which is a non-GAAP financial measure, is AFFO, and the composition of the AFFO payout ratio is as follows:
¹ For the purposes of calculating diluted per unit amounts, diluted units include restricted and deferred units issued under various plans and excludes the effects of settling the Class C LP Units with Class B LP Units.
Same Store NOI
Same store NOI is a non-GAAP financial measure which reports the period-over-period performance of the same asset base having consistent GLA in both periods. CT REIT management believes same store NOI is a useful measure to gauge the change in asset productivity and asset value. The most directly comparable primary financial statement measure is property revenue. Same store NOI should not be considered as an alternative to property revenue or net income and comprehensive income, both of which are determined in accordance with IFRS Accounting Standards.
Same Property NOI
Same property NOI is a non-GAAP financial measure that is consistent with the definition of same store NOI above, except that same property includes the NOI impact of intensifications. Management believes same property NOI is a useful measure to gauge the change in asset productivity and asset value, as well as measure the additional return earned by incremental capital investments in existing assets. The most directly comparable primary financial statement measure is property revenue. Same property NOI should not be considered as an alternative to property revenue or net income and comprehensive income, both of which are determined in accordance with IFRS Accounting Standards.
The following table summarizes the same store and same property components of NOI:
(in thousands of Canadian dollars)
Three Months Ended
Six Months Ended
For the periods ended June 30,
2025
2024
Change ¹
2025
2024
Change ¹
Same store
$ 115,013
$ 113,236
1.6 %
$ 228,283
$ 224,820
1.5 %
Intensifications
2025
131
—
NM
131
—
NM
2024
641
66
NM
1,279
66
NM
Same property
$ 115,785
$ 113,302
2.2 %
$ 229,693
$ 224,886
2.1 %
Acquisitions, dispositions, developments and other
2025
365
294
24.1 %
1,470
1,452
1.2 %
2024
2,759
1,350
NM
6,449
2,089
NM
Net operating income
$ 118,909
$ 114,946
3.4 %
$ 237,612
$ 228,427
4.0 %
Add:
Property expense
32,629
30,929
5.5 %
66,191
62,779
5.4 %
Property straight-line rent adjustment
(1,756)
(1,437)
22.2 %
(3,625)
(2,547)
42.3 %
Property Revenue
$ 149,782
$ 144,438
3.7 %
$ 300,178
$ 288,659
4.0 %
¹ NM - not meaningful.
Management's Discussion and Analysis (MD&A) and Interim Condensed Consolidated Financial Statements (Unaudited) and Notes
Information in this press release is a select summary of results. This press release should be read in conjunction with CT REIT's MD&A for the period ended June 30, 2025 (Q2 2025 MD&A) and Interim Condensed Consolidated Financial Statements (Unaudited) and Notes for the period ended June 30, 2025, which are both available on SEDAR+ at sedarplus.ca and at ctreit.com.
Note: Unless otherwise indicated, all figures in this press release are as at June 30, 2025, and are presented in Canadian dollars.
Forward-Looking Statements
This press release contains statements and other information that constitute "forward-looking information" or "forward-looking statements" under applicable securities legislation (collectively, "forward-looking statements") that reflect management's current expectations relating to matters such as future financial performance and operating results. Forward-looking statements provide information about management's current beliefs, expectations and plans and allow investors and others to better understand the REIT's anticipated financial condition, results of operations, business strategy and financial needs. Readers are cautioned that such information may not be appropriate for other purposes.
All statements, other than statements of historical fact, included in this document that address activities, events or developments that CT REIT or a third-party expects or anticipates will or may occur in the future, including the REIT's future growth, financial condition, financial needs, results of operations, performance, business strategy, business prospects and opportunities and the assumptions underlying any of the foregoing, are forward-looking statements. Without limiting the foregoing, the REIT's ability to complete the investments under the heading "New Investment Activity", the timing and terms of any such investments and the benefits expected to result from such investments, are forward-looking statements.
By its very nature, forward-looking information requires the use of estimates and assumptions and is subject to inherent risks and uncertainties. It is possible that the REIT's assumptions, estimates, analyses, beliefs, and opinions are not correct, and that the REIT's expectations and plans will not be achieved. Although the forward-looking statements contained in this press release reflect management's current beliefs and are based on information currently available to CT REIT and on assumptions CT REIT believes are reasonable about future events and financial trends that management believes may affect the REIT's financial condition, results of operations, business strategy and financial needs, such information is necessarily subject to a number of factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking statements.
For more information on the risks, uncertainties, factors and assumptions that could cause the REIT's actual results to differ from current expectations, refer to section 5 "Risk Factors" of CT REIT's Annual Information Form for fiscal 2024, and to sections 12.0 "Enterprise Risk Management" and 14.0 "Forward-looking Information" of CT REIT's MD&A for fiscal 2024 as well as the REIT's other public filings available at sedarplus.ca and at ctreit.com.
The forward-looking statements contained herein are based on certain factors and assumptions as of the date hereof and do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made can have on the REIT's business. CT REIT does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as required by applicable securities laws.
Information contained in or otherwise accessible through the websites referenced in this press release does not form part of this press release and is not incorporated by reference into this press release. All references to such websites are inactive textual references and are for information only.
Additional information about CT REIT has been filed electronically with various securities regulators in Canada through SEDAR+ and is available at sedarplus.ca and at ctreit.com.
Conference Call
About CT Real Estate Investment Trust
CT REIT is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada. Its portfolio is comprised of over 375 properties totalling more than 31 million square feet of GLA, consisting primarily of net lease single-tenant retail properties across Canada. Canadian Tire Corporation, Limited, is CT REIT's most significant tenant. For more information, visit ctreit.com.
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VANCOUVER, British Columbia, Aug. 13, 2025 (GLOBE NEWSWIRE) — Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to report additional exploration drilling results from the Southern Arc deposit at the Diamba Sud Gold Project located in Senegal, following the July 7, 2025 resource update (see Fortuna news release dated August 5, 2025). Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, 'Exploration drilling at the Southern Arc deposit has continued beyond the data cut-off date for its maiden resource estimate, returning several high-grade intercepts. Highlights include drillhole DSDD488, which intersected 22.7 g/t Au over an estimated true width of 21.6 meters from a downhole depth of 53 meters.' Mr. Weedon continued, 'These results further demonstrate the potential for resource growth at Diamba Sud. The deposit remains open to the south, east, and at depth, with current drilling only extending to approximately 150 meters. Drilling is scheduled to resume in September, following the end of the rainy season, with further results expected by year-end.' ARTICLE CONTINUES BELOW Southern Arc Deposit Drilling highlights include Note: 1. Not included in the resource estimate; see Fortuna news release dated August 5, 2025 Exploration drilling at Southern Arc has been a key focus for the Diamba Sud project with a further 152 reverse circulation ('RC') and diamond core drill holes for a total of 21,234 meters completed since the previous exploration update (see Fortuna news release dated May 27, 2025). The program at Southern Arc has been paused for the rainy season with drilling expected to resume in mid-September. Of the 152 drill holes, 53 were completed after the data cutoff for Southern Arc's maiden Inferred Mineral Resource estimate of 3.9 Mt averaging 1.57 g/t Au and containing 194 koz of gold (see Fortuna news release dated August 5, 2025) and will, along with additional drilling planned for the fourth quarter of 2025, be included in an updated resource estimate planned for the first quarter of 2026. Details of the completed holes are presented in Appendix 1. Mineralization at Southern Arc occurs as variable fine stockwork vein arrays to diffuse pyrite-silica flooding and has a strong correlation with certain of the tectonic breccias and carbonate units (refer to Figures 1 to 3) and commonly demonstrates an extensive hematite alteration association, similar to the other prospects and deposits at Diamba Sud. Mineralization remains open at depth and along strike to the south and east. Figure 1: Southern Arc Section 600NE Figure 2: Southern Arc Section 650NE Figure 3: Southern Arc Section 700NE Refer to Appendix 1 for full details of the drill holes and assay results for this drill program Quality Assurance & Quality Control (QA - QC) All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company's personnel. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW All RC drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5 percent representative sample for submission to the analytical laboratory. The residual 87.5 percent samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the Company-controlled core yard. All diamond drilling (DD) drill holes started with HQ sized diameter, before reducing to NQ diameter diamond drill bits on intersecting fresh rock. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at the project site. The other half was sampled, catalogued, and placed into sealed bags and securely stored at the site until shipment. All RC and DD samples were transported by Company vehicle or commercial courier to ALS Global's preparation laboratories in Kedougou, Senegal or Bamako, Mali, with prepared sample pulps then transported via commercial courier to ALS Global's analytical facility in Ouagadougou, Burkina Faso. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all samples. Samples returning assays >10 ppm Au were reanalyzed using a 50-gram charge and fire assay with a gravimetric finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS Global laboratory inserted its own quality control samples. Qualified Person Paul Weedon, Senior Vice President, Exploration for Fortuna Mining Corp., is a Qualified Person as defined by National Instrument 43-101 being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, including the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core. There were no limitations to the verification process. About Fortuna Mining Corp. Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and a portfolio of exploration projects in Argentina, Côte d'Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project in Senegal. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO, and Director Fortuna Mining Corp. Investor Relations: Carlos Baca | info@ | | X | LinkedIn | YouTube Forward looking Statements This news release contains forward-looking statements which constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation and 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 (collectively, 'Forward-looking Statements'). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release may include, without limitation, the Mineral Resource estimates at Diamba Sud; the Company's proposed exploration plans at Diamba Sud; statements pertaining to the potential for resource growth at Diamba Sud statements about the Company's business strategies, plans and outlook; the Company's plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company's business and operations; the future results of exploration activities; expectations with respect to metal grade estimates and the impact of any variations relative to metals grades experienced; assumed and future metal prices; the merit of the Company's mines and mineral properties; and the future financial or operating performance of the Company. Often, but not always, these Forward-looking Statements can be identified by the use of words such as 'estimated', 'potential', 'open', 'future', 'assumed', 'projected', 'proposed', 'used', 'detailed', 'has been', 'gain', 'planned', 'reflecting', 'will', 'anticipated', 'estimated' 'containing', 'remaining', 'to be', or statements that events, 'could' or 'should' occur or be achieved and similar expressions, including negative variations. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Forward-looking Statements involve 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 results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company's ability to replace its Mineral Reserves; risks related to the conversion of Mineral Resources to Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); risks associated with political instability and changes to the regulations governing the Company's business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, and Israeli – Hamas conflicts, and the impacts they may have on global economic activity; risks relating to the termination of the Company's mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company's exploration, development and operational activities; risks related to the Company's ability to obtain adequate financing for planned exploration and development activities; property title matters; risks related to the ability to retain or extend title to the Company's mineral properties; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company's business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; labor relations issues; as well as those factors discussed under 'Risk Factors' in the Company's Annual Information Form for the fiscal year ended December 31, 2024. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the accuracy of the Company's current Mineral Resource and Mineral Reserve estimates; that the Company's activities will be conducted in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; the duration and impacts of geo-political uncertainties on the Company's production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company's business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events, or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements. Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources All reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101') and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. All Mineral Reserve and Mineral Resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies. Appendix 1 Drill holes completed after July 7, 2025, are shown in italics Notes: 1. EOH: End of hole 2. Depths and widths reported to nearest significant decimal place 3. NSI: No significant intercepts 4. ETW: Estimated true width 5. RC: reverse circulation drilling | DD: diamond drilling tail | RCD: reverse circulation drilling with diamond tail A PDF accompanying this announcement is available at ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Photos accompanying this announcement are available at
Toronto Star
42 minutes ago
- Toronto Star
Deterrence must be the priority of Canada's expanded Armed Forces spending
By Alex Wilner and Christopher Gates Contributors Alex Wilner is a professor at Carleton University and co-director of Triple Helix. He was a member of the 2025 Canadian Academic Delegation to Taiwan. LGen (ret'd) Christopher Coates is director of foreign policy, national defence and national security at the Macdonald-Laurier Institute. He was a participant at the 2025 Transatlantic Roundtable with NATO allies in Brussels. As Prime Minister Mark Carney tackles his pledge to raise Canada's defence spending to 5 per cent of GDP by 2035, Ottawa should frame this spending around a key goal: deterrence. Large sums of money are set to flow in order to meet this target — an estimated $150 billion a year once the goal is fully met. As spending ramps up, a focus on deterrence could guide how the government directs these investments and the way that it explains them to Canadians. This would offer a more compelling and constructive frame that meets the geopolitical realities of this moment, rather than merely spending the cash to placate our allies. Opinion articles are based on the author's interpretations and judgments of facts, data and events. More details
