Latest news with #NCIB
Yahoo
a day ago
- Business
- Yahoo
Lundin Mining Announces Updated Share Capital and Provides Update on Share Buybacks
VANCOUVER, BC, May 30, 2025 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act. The number of issued and outstanding shares of the Company decreased by 823,459 to 855,818,634 common shares with voting rights as of May 30, 2025. The decrease in the number of issued and outstanding shares from April 30, 2025 to date is the result of share buybacks completed under the normal course issuer bid ("NCIB"), offset by the exercise of employee stock options and the vesting of employee share units. Normal Course Issuer Bid Under the Company's shareholder distribution policy, the Company is committed to allocating up to US$150 million in annual share buybacks through the NCIB program. So far during 2025, Lundin Mining has acquired 12,629,000 common shares at a cost of approximately US$104 million. About Lundin Mining Lundin Mining is a diversified base metals mining company with operations or projects in Argentina, Brazil, Chile, and the United States of America, primarily producing copper, gold and nickel. The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on May 30, 2025 at 16:00 Pacific Time. SOURCE Lundin Mining Corporation View original content to download multimedia: 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
4 days ago
- Business
- Yahoo
Canadian North Resources Inc. Reports Operational and Financial Results for the First Quarter Ended March 31, 2025
Highlights: Continued evaluation of multiple metal processing technologies to produce market-ready battery-grade nickel and cobalt compounds, copper and PGE metals from a low-cost, low-carbon footprint mine for the Ferguson Lake Ni-Cu-Co PGE Project located in southeast Nunavut, Canada. Commenced follow-up extensive bio-metallurgical programs from initial bio-leaching tests indicating metal extraction of 97.86-98.5% nickel and 96.9-97.7% cobalt, with the goal of achieving similarly high recoveries of copper and PGE metals. Enhanced engagement with local governments, Indigenous communities, investors, and potential partners to support the future development of the Ferguson Lake Project TORONTO, May 27, 2025 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. ('Canadian North' or the 'Company') (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report its operational and financial results for the first quarter ended March 31, 2025. Dr. Kaihui Yang, President and CEO of the Company, commented: 'In the first quarter, we commenced more extensive bio-leaching tests for the Ferguson Lake Project. These new tests are based on the exceptional results of the bio-leaching amenability tests completed in 2024, which indicate that both the massive sulphides and the rougher sulphide tail are amenable to bio-leaching with very high extraction rates for nickel (97.8-98.9%) and cobalt (96.0-97.7%) plus encouraging initial extractions of Cu of 73.6 -75.4% from massive sulphides. We believe that the Cu extraction rate can be significantly improved, and the PGE metals can be recovered with additional testing.' 'We are expanding the bio-leaching tests to develop a mineral processing flowsheet for the high recovery of nickel, cobalt, copper and PGE. When proven, this flowsheet can simplify mineral processing, bypassing smelting and metal refining, and it will substantially reduce the capital expenditures needed for mine development, energy consumption, and operating cost for production. We believe that bio-leach extraction is a promising technology for developing a low-cost, low-carbon footprint mine at the Ferguson Lake Project.' 'Following the communities engagements programs in 2024 in southeast Nunavut, we have increased the communications with local communities, local governments and investors for the potential mine development of the Ferguson Lake Project.' Quarter 1 of 2025 Highlights: The Company engaged in the following activities in the first quarter: On February 20, 2025, the Company provided an update on its Normal Course Issuer Bid ('NCIB') that was announced on April 5, 2024. Since December 5, 2024, the Company has repurchased a total of 162,500 Common Shares at an average price of $0.97 per share under the NCIB. The Company believes that the current market price does not fully represent the intrinsic value of CNRI's Common Shares. The completion of this initial phase underscores the Management's commitment to returning value to shareholders while optimizing the Company's capital structure. On March 3, 2025, the Company announced to start new metallurgical tests using the low-carbon footprint bio-leaching technologies. Based on the exceptional initial results that indicated 96-98% extraction rates of nickel and cobalt, the Company moved forward to expanding the bio-leaching test program to recover copper and PGM in addition to nickel and cobalt. In early March, the Company participated in the PDAC 2025 Annual Conference with a booth to display recent drill cores from the Ferguson Lake project and new metallurgical tests. The team met with investors and potential partners with updated mineral resources and the results of new metallurgical tests using the low-carbon footprint, bio-leaching technology for the Ferguson Lake project. Subsequent Events: In April and May, the Company's team attended the Nunavut Mining Symposium and communicated with local governments and communities for the potential development of the Ferguson Lake Project. The Company also transported the exploration and construction materials from Baker Lake to the camp, in preparation for the upcoming summer work programs. The Management has increased communications with shareholders, investors and potential strategic partners for the further development of the Company and its Ferguson Lake Project. On April 15, 2025, the Company filed its operational and financial results for the fiscal year 2024. During the year, it also publicly disclosed an updated NI 43-101 Mineral Resource Estimate for the Ferguson Lake Project, confirming it as one of the largest and highest-grade copper-nickel-cobalt-PGE deposits in North America. In addition, the Company initiated bio-leaching tests, which achieved 96–98% extraction rates for nickel and cobalt, supporting the potential use of this technology in developing a low-carbon, environmentally sustainable mining operation at Ferguson Lake. On April 16, 2025, the Company filed with the TSX Venture Exchange ('TSXV') an update on its Normal Course Issuer Bid ('NCIB') that was announced on April 5, 2024. During the past year (from April 5, 2024, to April 4, 2025), the Company has repurchased a total of 202,300 Common Shares at an average price of $0.98 per share under the NCIB. The completion of this repurchase underscores the Management's commitment to returning value to shareholders while optimizing the Company's capital structure. On April 24, 2025, the Company announced that it has filed with the TSX Venture Exchange ('TSXV') a Notice of Intention to Make a Normal Course Issuer Bid which is proposed to commence on April 28, 2025 and terminate on April 27, 2026 or the earlier of the date all shares which are subject to the Normal Course Issuer Bid are purchased. The Company believes that the current market price does not fully represent the intrinsic value of CNRI's Common Shares. For the quarter ended March 31, 2025, The Company ended the quarter with cash and cash equivalents of $771,839 and reported a net profit and comprehensive profit of $46,394 or $0.00 per share. For the quarter end Financial Statement and Management's Discussion and Analysis, please see the Company website at or on SEDAR. Qualified Person: Dr. Trevor Boyd, and Technical Advisor for Canadian North Resources, a qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed the technical content of this news release and has approved its dissemination. About Canadian North Resources Inc. Canadian North Resources Inc. is an exploration and development company focusing on the critical metals for the clean-energy, electric vehicles, battery and high-tech industries. The company is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in the Kivalliq Region of Nunavut, Canada. The Ferguson Lake mining property contains a substantial National Instrument 43-101 compliant Mineral Resource Estimate announced on March 19 2024, which include Indicated Mineral Resources of 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79.3Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10gpt and 0.419Moz platinum at 0.19gpt; and Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 39.6Mlb cobalt at 0.07%, 1.192Moz palladium at 1.43gpt and 0.205Moz platinum at 0.25gpt. In particular, 80% of the Indicated Mineral Resources is Open Pit with 52.7Mt at 0.65% copper, 0.43% nickel, 0.05% cobalt, 0.97gpt palladium and 0.17gpt platinum, which provides a solid Mineral Resource base for the initial development of a potential large mine. The Mineral Resource model indicates significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt and a number of undefined mineralization zones and prospective areas. (Refer to 'Independent Technical Report on the Mineral Resource Estimate for the Ferguson Lake Project, Nunavut, Canada ('the Technical Report')', prepared by SRK Consulting and Ronacher McKenzie Geoscience Inc., effective March 19, 2024, filed by the Company to SEDAR at on May 3, 2024. The Technical Report has also been posted on the Company's website at Further information please visit the website at or contact: Dr. Kaihui Yang, President and CEOPhone: 905-696-8288 (Canada)1-888-688-8809 (Toll-Free)Email: info@ Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Statements Certain statements contained in this news release, including statements which may contain words such as 'expects', 'anticipates', 'intends', 'plans', 'believes', 'estimates', or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.
Yahoo
4 days ago
- Business
- Yahoo
Canadian North Resources Inc. Reports Operational and Financial Results for the First Quarter Ended March 31, 2025
Highlights: Continued evaluation of multiple metal processing technologies to produce market-ready battery-grade nickel and cobalt compounds, copper and PGE metals from a low-cost, low-carbon footprint mine for the Ferguson Lake Ni-Cu-Co PGE Project located in southeast Nunavut, Canada. Commenced follow-up extensive bio-metallurgical programs from initial bio-leaching tests indicating metal extraction of 97.86-98.5% nickel and 96.9-97.7% cobalt, with the goal of achieving similarly high recoveries of copper and PGE metals. Enhanced engagement with local governments, Indigenous communities, investors, and potential partners to support the future development of the Ferguson Lake Project TORONTO, May 27, 2025 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. ('Canadian North' or the 'Company') (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report its operational and financial results for the first quarter ended March 31, 2025. Dr. Kaihui Yang, President and CEO of the Company, commented: 'In the first quarter, we commenced more extensive bio-leaching tests for the Ferguson Lake Project. These new tests are based on the exceptional results of the bio-leaching amenability tests completed in 2024, which indicate that both the massive sulphides and the rougher sulphide tail are amenable to bio-leaching with very high extraction rates for nickel (97.8-98.9%) and cobalt (96.0-97.7%) plus encouraging initial extractions of Cu of 73.6 -75.4% from massive sulphides. We believe that the Cu extraction rate can be significantly improved, and the PGE metals can be recovered with additional testing.' 'We are expanding the bio-leaching tests to develop a mineral processing flowsheet for the high recovery of nickel, cobalt, copper and PGE. When proven, this flowsheet can simplify mineral processing, bypassing smelting and metal refining, and it will substantially reduce the capital expenditures needed for mine development, energy consumption, and operating cost for production. We believe that bio-leach extraction is a promising technology for developing a low-cost, low-carbon footprint mine at the Ferguson Lake Project.' 'Following the communities engagements programs in 2024 in southeast Nunavut, we have increased the communications with local communities, local governments and investors for the potential mine development of the Ferguson Lake Project.' Quarter 1 of 2025 Highlights: The Company engaged in the following activities in the first quarter: On February 20, 2025, the Company provided an update on its Normal Course Issuer Bid ('NCIB') that was announced on April 5, 2024. Since December 5, 2024, the Company has repurchased a total of 162,500 Common Shares at an average price of $0.97 per share under the NCIB. The Company believes that the current market price does not fully represent the intrinsic value of CNRI's Common Shares. The completion of this initial phase underscores the Management's commitment to returning value to shareholders while optimizing the Company's capital structure. On March 3, 2025, the Company announced to start new metallurgical tests using the low-carbon footprint bio-leaching technologies. Based on the exceptional initial results that indicated 96-98% extraction rates of nickel and cobalt, the Company moved forward to expanding the bio-leaching test program to recover copper and PGM in addition to nickel and cobalt. In early March, the Company participated in the PDAC 2025 Annual Conference with a booth to display recent drill cores from the Ferguson Lake project and new metallurgical tests. The team met with investors and potential partners with updated mineral resources and the results of new metallurgical tests using the low-carbon footprint, bio-leaching technology for the Ferguson Lake project. Subsequent Events: In April and May, the Company's team attended the Nunavut Mining Symposium and communicated with local governments and communities for the potential development of the Ferguson Lake Project. The Company also transported the exploration and construction materials from Baker Lake to the camp, in preparation for the upcoming summer work programs. The Management has increased communications with shareholders, investors and potential strategic partners for the further development of the Company and its Ferguson Lake Project. On April 15, 2025, the Company filed its operational and financial results for the fiscal year 2024. During the year, it also publicly disclosed an updated NI 43-101 Mineral Resource Estimate for the Ferguson Lake Project, confirming it as one of the largest and highest-grade copper-nickel-cobalt-PGE deposits in North America. In addition, the Company initiated bio-leaching tests, which achieved 96–98% extraction rates for nickel and cobalt, supporting the potential use of this technology in developing a low-carbon, environmentally sustainable mining operation at Ferguson Lake. On April 16, 2025, the Company filed with the TSX Venture Exchange ('TSXV') an update on its Normal Course Issuer Bid ('NCIB') that was announced on April 5, 2024. During the past year (from April 5, 2024, to April 4, 2025), the Company has repurchased a total of 202,300 Common Shares at an average price of $0.98 per share under the NCIB. The completion of this repurchase underscores the Management's commitment to returning value to shareholders while optimizing the Company's capital structure. On April 24, 2025, the Company announced that it has filed with the TSX Venture Exchange ('TSXV') a Notice of Intention to Make a Normal Course Issuer Bid which is proposed to commence on April 28, 2025 and terminate on April 27, 2026 or the earlier of the date all shares which are subject to the Normal Course Issuer Bid are purchased. The Company believes that the current market price does not fully represent the intrinsic value of CNRI's Common Shares. For the quarter ended March 31, 2025, The Company ended the quarter with cash and cash equivalents of $771,839 and reported a net profit and comprehensive profit of $46,394 or $0.00 per share. For the quarter end Financial Statement and Management's Discussion and Analysis, please see the Company website at or on SEDAR. Qualified Person: Dr. Trevor Boyd, and Technical Advisor for Canadian North Resources, a qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed the technical content of this news release and has approved its dissemination. About Canadian North Resources Inc. Canadian North Resources Inc. is an exploration and development company focusing on the critical metals for the clean-energy, electric vehicles, battery and high-tech industries. The company is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in the Kivalliq Region of Nunavut, Canada. The Ferguson Lake mining property contains a substantial National Instrument 43-101 compliant Mineral Resource Estimate announced on March 19 2024, which include Indicated Mineral Resources of 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79.3Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10gpt and 0.419Moz platinum at 0.19gpt; and Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 39.6Mlb cobalt at 0.07%, 1.192Moz palladium at 1.43gpt and 0.205Moz platinum at 0.25gpt. In particular, 80% of the Indicated Mineral Resources is Open Pit with 52.7Mt at 0.65% copper, 0.43% nickel, 0.05% cobalt, 0.97gpt palladium and 0.17gpt platinum, which provides a solid Mineral Resource base for the initial development of a potential large mine. The Mineral Resource model indicates significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt and a number of undefined mineralization zones and prospective areas. (Refer to 'Independent Technical Report on the Mineral Resource Estimate for the Ferguson Lake Project, Nunavut, Canada ('the Technical Report')', prepared by SRK Consulting and Ronacher McKenzie Geoscience Inc., effective March 19, 2024, filed by the Company to SEDAR at on May 3, 2024. The Technical Report has also been posted on the Company's website at Further information please visit the website at or contact: Dr. Kaihui Yang, President and CEOPhone: 905-696-8288 (Canada)1-888-688-8809 (Toll-Free)Email: info@ Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Statements Certain statements contained in this news release, including statements which may contain words such as 'expects', 'anticipates', 'intends', 'plans', 'believes', 'estimates', or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by in to access your portfolio
Globe and Mail
4 days ago
- Business
- Globe and Mail
Pender Growth Fund Provides Financial Highlights and Company Updates
VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) -- Pender Growth Fund Inc. (the 'Company') today announced its financial and operational results for the three months ended March 31, 2025. Financial Highlights Net loss was $6,787,305 for the three months ended March 31, 2025 (March 31, 2024 – net income $12,262,927) due to negative investment performance during the year. Net loss per Class C common share ('Share') for the three months ended March 31, 2025 was $0.95 (March 31. 2024 – Net income per Share $1.67). The Company's total shareholders' equity decreased by $7,113,121, from $123,081,507 at December 31, 2024 to $115,968,386 as at March 31, 2025, due to net loss of $6,787,305 primarily a result of negative investment performance, offset by shares repurchased of $325,816 under the Company's Normal Course Issuer Bid ('NCIB'). Shareholders' equity was $16.33 per Share as at March 31, 2025 (December 31, 2024 – $17.25). 7,101,429 shares were outstanding as at March 31, 2025 (December 31, 2024 – 7,133,229), a decrease of 31,800 shares as a result of shares repurchase under the NCIB, which was renewed on February 20, 2025. At March 31, 2025, 59.6% of the investment portfolio was made up of public companies and 40.4% of private companies and Net Assets were 54.6% publicly listed companies, 37.0% private unlisted companies, and 8.4% cash and other assets net of liabilities. Management Expense Ratio ('MER') before performance fees was 2.44% for the quarter ended March 31, 2025, 0.69% lower compared to 3.13% in the first quarter of 2024. Public equity markets saw mixed performance in the first quarter of 2025, taking a breather following a year of impressive results. The S&P/TSX Composite Index gained 1.5% in the quarter, while the S&P/TSX Small Cap Index added 0.9%. Markets in the US slipped in the quarter, with the S&P 500 Index (CAD) down -4.2% and the small cap Russell 2000 Index (CAD) ending -9.4% lower in the quarter. Equity markets were mixed as investors grew concerned about the aggressive policy shifts of the Trump administration's second term. The rise of protectionism, deregulation and a more disruptive foreign policy stance fueled heightened uncertainty that resulted in lower expectations for economic growth. These uncertainties have raised the prospects of a recession amid weakening consumer sentiment, widespread job cuts and the impact of escalating tariffs. Against these headwinds, the Federal Reserve opted to hold interest rates steady during the quarter at 4.25% to 4.5%. This contrasted with the trend of continued interest rates cuts in Canada, As the Bank of Canada reduced rates by 25bp in January, followed by another 25bp reduction in March. This left the benchmark lending rate at 2.75% at quarter-end and highlighted the softening economic environment in Canada. We believe that the Company continues to be well-positioned today to pursue its investment objectives and we continue to find attractive investments opportunities as valuations in micro and small cap stocks in North America remain attractive despite the recent rally this year. Investment results may be affected by future developments and new information that may emerge about broad economic conditions, inflation, central bank measures, geopolitical risks, market risk, unexpected judicial or regulatory proceedings and other global events, factors that are beyond the Company's control. While macro events have driven investor sentiment, we have remained focused on our bottom-up fundamental research to identify companies that can thrive in a wide range of economic scenarios. We believe that this environment provides compelling opportunities for long-term focused investors and that the Company is well-positioned to continue to pursue its investment objectives. As always, this quarter we worked closely with our private portfolio companies and certain of our public portfolio companies. Other Highlights We continued to acquire shares of the Company in the market under our NCIB because we believe the shares are trading at a discount to their intrinsic value. On February 20, 2025, the Company launched a new NCIB, under which the Company may purchase a maximum of 587,342 shares, or 10% of the Company's public float on launch date, during the one-year period ending February 19, 2026. We encourage you to refer to the Company's MD&A and quarterly unaudited financial statements for March 31, 2025, the annual audited financial statements for the year-ended December 31, 2024, and other disclosures available under the Company's profile at for additional information. About the Company Pender Growth Fund Inc is an investment firm. Its investment objective is to achieve long-term capital growth. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies principally in the technology sector. It trades on the TSX Venture Exchange under the symbol 'PTF' and posts its NAV on its website, generally within five business days of each month end. Please visit For further information, please contact: Tony Rautava Corporate Secretary Pender Growth Fund Inc. (604) 653-9625 Toll Free: (866) 377-4743 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 release. Forward-Looking Information This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as 'believe', 'anticipate', 'project', 'expect', 'intend', 'plan', 'will', 'may', 'estimate' and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company's decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading 'Risk Factors' in the Company's annual information form available at There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Yahoo
4 days ago
- Business
- Yahoo
Pender Growth Fund Provides Financial Highlights and Company Updates
VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) -- Pender Growth Fund Inc. (the 'Company') today announced its financial and operational results for the three months ended March 31, 2025. Financial Highlights Net loss was $6,787,305 for the three months ended March 31, 2025 (March 31, 2024 – net income $12,262,927) due to negative investment performance during the year. Net loss per Class C common share ('Share') for the three months ended March 31, 2025 was $0.95 (March 31. 2024 – Net income per Share $1.67). The Company's total shareholders' equity decreased by $7,113,121, from $123,081,507 at December 31, 2024 to $115,968,386 as at March 31, 2025, due to net loss of $6,787,305 primarily a result of negative investment performance, offset by shares repurchased of $325,816 under the Company's Normal Course Issuer Bid ('NCIB'). Shareholders' equity was $16.33 per Share as at March 31, 2025 (December 31, 2024 – $17.25). 7,101,429 shares were outstanding as at March 31, 2025 (December 31, 2024 – 7,133,229), a decrease of 31,800 shares as a result of shares repurchase under the NCIB, which was renewed on February 20, 2025. At March 31, 2025, 59.6% of the investment portfolio was made up of public companies and 40.4% of private companies and Net Assets were 54.6% publicly listed companies, 37.0% private unlisted companies, and 8.4% cash and other assets net of liabilities. Management Expense Ratio ('MER') before performance fees was 2.44% for the quarter ended March 31, 2025, 0.69% lower compared to 3.13% in the first quarter of 2024. PERFORMANCE (Based on Shareholders' Equity) 3 Month 1 Year 3 Year 5 Year Since Inception Class C -5.4% 46.3% -5.4% 32.0% 20.5% Portfolio Highlights Public equity markets saw mixed performance in the first quarter of 2025, taking a breather following a year of impressive results. The S&P/TSX Composite Index gained 1.5% in the quarter, while the S&P/TSX Small Cap Index added 0.9%. Markets in the US slipped in the quarter, with the S&P 500 Index (CAD) down -4.2% and the small cap Russell 2000 Index (CAD) ending -9.4% lower in the quarter. Equity markets were mixed as investors grew concerned about the aggressive policy shifts of the Trump administration's second term. The rise of protectionism, deregulation and a more disruptive foreign policy stance fueled heightened uncertainty that resulted in lower expectations for economic growth. These uncertainties have raised the prospects of a recession amid weakening consumer sentiment, widespread job cuts and the impact of escalating tariffs. Against these headwinds, the Federal Reserve opted to hold interest rates steady during the quarter at 4.25% to 4.5%. This contrasted with the trend of continued interest rates cuts in Canada, As the Bank of Canada reduced rates by 25bp in January, followed by another 25bp reduction in March. This left the benchmark lending rate at 2.75% at quarter-end and highlighted the softening economic environment in Canada. We believe that the Company continues to be well-positioned today to pursue its investment objectives and we continue to find attractive investments opportunities as valuations in micro and small cap stocks in North America remain attractive despite the recent rally this year. Investment results may be affected by future developments and new information that may emerge about broad economic conditions, inflation, central bank measures, geopolitical risks, market risk, unexpected judicial or regulatory proceedings and other global events, factors that are beyond the Company's control. While macro events have driven investor sentiment, we have remained focused on our bottom-up fundamental research to identify companies that can thrive in a wide range of economic scenarios. We believe that this environment provides compelling opportunities for long-term focused investors and that the Company is well-positioned to continue to pursue its investment objectives. As always, this quarter we worked closely with our private portfolio companies and certain of our public portfolio companies. Other Highlights We continued to acquire shares of the Company in the market under our NCIB because we believe the shares are trading at a discount to their intrinsic value. On February 20, 2025, the Company launched a new NCIB, under which the Company may purchase a maximum of 587,342 shares, or 10% of the Company's public float on launch date, during the one-year period ending February 19, 2026. We encourage you to refer to the Company's MD&A and quarterly unaudited financial statements for March 31, 2025, the annual audited financial statements for the year-ended December 31, 2024, and other disclosures available under the Company's profile at for additional information. About the Company Pender Growth Fund Inc is an investment firm. Its investment objective is to achieve long-term capital growth. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies principally in the technology sector. It trades on the TSX Venture Exchange under the symbol 'PTF' and posts its NAV on its website, generally within five business days of each month end. Please visit For further information, please contact: Tony Rautava Corporate Secretary Pender Growth Fund Inc. (604) 653-9625Toll Free: (866) 377-4743Neither 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 release. Forward-Looking Information This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as 'believe', 'anticipate', 'project', 'expect', 'intend', 'plan', 'will', 'may', 'estimate' and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company's decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading 'Risk Factors' in the Company's annual information form available at There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or in to access your portfolio
