Cardiex Limited (CDX:AU) has announced CDX May Investor Presentation
Download the PDF here.
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The platinum price has surged over 20 percent year-to-date, propelled by a sharp rebound in Chinese demand and a tightening global supply picture that analysts say may signal a prolonged market deficit.
On May 23, platinum closed at US$1,098.40 per ounce, its highest level since May 2023, and a 22 percent increase from its year-to-date low US$892, seen on April 8. The rally, which has accelerated in recent weeks, comes amid renewed investor interest in precious metals, stark supply-side constraints and a changing global demand profile.
China has emerged as a key force behind platinum’s surge, with imports in April jumping 47 percent month-on-month to 10 metric tons, the highest in a year, according to Chinese Customs data.
“In the first quarter of this year alone, given the exceptionally high gold price, gold jewelry sales in China were down 32 percent year-on-year, and platinum jewelry sales were up 26 percent,” he emphasized.
Gold touched US$3,500 per ounce last month, pricing many Chinese buyers out of the market. Platinum, currently trading at a significant discount, is increasingly being seen as an attractive alternative, both for investment and jewelry.
“China’s a market that can pivot really quickly,” Sterck added, noting that platinum bars, coins and jewelry are now being marketed aggressively across social media platforms like TikTok.
This renewed Chinese interest aligns with broader structural issues in the platinum-group metals (PGMs) market, as detailed in a recent report by research firm Metals Focus. It notes that all five PGMs — platinum, palladium, rhodium, iridium and ruthenium — ended last year in physical deficit. Platinum alone saw a second consecutive year of shortfall, with Metals Focus placing total global production at 5.77 million ounces, still well below the 2010 to 2021 annual average.
Behind the deficit lies a mix of supply disruptions, weak mine productivity and building demand.
Sterck underscored the severity of the shortfall seen in Q1, saying it was the largest in six years. It was driven by flooding in South Africa, smelter outages in Zimbabwe and operational restructuring in North America.
Even though South African output rose above 4 million ounces for the first time since 2021, much of that gain was attributed to the release of built-up work-in-process inventories rather than fresh production.
The constrained supply has had ripple effects across investment channels. Platinum secondary supply — which primarily comes from recycled jewelry and autocatalysts — rose just 1 percent last year.
In Asia, jewelry recycling volumes fell, and while autocatalyst recycling improved 9 percent due to higher scrappage rates and incentives in China, it remained insufficient to close the gap.
When it comes to demand, the auto sector, traditionally the largest consumer of PGMs, saw overall fabrication demand fall 4 percent to 12.14 million ounces in 2024. This decline marked the first drop since the COVID-19 pandemic, and was largely due to a 2 percent decrease in catalyzed vehicle production amid the rise of battery electric vehicles.
Industrial demand, on the other hand, was under pressure, falling 2 percent year-on-year. The biggest hit came from a 27 percent drop in chemical applications, particularly in China’s paraxylene sector, a key component in plastic production.
Against this backdrop, speculative positions in platinum have also helped drive recent price movements.
Sterck explained that in the first quarter of 2025, a confluence of market expectations and policy shifts — particularly related to US import tariffs — created arbitrage opportunities for traders.
“There was a lot of uncertainty as to whether tariffs would apply to platinum and other PGMs,” he explained, adding that the flow of metal into the US caused strong contangos in NYMEX futures markets, boosting Q1 investment figures.
Although aboveground stocks of platinum remain elevated, they are being gradually drawn down, and continued mine cutbacks could eventually tip the market further into deficit territory.
Sterck tempered this outlook with caution: “It feels like, as that range is pinching out, we’re definitely getting to a point where it seems highly likely the price will begin to reflect the underlying deficits. So we’ll have to wait and see.”
Metals Focus projects an average platinum price of US$970 for 2025 — a modest increase from last year’s average — but notes that volatility could return if investor sentiment sharpens or supply disruptions worsen.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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In what is believed to be the largest European pre-seed funding round of the year, UK fintech startup Velocity has emerged with US$10 million in early backing to develop a stablecoin infrastructure platform.
The initiative is aimed squarely at large enterprises grappling with outdated cross-border financial systems.
The round, led by US-based Activant Capital, brings together global investors and fintech insiders, underscoring growing confidence in stablecoins as a practical tool for enterprise-grade settlement — not just crypto speculation.
Founded by payments veterans Tom Greenwood (Volt, IFX) and Eric Queathem (Worldpay, McKinsey & Company), Velocity aims to modernize the back-end plumbing of global money movement.
Rather than displacing traditional finance, the startup sees itself as a connective layer between banks and the blockchain, offering modular infrastructure that enables businesses to operate seamlessly across fiat and digital currencies.
“We’re not chasing crypto hype,” Greenwood, who serves as CEO, said in a statement. “We’re leveraging stablecoins to remove friction, accelerate settlement, and drive improved performance in real-world financial operations.”
That friction remains a massive challenge in today’s corporate finance landscape.
Large businesses routinely rely on patchwork systems for international payments, liquidity and currency management — often involving multiple banking partners, outdated software and opaque fees.
Velocity says it is addressing that complexity with a programmable, artificial intelligence-enabled platform that integrates stablecoins into traditional financial operations without requiring companies to overhaul their existing systems.
Greenwood and Queathem bring decades of experience to the table. Greenwood previously founded Volt, a fintech firm focused on real-time payments, and IFX, a foreign exchange and payments firm. Queathem spent nearly 10 years at Worldpay, where he led global strategy during its expansion into both legacy and crypto-enabled markets.
“We’ve experienced first-hand the financial complexity of operating a global business — the fragmentation of providers, the lack of transparency, and the workarounds,” said Queathem, who holds the position of president.
“Velocity is built to eliminate that friction with infrastructure that scales, adapts, and solves the real-world problems large enterprises face every day when moving and managing money around the world.”
Their pitch appears to have resonated with investors who see a broader shift underway. Fuel Ventures (LSE:FVV), Triton Capital, Fabric Ventures, Commerce Ventures and Preface Ventures all joined the round, alongside strategic angels from companies like Visa (NYSE:V), PayPal (NASDAQ:PYPL), Circle and Alphabet (NASDAQ:GOOGL).
For lead investor Activant Capital, the startup’s timing aligns with what it sees as a generational opportunity to reshape how capital flows. “Tom and Eric bring the rare technical depth and regulatory fluency needed to build and scale a product like this,” said Andrew Steele, partner at Activant, in Wednesday’s (May 28) release.
“We’ve shared this vision for years — and now is the time to bring it to life.”
Far from being a headwind, Velocity sees that regulatory movement as validation that the infrastructure moment for stablecoins has arrived. While Velocity hasn’t disclosed specific clients or product launch dates, early pilot programs are underway, with large enterprises exploring digital treasury functions and cross-border liquidity optimization.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Strategic financing deepens alignment with industry leader as Quimbaya advances drill-ready Colombian gold portfolio
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) (‘Quimbaya Gold’ or the ‘Company’) is pleased to announce that it intends to complete a non-brokered private placement of up to 5,714,286 units of the Company (each, a ‘Unit’), at a price of C$0.35 per Unit, to raise gross proceeds of up to approximately C$2,000,000 (the ‘Offering’), including a lead order of C$500,000 from Mr. Serafino Iacono, an influential figure in Colombian mining, Co-founder of Gran Colombia Gold Corp. (now Aris Mining Corporation) and Executive Chairman of Denarius Metals Corp.
Each Unit will be comprised of one common share in the capital of the Company (a ‘Share‘) and one common share purchase warrant (a ‘Warrant‘). Each Warrant will entitle the holder to acquire one Share at a price of C$0.60 per Share for a period of 36 months from the issuance date of the Offering. The remaining Units issued under the Offering will be limited to other strategic investors with deep experience in Latin American exploration and project development.
‘Seeing our hard work over the past few years recognized by industry leaders like Serafino Iacono is a real validation of our strategy and our assets,’ said Alexandre P. Boivin, CEO of Quimbaya Gold. ‘With strong exploration results, a drill-ready portfolio, and the right people around the table, we’re incredibly excited about what lies ahead, especially as we prepare to kick off drilling at Tahami South. This is a pivotal moment for Quimbaya, and we’re just getting started.’
Strategic Alignment and Validation
The participation of Mr. Iacono, who played a pivotal role in the revival of the Colombian gold sector, signals high conviction in Quimbaya’s assets and leadership. His investment marks a strong endorsement of the Company’s solid Portfolio and in particular its drill-ready Tahami Project in the Middle Cauca Belt, one of Colombia’s most prolific gold districts.
‘I believe Quimbaya is uniquely positioned at the intersection of geology, timing, and leadership. The team is aligned, the land is exceptional, and in this rising gold environment the moment is now,’ said Mr. Iacono. ‘I’m excited to support a company that understands what it takes to build a real gold story in Colombia.’
The net proceeds raised from the sale of the Units will be used for general exploration expenses and for general working capital purposes. Completion of the Offering is subject to applicable regulatory approvals. All securities issued pursuant to the Offering will be subject to a four-month and one-day hold period in accordance with applicable securities laws. The Offering is expected to close on or about June 6th 2025.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons 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 securities of the Company in the United States, nor shall there be any sale of such securities in any State in which such offer, solicitation or sale would be unlawful.
About Quimbaya
Quimbaya aims to discover gold resources through exploration and acquisition of mining properties in the prolific mining districts of Colombia. Managed by an experienced team in the mining sector, Quimbaya is focused on three projects in the regions of Segovia (Tahami Project), Puerto Berrio (Berrio Project), and Abejorral (Maitamac Project), all located in Antioquia Province, Colombia.
Contact Information
Alexandre P. Boivin, President and CEO apboivin@quimbayagold.com
Jason Frame, Manager of Communications jason.frame@quimbayagold.com +1-647-576-7135
Quimbaya Gold Inc.
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Cautionary Statements
Certain statements contained in this press release constitute ‘forward-looking information’ as that term is defined in applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, but not always, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘intends’, ‘expects’ or ‘anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘may’, ‘could’, ‘should’, ‘would’ or ‘occur’. Forward-looking statements herein include statements and information regarding the Offering, including its timing, intended closing date, intended use of proceeds and intended gross proceeds, any expected issuance of the Units or the Shares and Warrants which comprise them, a commitment by any person to purchase Units pursuant to the Offering, receipt by the Company of any applicable regulatory approval, the future plans for the Company, future expectations for the gold sector generally, the Colombian gold sector more particularly, or how global or local market trends may affect the Company, intended exploration on any of the Company’s properties and any results thereof, the strength of the Company’s mineral property portfolio, aims and goals of the Company, and other forward-looking information. Forward-looking information by its nature is based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Quimbaya to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These assumptions include, but are not limited to, that the Offering as described herein will close on terms materially similar to the terms described herein. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: future planned development and other activities on the Company’s mineral properties; an inability to finance the Company; obtaining required permitting on the Company’s mineral properties in a timely manner; any adverse changes to the planned operations of the Company’s mineral properties; failure by the Company for any reason to undertake expected exploration programs; achieving and maintaining favourable relationships with local communities; mineral exploration results that are poorer or better than expected; prices for gold remaining as expected; currency exchange rates remaining as expected; availability of funds for the Company’s projects; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; the Offering proceeds being received as anticipated; all requisite regulatory and stock exchange approvals for the Offering are obtained in a timely fashion; investor participation in the Offering; and the Company’s ability to comply with environmental, health and safety laws. Although Quimbaya’s management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Readers are cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Quimbaya as of the date of this news release and, accordingly, is subject to change after such date. Except as required by law, Quimbaya does not expect to update forward-looking statements and information continually as conditions change.
Neither CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/253731
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Coelacanth Energy Inc. (TSXV: CEI) (‘Coelacanth’ or the ‘Company’) is pleased to announce its financial and operating results for the three months ended March 30, 2025. All dollar figures are Canadian dollars unless otherwise noted.
| FINANCIAL RESULTS | Three Months Ended | ||||||||
| March 31 | |||||||||
| ($000s, except per share amounts) | 2025 | 2024 | % Change | ||||||
| Oil and natural gas sales | 2,666 | 3,666 | (27 | ) | |||||
| Cash flow from operating activities | 981 | 3,256 | (70 | ) | |||||
| Per share – basic and diluted (1) | – | 0.01 | (100 | ) | |||||
| Adjusted funds flow (used) (1) | (1,440 | ) | 1,078 | (234 | ) | ||||
| Per share – basic and diluted | (- | ) | – | (- | ) | ||||
| Net loss | (3,617 | ) | (1,201 | ) | 201 | ||||
| Per share – basic and diluted | (0.01 | ) | (- | ) | 100 | ||||
| Capital expenditures (1) | 25,701 | 1,263 | 1,935 | ||||||
| Adjusted working capital (deficiency) (1) | (25,710 | ) | 67,139 | (138 | ) | ||||
| Common shares outstanding (000s) | |||||||||
| Weighted average – basic and diluted | 531,445 | 529,196 | – | ||||||
| End of period – basic | 532,202 | 529,392 | 1 | ||||||
| End of period – fully diluted | 624,877 | 618,165 | 1 | ||||||
(1) See ‘Non-GAAP and Other Financial Measures’ section.
| Three Months Ended | |||||||||
| OPERATING RESULTS (1) | March 31 | ||||||||
| 2025 | 2024 | % Change | |||||||
| Daily production (2) | |||||||||
| Oil and condensate (bbls/d) | 184 | 300 | (39 | ) | |||||
| Other NGLs (bbls/d) | 25 | 37 | (32 | ) | |||||
| Oil and NGLs (bbls/d) | 209 | 337 | (38 | ) | |||||
| Natural gas (mcf/d) | 3,311 | 3,934 | (16 | ) | |||||
| Oil equivalent (boe/d) | 761 | 993 | (23 | ) | |||||
| Oil and natural gas sales | |||||||||
| Oil and condensate ($/bbl) | 90.21 | 85.30 | 6 | ||||||
| Other NGLs ($/bbl) | 38.01 | 34.79 | 9 | ||||||
| Oil and NGLs ($/bbl) | 84.03 | 79.82 | 5 | ||||||
| Natural gas ($/mcf) | 3.65 | 3.40 | 7 | ||||||
| Oil equivalent ($/boe) | 38.94 | 40.57 | (4 | ) | |||||
| Royalties | |||||||||
| Oil and NGLs ($/bbl) | 15.95 | 20.77 | (23 | ) | |||||
| Natural gas ($/mcf) | 0.64 | 0.51 | 25 | ||||||
| Oil equivalent ($/boe) | 7.18 | 9.08 | (21 | ) | |||||
| Operating expenses | |||||||||
| Oil and NGLs ($/bbl) | 10.63 | 9.89 | 7 | ||||||
| Natural gas ($/mcf) | 1.77 | 1.65 | 7 | ||||||
| Oil equivalent ($/boe) | 10.63 | 9.89 | 7 | ||||||
| Net transportation expenses (3) | |||||||||
| Oil and NGLs ($/bbl) | 2.27 | 2.45 | (7 | ) | |||||
| Natural gas ($/mcf) | 0.78 | 0.68 | 15 | ||||||
| Oil equivalent ($/boe) | 4.00 | 3.54 | 13 | ||||||
| Operating netback (3) | |||||||||
| Oil and NGLs ($/bbl) | 55.18 | 46.71 | 18 | ||||||
| Natural gas ($/mcf) | 0.46 | 0.56 | (18 | ) | |||||
| Oil equivalent ($/boe) | 17.13 | 18.06 | (5 | ) | |||||
| Depletion and depreciation ($/boe) | (14.30 | ) | (14.42 | ) | (1 | ) | |||
| General and administrative expenses ($/boe) | (21.76 | ) | (13.86 | ) | 57 | ||||
| Share based compensation ($/boe) | (18.46 | ) | (10.11 | ) | 83 | ||||
| Finance expense ($/boe) | (12.86 | ) | (1.06 | ) | 1,113 | ||||
| Finance income ($/boe) | 1.46 | 10.60 | (86 | ) | |||||
| Unutilized transportation ($/boe) | (4.05 | ) | (2.49 | ) | 63 | ||||
| Net loss ($/boe) | (52.84 | ) | (13.28 | ) | 298 | ||||
(1) See ‘Oil and Gas Terms’ section.
(2) See ‘Product Types’ section.
(3) See ‘Non-GAAP and Other Financial Measures’ section.
Selected financial and operational information outlined in this news release should be read in conjunction with Coelacanth’s unaudited condensed interim financial statements and related Management’s Discussion and Analysis (‘MD&A’) for the three months ended March 31, 2025, which are available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca.
OPERATIONS UPDATE
Coelacanth has reached a major milestone in its development with the completion of the Two Rivers East facility (the ‘Facility’). The Facility was completed on budget and has moved to the testing and start-up phase. The capacity of the Facility is currently 8,000 boe/d but will be expanded in Q4 2025 to 16,000 boe/d with added compression. We expect production to start flowing imminently from the 5-19 pad and ramp up through the summer. As previously released, the 5-19 pad has 9 wells that tested over 11,000 boe/d (1) that will be brought on systematically to approach the phase I capacity of the plant prior to further drilling.
Over the next few years, Coelacanth will continue with its business plan that incorporates:
- Systematically developing the resource using pad development and horizontal multi-frac technology to increase production and maximize cash flow and investment returns.
- Delineating the lands with vertical and horizontal wells to help in quantifying and understanding the commerciality of its large Montney resource base that includes up to four Montney benches over its 150 contiguous sections of land.
- Developing and licensing a flexible infrastructure plan that will allow for the resource to be scaled to a much larger production base.
Coelacanth has licensed additional locations on the 5-19 pad, is in the process of licensing additional development pads, delineation locations and additional infrastructure to grow beyond current plant capacity. While commodity prices and available capital will dictate the pace of execution of the business plan, we are very pleased with the results to date and look forward to reporting on new developments as they arise.
(1) See ‘Test Results and Initial Production Rates’ section for more details.
OIL AND GAS TERMS
The Company uses the following frequently recurring oil and gas industry terms in the news release:
Liquids
| Bbls | Barrels |
| Bbls/d | Barrels per day |
| NGLs | Natural gas liquids (includes condensate, pentane, butane, propane, and ethane) |
| Condensate | Pentane and heavier hydrocarbons |
Natural Gas
| Mcf | Thousands of cubic feet |
| Mcf/d | Thousands of cubic feet per day |
| MMcf/d | Millions of cubic feet per day |
| MMbtu | Million of British thermal units |
| MMbtu/d | Million of British thermal units per day |
Oil Equivalent
| Boe | Barrels of oil equivalent |
| Boe/d | Barrels of oil equivalent per day |
Disclosure provided herein in respect of a boe may be misleading, particularly if used in isolation. A boe conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent has been used for the calculation of boe amounts in the news release. This boe conversion rate is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
NON-GAAP AND OTHER FINANCIAL MEASURES
This news release refers to certain measures that are not determined in accordance with IFRS (or ‘GAAP’). These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered alternatives to, or more meaningful than, financial measures that are determined in accordance with IFRS as indicators of the Company’s performance. Management believes that the presentation of these non-GAAP and other financial measures provides useful information to shareholders and investors in understanding and evaluating the Company’s ongoing operating performance, and the measures provide increased transparency to better analyze the Company’s performance against prior periods on a comparable basis.
Non-GAAP Financial Measures
Adjusted funds flow (used)
Management uses adjusted funds flow (used) to analyze performance and considers it a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund future capital investments and abandonment obligations and to repay debt, if any. Adjusted funds flow (used) is a non-GAAP financial measure and has been defined by the Company as cash flow from operating activities excluding the change in non-cash working capital related to operating activities, movements in restricted cash deposits and expenditures on decommissioning obligations. Management believes the timing of collection, payment or incurrence of these items involves a high degree of discretion and as such may not be useful for evaluating the Company’s cash flows. Adjusted funds flow (used) is reconciled from cash flow from operating activities as follows:
| Three Months Ended | |||||||||
| March 31 | |||||||||
| ($000s) | 2025 | 2024 | % Change | ||||||
| Cash flow from operating activities | 981 | 3,256 | (70 | ) | |||||
| Add (deduct): | |||||||||
| Decommissioning expenditures | 139 | 148 | (6 | ) | |||||
| Change in restricted cash deposits | – | 424 | (100 | ) | |||||
| Change in non-cash working capital | (2,560 | ) | (2,750 | ) | (7 | ) | |||
| Adjusted funds flow (used) (non-GAAP) | (1,440 | ) | 1,078 | (234 | ) | ||||
Net transportation expenses
Management considers net transportation expenses an important measure as it demonstrates the cost of utilized transportation related to the Company’s production. Net transportation expenses is calculated as transportation expenses less unutilized transportation and is calculated as follows:
| Three Months Ended | ||||||
| March 31 | ||||||
| ($000s) | 2025 | 2024 | ||||
| Transportation expenses | 551 | 545 | ||||
| Unutilized transportation | (277 | ) | (225 | ) | ||
| Net transportation expenses (non-GAAP) | 274 | 320 | ||||
Operating netback
Management considers operating netback an important measure as it demonstrates its profitability relative to current commodity prices. Operating netback is calculated as oil and natural gas sales less royalties, operating expenses, and net transportation expenses and is calculated as follows:
| Three Months Ended | ||||||
| March 31 | ||||||
| ($000s) | 2025 | 2024 | ||||
| Oil and natural gas sales | 2,666 | 3,666 | ||||
| Royalties | (491 | ) | (821 | ) | ||
| Operating expenses | (728 | ) | (894 | ) | ||
| Net transportation expenses | (274 | ) | (320 | ) | ||
| Operating netback (non-GAAP) | 1,173 | 1,631 | ||||
Capital expenditures
Coelacanth utilizes capital expenditures as a measure of capital investment on property, plant, and equipment, exploration and evaluation assets and property acquisitions compared to its annual budgeted capital expenditures. Capital expenditures are calculated as follows:
| Three Months Ended | ||||||
| March 31 | ||||||
| ($000s) | 2025 | 2024 | ||||
| Capital expenditures – property, plant, and equipment | 668 | 393 | ||||
| Capital expenditures – exploration and evaluation assets | 25,033 | 870 | ||||
| Capital expenditures (non-GAAP) | 25,701 | 1,263 | ||||
Capital Management Measures
Adjusted working capital
Management uses adjusted working capital (deficiency) as a measure to assess the Company’s financial position. Adjusted working capital is calculated as current assets and restricted cash deposits less current liabilities, excluding the current portion of decommissioning obligations.
| ($000s) | March 31, 2025 |
December 31, 2024 | ||||
| Current assets | 3,431 | 11,579 | ||||
| Less: | ||||||
| Current liabilities | (36,009 | ) | (37,234 | ) | ||
| Working capital deficiency | (32,578 | ) | (25,655 | ) | ||
| Add: | ||||||
| Restricted cash deposits | 4,900 | 4,900 | ||||
| Current portion of decommissioning obligations | 1,968 | 2,118 | ||||
| Adjusted working capital deficiency (Capital management measure) | (25,710 | ) | (18,637 | ) | ||
Non-GAAP Financial Ratios
Adjusted Funds Flow (Used) per Share
Adjusted funds flow (used) per share is a non-GAAP financial ratio, calculated using adjusted funds flow (used) and the same weighted average basic and diluted shares used in calculating net loss per share.
Net transportation expenses per boe
The Company utilizes net transportation expenses per boe to assess the per unit cost of utilized transportation related to the Company’s production. Net transportation expenses per boe is calculated as net transportation expenses divided by total production for the applicable period.
Operating netback per boe
The Company utilizes operating netback per boe to assess the operating performance of its petroleum and natural gas assets on a per unit of production basis. Operating netback per boe is calculated as operating netback divided by total production for the applicable period.
Supplementary Financial Measures
The supplementary financial measures used in this news release (primarily average sales price per product type and certain per boe and per share figures) are either a per unit disclosure of a corresponding GAAP measure, or a component of a corresponding GAAP measure, presented in the financial statements. Supplementary financial measures that are disclosed on a per unit basis are calculated by dividing the aggregate GAAP measure (or component thereof) by the applicable unit for the period. Supplementary financial measures that are disclosed on a component basis of a corresponding GAAP measure are a granular representation of a financial statement line item and are determined in accordance with GAAP.
PRODUCT TYPES
The Company uses the following references to sales volumes in the news release:
Natural gas refers to shale gas
Oil and condensate refers to condensate and tight oil combined
Other NGLs refers to butane, propane and ethane combined
Oil and NGLs refers to tight oil and NGLs combined
Oil equivalent refers to the total oil equivalent of shale gas, tight oil, and NGLs combined, using the conversion rate of six thousand cubic feet of shale gas to one barrel of oil equivalent.
The following is a complete breakdown of sales volumes for applicable periods by specific product types of shale gas, tight oil, and NGLs:
| Three Months Ended | ||
| March 31 | ||
| Sales Volumes by Product Type | 2025 | 2024 |
| Condensate (bbls/d) | 18 | 19 |
| Other NGLs (bbls/d) | 25 | 37 |
| NGLs (bbls/d) | 43 | 56 |
| Tight oil (bbls/d) | 166 | 281 |
| Condensate (bbls/d) | 18 | 19 |
| Oil and condensate (bbls/d) | 184 | 300 |
| Other NGLs (bbls/d) | 25 | 37 |
| Oil and NGLs (bbls/d) | 209 | 337 |
| Shale gas (mcf/d) | 3,311 | 3,934 |
| Natural gas (mcf/d) | 3,311 | 3,934 |
| Oil equivalent (boe/d) | 761 | 993 |
TEST RESULTS AND INITIAL PRODUCTION RATES
The 5-19 Lower Montney well was production tested for 9.4 days and produced at an average rate of 377 bbl/d oil and 2,202 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.
The A5-19 Basal Montney well was production tested for 5.9 days and produced at an average rate of 117 bbl/d oil and 630 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.
The B5-19 Upper Montney well was production tested for 6.3 days and produced at an average rate of 92 bbl/d oil and 2,100 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.
The C5-19 Lower Montney well was production tested for 5.8 days and produced at an average rate of 736 bbl/d oil and 2,660 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.
The D5-19 Lower Montney well was production tested for 12.6 days and produced at an average rate of 170 bbl/d oil and 580 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.
The E5-19 Lower Montney well was production tested for 11.4 days and produced at an average rate of 312 bbl/d oil and 890 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure was stable, and production was starting to decline.
The F5-19 Lower Montney well was production tested for 4.9 days and produced at an average rate of 728 bbl/d oil and 1,607 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.
The G5-19 Lower Montney well was production tested for 7.1 days and produced at an average rate of 415 bbl/d oil and 1,489 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.
The H5-19 Lower Montney well was production tested for 8.1 days and produced at an average rate of 411 bbl/d oil and 1,166 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure was stable and production was starting to decline.
A pressure transient analysis or well-test interpretation has not been carried out on these nine wells and thus certain of the test results provided herein should be considered to be preliminary until such analysis or interpretation has been completed. Test results and initial production rates disclosed herein, particularly those short in duration, may not necessarily be indicative of long-term performance or of ultimate recovery.
Any references to peak rates, test rates, IP30, IP90, IP180 or initial production rates or declines are useful for confirming the presence of hydrocarbons, however, such rates and declines are not determinative of the rates at which such wells will continue production and decline thereafter and are not indicative of long-term performance or ultimate recovery. IP30 is defined as an average production rate over 30 consecutive days, IP90 is defined as an average production rate over 90 consecutive days and IP180 is defined as an average production rate over 180 consecutive days. Readers are cautioned not to place reliance on such rates in calculating aggregate production for the Company.
FORWARD-LOOKING INFORMATION
This document contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words ‘expect’, ‘anticipate’, ‘continue’, ‘estimate’, ‘may’, ‘will’, ‘should’, ‘believe’, ‘intends’, ‘forecast’, ‘plans’, ‘guidance’ and similar expressions are intended to identify forward-looking statements or information.
More particularly and without limitation, this news release contains forward-looking statements and information relating to the Company’s oil and condensate, other NGLs, and natural gas production, capital programs, and adjusted working capital. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions relating to prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the success of drilling new wells, the availability of capital to undertake planned activities, and the availability and cost of labour and services.
Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs, and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in tax, royalty, and environmental legislation. The forward-looking statements and information contained in this document are made as of the date hereof for the purpose of providing the readers with the Company’s expectations for the coming year. The forward-looking statements and information may not be appropriate for other purposes. The Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Coelacanth is an oil and natural gas company, actively engaged in the acquisition, development, exploration, and production of oil and natural gas reserves in northeastern British Columbia, Canada.
Further Information
For additional information, please contact:
Coelacanth Energy Inc.
Suite 2110, 530 – 8th Avenue SW
Calgary, Alberta T2P 3S8
Phone: (403) 705-4525
www.coelacanth.ca
Mr. Robert J. Zakresky
President and Chief Executive Officer
Mr. Nolan Chicoine
Vice President, Finance and Chief Financial Officer
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/253761
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2025 PROGRAM
- Drilling is now underway with three rigs
Conversion of inferred resources into indicated & further exploration drilling.
- Updated mineral resource end of Q2
- Ongoing metallurgical work, focusing on flowsheet optionality with sulphide oxidation is a key part of our strategy to maximize the potential of the resource.
Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) (‘Freegold’ or the ‘Company ‘) is pleased to announce that three drill rigs are now operational at Golden Summit. One rig is situated in the WOW Zone (Holes GS2502, GS2505), another is operating in the Cleary Zone (Holes GS2501, GS2503), and a third is in the Dolphin Zone (GS2504). A fourth rig is anticipated to begin in early summer.
The 2025 drilling program aims to upgrade inferred mineral resources to indicated through targeted infill drilling, along with geotechnical drilling and additional metallurgical test holes. Since 2020, exploration has been highly successful. With a discovery cost of under $4.00 per ounce and substantially increased grade and tonnage, Golden Summit has grown into one of the most significant undeveloped gold resources in North America . Ongoing metallurgical tests indicate that a substantial portion of the mineralization is non-refractory and can be processed conventionally, although further processing of sulfides is necessary for optimal recoveries.
The September 2024 resource estimate, based on a gold price of US$1,973 , includes a flowsheet comprising grinding, gravity separation, flotation, regrinding of sulfide concentrate, and CIL treatment, achieving a 72% recovery rate at a processing cost of $14 per ton. To increase recoveries, additional sulfide processing (oxidation) is beneficial; however, this will increase costs, which higher gold recovery and higher gold prices could well offset.
Current metallurgical programs are aimed at refining the flowsheet options available for evaluation in a pre-feasibility study, including testing of sulphide-oxidizing methods such as BIOX®, POX, and Albion Process. Earlier this year, Freegold reported 93% recovery using the Albion Process. Earlier this year, Freegold reported 93% recovery using the Albion Process TM oxidation-CIL, with further test work ongoing. Comminution tests using half PQ core have been conducted on over 50 samples from various locations and lithologies within the deposit to determine the trade-off between grind size and liberation versus power consumption with a view to optimizing power requirements and gold recoveries.
An updated mineral resource estimate based on the 2024 drilling is expected to be completed in the second quarter of 2025.
Link to the Plan Map
https://freegoldventures.com/site/assets/files/6287/pr-2025-drilling-20250529.jpg
HQ Core is logged, photographed and cut in half using a diamond saw, and one-half placed in sealed bags for preparation and subsequent geochemical analysis by MSA Laboratories in Prince George, BC . At MSALABS, the entire sample will be dried and crushed to 70% passing -2mm (CRU-CPA). A ~500g riffle split will be analyzed for gold using CHRYSOS PhotonAssay (CPA-Au1). From this, 250g will be further riffle split from the original PhotonAssay sample, pulverized, and a 0.25g sub-sample analysed for multi-element geochemistry using MSA’s IMS230 package, which includes 4-acid digestion and ICP-MS finish. MSALABS operates under ISO/IEC 17025 and ISO 9001 certified quality systems. A QA/QC program includes laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.
The Qualified Person for this release is Alvin Jackson , P.Geo., Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.
About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.
For further information:
Kristina Walcott
President and CEO
Telephone: 1.604.662.7307
jkw@freegoldventures.com
Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold’s Annual Information Form for the year ended December 31st, 2024 , filed under Freegold’s profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold’s operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold’s business, results of operations, and financial condition.
SOURCE Freegold Ventures Limited
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Alzheimer’s disease treatment stocks are focused on Alzheimer’s disease, a degenerative brain disorder that results in declining memory and thinking skills and typically affects people in their mid-60s.
According to the Alzheimer’s Association, neurons in other areas of the brain also begin to deteriorate as Alzheimer’s disease gets worse, resulting in the loss of basic human functions and overall cognitive impairment.
This condition affects more than 7 million people in the US alone; it’s also the most common form of dementia and is the seventh leading cause of death in America. Treatments are available to alleviate Alzheimer’s disease symptoms, but there are currently none that affect the underlying causes of this neurodegenerative disease.
Alzheimer’s disease therapies that have been approved by the US Food and Drug Administration (FDA) include: rivastigmine by Novartis (NYSE:NVS); galantamine, developed by Janssen, a division of Johnson & Johnson (NYSE:JNJ); donepezil by Pfizer (NYSE:PFE); and memantine by AbbVie (NYSE:ABBV).
Since there is no cure for Alzheimer’s disease, death is often the result for patients as the ailment causes brain deterioration. And unfortunately, Alzheimer’s disease is rising in prevalence — a report from Grand View Research suggests that the global Alzheimer’s disease treatment market will be worth a significant US$15.57 billion by 2030 as more patients need treatment, and as more investments are made in biomarkers for diagnosis and drug development.
1. Biogen (NASDAQ:BIIB)
Market cap: US$18.43 billion
Share price: US$125.81
The first NASDAQ-listed Alzheimer’s drug company on this list is Massachusetts-based Biogen, a pioneer in the field of neuroscience. The firm is focused on developing, manufacturing and marketing therapies aimed at treating serious neurological, neurodegenerative, autoimmune and rare diseases.
The global biotechnology firm’s research areas include Alzheimer’s disease and dementia. However, the launch of Biogen’s FDA-approved Alzheimer’s disease drug Aduhelm faced a lot of pushback in 2022, both from the market and from Congress, over what was viewed as a hasty fast-track approval process and exorbitant costs to patients.
Biogen gave it another go with Leqembi (lecanemab-irmb), its amyloid-beta monoclonal antibody for the treatment of Alzheimer’s disease, which the FDA approved in 2023 under its accelerated approval pathway. The drug was jointly developed by Biogen and Tokyo-based pharmaceutical company Eisai (OTC Pink:ESALF,TSE:4523). It is for patients with mild cognitive impairment or mild dementia, and is the first drug shown to slow the progression of Alzheimer’s disease to win FDA approval.
In January 2025, Leqembi received another FDA approval, this time for intravenous maintenance dosing for early-stage Alzheimer’s. Later, in April, the European Commission granted Leqembi Marketing Authorization in the EU for the treatment of mild early-stage Alzheimer’s disease.
That same month, the FDA granted fast track designation to Biogen’s investigational tau-targeting therapy BIIB080 for the treatment of Alzheimer’s.
Biogen’s earnings report for Q1 shows that first quarter global in-market sales of Leqembi reached approximately US$96 million, including US in-market sales of approximately US$52 million.
2. Acadia Pharmaceuticals (NASDAQ:ACAD)
Market cap: US$3.68 billion
Share price: US$21.98
Acadia Pharmaceuticals specializes in neuroscience and neuro-rare diseases. The biotech’s product portfolio includes the first and only FDA-approved drug to treat hallucinations and delusions associated with Parkinson’s disease psychosis, as well as the first and only approved drug in the United States and Canada for the treatment of Rett syndrome.
Acadia’s clinical-stage pipeline includes drug candidates targeting Prader-Willi syndrome and Alzheimer’s disease psychosis.
The company expects to enroll its final patient in its RADIANT Phase 2 study of ACP-204 in Alzheimer’s disease psychosis by early 2026 and release topline data in mid-2026.
According to the company, there are currently no approved treatments for hallucinations and delusions associated with Alzheimer’s disease psychosis.
3. Anavex Life Sciences (NASDAQ:AVXL)
Market cap: US$642.85 million
Share price: US$7.53
Anavex Life Sciences is a clinical-stage biopharmaceutical company developing treatments for neurodegenerative, neurodevelopmental and neuropsychiatric disorders, such as Alzheimer’s disease, Parkinson’s disease, schizophrenia, Rett syndrome and other central nervous system disorders.
Anavex’ lead drug candidate, Anavex 2-73 (blarcamesine), has successfully completed Phase 2a and a Phase 2b/3 clinical trials for Alzheimer’s disease.
In early January, the company announced positive topline safety and efficacy data from more than three years of continuous treatment with blarcamesine for early Alzheimer’s disease patients. Later that month, Anavex announced it had been issued a US patent for the treatment.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Larisa Sprott of Sprott Money and Argo shares her thoughts on the gold and silver markets, saying she sees the ‘smart money’ continuing to gravitate toward these metals.
In her view, price dips present a chance to get in at lower levels.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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American Rare Earths Limited (ARR:AU) has announced ARR advances permitting at Cowboy State Mine
Download the PDF here.
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McLaren Minerals Limited (ASX: MML) (‘McLaren’ or ‘Company’), is pleased to provide a further update on the phase 1 Drill Program at its wholly owned McLaren Titanium Project in the western Eucla Basin, Western Australia. This update is driven by the completion of geological interpretation of all the drilling during this campaign, in the absence of laboratory results.
Highlights
McLaren Titanium Project
- 192 drill holes completed for a total of 4,067 metres, on time and without incident
- Significant extensions of prospective sediments outside of currently known resource boundaries observed during drilling:
- North extension: approximately 2,200m wide, avg. 14m thick (max 23m),
- Central zone eastern extension: 800m wide, avg. 20m thick (max 23m),
- Southern zone: 2,600m wide, avg. 10m thick (max 15m).
- Metallurgical and geological samples submitted to IHC and Diamantina Laboratories
- Geological work has improved confidence in deposit morphology and is expected to reduce future drilling costs
- Strong community support confirmed within an established mining region
McLaren Mineral Sands Managing Director, Simon Finnis, commented:
“While we have not yet received any assays, phase 1 has delivered strong confidence to our team regarding this project. The most recent interpretation not only confirm the integrity of our geological model, but importantly, demonstrates the scale of the opportunity ahead. Defining substantial potential for mineralisation outside the current Resource boundary positions us well for future resource growth. We’ve also made solid ground operationally—drilling was completed on time, we’ve brought costs down, and we’re seeing strong local support. Taken together, these outcomes give us a great deal of confidence as we move toward the next phase of work and continue building long-term value for shareholders.”
Click here for the full ASX Release
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