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Hamilton Spectator
23-07-2025
- Business
- Hamilton Spectator
Graphite One Announces Marketed Equity Offering Up to C$18 Million
Not for distribution to U.S. news wire services or dissemination in the United States. VANCOUVER, British Columbia, July 23, 2025 (GLOBE NEWSWIRE) — Graphite One Inc. (TSX‐V: GPH; OTCQX: GPHOF) ('Graphite One', 'G1' or the 'Company') is pleased to announce that it has entered into an agreement with a syndicate of agents led by BMO Capital Markets to market on a best-efforts basis by way of a private placement, up to C$18 million of units (the 'Offering') consisting of one common share and one-half of one common share purchase warrant ('Warrant') of the Company (a 'Unit'), at an indicative price of C$0.90 per Unit (the 'Issue Price'). Each Warrant will entitle the holder to acquire one common share from the Company at a price of C$1.25 per share for a period of 12 months following the Closing Date (as defined below). The Company also granted the Agents an option, exercisable in whole or in part, at any time up to 48 hours prior to the Closing Date, to purchase, or arrange for the purchase of, up to an additional 15% of the Units (the 'Additional Units') at the Issue Price and otherwise on the same terms and conditions as the Units. The Company intends to use the net proceeds of the Offering for environmental studies and other permitting related activities on the Graphite Creek property, a Chenyu milestone payment and for general working capital purposes Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ('NI 45-106'), the Units are being offered for sale to purchasers resident in all provinces of Canada in reliance on the 'listed issuer financing exemption' from the prospectus requirement available under Part 5A of NI 45-106, as amended by the Canadian Securities Administrators' Coordinated Blanket Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption ('Listed Issuer Financing Exemption'). The securities offered under the Listed Issuer Financing Exemption will not be subject to a hold period in accordance with applicable Canadian securities laws. The Offering is expected to close on or about August 8, 2025 ('Closing Date') and is subject to Graphite One receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange. There is an offering document related to the Listed Issuer Financing Exemption that can be accessed under the Company's profile at and at . Prospective investors should read this offering document before making an investment decision. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. About Graphite One Inc. GRAPHITE ONE INC. continues to develop its Graphite One Project (the 'Project'), with the goal of becoming an American producer of high grade anode materials that is integrated with a domestic graphite resource. The Project is proposed as a vertically integrated enterprise to mine and process natural graphite and to manufacture artificial and natural graphite anode active materials primarily for the lithium‐ion electric vehicle battery and energy storage markets. For more information on Graphite One Inc., please visit the Company's website, or contact: Anthony Huston CEO, President & Director Tel: (604) 889-4251 Email: AHuston@ Investor Relations Contact Tel: (604) 684-6730 GPH@ 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. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the 1933 Act or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, as amended, and applicable state securities laws. All statements in this release, other than statements of historical facts, including, but not limited to, statements regarding the total proceeds of the Offering, the expected use of proceeds of the Offering, the closing of the Offering and timing thereof, the receipt of all necessary regulatory approvals and any events or developments that the Company intends, expects, plans, or proposes are forward-looking statements. Generally, forward ‐ looking information can be identified by the use of forward ‐ looking terminology such as 'proposes', 'expects', 'is expected', 'scheduled', 'estimates', 'projects', 'plans', 'is planning', 'intends', 'assumes', 'believes', 'indicates', 'to be' or variations of such words and phrases that state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. The Company cautions that there is no certainty of the anticipated timeline of the Offering, that the Company will raise the anticipated amount of gross proceeds of the Offering, that the Company will use the proceeds of the Offering as anticipated or that the Offering will close. 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities laws. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at .
Toronto Star
23-07-2025
- Business
- Toronto Star
Graphite One Announces Marketed Equity Offering Up to C$18 Million
Not for distribution to U.S. news wire services or dissemination in the United States. VANCOUVER, British Columbia, July 23, 2025 (GLOBE NEWSWIRE) — Graphite One Inc. (TSX‐V: GPH; OTCQX: GPHOF) ('Graphite One', 'G1' or the 'Company') is pleased to announce that it has entered into an agreement with a syndicate of agents led by BMO Capital Markets to market on a best-efforts basis by way of a private placement, up to C$18 million of units (the 'Offering') consisting of one common share and one-half of one common share purchase warrant ('Warrant') of the Company (a 'Unit'), at an indicative price of C$0.90 per Unit (the 'Issue Price').
Yahoo
09-04-2025
- Business
- Yahoo
GoldQuest Mining Expresses Condolences After the Tragedy in Santo Domingo
Vancouver, British Columbia--(Newsfile Corp. - April 9, 2025) - GoldQuest Mining Corp. (TSXV: GQC) ("GoldQuest" or the "Company") is deeply saddened by the tragedy thatoccurred on Monday night at the Jet Set nightclub in Santo Domingo. Unfortunately, the tragedy affected our GoldQuest family. It brings us great sadness to announce that the brother and sister-in-law of our CEO, Luis Santana, were in attendance that night, and both lost their lives. Our thoughts and prayers are with Luis and his family as they navigate this difficult time. We extend our heartfelt condolences to ALL the families and friends of the victims, and our thoughts are with the people of the Dominican Republic during this difficult time. We also wish a speedy recovery to all those who were injured. GoldQuest has operated in the Dominican Republic for over 20 years and has carried out exploration and development in many provinces, with our head office in Santo Domingo. We recognize that our Dominican colleagues are devastated by the news of the tragedy, and the Board offers full support to our Dominican team. About GoldQuest GoldQuest is a Canadian based mineral exploration and development company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The Company is well funded to carry out the exploration programs reported in this release and to advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of the Dominican Republic. Additional information can be viewed at the Company's website On Behalf of the Board of Directors of GoldQuest Mining Corp., "Bill Fisher" Chairman of the Board Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Forward‐looking statements: Statements contained in this news release that are not historical facts are forward‐looking information that involves known and unknown risks and uncertainties. Forward‐looking statements in this news release include, but are not limited to, statements with respect to the past drill programs, the results of such drill programs and the interpretation of the results of the drill programs, further drilling, the timing of drilling and assay results, mineral resources at Romero and Romero South, the merits of the Company's mineral properties, future drill programs and studies, the Company's plans and exploration programs for its mineral properties, including the timing of such plans and programs, the Company's belief that Dominican Republic authorities will support the development of the Romero gold-copper project, and the allocation of funds for the BFS and the 2025 Program. In certain cases, forward‐looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "potential", "likelihood", "appears", "budget", "scheduled", "estimates", "forecasts", "at least", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved". Forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward‐looking statements. Such risks and other factors include, among others, risks related to uncertainties inherent in drill results and the estimation of mineral resources; commodity prices; changes in general economic conditions; market sentiment; currency exchange rates; the Company's ability to continue as a going concern; the Company's ability to raise funds through equity financings; risks inherent in mineral exploration; risks related to operations in foreign countries; future prices of metals; failure of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks; title disputes or claims; limitations on insurance coverage and the timing and possible outcome of litigation. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward‐looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do not place undue reliance on forward‐looking statements. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward‐looking statements except as required under applicable securities laws. Forward‐looking statements are based on assumptions that the Company believes to be reasonable, including expectations regarding mineral exploration and development costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's current mineral resource estimates; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained and that there will be no significant disruptions affecting the Company or its properties. For further information, please contact: Daniel G. McIntyre, Investor Relations1 (778) 200-6350dmcIntyre@ Toll Free at 1 (866) 218-6894 To view the source version of this press release, please visit Sign in to access your portfolio
Associated Press
04-04-2025
- Business
- Associated Press
Northisle Announces Filing of NI43-101 Technical Report for North Island Project
VANCOUVER, British Columbia--(BUSINESS WIRE)--Apr 4, 2025-- Northisle Copper and Gold Inc. (TSX‐V: NCX) ('Northisle' or the 'Company') is pleased to announce that the Company has filed on SEDAR+ a technical report (the 'Report') prepared in accordance with National Instrument 43‐101 – Standards of Disclosure for Mineral Projects ('NI 43‐101') titled 'NI 43-101 Technical Report and Preliminary Economic Assessment' supporting the results of a Preliminary Economic Assessment (the '2025 PEA') on the Company's 100% owned North Island copper-gold project located in the north end of Vancouver Island, British Columbia (the 'North Island Project'). The results of the 2025 PEA were previously reported in the Company's news release dated February 19, 2025 and there are no material differences in the Report from those results. The effective date of the Report is February 12, 2025. 2025 PEA Highlights: The 2025 PEA outlines robust economics, unlocking copper value through gold Base Case: After-tax net present value ('NPV') of $2 billion (US$1.5 billion) at a 7% discount rate, after-tax internal rate of return ('IRR') of 29%, 1.9-year payback period and 29-year life of mine ('LOM') After-tax NPV of $3.8 billion (US$2.6 billion) at 7%, after-tax IRR of 45% and a 1.4-year payback at spot prices Phase 1 average annual production of 200,000 ozs Au and 48mm lbs Cu over 5 years, with 157 million lbs Cu Eq. or approx. 307,000 ozs Au Eq. LOM LOM revenue of 48% copper, 45% Au, and 7% Mo at Base Case prices, and 50% Au, 44% Cu and 6% Mo at spot Phase 1 operating cash flow of $2 billion at Base Case prices supports rapid payback of 1.9 years and fully funds Phase 2 expansion capex Among the lowest cost and capital intensity projects relative to peer group Two-phase approach at single plant site with Phase 1 at 40,000 tonnes per day ('tpd'), doubling to 80,000tpd NPV of $2.0 billion (US$1.5 billion) is 1.7 times initial capital investment of $1.1 billion (US$847 million) at Base Case pricing and 3.3 times initial capex at spot prices Phase 1 cash cost of US$763/oz Au Eq. or US$1.49/lb Cu Eq. sits in first quartile globally i Long-term opportunity spanning 35-kilometer porphyry district 29-year mine plan New discovery at West Goodspeed, located within 1km of Red Dog, not included in current resource $7 million fully funded exploration program focused on expanding higher margin and grade northwest corridor Furthers the Company's sustainable development goals Reduced emissions from Phase 1 operations, increased electrification opportunities Estimated LOM carbon intensity among the lowest in Canada for open pit copper mines ii Key performance indicators are summarized in Table 1 below. Table 1: 2025 Base Case Summary Project Metrics Project Stage Production AISC After- tax Avg. Free Cash Flow After- tax NPV (7%) After- tax IRR GHG Emissions (kg CO 2 /lb . ) Cu (mm lbs) Au (Koz) Cu Eq. (mm lbs) Au Eq. (Koz) Cu by- product (US$/lb) Au by- product (US$/oz) Cu Eq. (US$/lb) Au Eq. (US$/oz) $ mm $ mm % Cu Cu Eq. Phase 1 (first 5 years) average 48 200 151 294 $(3.23) $370 $1.83 $938 357 1,996 28.6 1.17 0.56 Life of mine ('LOM') average 75 137 157 307 $0.47 $93 $2.41 $1,232 199 Note: Cu Eq. based on Base Case metal prices and includes molybdenum and gold. See the Company's February 19, 2025 press release titled 'Northisle 2025 PEA Indicates 29% After-tax IRR and $2 billion NPV for Staged Development of the North Island Project'. The 2025 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the projections described in the 2025 PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The full Report can be found under the Company's profile on SEDAR+ at or on the Company's website at The Company's previous technical reports are no longer current and should not be relied upon. Qualified Persons and Data Verification Ian Chang, Vice President Project Development of Northisle, and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release. Additionally, a team of independent Qualified Persons (as such term is defined under NI 43-101) at Ausenco, and Moose Mountain Technical Service, and SLR are responsible for the 2025 PEA and have reviewed the scientific and technical disclosure, and verified the data in this press release, including: Peter Mehrfert, of Ausenco is an independent Qualified Person responsible for process and recovery methods, infrastructure, market studies, contracts and economic analysis in the 2025 PEA. Ali Hooshiar, of Ausenco is an independent Qualified Person responsible for mine waste storage facilities in the 2025 PEA. Johnathan Cooper, of Ausenco is an independent Qualified Person responsible for water management in the 2025 PEA. Marc Schulte of Moose Mountain Technical Services ('MMTS') is an independent Qualified Person responsible for the open pit design, mine production schedule, waste rock storage facility and mine capital and operating cost estimates in the 2025 PEA. Sue Bird, of MMTS is an independent Qualified Person responsible for development of the Resource Estimate and completed the work related to the geological setting, deposit type, drilling, exploration work, sample preparation and analysis in the 2025 PEA. Stephan Theban, Dipl.-Ing., SME (RM), of SLR Consulting (Canada) Ltd. ('SLR') is an independent Qualified Person responsible for the environmental and permitting studies in the 2025 PEA. Rob Frizzell, of SLR is an independent Qualified Person responsible for the environmental, social and community timeline in the 2025 PEA. For more information on the data verification process, please refer to the full Report. About Northisle Northisle Copper and Gold Inc. is a Vancouver-based company whose mission is to become Canada's leading sustainable mineral resource company for the future. Northisle, through its 100% owned subsidiary North Island Mining Corp., owns the North Island Project, which is one of the most promising copper and gold porphyry projects in Canada. The North Island Project is located near Port Hardy, British Columbia on a more than 34,000-hectare block of mineral titles 100% owned by Northisle stretching 50 kilometers northwest from the now closed Island Copper Mine operated by BHP Billiton. Since 2021, the Company has discovered two significant deposits, expanded resources, demonstrated the economic potential of the project, and is now focused on accelerating the advancement of this compelling project while exploring within this highly prospective land package. For more information on Northisle please visit the Company's website at About Ausenco Ausenco is a global company redefining what's possible. The team is based across 26 offices in 15 countries delivering services worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors ( On behalf of Northisle Copper and Gold Inc. Cautionary Statements regarding Forward-Looking Information Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as 'may', 'should', 'anticipate', 'expect', 'intend' and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements relating to the 2024 Resource Estimate; plans and expectations regarding the 2025 exploration program; plans and expectations regarding future project development; growth potential and future financial or operating performance; timing of key catalysts; planned activities, including further drilling, at the North Island Project; anticipated mine life and exploration potential and activities at the North Island Project; timing and movement, if any, from Phase 1 into Phase 2; Northisle's ability to secure the permits and authorizations needed to construct and operate the North Island Project in a timely manner, if at all; plans and timing surrounding current and future baseline studies; ongoing support of the key stakeholders, including Quatsino, the Tlatlasikwala and the Kwakiutl; and the Company's plans for advancement of the North Island Project. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, Northisle's ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industry events; stakeholder engagement; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release represent the expectations of management of Northisle as of the date of this news release, and, accordingly, are subject to change after such date. Northisle does not undertake any 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 law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. i S&P Capital IQ Pro (2025). 2024 Modeled Cost + Production - Copper. Total Cash Cost includes onsite operating costs (including labour, energy, reagents), TCRC + shipping costs and royalties. ii Source: S&P Capital IQ Pro (2025). Mine Emission. Commodity: Copper. Retrieved from S&P Global Market Intelligence platform. Chief Financial Officer SOURCE: Northisle Copper and Gold Inc. Copyright Business Wire 2025. PUB: 04/04/2025 03:40 PM/DISC: 04/04/2025 03:40 PM
Yahoo
27-02-2025
- Business
- Yahoo
Eco (Atlantic) Oil and Gas Ltd. Announces Results for Three & Nine Months Ended 31 Dec 2024
TORONTO, ON / / February 27, 2025 / Eco (Atlantic) Oil & Gas Ltd. AIM:ECO)(TSX‐V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its results for the three and nine months ended 31 December 2024. Highlights: Financials The Company had cash and cash equivalents of US$6.03 million and no debt as at 31 December 2024. The Company had total assets of US$27.18 million, total liabilities of ~US$82 thousand and total equity of US$26.35 million as at 31 December 2024. Operations: South Africa Block 1 Eco announced the acquisition of Block 1, Offshore South Africa Orange Basin, in June 2024. Through its 100% owned subsidiary Azinam South Africa Limited ("Azinam South Africa"), the Company will farm-in and acquire a 75% Working Interest from OrangeBasin Oil and Gas (Proprietary) Limited and will become Operator of a new Exploration Right (the "Block 1Acquisition"). Further updates on the plans for the licenses will be made once the final requisite government approvals have been received. Block 3B/4B In January 2025, Eco received approval from the Government of the Republic of South Africa, under Section 11 of the Mineral and Petroleum Resources Development Act, in relation to Eco's Assignment and Share Cancellation Agreement between Azinam, Africa Oil and Africa Oil SA Corp ("AOSAC"). The conditions precedent to the Exchange Transaction, including requisite regulatory approvals from the Government of the Republic of South Africa, TSX Venture Exchange, applicable Canadian Securities Commissions, and the relevant approvals from the Block 3B/4B Joint Venture Partners, have been satisfied and accordingly, Azinam has assigned the Assigned Interest to AOSAC and in return Africa Oil has transferred the Eco Securities which have been cancelled. Eco now holds a fully carried 5.25% interest in Block 3B/4B Offshore South Africa, reduced from 6.25%. Following the cancellation of Africa Oil's previously held in aggregate, 54,941,744 Common Shares (valued at c. $CAD11.50 million as at 29 July 2024) (the "ShareCancellation") and 4,864,865 Warrants (collectively, the "EcoSecurities"), the outstanding common share capital of the Company is now reduced to 315,231,936 Common Shares and 48,541,666 warrants. Namibia The previously announced multi-block farm out process for all or part of Eco's four offshore Petroleum Exploration Licences ("PEL"): 97, 98, 99, and 100 is ongoing. Eco holds Operatorship and an 85% Working Interest in each PEL representing a combined area of 28,593 km2 in the Walvis Basin. Eco continues to receive considerable interest in its licences and is currently assessing options to progress its exploration work programmes that will include potential farm-out partners. The Company will provide further updates as appropriate. Guyana Eco continues its discussions with interested parties regarding the farmout initiative for the offshore Orinduik Block. ExxonMobil operator of the adjacent Stabroek block announced Hammerhead as its 7th development project and the first one of heavy oil. Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented: "We continue advancing Eco's promising exploration licenses in key hydrocarbon regions. During the period, we completed our transaction with Africa Oil on Block 3B/4B, securing significant exposure to a multi-billion-barrel prospect. This deal also enabled us to cancel approximately CAD $11.5 million in shares and welcome Emily Ferguson to our Board of Directors. While the farmout processes are progressing, we are in advanced discussions on potential deals in both Namibia and Guyana and look forward to updating the market in due course. Meanwhile, offshore South Africa, we are excited about the upcoming drilling campaign on Block 3B/4B with our JV partners and the formal issuance of Block 1 in the Orange Basin. With a strong balance sheet and an additional $11.5 million expected from the 3B/4B deal upon milestone completions, Eco is well-positioned for a dynamic period of exploration and deal making." The Company's unaudited financial results and Management's Discussion and Analysis for the three and six months ended 31 December 2024 are available for download on the Company's website at and on Sedar at The following are the Company's Balance Sheet, Income Statements, Cash Flow Statement and selected notes from the annual Financial Statements. All amounts are in US Dollars, unless otherwise stated. The following are the Company's Balance Sheet, Income Statements, Cash Flow Statement and selected notes from the annual Financial Statements. All amounts are in US Dollars, unless otherwise stated. Balance Sheet December 31, March 31, 2024 2024 Assets Current Assets Cash and cash equivalents 6,027,801 2,967,005 Short-term investments 75,000 13,107 Government receivable 35,644 26,970 Amounts owing by license partners 165,821 49,578 Accounts receivable and prepaid expenses - 38,539 Total Current Assets 6,304,266 3,095,199 Non- Current Assets Petroleum and natural gas licenses 20,875,860 28,168,439 Total Non-Current Assets 20,875,860 28,168,439 Total Assets 27,180,126 31,263,638 Liabilities Current Liabilities Accounts payable and accrued liabilities 829,310 1,163,546 Advances from and amounts owing to license partners - 81,952 Total Current Liabilities 829,310 1,245,498 Total Liabilities 829,310 1,245,498 Equity Share capital 122,088,498 122,088,498 Restricted Share Units reserve 920,653 920,653 Warrants 14,778,272 14,778,272 Stock options 2,900,501 2,900,501 Foreign currency translation reserve (1,563,110 ) (1,568,469 ) Accumulated deficit (112,773,998 ) (109,101,315 ) Total Equity 26,350,816 30,018,140 Total Liabilities and Equity 27,180,126 31,263,638 Income Statement Three months ended Nine months ended December 31, December 31, 2024 2023 2024 2023 Revenue Interest income 52,081 17 59,592 1,703 52,081 17 59,592 1,703 Operating expenses: Compensation costs 255,939 208,201 727,251 629,199 Professional fees 64,689 89,877 421,177 388,437 Operating costs, net 550,458 567,682 2,097,699 1,329,063 General and administrative costs 164,086 180,744 478,699 453,786 Share-based compensation - - - 95,695 Foreign exchange loss (gain) (69,861) (111,839) 7,449 (12,094) Total operating expenses 965,311 934,665 3,732,275 2,884,086 Operating loss (913,230) (934,648) (3,672,683) (2,882,383) Other Non-Operating Charges and Write-downs Gain on settlement of liability - - - (200,640) Fair value change in warrant liability - - - 261,720 Share of losses of associate - (166,224) - (498,671) Tax recovery - - - 536,694 Net loss for the period (913,230) (1,100,872) (3,672,683) (2,783,280) Foreign currency translation adjustment (38,529) 101,779 5,359 (183,996) Comprehensive loss for the period (951,759) (999,093) (3,667,324) (2,967,276) Basic and diluted net loss per share: (0.002) (0.003) (0.010) (0.008) Weighted average number of ordinary shares used in computing basic and diluted net loss per share 370,173,680 369,421,234 370,173,680 368,987,135 Cash Flow Statement Nine months ended December 31, 2024 2023 Cash flow from operating activities Net loss from operations (3,672,683 ) (2,783,280 ) Items not affecting cash: Share-based compensation - 95,695 Fair value change in warrant liability - (261,720 ) Share of losses of companies accounted for at equity - 498,671 Changes in non???cash working capital: Government receivable (8,674 ) 4,166 Accounts payable and accrued liabilities (334,236 ) (2,897,287 ) Accounts receivable and prepaid expenses 38,539 1,449,931 Advance from and amounts owing to license partners (590,482 ) 357,449 Cash flow from operating activities (4,567,536 ) (3,536,375 ) Cash flow from investing activities Short-term investments (61,893 ) - Acquisition of interest in property (150,000 ) - Acquisition of Orinduik BV (*) - (700,000 ) Proceeds from Block 3B/4B farm-out 7,834,866 2,500,000 Cash flow from investing activities 7,622,973 1,800,000 Cash flow from financing activities - - Increase (decrease) in cash and cash equivalents 3,055,437 (1,736,375 ) Foreign exchange differences 5,359 (183,996 ) Cash and cash equivalents, beginning of period 2,967,005 4,110,734 Cash and cash equivalents, end of period 6,027,801 2,190,363 Notes to the Financial Statements Basis of Preparation The consolidated financial statements of the Company have been prepared on a historical cost basis with the exception of certain financial instruments that are measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets. Summary of Significant Accounting Policies Critical accounting estimates Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively from the period in which the estimates are revised. The following are the key estimate and assumption uncertainties considered by management. **ENDS** For more information, please visit or contact the following: Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20 8434 2754 Gil Holzman, CEO Colin Kinley, COO Alice Carroll, Executive Director Strand Hanson (Financial & Nominated Adviser) +44 (0) 20 7409 3494 James Harris James Bellman Berenberg (Broker) +44 (0) 20 3207 7800 Matthew Armitt Detlir Elezi Celicourt (PR) +44 (0) 20 7770 6424 Mark Antelme Jimmy Lea Charles Denley-Myerson About Eco Atlantic: Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure. Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in four offshore Petroleum Licences: PELs: 97, 98, 99, and 100, representing a combined area of 28,593 km2 in the Walvis Basin. Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and pending government approval a 75% Operated Interest in Block 1, in the Orange Basin, totalling some 37,510km2. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Eco (Atlantic) Oil and Gas Ltd. View the original press release on ACCESS Newswire Sign in to access your portfolio
