Latest news with #ChristinaLake
Associated Press
03-07-2025
- Business
- Associated Press
DMG Blockchain Solutions Announces Preliminary June Operational Results
VANCOUVER, British Columbia, July 02, 2025 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) ('DMG' or the 'Company'), a vertically integrated blockchain and data center technology company, today announces its preliminary operational results for June 2025: During June 2025, DMG's realized hashrate was 1.56 EH/s, down 18% from the 1.89 EH/s reported in May, as the Company experienced an unscheduled electrical outage of nearly two days at its Christina Lake facility and faced continued challenges operating its hydro infrastructure. In particular, a regional lightning storm resulted in the tripping of a main substation breaker that required extensive servicing. In addition, DMG's hydro infrastructure has been experiencing downtime related to contamination due to manufacturer quality control issues. This problem has been actively addressed over the past several weeks. The Company believes that with additional servicing and close monitoring, it can bring the hashrate of its current hydro mining capacity closer to its 0.4 EH/s potential, even as the summer heat sets in. The hydro miners are designed to operate in ambient temperatures exceeding 40 degrees Celsius, albeit at lower efficiencies. Based on experience gained from its initial 6-megawatt hydro mining container build-out, DMG now plans to source new hydro infrastructure from alternative manufacturers; for its planned Christina Lake building hydro deployment, the Company will utilize its existing electrical distribution and shelving, while sourcing key hydro infrastructure components from best-of-breed vendors. This should simplify the transition from air-cooled to direct liquid-cooled mining, while giving DMG improved quality control over its supply chain and infrastructure component integration. DMG intends to build a pilot system in its Christina Lake building this summer ahead of its planned expansion to grow to 3 EH/s by the end of calendar 2025. DMG's bitcoin balance was 341 BTC at the end of June. The Company sold bitcoin during the month to fund operating expenses and further reduce its loan balance with Sygnum Bank, in line with prior guidance. Agreement for a New Bitcoin Mining Site in Canada outside of British Columbia DMG announces it has executed a binding agreement following its May 2023 announcement to develop a new data processing center with access to low-cost renewable energy located in a Canadian province outside of British Columbia. The agreement supports DMG's longer-term strategy to identify pockets of low-cost energy, based on which it intends to eventually operate the majority of its Bitcoin mining fleet. Once fully operational, DMG expects to initially add approximately 1 EH/s of Bitcoin mining capacity, depending on the selected equipment and the commissioning timeframe, currently projected for the second half of calendar 2026. DMG's CEO, Sheldon Bennett, commented, 'In June, we encountered several unforeseen issues with our Bitcoin mining infrastructure, but we also advanced our longer-term objective to migrate our Bitcoin mining to where energy is less expensive. We continue to make progress in our discussions with Canadian governmental agencies, with a focus on the Department of National Defence, as Canada has pledged to increase its military spending, with AI as a key pillar of that growth. Regarding Systemic Trust, we remain encouraged regarding custody clients onboarding to the platform as well as expanding the platform capability beyond custody.' Grant of Stock Options and RSUs DMG announces the granting of stock options and RSUs to employees and directors of the Company. A total of 201,607 stock options ('Options') and 1,275,000 restricted stock units ('RSUs') have been granted. The Options are exercisable over five years at a price of $0.285 per share, with vesting in 25% increments on the six-, 12-, 18-, and 24-month anniversaries of the grant date. The RSUs vest in one year; these grants are designed to create an incentive structure that aligns longer-term performance with the Company's growth. About DMG Blockchain Solutions Inc. DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG's carbon-neutral Bitcoin ecosystem, which enables financial institutions to move Bitcoin in a sustainable and regulatory-compliant manner. For additional information about DMG Blockchain Solutions and its initiatives, please visit Follow @dmgblockchain on X, LinkedIn and Facebook, and subscribe to the DMG YouTube channel to stay updated with the latest developments and insights. For further information, please contact: On behalf of the Board of Directors, Sheldon Bennett, CEO & Director Tel: +1 (778) 300-5406 Email: [email protected] Web: For Investor Relations: [email protected] For Media Inquiries: Chantelle Borrelli Head of Communications [email protected] Neither the TSX Venture Exchange nor its Regulation Service 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. Cautionary Note Regarding Forward-Looking Information This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding DMG's strategies and plans, executing on DMG's broader strategy to shift its data center capacity towards AI, increasing hashrate, the planned expansion to grow to 3 EH/s by the end of calendar 2025, sourcing hydro infrastructure from alternative manufacturers, securing new clients for the Systemic Trust digital asset custody subsidiary, the opportunity and plans to monetize bitcoin transactions and provide additional products and services to customers and users, the continued investment in Bitcoin network software infrastructure and applications, the expected allocation of capital, developing and executing on the Company's products and services, increasing self-mining, increasing hashrate, efforts to improve the operation of its mining fleet, the launch of products and services, events, courses of action, and the potential of the Company's technology and operations, among others, are all forward-looking information. Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG's production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate mining difficulty. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as 'may', 'expect', 'estimate', 'anticipate', 'intend', 'believe' and 'continue' or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company's financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; the demand and pricing of AI data centers and usage; security threats, including a loss/theft of DMG's bitcoin; DMG's relationships with its customers, distributors and business partners; the inability to add more power to DMG's facilities; DMG's ability to successfully define, design and release new products in a timely manner that meet customers' needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG's business. For further information concerning these and other risks and uncertainties, refer to the Company's filings on In addition, DMG's past financial performance may not be a reliable indicator of future performance. Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment and/or infrastructure failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company's ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG's products, services and blockchain and AI technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.
Bloomberg
30-06-2025
- Business
- Bloomberg
Major Canadian Oil Site Vents Most Gas Since 2021 Due to Wildfire
Cenovus Energy Inc.'s Christina Lake oil-sands site vented the most natural gas in more than four years into the atmosphere when a wildfire forced an emergency shutdown of the facility in May. Christina Lake released the equivalent of 151,511 cubic feet a day of climate-warming gas in May, up from less than 5,000 cubic feet a day in April, Alberta Energy Regulator data show. The amount vented was the most for any month since January 2021. The monthly increase in venting was the most for any facility in Alberta and only eight other sites, all of which primarily produce gas rather than oil, released more in total.
Yahoo
25-06-2025
- Business
- Yahoo
Cenovus Resumes Full Production at Christina Lake
Cenovus Energy Inc. (NYSE:CVE) is one of the 12 Best Natural Gas Stocks to Buy According to Analysts. A fleet of oil tankers at sea, representing the global reach of a crude oil supplier. Cenovus Energy Inc. (NYSE:CVE) recently revealed that it has now safely restored production at its Christina Lake oil sands asset following wildfire activity in the area. The company restarted operations on June 3 and successfully ramped up production over the following week. Cenovus confirmed that there was no damage to the site's infrastructure and that all workers were safely evacuated and accounted for, with no reported injuries. 100% owned by Cenovus, Christina Lake had a production of 238,000 barrels per day in the first quarter of 2025. Earlier this month, Cenovus Energy Inc. (NYSE:CVE) announced that it would exercise its right to redeem the company's 3.935% Series 7 preferred shares on June 30, 2025, at a price of $25 per share, totaling $150 million. Moreover, Cenovus will distribute a final quarterly dividend of $0.24594 per share on the same date, marking the final dividend payment for these preferred shares. Cenovus Energy Inc. (NYSE:CVE) is an integrated oil and natural gas company, based in Calgary, Alberta, with operations that span Canada, the United States, and the Asia Pacific region. While we acknowledge the potential of CVE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Nuclear Energy Stocks to Buy Right Now and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
12-06-2025
- Business
- CTV News
MEG, Cenovus Energy ramping up operations at Christina Lake after nearby wildfires
Pipeline at the Cenovus Christina Lake oilsands facility southeast of Fort McMurray, Alta., on Wednesday, April 24, 2024. THE CANADIAN PRESS/Amber Bracken CALGARY — Two major oilsands operators say business is returning to normal after nearby wildfires forced shutdowns at their northeastern Alberta sites. Cenovus Energy Inc. said Thursday that it has safely ramped up production at Christina Lake, south of Fort McMurray, Alta. Late last month, it removed all but essential personnel from the site and shut in about 238,000 barrels per day of production as a wildfire raged to the south. It said operations resumed on June 3, with volumes increasing to normal levels over the course of a week. Cenovus has confirmed there was no damage to its infrastructure. 'The company continues to closely monitor the overall wildfire situation in Alberta, with a focus on the safety of its people and assets,' it said. 'It appreciates the continued efforts of its teams who are working to keep the company's people and assets safe, and for the provincial emergency management teams and firefighters keeping communities safe.' Meanwhile, MEG Energy Corp. said Wednesday it was bringing its Christina Lake operations back online. All personnel have returned and power has been restored. The wildfire caused an outage to third-party power line infrastructure connecting the project to Alberta's electric grid, prompting the company to disconnect from the system. MEG has begun restarting part of the project that had been down for planned maintenance when the fires broke out. The power outage delayed startup of the Phase 2B operations, which represent about 70,000 barrels per day of production. 'We are deeply grateful for the unwavering support of Alberta's emergency responders, government agencies, and the electricity provider during this critical time,' said CEO Darlene Gates. 'Additionally, I want to extend my heartfelt thanks to our employees and contractors for their exceptional hard work, focus, and steadfast commitment to operating safely.' Wildfires have forced tens of thousands from their homes across the Prairies in recent weeks. The Alberta government says there are 23 fires burning out of control in the province. The Caribou Lake fire complex burning south of Christina Lake is still considered out of control and covers almost 700 square kilometres. This report by The Canadian Press was first published June 12, 2025. By Lauren Krugel
CTV News
12-06-2025
- Business
- CTV News
MEG Energy ramping up operations at Christina Lake after nearby wildfires
CALGARY — MEG Energy Corp. says it's ramping up operations at its Christina Lake oilsands project after recent wildfires south of the operations. The company says all personnel have returned to site and its connection to Alberta's electric grid has been restored. MEG also says it has commenced restarting Phase 2B operations after successful completion of a turnaround. Last month, the company withdrew non-essential personnel from the Christina Lake project due to the fires. The wildfire caused an outage to third-party power line infrastructure connecting the project to Alberta's electric grid, prompting the company to disconnect from the grid. The power outage delayed startup of the Phase 2B operations, which represent about 70,000 barrels per day of production. This report by The Canadian Press was first published June 12, 2025.
