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Yahoo
6 days ago
- Business
- Yahoo
Mundoro Reports Q1-2025 Financial Results and Progress on Exploration Programs
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2025) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) ( ("Mundoro" or the "Company") announces the operating and financial results for the quarter ended March 31, 2025. The Financial Statements and Management's Discussion and Analysis (MD&A) for Q1-2025 are filed on SEDAR+, and are available on Mundoro's website under the heading Investors. All amounts are expressed in Canadian dollars unless otherwise indicated. Q1-2025 Financial Summary Cash Position: As of March 31, 2025, the Company held $5.2 million in cash and cash equivalents and no long-term debt. The working capital for the company is $1.9 million. Fees Earned: The Company's fee income, which includes interest, operator fees, option payments, and miscellaneous income, decreased to an aggregate of $740,392 in Q1-2025 compared to $790,957 in Q1-2024, primarily due to a reduction in management fees received resulting from fewer partner-funded programs. Exploration and Project Evaluation Expenditures: The exploration expenditures, the majority of which are sole-funded by partners, were lower at $1,759,690 in Q1-2025 compared to $2,637,541 in Q1-2024 primarily due to a decrease in the number of partner-funded budgeted exploration work programs. Recoveries from option partners in Q1-2025 were $1,451,815 compared to $2,584,073 in Q1-2024, resulting in net exploration costs of $307,875 in Q1-2025 and $53,468 in Q1-2024. Corporate Expenses: Corporate expenses in Q1-2025 were $296,732 compared to $267,522 in Q1-2024, representing an increase of $29,210 or approximately 9%. The change primarily reflects timing differences related to the accrual of 2025 audit fees. Net Income: For the quarter ended March 31, 2025, the Company recorded a net income of $451 ($0.00 per share), compared to a net income of $436,265 ($0.00 per share) for the quarter ended March 31, 2024. Q1-2025 Exploration Summary and Exploration Plans BHP-Mundoro Projects, Serbia Borsko Passive Seismic and Ground AMT Survey Completed: Fieldwork for a passive seismic survey was completed. The final report and subsequent 3D inversion model were received in Q1-2025. This geophysical technique provides an additional layer of subsurface data for target refinement. Additionally, a ground AMT survey was completed. The 3D inversion model from BHP is expected to be completed in Q2-2025. Green Rock Analysis: Fifty samples were selected for Green Rock analysis. This analysis will provide additional geochemical data for refining targeting. The geochemical results from the study were received in Q2-2025 with additional targeting in mid 2025. Optimizing Drill Locations for Porphyry Source Testing: The exploration team analyzed all available data to determine optimal drill locations, identifying a new target area in the NW part of the license. Exploration Plans: Drill Program Planning Drill Program Planning: Exploration plans for Q2-2025 prioritize preparation for commencing drilling at NW target area, as well as additional targeting and comprehensive planning for future drilling. New Targeting: Additional targeting initiatives are also planned for completion in H2-2025. Trstenik Central Target Area Mapping: Mapping in the central target area was completed, focusing on new road cuts, intrusive outcrops and delineation by the geophysical models anomalies. This mapping enhanced geological understanding by documenting exposed alteration and mineralization, quartz veining systems, and structural controls on potential mineralization at depth, as well as connecting the geophysical anomalies to geological objects. Structural Analysis and Data Interpretation: Structural analysis and comprehensive data interpretation took place in Q1-2025. This integrated analysis will guide further exploration planning and target refinement for the remainder of 2025. Exploration Plans: Drill Program Planning North-Central Target Area Drill Program: The delay in receiving forestry permit approval, for the north-central target area drill program, has delayed the start of the drill program from Q4-2024 to 2025. Although the forestry permit approval is understood to be in the final stages, final timing for approval is unknown. Upon approval of the required forestry permits related to drilling, execution of the drill program in the north-central target area is a key priority for H1-2025, representing a step forward in the project's exploration. South Timok During Q1-2025, structural interpretations were completed across the Vitanovac, Ponor, Lipovica, and Orlovac license areas. This work aimed to integrate geophysical data to define key structural features potentially linked to mineralization. Concurrently, additional geophysical fieldwork advanced, with ground Audio-Magnetotelluric (AMT) infill surveys completed at Lipovica and Orlovac, and a ground gravity survey commenced at Orlovac to help identify potential targets in covered terrains. Mundoro Owned Projects, Serbia Serbia: Mundoro holds approximately 419 sq km of exploration licenses in Serbia, primarily within the prolific Timok Magmatic Complex (TMC), known for significant copper-gold deposits like Bor, Majdanpek, and Cukaru Peki. The area benefits from established infrastructure. In Q1-2025, the Company' primary objective was to advance the targeting work to clearly demonstrate the value of these licenses to third-party mining companies. The Company is progressing discussions with third party mining companies in order to potentially option this package of licenses. JOGMEC-Mundoro Project, Bulgaria The JOGMEC-Mundoro EE1 copper project in Bulgaria is prospective for sediment-hosted stratiform copper. JOGMEC completed Stage One earn-in (Q3-2022), and exploration work has been conducted. While drill locations were submitted for permitting and a positive Appropriate Assessment was initially received, objections filed in court delayed the process. Although the courts terminated the objections in Q1-2025, an appeal has been filed, further prolonging permitting and delaying the planned 1,800-meter drill program. Scheduling and commencement of this program remain dependent on the final resolution of the permitting process and receipt of all government approvals. Mundoro Owned Projects, USA Dos Cabezas Project — Arizona: Advancing Porphyry Copper Targets: Mundoro's 100%-owned Dos Cabezas Project, available for joint venture, covers approximately 61 sq km in Southeast Arizona's Laramide magmatic arc. Situated 150 km east of Tucson, and south of the Safford district, exploration has defined six targets: four with surface porphyry copper signatures and two representing potential covered centers in the pediments. Q1-2025 activities included submitting samples for geochronology (confirming Laramide ages, with further results expected Q3-2025), conducting partner site visits, performing fieldwork at the Elma target, and refining the Mescal Canyon geological model with 2023 drill data. Copperopolis Project — Arizona: Generative Fieldwork and Target Generation: Located in Yuvapi County, northwest Arizona, the Copperopolis Property features historic high-grade Au-Cu veins and is considered prospective for deeper Laramide-age porphyry systems, with a target identified near the San Juan Mine. Completed work includes historic vein evaluation, detailed mapping at San Juan (identifying NE-trending dikes, breccias, and weak-to-moderate porphyry-style alteration), and high-resolution drone imagery. Q1-2025 saw a BLEG geochemical survey (results expected Q2-2025), detailed mapping confirming a sheeted dike complex, and geochronology (U-Pb results Q2-2025 consistent with nearby operating mines). Picacho Project — Arizona: Unlocking Covered Porphyry Potential: The Picacho Project, wholly owned by Mundoro and available for partnership, encompasses a 105 sq km land package (State Permits and Federal Claims) in central Arizona. It is strategically located within a cluster of major porphyry copper deposits. Exploration efforts have identified three covered target areas, either untested or only partially tested, indicating potential for concealed porphyry systems. In Q1-2025, geochronology work was undertaken, with results received in Q2-2025 confirming a Laramide age (68Ma) for a key igneous unit, consistent with the regional mineralizing events. Generative Programs: Mundoro is actively evaluating new opportunities: Serbia: Evaluating areas in Cretaceous and Tertiary Belts. USA: Targeting copper in Arizona's Laramide Belt and other Western US belts. Global: Evaluated three additional geological belts, focusing on copper. Qualified Persons The scientific and technical information described in this Press Release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for this press release has been reviewed and approved by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company. About Mundoro Capital Inc. Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro's asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA. Follow Mundoro's weekly updates from the field on: LinkedIn and X @Mundoro For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, or Shamil Devji, Investor Relations Manager at +1-604-669-8055. You can also visit Mundoro's website Caution Concerning Forward-Looking Statements This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward-looking statements in this News Release include expectations as to the mineral potential of the Company's projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward-looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on Neither 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 release. To view the source version of this press release, please visit 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
Yahoo
28-05-2025
- Business
- Yahoo
CF Energy Announces Financial Results for the Three-month period ended March 31, 2025
TORONTO, May 28, 2025 (GLOBE NEWSWIRE) -- CF Energy Corp. (TSX-V: CFY) ('CF Energy' or the 'Company', together with its subsidiaries, the 'Group'), an energy provider in the People's Republic of China (the 'PRC' or 'China'), announces that the Company has filed its unaudited interim consolidated financial results for the three-month period ended March 31, 2025. The unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis ('MD&A') can be downloaded from or from the Company's website at The unaudited condensed interim consolidated financial statements have been prepared in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board ('IASB') (collectively, 'IFRS Accounting Standards'). This news release contains financial terms that are non-IFRS Accounting Standards ('non-GAAP') financial measures. Results for the three-month period ended March 31, 2025 ('Q1 2025') Continuing Operations In millions Q1 2025 Q1 2024 Change % Q1 2025 Q1 2024 Change (except for % figures) RMB RMB RMB CAD CAD CAD Revenue 105.0 149.0 (44.0) -30% 20.7 28.0 (7.3) Gross Profit 24.5 32.7 (8.2) -25% 4.8 6.1 (1.3) Gross Profit Margin 23.3% 21.9% 1.4% Net Profit 1.6 9.9 (8.3) -84% 0.3 1.9 (1.6) Adjusted net Profit [non-GAAP] 1.4 9.9 (8.5) -85% 0.3 1.9 (1.6) EBITDA 21.9 29.6 (7.7) -26% 4.3 5.6 (1.3) Adjusted EBITDA [non-GAAP] 21.7 29.6 (7.9) -27% 4.3 5.6 (1.3) Revenue in Q1 2025 was RMB105.0 million (approx. CAD20.7 million), a decrease of RMB44.0 million (approx. CAD7.3 million), or 30%, from RMB149.0 million (approx. CAD28.0 million) for the three-month period ended March 31, 2024 ('Q1 2024'). Revenue decrease in Q1 2025 reflected the bulk sales of pipeline gas to a gas supplier of a power plant in the Guangdong Province which was not repeated in Q1 2025. Excluding such bulk sales in Q1 2024, revenue in Q1 2025 remained at a similar level as that for Q1 2024. Gross profit in Q1 2025 was RMB24.5 million (approx. CAD4.8 million), a decrease of RMB8.2 million (CAD1.3 million) or 25% from RMB32.7 million (approx. CAD6.1 million) in Q1 2024. Overall gross margin in Q1 2025 was 23.3%, an increase of 1.4 percentage points from 21.9% in Q1 2024. As the bulk sales in Q1 2024 were at relatively competitive prices with very low gross margin which had a dilutive effect on the overall gross profit and margin in Q1 2024. On a comparable basis, excluding such bulk sales in Q1 2024, gross profit in Q1 2025 decreased by RMB7.9 million (approx. CAD1.6 million), or 24%, from RMB32.4 million (approx. CAD6.4 million) in Q1 2024 to RMB24.5 million (approx. CAD4.8 million) in Q1 2025 and gross profit margin in Q1 2025 decreased by 6.6 percentage points from 29.9% in Q1 2024 to 23.3% in Q1 2025. The overall drop in gross profit margin in Q1 2025 as compared to the comparable gross profit margin in Q1 2024 was mainly attributable to the increase in the purchase price of pipeline gas and the low profit margin from urban gas pipeline facility renovation project with local government, which was offset by the narrowing of the negative margin of the Integrated Smart Energy segment in Q1 2025 as the number of users and their usage increased in the period. In millions Q1 2025 Q1 2024 Change % Q1 2025 Q1 2024 Change (except for % figures) RMB RMB RMB CAD CAD CAD Net profit for the period 1.6 9.9 (8.3) -84% 0.3 1.9 (1.6) Non-recurring items Government financial assistance (0.2) - (0.2) 100% (0.0) - (0.0) Adjusted net profit for the period (non-GAAP) 1.4 9.9 (8.5) -85% 0.3 1.9 (1.6) Net profit in Q1 2025 was RMB1.6 million (approx. CAD0.3 million), a decrease of RMB8.3 million (approx. CAD1.6 million) from RMB9.9 million (approx. CAD1.9 million) in Q1 2024. On a comparable basis, after excluding the government financial assistance of RMB0.2 million (approx. CAD0.0 million), the adjusted net profit in Q1 2025 (non-GAAP) was RMB1.4 million (approx. CAD0.3 million), a decrease of RMB8.5 million (approx. CAD1.6 million), or 85% from RMB9.9 million in Q1 2024. Basic earnings per share ('EPS') in Q1 2025 from continuing operations was RMB0.05 (CAD0.01) per share, a decrease of RMB0.13 (CAD0.02), as compared to RMB0.18 (CAD0.03) per share in Q1 2024. In millions Q1 2025 Q1 2024 Change % Q1 2025 Q1 2024 Change (except for % figures) RMB RMB RMB CAD CAD CAD EBITDA for the period 21.9 29.6 (7.7) -26% 4.3 5.6 (1.3) Non-recurring items Government financial assistance (0.2) - (0.2) 100% (0.0) - (0.0) Adjusted EBITDA for the period (non-GAAP) 21.7 29.6 (7.9) -27% 4.3 5.6 (1.3) EBITDA (non-GAAP) in Q1 2025 was RMB21.9 million (approx. CAD4.3 million), a decrease of RMB7.7 million (approx. CAD1.3 million), or 26%, from RMB29.6 million (approx. CAD5.6 million) in Q1 2024. After excluding the government financial assistance of RMB0.2 million (approx. CAD0.0 million), the adjusted EBITDA in Q1 2025 (non-GAAP) was RMB21.7 million (approx. CAD4.3 million), a decrease of RMB7.9 million (approx. CAD1.3 million), or 27% from RMB29.6 million in Q1 2024 on a comparable basis. Company Outlook While the Company is ambitious in its goal to become the largest clean energy service solutions provider and carbon asset management company in Hainan, we recognize the economic and political instability in the world and will be cautious in our investments in the next few years. That being said, the need for CF Energy to become a clean energy service solutions provider rather than just a natural gas distributor is more important than ever. The natural gas industry faces a variety of challenges ranging from regulatory impacts to market dynamics, and in the competitive and shifting landscape, we must evolve to embrace the changes and plan Energy Corp. has developed from a traditional natural gas company into a comprehensive energy solutions provider that aims to incorporate its smart energy system and battery swapping network via energy storage technology to create a highly integrated and efficient framework for sustainable energy management. CF Energy's Haitang Bay integrated smart energy project and Meishan project are examples of standalone distributed energy system with advanced grid technologies that enable real-time monitoring and responsive energy distribution based on demand and supply conditions. Through ice storage technology, the Haitang Bay integrated smart energy system was founded. We have entered the field of electrochemical energy storage for cost reduction and energy conservation through the mode of battery swapping in new energy vehicles. The battery pack also serves as a power storage unit, if scaled to a network, can also be considered a distributed energy system. Incorporating battery storage into an energy system provides flexibility and enhances system stability. Strategically placed storage systems, both at utility-scale and distributed sites, ensure energy availability across the network, especially in remote or critical areas. The CF Energy battery swap station network in Sanya already successfully provides an energy storage and distribution network for the EV taxis in Sanya city. Combining deep cultivation in the energy storage field of ice and electrochemical energy storage technology, vigorously expanding cooperation with companies in the industry, relying on the customer base of the natural gas company, further promoting the application of industrial and commercial energy company is working with partners in the IoT (internet of things), and cloud services field to create an efficient EMS (energy management system) that connects the standalone distributed smart energy systems with various energy storage technologies (including battery storage). - IoT Devices and Sensors are deployed across all components of the energy system—solar panels, energy storage units, battery swapping stations, and consumer endpoints. They collect real-time data on energy production, storage levels, battery health, and consumption patterns. Using historical data and machine learning models, the EMS can predict demand spikes, potential system disruptions, and optimal energy production schedules. This helps in preemptive management, reducing wastage, and increasing system reliability. This interconnected ecosystem facilitates a sustainable, resilient, and efficient energy landscape, capable of reducing carbon footprints and promoting the use of clean energy technologies. Integrated software and management platforms monitor and control the flow of energy throughout the ecosystem. They optimize when to store energy, when to release it, and how to efficiently distribute it across various needs. CF Energy's integrated system operates on a cycle of data-driven decision-making where sensors collect data, the EMS analyzes and makes decisions, and commands are sent to adjust production, storage, or distribution. This smart, interconnected ecosystem not only supports current energy needs but also scales to meet future demands and technological advancements. By adopting an open market model, we aim to further attract upstream/midstream clean energy enterprises and improve the design, implementation, and operation of regional energy management roles. Further improve the integration of relevant supply chains, from the production end of upstream related equipment to equipment integrators, and finally in the development of relevant software and equipment operation and maintenance, forming a closed-loop chain involving production, sales, and the past five years, the Company has successfully established itself in the district energy and renewable energy space. The Haitang Bay smart energy centralized cooling project was the Company's first venture into energy management services and despite setbacks during COVID-19, the project is now successfully in operation, reducing the overall carbon footprint of the Haitang Bay area. CF Energy is also one of the few companies in China to successfully operate battery swap station networks. Our goal for entering the battery swap business has always been in testing viability in district energy storage via station and battery packs. CF Energy's stations also incorporate solar panel installation to optimize the energy usage of the stations. The Company envisions the smart energy centralized cooling for hotels, battery swap stations, and operates as a virtual power plant with active end user participation. The combined energy capacity from the cooling system, battery swap stations, and possibly additional storage units, can act as a virtual power plant, providing grid services such as peak shaving, load balancing, and frequency regulation. The Company is working to integrate a demand response system where hotels and other end users can opt-in to adjust their energy usage during peak periods in response to incentives. For example, shifting non-essential power usage to off-peak hours. EV owners can charge their vehicles during off-peak hours to benefit from lower rates and reduce grid strain during high-demand periods. Alternatively, V2G (Vehicle to Grid) concept allows EVs to return energy to the grid during peak times, effectively using the vehicle's battery as a grid resource. Furthermore, utilizing a platform for energy trading that allows surplus energy (from renewable sources and stored energy) to be sold back to the grid or shared among participants will add additional revenue stream and encouraging sustainable practices. The integration must connect all components through a smart grid that enables two-way communication between the energy providers and consumers. This integration allows for real-time monitoring, control, and optimization of energy flows. The traditional core business of CF Energy will also be integrated into this system, utilize the flexibility and high-energy density of natural gas to balance and support the renewable components of the system, especially during peak demands or intermittent renewable supply. The combined heat and power (CHP) design is already a part of the Haitang Bay project, with the aim to simultaneously generate electricity and thermal energy from natural gas. The electricity can support the grid or local energy needs, while the thermal energy is used directly for hotel heating or to augment the centralized cooling system via absorption chillers. Using natural gas turbines or engines to provide additional power generation capacity, especially during periods when renewable energy sources are insufficient. This can ensure continuous operation of critical infrastructure without interruption. By integrating these elements, CF Energy works to establish the model of a distributed energy system that can effectively operate as a centralized cooling and heating provider for end consumers, a battery swap station network, and a virtual power plant, all while engaging end users to participate actively in energy management. This not only enhances energy efficiency and sustainability but also creates a cooperative ecosystem that benefits all participants economically and environmentally. About CF Energy Corp. (Previously known as: Changfeng Energy Inc.) CF Energy Corp. is a Canadian public company currently traded on the Toronto Venture Exchange ('TSX-V') under the stock symbol 'CFY'. It is an integrated energy provider and natural gas distribution company (or natural gas utility) in the PRC. CF Energy strives to combine leading clean energy technology with natural gas usage to provide sustainable energy to its customer base in the PRC. CONTACT INFORMATION Yongqiang (Shawn) ShanChief Financial Charles WangSecretary of the Frederick WongDirector of the Forward-Looking Statements Certain statements contained in this news release constitute forward-looking statements and forward-looking information (collectively, 'Forward-Looking Statements'). All statements, other than statements of historical fact, included or incorporated by reference in this document are Forward-Looking Statements, including statements regarding activities, events or developments that the Company expects or anticipates may occur in the future (including, without limitation, no significant adjustments to the gas selling price and charges for related services imposed by the relevant PRC government, the tourism industry continues to recover from COVID-19 impact and no delay in the development of the electric vehicle battery swap stations, the Haitang Bay Integrated Smart Energy Project or the Meishan Project). These Forward-Looking Statements can be identified by the use of forward-looking words such as 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe' or 'continue' or similar words or the negative thereof. No assurance can be given that the plans, intentions or expectations or assumptions upon which these Forward-Looking Statements are based will prove to be correct and such Forward-Looking Statements included in this news release should not be unduly relied upon. Although management believes that the expectations represented in such Forward-Looking Statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such Forward-Looking Statements are not a guarantee of performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such Forward-Looking Statements. These factors include, without limitation, no significant and continuing adverse changes in general economic conditions or conditions in the financial, tourism, and gas distribution and electric vehicle markets or delays in the development of key projects. Readers are cautioned that all Forward-Looking Statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filings with applicable Canadian securities regulatory authorities, copies of which are available at The Company urges readers to carefully consider those factors. The Forward-Looking Statements included in this news release are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. This news release contains future oriented financial information and financial outlook information (collectively, "FOFI") (including, without limitation, statements regarding expected average production), and are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The FOFI has been prepared by management to provide an outlook of the Company's activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's reasonable estimates and judgments, however, actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein. Any FOFI speaks only as of the date on which it is made, and the Company disclaims any intent or obligation to update any FOFI, whether as a result of new information, future events or results or otherwise, unless required by applicable laws. Non-GAAP Financial Measures This news release contains financial terms that are non-GAAP financial measures, such as EBITDA, Adjusted EBITDA and Adjusted Net Profit. These financial measures, together with measures prepared in accordance with IFRS Accounting Standards, provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. The Company's determination of these non-GAAP measures may differ from other reporting issuers, and therefore are unlikely to be comparable to similar measures presented by other companies. Further, these non-GAAP measures should not be considered in isolation or as a substitute for measures of performance or cash flows prepared in accordance with IFRS Accounting Standards. These financial measures are included because management uses this information to analyze operating performance and liquidity. Neither 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 release.
Yahoo
15-05-2025
- Business
- Yahoo
Boat Rocker Media Reports First Quarter 2025 Financial Results
TORONTO, May 15, 2025 /CNW/ - Boat Rocker Media Inc. ("Boat Rocker" or the "Company" or "BRMI") (TSX: BRMI), an independent, integrated global entertainment company, today reported its financial results for the three months ended March 31, 2025 ("first quarter" or "Q1"). The Company's consolidated financial statements and accompanying notes and Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2025 and 2024 are available under the Company's profile on SEDAR+ ( All dollar amounts are expressed in Canadian currency, unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures (see "Non-IFRS Measures" below). Financial Highlights On March 24, 2025, the Company announced that it had entered into definitive agreements in respect of the Transaction (as defined below). As a result of the terms of the Transaction, the net assets of Boat Rocker Studios ("BRS") have been separately presented as held for sale as at March 31, 2025 and financial performance has been presented in the Company's interim financial statements as discontinued operations. In Q1 2025 the Company recorded a $119.7 million impairment expense in net loss from discontinued operations related to the BRS assets held for sale as a result of the Transaction. Q1 2025 revenue from continuing operations of $34.2 million versus $27.7 million in the prior year period. Q1 2025 Adjusted EBITDA1 from continuing operations of $45,000 versus Adjusted EBTDA loss of $116,000 in the prior year period. Q1 2025 net loss from continuing operations of $4.8 million versus a net loss of $3.4 million in the prior year period. ________________________________ 1 Adjusted EBITDA is a Non-IFRS measure. For more information on non-IFRS financial measures, see "Non-IFRS Measures" and "Reconciliation of Non-IFRS Measures" in the MD&A dated May 15, 2025 for the three months ended March 31, 2025 available under the Company's profile on SEDAR+ ( Statement from Boat Rocker Media CEO John Young "With the recent publication of an information circular in connection with the reverse takeover by Blue Ant and management buyout transactions, we are moving closer to a new chapter for BRMI shareholders. We thank shareholders for their support over the years and the Company looks forward to forging a new path with Blue Ant." PROPOSED REVERSE TAKEOVER BY BLUE ANT MEDIA INC. AND MANAGEMENT BUYOUT On March 24, 2025, the Company announced that it had entered into definitive agreements with Blue Ant Media Inc. ("Blue Ant") pursuant to which Blue Ant, a privately owned company controlled by Michael MacMillan, will go-public via reverse take-over (the "RTO") of the Company, and the Company will concurrently sell Boat Rocker Studios to a privately owned company controlled by the Company's Co-Founders and Co-Executive Chairmen, David Fortier and Ivan Schneeberg, and BRMI CEO John Young ("IDJCo") (the "Management Buyout"). Additionally, the Company entered into an agreement with Fairfax Financial Holdings Limited ("Fairfax") to sell its minority investment in a U.S. talent management business to Fairfax (collectively, with the RTO and the Management Buyout, the "Transaction.") As part of the Transaction, Blue Ant as the resulting issuer (the "Resulting Issuer") will retain the businesses currently conducted by the Insight Productions, Proper Television and Jam Filled Entertainment divisions of BRMI (the "Retained Business"), as well as BRMI's public company status. The three transactions that encompass the Transaction are all cross-conditional. If BRMI Shareholders vote in favour of some of the resolutions and against others such that one of the resolutions does not meet the required majority, the Transaction is unlikely to proceed. The board of directors of BRMI (the "Board"), acting on the unanimous recommendation of a special committee comprised solely of the independent directors of BRMI (the "Special Committee"), and with interested directors abstaining, unanimously supports the Transaction. The Board believes that the Transaction is in the best interests of the Company and BRMI Shareholders (other than the IDJ Principals, Fairfax and their respective affiliates) (collectively the "Minority Shareholders") and is fair to the Minority Shareholders. Statement from Sangeeta Desai, Chair of the Special Committee, and Lead Independent Director of BRMI: "The Transaction is expected to offer significant value creation potential for BRMI shareholders in a global media company with an experienced management team, stronger balance sheet and enhanced scale. The Transaction is also an attractive option relative to alternatives, including the Company operating in the current challenging market. Finally, the Transaction is expected to provide an enhanced valuation of the Resulting Issuer. Based upon an independent formal valuation prepared by Scotiabank, the fair market value of the shares of the Resulting Issuer2 was in the range of $1.50 to $1.91 per share. The Board, upon the unanimous recommendation of the Special Committee, strongly supports the Transaction and encourages shareholders to vote in favour of the various Transaction resolutions." In the event the Transaction does not close (and there can be no assurance that the Transaction will be completed), the Company expects that continuing macroeconomic challenges will be significant factors in its 2025 results, which management expects to weaken as compared to 2024. The Special Meeting of Shareholders is to be held on June 17, 2025, at 10:00 a.m. (Toronto time) at the offices of Stikeman Elliott LLP, 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario, M5L 1B5, Canada. Shareholders are encouraged to vote well in advance of the proxy cut-off time of 10:00 a.m. (Toronto time) on June 13, 2025. ________________________________ 2As at March 23, 2025. Forward-Looking Statements This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions, many of which are beyond the Company's control. Such assumptions include, but are not limited to, the factors discussed in the Company's MD&A for the three months ended March 31, 2025 and the Company's annual MD&A for the year ended December 31, 2024. Forward-looking information is also subject to a number of specific and general risks. A comprehensive summary of the risks and uncertainties that may affect the business of the Company is set out in the Company's Annual Information Form for the year ended December 31, 2024. The risks and uncertainties described therein are not the only ones Boat Rocker faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial may also materially adversely affect the Company's business, assets, liabilities, financial condition, results of operations, prospects, cash flows and the value and future trading price of the subordinate voting shares. In addition, there can be no assurance that the Transaction will be completed or that the Resulting Issuer will be successful. Boat Rocker does not undertake any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws. SOURCE Boat Rocker Media Inc. View original content:
Cision Canada
15-05-2025
- Business
- Cision Canada
Boat Rocker Media Reports First Quarter 2025 Financial Results
TORONTO, May 15, 2025 /CNW/ - Boat Rocker Media Inc. ("Boat Rocker" or the "Company" or "BRMI") (TSX: BRMI), an independent, integrated global entertainment company, today reported its financial results for the three months ended March 31, 2025 ("first quarter" or "Q1"). The Company's consolidated financial statements and accompanying notes and Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2025 and 2024 are available under the Company's profile on SEDAR+ ( All dollar amounts are expressed in Canadian currency, unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures (see "Non-IFRS Measures" below). Financial Highlights On March 24, 2025, the Company announced that it had entered into definitive agreements in respect of the Transaction (as defined below). As a result of the terms of the Transaction, the net assets of Boat Rocker Studios ("BRS") have been separately presented as held for sale as at March 31, 2025 and financial performance has been presented in the Company's interim financial statements as discontinued operations. In Q1 2025 the Company recorded a $119.7 million impairment expense in net loss from discontinued operations related to the BRS assets held for sale as a result of the Transaction. Q1 2025 revenue from continuing operations of $34.2 million versus $27.7 million in the prior year period. Q1 2025 Adjusted EBITDA 1 from continuing operations of $45,000 versus Adjusted EBTDA loss of $116,000 in the prior year period. Q1 2025 net loss from continuing operations of $4.8 million versus a net loss of $3.4 million in the prior year period. ________________________________ 1 Adjusted EBITDA is a Non-IFRS measure. For more information on non-IFRS financial measures, see "Non-IFRS Measures" and "Reconciliation of Non-IFRS Measures" in the MD&A dated May 15, 2025 for the three months ended March 31, 2025 available under the Company's profile on SEDAR+ ( Statement from Boat Rocker Media CEO John Young "With the recent publication of an information circular in connection with the reverse takeover by Blue Ant and management buyout transactions, we are moving closer to a new chapter for BRMI shareholders. We thank shareholders for their support over the years and the Company looks forward to forging a new path with Blue Ant." PROPOSED REVERSE TAKEOVER BY BLUE ANT MEDIA INC. AND MANAGEMENT BUYOUT On March 24, 2025, the Company announced that it had entered into definitive agreements with Blue Ant Media Inc. ("Blue Ant") pursuant to which Blue Ant, a privately owned company controlled by Michael MacMillan, will go-public via reverse take-over (the "RTO") of the Company, and the Company will concurrently sell Boat Rocker Studios to a privately owned company controlled by the Company's Co-Founders and Co-Executive Chairmen, David Fortier and Ivan Schneeberg, and BRMI CEO John Young ("IDJCo") (the "Management Buyout"). Additionally, the Company entered into an agreement with Fairfax Financial Holdings Limited ("Fairfax") to sell its minority investment in a U.S. talent management business to Fairfax (collectively, with the RTO and the Management Buyout, the "Transaction.") As part of the Transaction, Blue Ant as the resulting issuer (the "Resulting Issuer") will retain the businesses currently conducted by the Insight Productions, Proper Television and Jam Filled Entertainment divisions of BRMI (the "Retained Business"), as well as BRMI's public company status. The three transactions that encompass the Transaction are all cross-conditional. If BRMI Shareholders vote in favour of some of the resolutions and against others such that one of the resolutions does not meet the required majority, the Transaction is unlikely to proceed. The board of directors of BRMI (the "Board"), acting on the unanimous recommendation of a special committee comprised solely of the independent directors of BRMI (the "Special Committee"), and with interested directors abstaining, unanimously supports the Transaction. The Board believes that the Transaction is in the best interests of the Company and BRMI Shareholders (other than the IDJ Principals, Fairfax and their respective affiliates) (collectively the "Minority Shareholders") and is fair to the Minority Shareholders. Statement from Sangeeta Desai, Chair of the Special Committee, and Lead Independent Director of BRMI: "The Transaction is expected to offer significant value creation potential for BRMI shareholders in a global media company with an experienced management team, stronger balance sheet and enhanced scale. The Transaction is also an attractive option relative to alternatives, including the Company operating in the current challenging market. Finally, the Transaction is expected to provide an enhanced valuation of the Resulting Issuer. Based upon an independent formal valuation prepared by Scotiabank, the fair market value of the shares of the Resulting Issuer 2 was in the range of $1.50 to $1.91 per share. The Board, upon the unanimous recommendation of the Special Committee, strongly supports the Transaction and encourages shareholders to vote in favour of the various Transaction resolutions." In the event the Transaction does not close (and there can be no assurance that the Transaction will be completed), the Company expects that continuing macroeconomic challenges will be significant factors in its 2025 results, which management expects to weaken as compared to 2024. The Special Meeting of Shareholders is to be held on June 17, 2025, at 10:00 a.m. (Toronto time) at the offices of Stikeman Elliott LLP, 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario, M5L 1B5, Canada. Shareholders are encouraged to vote well in advance of the proxy cut-off time of 10:00 a.m. (Toronto time) on June 13, 2025. ________________________________ 2 As at March 23, 2025. Forward-Looking Statements This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions, many of which are beyond the Company's control. Such assumptions include, but are not limited to, the factors discussed in the Company's MD&A for the three months ended March 31, 2025 and the Company's annual MD&A for the year ended December 31, 2024. Forward-looking information is also subject to a number of specific and general risks. A comprehensive summary of the risks and uncertainties that may affect the business of the Company is set out in the Company's Annual Information Form for the year ended December 31, 2024. The risks and uncertainties described therein are not the only ones Boat Rocker faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial may also materially adversely affect the Company's business, assets, liabilities, financial condition, results of operations, prospects, cash flows and the value and future trading price of the subordinate voting shares. In addition, there can be no assurance that the Transaction will be completed or that the Resulting Issuer will be successful. Boat Rocker does not undertake any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws. SOURCE Boat Rocker Media Inc.
Business Wire
07-05-2025
- Business
- Business Wire
Sierra Metals Reports First Quarter 2025 Consolidated Financial Results
TORONTO--(BUSINESS WIRE)-- Sierra Metals Inc. (TSX: SMT | OTCQX: SMTSF | BVL: SMT) ('Sierra Metals' or the 'Company') reports consolidated financial results for the three months ending March 31, 2025 ('Q1 2025'). The information provided below are excerpts from the Company's Q1 2025 financial statements and Management's Discussion and Analysis ('MD&A'), which are available on the Company's website ( and on SEDAR+ ( under the Company's profile. Consolidated results include results from the Company's Yauricocha Mine ('Yauricocha') in Peru and the Bolivar Mine ('Bolivar') in Mexico. Q1 2025 Consolidated Operating and Financial Highlights (In thousands of dollars, except per share and cash cost amounts, consolidated figures unless noted otherwise) Q1 2025 Q4 2024 Q1 2024 Operating Ore Processed / Tonnes Milled 752,771 797,774 638,916 Copper Pounds Produced (000's) 12,783 13,533 11,247 Zinc Pounds Produced (000's) 10,831 12,301 10,132 Silver Ounces Produced (000's) 548 544 427 Gold Ounces Produced 4,014 4,009 4,505 Lead Pounds Produced (000's) 2,787 2,381 3,049 Cash Cost per CuEqLb (Yauricocha) 1,2,3 $ 2.32 $ 3.17 $ 3.55 AISC per CuEqLb (Yauricocha) 1,2,3 $ 2.82 $ 3.57 $ 3.97 Cash Cost per CuEqLb (Bolivar) 1,2 $ 2.51 $ 2.43 $ 2.34 AISC per CuEqLb (Bolivar) 1,2 $ 3.16 $ 3.06 $ 3.02 Financial Revenues $ 86,078 $ 81,036 $ 63,140 Net income (loss) - Continuing operations 3 $ 10,370 $ 8,153 $ 82 - Discontinued Operations $ - $ 1,351 $ (865 ) Net income (loss) attributable to shareholders, including discontinued operations 3 $ 7,942 $ 6,740 $ (389 ) Adjusted EBITDA 1,2 from continuing operations $ 33,911 $ 26,563 $ 15,826 Operating cash flows before movements in working capital $ 31,655 $ 16,004 $ 14,275 Adjusted net income (loss) attributable to shareholders 1 - Continuing operations 3 $ 10,808 $ 23,537 $ 3,750 - Discontinued Operations $ - $ 1,351 $ (865 ) Cash and cash equivalents $ 22,363 $ 19,826 $ 11,220 (1) This is a non-IFRS performance measure, see Non-IFRS Performance Measures section of this press release (2) Copper equivalent payable pounds used for the cash cost and AISC calculations were calculated at the following prices: Q1 2025 - $4.25/lb Cu, $1.29/lb Zn, $31.86/oz Ag, $0.90/lb Pb, $2,868/oz Au. Q4 2024 - $4.14/lb Cu, $1.38/lb Zn, $31.32/oz Ag, $0.91/lb Pb, $2,654/oz Au. Q1 2024 - $3.84/lb Cu, $1.12/lb Zn, $23.41/oz Ag, $0.94/lb Pb, $2,069/oz Au. (3) During Q4 2024, management identified certain inventory transactions that were incorrectly recorded starting in Q4 2023 and the previous quarters of 2024. Previously reported Q1 2024 results have been adjusted accordingly to correct these errors. The revised inventory balances impacted the related cost of sales and net income. Adjusted EBITDA and Adjusted net income (loss) attributable to shareholders are also revised to reflect the corresponding impacts. Expand Q1 2025 Consolidated Operating Highlights Consolidated ore throughput increased by 18% in Q1 2025 compared to Q1 2024, reflecting stronger performance at both Yauricocha and Bolivar. When compared to Q4 2024, consolidated throughput was lower due to adverse weather conditions and a planned two-day mill shutdown, which impacted Q1 2025 production at Bolivar. Consolidated copper production rose by 14% year-over-year, driven primarily by higher output at Yauricocha. Q1 2025 Consolidated Financial Highlights Consolidated revenue from metals payable amounted to $86.1 million in Q1 2025, which is a 36% increase from the $63.1 million recorded in Q1 2024, mainly driven by the increased metal production in Yauricocha and higher metal prices. Adjusted EBITDA(1) of $33.9 million for Q1 2025 was a 114% increase over Q1 2024 and a 28% increase over Q4 2024, mainly driven by the higher revenue and increased gross margins. Adjusted net income attributable to shareholders (1) of $10.8 million, or $0.05 per share, for Q1 2025 as compared to the adjusted net income of $3.8 million, or $0.01 per share for Q1 2024. Adjusted net income attributable to shareholders was lower than Q4 2024, as there was recognition of a deferred tax recovery of $22.5 million related to the loss of sale of discontinued operations in Q4 2024. Cash flow generated from operations before movements in working capital of $31.7 million for Q1 2025 increased compared to $14.3 million in Q1 2024. Cash and cash equivalents of $22.4 million as at March 31, 2025 compared to $19.8 million at the end of 2024. Cash and cash equivalents increased during Q1 2025 as a result of cash generated from operating activities of $27.2 million offset by cash used in investing activities of $20.1 million and cash used in financing activities of $4.6 million. NON-IFRS PERFORMANCE MEASURES The non-IFRS performance measures presented do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be directly comparable to similar measures presented by other issuers. Non-IFRS reconciliation of adjusted EBITDA EBITDA is a non-IFRS measure that represents an indication of the Company's continuing capacity to generate earnings from operations before taking into account management's financing decisions and costs of consuming capital assets, which vary according to their vintage, technological currency, and management's estimate of their useful life. EBITDA comprises revenue less operating expenses before interest expense (income), property, plant and equipment amortization and depletion, and income taxes. Adjusted EBITDA has been included in this document. Under IFRS, entities must reflect in compensation expense the cost of share-based payments. In the Company's circumstances, share-based payments involve a significant accrual of amounts that will not be settled in cash but are settled by the issuance of shares in exchange for cash. As such, the Company has made an entity specific adjustment to EBITDA for these expenses. The Company has also made an entity-specific adjustment to the foreign currency exchange (gain)/loss. The Company considers cash flow before movements in working capital to be the IFRS performance measure that is most closely comparable to adjusted EBITDA. The following table provides a reconciliation of adjusted EBITDA to the condensed interim consolidated financial statements for the three months ended March 31, 2025 and 2024: Non-IFRS reconciliation of adjusted net income The Company has included the non-IFRS financial performance measure of adjusted net income, defined by management as the net income attributable to shareholders shown in the statement of earnings plus the non-cash depletion charge due to the acquisition of Corona and the corresponding deferred tax recovery and certain non-recurring or non-cash items such as share-based compensation and foreign currency exchange (gains) losses. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors may want to use this information to evaluate the Company's performance and ability to generate cash flows. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance in accordance with IFRS. The following table provides a reconciliation of adjusted net income to the condensed interim consolidated financial statements for the three months ended March 31, 2025 and 2024: Three months ended March 31, (In thousands of United States dollars) 2025 2024 (revised) (1) Net income (loss) attributable to shareholders $ 7,942 $ (389 ) Non-cash depletion charge on Corona's acquisition 804 1,045 Deferred tax recovery on Corona's acquisition depletion charge (282 ) (693 ) Reorganizational and other non-recurring expenses 355 124 Share-based compensation 158 634 Foreign currency exchange loss (gain) 1,831 2,164 Adjusted net income attributable to shareholders $ 10,808 $ 2,885 Less: Adjusted net loss from discontinued operations - (865 ) Adjusted net income from continuing operations 10,808 3,750 (1) During Q4 2024, management identified certain inventory transactions that were incorrectly recorded starting in Q4 2023 and the previous quarters of 2024. Previously reported Q1 2024 Adjusted net income has been adjusted accordingly to correct this error. Expand Cash cost per copper equivalent payable pound The Company uses the non-IFRS measure of cash cost per copper equivalent payable pound to manage and evaluate operating performance. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flows. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company considers cost of sales per copper equivalent payable pound to be the most comparable IFRS measure to cash cost per copper equivalent payable pound and has included calculations of this metric in the reconciliations within the applicable tables to follow. All-in sustaining cost per copper equivalent payable pound All‐In Sustaining Cost ('AISC') is a non‐IFRS measure and is calculated based on guidance provided by the World Gold Council ('WGC'). WGC is not a regulatory industry organization and does not have the authority to develop accounting standards for disclosure requirements. Other mining companies may calculate AISC differently as a result of differences in underlying accounting principles and policies applied, as well as differences in definitions of sustaining versus development capital expenditures. AISC is a more comprehensive measure than cash cost per pound for the Company's consolidated operating performance by providing greater visibility, comparability and representation of the total costs associated with producing copper from its current operations. The Company defines sustaining capital expenditures as, 'costs incurred to sustain and maintain existing assets at current productive capacity and constant planned levels of productive output without resulting in an increase in the life of assets, future earnings, or improvements in recovery or grade. Sustaining capital includes costs required to improve/enhance assets to minimum standards for reliability, environmental or safety requirements. Sustaining capital expenditures excludes all expenditures at the Company's new projects and certain expenditures at current operations which are deemed expansionary in nature.' Consolidated AISC includes total production cash costs incurred at the Company's mining operations, including treatment and refining charges and selling costs, which forms the basis of the Company's total cash costs. Additionally, the Company includes sustaining capital expenditures and corporate general and administrative expenses. AISC by mine does not include certain corporate and non‐cash items such as general and administrative expense and share-based payments. The Company believes that this measure represents the total sustainable costs of producing silver and copper from current operations and provides the Company and other stakeholders of the Company with additional information of the Company's operational performance and ability to generate cash flows. As the measure seeks to reflect the full cost of silver and copper production from current operations, new project capital and expansionary capital at current operations are not included. Certain other cash expenditures, including tax payments, dividends and financing costs are also not included. The following table provides a reconciliation of cash costs to cost of sales, as reported in the Company's condensed interim consolidated statement of income for the three months ended March 31, 2025 and 2024: The following table provides detailed information on Yauricocha's cash cost and all-in sustaining cost per copper equivalent payable pound for the three months ended March 31, 2025 and 2024: YAURICOCHA Three months ended (In thousand of US dollars, unless stated) March 31, 2025 March 31, 2024 (revised) (2) Cash Cost per copper equivalent payable pound Total Cash Cost 22,618 18,178 Variation in Finished inventory 1,041 1,906 Treatment and Refining Charges 2,831 5,625 Selling Costs 930 640 G&A Costs 2,049 1,520 Total Cash Cost of Sales 29,469 27,869 Sustaining Capital Expenditures 6,365 3,318 All-In Sustaining Cash Costs 35,834 31,187 Copper Equivalent Payable Pounds (000's) (1) 12,701 7,856 Cash Cost per Copper Equivalent Payable Pound (US$) 2.32 3.55 All-In Sustaining Cash Cost per Copper Equivalent Payable Pound (US$) 2.82 3.97 (1) Copper equivalent payable pounds were calculated at the following prices: Q1 2025 - $4.25/lb Cu, $1.29/lb Zn, $31.86/oz Ag, $0.90/lb Pb, $2,868/oz Au. Q1 2024 - $3.84/lb Cu, $1.12/lb Zn, $23.41/oz Ag, $0.94/lb Pb, $2,069/oz Au. (2) During Q4 2024, management identified certain inventory transactions that were incorrectly recorded starting in Q4 2023 and the previous quarters of 2024. Previously reported Q1 2024 cost of sales has been adjusted accordingly to correct this error. Expand The following table provides detailed information on Bolivar's cash cost, and all-in sustaining cost per copper equivalent payable pound for the three months ended March 31, 2025 and 2024: BOLIVAR Three months ended (In thousand of US dollars, unless stated) March 31, 2025 March 31, 2024 (revised) (2) Cash Cost per copper equivalent payable pound Total Cash Cost 17,335 18,765 Variation in Finished inventory (661 ) (326 ) Treatment and Refining Charges 1,925 2,854 Selling Costs 2,180 2,639 G&A Costs 1,538 1,557 Total Cash Cost of Sales 22,317 25,489 Sustaining Capital Expenditures 5,855 7,383 All-In Sustaining Cash Costs 28,172 32,872 Copper Equivalent Payable Pounds (000's) (1) 8,908 10,880 Cash Cost per Copper Equivalent Payable Pound (US$) 2.51 2.34 All-In Sustaining Cash Cost per Copper Equivalent Payable Pound (US$) 3.16 3.02 (1) Copper equivalent payable pounds were calculated at the following prices: Q1 2025 - $4.25/lb Cu, $1.29/lb Zn, $31.86/oz Ag, $0.90/lb Pb, $2,868/oz Au. Q1 2024 - $3.84/lb Cu, $1.12/lb Zn, $23.41/oz Ag, $0.94/lb Pb, $2,069/oz Au. (2) G&A costs updated to exclude corporate allocations for consistency with Yauricocha calculations. Expand Additional non-IFRS measures The Company uses other financial measures, the presentation of which is not meant to be a substitute for other subtotals or totals presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. The following other financial measures are used: Operating cash flows before movements in working capital - excludes the movement from period-to-period in working capital items including trade and other receivables, prepaid expenses, deposits, inventories, trade and other payables and the effects of foreign exchange rates on these items. The terms described above do not have a standardized meaning prescribed by IFRS, and therefore the Company's definitions are unlikely to be comparable to similar measures presented by other companies. The Company's management believes that their presentation provides useful information to investors because cash flows generated from operations before changes in working capital excludes the movement in working capital items. This, in management's view, provides useful information of the Company's cash flows from operations and are considered to be meaningful in evaluating the Company's past financial performance or its future prospects. The most comparable IFRS measure is cash flows from operating activities. About Sierra Metals Sierra Metals is a Canadian mining company focused on copper production with additional base and precious metals by-product credits at its Yauricocha Mine in Peru and Bolivar Mine in Mexico. The Company is intent on safely increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company has large land packages at each of its mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential. For further information regarding Sierra Metals, please visit Forward-Looking Statements This press release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information relates to future events or the anticipated performance of Sierra and reflect management's expectations or beliefs regarding such future events and anticipated performance based on an assumed set of economic conditions and courses of action. In certain cases, statements that contain forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur" or "be achieved" or the negative of these words or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra to be materially different from any anticipated performance expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risk Factors" in the Company's annual information form dated March 26, 2025 for its fiscal year ended December 31, 2024 and other risks identified in the Company's filings with Canadian securities regulators, which are available at The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company's actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company's statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.
