Author: TSX Stocks

Arizona Metals Corp. (TSX:AMC, OTCQX:AZMCF) (the “Company” or “Arizona Metals”) is pleased to announce an initial Mineral Resource Estimate (“MRE”) for its 100% owned Kay Mine Project (the “Kay Project”) located in Yavapai County, Arizona. Highlights of the Kay Project MRE are as follows:

• The underground MRE includes 9.28 million tonnes grading 1.39 g/t Au, 27.6 g/t Ag, 0.97% Cu, 0.33% Pb, and 2.39% Zn in the Indicated category, and 0.86 million tonnes grading 1.06 g/t Au, 15.4 g/t Ag, 0.87% Cu, 0.20% Pb, and 1.68% Zn in the Inferred category, at a base-case cut-off grade of 1.00 % CuEq.
• Copper equivalent MRE grades are 9.28 million tonnes @ 3.18% CuEq in the Indicated category and 0.86 million tonnes @ 2.44% CuEq in the Inferred category.
• Quality Asset: High grade, with good geometry and continuity suitable for bulk underground mining methods.
• Camp Potential: The initial MRE sits within less than 5% of the 10-km long strike of folded prospective host rocks in the Kay Project.
• Infill Potential: This initial MRE has clear potential to expand between existing drill holes within the deposit, and to upgrade Inferred resource
• Expansion Potential: The deposit remains open for expansion beyond this initial MRE both along strike and at depth.
• Continued Advancement: Following the completion of additional metallurgical testwork, a preliminary economic assessment (“PEA”) is planned for release in the second half of 2025.
• The Company is delivering and executing on all of its previously-stated goals for 2025 and looks forward to continuing the development of the Company’s strong assets.

Duncan Middlemiss, President and CEO of Arizona Metals, comments: “The release of our initial Mineral Resource Estimate marks a major milestone for Arizona Metals and validates not only the scale, but more importantly, the quality of the Kay Project. With over 650 million pounds of copper equivalent in the Indicated category alone—and with the deposit remaining open in multiple directions—we see significant opportunity for expansion through continued drilling. We believe this resource represents just the beginning. With a strong treasury and a PEA on track for release later this year, we’re excited to advance the Kay Project toward becoming one of the top undeveloped VMS projects in the U.S.”

Table 1. Kay Mine Property Underground Mineral Resource Estimate at a Base-case Cut-off Grade of 1.00% CuEq, June 17, 2025

Kay Mine Property Mineral Resource Estimate Notes:

• The effective date of the Kay Mine Project Mineral Resource Estimate (MRE) is June 17, 2025. This is the close-out date for the final mineral resource drilling database.
• The mineral resource was estimated by Allan Armitage, Ph.D., P. Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Armitage conducted site visits to the Kay Mine property on two occasions, on October 25-26, 2023, and April 7-8, 2024. The mineral resource was peer reviewed by Ben Eggers, MAIG, P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Eggers conducted a site visit to the Kay Mine property on May 30, 2025.
• The classification of the current MRE into Indicated and Inferred mineral resources is consistent with current 2014 CIM Definition Standards – For Mineral Resources and Mineral Reserves.
• All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
• All mineral resources are presented undiluted and in situ, constrained by continuous 3D wireframe models (considered mineable shapes), and are considered to have reasonable prospects for eventual economic extraction.
• Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
• The Kay Mine Project MRE is based on a validated drill hole database which includes data from 234 surface diamond drill holes completed between 2020 and May 2025. The drilling totals 133,912 m (including wedge holes). The resource database totals 11,533 assay intervals representing 14,006 m of data.
• Grades for Au, Ag, Cu, Pb and Zn are estimated for each mineralization domain using 1.50 m capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID²) interpolation method was used for all domains.
• Average density values were assigned to each domain based on a database of 2,307 samples.
• Based on the size, shape, and orientation of the deposit, it is envisioned that the deposits may be mined using underground bulk mining methods such as Longhole Stoping. The MRE is reported at a base case cut-off grade of 1.00 % CuEq. The mineral resource grade blocks are quantified above the base case cut-off grade and within the constraining mineralized wireframes (considered mineable shapes).
• The underground base case cut-off grade of 1.00% CuEq considers metal prices of $4.10/lb Cu, $1.00/lb Pb, $1.35/lb Zn, $2,200/oz Au and $26/oz Ag, metal recoveries of 92% for Cu, 76% for Pb, 85% for Zn, 76% for Au and 75% for Ag, a mining cost of US$49.00/t rock and processing, treatment and refining, transportation and G&A cost of US$29/t mineralized material.
• The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

Table 2. Kay Mine Property Underground Mineral Resource Estimate at Various CuEq% Cut-off Grades, June 17, 2025

• Underground mineral resources are reported at a base case cut-off grade of 1.00% CuEq. Values in this table reported above and below the base case cut-off grades should not be misconstrued with a Mineral Resource Statement. The values are only presented to show the sensitivity of the block model estimate to the base case cut-off grade.
• All values are rounded to reflect the relative accuracy of the estimate, and numbers may not add due to rounding.

Figure 1. Oblique section looking northeast, showing the MRE and average grade shells of >2% CuEq (orange) and 1-2% CuEq (yellow). See Tables 1 and 2 for constituent metals, contained metals, and cutoff-grade sensitivity.

The Company is fully-funded to complete its planned drilling through the end of 2025 and is on track to deliver a PEA in the second half of 2025, for the Kay Project. G Mining Services Inc. (“G Mining”) has audited the MRE and has been engaged to complete the PEA. The current phase of resource drilling is complete, and the Company has mobilized the two drill rigs to the Kay North Extension target, to be followed by drilling on the North-Central and Western Targets at the Kay Project. These areas will be drilled for the first time from newly-permitted and strategically-positioned drill pads, designed to optimize targeting and access. The Company plans 10,000 m of exploration drilling at these targets with holes ranging from 300 m to 900 m in depth. The Company has chosen these high-priority targets based on analysis of geologic, geochemical, and geophysical exploration data generated to date on the project.

Additionally, 5,000 m of reverse circulation drilling is planned at the Company’s Sugarloaf Peak Gold Project (the “Sugarloaf Peak Project”) in La Paz County, Arizona. Drilling and road-construction contractors have been chosen for the Sugarloaf Peak Project, and the Company is preparing to mobilize crews during Q3.

About Arizona Metals Corp

Arizona Metals Corp owns 100% of the Kay Project in Yavapai County, which is located on 1669 acres of patented and BLM mining claims and 193 acres of private land that are not subject to any royalties. The Kay Project is a steeply dipping VMS deposit that has been defined from a depth of 60 m to at least 900 m. It is open for expansion on strike and at depth.

The Company also owns 100% of the Sugarloaf Peak Project, in La Paz County, which is located on 4,400 acres of BLM claims. The Sugarloaf Peak Project is a heap-leach, open-pit target and has a historic estimate of “100 million tons containing 1.5 million ounces gold” at a grade of 0.5 g/t (Dausinger, N.E., 1983, Phase 1 Drill Program and Evaluation of Gold-Silver Potential, Sugarloaf Peak Project, Quartzsite, Arizona: Report for Westworld Inc.)

The historic estimate at the Sugarloaf Peak Project was reported by Westworld Resources in 1983. The historic estimate has not been verified as a current mineral resource. None of the key assumptions, parameters, and methods used to prepare the historic estimate were reported, and no resource categories were used.  Significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimate can be verified and upgraded to a current mineral resource. A Qualified Person has not done sufficient work to classify it as a current mineral resource, and Arizona Metals is not treating the historic estimate as a current mineral resource.

Qualified Person and Quality Assurance/Quality Control

The mineral resource was estimated by Allan Armitage, Ph.D., P. Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Armitage conducted site visits to the Kay Mine property on two occasions, on October 25-26, 2023, and April 7-8, 2024. The mineral resource was peer reviewed by Ben Eggers, MAIG, P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Eggers conducted a site visit to the Kay Mine property on May 30, 2025.

All of Arizona Metals’ drill sample assay results have been independently monitored through a quality assurance/quality control (“QA/QC”) protocol which includes the insertion of blind standard reference materials and blanks at regular intervals. Logging and sampling were completed at Arizona Metals’ core handling facilities located in Phoenix and Black Canyon City, Arizona. Drill core was diamond sawn on site and half drill-core samples were securely transported to ALS Laboratories’ (“ALS”) sample preparation facility in Tucson, Arizona. Sample pulps were sent to ALS’s labs in Vancouver, Canada, and Reno, Nevada, for analysis.

Gold content was determined by fire assay of a 30-gram charge with ICP finish (ALS method
Au-AA23). Silver and 32 other elements were analyzed by ICP methods with four-acid digestion (ALS method ME-ICP61a). Over-limit samples for Au, Ag, Cu, and Zn were determined by ore-grade analyses Au-GRA21, Ag-OG62, Cu-OG62, and Zn-OG62, respectively.

ALS Laboratories is independent of Arizona Metals Corp. and its Vancouver and Reno facilities are ISO 17025 accredited. ALS also performed its own internal QA/QC procedures to assure the accuracy and integrity of results. Parameters for ALS’ internal and Arizona Metals’ external blind quality control samples were acceptable for the samples analyzed. Arizona Metals is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

The qualified person who devised and monitored the Company’s QA/QC program is David Smith, CPG, a qualified person as defined in National Instrument43-101 – Standards of Disclosure for Mineral Projects.  Mr. Smith is the Vice-President, Exploration of the Company.  Mr. Smith supervised the drill program and verified the data disclosed, including sampling, analytical, and QA/QC data underlying the technical information in this news release, including reviewing the reports of ALS, methodologies, results, and all procedures undertaken for quality assurance and quality control in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgement. There were no limitations on the verification process.

Disclaimer

This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release include, without limitation, statements regarding the expansion potential of the Kay Project, statements regarding drill results and future drilling at the main Kay Project, and at additional targets including the North, North-Central and Western Targets at the Kay Project, and expansion drilling targets on the Kay Project, , statements regarding drilling and other exploration activity on the Sugarloaf Peak Gold Project, statements regarding completion of a PEA in H2 2025 or at all, statements regarding execution of the Company’s plans for 2025 and the achievement of targeted milestones. In making the forward- looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: availability of the Company to stay well funded; delay or failure to receive required permits or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward- looking statements or otherwise.

THE TORONTO STOCK EXCHANGE HAS NEITHER REVIEWED NOR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Not for distribution to US newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States

For further information, please contact:

Morgan Knowles

Vice President of Investor Relations

(647) 202-3904

mknowles@arizonametalscorp.com

or

Duncan Middlemiss

President and CEO

dmiddlemiss@arizonametalscorp.com

www.arizonametalscorp.com

https://x.com/ArizonaCorp

LITTLETON, CO / ACCESS Newswire / June 30, 2025 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the “Company” or “Ur-Energy”) is pleased to announce the appointment of Matthew D. Gili as Ur-Energy’s President as a part of the Company’s succession planning and plans for strategic growth.

Ur-Energy is progressing toward full production levels at Lost Creek and quickly moving toward production operations at its second mine at Shirley Basin. At full production, the Company expects to mine up to 2.2 million pounds of uranium annually. The addition of Mr. Gili strengthens the Company’s experienced management team to support the drive toward full-scale production at Lost Creek and Shirley Basin and the implementation of our strategic development plans.

Ur-Energy Chairman and CEO, John Cash, stated, “We are pleased to expand our executive team with the addition of Matt Gili as President. Matt has a decades long career in all aspects of mining operations, having started with major mining companies Rio Tinto and Barrick, before earning strong executive management credentials with i-80 Gold and Nevada Copper.

“As a manager in operational settings, Matt has a proven track record of meeting cost budgets and exceeding production targets, as well as growing exploration and development targets. Matt has successfully built and led management teams, navigated the capital markets and engaged with various stakeholders in his recent executive roles. We are confident Matt’s operational, strategic planning and management background will greatly benefit Ur-Energy as we continue to grow the Company. The addition of Matt fully aligns with our growth strategy, plans to capitalize on the Trump Administration’s recent Executive Orders promoting the U.S. nuclear fuel cycle industries, and Ur-Energy’s goal of being the leading producer of U.S. recovered uranium.”

Mr. Gili is a Professional Engineer with deep C-suite experience having served as a Chief Executive Officer, Chief Operating Officer, Chief Technical Officer and Executive General Manager. Mr. Gili has served in executive roles with publicly traded mining companies, most recently as President and Chief Operating Officer of i-80 Gold Corporation (2021-2025) and, prior to that, as Chief Executive Officer with Nevada Copper Corporation (2018-2020).

Mr. Gili’s strong technical experience includes having been Executive General Manager of the Cortez District, leading one of Barrick’s top mining operations in Nevada, from which Mr. Gili was promoted to Chief Technical Officer for Barrick. Additional operational experience includes roles with Rio Tinto as the Managing Director of the Palabora Mining Company in South Africa and Chief Operating Officer of Oyu Tolgoi in Mongolia. Passionate about safety and environmental stewardship Mr. Gili previously acted as Chairman of the Palabora Foundation, and Chairman of the Mongolian Safety Association.

Mr. Gili, Ur-Energy President, states “I am extremely excited to join Ur-Energy and work with John and the outstanding management team. There is significant value to unlock with the advancement of Lost Creek, Shirley Basin and the Company’s exploration projects. I look forward to contributing to the realization of the full potential of the current operations and the continued growth of Ur-Energy’s resource base and other growth strategies.”

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 2.9 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy has begun development and construction activities at Shirley Basin, the Company’s second in situ recovery uranium facility in Wyoming. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy’s common shares is on the NYSE American under the symbol “URG.” Ur‑Energy’s common shares also trade on the Toronto Stock Exchange under the symbol “URE.” Ur-Energy’s corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.

FOR FURTHER INFORMATION, PLEASE CONTACT

John W. Cash, Chairman and CEO

720-981-4588, ext. 303

John.Cash@Ur-Energy.com

Cautionary Note Regarding Forward-Looking Information

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., timing and ability to complete ramp up at Lost Creek and build out and ramp up of Shirley Basin as currently projected in order to reach full production levels; the timing, implementation and funding for the directives included in the recent Executive Orders related to nuclear energy, and the resulting effects on the domestic uranium recovery industry including effects for our company if the directives are successfully implemented) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans,” “expects,” “does not expect,” “is expected,” “is likely,” “estimates,” “intends,” “anticipates,” “does not anticipate,” or “believes,” or variations of the foregoing, or statements that certain actions, events or results “may,” “could,” “might” or “will be taken,” “occur,” “be achieved” or “have the potential to.” All statements, other than statements of historical fact, are considered to be forward-looking statements. 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 express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of uranium which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.

SOURCE: Ur-Energy Inc.

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A Green Light Metals crew hit water when it began digging a waste pit for its exploratory drilling project last week. Activists say it proves the project is occurring too close to the groundwater while the DNR and company say it’s just rain water. (Photo obtained by the Wisconsin Examiner)

A Canadian mining company began work on an exploratory drilling project in the Chequamegon-Nicolet National Forest in Taylor County earlier this month, triggering local concerns that the project could harm groundwater and the nearby north fork of the Yellow River as the company and state Department of Natural Resources (DNR) insist the permitting and regulatory processes are enough to keep the environment safe. 

Green Light Metals, which runs its U.S. operations out of Medford, owns the mineral rights to the Bend deposit in Taylor County, about 19 miles north of Medford, and the Reef deposit near Wausau. The Bend deposit, which has been explored before, contains copper, gold, silver and zinc. The deposit is estimated to contain more than 4 million tons of ore. If the drilling exploration is successful, it could lead to a larger underground mine. 

The start of work on the project is the beginning of the company’s efforts to expand its operations in the U.S. after it went public on the Toronto Stock Exchange earlier this year. 

“Wisconsin is open for business,” the company’s CEO Matt Filgate said on an investing focused podcast earlier this month. 

Company officials say their aim is to protect the environment while nodding to the possibility that a mine in the region could produce materials necessary for green infrastructure — mostly tellurium, a metal necessary in the construction of solar panels. 

“There are very detailed environmental review and environmental studies that are done on virtually every aspect of the surrounding environment,” Steven Donahue, a Green Light Metals board member, told the Milwaukee Journal-Sentinel in April. “An important component of that is the water resources, but it’s also all the ecosystems. It’s the engineering of the project, it’s how the project is going to be closed and reclaimed, and how it’s going to be able to protect the environment, not only during construction and operations, but also after it’s closed. All those facets of a project would be evaluated by the state.”

Views of the project within the rural, largely conservative county — President Donald Trump won Taylor County with 73.5% of the vote last year — vary widely. Much of the county is covered by the national forest, which Juliana Reimann, a Madison resident who grew up in the county and remains a regular visitor, says is a “magnificent, breathtaking natural environment.” 

Conservative hunters and fishers in the area are concerned about the drilling project’s potential effect on those activities in the forest or on the Yellow River. Still, some community members are hopeful the mine can bring some economic benefits to the community and others are keeping a watchful eye on the project without making a conclusion. 

“Some of the people who are in our group are adamantly opposed to any mine, period,” Cathy Mauer, a member of the Friends of the Yellow River, says. “Some of us think that so far they’re trying to be careful without being naive about it because the goal is to make money for their investors.” 

“I’ve found sometimes the people from Green Light are being, I don’t think they’re lying, I think they believe it, but I don’t think they’re being realistic about the potential problems,” she adds. “I think they’re being straightforward, they’re either optimistic or aren’t being completely realistic about the potential problems. And maybe we’re imagining the worst case scenario, which we need to. It’s the worst case scenarios that cause the problems. That’s what we have to plan for.”

Some environmental activists remain much more concerned about the possible effect of the drilling operation on the local water. 

“I really have such a love for that forest, and that drilling site is right smack dab in the middle of it,” Reimann says. “The project will impact groundwater, as I see it, heavily. And of course, groundwater is critical as drinking water.”

She adds that the health of the forest is important for the community’s ability to “thrive.” 

Wisconsin was under a mining moratorium from 1997 until 2017, which required companies that wanted to mine sulfide ores such as copper and gold to prove that other mines operated and were closed for 10 years without causing pollution. While business groups lauded the law’s repeal as opening up the state to billions of dollars in investment, drilling operations in the state have yet to result in a full mine being opened. 

With the repeal gone, the DNR’s permitting process for drilling operations requires companies to obtain a license and file a notice of intent to drill, which the state can deny, approve or approve with conditions. The company must then obtain a number of permits relating to stormwater discharge, dewatering operations, endangered species and wetland preservation. Because the site is within the Chequamegon-Nicolet National Forest, the U.S. Forest Service also has its own permitting process. 

The DNR’s approval of Green Light Metals’ notice of intent included nearly two dozen conditions but despite that, environmental activists remain concerned about a number of aspects of the project. 

When the company drills into the bedrock where the minerals are, the drill must go through the layers, known as the glacial overburden, above it, which requires a steel casing to keep chemicals out of the groundwater. The company obtains cuttings from the bedrock that can be tested for the metals it is looking for. After drilling is complete, the hole is filled from the bottom up with cement, which pushes up the lubricants and water used in the drilling process and flushes out the hole. 

State regulations require that the pipe used to pump in that cement be submerged the entire time so as to prevent air pockets forming. This is often done using what’s known as a tremie pipe, but Green Light Metals is instead pouring cement through the drill rods themselves, which come in 10 foot sections and therefore require that crews stop as each piece is removed — a method that activists are concerned makes the process more likely to cause pollution but DNR metallic mining coordinator Molly Gardner says is common practice. 

The materials flushed out of the drill hole as the cement rises are then put into a lined waste pit dug by the company, encased with more cement and finally covered with the topsoil. 

Activists are concerned the company will not be thorough enough to protect the environment throughout this process.

“It’s like any industrial activity, there is room for error, and if not fixed, you could have a problem,” Dave Blouin, the political chair for the Wisconsin Sierra Club, says. 

Additionally, there has been a dispute about the type of land the company is operating on. Green Light Metals says there is some wetland in the area, but not where it is drilling, while activists say much of the area is wetland, directly connecting the groundwater with the Yellow River. A recent study by the Wisconsin Geological and Natural History Survey found that “the North Fork Yellow River and surrounding surface waters are connected to the shallow glacial aquifer.”

“The North Fork Yellow River is a river within the Chippewa Basin. Over 3,000 stream and river miles flow within the Chippewa River basin and with 156,200 acres of freshwater lakes, 22,711 acres of flowages and more than 150 acres of freshwater springs. The river basin watershed provides significant habitat, recreation, navigation and is a significant drinking water resource for northwest Wisconsin people,” Wisconsin Trout Unlimited said in a resolution opposing the Bend project. “Mining of metallic sulfide ores and minerals has a consistent proven record of surface and ground water contamination and pollution. This potential source of pollution threatens the groundwater of Taylor County and the surface waters of the Chippewa Basin watershed.”

When the company began digging the waste pit for its first drill hole last week, the crew hit water just four feet below ground, which opponents of the project say was the groundwater and proof the area is mostly wetland. 

State regulations require that waste pits for drilling “shall not be at or below the groundwater table at the time of the drilling activity and shall be constructed such that the base will remain above the normal local groundwater elevation.”

Reimann and other opponents believe the company moving forward puts the entire watershed at risk. 

“This drilling is taking place very close to the north fork of the Yellow River,” Reimann says. “It’s taking place in vast wetlands, the hydrology is such that any kind of contamination there will affect not only the Yellow River. The Yellow River flows to the Chequamegon Waters Flowage. People up there refer to it as Miller dam, that’s a very popular camping and fishing site, as well as close to the rice beds of the Ojibwe and ultimately those waters will migrate westward to the Chippewa River, to Lake Wissota and I guess ultimately to the Black River [and] to the Mississippi. You know that water doesn’t stay in one place, so it has a huge negative impact if those waters are contaminated.” 

But Gardner says those claims aren’t accurate and is confident in the department’s regulatory and inspection processes. She says the survey conducted by the company confirmed they weren’t drilling in wetlands and the water the crews found when digging the pit is just rainwater. She says the groundwater is actually 20 feet below the surface. 

The company’s wetland study was partially done as a “desk review” using maps, state data and satellite imagery. A field study by the company was conducted later, but “soils were not investigated,” and “WDNR Wetland Soils & Indicators (WSI) are prevalent across nearly the entire site,” a company memo states. 

“We’re looking at the access, we’re looking at the drilling operation, the sumps, the security, the safety, and everything that’s going on,” Gardner says. “We’re regulating, we’re inspecting that they follow their exploration plan.” 

She says that throughout the drilling process, which includes eight holes as part of the first phase and an additional 15 holes in the second phase, the DNR will have stormwater inspectors, exploration inspectors and Gardner herself on site at regular intervals and for occasional unannounced inspections. 

“It’s not common for the DNR to be able to go on site continuously with any type of construction projects,” Gardner says. “So mining and mining-related projects are allowed to have extra inspections to really ensure that things are going according to plan, because it is an important topic and it’s an important project, so we have more resources to do additional inspections for mining in relation to other types of construction projects.” 

Donahue, the company board member, says the company has been working with local officials and community members to keep them aware of what’s happening on the site and that the project will follow all “applicable regulations.” 

“The Green Light exploration team has been working diligently with the Wisconsin DNR and the U.S. Forest Service to secure all necessary permits and approvals for the exploration program,” he says. Green Light will work diligently to properly abandon the boreholes with the proper amount of cement in accordance with applicable regulations and permits.  In addition, the drill cuttings will be properly disposed by mixing the cuttings with cement in accordance with applicable regulations and permit requirements.”

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Canada’s main stock index finished lower Friday after U.S. President Donald Trump said he is “terminating” trade discussions with Canada, while U.S. markets hit new highs.

The S&P/TSX composite index was down 59.63 points at 26,692.32.

The TSX had been in positive territory during late-morning trading, but swung the other way Friday afternoon. Trump says he is ending “all discussions on trade with Canada” over Ottawa’s plans to push ahead with a digital services tax that takes effect at the end of the month. Trump made the comments in a post on his social media account this afternoon.

Macan Nia, co-chief investment strategist with Manulife Investment Management, said in an interview that Friday’s trading day was a “tale of two headlines.”

On the positive side, he highlighted economic data from both Canada and the U.S., with U.S. data showing consumers remain resilient. On the other side, Nia pointed to trade uncertainty weighing on equity market sentiment.

“It seems to be some headlines that are coming out of the Trump administration regarding their negotiations with Canada, how they’re on hold for now, and I think that took out that positive sentiment that we saw in the first half of the day, that’s led to a negative sentiment,” he said.

Investors should take Trump’s comments as a sign of persisting trade uncertainty, Nia said.

“Today was a reminder to investors who have maybe got a bit complacent in terms of tariff uncertainty, that tariff uncertainty is still front and centre as we move through July and the rest of the summer,” he said.

Nia added that while nobody is certain what the Trump administration will do, it is unlikely to make moves that would hurt U.S. growth.

“Our point of view is that the Trump administration is going to be very hesitant to implement policy that will be detrimental to either the U.S. economy or the markets, for that matter … but this (digital services tax) seems to be a sticking point for the Trump administration, and that’s unique,” he said.

In New York, the Dow Jones industrial average was up 432.43 points at 43,819.27. The S&P 500 index was up 32.05 points at 6,173.07, while the Nasdaq composite was up 105.54 points at 20,273.46.

The S&P 500 rose 0.5 per cent, finishing above its previous record set in February. The key measure of Wall Street’s health fell nearly 20 per cent from Feb. 19 through April 8. The Nasdaq composite gained 0.5 per cent and set its own all-time high.

The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2 per cent for the biggest gain on the market, despite warning of a steep hit from tariffs.

The broader market has seemingly shaken off fears about the Israel-Iran war disrupting the global supply of crude oil and sending prices higher. A ceasefire between the two nations is still in place.

The August crude oil contract was up 28 cents US at US$65.52 per barrel.

At the margin, oil prices have sold off “immensely” following the ceasefire announcement, Nia said.

“There’s still a geopolitical premium in oil, it’s not much compared to what it was a couple of weeks ago,” he said.

The Canadian dollar traded for 73.12 cents US compared with 73.31 cents US on Thursday.

The August gold contract was down US$60.40 at US$3,287.60 an ounce.

Until recently, the Canadian startup ecosystem quietly made its way on the global force with over 20 confirmed Canadian unicorns and more than thousand active startups in the tech space. As of 2025, Canada ranks 5th position in the Global Startup Ecosystem Index worldwide, with fintech, climate-tech, AI, and creator tools being the hottest sectors. Toronto, Vancouver, and Montreal are the primary hubs funding this growth.

Smaller than the U.S., Canada has its own unique advantage: things are comparatively cheap, there are great universities, and it offers access to the U.S. and international markets. Unlike in the U.S., Canadian unicorns usually scale globally from Day One and benefit from government support, R&D tax credits, as well as immigration-friendly policies that attract world-class talent.

In order to grow further, a lot of them decided to go public, which nets them capital at visibility expansion. This article focuses on Canadian unicorns that have stepped across public market shores, starting with Shopify and Nuvei, to name but a few.

Canadian Unicorns 

Unicorns are crucial factors in each national startup ecosystem, driving innovation, attracting investment, and inspiring young founders to dare dream and do. But what the term “unicorns” mean, they are privately held startups valued at over $1 billion. Canadian firms such as 1Password, Dapper Labs, SSENSE span across industries from blockchain to fashion e-commerce. Their success marks a big step forward in technology transformation in the future. 

1. Dapper Labs

Dapper Labs is a serious business of fun and games on the blockchain. Founded in 2018, the company pioneers in blockchain-based digital collectibles and NFTs (non-fungible tokens). It simply means that you have something like the rare card to prove your ownership. In this way, Dapper Labs creates block-chain-powered platforms and games focused on digital ownership, instead of physical possession. 

Its flagship products include CryptoKitties, NBA Top Shot, NFL ALL DAY, Disney Pinnacle. Whether it’s a cat, a sports moment, or a Disney pin of characters, Dapper Labs stores it and you can buy, sell, or trade them freely. 

The company doesn’t stop its journey by developing Flow blockchain, a fast, scalable, and developer-friendly blockchain designed for large-scale digital collectibles and apps. In 2025, Flow is experiencing an impressive growth in Q1, 2025. Dapper Labs is day-by-day solidifying its position in the field by expanding platforms, and strategic integrations. 

2. 1Password

Security is a must. And 1Password is making it simpler. It provides a secure platform to store and manage passwords, online identities, credit card info, secure notes and more confidential things.  The company supports all major platforms like Windows, macOS, Android, iOS, and browser extensions, making sure it reaches most of the customers. 

1Password ensures users’ online security by offering end-to-end encryption, so only users can get access to their data. It’s all dedicated to user-centric solutions. The company also offers strong password generation to create unique, hard-to-guess passwords. 

1Password stands out for its nonstop innovation. Products are continuously improved with Face ID support, and more useful integrations. Notably, in April 2025, it announced a next generation – Extended Access Management (XAM) which is powerful for organizations. You will have a 14-day trial before going for a subscription, but it’s worth paying for your security. 

3. Hopper 

If you’re struggling with your travel, from booking flights, seeking hotels, and much more. Hopper is one of the best companions that can help you with its technology. Its AI technology leverages data analytics and machine learning to help travelers save money and make smart booking decisions, whether it’s flight, hotel, car rental booking. 

Specifically, you will get the app, accessible to both iOS and Android, which can predict the best times to book flights and hotels. The app also provides price tracking, push notifications, and a color-coded calendar to show optimal booking times. With Hopper, we believe your travel is no longer stressful or hassle, it’s relaxed without time and energy saved. 

As reported in 2025, this online travel agency is targeting going public via an IPO and achieving a $10 billion valuation. This move will definitely help Hopper attract more significant investors and gain visibility in the field. 

4. SSENSE

SSENSE is a Canadian multi-brand luxury fashion and high-end streetwear retailer. Headquartered in Montreal, it now operates globally, delivering to 114 countries with websites in multiple languages. This comprehensive touch brings SSENSE closer to global customers.

It sells curated collections of luxury, streetwear, and avant-garde fashion from diverse brands like Versace, Valentino, Vans and many more. But it goes more than simply selling clothes, SSENSE combines e-commerce with an editorial platform featuring creative content on fashion, art,… to build brand identity. 

SSENSE also brings technology into its operation, using data analytics and machine learning to personalize shopping experiences and catch up with trends, rather than depending on traditional buyers.

5. PointClickCare

PointClickCare is a leading cloud-based healthcare software provider that revolutionize healthcare management and delivery for better outcomes and efficiency. Until now, it serves over 27.000 care providers, 3.600 ambulatory clinics, 2.800 hospitals and multiple government agencies. 

Its comprehensive SaaS platform specializes in electronic health records, care delivery management, financial management, compliance, and business intelligence. With these deep expertise, PointClickCare is confident to help your team automate administrative tasks, saving time to truly focus on patients. 

With strategic and notable partnerships during its operation, such as Pfizer, Carequality, Apploi, the platform has been improved on a daily basis, addressing more challenges and diversifying its portfolio.

6. Blockstream

Blockstream is a blockchain technology company that focuses on building Bitcoin-based financial infrastructure. It not only builds crypto-financial systems but also builds market efficiency with less reliance on trust. 

Its portfolio covers a wide range of products with different goals. For example, its AQUA Wallet helps users manage their bitcoin and liquid assets easily with buying and selling. Its Blockstream Satellite broadcasts the blockchain worldwide to provide access even in poor internet connectivity areas. 

Beyond its innovation in its expertise, Blockstream shares key strategic vision “The Future of Finance Runs on Bitcoin”, focusing on consumer, enterprise and institutional adoption. This vision directs and positions the company’s road to global presence. 

7. ApplyBoard 

Your education will definitely go easier with the help of ApplyBoard. With the mantra of “Your Future Goes Beyond Borders”, the platform connects international students with colleges, universities, and K-12 schools. By doing this, the application process is no longer stressful and heavy. 

 If you still wonder about which programs, its AI student-advising chatbot will help you to match with suitable programs based on academic background, preferences, and financial situation. Students are also allowed to apply to multiple programs and schools through a single application. 

ApplyBoard stands out for its claim of 95% of successful acceptance rates. And interestingly, every student can go for ApplyBoard for free, it’s a great opportunity to study abroad. In the future, ApplyBoard hopes to expand partnerships with more academic institutions at a global scale, thus, students can reach their dreams. 

8. Wealthsimple 

Wealthsimple is helping people of all ages and backgrounds achieve financial freedom. The company provides online investment management and financial services for everyday investors. Its products cover different aspects including Wealthsimple Invest, Wealthsimple Trade, Wealthsimple Save, and much more. 

Wealthsimple combines technology and human expertise to deliver simple, and affordable financial tools. It’s accessible for most of us, especially millennials and young investors, by offering low-cost services. 

It continuously expands products and services with AI integrations and innovative marketing, making things simpler and more human with emotional connection rather than technical jargon. 

9. Clearco 

Clearco, formerly Clearbanc, is a fintech company founded in 2015 in Toronto. It specializes in providing fast and flexible funding to online businesses, especially e-commerce, mobile app, and SaaS founders globally. The company is known for its quick process, using technology and data to make funding decisions often within only 24 to 48 hours. 

The process for businesses is not complicated at all. You only need to apply online with the platform, then wait for their assessment. Repayment is also very easy, which is adjusted automatically regarding your business performance. 

What makes Clearco differentiate itself from other competitors is its no equity dilution. Founders are allowed to keep full ownership and control of their companies, unlike traditional venture capital that requires you to give up shares. Clearco removes many barriers for founders who want to build businesses without too much stress. 

10. Trulioo

Trulioo is a Canadian technology company that specializes in global identity verification for both individuals and businesses. The company helps organizations verify the identities of over 5 billion people and 700 million business entities across the globe. 

Basically, the company provides a single, unified platform called GlobalGateway that connects to hundreds of data sources worldwide, including government records, credit bureaus, and social media. This vast amount of data allows businesses to verify customers anywhere. 

In June 2025, Trulioo is honored to be named in the 2025 Liminal “Link Index: Business and Entity Verification” (BEV) as a Leading Vendor. This recognizes its strong leadership position and as a motivation for innovation ahead.

11. Clio

Clio changes how legal personnel work by increasing efficiency, organization, and client orientation in law firms. It was among the first to introduce cloud-based solutions to the legal trade. Over 150,000 lawyers across more than 130 countries work with Clio today.

The platform offered by Clio allows law firms to use a single interface to administer everything that requires their attention-from intake to case management, billing, and document storage. Academically, it is integrated with more than 280 tools while internally it includes time tracking, trust accounting, and even auto-generated reminders. It is designed to take away administrative tasks from lawyers so that they can spend more time with their clients. 

Clio represents more than just software innovation for the future of legal practice. The Legal Trends Report shares knowledge with the industry, while the annual Clio Cloud Conference galvanizes the global legal tech community. Thanks to a flexible SaaS model, global presence, and affinity from Bar associations, Clio continues innovating legal practice.

12. Cohere 

Businesses use Cohere to wield powerful language AI to be efficient and work at swift speed. Its core mission revolves around the development of large language models for enterprise use, enhancing the usefulness of AI while keeping it secure and accessible.

Cohere’s platform supports various business tool options, ranging from AI assistants, smart search, multilingual chat, document analysis, etc. Cohere’s model families, such as Command and North, were built for flexibility. 

The company pushes forward for responsible AI with its nonprofit, Cohere For AI, working alongside partners such as Oracle and McKinsey. As practical solutions for AI are becoming more sought-after, Cohere is getting spotlighted for its strong tech combined with a thoughtful approach for business.

13. Ada 

Customer service and support can’t ask for simpler solutions with Ada. The company specializes in AI-powered customer service automation, especially conversational AI. It significantly helps enterprises to automate and improve customer support interactions across multiple channels and languages. 

This conversational AI platform is designed to support over 50 languages, whether you’re using chat, voice, or email. Companies are enabled to answer common questions 24/7, and resolve complex inquiries. But it doesn’t mean people are replaced, instead, the platform will escalate to human agents when needed. 

For better products, Ada uses a combination of proprietary AI models to power its agent, ensuring it feels human when interacting with customers. Thus, Ada is improving experiences for both customers and support teams. 

14. eSentire

eSentire has been on offer for remote 24/7 cybersecurity for organizations subject to the threats of today. It is currently becoming a Dedicated Managed Detection and Response platform, having secured over 2,000 companies in more than 80 countries. Its ambition is clear yet urgent: stop threats before they can disrupt business.

The organization is combining AI detection with expertized threat hunters and analysts for real-time response 24/7 features including MDR and XDR along with continuous threat exposure management and incident response services. eSentire slants well into the existing security stack, making it a forceful alternative for any business that lacks its own teams.

In March 2025, eSentire established a strategic partnership with Qylis – an innovator in data, AI and cybersecurity – to provide compliant cybersecurity solutions in India, thereby increasing its global influence and regulatory alignment. 

15. Xanadu

Xanadu, a quantum computing company based in Toronto and started in 2016, is building some of the world’s most complex photonic quantum computers – machines that use photons to process information. Its mission, both great and clear, is to put useful, fault-tolerant quantum computers in every user’s hands. 

The full-stack approach is what differentiates Xanadu; in other words, it builds everything from chips to the cloud platform on which users can run real quantum programs. Its open-source software library PennyLane is widely used by researchers in the quantum machine learning space. 

Pushing boundaries is what Xanadu does, but this company also helps to establish them. Some of the most forward technologies, open software, and international collaboration put Canada right at the forefront of unlocking the real potential of quantum computing.

16. Tenstorrent

Based in Toronto, Tenstorrent is a technology powerhouse building next-generation processors explicitly for AI and deep learning. It makes powerful chips to optimize computers for the training and running of more complex AI models in data centers or within smart devices. 

What differentiates Tenstorrent is its combination of custom chip design, specifically its Tensix cores, with open-source software and the RISC-V architecture that allows developers all over the world more control and performance than traditional alternatives. It’s the very principle of making AI more scalable, flexible, and accessible.

With significant capital funding and plans for a global push, Tenstorrent is in the business of selling its hardware and software and licensing its technology to third parties. It’s pushing the heaviest hitters in AI chips to bring smarter, faster tools for the industry to build the AI of tomorrow.

17. Freshbooks

FreshBooks offers a simple accounting solution that caters to small businesses, freelancers, and self-employed professionals. It helps users save time and get organized with tools for invoicing, expense tracking, time logs, payments, and project management.

The platform is most admired for its clean design, mobile-friendly experience, and accessibility to non-accountants. Among the automated features it offers are AI-powered invoicing and smart expense tracking. In 2020, the company acquired Mexican startup Facturama, to enter Latin America, marking an important milestone in the global expansion of FreshBooks.

Working on a subscription basis, FreshBooks reinvests in product improvements with an emphasis on customer feedback. Making what once was complex financial work into a pleasant experience allows small business owners to focus less on paperwork and more on running and growing their businesses.

18. Assent 

Located in Ottawa, Assent is helping global manufacturers build more ethical and sustainable supply chains. It was established in 2010 to support aerospace, electronics, and medical-device industries with multiple tools to manage risks such as forced labor, use of hazardous substances, and non-compliance with regulations.

Using its cloud platform, Assent enhances the supply chain data-gathering process, automates supplier engagement, and updates companies on ever-changing legislation like REACH, RoHS, and ESG standards. Assent takes its clients beyond basic compliance through advisory services and audits.

Assent makes complex compliance requirements easily grasped by cutting through legalese to create simple, actionable insights companies can use to preserve their brands and avoid crippling fines while becoming the world’s leaders in sustainability and responsible sourcing.

19. LayerZero Labs

LayerZero Labs is a Canadian tech company based in Vancouver that’s making it easier for different blockchains to work together. It was founded in 2021 and quickly gained attention for its innovative approach, reaching a $3 billion valuation in just a couple of years. With backing from big-name investors, it’s become one of Canada’s most talked-about players in the blockchain space.

At its core, LayerZero builds tools that help apps and services share data and digital assets across different blockchains. This means smoother experiences for people using crypto apps, things just work, no matter what network they’re on.

LayerZero is helping build a more open and connected internet for the future. It’s already supporting hundreds of networks and thousands of apps around the world. As more people look for simpler, safer ways to use blockchain technology, LayerZero is right there leading the charge from Canada.

20. The Sandbox

The Sandbox is a decentralized 3D metaverse where users are capable of creating, owning, and monetizing their virtual experiences. As a company under Animoca Brands, The Sandbox combines gaming, NFTs, and cryptocurrency, with its native SAND token powering all in-world transactions and governance.

In this world, players can purchase some virtual land (LAND) to build no-code games with the Game Maker and design digital assets with VoxEdit. The platform features an internal marketplace for trading NFTs, while some notable brands such as Snoop Dogg, Gucci, and Warner Music have entered the fold to give it a more mainstream vibe.

Backed by millions of users and over $90 million in funding, the Sandbox is one of the most famous Web3 gaming platforms. They empower creators, promote ownership, and change how we build, interact, and earn in virtual environments, bringing itself to the forefront of the emerging metaverse economy.

21. Neo Financial 

Being a Canadian fintech company based in Calgary, Neo Financial is reimagining the banking idea, nurturing and growing with the SkipTheDish founders from its birth in 2019. Today, it boasts over 750 employees and more than 1.3 million customers across Canada.

What sets Neo Financial apart is an unparalleled feeling of simplicity and modernity. Everything goes down digital-first: credit cards, savings accounts, investing – everything along with app-based management, no hidden fees, and some serious cashback rewards. 

Neo Financial brings the perfect combo of smart tech, lucrative rewards, and true customer care, and is now giving the big banks a run for their money. Backed with massive funding and a truly nationwide name, it rapidly became one of Canada’s top picks for everyday banking.

22. Nexii 

Nexii is a Canadian construction tech company taking on one of the world’s greatest challenges: sustainable building. Nexii very fast became a unicorn after rethinking the ways in which commercial buildings are designed and built. 

The buildings end up being assembled on-site five times faster, and with just a quarter of the usual emissions levels, thereby greatly reducing onsite waste. Having currently served big-name clients such as Starbucks and McDonald’s, Nexii hones in on energy efficiency, durability, and cost savings, helping its clients rip away from their sustainability targets without compromising on performance.

Nexii went through financial restructuring with a great refocus on efficiency and scale in 2024. Now from its Squamish operations, the company continues to build toward a greener construction future, supporting net zero through proven technology and renewed resolve.

Canadian Unicorns That Became Public Companies 

Canada has spawned several startups that passed the unicorn stage only to enter the stock market to procure firmer capital and create further advances. The companies are spread across e-commerce, fintech, publication, biotech, and edtech. Below are some of the most celebrated public Canadian unicorns, drawing most attention to Shopify and Nuvei.

1. Shopify 

Shopify, is one the world’s leading commerce platforms that enables retailers, entrepreneurs, and even global brands to build both online and offline stores. Each of key features are making the whole process easier, including building customizable content themes, secure payments, effective marketing, and more. 

The company went public in May 2015, listed on both New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX). After going public, Shopify went through a significant growth of market cap, from ~$1.5 B in 2015 to >$200 B by 2021. This is thanks to the booming of e-commerce in the last few years. 

This giant player doesn’t want to stop there, it continuously integrates AI and machine learning to enhance the services. As of now, Shopify powers around 5 million stores worldwide for small entrepreneurs to global brands.

2. Lightspeed 

Lightspeed provides cloud-based POS (point of sale) and e-commerce software solutions for retail, hospitality, and golf industries. A unified commerce platform is used for managing sales, inventory, customer engagement, and payments, making it super effective to control everything just in one place. 

Helping small and medium sized businesses, with the aim to help these enterprises grow faster, Lightspeed combines cloud technology with AI-driven analytics to make the products more useful but still easy-to-use. 

Under the ticker LSPD, the company went public on the TSX in March 2019, this IPO marked Quebec’s first unicorn public listing. Then, in 2023, it was expanded to list on the NYSE in 2023. These moves for public listing provided capital for the company to strengthen financial position and pursue growth strategies. 

3. Kinaxis

As a provider of cloud-based supply chain management and sales and operations planning software, Kinaxis had evolved through several name changes before becoming the current one in 2005. 

Its flagship cloud platform for supply chain management is RapidResponse, with end-to-end visibility and real-time decision making. Supporting industries such as aerospace, automotive, consumer products, high-tech, and more, the company also provides AI-infused features which makes things easier to do.

The company decided to go public in 2014 under the ticker KSX. The 2014 IPO was a pivotal milestone, providing Kinaxis with capital to grow and increase market visibility and credibility.

4. D2L (Desire2Learn)

D2L makes every desire to learn more accessible for everyone. D2L is a global educational technology company, making software called Brightspace that helps teaching and learning online for all levels: schools, universities, and companies. 

Learning processes are powered by courses, tests, and materials, all on computers and mobile devices, making it very easy for students and those who are busy with tight schedules to be flexible. There are also smart tools with AI to personalize learning and grading, you will be taken care of dedicatedly. 

D2L went public on the Toronto Stock Exchange in November 2021 under the ticker DTOL. The IPO gave D2L money to improve their software faster and grow internationally. Since going public, D2L has added more AI features and bought companies to offer better tools.

5. Nuvei 

Nuvei, an international fintech company providing the technology that enables businesses to accept payments online, on-premises, and on the go is how Nuvei is described. Nuvei assists 50,000 merchants across nearly 200 markets and industries with various payment methods, currencies, and complementary platforms for fraud prevention.

Innovation and acquisitions of companies like SafeCharge and Smart2Pay have driven growth. Nuvei went public in 2020 on the TSX, raising IPO proceeds of $700 million, which set a record for the largest tech IPO ever in Canada up to that time. Nuvei proceeded to build presence worldwide, deepen technology investments, and enhance relationships with large clients.

Today, since rapid, secure, and flexible payment solutions are at the core of Nuvei services, they can position themselves as one of the biggest digital commerce partners worldwide-a testimony of how a Canadian parent company can in fact stand tall in the fast-paced global payments industry.

6. Thinkific

Thinkific is housed in Vancouver and helps people and businesses build and deliver courses over the Internet. Thinkific started as an easy way to share knowledge and has grown into a platform used by more than 35,000 creators, including solo entrepreneurs and global brands like Fiverr and Hootsuite.

Going public on the Toronto Stock Exchange was a pivotal moment for Thinkific, scaling it up like never before. Ever since the IPO, it has gone global with the rollout of AI-powered course creation tools and a rebrand sharp enough to match that growing influence. Today, Thinkific also helps businesses ramp revenues and engage customers through their educational offerings.

Thinkific essentially turns expertise into an opportunity. It makes online learning easy, accessible, and scalable, riding the wave with creators and learners worldwide. With the rising demand for digital education, Thinkific keeps evolving to stay ahead.

7. AbCellera

AbCellera is a Canadian organization that uses AI-based processes and high-level biology for the discovery of antibody-based medicines. The company gained worldwide recognition during the pandemic for the development of COVID-19 antibody treatments with Eli Lilly and has since carried out more than a hundred drug programs with other partners like Pfizer and Moderna.

After going public on the Nasdaq in December 2020 under the ticker ABCL, AbCellera invested in a drug pipeline of its own and opened a manufacturing facility that would sustain clinical development. The proceeds from the IPO continued to enable the company to expand the scope of its development programs and give greater focus to the longer-term programs addressing cancer, autoimmune diseases, and other conditions.

AbCellera today works at the intersection of AI-engineering-and-immunology for rapid drug discovery, making it one of the global biotech key players and charger for life sciences innovation in Canada.

Conclusion 

The Canadian tech scene is now a world innovation center, with unicorns in Canada making great strides in fintech, AI, biotech, and more. Several of these companies, such as Shopify, Nuvei, and AbCellera, have been converted from private startups into legitimate public companies that leveraged IPOs for further scaling, investing in R&D, and global expansion. Their stories offer a testimony of emerging Canadian startups becoming full-fledged businesses choosing to compete on the global stage.

This article keeps being refreshed to remain abreast of the latest happenings within Canada’s unicorn landscape, including future funding, IPO activity, and noteworthy exits. More Canadian unicorns will soon mature and take ship in the public markets.

VANCOUVER, British Columbia–(BUSINESS WIRE)–Jun 27, 2025–

Great Quest Gold Ltd. (“ Great Quest ” or the “ Company ”) (TSX-V: GQ) is pleased to announce that further to its news release dated May 14, 2025, it has entered into a definitive arrangement agreement dated June 26, 2025 (the “ Arrangement Agreement ”) with Lotus Gold Corporation (“ Lotus ”), pursuant to which Great Quest intends to acquire all of the issued and outstanding common shares of Lotus (the “ Lotus Shares ”) in exchange for newly issued common shares in the capital of Great Quest (“ GQ Shares ”) as an arm’s length transaction to be completed by way of a court-approved plan of arranged under the Business Corporations Act (British Columbia) (the “ BCBCA ”) (the “ Arrangement ”). Pursuant to the policies of the TSX Venture Exchange (the “ TSXV ”), the Arrangement will be considered a reverse takeover (the “ RTO ”) of the Company by Lotus, which will become a wholly-owned subsidiary of the resulting issuer (the “ Resulting Issuer ”) following completion of the Arrangement.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250626431996/en/

The Wadi Zeidun, Umm Samra, Siqdid, and Umm Salim mineral properties form the Eastern Desert Gold Project and are located at 600 km south-southeast of Cairo, Egypt.

Transaction Details

Pursuant to the Arrangement Agreement, the shareholders of Lotus will receive such number of common shares of the Resulting Issuer (the “ RI Shares ”) such that the former Lotus shareholders will own 63.3% of the issued and outstanding RI Shares and the number of RI Shares held by the former shareholders of Great Quest will equal 36.7%. The number of RI Shares issued as consideration shares to former holders of Lotus Shares will be determined following completion of the Bridge Financing (as defined below) and announced in a subsequent news release accordingly.

In accordance with the terms of the Arrangement Agreement, all outstanding warrants of Lotus will be exercisable to acquire RI Shares, in amounts and at exercise prices adjusted in accordance with the Arrangement Agreement. A subsequent news release will describe the valuation of Lotus.

Arrangement Agreement

The Arrangement will be subject to the following approvals:

• approval by the Supreme Court of British Columbia,
• requisite regulatory approval, including the approval of the TSXV; and
• the approval of the directors and the shareholders of each of Great Quest and Lotus.

Among other terms customary for a transaction of this nature, the Arrangement Agreement includes the following terms and conditions:

• A change of name of the Company to such name as is mutually agreed between Great Quest and Lotus and acceptable to the TSXV effective upon closing of the Arrangement (the “ Closing ”);
• a share consolidation of Great Quest on the basis of one post-consolidation GQ Share for every 30 pre-consolidation GQ Shares;
• completion of a bridge financing (the “ Bridge Financing ”) by Great Quest for gross aggregate proceeds of up to CAD$500,000, through the issuance of GQ Shares at a pre-Consolidation price of $0.025 per share, as further described in the Company’s news release dated June 16, 2025;
• directors and officers of Lotus and shareholders of Lotus holding 5% or more entering into support and voting agreements pursuant to which they have agreed to vote their Lotus Shares in favour of the Arrangement;
• each of Great Quest and Lotus will have a working capital deficit and long term debt (excluding non-cash liabilities) of no more than CAD$110,000 unless agreed otherwise by Lotus and Great Quest respectively in writing;
• Lotus will receive a title opinion regarding Great Quest’s Namibian mineral project; and
• Great Quest will receive a technical report in compliance with National Instrument 43-103 – Standards of Disclosure for Mineral Projects and a title opinion regarding Lotus’ Eastern Desert Gold Project in Eastern Egypt.

Trading in the GQ Shares has been halted since May 8, 2025 in accordance with the policies of the TSXV and will remain halted until such time as all required documentation in connection with the Arrangement has been filed with and accepted by, and permission to resume trading has been obtained from, the TSXV. There can be no assurance that trading of GQ Shares will resume prior to the completion of the Arrangement.

Shareholder Approvals

At a special meeting of the shareholders of Great Quest the (the “ GQ Meeting ”) to be held in accordance with the BCBCA, Great Quest will seek the approval of the RTO pursuant to the policies of the TSXV by an ordinary resolution passed by shareholders of Great Quest holding at least 51% of the issued and outstanding GQ Shares present in person or represented by proxy at the GQ Meeting.

At a special meeting of the shareholders of Lotus (the “ Lotus Meeting ”) to be held in accordance with the BCBCA, Lotus will seek the approval of the Arrangement by a special resolution passed by the shareholders of Lotus holding at least 66 2 / 3 % of the issued and outstanding Lotus Shares present in person or represented by proxy at the Lotus Meeting.

Lotus Advance

In connection with the Arrangement, Lotus will enter into a secured loan agreement with Great Quest for the loan amount of $300,000 (the “ Loan ”) bearing interest at 10% per annum, subject to conversion into GQ Shares at a pre-Consolidation price of $0.025 per share should the Arrangement not close by the November 30, 2025 deadline. Great Quest intends to use the funds from the Loan for its working capital requirements.

Bridge Financing

Further to Great Quest’s news release dated June 16, 2025, the Company intends to complete the Bridge Financing prior to the Closing. The Bridge Financing is subject to approval by the TSXV.

Resulting Issuer Board of Directors

Upon completion of the Arrangement, it is anticipated that the board of directors of the Resulting Issuer shall consist of the following persons:

Jed Richardson, Director

Jed Richardson brings a wealth of experience spanning a 25-year career in the mining and financial sectors. He has worked as a Research Associate at RBC Capital Markets and as a Research Analyst at Cormark/Sprott Securities, in addition to serving as a Mining Engineer for Alcan Aluminum. Jed has also served as Vice-President of Corporate Development for Verde Potash, Principal Consultant of Javelin Corporate Development Partners, and President and CEO of Trigon Metals. Joining Great Quest’s Board in 2010, he was appointed President & CEO in 2013, transitioning to the role of Executive Chairman in 2024. Jed holds a B.A.Sc. in Mineral and Geological Engineering from the University of Toronto.

Heye Daun, Director

Heye Daun is the co-founder and former President & CEO of Osino Resources. He is also the co-founder of the former Auryx Gold Corp. which advanced the Otjikoto gold project in Namibia until sale to B2Gold Corp for US$160m in 2011. As the former President & CEO of Ecuador Gold & Copper Corp. (“ EGX ”), Heye was instrumental in the formation of Lumina Gold Corp. through the C$200m merger of EGX with Odin Mining, before founding Osino Resources in 2015 with Alan Friedman. Heye is a mining engineer and MBA and has extensive experience in mining operations, working for Rio Tinto, AngloGold-Ashanti and Gold Fields, and stints in mining finance with South Africa’s Nedbank Capital and Old Mutual Investment Group. For the last 12 years Heye has been a successful public markets mining entrepreneur. Heye is a Director and also co-founder of Lotus.

Alan Friedman, Director

Alan Friedman is a South African-trained lawyer and public markets entrepreneur with significant success in a range of sectors such as mining, oil & gas, cannabis, e-gaming and others. As a result of being involved with North American public markets for over 20 years, his little black book is brimming with the Who-is-Who in Finance and Acquisitions and he has played an integral role in the financings and go-public transactions for many resource companies onto Toronto Stock Exchange and AIM. He is also a director of the Canada-Africa Chamber of Business. Alan is a Co-founder and Director of TSXV-listed Eco (Atlantic) Oil and Gas Ltd., and co-founder of Auryx Gold Corp and Osino Resources. Alan is a Director and also co-founder of Lotus.

Sponsorship

The Arrangement may require sponsorship under the policies of the TSXV unless a waiver from sponsorship is granted. Great Quest intends to apply for a waiver from sponsorship requirements of the TSXV in connection with the Arrangement. There can be no assurance that such waiver will ultimately be granted.

Eastern Gold Desert Project Descriptions

In two competitive international bid rounds, Lotus secured ten exploration sectors (blocks or licenses) across the Egyptian Eastern Desert. Subsequent renewal and relinquishment of blocks, as well as the addition of 5.5 blocks acquired from B2Gold brings the total land position to ±1,930 km 2 (roughly the equivalent of 11 blocks), as summarised below:

Exploration Agreement	Project Area	# of Exploration Sectors	Area (km 2 )
BR1 – Zeidun	Wadi Zeidun	±1.4 (after renewal)	253
BR1 – Umm Samra	Umm Samra	±1.3 (after renewal)	230
BR2 — Siqdid	Siqdid	3	483
(BR-1) Umm Salim	Umm Salim	5.5	963
Total		± 11	±1,930

Qualified Person (QP) Statements

Qualified Person David Underwood, BSc. (Hons) is Vice President Exploration of Lotus Gold Corporation and has reviewed and approved the scientific and technical information in this news release as it pertains to Lotus, and is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No.400323/11) and a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (” NI 43-101 “).

On behalf of the board of directors of Great Quest Gold Ltd.:

“Jed Richardson”

Chief Executive Officer and Executive Chairman

Further Information and Disclaimer

All information contained in this news release with respect to Great Quest and Lotus was supplied by the parties respectively, for inclusion herein, and each party and its directors and officers have relied on the other party for any information concerning the other party.

Completion of the Arrangement is subject to a number of conditions, including but not limited to, TSXV acceptance and, if applicable, pursuant to the requirements of the TSXV, disinterested shareholder approval. Where applicable, the Arrangement cannot close until any required shareholder approvals are obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Arrangement, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Arrangement and has neither approved nor disapproved the contents of this press release.

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.

Cautionary Statements Regarding Forward Looking Information

This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the proposal to complete the Arrangement and associated transactions. Any such forward-looking statements may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans” and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Statements about, among other things, the completion and expected terms of the Arrangement, the Loan, the number of securities of the Company that may be issued in connection with the Arrangement and Bridge Financing, obtaining the requisite shareholder approval, Lotus’ strategic plans and the parties’ ability to satisfy closing conditions and receive necessary approvals, are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the Arrangement (including the name change and consolidation), the Loan, or the Financings will occur or that, if the Arrangement, and the Financings do occur, they will be completed on the terms described above. Great Quest and Lotus assume no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.

View source version on businesswire.com:https://www.businesswire.com/news/home/20250626431996/en/

CONTACT: For more information, please contact:Great Quest Gold Ltd.

Jed Richardson, Executive Chairman

Email:IR@greatquest.com

(647)276-6002Lotus Gold Corporation

Mike Silver, Interim CEO

Email:msilver@lotusgold.ca

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: MINING/MINERALS NATURAL RESOURCES

SOURCE: Great Quest Gold Ltd.

Copyright Business Wire 2025.

PUB: 06/27/2025 07:30 AM/DISC: 06/27/2025 07:30 AM

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