Latest news with #Québec
Yahoo
a day ago
- Business
- Yahoo
La Caisse acquires Innergex and invests in Sizewell C nuclear project
Canadian investment fund La Caisse has concluded the privatisation of Innergex Renewable Energy - a milestone in the expansion of one of Canada's foremost renewable energy platforms. The syndication process initiated at the early announcement of this transaction has also been finalised, aligning with its previously declared goal to distribute up to 20% of its invested capital to Innergex investors who are aligned with its perspective on the company's future expansion. The initiative drew notable Québec institutions such as Investissement Québec, Desjardins Global Asset Management and Fondaction, alongside 14 Swiss institutional investors. La Caisse infrastructure head executive vice-president Emmanuel Jaclot stated: "Innergex is a Canadian renewable energy leader and plays a key role in the energy transition. To shift into a higher gear, the company needed shareholders aligned with its long-term potential, protected from stock market cycles. That's why we brought together a syndicate of Québec and international investors who share this vision. 'This privatisation immediately provides Innergex with increased financial agility to accelerate the development of large-scale projects. It reflects Innergex's potential and Québec's leadership in the energy transition.' As principal shareholder, La Caisse will continue its support for Innergex's strategic growth endeavours across various geographies. In addition to its commitment towards renewables through Innergex, La Caisse has partnered with Amber Infrastructure from Britain to become a major private investor in Britain's Sizewell C nuclear project, as reported by Reuters citing French newspaper Les Echos. A decision on the investment is anticipated on Tuesday, 22 July 2025 if proceedings remain favourable. These private investors are projected to contribute between 25% and 30% of capital requirements for Sizewell C — a project whose costs have surged since initial estimates. Britain's government remains actively involved with a pledge of £17.8bn towards Sizewell C, but continues seeking additional investors for financial reinforcement. In recent developments, US-listed Brookfield is poised to acquire a more-than-20% stake in exchange for funding plant development, while British utility Centrica may also participate. French nuclear giant EDF plans an investment of £1.1bn ($1.48bn), which would secure it a 12.5% shareholding stake within Sizewell C's framework. Amber Infrastructure and Brookfield did not offer immediate comments upon enquiry, while La Caisse, alongside EDF and UK government representatives, chose not to comment on ongoing proceedings. "La Caisse acquires Innergex and invests in Sizewell C nuclear project" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Globe and Mail
2 days ago
- Business
- Globe and Mail
Colabor Group Inc. Announces a Cybersecurity Incident
SAINT-BRUNO-DE-MONTARVILLE, Québec, July 21, 2025 (GLOBE NEWSWIRE) -- Colabor Group Inc. (' Colabor ' or the ' Company ') (TSX: CGL) announced that it identified a cybersecurity incident on July 20 that impacted its internal IT systems. Upon detecting the incident, Colabor took immediate steps to protect its network and data. This included retaining leading cybersecurity experts to assist with containment and remediation efforts, as well as conducting a thorough investigation to understand the scope and impact of the incident. As the investigation is ongoing, the full scope, nature and impact of the incident, including the extent to which any customer, supplier or employee data has been accessed, is not yet known. The incident may result in disruptions until the relevant systems are fully restored. About Colabor Colabor is a distributor and wholesaler of food and related products serving the hotel, restaurant and institutional markets or 'HRI' in Quebec and in the Atlantic provinces, as well as the retail market. Within its operating activities, Colabor offers specialty food products such as fish and seafood, meat, as well as food and related products through its Broadline activities. Further information: Pascal Rodier General Counsel and Corporate Secretary Groupe Colabor Inc. Tel.: 450-449-4911 ext. 1312 investors@ Danielle Ste-Marie Ste-Marie Strategy and Communications Inc. Investors Relations Tel.: 450-449-0026 ext. 1180 Forward-Looking Statements This news release contains certain statements that may be deemed to be forward-looking statements reflecting the opinions or current expectations of Colabor Group Inc. concerning its performance, business operations and future events. Such statements are subject to risks, uncertainties and assumptions and the analysis of the debt structure and available alternatives, and risks mentioned in the Company's annual information form found under its profile on SEDAR+ ( such as the risk of dilution for existing shareholders. As such, these statements are not guarantees of future performance, and actual results, realities or events may differ materially. Except as required by law, the Company assumes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions or other factors change.
National Post
5 days ago
- Business
- National Post
TomaGold Announces Closing of Hazeur, Monster Lake East and Monster Lake West Properties Sale Transaction
Article content MONTREAL — TOMAGOLD CORPORATION (TSXV: LOT; OTCPK: TOGOF) (' TomaGold ' or the ' Company ') is pleased to announce the closing of the previously-disclosed asset purchase agreement with Northern Superior Resources Inc. (TSXV: SUP; OTCQX: NSUPF; GR: D9M1) (' Northern Superior ') dated July 10, 2025 (the ' Asset Purchase Agreement '), for the sale of the Company's wholly-owned Hazeur, Monster Lake East and Monster Lake West properties (collectively, the ' Properties '), located in the Chibougamau area, in the province of Québec. Article content Pursuant to the Asset Purchase Agreement, in consideration for the acquisition of the Properties (the ' Proposed Acquisition '), Northern Superior provided the following consideration to TomaGold: Article content Closing Payment: A cash payment of $1,000,000 to TomaGold in satisfaction of the purchase price of the Asset Purchase Agreement; and Royalty: Northern Superior granted to TomaGold, a net smelter returns royalty of 2% (the ' NSR ') on all mineral production from the Properties pursuant to a net smelter royalty agreement dated as of the closing date of the Proposed Acquisition. Northern Superior, or any successor entity that holds an interest in the Properties, has the right to repurchase one half (i.e., 1.0%) of the NSR at any time for a one-time cash payment of $1,000,000. Article content An additional payment of $1,000,000, payable in cash or shares, at the election of Northern Superior, shall be payable to TomaGold in the occurrence of certain events, as detailed in the Asset Purchase Agreement and the press releases of the Company issued on June 16, 2025 and July 11, 2025. Article content 'This is an important transaction for TomaGold. It will enable us to begin our planned, fully permitted exploration programs on our core properties in the Chibougamau Mining Camp, including Obalski, Berrigan, Radar, David, and Dufault, and contribute to the development of this reemerging mining camp,' said David Grondin, CEO of TomaGold. Article content About TomaGold Article content TomaGold Corporation (TSXV: LOT; OTCPK: TOGOF) is a Canadian mineral exploration company engaged in the acquisition, assessment, exploration and development of gold, copper, rare earth elements and lithium projects. Its primary goal is to consolidate the Chibougamau Mining Camp in northern Quebec, where it holds interests and agreements to acquire 13 properties, including its wholly owned Obalski project. TomaGold also owns a 100% interest in the Brisk Extension lithium property and in the Star Lake rare earth elements property, located in the James Bay region of Quebec, as well as a 24.5% interest in the Baird property, located near the Red Lake Mining Camp in Ontario, through a joint venture with Evolution Mining Ltd. and New Gold Inc. Article content Cautionary Statement on Forward-Looking Information Article content This news release includes certain statements that may be deemed 'forward-looking statements'. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the realization of the transaction under the terms set out in this press release, market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions, or other factors should change. Article content Article content Article content
Globe and Mail
16-07-2025
- Business
- Globe and Mail
Cogeco Announces Q3 2025 Financial Results and Canadian Wireless Launch
Continued strength in Canadian Internet customer growth. Canadian wireless launch underway, with a first cohort of users already on the service and expansion into 12 Canadian markets over the coming weeks. Updated fiscal 2025 financial guidelines reflect lower revenue, stable adjusted EBITDA, lower net capital expenditures and higher free cash flow compared to previously issued financial guidelines. MONTRÉAL , July 15, 2025 /CNW/ - Today, Cogeco Inc. (TSX: CGO) ("Cogeco" or the "Corporation") announced its financial results for the third quarter ended May 31, 2025. "Our financial results for the third quarter of fiscal 2025 were notable for our strong Canadian Internet subscriber loading, efficiencies-driven margin expansion and significant free cash flow," stated Frédéric Perron, President and CEO. "We are deeply excited to ramp up our wireless customer base in Canada over the coming weeks, adding to our prior launch of a similar service in the U.S. last year. Wireless will become a powerful tool to retain and grow our North American wireline customer base over time. "We already have a first cohort using the wireless service and are progressively expanding to cover 12 Canadian markets ( Alma , Magog , Rimouski , Saint-Georges , Saint-Hyacinthe , Saint-Sauveur and Trois-Rivières in Québec, and Brockville , Chatham , Cobourg , Cornwall and Welland in Ontario ) over the coming weeks, in anticipation of a full geographic deployment in the fall season. "We continued to solidly grow our Canadian Internet customer base for yet another quarter. While we experienced higher-than-usual customer losses in the U.S., this was partially caused by a few temporary factors. We are implementing several go-to-market enhancements as part of our transformation, and are confident that our U.S. customer trends will improve as these initiatives are executed over the coming quarters. "At Cogeco Media, while radio advertising continues to face a challenging market, revenue increased during the quarter, helped in part by ongoing growth of our digital advertising solutions and strong listener engagement. Our leading radio stations have continued to achieve strong market share in their target markets from recent audience surveys." Operating results For the third quarter of fiscal 2025 ended on May 31, 2025: Revenue decreased by 2.4% to $758.5 million . On a constant currency basis (2), revenue decreased by 3.9%, mainly explained as follows: American telecommunications' revenue decreased by 3.5%, or 6.6% in constant currency, mainly due to a decline in our subscriber base, especially for entry-level services, and to a higher proportion of customers subscribing to Internet-only services. Canadian telecommunications' revenue decreased by 1.8%, mainly due to a lower revenue per customer as a result of a decline in video and wireline phone service subscribers as an increasing proportion of customers subscribe to Internet-only services, as well as a competitive pricing environment, partly offset by the cumulative effect of high-speed Internet service additions over the past year. Revenue in the media activities increased by 4.4%, helped in part by ongoing growth of our digital advertising solutions and strong listener engagement. Adjusted EBITDA decreased by 0.5% to $367.8 million . On a constant currency basis, adjusted EBITDA decreased by 2.0% mainly due to lower revenue in both the American and Canadian telecommunications segments, offset in part by lower operating expenses driven by cost reduction initiatives and operating efficiencies across the Corporation as a result of our ongoing three-year transformation program. American telecommunications' adjusted EBITDA decreased by 0.5%, or 3.7% in constant currency. Canadian telecommunications' adjusted EBITDA decreased by 1.5%, or 1.3% in constant currency. Profit for the period amounted to $74.0 million , of which $20.5 million , or $2.13 per diluted share, was attributable to owners of the Corporation compared to $75.3 million , $19.0 million , and $1.97 per diluted share, respectively, in the comparable period of fiscal 2024. The decreases in profit for the period resulted mainly from higher depreciation and amortization expense, financial expense and income tax expense, as well as non-cash pre-tax impairment charges of $2.6 million , mostly related to assets under construction write-offs, and lower adjusted EBITDA, partly offset by lower acquisition, integration, restructuring and other costs. The increase in profit for the period attributable to owners of the Corporation reflected a higher proportional decrease in the profit for the period attributable to non-controlling interest. Adjusted profit attributable to owners of the Corporation (3) was $23.1 million , or $2.40 per diluted share (3), compared to $29.1 million , or $3.02 per diluted share, last year. Net capital expenditures were $125.8 million , a decrease of 25.9% compared to $169.8 million in the same period of the prior year. In constant currency, net capital expenditures (2) were $123.6 million , a decrease of 27.2% compared to last year, mainly due to operational efficiencies, lower spending in the Canadian telecommunications segment, partially due to the timing of certain initiatives, as well as lower spending in the American telecommunications segment, mostly due to lower construction activity. Net capital expenditures in connection with network expansion projects were $13.3 million ( $13.2 million in constant currency) compared to $24.4 million in the same period of the prior year. Excluding network expansion projects, net capital expenditures were $112.5 million , a decrease of 22.6% compared to $145.3 million in the same period of the prior year. In constant currency, net capital expenditures, excluding network expansion projects (2) were $110.4 million , a decrease of 24.0% compared to last year. Fibre-to-the-home network expansion projects continued, mostly in Canada , with the addition of close to 9,500 homes passed during the third quarter of fiscal 2025. Acquisition of property, plant and equipment decreased by 26.8% to $126.2 million , mainly resulting from lower spending. Free cash flow (1) increased by 63.6%, or 61.9% in constant currency, and amounted to $147.5 million , or $146.0 million in constant currency (2), mainly due to lower net capital expenditures and acquisition, integration, restructuring and other costs, offset in part by higher financial expense and current income taxes, as well as lower adjusted EBITDA. Free cash flow, excluding network expansion projects (1) increased by 40.3%, or 38.9% in constant currency, and amounted to $160.8 million , or $159.2 million in constant currency. Cash flows from operating activities increased by 19.8% to $401.4 million , mostly due to higher cash from other non-cash operating activities, and lower income taxes paid, partly offset by higher interest paid. At its July 15, 2025 meeting, the Board of Directors of Cogeco declared a quarterly eligible dividend of $0.922 per share, an increase of 8.0% compared to $0.854 per share in the comparable quarter of fiscal 2024. FISCAL 2025 REVISED FINANCIAL GUIDELINES Cogeco has revised its fiscal 2025 financial guidelines as issued on October 31, 2024 for revenue, net capital expenditures and free cash flow. Adjusted EBITDA projections remain the same as previously disclosed. The Corporation expects additional pressure on its revenue, particularly in the United States , driven by increased competition. As part of its three-year transformation program, the Corporation has initiated several cost reduction initiatives and operating efficiencies across the organization in order to minimize the revenue impact on adjusted EBITDA. Additionally, net capital expenditures are expected to be lower than under the previous financial guidelines, partially resulting from operational efficiencies following the combination of the Canadian and U.S. management teams. Consequently, compared to fiscal 2024, on a constant currency and consolidated basis, we are lowering Cogeco's revenue projections for fiscal 2025 to a low single digit decline, while adjusted EBITDA is expected to remain stable. In addition, due to some better-than-anticipated transformation-related cost savings and lower expected net capital expenditures, we are increasing the Corporation's free cash flow financial guidelines, from a decrease compared to fiscal 2024 to a stable free cash flow, while reducing net capital expenditures projections. (1) Percentage of changes compared to fiscal 2024. (2) Fiscal 2025 financial guidelines are based on a USD/CDN constant exchange rate of 1.3606 USD/CDN. (3) The assumed current income tax effective rate is approximately 11.5% (14% under the previous financial guidelines). These financial guidelines, including the various assumptions underlying them, contain forward-looking statements concerning the business outlook for Cogeco, and should be read in conjunction with the "Forward-looking statements" section of this press release. ___________ (1) During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Comparative figures were restated to conform to the current presentation. For further details, please refer to the "Non-IFRS Accounting Standards and other financial measures" section of this press release. (2) Adjusted EBITDA and net capital expenditures are total of segments measures. Constant currency basis, adjusted profit attributable to owners of the Corporation, net capital expenditures, excluding network expansion projects, free cash flow and free cash flow, excluding network expansion projects are non-IFRS Accounting Standards measures. Change in constant currency and adjusted diluted earnings per share are non-IFRS Accounting Standards ratios. These indicated terms do not have standardized definitions prescribed by IFRS ® Accounting Standards, as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and therefore, may not be comparable to similar measures presented by other companies. For more information on these financial measures, please consult the "Non-IFRS Accounting Standards and other financial measures" section of this press release. (3) Excludes the impact of non-cash impairment charges and acquisition, integration, restructuring and other costs, net of tax and non-controlling interest. (4) Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases, and related borrowing costs, of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance. Financial highlights Three and nine months ended May 31 2025 2024 (1) Change Change in constant currency (2) (3) 2025 2024 (1) Change Change in constant currency (2) (3) (In thousands of Canadian dollars, except % and per share data) $ $ % % $ $ % % Operations Revenue 758,527 777,249 (2.4) (3.9) 2,276,734 2,305,329 (1.2) (2.8) Adjusted EBITDA (3) 367,828 369,786 (0.5) (2.0) 1,095,817 1,083,601 1.1 (0.4) Acquisition, integration, restructuring and other costs (4) 8,996 46,634 (80.7) 7,992 51,121 (84.4) Profit for the period 73,962 75,285 (1.8) 258,968 267,944 (3.3) Profit for the period attributable to owners of the Corporation 20,504 18,960 8.1 68,485 77,498 (11.6) Adjusted profit attributable to owners of the Corporation (3)(5) 23,146 29,102 (20.5) 70,696 93,486 (24.4) Cash flow Cash flows from operating activities 401,375 335,126 19.8 860,110 858,427 0.2 Free cash flow (1)(3) 147,535 90,164 63.6 61.9 412,791 332,710 24.1 23.0 Free cash flow, excluding network expansion projects (1)(3) 160,820 114,597 40.3 38.9 463,448 413,193 12.2 11.3 Acquisition of property, plant and equipment 126,223 172,404 (26.8) 440,072 507,427 (13.3) Net capital expenditures (3)(6) 125,752 169,754 (25.9) (27.2) 435,527 488,177 (10.8) (12.5) Net capital expenditures, excluding network expansion projects (3) 112,467 145,321 (22.6) (24.0) 384,870 407,694 (5.6) (7.6) Per share data (7) Earnings per share Basic 2.16 1.99 8.5 7.21 6.58 9.6 Diluted 2.13 1.97 8.1 7.10 6.52 8.9 Adjusted diluted (3)(5) 2.40 3.02 (20.5) 7.33 7.87 (6.9) Dividends per share 0.922 0.854 8.0 2.766 2.562 8.0 (1) During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Proceeds from sale and leaseback and other disposals of property, plant and equipment amounted to $2.2 million and $22.7 million for the three and nine-month periods ended May 31, 2025, respectively ($0.9 million and $2.8 million, respectively, for the same periods of fiscal 2024). Comparative figures were restated to conform to the current presentation. For further details, please refer to the "Non-IFRS Accounting Standards and other financial measures" section of this press release. (2) Key performance indicators presented on a constant currency basis are obtained by translating financial results from the current periods denominated in US dollars at the foreign exchange rates of the comparable periods of the prior year. For the three and nine-month periods ended May 31, 2024, the average foreign exchange rates used for translation were 1.3628 USD/CDN and 1.3578 USD/CDN, respectively. (3) Adjusted EBITDA and net capital expenditures are total of segments measures. Adjusted profit attributable to owners of the Corporation, free cash flow, free cash flow, excluding network expansion projects and net capital expenditures, excluding network expansion projects are non-IFRS Accounting Standards measures. Change in constant currency and adjusted diluted earnings per share are non-IFRS Accounting Standards ratios. These indicated terms do not have standardized definitions prescribed by IFRS Accounting Standards and therefore, may not be comparable to similar measures presented by other companies. For more information on these financial measures, please consult the "Non-IFRS Accounting Standards and other financial measures" section of this press release. (4) For the three and nine-month periods ended May 31, 2025, acquisition, integration, restructuring and other costs were mainly related to additional restructuring costs incurred in connection with certain cost optimization initiatives undertaken, and costs associated with the configuration and customization related to cloud computing and other arrangements. In addition, for the nine-month period ended May 31, 2025, acquisition, integration, restructuring and other costs were partly offset by a $13.8 million non-cash gain recognized during the first quarter of fiscal 2025 in connection with a sale and leaseback transaction of a building in Ontario. For the three and nine-month periods ended May 31, 2024, acquisition, integration, restructuring and other costs were mostly related to restructuring costs recognized during the third quarter of fiscal 2024 in connection with the strategic transformation announced in May 2024. (5) Excludes the impact of non-cash impairment charges, acquisition, integration, restructuring and other costs, and gains/losses on debt modification and/or extinguishment, all net of tax and non-controlling interest. (6) Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases, and related borrowing costs, of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance. (7) Per multiple and subordinate voting share. As at May 31, 2025 August 31, 2024 (In thousands of Canadian dollars) $ $ Financial condition Cash and cash equivalents 245,708 77,746 Total assets 9,966,623 9,773,739 Long-term debt Current 340,440 370,108 Non-current 4,596,247 4,594,057 Net indebtedness (1) 4,740,446 4,957,594 Equity attributable to owners of the Corporation 853,785 810,437 (1) Net indebtedness is a capital management measure. For more information on this financial measure, please consult the "Non-IFRS Accounting Standards and other financial measures" section of the Corporation's MD&A for the three and nine-month periods ended May 31, 2025, available on SEDAR+ at Forward-looking statements Certain statements contained in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to Cogeco Inc.'s ("Cogeco" or the "Corporation") future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee"; "ensure" or other similar expressions concerning matters that are not historical facts. Particularly, statements relating to the Corporation's financial guidelines, future operating results and economic performance, objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, purchase price allocation, tax rates, weighted average cost of capital, performance and business prospects and opportunities, which Cogeco believes are reasonable as of the current date. Refer in particular to the "Corporate objectives and strategy" and "Fiscal 2025 financial guidelines" sections of the Corporation's fiscal 2024 annual Management's Discussion and Analysis ("MD&A"), and the "Fiscal 2025 revised financial guidelines" section of the fiscal 2025 third-quarter MD&A for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements. While management considers these assumptions to be reasonable based on information currently available to the Corporation, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Cogeco currently expects. These factors include risks such as general market conditions, competitive risks (including changing competitive and technology ecosystems and disruptive competitive strategies adopted by our competitors), business risks, regulatory risks, tax risks, technology risks (including cybersecurity), financial risks (including variations in currency and interest rates), economic conditions (including inflation pressuring revenue, trade tariffs, reduced consumer spending and increasing costs), talent management risks (including the highly competitive market for a limited pool of digitally skilled employees), human-caused and natural threats to the Corporation's network (including increased frequency of extreme weather events with the potential to disrupt operations), infrastructure and systems, sustainability and sustainability reporting risks, ethical behavior risks, ownership risks, litigation risks and public health and safety, many of which are beyond the Corporation's control. Moreover, the Corporation's radio operations are significantly exposed to advertising budgets from the retail industry, which can fluctuate due to increased competition and changing economic conditions. For more exhaustive information on these risks and uncertainties, the reader should refer to the "Uncertainties and main risk factors" section of the Corporation's fiscal 2024 annual MD&A and of the fiscal 2025 third-quarter MD&A. These factors are not intended to represent a complete list of the factors that could affect Cogeco and future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information contained in this press release and the forward-looking statements contained in this press release represent Cogeco's expectations as of the date of this press release (or as of the date they are otherwise stated to be made) and are subject to change after such date. While management may elect to do so, the Corporation is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or alter this information at any particular time, whether as a result of new information, future events or otherwise, except as required by law. All amounts are stated in Canadian dollars unless otherwise indicated. This press release should be read in conjunction with the Corporation's MD&A for the three and nine-month periods ended May 31, 2025, the Corporation's condensed interim consolidated financial statements and the notes thereto for the same periods prepared in accordance with IFRS ® Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and the Corporation's fiscal 2024 Annual Report. Non-IFRS Accounting Standards and other financial measures This press release includes references to non-IFRS Accounting Standards and other financial measures used by Cogeco. These financial measures are reviewed in assessing the performance of Cogeco and used in the decision-making process with regard to its business units. Reconciliations between non-IFRS Accounting Standards and other financial measures to the most directly comparable IFRS Accounting Standards measures are provided below. Certain additional disclosures for non-IFRS Accounting Standards and other financial measures used in this press release have been incorporated by reference and can be found in the "Non-IFRS Accounting Standards and other financial measures" section of the Corporation's MD&A for the three and nine-month periods ended May 31, 2025, available on SEDAR+ at The following non-IFRS Accounting Standards measures are used as a component of Cogeco's non-IFRS Accounting Standards ratios. Financial measures presented on a constant currency basis for the three and nine-month periods ended May 31, 2025 are translated at the average foreign exchange rate of the comparable periods of the prior year, which were 1.3628 USD /CDN and 1.3578 USD /CDN, respectively. Constant currency basis and foreign exchange impact reconciliation Consolidated (1) During the fourth quarter of fiscal 2024, the Corporation updated its free cash flow calculation to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Comparative figures were restated to conform to the current presentation. (1) During the fourth quarter of fiscal 2024, the Corporation updated its free cash flow calculation to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Comparative figures were restated to conform to the current presentation. American telecommunications segment Adjusted profit attributable to owners of the Corporation Three months ended May 31 Nine months ended May 31 2025 2024 2025 2024 (In thousands of Canadian dollars) $ $ $ $ Profit for the period attributable to owners of the Corporation 20,504 18,960 68,485 77,498 Acquisition, integration, restructuring and other costs 8,996 46,634 7,992 51,121 Impairment of property, plant and equipment 2,565 — 2,565 — Loss on debt extinguishment (1) — — — 16,880 Tax impact for the above items (2,751) (12,337) (4,575) (17,978) Non-controlling interest impact for the above items (6,168) (24,155) (3,771) (34,035) Adjusted profit attributable to owners of the Corporation 23,146 29,102 70,696 93,486 (1) Included within financial expense. Free cash flow and free cash flow, excluding network expansion projects reconciliations Three months ended May 31 Nine months ended May 31 2025 2024 (1) 2025 2024 (1) (In thousands of Canadian dollars) $ $ $ $ Cash flows from operating activities 401,375 335,126 860,110 858,427 Changes in other non-cash operating activities (98,149) (73,787) 6,550 (14,195) Income taxes paid (received) (13,139) 3,502 9,782 (1,234) Current income taxes (11,551) (3,390) (35,882) (20,313) Interest paid 72,122 65,253 200,276 201,133 Financial expense (78,138) (67,109) (211,027) (222,211) Loss on debt extinguishment (2) — — — 16,880 Amortization of deferred transaction costs and discounts on long-term debt (2) 2,674 2,329 6,503 7,079 Net capital expenditures (3) (125,752) (169,754) (435,527) (488,177) Proceeds from sale and leaseback and other disposals of property, plant and equipment (1) 2,188 888 22,741 2,787 Repayment of lease liabilities (4,095) (2,894) (10,735) (7,466) Free cash flow (1) 147,535 90,164 412,791 332,710 Net capital expenditures in connection with network expansion projects 13,285 24,433 50,657 80,483 Free cash flow, excluding network expansion projects (1) 160,820 114,597 463,448 413,193 (1) During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Comparative figures were restated to conform to the current presentation. (2) Included within financial expense. Adjusted EBITDA reconciliation Three months ended May 31 Nine months ended May 31 2025 2024 2025 2024 (In thousands of Canadian dollars) $ $ $ $ Profit for the period 73,962 75,285 258,968 267,944 Income taxes 20,600 11,172 70,271 47,546 Financial expense 78,138 67,109 211,027 222,211 Impairment of property, plant and equipment 2,565 — 2,565 — Depreciation and amortization 183,567 169,586 544,994 494,779 Acquisition, integration, restructuring and other costs 8,996 46,634 7,992 51,121 Adjusted EBITDA 367,828 369,786 1,095,817 1,083,601 Net capital expenditures and free cash flow, excluding network expansion projects reconciliations Net capital expenditures Free cash flow (1) During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Comparative figures were restated to conform to the current presentation. (1) During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Comparative figures were restated to conform to the current presentation. Additional information Additional information relating to the Corporation is available on SEDAR+ at and on the Corporation's website at About Cogeco Inc. Cogeco Inc. is a North American leader in the telecommunications and media sectors. Through Cogeco Communications Inc., we provide world-class Internet, video and wireline phone services to 1.6 million residential and business subscribers in Canada and thirteen states in the United States . We also offer wireless services in most of our U.S. operating territory. Through Cogeco Media, we operate 21 radio stations in Canada , primarily in the province of Québec, as well as a news agency. We take pride in our strong presence in the communities we serve and in our commitment to a sustainable future. Both Cogeco Inc.'s and Cogeco Communications Inc.'s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CGO and CCA). For information: Investors Troy Crandall Head, Investor Relations Cogeco Inc. Tel.: 514 764-4600 Media Claudja Joseph Director, Communications Cogeco Inc. Tel.: 514 764-4600
Globe and Mail
10-07-2025
- Business
- Globe and Mail
President Trump's Proposed Copper Tariffs are Unlocking a Unique Investment Opportunity
Copper prices are at record highs on President Trump's announcement that he will impose a 50% tariff on copper imports in an attempt to boost domestic production. That, in addition to a massive supply-demand imbalance is creating substantial opportunity for Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), Freeport-McMoRan (NYSE: FCX), Southern Copper Corp. (NYSE: SCCO), Taseko Mines (NYSEAMERICAN: TGB) (TSX: TKO) and BHP Group (NYSE: BHP). In addition, copper inventories have been severely depleted, raising even more concerns about a global supply shortage outside of the United States. Plus, copper is experiencing historic backwardation, according to All thanks to falling copper inventories, and potential U.S. tariffs. 'Backwardation occurs when the price of a near-month contract is higher than that of a longer-term contract, an indication of tightening supply,' added All of which is creating an incredible opportunity for copper companies. Look at Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF): A Copper-Gold Company in Québec Troilus Gold Corp. is advancing one of North America's largest undeveloped gold-copper deposits towards production. Positioning itself as a key future supplier of critical metals in a Tier 1 jurisdiction, they have defined an impressive M&I resource of 4.9 billion pounds of copper equivalent (or 11.2 million ounce of gold equivalent) at its property since they began drilling about five years ago. In another major step forward, the company just agreed to indicative commercial offtake terms with Boliden Commercial AB for the sale of copper-gold concentrate expected to be produced from the Company's Troilus Project in north-central Quebec, Canada. Boliden is a leading global base and precious metals company that operates seven mines and five smelters throughout Sweden, Finland, Norway, Ireland and Portugal. This agreement now marks Troilus Gold's second offtake agreement, following its agreement with Aurubis AG (see June 18, 2025, press release). Together, these partnerships further validate the quality of Troilus' anticipated concentrate and highlight the Project's strategic importance within the European critical minerals supply chain. The final binding offtake agreements with both Boliden and Aurubis are expected to be executed in connection with the completion of the Project's broader US$700 million debt financing package, announced on March 13, 2025. In addition, the company also just officially filed the Environmental and Social Impact Assessment for its flagship Troilus Copper-Gold Project with both the provincial and federal regulators, expecting approval for both by the end of 2026. Other related developments from around the markets include: Freeport-McMoRan reported first-quarter 2025 net income attributable to common stock of $352 million, $0.24 per share, and adjusted net income attributable to common stock of $358 million, $0.24 per share. Kathleen Quirk, President and CEO, said, 'Our team remains focused on providing metals essential for the economy and everyday life. Our work to produce our products and grow safely, efficiently and responsibly has never been more important. We remain vigilant in our efforts to reduce costs, improve efficiencies and carefully manage operating, administrative and capital spending in this uncertain macroeconomic environment. Freeport is well positioned for the future with large-scale production of copper, gold and molybdenum, a highly qualified and experienced team with a proven track record, a portfolio of attractive organic growth opportunities and a strong balance sheet and financial position.' Southern Copper's Chairman of the Board, German Larrea recently commented 'on the Company ´s progress and current circumstances, said: "This quarter, SCC's net earnings totaled $946 million, which represented a 29% jump in net earnings compared to 1Q24. This positive result was driven by higher sales and lower unit costs. Sales increased 20%, registering growth in sales volumes for copper (+4%), zinc (+42%), silver (+14%) and molybdenum (+10%). Over the period, we had better prices for copper (+11%), zinc (+16%) and precious metals (+38%). In addition to the good sales volumes and prices, the Company cash cost decreased from $1.07 to $0.77 per copper pound (-28%), driven by a drop in the operating cost and by growth in by-product revenues for molybdenum, silver and zinc. Recently, the copper market has been affected by instability, which has risen on the back of a shift in trade policies in the world's major economies. We believe SCC's commitment to balancing operational discipline and cost efficiency at current operations with our growth profile will allow us to weather short-term difficulties in coming months.' Taseko Mines reported first quarter 2025 Adjusted EBITDA of $34 million and Earnings from mining operations before depletion and amortization and non-recurring items of $39 million. Revenues for the first quarter were $139 million from the sale of 22 million pounds of copper and 364 thousand pounds of molybdenum. The Company recorded a Net loss of $29 million ($0.09 loss per share) and an Adjusted net loss* of $7 million ($0.02 loss per share). Gibraltar produced 20 million pounds of copper and 336 thousand pounds of molybdenum in the first quarter at Total operating costs (C1) of US$2.26 per pound of copper produced. Mill throughput averaged 87,800 tons per day, which was above design capacity. Copper grades in the quarter averaged 0.19% and copper recoveries were 68%. BHP Group will establish its first Industry AI Hub in Singapore to accelerate digital transformation and AI adoption in the mining and resources sector. The Hub will focus on solving BHP enterprise-wide challenges using AI technologies to improve safety and lift productivity. Once established this month, the hub of BHP AI specialists will look at further integration of data-driven decisions, intelligence and automation into the company's core operations. With the support of Enterprise Singapore, and in partnership with AI Singapore (AISG), BHP selected Singapore to further develop its AI capabilities for its vibrant innovation ecosystem, strong digital infrastructure and alignment with BHP's ambitions to scale technologies that deliver operational value. The Hub will support the growth of BHP's digital capabilities in Singapore and the region, with plans for a number of AI specialists to lead collaboration between BHP teams and local AI partners to solve business problems. Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Troilus Gold Corp by Troilus Gold Corp. We own ZERO shares of Troilus Gold click here for disclaimer. Contact:
