Two Hands Corporation Announces Diversification of Business
To Our Valued Shareholders,
First, thank you for your continued support and patience as we work to build value for all shareholders. We've been exploring a number of exciting opportunities, and today we're ready to share our next steps.
Earlier, we introduced ChefXPerience, a venture we believe has real potential in an underserved part of the food industry. It's a promising start, and we're proud of the team driving it forward. Best of all, it's a project that doesn't require a large investment to grow.
However, we've also come across several other interesting opportunities outside the food sector. Until now, we've stayed narrowly focused—but we believe it's time to widen the lens. That's why we've decided to transition into an investment holding company. What does that mean? Simply put, we'll be looking to invest in, support, and actively participate in the management of promising businesses—especially in digital markets, technology, fintech, and the Gig Economy.
Our goal is to create additional avenues for expanding Two Hands—and enhancing your investment.
The transition to this new model is subject to the approval of shareholders. To move forward, we will be asking for your vote as shareholders to approve this new business model focused on diversified investments. It is intended that this transition will constitute a "Change of Business" as defined in the policies of the Canadian Securities Exchange (the " CSE"), resulting in the reactivation of the Company pursuant to CSE policy.
We are entering this next chapter with focus and determination. We believe this shift in focus will allow Two Hands to identify exciting new ventures and deliver stronger long-term value for all shareholders.
Thank you for believing in us. We're excited about what's ahead.
Sincerely,
Emil Assentato
CEO
Two Hands Corporation
About Two Hands Corporation
Two Hands has been active in the Food Retail and Distribution Service Industry (SIC Code 7389) for several years, focusing on the Consumer Non-Cyclical sector. The Company is dedicated to providing quality products and services to meet the needs of its customers.
Neither the CSE nor its Regulation Services accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. Forward-looking statements in this news release include statements regarding the anticipated transition of the Company into an investment holding company, the anticipated benefits of the proposed new business of the Company and the future growth of the Company. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors that could materially affect such forward-looking information are described under the heading "Risk Factors" in the Company's final long-form prospectus dated April 21, 2022, that is available on the Company's profile on SEDAR+ at www.sedarplus.ca. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents managements' best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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The approval process is currently underway, and we expect to provide an update in the near future", he added (*). Highlights Bolivia - The Company continues to execute on its key growth project, highlighted by the following: Oxides Stockpile Project Construction Update The expansion of the Don Mario Plant in Bolivia continues to progress according to the defined work plan. Earthworks and concrete structures have been completed, and fabrication of steel structures, steel tanks, FRP clarifiers, and pumps is currently underway. Several critical equipment components, including cathodes and anodes manufactured in China, have already been dispatched, with the first shipments currently in transit. In parallel with the expansion works, overhaul activities are being carried out on existing circuits, along with business readiness initiatives. As of the end of July, 49% of the forecasted CAPEX has been disbursed. 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Spain: Production and Operating Cash Flow — Operational improvements have driven stronger quarterly output and continue to support robust operating cash flow generation: Orovalle, the Company's subsidiary in Spain, produced 10,008 gold equivalent ounces ("GEO) (1) in Q3 FY2025, reflecting a 19% increase compared to 8,416 GEO (1) in the previous quarter. The increase in production was driven by higher gold output: 8,536 ounces in Q3 FY2025, compared to 6,792 ounces in the previous quarter. This was due to a 5% increase in tonnage milled, an 18% higher gold grade, and a 2% improvement in gold recovery. Year-to-date net cash provided by operating activities before working capital changes (1) of $26.1 million, compared with $15.0 million in the corresponding period of the previous year. Revised Guidance Orovalle continues progressing with the operational reorganization of the mining area to align its activities with the planned Life of Mine strategy. 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The Boinás mine remained the sole source of ore during the third quarter, extracting 54,629 tonnes (wmt) of oxidized ore and 51,664 tonnes (wmt) of skarn, compared to 33,563 and 86,031 respectively in the previous quarter. Activities during the remaining months of the fiscal year 2025 will prioritize development and backfilling over ore extraction, with the objective of accessing the targeted oxidized ore fronts for the fiscal year 2026 production plan (*). In light of the impacts to the production plan outlined above, the Company is revising its FY2025 metal production estimates for Orovalle to reflect, among other factors, lower gold production due to the deferral of ore production at the Carlés mine and a lower proportion of oxides in the blend than initially planned, as well as higher copper production driven by improved grades and a higher proportion of skarn in the blend. 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Without limiting the generality of the foregoing, this news release also contains certain "forward-looking statements" within the meaning of applicable securities legislation, including, without limitation, references to the results of the Company's exploration activities, including but not limited to, drilling results and analyses, mineral resource estimation, conceptual mine plan and operations, internal rate of return, sensitivities, taxes, net present value, potential recoveries, design parameters, operating costs, capital costs, production data and economic potential; the timing and costs for production decisions; permitting timelines and requirements; exploration and planned exploration programs; and the Company's general objectives and strategies. 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Cision Canada
16 minutes ago
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Artemis Gold Reports Q2 2025 Results Consistent with Guidance: Q2 Production of 50,623 ounces gold and Post-commercial AISC US$805 per ounce, and Announces $700M Revolving Credit Facility
(all amounts in Canadian dollars unless otherwise stated) VANCOUVER, BC, Aug. 12, 2025 /CNW/ - Artemis Gold Inc. (TSXV: ARTG) ("Artemis Gold" or the "Company") reports financial and operating results for the three- and six-month periods ended June 30, 2025 (Q2 2025 and YTD 2025, respectively) and announces the arrangement of an underwritten revolving credit facility ("RCF"). The Company will host a conference call and webcast on August 13, 2025, the details of which are provided below. 2025 Highlights Q2 2025 production totalled 50,623 ounces of gold, bringing YTD 2025 production to 63,343 ounces of gold Cash costs 1 of US$690 per ounce of gold sold and all-in sustaining costs (AISC 1) of US$805 per ounce of gold sold during the two months May and June 2025 (the "post-commercial production period") During Q2 2025, generated net income of $100.2 million or $0.43 per share on a fully diluted basis, adjusted EBITDA 1 of $146.4 million, and cash flow from operating activities of $185.1 million To date, the Company has made $67 million of principal payments against its long-term debt 2 (including a $40 million repayment in July) Arranged a $700 million underwritten RCF to refinance existing long-term debt 2 and provide additional flexibility to support near-term expansion options. Financial close of the RCF remains subject to customary conditions precedent. 5.5 million hours worked without a lost time incident up to the end of July 2025 Post-commercial Production Highlights Mill throughput averaged 16,206 tonnes per day during the post-commercial production period representing 98.6% of nameplate capacity Gold production totalled 34,824 ounces in May and June 2025, and gold sales were 34,112 ounces Average realized gold price 1 of C$4,578 per ounce 1 Artemis Gold CEO Dale Andres commented: "This quarter marked a major milestone for Artemis Gold, as we transitioned the Blackwater Mine from development to production, and celebrated the opening of Canada's newest gold mine together with our First Nations partners and other stakeholders. We are uniquely positioned in one of the best mining jurisdictions in the world, and in this record gold price environment, we are demonstrating consistent operational performance, cost control, and capital discipline. "At US$805 per ounce of gold sold, our AISC 1 ranks among the lowest in the industry, as we benefit from a low strip ratio, downhill loaded hauling, and low-cost, renewable hydro electric power. Looking ahead, we plan to continue to optimize the current Phase 1 operations, which we expect will allow Blackwater to consistently outperform its nameplate capacity. In addition to debt repayments already made, we will be refinancing the remainder of the PLF and Standby-Facility with the recently agreed $700 million revolving credit facility which we expect to have available for drawdown before the end of Q3 2025. At the same time, we are evaluating the opportunity to accelerate and optimize the Phase 2 expansion, with a decision expected in the second half of the year." Financial and Operating Results The following tables summarize key operating statistics and unit analysis for the post-commercial production period of May 1, 2025 to June 30, 2025 only, as well as select financial information for Q2 2025 and YTD 2025. For further information, refer to the Company's unaudited condensed consolidated interim financial statements and Management's Discussion and Analysis ("MD&A") filed on SEDAR+ at 1 Gold recoveries include gold recovered in circuit 2 Refer to Non-IFRS Measures Gold production during the month of April was 15,799 ounces and gold production during Q2 2025 totaled 50,623 ounces. Gold production in Q1 2025 was 12,720 ounces. Year-to-date gold production totaled 63,343 ounces through June 30, 2025, including 28,519 ounces produced during the pre-commercial period. The Blackwater mill operated at 102% of nameplate capacity in the month of June, averaging 16,738 tonnes per day. 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The Company's low AISC for the post-commercial production period reflects, amongst other factors, the benefit of Blackwater's low strip ratio, as well as comparatively low cost of diesel consumption associated with Blackwater's hauling activities due to the down-hill haul from the pit to the process plant, stockpile areas and the tailings storage facility. Blackwater also benefits from comparatively low cost of power as the Company invested in a 135km transmission line which connects Blackwater to hydro-electric power. 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During Q2 2025, the Company generated net income of $100.2 million or $0.43 diluted earnings per share, compared to a loss of $5.7 million or $0.03 loss per share in Q2 2024. Similarly, during YTD 2025, the Company generated net income of $104.8 million or $0.45 diluted earnings per share, compared to a loss of $12.4 million or a loss per share of $0.06 in YTD 2024. During Q2 2025, the Company incurred sustaining capital and lease payments of $4.2 million, along with $47.1 million Phase 1 capital cost (pre-commercial production) and $34 million of Phase 1 deferred capital. For YTD 2025, the Company incurred $7.3 million in sustaining capital and lease payments, while Phase 1 capital (pre-commercial production) totalled $141.6 million and Phase 1 deferred capital totalled $34 million. During the comparative periods, the Company incurred no sustaining capital, made lease payments of $0.8 million and $1.4 million in Q2 2024 and YTD 2024, respectively, and incurred Phase 1 capital of $147.1 million and $292.5 million in Q2 2024 and YTD 2024, respectively. Both Phase 1 and Phase 1 deferred capital in YTD 2024 and YTD 2025 includes amounts associated with rectification works which will form part of the Company's counterclaim against its former EPC contractor. EBITDA 1 for Q2 2025 totaled $168.9 million, while adjusted EBITDA 1 for the same period amounted to $146.4 million. For YTD 2025, EBITDA 1 and adjusted EBITDA 1 totaled $175.3 million and $173.5 million, respectively. Cash flow from operating activities was $185.1 million for Q2 2025 and $199.1 million for YTD 2025, compared to negative $0.9 million and negative $6.1 million during the respective comparative periods. In Q2 2025, the Company repaid $34.0 million in principal and interest under the Project Loan Facility ("PLF") and made $4.2 million in lease payments. In late July the Company repaid an additional $40 million in principal under the Stand-by Facility of the PLF". The improvement in the financial metrics noted above reflect the impact of the successful start-up of the Blackwater Mine in early 2025. Corporate Update As previously disclosed, on June 19, 2025 the Company announced a leadership transition with the appointment of Mr. Dale Andres as Chief Executive Officer and Director. Mr. Steven Dean, the Company's founder, transitioned to the role of Executive Chair. Mr. Jeremy Langford continues as President, with a focus on business growth, asset optimization, and development. On August 12, 2025, the Company executed a credit-approved commitment letter and term sheet with National Bank of Canada to underwrite a $700 million RCF. The Company expects to utilize the RCF to discharge its remaining obligations associated with the PLF and Standby-Facility, which at the time of closing of the RCF is expected to amount to approximately $450 million. The RCF will be secured by a charge against all assets of the Company, subject to various intercreditor agreements. The RCF will attract customary upfront and commitment fees and interest will be based on CORRA plus a margin ranging from 2.25% to 3.25%, depending on the Company's ratio of adjusted EBITDA 1 to net debt. Financial close of the RCF remains subject to customary conditions precedent and the RCF is expected to mature four years following such financial close. Outlook The Company is on track to achieve its previously stated production guidance for fiscal 2025 of 190,000 to 230,000 ounces of gold, including 160,000 to 200,000 ounces during the post-commercial production period at AISC 1 of US$670 to US$770 per ounce. AISC 1 is expected to trend lower in the second half of the year as operating efficiencies improve and production continues to increase. Conference Call and Webcast Details Artemis Gold will host a conference call and webcast on Wednesday, August 13, 2025 at 8.00am PDT (11.00am EDT). Conference call Toll-free in Canada and the US: 1-833-752-3746 International: +1-647-846-8723 Webcast: The webcast will be available for replay on the Company's website at until November 13, 2025. About Artemis Gold Artemis Gold is a well-financed, growth-oriented gold and silver producer and development company with a strong financial capacity aimed at creating shareholder value through the identification, acquisition, and development of gold properties in mining-friendly jurisdictions. The Company's primary focus is the operation and further development of the Blackwater Mine in central British Columbia approximately 160km southwest of Prince George and 450km northeast of Vancouver. The first gold and silver pour at Blackwater was achieved in January 2025 and commercial production was declared on May 1, 2025. Artemis Gold trades on the TSX-V under the symbol ARTG and the OTCQX under the symbol ARGTF. For more information visit Qualified Person Artemis Gold Vice President, Technical Services Alastair Tiver, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release. On behalf of the Board of Directors Steven Dean Executive Chair +1 604 558 1107 ___________________________ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Non-IFRS Measures This news release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, adjusted EBITDA, cash operating cost per oz sold, all-in sustaining cost, sustaining and growth capital expenditures, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures have been derived from the Company's financial statements because the Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and stakeholders will use the non-IFRS measures to evaluate the Company's future operating and financial performance. However, these non-IFRS performance measures do not have any standardized meaning and may therefore not be comparable to similar measures presented by other issuers. Accordingly, these non-IFRS performance measures are intended to provide additional information and should not be considered in isolation or as a substitute of performance measures prepared in accordance with IFRS. Certain non-IFRS measures presented in this news release are reported for a partial period, being the period after commercial production was achieved on May 1, 2025. As such, these non-IFRS measures are presented for May and June 2025, with a reconciliation to the Q2 2025 results as reported within the Company's Interim Financial Statements. The Company does not expect to report on partial interim periods in future disclosures. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company's MD&A for the three and six months ended June 30, 2025 available on the Company's website at and on SEDAR+ at Cautionary Note Regarding Forward-looking Information This press release contains certain forward-looking statements and forward-looking information as defined under applicable Canadian and U.S. securities laws. Statements contained in this press release that are not historical facts are forward-looking statements that involve known and unknown risks and uncertainties. Any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. In certain cases, forward-looking statements and information can be identified using forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", "potential" or similar terminology. Forward-looking statements and information are made as of the date of this press release and include, but are not limited to, statements regarding strategy, plans, future financial and operating performance of the Blackwater Mine, including the Company's plans to refinance the PLF and Standby-Facility with the RCF; the contribution of the mine to various stakeholders or the economy; opinions of the Province of British Columbia regarding the mine and the region; agreements and relationships with Indigenous partners; the future of mining in British Columbia; the plans of the Company with respect to optimizing current Phase 1 operations and the next phase of expansion, including construction, site preparation, consultation with indigenous groups, and other plans and expectations of the Company with respect to the mine, future production and anticipated timing of optimization and expansion works. These forward-looking statements represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance, which are based on information currently available to management, management's historical experience, perception of trends and current business conditions, expected future developments and other factors which management considers appropriate. Such forward-looking statements involve numerous risks and uncertainties, and actual results may vary. Important risks and other factors that may cause actual results to vary include, without limitation: risks related to ability of the Company to accomplish its plans to refinance the PLF and Standby-Facility with the RCF on acceptable terms or at all; risks related to ability of the Company to accomplish its plans and objectives with respect to the operations and expansion of the Blackwater Mine within the expected timing or at all, the timing and receipt of certain required approvals, changes in commodity prices, changes in interest and currency exchange rates, litigation risks (including the anticipated outcome or resolution of ongoing or potential claims and counterclaims, the timing and success of such claims and counterclaims),, risks inherent in mineral resource and mineral reserves estimates and results, risks inherent in exploration and development activities, changes in mining, optimization or expansion plans due to changes in logistical, technical or other factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials, equipment or third party contractors, delays in the receipt of government approvals, industrial disturbances, job action, and unanticipated events related to heath, safety and environmental matters), changes in governmental regulation of mining operations, political risk, social unrest, changes in general economic conditions or conditions in the financial markets, and other risks related to the ability of the Company to proceed with its plans for the Mine and other risks set out in the Company's most recent MD&A, which is available on the Company's website at and on SEDAR+ at In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, the assumptions that: (1) market fundamentals will result in sustained mineral demand and prices; (2) any necessary approvals and consents in connection with the operations and expansion of the Mine will be obtained; (3) financing for the continued operation of the Blackwater Mine and future expansion activities will continue to be available on terms suitable to the Company; (4) sustained commodity prices will continue to make the Mine economically viable; and (5) there will not be any unfavourable changes to the economic, political, permitting and legal climate in which the Company operates. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause the actual results or performance by the Company to differ materially from those expressed in or implied by any forward-looking statements. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or the financial condition of the Company. Investors should therefore not place undue reliance on forward-looking statements. The Company is under no obligation and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future events or otherwise, except as may be required under applicable securities laws.
Toronto Star
32 minutes ago
- Toronto Star
Prairie Provident Announces Second Quarter 2025 Results
CALGARY, Alberta, Aug. 12, 2025 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. ('Prairie Provident' or the 'Company') (TSX:PPR) announces its financial and operating results for the second quarter of 2025. The Company's interim financial statements for the three and six months ended June 30, 2025 and related Management's Discussion and Analysis ('MD&A') are available on our website at and filed on SEDAR+ at SECOND QUARTER 2025 FINANCIAL AND OPERATING HIGHLIGHTS In late April 2025, the Company brought on production the three 100% working interest Basal Quartz ('BQ') wells drilled in Q1 2025. Production averaged 2,762 boe/d (62% liquids)1 for Q2 2025, which was 35% or 717 boe/d higher than Q2 2024, and 24% or 541 boe/d higher than Q1 2025, due to the increased BQ production. Q2 2025 operating expenses were $25.37 boe/d, a decrease of 35% or $13.99 per boe/d from Q2 2024, principally due to the impact of higher production volumes on fixed operating expenses. Q2 2025 operating netback2 was $4.9 million ($19.45/boe), a 634% increase, relative to Q2 2024. The increase was a result of higher production in Q2 2025 and lower operating expenses on a per boe basis, offset by weakened crude oil commodity prices. Net loss was $6.5 million in Q2 2025, a $0.4 million reduction compared to Q2 2024. The decrease was due to higher operating netback, foreign exchange translation differences and lower general and administrative expenses, offset by higher impairment expenses, depletion and depreciation and finance costs. In early June 2025, the Company received additional funding of US$0.6 million through an issuance of additional Second Lien Notes to its current lender. __________ Comprised of approximately 1,616 bbl/d of medium crude oil, 6,260 Mcf/d of conventional natural gas and 102 bbl/d of NGLs. Operating netback is a Non-GAAP financial measure and is defined below under 'Advisories - Non-GAAP and Other Financial Measures'. MICHICHI BASAL QUARTZ UPDATE The following table summarizes the initial 90-day production ('IP90') rates and key operational details for the three BQ wells drilled during the first quarter of 2025, which were brought on production in April 2025: (1) Initial production rates are based on field estimates at wellhead. See 'Advisories – Initial Production Rates' below. ARTICLE CONTINUES BELOW OUTLOOK Prairie Provident continues to be excited with the emerging BQ/Ellerslie oil play on its Michichi lands. Direct offsetting operational activity remains strong. To date, Prairie Provident has drilled five 100% working interest Basal Quartz wells on its Michichi land base. The Michichi BQ play is a statistical play with variable reservoir and geological rock characteristics. The Company's Michichi core area consists of several defined geological channel systems that Prairie Provident is actively pursuing. This supports the need for additional delineation drilling on the Company's land base. Prairie Provident has identified approximately 50 potential drilling opportunities targeting medium crude oil on its Michichi lands. Legacy vertical well control, extensive 3D/2D seismic data, and offset drilling activity are important factors in de-risking the Michichi BQ play. The Company owns and controls key Michichi infrastructure, which provides a competitive advantage for the future development of this play, and has sizeable tax pools, including approximately $330 million of non-capital losses. FINANCIAL AND OPERATING SUMMARY (1) Restated. For further information, refer to the 'Restatements' section in the MD&A . (2) This is a Non-GAAP financial measure. For further information, refer to 'Advisories - Non-GAAP and Other Financial Measures' below. (3) The term barrels of oil equivalent ('boe') may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to 'Advisories - Barrels of Oil Equivalent' below. ABOUT PRAIRIE PROVIDENT Prairie Provident is a Calgary-based company engaged in the development of oil and natural gas properties in Alberta. The Company's strategy is to optimize cash flow from its existing assets to fund low-risk development and maintain stable cash flow while limiting its production decline. For further information, please contact: Dale Miller, Executive Chairman Phone: (403) 292-8150 Email: investor@ ADVISORIES Forward-Looking Statements This news release contains certain statements ('forward-looking statements') that constitute forward- looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future performance, events or circumstances, are based upon internal assumptions, plans, intentions, expectations and beliefs, and are subject to risks and uncertainties that may cause actual results or events to differ materially from those indicated or suggested therein. All statements other than statements of current or historical fact constitute forward-looking statements. Forward- looking statements are typically, but not always, identified by words such as 'anticipate', 'believe', 'expect', 'intend', 'plan', 'budget', 'forecast', 'target', 'estimate', 'propose', 'potential', 'project', 'continue', 'may', 'will', 'should' or similar words suggesting future outcomes or events or statements regarding an outlook. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Without limiting the foregoing, this news release contains forward-looking statements pertaining to Basal Quartz drilling opportunities. Forward-looking statements are based on a number of material factors, expectations or assumptions of Prairie Provident which have been used to develop such statements, but which may prove to be incorrect. Although the Company believes that the expectations and assumptions reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements, which are inherently uncertain and depend upon the accuracy of such expectations and assumptions. Prairie Provident can give no assurance that the forward-looking statements contained herein will prove to be correct or that the expectations and assumptions upon which they are based will occur or be realized. Actual results or events will differ, and the differences may be material and adverse to the Company. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from drilling and development activities; consistency with past operations; the quality of the reservoirs in which Prairie Provident operates and continued performance from existing wells (including with respect to production profile, decline rate and product type mix); the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Prairie Provident's reserves volumes; future commodity prices; future operating and other costs; future USD/CAD exchange rates; future interest rates; continued availability of external financing and internally generated cash flow to fund Prairie Provident's current and future plans and expenditures, with external financing on acceptable terms; the impact of competition; the general stability of the economic and political environment in which Prairie Provident operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Prairie Provident to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Prairie Provident has an interest in to operate the field in a safe, efficient and effective manner; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Prairie Provident to secure adequate product transportation; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Prairie Provident operates; and the ability of Prairie Provident to successfully market its oil and natural gas production. The forward-looking statements included in this news release are not guarantees of future performance or promises of future outcomes and should not be relied upon. Such statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking statements including, without limitation: reduced access to external debt financing; higher interest costs or other restrictive terms of debt financing; changes in realized commodity prices; changes in the demand for or supply of Prairie Provident's products; the early stage of development of some of the evaluated areas and zones; the potential for variation in the quality of the geologic formations targeted by Prairie Provident's operations; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; the imposition of new or additional tariffs or other restrictive trade measures or countermeasures affecting trade between Canada and the United States; changes in development plans of Prairie Provident or by third party operators; increased debt levels or debt service requirements; inaccurate estimation of Prairie Provident's oil and reserves volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and such other risks as may be detailed from time-to-time in Prairie Provident's public disclosure documents (including, without limitation, those risks identified in this news release and Prairie Provident's current Annual Information Form dated March 31, 2025 as filed with Canadian securities regulators and available from the SEDAR+ website ( under Prairie Provident's issuer profile). The forward-looking statements contained in this news release speak only as of the date of this news release, and Prairie Provident assumes no obligation to publicly update or revise them to reflect new events or circumstances, or otherwise, except as may be required pursuant to applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Oil and Gas Reader Advisories Barrels of Oil Equivalent The oil and gas industry commonly expresses production volumes and reserves on a 'barrel of oil equivalent' ('boe') basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. A boe conversion ratio of six thousand cubic feet to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead nor at the plant gate, which is where Prairie Provident sells its production volumes. Boes may therefore be a misleading measure, particularly if used in isolation. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency ratio of 6:1, utilizing a 6:1 conversion ratio may be misleading as an indication of value. Potential Drilling Opportunities vs Booked Locations This news release refers to potential drilling opportunities and booked locations. Unless otherwise indicated, references to booked locations in this news release are references to proved drilling locations or probable drilling locations, being locations to which Trimble Engineering Associates Ltd. (Trimble), the Company's independent qualified reserves evaluator, attributed proved or probable reserves in its most recent year-end evaluation of Prairie Provident's reserves data, effective December 31, 2024. Trimble's year‑end evaluation was in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and, pursuant thereto, the Canadian Oil and Gas Evaluation (COGE) Handbook. References in this news release to potential drilling opportunities are references to locations for which there are no attributed reserves or resources, but which the Company internally estimates can be drilled based on current land holdings, industry practice regarding well density, and internal review of geologic, geophysical, seismic, engineering, production and resource information. There is no certainty that the Company will drill any particular locations, or that drilling activity on any locations will result in additional reserves, resources or production. Locations on which Prairie Provident in fact drills wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, commodity prices, costs, actual drilling results, additional reservoir information and other factors. There is a higher level of risk associated with locations that are potential drilling opportunities and not booked locations. Prairie Provident generally has less information about reservoir characteristics associated with locations that are potential drilling opportunities and, accordingly, there is greater uncertainty whether wells will ultimately be drilled in such locations and, if drilled, whether they will result in additional reserves, resources or production. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Initial Production Rates This news release discloses initial production (IP) rates for certain wells as indicated. Initial production rates are not necessarily indicative of long-term well or reservoir performance or of ultimate recovery. Actual results will differ from those realized during an initial short-term production period, and the difference may be material. Non-GAAP and Other Financial Measures This news release discloses certain financial measures that are 'non-GAAP financial measures', 'non-GAAP ratios' or 'supplementary financial measures' within the meaning of applicable Canadian securities laws. Such measures do not have a standardized or prescribed meaning under International Financial Reporting Standards (IFRS) and, accordingly, may not be comparable to similar financial measures disclosed by other issuers. Non-GAAP and other financial measures are provided as supplementary information by which readers may wish to consider the Company's performance but should not be relied upon for comparative or investment purposes. Readers must not consider Non-GAAP and other financial measures in isolation or as a substitute for analysis of the Company's financial results as reported under IFRS. For a reconciliation of each non-GAAP measure to its nearest IFRS measure, please refer to the 'Non-GAAP and Other Financial Measures' section of the MD&A. This news release also includes reference to certain metrics commonly used in the oil and gas industry but which do not have a standardized or prescribed meanings under the Canadian Oil and Gas Evaluation (COGE) Handbook or applicable law. Such metrics are similarly provided as supplementary information by which readers may wish to consider the Company's performance but should not be relied upon for comparative or investment purposes. Following is additional information on non-GAAP and other financial measures and oil and gas metrics used in this news release. Adjusted Funds Flow ('AFF') - AFF is a Non-GAAP financial measure calculated based on net cash from operating activities before changes in non-cash working capital, transaction costs, restructuring costs and other non-recurring items. The Company believes that AFF provides a useful measure of the Company's operational performance on a continuing basis by eliminating certain non-cash charges and charges that are non-recurring or discretionary. Management utilizes the measure to assess the Company's ability to finance capital expenditures and debt repayments. AFF as presented is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. AFF per share is calculated based on the weighted average number of common shares outstanding consistent with the calculation of earnings per share. AFF per share is a Non-GAAP ratio. Operating Netback - Operating netback is a Non-GAAP financial measure commonly used in the oil and gas industry, which the Company believes is a useful measure to assist management and investors to evaluate operating performance. Operating netback included in this report were determined by taking oil and gas revenues less royalties and operating expenses. Operating netback, after realized gains (losses) on derivatives, adjusts the operating netback for only the realized portion of gains and losses on derivatives. Operating netback may be expressed in absolute dollar terms or on a per boe basis. Per boe amounts are determined by dividing the absolute value by working interest production. Operating netback per boe and operating netback, after realized gains (losses) on derivatives per boe are Non-GAAP financial ratios. Capital Expenditures and Net Capital Expenditures - Capital expenditures and net capital expenditures are Non-GAAP financial measures commonly used in the petroleum and natural gas industry, which the Company believes are useful measures to assist management and investors to assess Prairie Provident's investment in its existing asset base. Capital expenditures is calculated as the sum of property and equipment expenditures and exploration and evaluation expenditures from the consolidated statements of cash flows that is most directly comparable to cash flows used in investing activities. Net capital expenditures is calculated as capital expenditures, plus acquisitions from business combinations, which is the outflow cash consideration paid to acquire oil and gas properties, less asset dispositions (net of acquisitions), which is the cash proceeds from the disposition of producing properties and undeveloped lands.
